Insider finance: JPMorgan's tech overhaul plans

Good morning and welcome to Insider Finance. I’m Dan DeFrancesco, and here’s what’s on the agenda today:

  • Inside the super-secretive world of investment consultants, the powerful group that advises the biggest asset managers.
  • JPMorgan Chase is hiring engineers to overhaul its massive deposit system. 
  • Blackstone’s Jon Gray prepares for higher inflation. 

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. 

Powerful gatekeepers tell the $70 trillion institutional-investor community what to do when their money managers make headlines for the wrong reasons. They could be holding the industry back.

When drama breaks out at the world’s largest asset managers, big clients have to make tough choices. A group of quiet but powerful advisors helps decide what to do when controversies arise.‌ Find out more about the group, and how it could be holding the industry back. 

What Wall Street bankers really thought about JPMorgan’s $4.2 billion European Super League deal

Soccer fans protest plans for a European Super LeagueRob Pinney: Getty Images

 Bankers weigh in on JPMorgan’s involvement in the controversial European Super League. Read more here.

JPMorgan Chase is hiring engineers to overhaul its $2.2 trillion deposit system with a new cloud-based approach

Rising star Adam Parker lost his top two analysts after a rough start to 2021 for $650 million Center Lake Capital

Citi just poached a 20-year veteran of the firm back from Barclays to run its commercial bank as it looks to ‘refresh’ its strategy

Citi

Citi has rehired Tasnim Ghiawadwala, a longtime former exec, to lead its commercial bank. Ghiawadwala was most recently the head of Barclays’ corporate bank in the UK. Get the full rundown here.

Blackstone’s Jon Gray is preparing for higher inflation. One way he’s considering tackling it is by raising rents on the thousands of apartments the private-equity giant owns.

Blackstone President Jon Gray said a “reset” in rents could be a tool to counter higher inflation. Get the full rundown here.

Must-know promotions, exits, and hires at firms like Wells Fargo, Credit Suisse, and Citi

Lisa McGeough, head of international banking at Wells Fargo.Connie Ledgerwood

Wells Fargo’s private wealth head Julia Wellborn departs. Goldman Sachs’ Kim Posnett gets promoted. JPMorgan nabs former Lyft engineering exec Eisar Lipkovitz. Find out about all the biggest people moves.

Odd lots:

JPMorgan apologizes for backing breakaway football Super League (Financial Times)

SPAC Surge Pumps Up Junk-Bond Market (WSJ)

Schwab says needs regulatory clarity on crypto before any offerings (Reuters)

Look at Bain & Co.’s new socially distanced Austin office, the first that the firm will open since the pandemic started, complete with ‘hot desks’ and sanitation stations (Insider)

Warby Parker is staffing up its corporate team with an eye towards ‘public company readiness’ (Insider)

Wall Street’s Trillion-Dollar ESG Club Comes With Huge Tax Perks (Bloomberg)

One judge turned Waco, Texas into the go-to city for Big Tech patent lawsuits, with nearly 800 cases in the past year, and no end in sight (Insider)

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