Good morning and welcome to Insider Finance. I’m Dan DeFrancesco, and here’s what’s on the agenda today:
We’ve opened up nominations for our next class of Wall Street rising stars. We want to spotlight the standouts in investment banking, investing as well as sales and trading. Here’s how to nominate someone.
Law firm Paul Weiss’ relationship with Apollo has been lucrative. Insiders say it’s also sowed tensions within the firm and altered its DNA.
Over the past decade, Paul Weiss has boosted its profits with the help of legal fees from its large private-equity client, Apollo Global Management. The account also changed the law firm’s culture, insiders say, and opened it up to criticisms about its independence.
AI can help reduce inequity in credit access, but banks will have to trade off fairness for accuracy — for now
AI-based lenders say that their models can eliminate discrimination, but there are risks to these models — including the quality of the data we feed them. Read the full story here.
Consumers have more banking options than ever before, but few are owned by or designed for underrepresented communities
Of the nation’s 5,000 FDIC-insured banks and
, only 3% cater to or are owned by minorities. Get the full rundown here.
Banks earn billions of dollars charging overdrafts fees, and the burden falls on those least able to afford it
Banking fees — particularly overdraft charges — don’t affect all Americans equally. In fact, overdraft fees are often paid by those with the lowest balances in their
. Here’s what else you need to know.
Payday lenders target communities of color. But fintechs offering small-dollar loans and flexible wages may help break the debt trap.
Payday lenders target Black and Latinx communities, setting up more stores in minority neighborhoods. Fintechs offering small-dollar loans and early access to wages could prove a replacement for those in need of short-term cash. More on that here.
Francesca Fornasari explained why bitcoin may not be an effective inflation hedge. Here’s what she told us.
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