• JPMorgan told employees on Friday that their days of hybrid work were numbered.
• It said the five-day RTO mandate would start in March and affect roughly 30% of the bank's workforce.
• See the memo explaining the new policy and rationale.

JPMorgan on Friday told employees that hybrid work was largely over. In a memo issued by the bank's operating committee, the largest US bank by assets said it was calling all workers back to the office starting in March.

"Starting in March, we'll be asking most employees currently on a hybrid schedule to return to the office five days a week," a copy of the memo obtained by Business Insider said. "As it stands, more than half of our workforce already comes into the office full-time."

A company spokesman said that roughly 70% of the bank's employees were already back in the office five days a week, while everyone else was in three or four days a week.

"We know that some of you prefer a hybrid schedule and respectfully understand that not everyone will agree with this decision," the memo said, adding, "We think it is the best way to run the company."

JPMorgan, which had more than 300,000 employees in September, is the latest in a growing list of large companies to revert to pre-pandemic office norms. AT&T and Amazon have implemented similar five-day mandates starting this month.

JPMorgan's return-to-office policies have been slowly ratcheting up since the COVID-19 pandemic. It returned all managing directors — the highest rank outside the C-suite — to a five-day workweek in 2023.

The full memo sheds some light on the company's rationale:

Message from the Operating Committee

Dear colleagues,

We're proud of how our company has successfully adapted and thrived in an ever-changing environment, and this is thanks to all of you. We are a better organization because of your commitment and continued care for our customers, clients, communities and each other. Developing effective teams and maintaining a vibrant, healthy culture are clearly key for our success — and we believe best achieved through working together in person. This is why starting in March, we'll be asking most employees currently on a hybrid schedule to return to the office five days a week. As it stands, more than half of our workforce already comes into the office full-time.

We know that some of you prefer a hybrid schedule and respectfully understand that not everyone will agree with this decision. We are now a few years out of the pandemic and have had the time to evaluate the benefits and challenges of remote and hybrid working. We feel that now is the right time to solidify our full-time in-office approach. We think it is the best way to run the company. As we've discussed before, the benefits of working together in person are substantial and irreplaceable, and as we spend more time together, the more advantages we gain. Being together greatly enhances mentoring, learning, brainstorming and getting things done. It accelerates decision-making and offers valuable opportunities for spontaneous learning and creativity. It also allows our early career professionals to learn through our apprenticeship model and expand their networks by building connections with peers across the firm.

Many of our global locations, but not all, have existing capacity to allow for most or all employees to return to the office full-time in early March. We will confirm the list of locations where this is possible by the end of January. The evaluation of our locations will focus on operational readiness, including food services, cleaning and parking. For locations with capacity constraints, or where changes are needed to create capacity, we will work through plans in the coming weeks and will share information and timelines as they become available on a location-by-location basis. Until your location's readiness is confirmed, you should continue on your current work schedule. It's important to note that following a thorough review and applying stringent criteria, a few specific teams whose work can be easily and clearly measured will continue to work remotely or on a hybrid schedule. These decisions have been made in the best interest of the company. If you are on one of these teams, your manager will confirm your schedule.

We recognize that switching from hybrid to five days a week in the office may be disruptive and require adjustments for some colleagues. Importantly we will work to give you at least 30 days' notice in line with local requirements, prior to your full-time return. Once your location is ready, if you need a bit more time to accommodate the new schedule, you should discuss your needs with your manager and get their approval. We know that a lot has changed in our workplaces since returning to the office after the pandemic and recognize that it will take us some time to get all of our locations ready to accommodate a five-day-a-week schedule.

What is not changing is our support for flexibility in the workplace, which we are committed to providing at every level in a fair way. We fully recognize how important it is to be able to work remotely as life events happen, and managers will be directed to provide team members with the flexibility they need to work remotely under some circumstances, such as unexpected occurrences, family commitments or other times on occasion when you and your manager agree you can work away from the office. As always, we expect you to continue to track your time out of the office, and we will work hard to support a workplace of flexibility and collaboration.

We greatly appreciate your outstanding efforts day-in and day-out and are honored to work together on behalf of everyone we serve.

• Wall Street's biggest banks are gearing up to communicate 2024 bonus compensation to staff.
• Bonuses are expected to be as much as 35% higher as demand for corporate dealmaking grows.
• Here are the dates banks like JPMorgan and Goldman are expected to tell employees what they made.

Wall Street bonus season is kicking into high gear this week as the biggest banks get ready to tell employees how much they earned in discretionary income.

Morgan Stanley, known for leading social media company Reddit's IPO in March, is expected to start telling employees how much they earned in 2024 bonuses as soon as this week, according to three people with knowledge of the bank's plans. A spokeswoman for Morgan Stanley declined to comment.

Other large banks are scheduled to communicate bonus numbers to staff later this month, including Goldman Sachs as soon as next week and JPMorgan Chase the week after that, people with knowledge of the banks' plans told BI.

From junior analysts to senior bankers, year-end bonuses tend to indicate not only Wall Street workers' own performance in a given year, but also their value to the company. It's common for bankers who feel snubbed with a lowball number to leave for other jobs after their check clears.

Bonuses have been down in recent years after hitting new highs in 2021 due to lackluster demand for mergers and capital raising.

This year, investment bankers and traders are expecting bonuses to tick higher (up as much as 35%, according to comp consultants Johnson Associates) thanks to a bounce in deal flow that's predicted to ramp up this year.

Worldwide M&A was up 11% in 2024 to over $3 billion, according to data from the London Stock Exchange Group. The five biggest banks — JPMorgan, Goldman Sachs, Bank of America, Morgan Stanley, and Citi — dominated the league tables last year, led by Goldman Sachs with 30% global market share, followed by Morgan Stanley with 25%, and JPMorgan with 19%. Bank trading revenue also skyrocketed, propelled by rising interest rates and stock volatility.

BI spoke to bank insiders and headhunters to find out when employees of the largest banks are expecting to learn their "number." They said bonus information tends to be closely guarded and that communication dates are subject to change. See when the biggest banks are scheduled to tell staff how much they earned in 2024 bonus money, in chronological order:

Morgan Stanley

Multiple people with knowledge of Morgan Stanley's plans said the investment bank, which ranked No. 2 in M&A last year, will start to share bonus numbers with staff on January 8, making it the first major bank to do so.

Goldman Sachs

Goldman is expected to begin revealing comp on January 15, the same day it reports its 2024 and fourth-quarter earnings, a process that tends to stretch out for several days, a person with knowledge of the announcements told BI.

JPMorgan

The biggest US bank by assets plans to start communicating bonus compensation to employees on January 21, a person familiar with the bank's plans told BI. Employees based in the US will be paid the following week.

