Wall Street: Forever Goldman? Not so much.

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10 THINGS ON WALL STREET

It's the end of the week as we know it, and I feel fine! Dan DeFrancesco in NYC, and after reading this story on flamingo personalities I think there is a real opportunity for a "Mean Girls" sequel focused on them. Speaking of animals, I also appreciate this very funny FYI from the National Park Service on bear safety. 

Fun-fact Friday: The Supreme Court ruled unanimously that a tomato is a vegetable, not a fruit.

On tap, we've got stories on the unraveling of a fintech valued at $1 billion, another investment bank makes job cuts, and where you should move if you want to be happy.

But first, Bueller? Bueller? Bueller?


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digital wall street virtual remote work 3 4x3

1. Welp, see ya later.

Goldman Sachs' partnership is a funny thing. It is arguably the most exclusive club on Wall Street. The type of group that only 1% of the 1% are able to reach. In many ways, it's easier to become a brain surgeon than a Goldman partner (doctors, please spare me your hate mail). If you want to know about all the perks that come with it, click here.

And yet, the partnership is not a life sentence. Unlike other esteemed white-collar groups — the partners at law firm Cravath, Swaine & Moore, for example — turnover is somewhat common within the Goldman partnership. 

Insider's Carter Johnson and Dakin Campbell took a look at how many partners have left the bank since CEO David Solomon took over in 2018.

It is an interesting exercise in understanding the reach Goldman has. In many ways, it's demonstrative of the allies the bank has across the Street. Plenty of partners leave only to turn around and hire the firm to work with their new employer. Former Goldman partners can be like missionaries for the bank, spreading the good word to anyone who will listen (and paying their fees). 

Yet there are those who depart only to become a thorn in the bank's side. Take Omer Ismail, who departed Goldman after being tapped to head its entire consumer business to launch ONE, the Walmart-backed fintech. Not only did Ismail go to a competitor, he ended up taking some top executives with him along the way. And as for Goldman's consumer business, well we know how that story ended.

Click here to check out the partner exits at Goldman Sachs under David Solomon.


In other news:

Gwyneth Paltrow in a floral dress

2. Inside the unraveling at Vise. The fintech raised $120 million and grew to a $1 billion valuation on the idea its young founders could help RIAs modernize with the help of AI. But a taste for the high-end lifestyle and lofty sales targets led to plenty of headaches. More on the struggles at Vise.

3. Here's how investors are trying to avoid getting FTX'd on their AI bets. Everyone is all-in on generative AI, but where there is hype, there is BS. Check out the five questions VCs are asking generative AI startups during the due-diligence process. And for more on how due diligence has changed in the wake of blowups like FTX and Frank, check out our story on how the process has evolved.

4. Some funding in fintech. French startup Pennylane, which is focused on streamlining accounting for small and mid-size enterprises, is set to raise roughly $50 million in a round led by DST Global. More on the raise here.

5. Cuts at Citi. The bank is conducting layoffs across the firm, including in its investment bank, Bloomberg reported. Read more here.

6. No, remote work is not killing big cities. Yes, it might seem bad for cities like San Francisco and New York these days, but there is a reason for hope. Here's why the "Big City Renaissance" is on the horizon.  

7. In these cities, it's a local ordinance to "Turn that frown upside down." Tired of being surrounded by grumpy people? Then relocate to one of these 20 cities that have been deemed the happiest based on data from a recent survey. Full disclosure, there is one city from New York on here that absolutely shocked me. 

8. Goop does growth investing. Gwyneth Paltrow is one of the cofounders of Kinship Ventures, a new fund raising $75 million, Axios reported. More on the new fund co-led by the actress-turned-lifestyle-guru here.

9. And you thought dating in your city was hard. Check out what life is like at Santa Cruz del Islote, the most densely populated island in the world. Roughly 500 people live on an island that's the length of two football fields. Good luck avoiding your ex. Check out all the photos here.

10. The robots are taking over our fast-food joints. Wingstop is the latest chain restaurant to use AI bots to take customer orders. Here's 13 other chains where you might find yourself being served by R2-D2.


Curated by Dan DeFrancesco in New York. Feedback or tips? Email ddefrancesco@insider.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Nathan Rennolds (tweet @ncrennolds) in London. 

 

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