Cash App's hiring spree — Goldman's push into auto tech — Consulting confessions

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

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Square's Cash App is hiring for a slew of positions hinting at plans to attract more merchants and compete directly with payment networks like Mastercard and Visa

Jack Dorsey

Square's Cash App had a massive 2020. Now the payment giant is looking to build on that momentum by hiring for a slew of positions for the personal finance app. Here's a look at what the new roles mean for the company, and the competitors it could be looking to take on. 

Read more here.

The world's biggest investors have realized fixed income won't generate the returns they need, and they're turning to hedge funds to fill the gap

GettyImages 1229890667

Hedge fund assets started the year at an all-time high, thanks in part to low interest rates. Now, desperate institutions are replacing low-yielding bonds with hedge funds in their portfolios. Here's what else you need to know.

Deutsche Bank teamed up with 6 firms led by women, people of color, and veterans on a $750 million bond sale as Wall Street looks to elevate minority shops

Annie Seelaus, CEO of R. Seelaus & Co, Sidney Dillard, a partner and head of corporate investment banking at Loop Capital, David Jones, co-founder, president and CEO of CastleOak Securities

For the first time ever, Deutsche Bank appointed six firms led by women, people of color, and veterans to lead its $750 million bond. Read more on how appointing minority-led firms promotes equity on Wall Street.

A new Goldman Sachs team is on a $7 trillion mission: conquer mobility by making deals with Tesla and Waymo rivals

Goldman Sachs

Goldman Sachs sees the auto industry's tech revolution as a big opportunity to win new business. The bank is now bringing together its industrial and tech teams to focus on auto tech deals. Get the full rundown here.

Must-know promotions, exits, and hires at firms like BlackRock, JPMorgan, Citadel, and Goldman Sachs 

digital wall street virtual remote work 3 4x3

The top people moves across the street, from Carey Halio taking over as Goldman's new head of investor relations to Paul Bodnar being named global head of BlackRock Sustainable Investing. Read them all here.

Here's why it's time to shorten the settlement cycle for US stocks

Michael Bodson, DTCC

Michael Bodson, the president and CEO of the DTCC, makes the case for moving the settlement cycle for US securities from two days to one. Here's why.

Odd lots:

Consulting confessions: 6 current and former staffers at Deloitte, PwC, and other top firms detail pandemic burnout (Insider)

Inside Archegos's Epic Meltdown (WSJ)

BlackRock Increased Fink's Pay 18% to $29.9 Million for 2020 (Bloomberg)

The SPAC boom is coming for fast-growing fitness and wellness companies. Experts reveal the 6 blank-check firms on the hunt. (Insider)

Meet 13 women who left Big Law to launch their own legal tech startups (Insider)

'They can do what they want': Archegos and the $6tn world of the family office (FT)


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