Bank of America

Bank of America is aiming to begin communicating bonuses on January 27, a person with knowledge of the announcements told BI. A BofA spokesman declined to comment.

Citi

Bonuses at Citi will be shared in the second half of January, according to a person familiar with the plans, though it isn't clear which day. The bank has been undergoing a massive restructuring since 2021 when CEO Jane Fraser took the reigns.

• Each year, Business Insider highlights Wall Street's rising stars.
• These are up-and-comers in investment banking, trading, and investing.
• All are 35 or younger. Check out our lists over the years.

For the past eight years, Business Insider's finance reporters have tapped their contacts to put together a list of who to watch on Wall Street.

We've received recommendations from bosses, colleagues, recruiters, and financial industry experts to create our annual feature. To be eligible, nominees must be based in the US, 35 or younger, and stand out among their peers. The editors make the final decisions.

Business Insider asked these rising stars from leading firms like Goldman, Blackstone, and Citadel to reflect on their successes, challenges, and best career advice.

2024

Meet our 2024 class

Our most recent set of young professionals reflect the future of finance. A number of them are shaping the trajectory of clean energy and artificial intelligence by financing the infrastructure that will underpin it. Some have seen their focus go from niche to hot asset. Others are influencing how Wall Street interacts with Main Street, using their skills and savvy to create new products and services for ordinary investors or giving employees at portfolio companies ownership stakes.

The rising stars also shared how they unwind and stay grounded in order to stay mentally sharp.

2023

Meet the 2023 class

2023's cohort included traders setting new playbooks for deals and trades and an investor building out burgeoning private markets businesses within the world's largest bank. These influencers also financed some of the biggest deals of the past few years and provided an edge to top investors with complex and innovative products.

They shared the lessons learned from their biggest career mistakes and how their Wall Street wardrobe had evolved from their COVID work-from-home days.

2022

Meet the class of 2022

As Wall Street navigated volatile markets, fewer deals, and plummeting company valuations, we found the players rising up despite the challenges.

One invested in space ventures, and another executed multibillion-dollar trades. Some up-and-comers pushed their teams to the top of industry rankings.

From books on the science of sleep to fantasy football strategy podcasts, here's what these bright leaders were reading and listening to. And here are some of their lessons and advice.

Here are the previous editions of our Wall Street rising stars list:

• 2021
• 2020
• 2019
• 2018
• 2017

• Wall Street banks are proving that generative AI is here to stay and the tech is not just a fad.
• Business Insider has reported on how some of finance's biggest banks are approaching generative AI.
• See how giants like Goldman Sachs and JPMorgan are weaving the tech into the fabric of their firms.

Wall Street bank leaders say generative AI is here to stay, and they're weaving the technology throughout the fabric of their banks to make sure.

From trading to payments to marketing, it's hard to find a corner of the banking industry that isn't claiming to use AI.

In fact, the technology's impact, made mainstream by OpenAI's ChatGPT in late-2022, is becoming cultural. Generative AI is changing what it takes to be a software developer and how to stand out as a junior banker, especially as banks begin dispatching autonomous AI agents. The technology is even changing roles in the c-suite.

From supercharging productivity via AI-powered search engines to figuring out the best way banks can realize a return on their AI investments, here's what we know about how Wall Street banks are embracing AI.

JPMorgan Chase

JPMorgan CEO Jamie Dimon is a "tremendous" user of the bank's generative AI suite. We have the story of how he and other execs use AI at the bank.

• JPMorgan's AI rollout: Jamie Dimon's a 'tremendous' user and it's caused some 'healthy competition' among teams
• JPMorgan is making a big bet on AI. Here's how its private bankers are using it.

Dimon also laid out his vision for how America's largest bank will win the AI battle against fintechs through data. Meet the leaders of that mission.

• Jamie Dimon says he's out to win the AI arms race. See who he's put in charge of this critical mission.
• JPMorgan's Lori Beer just added 2 new tech leaders to her ranks. Meet the team behind the bank's AI future.

Mary Erdoes, the boss of JPM's asset- and wealth-management business, used these slides to outline how she wants to get her people ready for the "AI of the future."

• Here's how JPM boss Mary Erdoes wants to use AI to eliminate "no joy" work

Manuela Veloso has been focused on AI for decades. The former head of machine learning at Carnegie Mellon University, Veloso has been JPMorgan's head of AI research since 2018. She broke down seven main challenges her team is trying to solve with AI for the bank.

• JPMorgan's head of AI research Manuela Veloso breaks down 7 areas she's looking to apply the cutting-edge tech

Goldman Sachs

Goldman's top partners and CEO David Solomon are eager to see AI rev up their businesses. From realizing internal productivity gains to capturing more business as clients look to raise money in anticipation of AI development and acquisitions, here's what the top echelon is expecting.

• How AI will shake up Goldman Sachs, according to top partners and CEO David Solomon
• Inside Goldman Sachs' plans for AI, from helping non-tech workers do more with software to streamlining how code is documented

There is no AI without data, and there is no data strategy at Goldman without its chief data officer, Neema Raphael. Raphael gave BI an inside look at how his roughly 500-person team melds with the rest of the bank to get the most out of its data.

• Meet Neema Raphael, the data whiz key to Goldman's AI ambitions who's overseeing the bank's army of engineers and scientists

AI's impact has ripple effects that go far beyond technology. Goldman's chief information officer, Marco Argenti, predicts that cultural change will be critical to getting the bank to 100% adoption.

• Goldman Sachs CIO Marco Argenti says Wall Street's 'next big wave' in AI will come down to culture, not just technology

Many dollars are being spent on Wall Street's AI ambitions. But how do you measure the return on the investment? Argenti offers some tips on the calculus that can help firms prioritize where to invest.

• As AI usage ramps up on Wall Street, Goldman Sachs CIO details how the bank analyzes return on investment for the tech

Morgan Stanley

Morgan Stanley wants to turn employees' AI ideas into a reality. Here's an exclusive look at that process.

• Morgan Stanley has 30 AI projects in the pipeline. Here's how the bank sources employees' ideas for inspiration.

Morgan Stanley's wealth division is getting an AI facelift. See how the technology is transforming the jobs of the bank's 16,000 financial advisors.

• Morgan Stanley is betting on AI to free up advisors' time to be 'more human.' Nearly 100% of advisor teams use it, and here's how.

Thanks to its partnership with ChatGPT-maker OpenAI, Morgan Stanley has ramped up its AI efforts. The exec in charge of tech partnerships and firmwide innovation opened up about how it all started.

• Morgan Stanley's new innovation head lays out his plan for more OpenAI-type partnerships
• A Morgan Stanley exec breaks down how the bank courts tech partners like OpenAI

Citi

Citi's top tech executive, Shadman Zafar, outlined the bank's four-phased AI strategy and how it will "change how we work for decades to come."

