Welcome back to another issue of Career Guides Weekly.

Today’s Riddle: I'm a measure of how much an investment has gained or lost over a certain period. What am I?

Ever wondered what a career in investment banking looks like? Find out in ’Introduction to Investment Banking’.

Alright, small talk done, let’s dive in!

TODAY’S MENU

• Investment Banking: The Truth About The Investment Banking Jobs Outlook, Morgan Stanley Profit Down With Lower IB Revenue, Citigroup and BofA Profits Beat Estimates, And More

• Global Markets: 10-YR Treasury Yield Passes 5%, Stocks at 7-Month Lows, Five Questions for the European Central Bank, And More

• Asset Management: Largest AMs Shed $18Tn AUM in First Big Drop Since 2008, How Institutional Investing Has Changed & What’s To Come, GSAM Raises $4BN for Infrastructure Fund, And More

• Private Equity: PE Firms Face Worst Year for Exits in a Decade, PE is Past its Peak, Warns Pulitzer Prize-Winner, And More

• Hedge Funds: Strong HF Returns Expected for Rest of 2023, Brevan H. Plans $750Mn Push Into Commodities Trading, And More

• Venture Capital: European Venture Deal-Making Shows Signs of Recovery, Black Founders Received 0.13% of Capital this Q3, The Week’s 10 Biggest Funding Rounds, And More

INVESTMENT BANKING (GET THE 100-PAGE GUIDE HERE)

Now that all the big investment banks (JPMorgan, Goldman, Citi, Bank of America and Morgan Stanley) have reported their third quarter results, there's more clarity on the performance of investment bankers working in M&A and debt and equity capital markets.

• The Truth About The Investment Banking Jobs Outlook (EFC)

• Morgan Stanley Profit Down With Lower IB Revenue (RT)

• Citigroup Profits Beat Estimates (RT)

• BofA Profits Beat Estimates (RT)

• Top Female Bankers Want Faster Progress on Diversity (FN)

• UBS Launches Investment Bank Insights Group with CS Staff (FN)

GLOBAL MARKETS (GET THE 107-PAGE GUIDE HERE)

The benchmark 10-year Treasury yield rose above 5% and to its highest since 2007 on Monday, as a roaring U.S. economy led investors to expect interest rates to stay high for an extended period.

The European Central Bank has good reasons to hold fire on Thursday after raising interest rates at its past 10 meetings. Yet conflict in the Middle East, pushing energy prices higher, is another headwind to a central bank that has battled an inflation surge. And traders are keen for a sense of how long borrowing costs will stay high.

• 10-YR Treasury Yield Passes 5%, Stocks at 7-Month Lows (RT)

• Five Questions for the European Central Bank (RT)

• S&P 500, NASDAQ at Near 5-Month Lows (RT)

ASSET MANAGEMENT (GET THE 71-PAGE GUIDE HERE)

Assets under management among the world’s largest investment firms has dropped 13.7% in 2022, following a series of market corrections throughout the year in both equities and bonds, according to new research from the Thinking Ahead Institute.

• Largest AMs Shed $18Tn AUM in First Big Drop Since 2008 (IW)

• Managers Are Updating Bond Models to Capture a New Risk (YF)

• How Institutional Investing Has Changed & What’s To Come (P&I)

• GSAM Raises $4BN for Infrastructure Fund (RT)

• Industry Grapples Growing Income Disparities in Savings (P&I)

PRIVATE EQUITY (GET THE 127-PAGE GUIDE HERE)

• The Looming Reckoning of Private Equity (TS)

• PE is Past its Peak, Warns Pulitzer Prize-Winner (P&I)

• London Bus Operator Arriva Bought by US PE Firm (TG)

• PE Firms Face Worst Year for Exits in a Decade (FT)

HEDGE FUNDS (GET THE 116-PAGE GUIDE HERE)

• Brevan H. Plans $750Mn Push Into Commodities Trading (P&I)

• Strong HF Returns Expected for Rest of 2023 (P&I)

• Ex-Paulson Partner Shuts HF Berry Street on Rising Rates (BBG)

VENTURE CAPITAL (COMING SOON. GET NOTIFIED)

• European Venture Deal-Making Shows Signs of Recovery (TC)

• ChatGPT’s OpenAI Set for $80Bn Valuation (CB)

• Black Founders Received 0.13% of Capital this Q3 (TC)

• The Week’s 10 Biggest Funding Rounds (CB)

WEEKLY RECOMMENDATION

The Essays of Warren Buffet (Book)

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