Those hoping for a quiet few days in the US markets heading into the long weekend may have been disappointed.
Tech stocks slumped again yesterday, leading the way for a broader stock-market selloff. Apple shares dropped 8% in their sharpest decline since March; Tesla shares tumbled for a third session in a row; and Facebook, Amazon, Microsoft, and Alphabet all sank. Wall Street’s favorite fear gauge meanwhile spiked to its highest level since July.
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.
JPMorgan spent $11.4 billion on technology in 2019. Meanwhile, the war over tech talent has ramped up significantly over the years, with big tech companies, hedge funds, and startups all in search of strong developers and engineers.
Dan DeFrancesco and Alex Nicoll took a look at salary data for JPMorgan’s developers and engineers. You can read their roundup here.
Shannon Stapleton/Reuters; Andrew Harnik/AP; Samantha Lee/Business Insider
In a move bewildering investors and executives, the Securities and Exchange Commission is considering a rule change that would let billionaire fund managers like David Einhorn and Stanley Druckenmiller release four fewer filings a year to the public.
There’s an entire ecosystem of investors and researchers who rely on the filings known as 13Fs that reveal institutional investment managers’ public-equity holdings at quarters’ end. Bradley Saacks and Rebecca Ungarino talked to some of these people to understand why they’re so upset. You can read the full story here.
Ruobing Su/Business Insider
Family offices, the often-secretive investment firms managing wealth for the richest people in the world, are growing in size and complexity. Some are starting to look more like traditional institutional wealth managers — and pushing to hire fresh talent in a competitive market.
Rebecca Ungarino and Natasha Solo-Lyons took a look at a recent report that sheds light on how family offices pay employees, from analysts and bookkeepers to chief executives, in the US and around the world. You can read the full story here.
Samantha Lee/Business Insider
We’re seeking nominations for Business Insider’s inaugural list of rising stars of real estate, and we want to hear from you. If you know a hotshot that should be considered, please submit your suggestions via this form.