• A top Citi tech exec breaks down the 4 phases of the bank's AI strategy that will impact everyone from operations to wealth and product

Bank of America

Bank of America's chief experience officer, Rob Pascal, details how the bank's internal-facing AI assistant helps bankers collect, record, and review client data. Here are all the ways it's helping employees be more effective and efficient.

How Bank of America is using an AI-powered tool to help its bankers prep for client meetings more efficiently

AI hits the investment bank

Investment bankers are hopeful that corporate America's obsession with AI could kick off a new era of mergers, acquisitions, and IPOs. From execs stepping into recently created roles to accommodate the sector to industry veterans launching their own AI-focused M&A-advisory firm, meet 11 investment bankers poised to lead Wall Street's AI revolution.

• Wall Street is gearing up for an AI shopping spree. Meet 11 bankers poised to come out on top.

We spoke with four of those AI bankers about why 2025 is going to be all about AI pickaxes and shovels rather than pure-play AI deals.

• The deals 4 tech bankers think the 'AI arms race' could drive in 2025

AI could save junior bankers time by automating tedious tasks known all too well by Wall Street's youngest ranks. But it can also make it harder to break into the industry by shifting the skills required for entry.

• How AI will change the job of the junior banker and raise the bar to entry

A former Goldman Sachs managing director built an AI-powered networking tool to spur dealmaking. The budding startup, Louisa AI, already has a few clients, including Goldman Sachs, Insight Partners, and a global exchange.

• See the pitch deck that helped a former Goldman Sachs exec raise $5 million for an AI-powered networking startup that feeds deal ideas to bankers.

Here's how former investment bankers left their Wall Street jobs to build an AI startup to solve junior bankers' woes.

• See the pitch deck that helped former investment bankers raise a $7 million seed round for their generative 'AI consigliere' to bankers and analysts

• 2025 is expected to be a robust year for mergers and acquisitions as well as IPOs.
• Consequently, some investment banks are bulking up on hiring, industry recruiters say.
• Here's a look at which firms are staffing up and what sectors are seeing the most action.

When John Weinberg, the chairman and CEO of the elite boutique investment bank Evercore, sat down for a fireside chat in December at an annual Goldman Sachs conference, he revealed that his firm had been ramping up hiring.

"Most of the time, you don't really do much recruiting in November or December," he told listeners — adding that this year had been different. "If you could see my schedule, you'd see that virtually every day I am speaking with and recruiting" new talent, he said. "You could probably anticipate that our recruiting efforts will increase, not decrease."

Weinberg isn't the only Wall Street dealmaker for whom recruiting is top of mind. According to industry headhunters, hiring across the Street has been gaining steam.

"We're probably up 60% to 70%," Kevin Mahoney, a managing partner in the global financial-services practice at Christoph Zeiss Partners, told Business Insider in December. "We haven't been this busy in a long time," he added, saying he expects 2025 to be "bonkers" in terms of hiring volumes.

After several years of lackluster deal activity, Wall Street is finally starting to see signs of a thaw in mergers and public offerings. A cocktail of lower interest rates, pent-up demand, and expectations for a friendlier landscape under a Trump presidency has left many dealmakers across the Street feeling bullish about the prospects for 2025. Robert Stowe, the head of Americas equity capital markets at Barclays, told BI that he predicted some $50 billion in initial public offering volumes in the US next year. That would be a roughly 20% increase from 2024's just over $41 billion worth of IPO volumes in the Americas, as recorded by the deal-tracking firm Dealogic.

BI got an update on the latest investment-banking hiring trends from three top Wall Street headhunters: Mahoney; Meridith Dennes, the managing partner of the firm Prospect Rock; and Brianne Sterling, the head of the investment-banking recruiting practice at Selby Jennings.

Dennes said the industry's "musical chairs" could start to spike in about January or February after bankers receive their bonuses. Many, she said, have gotten early hints about their bonus numbers this year and are privately grumbling.

"Bonuses are not coming out as strong as we expected them to be, and I think the reason is because there's been so much hiring at the senior level and at the MD level," she said. "A lot of that compensation pool may be spoken for."

So, with moves on the way, which sectors will see the most activity? Here are a few key trends the headhunters say are worth watching in 2025.

The hot sectors

Banks big and small are already dialing up recruiting for their technology, media, and telecommunications teams, known as TMT in Wall Street parlance.

One reason, Mahoney said, is that those sectors are popular acquisition targets for financial sponsors. Indeed, private-equity firms are itching to deploy the billions they've raised from limited partners — but have been waiting for interest rates to decline.

"Something that I think will be interesting within the tech space, as well, is how teams are looking at staffing and positioning" for AI deals, as well as deals for cryptocurrency and digital-assets companies that may consolidate over the next year, Sterling of Selby Jennings said.

Tech has been a major area for banker movement, said Dennes, who also named healthcare, restructuring, industrials, consumer retail, and financial institutions as hot. Among some of the early findings of Prospect Rock's annual compensation survey, bankers in tech and restructuring displayed the highest levels of dissatisfaction with pay.

"Now, if they're not really paid," Dennes said, "they're going to want to jump — and there's opportunity for those folks to jump."

Tech dealmakers on the move

Union Square Advisors, a boutique technology-focused investment bank in San Francisco, has onboarded a series of dealmakers recently, including tapping Terry Jackson — who previously worked at JPMorgan and Bank of America Securities — as a managing director. The firm also hired Todd Meadow to pitch in with sponsor coverage and brought on the banker Chris Appaneal to focus on software for governance, risk, and compliance.

Houlihan Lokey, a midsize firm long respected for its prowess in restructuring and distressed deals, has also been growing its wallet share in tech to win competitive M&A mandates.

In the spring, the bank appointed Ryan Lund as a cohead of US technology. It's been deepening the granularity of its software coverage with subsequent hires, as well — like Nana Kyei, a managing director who joined from Jefferies this fall and focuses on education tech. Geoff Rhizor joined the tech team in San Francisco in late summer; his coverage, in part, intersects with the fintech group.

Barclays has also emphasized hiring managing directors focused on tech and healthcare deals, a company spokesperson told BI. Rob Patterson, who serves as head of data and information platforms coverage within tech investment banking, came over from Morgan Stanley. And the bank appointed David King, a former top-level banker at Bank of America, as global head of technology mergers and acquisitions last summer.

Big banks are staffing up

Some banks have already initiated widespread recruiting plans for juniors.

JPMorgan Chase, for instance, was engaged in a vigorous off-cycle recruiting spree for junior investment bankers as deal flow picked up speed in the fall, according to industry sources and postings on its job board.

