Almost Friday! Dan DeFrancesco in New York, but you sure won’t catch me in these ridiculous boots that sell for up to $1,000.
On tap, we’ve got stories about why not-so-flashy land is actually the hottest investment on Wall Street, companies hitting money navigating FTX bankruptcy, and homes the coolest on Airbnb.
But first, rumors of a potential hit at Goldman.
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The Death of Julius Caesar in the Roman Senate – painting by Vincenzo Camuccini (1771-1844) Naples, Museo Nazionale di Capodimonte Leemage/Corbis/Getty
1. Trouble in paradise the partnership.
We are only in February, but the Ides of March could arrive at Goldman Sachs.
Some members of the bank’s partnership are so unhappy with CEO David Solomon’s leadership following Goldman Sachs’ very poor 2022 that they are considering taking their anger out on the bank’s board, Dakin Campbell reports. ‘Insider.
We’ve talked at length about how people are looking to pin the blame on Solomon as things have soured at Goldman. Some issues have been easier to ignore than others, but the bank recently broke a cardinal Wall Street rule: Don’t touch bankers’ compensation.
Some bonus cuts were deserved – *cough* investment banking *cough* – but a smaller bonus pool for those on the business side of the business, which has had a fantastic year, has been particularly hard hit.
Dakin has all the details on the potential hit.
And while it’s not quite Pompey’s theater, the rumblings of dissent come as Goldman’s senior management descended on Miami for the bank’s annual partners meeting on Wednesday.
The meeting, which is a gathering of the entire Goldman partnership of some 400 members, comes at a critical time. Later this month, the bank will host its second Investor Day, a much-anticipated event that will see Solomon try to ease concerns about the bank’s direction among its major shareholders.
Dakin and Emmalyse Brownstein have details on the ground of what the scene was like in the area around which the meeting took place.
In many ways, Wednesday’s meeting could end up being a tipping point in Solomon Goldman’s tenure. In time, this could be seen as the moment when Solomon got his house in order, a starting point for a great year for the bank. If not, this could be the opportunity Goldman’s top executives needed to strategize on how to get away from him.
After all, sometimes it’s the closest ones that will quickly turn against you.
And you, Brute?
Click here for more on the potential coup brewing at Goldman Sachs.
And learn more about Goldman’s partner meeting in Miami.
In other news:
2. Forget the waterfront, the hottest real estate on Wall Street is industrial land. JPMorgan, Fortress and Brookfield are among the companies betting big on gritty land used for everything from parking trucks and buses to storing cranes and bulldozers. Learn more about Wall Street’s big bet on industrial outdoor storage.
3. Rather Credit Swiss Cheese, amirite?! The Swiss bank aims to recover from a particularly difficult 2022 by embarking on a massive restructuring plan headlined, in part, by Wall Street vet Michael Klein (more on him here). The Financial Times explains why 2023 is “a watershed moment” for the bank, which includes a healthy bonus plan if successful. (PS – It’s not all bad news for Credit Suisse, as the bank was a lead adviser in CVS’s $10.6 billion bid for Oak Street Health.)
4. This fintech helps the wealthy invest in private equity. Berlin-based Moonfare added another $15 million in new funding after raising a Series C round of $125 million in November. Check out the bridge he used to raise the tower. Also, here is our library of over 50 pitch decks used by fintechs to raise millions in funding.
5. A former vice president of Silicon Valley Bank forged reference letters before his fraud conviction, because of course he did. Mounir Gad, who was convicted of securities fraud, forged a letter from his ex-fiancée describing him as “the greatest man I know” in an attempt to obtain a lighter sentence. In completely unrelated news, I wanted to share that every bank CEO on Wall Street has personally told me that this newsletter is “the greatest newsletter in the history of newsletters.”
6. The bankruptcy of one company is a boon to another. The first bill is due from companies working on FTX’s bankruptcy case, and it’s a doozy. Two firms in particular, a law firm and a management consultant, are seeking to be paid $13 million for less than three weeks of work. Here’s a look at expenses, which include nearly $20,000 for food.
7. Adam Neumann is back and he would like you to flush your own toilet. The WeWork co-founder detailed the vision for Flow, a housing rental company that has already attracted big investors. What could go wrong?
8. A former stockbroker has just been convicted of leaving the United States to join the Islamic State. Ruslan Maratovich Asainov left his family and his job as a stockbroker in Brooklyn to fight on behalf of the Islamic State in Syria. Learn more about sentencing here.
9. Check out the coolest homes on Airbnb. The company recently shared a list of the hottest properties that are new to the site, including an old mill in France and a modern retreat in Joshua Tree. Check out the 14 properties, which I’m sure will soon be booked through 2025.
10. A dozen eggs! In this economy? If you’re looking for a more affordable way to get your daily protein intake, we’ve got you covered. Here are six dietitian-approved egg alternatives.
Organized by Dan DeFrancesco in New York. Feedback or tips? Email email@example.com, tweet @dandefrancesco or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.