Morgan Stanley’s James Gorman wanted to pull off a rare feat: a bloodless succession. Wall Street thinks the bank may have done it, but it’s too soon to tell.
Morgan Stanley chose investment-bank boss Ted Pick for CEO and promoted his rivals. Wall Street has embraced the clever move that keeps all the contenders on board, a rare feat. Analysts told Insider the trio is vital to the bank’s success — and warned it’s too soon to celebrate. When Morgan Stanley’s James Gorman announced…
FaZe Clan’s plummeting valuation shows how risky it can be to bet your company’s future on influencers
Esports company FaZe Clan struck a deal to sell itself at a fraction of its 2022 valuation. FaZe’s struggles can be traced to its reliance on a few influencers to drive overall revenue. Other companies with similar dependencies have also faltered. Influencers are excellent at selling products, but they are not a business in and…
How Bank of America trains young grads to work with its richest clients
Analysts undergo two years of training to work with Bank of America’s wealthiest clients. The “apprenticeship model” helps young grads find their specialty before they become associates. The course ends with a case study with 15 possible outcomes and choosing one of 25 specialties. Bank of America has 500 advisors dedicated to its wealthiest clients,…
This startup wants to make nature a balance sheet-grade asset. Check out the 19-slide pitch deck The Landbanking Group used to raise $11 million.
German startup The Landbanking Group wants to become a depository bank for nature assets. It creates balance sheet-grade assets from ecosystem uplifts, similar to carbon credits. We got a peek inside the 19-slide pitch deck it used to raise an $11 million seed round. A climate fintech startup with the goal of making nature a…
Clarence Thomas’ huge RV loan was forgiven by wealthy businessman, Senate investigation finds
According to the United States Senate Committee on Finance, Supreme Court Justice Clarence Thomas was essentially given a luxury motorhome worth more than a quarter million dollars by a wealthy businessman. According to the committee’s report, Anthony Welters lent Thomas $267,230 for a luxury Prevost Marathon motor coach in 1999 at a 7.5% interest rate,…
Historic nude resort in the Bay Area hills is put up for sale
“Spectacular” site on 100-plus acres might get new owner LOS GATOS, CA — The longtime owner of a historic nudist resort nestled in the tree-covered hills of Los Gatos has decided to sell the beloved site. Lupin Lodge, founded during the Great Depression, has long been a draw for social nudists and naturists. The lodge…
A Michelin Bib Gourmand Mexican restaurant is set to open in Emeryville
The third outpost of Flores features handmade masa and avocado-salsa margaritas. Flores, a Mexican restaurant whose San Francisco location has received a Michelin Bib Gourmand award, has joined the dining scene at the Bay Street Emeryville shopping mall. Flores is set to open on November 3 at 5614 Bay St., Suite 244, right next to…
Pac-12 lawsuit: New court filings by ‘Pac-2’ schools include examples that USC and UCLA were removed from board
The composition of the governing body is crucial to control of the conference After USC and UCLA announced their departure from the Pac-12 last fall, the conference office created a “Briefing Book” for the member universities. The digital document, labeled “highly confidential,” included a section titled “Introduction to the Pac-12 Board of Directors” that included…
Houses are now planned for San Jose flea market site, offices are shelved
More than 900 homes are being planned SAN JOSE, Calif. — New city plans show that houses will be built on the site of a San Jose flea market after coronavirus-related economic upheavals prompted developers to abandon plans for a massive tech campus on the property. At one point, San Jose city officials approved 1.5…