Goldman Sachs' careers portal recently displayed roughly a dozen openings for junior bankers in New York, San Francisco, and London. Vacancies included analyst and associate positions in coverage groups like financial institutions, entertainment banking, TMT, and industrials, as well as product-focused functions like equity capital markets.

Bankers need fresh blood: 'Send them our way'

The last time there was an M&A boom during the pandemic, in 2021, many banks were caught unprepared and understaffed, resulting in complaints from overworked junior bankers.

Wall Street employers now say they won't make the same mistake twice — and many are eyeing boosting their junior ranks in preparation, the recruiters said.

Dennes expects an emphasis on associates and midlevel vice presidents to help juggle the ins and outs of executing the manifold deals coming down the pike. "Experienced bankers are always in demand," she said. "Anyone who has closed a couple of deals and is able to train junior staff is very valuable."

Dennes' firm, Prospect Rock, is working on filling four analyst roles, six associate roles, and two VP roles, postings on its website showed. Still, she doesn't see 2025 hiring following the same frenetic pattern it did during the earlier pandemic-era M&A boom.

"In 2021, you just needed bodies — more horsepower. This is very different," she said. Now, banks are markedly more vigilant in emphasizing quality over quantity. "Nobody wants a 2021, 2022 redo," she added. "A lot of those hires were not strong."

Some senior dealmakers are already worried about short-staffing. A managing director at a Wall Street bank told BI he was confident that 2025 would deliver a volume of work comparable with 2021 levels, if perhaps not the same soaring valuations.

"Part of the conversation that we're going to have to think through is augmenting the team at the midlevel" to handle execution, he said. In this hiring market, though, "it's almost impossible" to find impressive associates or VPs, he cautioned. "Send them our way — because it's hard."

Are you an investment-banking insider, or do you have knowledge of industry moves on Wall Street? Get in touch with these reporters. Reed Alexander can be reached via email at [email protected] or via the encrypted messaging app Signal at 561-247-5758. Emmalyse Brownstein can be reached at [email protected] or via Signal at 305-857-5516.

Correction: December 20, 2024 — An earlier version of this story misstated Meridith Dennes' role at Prospect Rock. She's the firm's managing partner, not one of its managing directors.

• A federal court struck down a rule requiring Nasdaq-listed companies to disclose board diversity.
• Legal experts say the ruling won't likely impact Goldman Sachs' board diversity mandate.
• Since 2020, the investment bank has only helped take public clients with diverse boards.

Wall Street's board diversity initiatives are not dead — yet.

On Wednesday, the Fifth Circuit Court of Appeals struck down Nasdaq's efforts to push companies that want to list their stock on its exchange to diversify their boards or explain themselves. Nasdaq has said it will not appeal the decision. The Securities and Exchange Commission, which approved the Nasdaq rule in 2021, has said it is reviewing the decision.

Companies could continue to feel pressure to diversify their boards, however, from other stakeholders including shareholders and even Wall Street banks.

In 2020, David Solomon, CEO of Goldman Sachs, a top underwriter of initial public offerings, announced that the bank would start requiring the clients it helps take public to have at least one diverse board member. In 2021, the bank upped the requirement to two diverse board members, including at least one woman. It has also tasked one of its rising stars with a new role helping corporate clients find diverse board members.

Goldman declined to comment on its board diversity initiative, but legal experts say that the Fifth Circuit ruling should not impact the investment bank. That's because Wednesday's ruling, agreed to by 9 of the circuit's 17 judges, centered on the Securities and Exchange Commission's right to approve the Nasdaq's diversity rules.

The judges said the Securities Exchange Act of 1934 gives the SEC the authority to prevent fraud and promote competition — not enforce diversity disclosures.

Ann Lipton, a professor at Tulane University's law school, however, said that the ruling could still have a chilling effect on banks whose policies are often informed by federal standards.

"If those standards appear to be shifting, investment banks may alter their policies to conform," she said in an emailed statement.

Wall Street has historically been made up of mostly white men and remains so to this day. Following the death of George Floyd at the hands of police in 2020, more bank CEOs have begun personally setting goals to increase diversity at their companies, including at Morgan Stanley and Goldman Sachs.

Some Wall Street's diversity initiatives, however, have been walked back in recent months in light of an influential court ruling that significantly changed the way college campuses can use affirmative action in their admissions process. Bloomberg reported in March on investment-bank recruitment programs originally geared toward minorities that have been quietly opened to everyone.

In January, Goldman told Fortune that it had taken public 300 businesses that adhere to its diversity standards. Last year, the Goldman executive tasked with helping clients identify diverse board members told BI that she had helped facilitate 99 placements since her role was created on the heels of the bank's new diversity mandate.

"Demand was there and supply was there, there was just a market mechanism problem," Ilana Wolfe told BI at the time. "I'm most proud of being able to be that link."

• Citigroup appointed a new class of managing directors last week.
• Five new MDs share their best career advice and reflect on their rise at Citi.
• They also touched on how the bank's sweeping transformation has affected their jobs.

Last week, Citigroup announced a new class of managing directors, some of whom have been with the bank since it had a red umbrella logo — a byproduct of its merger with insurance giant Travelers in the late 1990s.

Anyone who has worked at Citi for a long time has seen plenty of changes. The global bank did away with the umbrella logo in 2007, just before a series of job cuts and other reorganization efforts took hold at the height of the financial crisis. In recent years, Citi has also exited many of its consumer banking operations, among other changes, as part of a transformation effort led by CEO Jane Fraser.

Since taking the top job in 2021, Fraser has vowed to modernize and simplify the bank, including by removing layers of bureaucracy and strengthening Citi's risk controls and technology systems. She has announced plans to cut 20,000 jobs over the next five years.

Managing directors, the bank's highest rank below the C-suite, are the people who will be tasked with helping bring Fraser's vision for the bank's future to life and navigating complex headwinds that arise along the way.

Business Insider interviewed five members of the 2024 MD class who have been at the bank for the majority of their careers. They spoke via email about a range of topics, from their first day at Citi to the changes they've seen at the bank over the decades, and how Fraser's transformation efforts have impacted their jobs. They also shared their advice to the next generation of talent in the industry.

Here are their words of wisdom, edited for length and clarity:

Bridget Griffin

• Chief Administrative Officer for Global Risk Review, New York
• Joined Citi in 2007

Describe your current role.

I am the chief administrative officer (CAO) of global risk review, responsible for leading the pillars of business management, regulatory & audit engagement, board reporting, controls & issue management, governance, and infrastructure & strategic projects.

What would you say is the biggest change at the bank/your field since you joined?

What stands out most is how much the bank — and the way we work — has evolved over time. When I joined, the iconic red umbrella stood out front and wood-paneled offices reflected a more traditional era. Today, modern, open workspaces reflect how much has changed. Through all of the change, it's the people who make it work – coming together, adapting and finding a way forward. That sense of community is what has kept me at the bank all these years.

