Cash App's hiring spree — Goldman's push into auto tech — Consulting confessions

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

  • Square’s Cash App is hiring for a set of roles hinting at ambitious plans it has to compete with Visa and Mastercard.
  • Investors are switching allocations from low-yield bonds to hedge funds as they search for higher returns. 
  • We’ve got all the top people moves across Wall Street. 

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Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected] or on Twitter @DanDeFrancesco. 

Square’s Cash App is hiring for a slew of positions hinting at plans to attract more merchants and compete directly with payment networks like Mastercard and Visa

Francois Mori/AP

Square’s Cash App had a massive 2020. Now the payment giant is looking to build on that momentum by hiring for a slew of positions for the personal finance app. Here’s a look at what the new roles mean for the company, and the competitors it could be looking to take on. 

Read more here.

The world’s biggest investors have realized fixed income won’t generate the returns they need, and they’re turning to hedge funds to fill the gap

Pool/Getty Images

Hedge fund assets started the year at an all-time high, thanks in part to low interest rates. Now, desperate institutions are replacing low-yielding bonds with hedge funds in their portfolios. Here’s what else you need to know.

Deutsche Bank teamed up with 6 firms led by women, people of color, and veterans on a $750 million bond sale as Wall Street looks to elevate minority shops

R. Seelaus & Co./ Powell Photography/ CastleOak Securities

For the first time ever, Deutsche Bank appointed six firms led by women, people of color, and veterans to lead its $750 million bond. Read more on how appointing minority-led firms promotes equity on Wall Street.

A new Goldman Sachs team is on a $7 trillion mission: conquer mobility by making deals with Tesla and Waymo rivals

Chris Hondros/Getty Images

Goldman Sachs sees the auto industry’s tech revolution as a big opportunity to win new business. The bank is now bringing together its industrial and tech teams to focus on auto tech deals. Get the full rundown here.

Must-know promotions, exits, and hires at firms like BlackRock, JPMorgan, Citadel, and Goldman Sachs 

Samantha Lee/Business Insider

The top people moves across the street, from Carey Halio taking over as Goldman’s new head of investor relations to Paul Bodnar being named global head of BlackRock Sustainable Investing. Read them all here.

Here’s why it’s time to shorten the settlement cycle for US stocks

Michael Bodson, DTCCDTCC

Michael Bodson, the president and CEO of the DTCC, makes the case for moving the settlement cycle for US securities from two days to one. Here’s why.

Odd lots:

Consulting confessions: 6 current and former staffers at Deloitte, PwC, and other top firms detail pandemic burnout (Insider)

Inside Archegos’s Epic Meltdown (WSJ)

BlackRock Increased Fink’s Pay 18% to $29.9 Million for 2020 (Bloomberg)

The SPAC boom is coming for fast-growing fitness and wellness companies. Experts reveal the 6 blank-check firms on the hunt. (Insider)

Meet 13 women who left Big Law to launch their own legal tech startups (Insider)

‘They can do what they want’: Archegos and the $6tn world of the family office (FT)

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