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Wall Street is getting creative with how it schmoozes clients

Welcome back, everyone. Second-quarter earnings are still trickling in. Four companies in particular jump out. On Tuesday, Walmart and Home Depot report. The following day their respective rivals Target and Lowes check in. If you’re not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and…

christen hewitt

Published on September 12, 2020

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Welcome back, everyone.

Second-quarter earnings are still trickling in. Four companies in particular jump out. On Tuesday, Walmart and Home Depot report. The following day their respective rivals Target and Lowes check in.

If you’re not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco.

Wall Street’s new ways to woo clients

The return of dining in New York has been a welcome change. And while outdoor seating does add a certain European flair to things, there are some downsides.

It’s tough to enjoy a nice steak while it’s absolutely sweltering outside. And then there’s the issue of ambiance. I have a hard time focusing on my artisanal burger when cars are screaming past my table.

Here’s a fantastic story from three of my colleagues on how Wall Street has adapted entertaining clients. Rebecca Ungarino, Meghan Morris, and Bradley Saacks have all the details on ways dealmakers, lawyers, and vendors are looking to schmooze clients.

The trio have all the details on the creative ways Wall Street is looking to stay on clients good side. Click here to read the fully story.

Investment manager TIAA says 2021 layoffs won’t be necessary because it’s shrinking headcount through aggressive buyouts. Here’s how many people are cashing out.

You don’t have to worry about layoffs if you pay people to leave first. That’s been the strategy at investment manager TIAA, which said it will avoid layoffs next year after so many of its employees took its voluntary separation package (here’s a reminder of what that was). Click here for the full story from Meghan Morris.

POWER PLAYERS: Meet the 15 execs at Mastercard driving an ambitious push into new businesses built on cybersecurity, data, and analytics

FILE PHOTO: A sticker shows that a store accepts MasterCard in Harvard Square in Cambridge, Massachusetts, U.S., July 25, 2018. REUTERS/Brian Snyder — A sticker shows that a store accepts MasterCard in Harvard Square in Cambridge

It’s quite the time to be in the payments businesses. The coronavirus has drastically altered the game, as nearly everyone’s focus has shifted to digital payments. Card giant Mastercard is no different. Click here for the 15 executives leading change, as highlighted by Shannen Balogh.

The head of Merrill Lynch’s training program, the firm’s main talent pipeline, is leaving as the business grapples with remote work. Here are the challenges that await her successor.

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Last week we heard about issues going on with Merrill Lynch Wealth Management’s financial advisor trainees (here’s a refresher in case you forgot). Well, turns out the head of Merrill Lynch’s financial adviser training program is leaving. Rebecca Ungarino has the full story, which you can read here, including what’s in store for the successor.

SL Green is moving to foreclose on a building on NYC’s glitzy Fifth Avenue shopping corridor, highlighting a dismal outlook for commercial real-estate

Daniel Geiger has the latest details on a New York landlord moving to foreclose on a building as the real-estate market continues to get rocked. Click here for the full story on SL Green beginning the foreclosure process on 590 Fifth Avenue.

Odd lots:

Wall Street banks like Goldman Sachs have been building out their own in-house media organizations to help control their image. Now they’re kicking production into overdrive. (BI)

An AmEx Manager Says She Spoke Up About Sales Problems, Then Got Pushed to the Side (WSJ)

German officials traded Wirecard shares as it edged towards collapse (Reuters)

Rent the Runway to Close All Retail Stores Permanently (WSJ)