What is one nugget of wisdom you'd give to the next generation of talent?

Stay confident in what you bring to the table, but humble enough to recognize areas where you can grow — and curious enough to turn them into opportunities. Early in my career, I pursued an internal transfer to Hong Kong with Citi to deepen my understanding of Asia, a region I realized I knew little about. That decision not only broadened my perspective but also led to incredible experiences that shaped both my career and personal growth.

What is the biggest impact the bank's transformation has had on your approach to your job?

The transformation has empowered me to question complexity and advocate for simplicity. I feel more confident challenging processes or decisions that seem overly complicated, focusing instead on practical solutions. This perspective has helped me contribute to a culture that values clarity and purposeful action.

Supriya Ramamurthy

• Head of Balcon and Rate Sales, US Personal Banking, New York
• Joined Citi in 2002

Describe your current role.

I am part of the USPB organization and work in the branded cards and lending team. I manage the on-card lending products.

Describe your very first day.

I joined Citi as a Management Associate in Sydney, Australia. It had been a super competitive, intense eight-round interview process before I finally made it to that first day. So, I was certainly excited but frankly also very relieved!

What is one nugget of wisdom you'd give to the next generation of talent?

Invest time and energy in establishing and building relationships within the firm and outside. Regardless of how fast the earth spins on its axis and how much AI and new inventions change our lives, ultimately it is people who will make all the difference.

What is the biggest impact the bank's transformation has had on your approach to your job?

I think the firm's overall transformation mantra has trickled down to every level in the organization and has led to a renewed commitment and focus on efficiencies and simplification. If I look at my own business, for example, over the past 18 months my team, my cross functional partners and I have been very focused on modernizing our legacy operating models.

John Hogue

• Head of Design and User Experience for Citi Wealth, Singapore
• Joined Citi in 1992

Describe your current role.

I recently took on a new role leading design & UX for Citi's services business. Our team is responsible for defining, creating, and implementing a simple and seamless user experience strategy for our large corporate clients.

What would you say is the biggest change at the bank/your field since you joined?

It's been said many times before that the 'C' in Citi stands for change, and that has been true throughout my career. One thing that has remained constant is a culture that promotes collaboration, innovation, and technology to improve the client experience.

What is one nugget of wisdom you'd give to the next generation of talent?

I've been fortunate to have a non-linear career at Citi, and I think it goes back to my feelings of being curious and wanting to learn how everything works. I always recommend to our new associates to know where you want to go, but have the courage to explore, experiment, and embrace unexpected opportunities in your Citi journey.

What is the biggest impact the bank's transformation has had on your approach to your job?

I see the impacts of our transformation as not one big thing, but an accumulation of improvements that you look back on and think, "We really have made a lot of progress." The organization is much leaner, which means that alignment and decision-making happen much faster.

Juan Francisco Orrego Echeverri

• Director, Operations, Know Your Customer Operations, Costa Rica
• Joined Citi in 1998

Describe your current role.

I am based in Costa Rica and lead our global services, markets & banking KYC operations team, responsible for serving over 50,000 client entities spanning 20 industries within these business lines to safeguard against money laundering risk.

Describe your very first day at Citi.

Wow, that was 26 years ago! I remember feeling a mix of excitement and anticipation. Joining such a large organization, I was filled with questions about what the future might hold — whether it would be a place where I could grow, develop, learn, and truly build a career.

What would you say is the biggest change at the bank/your field since then?

One of the most significant changes I have experienced was the decision to exit consumer banking in multiple geographies. It was a bold and highly strategic move with tremendous impact. Ultimately, it was made to ensure the best returns for our stakeholders, deliver greater value to our clients and create new opportunities for us as employees to grow.

What is one nugget of wisdom you'd give to the next generation of talent?

There are two pieces of advice I once received that I now share with anyone seeking advice or guidance. First: "To grow you need two basic things: Being fluent in English and having mobility." I had to embrace both — something I didn't know before — and I can now consider myself fluent in English (I am native Spanish speaker). I also had the chance to move to a different country. Both experiences undoubtedly contributed significantly to my development and growth at Citi.

Second, a simple yet powerful message: "People like you, people trust you." These two insights have been incredibly impactful in shaping my decisions and supporting my career growth at Citi.

Yoanna Darwin

• Asia South Treasury and Trade Solutions for Corporate, Commercial & Public Sector, Indonesia
• Joined Citi in 2001

Describe your current role.

I'm the country head of treasury & trade solutions (TTS); corporate, commercial & public sector sales for Indonesia, a business unit in Citi that offers integrated payment, liquidity management, trade, and working capital solutions to institutional clients across the globe.

Describe your very first day at Citi.

I arrived for my first official day at Citi as management associate back on July 17, 2001. I did not know what my day would look like. What will I be doing in the office? What is the working culture? Do I look professional enough? So many things crossed my mind at that time. And I remember feeling relief when I ended my first day just fine.

What is one nugget of wisdom you'd give to the next generation of talent?

There is no instant way to move up your career ladder. You have to earn it. Make a habit to create goals for each stage of your life. Put yourself in the driver's seat and drive in your own way towards the goals. Make a stop here and there, if you need to, so that you can look back, appreciate every step of the process, and find ways to improve and be better.

• Blackstone opened an office in Miami during the pandemic, mostly as a hub for its tech workers.
• The firm is now focusing on building its Miami finance bench with local talent and 'homegrown teams.'
• A Miami-based Blackstone employee told BI what it's like to work for the PE giant in South Florida.

When Julio Garcia was a business student at the University of Miami in 2017, Blackstone was not on his radar of prospective employers.

It wasn't for a lack of interest, Garcia says — rather, a lack of opportunity.

A born-and-raised Miami native, Garcia was certain that he wanted to start and build his career in his hometown. At that point, Miami had not yet become the hub for financial titans that it is today, with companies like Blackstone, Citadel, and Point72 having opened offices or moved headquarters there.

Garcia's bet on Miami would eventually pay off in a big way. Blackstone, which manages over $1 trillion in assets, making it the largest alternative asset manager in the world, opened an office in Miami in 2021. At first, it was primarily a hub for tech employees who support the firm's primary businesses, like private equity and real estate — a group known internally as "finance." More recently, however, Blackstone has made a push to add more finance employees to its Miami location, like Garcia, who does accounting for the portfolio-management team.

Blackstone's Miami office is now home to about 70 finance professionals, including 15 from Garcia's team. And he now represents the type of talent Blackstone says it's hoping to attract for its Magic City office: local rather than transplanted.

