Junior banker burnout — Inside Hippo's SPAC deal — SoftBank's web

Good morning and welcome to Insider Finance. I’m Dan DeFrancesco, and here’s what’s on the agenda today:

  • Junior bankers are fed up after a year of working from home. 
  • What Wells Fargo and Morgan Stanley are telling their incoming summer interns.
  • We mapped out SoftBank’s web of tech investments that amounts to more than $100 billion.
  • Here’s a recap of last week’s Goldman exodus, plus other big people moves across Wall Street. 

We are also looking for nominations for upcoming list of top equity research analysts under 35. Find out more about the list, and how to nominate someone here. 

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Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected] or on Twitter @DanDeFrancesco. 

Demoralized junior bankers are contemplating ditching investment-banking altogether as they battle burnout after a grueling year working from home

A year spent working from home has impacted people across the finance industry. But one group seems to have taken the brunt of it: young investment bankers.

Junior bankers are burnt out after a grueling year spent working remote, and they are starting to question their desire to stay in the industry.

Click here to read the entire story.

Hippo CEO details the push to take the $5 billion insurtech public in a blank-check deal led by Reid Hoffman and Mark Pincus

Hippo CEO Assaf Wand details what it was like to broker a deal with Reid Hoffman and Mark Pincus to go public via their SPAC. Read more here.

Morgan Stanley’s internships will start remote, but it’s not ruling out in-person work. Here’s what the bank’s HR head is telling incoming summer analysts and associates.

Morgan Stanley is planning to have all its summer interns start remotely, but is open to potentially having some in-person work for them in the future. See more here. 

Wells Fargo’s investment banking internships are going virtual again this summer. We have all the details on what the bank told incoming hires.

Meanwhile, Wells Fargo’s class of investment banking interns will be entirely remote. Get the full rundown here.

SoftBank’s Masayoshi Son spent $100 billion building an interconnected tech empire. See how the companies in this network buy, partner and lend to each other to power Masa’s vision.

Itsuo Inouye/AP; Skye Gould/Insider

We mapped out the vast network of SoftBank’s investments in more than 100 companies. Find out more here.

Wall Street people moves of the week: Here’s our rundown of promotions, exits, and hires at firms like Goldman Sachs, JPMorgan, and Third Point

Eric Lane.Goldman Sachs

Goldman Sachs partners Eric Lane, Kara Seymour, Omer Ismail, Adam Stark, Jason Matthews, and Stephanie Smith are all on their way out. Get the full rundown of people moves across Wall Street. Read more here.

Odd lots:

Fmr. Goldman Sachs CFO Marty Chavez says the future of fintech is banks (CNBC)

Wall Street Made Huge Profits Off Deep Freeze, at Least on Paper (Bloomberg)

The unravel ling of Lex Greensill: a mix of bravado and financial alchemy (FT)

Goldman Sachs Partners’ Exits Point to a Changing Culture at the Bank (NYT)

When SPAC-Man Chamath Palihapitiya Speaks, Reddit and Wall Street Listen (WSJ) 

How Birkenstock’s Hippie-Sandal CEO Jilted an Ex-Goldman Star (Bloomberg)

Learn more about the financial services industry.


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