Welcome back to another issue of ‘Career Guides Weekly’ by Career Guides.

Today’s Riddle: I'm a financial metric used to assess a company's profitability. It's calculated by dividing net income by shareholders' equity. What am I? (Scroll all the way down for the answer).

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

TODAY’S MENU

• Investment Banking: Barclays could axe 2,000 jobs in $1.3bn cost-cutting drive, What to do when you’re rejected by banks’ graduate schemes, and more

• Global Markets: Global stocks steady before inflation data, Bitcoin rises 5.7% to $37,802, Global economy to slow down but likely avoid recession in 2024, and more

• Asset Management: UK publishes funds tokenisation report, UK pension transfer boom continues as deals worth $11 bln struck, and more

• Private Equity: Blackstone to acquire Civica from Partners Group, The secretive industry devouring the U.S. economy, and more

• Hedge Funds: Blackstone to close multi-strategy fund as assets tumble 90%, Tesla is still hedge funds’ favourite short stock, 16 richest hedge fund managers in the world, and more

• Venture Capital, Tech, Crypto & AI: Sam Altman returns to OpenAI, Binance’s CEO pleads guilty to charges, This week’s 10 biggest funding rounds, and more

INVESTMENT BANKING (GET THE 100-PAGE GUIDE HERE)

Barclays is working on plans to save up to 1 billion pounds ($1.25 billion), which could involve cutting as many as 2,000 jobs, mainly in the British bank's back office.

You’re determined to work for an investment bank when you graduate, but you’ve been rejected from all the graduate programs you’ve applied to. What can you do next? Here are 3 common routes worth considering.

• Barclays could axe 2,000 jobs in $1.3bn cost-cutting drive (RT)

• Wall Street gets creative as regulators demand more capital (RT)

• What to do when you’re rejected by banks’ graduate schemes (EFC)

GLOBAL MARKETS (GET THE 107-PAGE GUIDE HERE)

Global equities were little changed on Monday as investors waited for key U.S. and European inflation data later in the week, while gold hit a six-month high as the dollar fell.

MSCI's index of world stocks was last down 0.06% after climbing for four straight weeks and notching a gain of around 8.7% this month.

Europe's STOXX 600 index was last 0.13% lower, while Germany's Dax stock index was down 0.12% and Britain's FTSE 100 slipped 0.2%.

Futures on the S&P 500 index were 0.18% lower.

• Global stocks steady before inflation data, gold climbs as dollar slips (RT)

• Global economy to slow down but likely avoid recession in 2024 (RT)

• European shares climb ahead of ECB policy minutes (FE)

• Political noise distracts central Europe's rate-setters (RT)

• Bitcoin rises 5.7% to $37,802 (RT)

• India to remain fastest-growing major economy (RT)

ASSET MANAGEMENT (GET THE 71-PAGE GUIDE HERE)

The Asset Management Taskforce's Technology Working Group (TWG) has released a report, "UK Fund Tokenisation: a Blueprint for Implementation," detailing the initial phase of integrating innovative technologies into the UK fund management industry.

Two British insurers on Friday struck deals to take on a combined 8.8 billion pounds ($11 billion) of company pension liabilities, including the largest such UK deal so far, as pension schemes strive to limit their risks in volatile markets.

• UK publishes funds tokenisation report (FE)

• UK pension transfer boom continues as deals worth $11 bln struck (RT)

• EU Commission announces €4bn Innovation Fund call (FE)

PRIVATE EQUITY (GET THE 127-PAGE GUIDE HERE)

• Blackstone to acquire Civica from Partners Group (FE)

• The secretive industry devouring the U.S. economy (ATL)

• The growth equity phenomenon examined (FT)

HEDGE FUNDS (GET THE 116-PAGE GUIDE HERE)

• Blackstone to close multi-strategy fund as assets tumble 90% (RT)

• Tesla is still hedge funds’ favourite short stock (MW)

• 16 richest hedge fund managers in the world (YF)

• The ex-Deutsche Bank VP running a hedge fund in Cornwall (EFC)

VENTURE CAPITAL, TECH, CRYPTO & AI

• Sam Altman returns to OpenAI, Apple adopts RCS, and Binance’s CEO pleads guilty to charges (TC)

• What startup founders need to know about AI heading into 2024 (TC)

• This week’s 10 biggest funding rounds (CB)

• TikTok parent ByteDance starts mass layoffs in gaming (TC)

• Ex-Binance CEO Zhao urges judge to allow him to leave US before sentencing (RT)

WEEKLY RECOMMENDATION

Industry - Season 2 (Series)

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