"We're excited to keep building our finance function in Miami and to continue meeting the great, local talent here," said Chris Striano, COO of Global Finance at Blackstone. "Now more than ever, our focus is on cultivating homegrown teams, offering them opportunities for long-term development at the firm."

In an interview with Business Insider, Garcia talked about his journey to Blackstone, the firm's efforts to bolster its hiring of local talent, and his experience as a young professional building a finance career in South Florida. He also walked us through a normal day living and working for Blackstone in Miami.

Blackstone's bet on Miami

Blackstone's Miami office is just north of the city's downtown, about a 10-minute drive from the Brickell financial district. The modern glass building — five floors of which belong to Blackstone — is just a few blocks east of the Biscayne Bay and bridges to Miami Beach. It houses Miami's Brightline train station and about 260 Blackstone employees across nine business units, including more than 100 in tech.

In building Blackstone's Miami finance bench, Garcia said the approach is not so much about transplanting employees but rather finding local talent committed to Miami.

"It wasn't just, 'Hey, let's just bring people that we already know just because they want to be in Miami,'" said Garcia. "There is also an aspect of we hope that you want to be here. We want you to be in Miami and be part of Blackstone here in Miami."

This has empowered Garcia and other colleagues to tap into their Miami-based professional network when it comes time to recruit.

"We feel like there's a strong backing from the top down," Garcia said, adding: "Top leadership has come and been able to talk to us and say, 'We believe in this and it's going to be one of our biggest achievements for the firm.'"

Miami is more than just great weather and scenic views, Garcia said. It also has a lot of hardworking and high-achieving people.

You can be in Miami and be "just as productive and just as connected," he said.

Building a finance career outside New York

Garcia was born and raised in Miami, a "true Miami native through and through," as he describes himself. His parents immigrated to the US from Cuba, and he was a first-generation college student at the University of Miami. He always saw himself living in Miami long-term, even as many of his UM friends in the industry flocked to other cities.

"Having strong roots, having family nearby for me was really important," said Garcia

Garcia sits on the global fund finance team within Blackstone's multi-asset investing division, also known as BXMA, which invests in both public and private market assets. The division currently has about $83 billion in investor capital.

With a master's in accounting, his first job was at KPMG's Miami office, where he focused on audits for asset management clients. Interested in the buy side, he then worked at Miami-based private equity firm HIG Capital.

One of Garcia's mentors from KPMG, Tyler Burke, was the first finance employee Blackstone hired in Miami. Garcia was soon the second, joining in August 2021.

Think of his role as a fund accounting expert.

"As we get information from our operations and they're doing the trades themselves, we're making sure the accounting, the books, and everything actually is what it's supposed to represent from the business side and ultimately going back to investors and all that."

He works daily with deal and operations teams across the company.

"We're in conversations with New York and a lot of the deal people up there as well," Garcia said. "It's all about how we make the real-life world make sense and transaction-wise look right in our books and records and make sure it's all flowing seamlessly in our processes."

Garcia said he's proud of how the city has changed and the career opportunities it now provides to people who want to call it home.

"We've seen so much of an influx of people and companies," said Garcia. "It gave me that satisfaction of knowing, hey, I get to be proud of my city and being here, and still work for such an amazing institution like Blackstone."

A day in Garcia's life

Early morning routine

Garcia says he starts out early — 5:00 a.m. — to walk his dog and write in a gratitude journal, which helps to put him "in the right mindset."

He also goes to the gym to work out. "I usually do my gym routine in the morning. It makes it easier to just get it out of the way, and once I come home from work, I can relax a bit more," he said.

Arrive and settle in at the office

Garcia goes to the office every day, usually arriving between 8:30 a.m. and 9 a.m. He drives from his apartment near Brickell, about 10 minutes. Blackstone has a valet service at the office, so he is able to drop off his car without worrying about parking.

He likes to start out with an iced coffee. "Usually Miami is pretty hot, so I feel like I need some cooling down," he said.

On Tuesday mornings, the office usually offers pastries or bites from local restaurants or bakeries, he said. Croquetas, deep-fried ham poppers, and pastelitos, puff pastries filled with fruit or cheese, are common fare.

"It connects us more to the Latin culture and the things that I grew up being around every day," said Garcia. "Every single week it's a space for people to just go hang out for a few minutes before we get started."

Getting down to work

After reading his emails, Garcia usually starts each work day with a catch-up team meeting. It's about 10 to 15 minutes for the team to go over that day's "key deliverables," he said.

After that, he said, "there might be a couple of meetings or things that come up with the business — trade activity, deal flow — that might be happening on our funds."

"I would say the biggest thing, at least on a daily basis, that I'll do is review what we call our flash reconciliations, or the snapshot of our portfolio," said Garcia.

It's basically a report of overall fund and individual investment performance. They're prepared by offshore teams through a reconciliation process, who then pass them on for review and approval onshore. These snapshots are communicated up the business chain daily, he said.

"Everywhere internally, up to our portfolio managers, the people making the deals, they rely on that every morning, it relates to having an understanding of where the fund is at, and they'll probably make some activity or different decisions based on that."

Lunch near the office & afternoon work

Garcia's favorite lunch spot is Naked Farmer, which serves seasonal, locally sourced food, like the Backyard BBQ chicken bowl for about $15.

"Usually a couple of us from our team go grab lunch, whether we eat off-site or bring it back," he said. When eating in the office, they have the option to dine in what's known as "the hub" — a lounge area centrally located with seating and coffee stations.

Sometimes the company hosts "lunch and learns" led by portfolio managers or other high-level execs, he added.

"After that, we kind of just continue the rest of the day, maybe more emails, maybe different meetings," he said.

The work might include reviewing reports such as fund expense logs or net asset value (NAV) packages or doing research on any technical accounting or finance matters impacting assigned funds. He might also help coach or train junior staff.

Wrap up the day

Garcia usually ends his day at 5:30 p.m. or 6:00 p.m. He often heads straight home to spend time with his fiancee (they're getting married in Puerto Rico this month).

His evening routine of late has been "change, relax, and then we walk the Key Biscayne bridge," said Garcia. "Really good views and fresh air."

One of his favorite spots for drinks and hanging out is Medium Cool in South Beach, a swanky cocktail lounge with live music in the Gale Hotel.

To get a Cuban food fix, he has long frequented the famous Cafe Versailles restaurant in the city's Little Havana neighborhood.

"For a lot of people it's like a staple — you have to try it when you're in Miami," he said. "For me, Versailles is something I saw growing up. My whole family's down here and I would go with my grandmother and we would go late nights."

• Business Insider selected 25 young professionals, 35 and under, as its rising stars of Wall Street.
• We asked these up-and-comers what TV show, book, or movie best represents the finance industry.
• They shared some parallels and even pointed to works about nonfinancial subjects.

