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

Enjoy 70% OFF our premium plan which gives you access to all 9 career guides this January by using the code JAN70 at checkout.

Let’s dive in!

TODAY’S MENU

• Investment Banking: Bonus season 2024: wall street’s toughest review, Citigroup cuts investment banker bonuses by up to 20% amid overhaul,UK financial regulators scrap cap on bankers’ bonuses, and more

• Global Markets: S&P 500, Nasdaq muted as mixed earnings weigh on risk appetite, What investors are saying about China's market meltdown, and more

• Asset Management: M&G launches global equity AI strategy, The case for investing in Bitcoin and Ethereum through ETPs, and more

• Private Equity: Healthcare Private Equity Market 2023: Year in Review and Outlook, Downfall of a star fund manager, and more

• Hedge Funds: Hedge fund capital hits record high amid shifting risks, World’s largest hedge funds record bumper year of profits, research shows, and more

• Venture Capital: How to get rich, by Naval Ravikant, Paper Ventures launches $25M blockchain VC fund, and more

INVESTMENT BANKING (GET THE 100-PAGE GUIDE HERE)

U.S. financial giant Morgan Stanley has set the tone: after a difficult year for M&A, the UBS rival is reducing the bonuses for investment bankers by up to 15 percent. Pay specialists are expecting even greater decreases at other banks.

Citigroup cut bonuses for senior bankers by up to 20% this year and has skewed payments towards high-performing staff as it continues to overhaul its business under a strategy shift pushed through by chief executive Jane Fraser.

Bank of America is still to make its move, but most other big US banks (Citi, Goldman Sachs, JPMorgan, Morgan Stanley) have now announced their bonuses. As ever, the results appear to be...mixed.

• Bonus season 2024: wall street’s toughest review (FIN)

• "JPMorgan people are happy, Goldman are good, Morgan Stanley are moody, Citi are sad" (EFC)

• Citigroup cuts investment banker bonuses by up to 20% amid overhaul (FN)

• UK financial regulators scrap cap on bankers’ bonuses (TG)

• Investment Bankers Are Starting to See Mexico as a Money Spinner (BBG)

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GLOBAL MARKETS (GET THE 107-PAGE GUIDE HERE)

The benchmark S&P 500 and the Nasdaq edged lower on Tuesday as a mixed bag of earnings from industry bellwethers threatened to douse a recent rally, while the Dow dropped on the back of losses in 3M.

Stock markets in China and Hong Kong have slumped to multi-year lows this week as confidence in the world's second-biggest economy has evaporated and foreign money has fled, while data showed sputtering growth and deepening real estate malaise.

Bitcoin celebrated its 15th birthday this month by bursting onto Wall Street with an ebullient bang. Now the adolescent asset may have to grow up fast.

• S&P 500, Nasdaq muted as mixed earnings weigh on risk appetite (RT)

• What investors are saying about China's market meltdown (RT)

• Cryptoverse: Will bitcoin behave better on Wall Street? (RT)

• Russian rouble eases as govt proposes capital controls extension (RT)

ASSET MANAGEMENT (GET THE 71-PAGE GUIDE HERE)

M&G Investments has launched the M&G Global AI Themes Fund, an actively managed equity strategy targeting the long-term investment potential of AI.

The fund will manage a portfolio of 50-70 companies strategically chosen for their potential to drive long-term revenue growth or profit margin expansion through AI.

It focuses on three categories: AI Enablers (technology suppliers for AI solutions), AI Providers (companies offering AI solutions), and AI Beneficiaries (companies using AI to enhance products, services, and processes).

• M&G launches global equity AI strategy (FE)

• 401(k) experiment has failed, fuelled U.S. retirement crisis, labor economist says (P&I)

• The case for investing in Bitcoin and Ethereum through ETPs (FE)

PRIVATE EQUITY (GET THE 127-PAGE GUIDE HERE)

• Healthcare Private Equity Market 2023: Year in Review and Outlook (B&C)

• Downfall of a star fund manager (FT)

• Private equity group Hg agrees sale of Argus Media stake (RT)

HEDGE FUNDS (GET THE 116-PAGE GUIDE HERE)

• Hedge fund capital hits record high amid shifting risks (FE)

• World’s largest hedge funds record bumper year of profits, research shows (CNBC)

• Share price surge helps largest hedge funds to biggest profits on record (FT)

  

  Source: FT

VENTURE CAPITAL, CRYPTO & AI (GET THE 122-PAGE VC GUIDE HERE)

• How to get rich, by Naval Ravikant (VH)

• Can crypto’s recent wins resurrect venture interest? (TC)

• Plural, the VC led by founders, pulls together a new $432M fund to back European startups (TC)

• Paper Ventures launches $25M blockchain VC fund (TC)

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