Hayley Cuccinello

Goldman Sachs alum Gerry Cardinale’s RedBird has already had a major exit in financial services, and more are on the way with its fourth fund.

Some ex-Goldman workers will be on the bank’s payroll until April before getting severance. But others have yet to be notified of their layoff package.

The Goldman division with the most open positions covers asset and wealth management. Internal audit is next, followed by global banking and markets.

Goldman Sachs has plans to grow its wealth business for the ultra-rich as it seeks to appease shareholders, and it’s considering acquisitions.

The worlds top banks are fighting for Americas wealthiest

With the market slowdown, these opportunities are getting more attractive for both banks and clients.

The average American inherits about $1,500 from their grandparents, per analysis by the Wharton School at the University of Pennslyvania. The uber-rich, on the other hand, can pass on millions to grandchildren.And thanks to loosening limits on generation skipping-trusts and tax cuts made during the Trump administration, the wealthy are also skipping out on paying hefty wealth transfer taxes by leaving their riches to their distant heirs. Some of America’s wealthiest families, such as the Pritzke…

The rich often use trusts to pass on wealth to their heirs and pay as little tax as possible. Laurene Powell Jobs, widow of the Apple founder, saved at least $200 million in estate and gift taxes using trusts, per ProPublica. Nike founder Phil Knight has used trusts to transfer billions of dollars worth of Nike shares to his heirs tax-free.But taxes are not the only big advantage of trusts, lawyers to the uber-wealthy told Insider. The rich can also use them to shield their family fortunes if th…

The March implosion of Silicon Valley Bank created a banking vacuum in the startup world.JPMorgan is racing to fill it.So far this year, the Wall Street bank has doubled the head count of its commercial-banking unit dedicated to early-stage companies to more than 400 bankers. This group, dubbed the innovation economy team, has expanded to Beijing, Frankfurt, London, Stockholm, Sydney, Tel Aviv, and Zurich with more than 40 overseas hires. Many of the senior hires, both overseas and domestic, cam…

Since Morgan Stanley CEO James Gorman announced in May that he would retire in the next year, all eyes have been glued to two candidates to replace him: the investment-banking boss Ted Pick and the wealth-management head Andy Saperstein. The hard-charging Pick and the affable Disney World-loving Saperstein make for a study in contrasts.Away from the limelight is a third contender: Dan Simkowitz, a veteran of the bank who graduated from Harvard and is known for his smarts and poise.“If I was on t…