The article also highlights several news items in the markets, tech, and business sectors. BlackRock is laying off 3% of its staff, the SEC has not approved bitcoin ETFs for trading, and a war over Taiwan could have devastating economic impacts. In tech, a leaked Microsoft presentation reveals the development of a top AI product, Snap's CEO declares "social media is dead," and Carta shuts down its secondary markets product. In business, boomers' lack of retirement savings could impact economic growth, billionaires struggle to save newspapers, and Sequoia Capital distributed $10 billion to its investors in 2023.
Key takeaways:
- Wall Street is entering its bonus season, a time when many workers question their career choice but are often swayed by the large sums deposited into their accounts.
- After a record-breaking 2021 bonus season, Wall Street saw a significant drop in 2022 due to a non-existent M&A and IPO market.
- Bonus season also signals the start of hiring season on Wall Street, with many employees considering their next move once their bonus has been received.
- Investment bankers' bonuses will be particularly interesting to watch this year, as another year of lackluster deals makes it harder for banks to pay out large sums.