There's no shortage of colorful characters depicting Wall Street. There's the serial-killer investment banker, the corporate raider who declares that "greed is good," and the crooked, if charismatic, stockbroker, to name a few.

Two of those are fictional movie characters, and one was based on a real person, but they've all shaped the public's perception of what working on Wall Street could be like.

If you ask successful people at some of the biggest banks, asset managers, trading firms, or hedge funds whether they see their reality accurately perceived on the screen or in books, they'll tell you that working on Wall Street is a little less colorful than it's often painted to be.

"I don't know that there's a great movie or book depicting life on Wall Street," Mark Zhu, 34, a managing director at Blackstone, told Business Insider. "The day-to-day is a lot more boring than you think. It's a lot of calls and a lot of emails. There's not as much flamboyance or out-there behavior. It's almost not movie-worthy. Why would you pay money to watch somebody just sit in front of a computer doing Zooms?"

So maybe they think all that partying on HBO's show about twentysomething investment bankers, "Industry," is a little overdone, but there are still some elements the entertainment industry gets right occasionally.

We asked up-and-comers on Wall Street about the shows, movies, or books that best represent their daily lives. While no one representation was perfect, the young professionals talked about the parallels they saw. Some even shared some nonfinancial references that give a window into their world.

Here are the shows, movies, or books that give a flavor of what it's like to work on Wall Street.

Shows: "Industry"

The hit TV show "Industry" — full of sex, drugs, and spreadsheets — just wrapped up its third season.

"My friends in the last few years have nonstop bothered me about 'Industry,'" Justin Elliott, 29, a vice president of institutional rate sales at Bank of America, said.

"They see a crazy show about the industry and say, 'My God, I can't believe that happens in your world every day.' From what I've seen, there's definitely some thrills from getting a trade done that might mirror the show a bit, but it's a very exaggerated depiction of life on Wall Street."

"I don't know that any of them do a great job, but I am quite a fan of 'Industry,'" Erica Wilson, a vice president at the private credit firm Blue Owl, said. "I am still behind on the third season, but I think that show is fun."

"Succession"

Though the blockbuster show "Succession" isn't specifically about the banking industry, Daniela Cardona, a 29-year-old investment banker at RBC Capital Markets, watched it in its entirety and found some similarities in high-stress moments.

"In the last season, when they're trying to merge the two companies, there's one scene that always makes me giggle. I don't think this is fully accurate, but I do think it's funny — they're in a conference room, and Kendall says, 'Just make it up!' and they're all with their laptops sitting in the middle, and the consultants are looking at him like, what do you mean, make it up?" Cardona said.

"There have been instances where it sometimes feels that way — where you're in a time crunch and it's 3 o'clock in the morning."

"Scrubs"

Ben Carper, a 34-year-old managing director at Jefferies, pointed to the medical comedy sitcom "Scrubs" as a better representation than anything that features board rooms and trading floors.

He said the show had a "similar high-pressure environment where there are some opportunities for amusement and humor, but generally a pretty vigorous focus on doing a job well done."

Movies: "Margin Call"

The 2011 drama "Margin Call" follows the 24 hours after an analyst at an investment bank discovers it has taken on more debt than it can handle — illustrating the early stages of the 2008 financial crisis.

"I think it picks up the cadence of working at a big bank the best," said Austin Anton, 32, a principal at Apollo Global Management.

"The Wolf of Wall Street"

"The Wolf of Wall Street" follows the story of Jordan Belfort, who actually only worked at a Wall Street firm for a few months before the 1987 stock-market crash. He goes on to run his own brokerage, which ultimately scams several people, but the movie highlights the debauchery, opulence, and excess that ensued during his run.

"This almost sounds weird, but I'm going to say 'The Wolf of Wall Street,'" Matt Gilbert, a managing director at Thoma Bravo said. "The absurdity of that movie, to some extent, I do think, kind of incorporates some aspect of our job."

While finance is the backbone of the economy and certainly has global implications, what bankers and investors do on a day-to-day basis isn't saving lives, the 35-year-old added.

"I think the fact that you could have a comedy wrapped around the finance world is important, and it always makes me take a step back and think through, sure, I want to win every deal," he said. "Our fiduciary duty at Thoma Bravo is to produce the best returns for LPs, but this job is supposed to be fun. I'm supposed to work with great people. We're supposed to laugh together. I think if people take this job too seriously, that's when burnout and other things happen."

"The Big Short"

"The Big Short," the movie based on the financial journalist Michael Lewis' book, chronicles how Wall Street helped fuel the US housing crisis in 2008 and the investors who profited from it.

"It's not our day-to-day, but I think it is an OK representation of what happened at the time," said Chi Chen, 34, a portfolio manager at BlackRock. " Maybe it is not all factual, but it is a good one that is representative."

"The Internship"

Patrick Lenihan, a portfolio manager at JPMorgan Asset Management, said "The Internship," which features two old-school salesmen trying to restart their careers through an internship at Google, reminds him of the importance of having and supporting a diverse team.

"I feel like that team with Owen Wilson, Vince Vaughn, the rest of them, and how they come together at first, you see there's just a variety of different people that you're like, 'Oh, this is going to fail,'" he said. "But I think a large part of my success is going back to that teamwork, getting the right people in, and ensuring that diversity of opinions."

Books: "Market Wizards"

BlackRock's Chen, who focuses on fixed income, said that to really gain insight into the investing industry, it's best to read the "Market Wizards" book series, which features interviews with top traders.

"A lot of those investing stories for that book series are more from two, three decades ago, when market volatility was much higher. But we have seen a comeback of market volatility since 2020," she said. "So I have always enjoyed that whole series of books."

"Free Food for Millionaires"

Elliott, the Bank of America VP, recommends Min Jin Lee's novel "Free Food for Millionaires."

"It's about a Korean woman navigating life who ends up on Wall Street in an admin capacity. But really, it's a story about belonging and identity — about trying to make it in a world and industry you didn't initially know much about," he said.

"To me, it's a lot more humanistic. It gives me a bit more of a personal perspective when I think about my journey on Wall Street. When I think about the people — and understanding people is so much of this job — I go back to 'Free Food for Millionaires.'"

"The Man Who Solved the Market"

There's no fictional piece of media Bridgewater's Blake Cecil has found to reflect life in finance; he said shows and movies "feel quite distant" from his day-to-day.

A biography of the late hedge-fund billionaire Jim Simons, "The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution," reflects how the deputy chief investment officer and his colleagues approached challenges.

"It resonated with my experience of working with people who are using algorithms to solve problems that often hadn't been asked before," Cecil said.

"The Inner Game of Tennis"

Harrison DiGia, a vice president at General Atlantic, had another book recommendation: "The Inner Game of Tennis" by W. Timothy Gallwey.

