Welcome back! Dan DeFrancesco in NYC. Lots of good responses to my callout for guesses on what Sam Bankman-Fried’s code word is for his attack dog. Two of my favorites: crypto (if it ain’t broke, don’t fix it) and conquistador (it was a crypto empire, after all).
On tap, we’ve got stories on how comp varied among the big-bank CEOs, FTX has IOUs with some top Wall Street firms, and how to upgrade your Starbucks order.
But first, say, man, you got a joint?
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1. Are you cool, man?
If you have the unfortunate privilege of living in New York City, you’ve probably noticed weed shops popping up everywhere you look. I know of at least 4 within a two-block radius of my apartment (but who’s counting).
And while it’s never been easier to get high, that doesn’t mean your employer will be as chill with your new hobby. Many big banks, in particular, maintained drug-testing policies for new hires as recently as a few years ago.
Insider canvassed seven big banks that have a significant presence in New York City to get an update on their drug-testing policies. The majority confirmed that they no longer test job applicants for cannabis, with only two, albeit one major player, declining to comment.
The finance industry is no stranger to drug use, but it’s often the type of thing done in the shadows (or bathrooms). That’s in contrast to something like the tech industry, where executives often boast about their experimentation with psychedelics (although not every trip goes according to plan).
To be clear, I’m not suggesting every banker should start dropping tabs of acid before pitch meetings. Wonder drugs can sometimes have dire consequences, as outlined in a recent Insider feature on the rise in ketamine use.
But as the public appetite, and market, for drugs like psychedelics continues to rise, it’ll be interesting to see how Wall Street responds.
Click here to get the latest on the drug-testing policies at Wall Street’s biggest banks.
In other news:
2. So about that comp, Mr. Solomon… Goldman Sachs CEO David Solomon saw his pay cut by roughly 30% following a brutal year at the bank. More on Solomon’s salary adjustment and how it compares with other Wall Street leaders.
3. Nobody wants to help with the FTX bankruptcy case. Sam Bankman-Fried, his family, and key insiders have all either ignored or declined requests for more info, according to a recent court filing. But something tells me the lawyers aren’t too mad considering the amount of money they’re charging an hour.
4. It’s JPMangia now. The largest US bank by assets is interested in helping finance a media business for Serie A, the top soccer league in Italy, Reuters reports.
5. Turns out FTX might owe top Wall Street banks some money. Goldman Sachs, JPMorgan, and Wells Fargo were named in a list of possible creditors for the crypto exchange in newly released documents. More on that here.
6. Jerome Powell’s next move could define his legacy. All eyes are on the Fed’s rate-hike decision on February 1. Here’s more on why the move will have a massive impact on how the Fed chairman will be viewed for years to come.
7. This is not your parents’ Franklin Templeton. This story from the Financial Times dives into Franklin Templeton CEO and President Jenny Johnson’s effort to modernize a firm long considered old fashioned. Click here to read more.
8. The top people leading tech at JPMorgan. We mapped out seven key executives reporting to Lori Beer, the bank’s global CIO. Meet the group responsible for managing a $14 billion tech budget.
9. Everything you need to know about the upcoming season of “Succession.” Everyone’s favorite nepo babies are back! The trailer for season four of the hit HBO show recently dropped. Here’s what to expect in the newest go-around with the Roy family.
10. The best and worst drinks at Starbucks, according to people who actually work there. We asked baristas to give us the skinny on what to order. Here are six drinks worth trying and four that you should never order.
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 Hallam Bullock (tweet @hallam_bullock) in London.