"This book is all about the mental game and trusting your intuition and yourself. You use practice and your preparation before a competition so that when the time is right, or you have a big opportunity, you're ready, and your mental game is as strong as it can be," DiGia, 31, said.

"When I think about investing, a lot of it is setting yourself up to get that big opportunity and making sure you're prepared and can have a clear mind when that pressure situation comes. I'm a huge tennis fan, so I think about this when I'm on the tennis court, but I think about it in a professional setting as well."

"Unreasonable Hospitality"

In the book "Unreasonable Hospitality: The Remarkable Power of Giving People More Than They Expect" by Will Guidara, the co-owner and general manager of Eleven Madison Park describes how he manages his business, his customer-service style, and the things he'd do at Eleven Madison Park to go above and beyond.

Craig Kolwicz, an investment banker at Moelis, said the "unreasonable hospitality" described in the book (such as having an employee run out to get a hot dog for a customer who you overheard saying they hadn't had one in New York yet) isn't dissimilar to the type of service that could differentiate an investment banker.

"It depicts a restaurant that's an extremely expensive restaurant where there's an extremely discerning clientele base. They could go to all these other really fancy, really nice three-Michelin-star restaurants in New York or in the world," the 35-year-old managing director said.

"How do you differentiate yourself? There's a lot of investment bankers out there and there's a lot of really smart clients and folks that we work with all the time — and how do we get them to stay with us? How do we get them to hire us on the next deal? It's some of the stuff that we do," he said. For example, he'd recently flown to Los Angeles for an 11:30 a.m. pitch meeting and flown back.

"It's like hospitality, but it's kind of an unreasonable client customer service to do something like that," Kolwicz said.

• Donald Trump has tapped Wall Street CEO Howard Lutnick for commerce secretary.
• Lutnick has spent over three decades running Cantor Fitzgerald, an investment bank in New York.
• See his career highlights and who could take over at Cantor Fitzgerald.

Howard Lutnick, the CEO of Wall Street investment bank Cantor Fitzgerald, has been named the next US secretary of commerce for Donald Trump.

As the head of the Commerce Department, Lutnick would have sway over the economy through tariffs and trade. If confirmed by the Senate, he would be integral to Trump's plan to raise tariffs on goods from China, a central promise of the president-elect's bid for a second White House term.

The Wall Street veteran has spent his career at financial-services firm Cantor Fitzgerald, where he has been president and CEO since 1991. In recent years, the billionaire banker has become a key advisor to and fundraiser for the 47th president. He is cochair of the Trump transition team.

Here's a look at Lutnick's rise from "middle-class Long Island" to Wall Street boss and what his new role could mean for the investment bank he heads.

Who is Howard Lutnick?

Lutnick was named president and CEO of Cantor Fitzgerald in 1991 — at age 29 — and, by 1996, had been appointed chairman.

In an interview on a podcast hosted by the investor Anthony Pompliano, he said that he had a "classic middle-class Long Island" childhood, with his mother working as an art teacher and his father as a history professor. His mother passed away from breast cancer when Lutnick was in the 11th grade, and his father died from cancer shortly after he started college.

He was 18 and found himself caring for his younger brother, who was 15 at the time. He also had a 20-year-old sister. He recalled being unable to cook for his siblings, so they ate boxed macaroni and cheese night after night, he shared on the podcast.

Lutnick said in the podcast that he landed his first job at Cantor Fitzgerald with the help of a family connection. He took a semester off of his studies at Haverford College to start working but eventually earned his degree in economics.

What is Cantor Fitzgerald?

Cantor Fitzgerald offers a range of services, from investment banking to sales and trading to equity research.

The firm's website said it has raised more than $45 billion for clients through 700 deals since 2016 and that it has more than 1,150 active institutional and corporate clients. The New York City-based firm counts more than 245 professionals on its sales and trading team and cites its "core expertise" as healthcare and technology.

The firm's asset-management arm had some $13.2 billion in assets as of the end of 2023 with investments in real estate, private markets, infrastructure, equities, and fixed income, to name a few.

Cantor's biggest deals

According to data from the deal-tracking firm Dealogic, three of the largest and most recent transactions Cantor Fitzgerald has advised on include:

• Johnson & Johnson's $1.9 billion acquisition of Ambrx Biopharma, completed in January 2024
• Primavera Capital's $866 million acquisition of Fosun Fashion Group, completed in March 2022
• Inflection Point Acquisition Corp's $850 million acquisition of Intuitive Machines, completed in September 2022

Out of their top 20 deals by transaction size since 2022, the most represented sectors were tech, healthcare, and utilities and energy. Six of those deals were in technology, five in healthcare, three in utilities and energy, two in retail, two in mining, and one each in aerospace and transportation.

Who's next in line to lead the firm?

It's unclear what Cantor Fitzgerald's future looks like without Lutnick. A spokesperson for the firm did not immediately return a request for comment.

Bloomberg reported that Lutnick's top deputies have been in their respective roles for at least six years, including Stephen Merkel, an executive vice chairman and general counsel, who joined in 1993.

Other top executives, according to the firm's website, include Global chief operating officer Mark Kaplan; Global head of investment banking Sage Kelly; Global head of equities Pascal Bandelier; Global head of fixed income Christian Wall, and Chief Financial Officer Danny Salinas.

His relationship with Trump

Lutnick, a longtime supporter of Trump, became a visible member of the ex-president's inner circle in the 2024 election cycle.

In a statement to the Wall Street Journal, Trump's son, Donald Trump Jr., said: "Howard's not a regular Wall Street guy — he's a real MAGA guy. Have you heard him talk about tariffs? Have you heard him talk about shredding the deep state bureaucracy? He's one of us," Trump Jr. said.

Leading up to the election, he was an active organizer and fundraiser for Trump, including appearing at Trump's rally in Madison Square Garden.

The impact of the 9/11 attacks on Lutnick's life

Cantor Fitzgerald was headquartered at 1 World Trade Center when terrorists flew planes into it and a neighboring lower Manhattan building in 2001. Two-thirds of Cantor's employees, or 658 people, died in the attacks, including Lutnick's brother.

Lutnick was named the Financial Times' Person of the Year after the attacks in 2001.

His new role

As commerce secretary, Lutnick will be in charge of carrying out Trump's aggressive tariff proposals, which have called for taxes in imports of between 10% and 60%. He will also be in charge of the Census Bureau and Bureau of Economic Analysis, which reports on gross domestic product.

Leading up to his appointment as commerce secretary, media reports suggested Lutnick was vying for a role as Treasury Secretary.

The New York Times reported this week that the behind-the-scenes jockeying between the two for the role had devolved into a "knife fight," according to a source familiar with their schism.