Welcome back to another issue of Career Guides Weekly.

We tell you things about finance that you tell your friends about finance and they think you’re a genius.

Today’s Riddle: I'm a term for a collection of investments. When you spread your risk, you'll have more cents. What am I? (Scroll all the way down for the answer).

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

TODAY’S MENU

• Investment Banking: Investment Banks Eye Graduate Hiring Cuts, ESG Driving M&A In Q2, GS Explores Selling Investment Advisor, And More

• Asset Management: AXA Asset Management Set To Cut 90 Jobs, Europe’s First Bitcoin ETF Launches, And More

• Sales & Trading: Global Markets Sell Off, Bitcoin Drops To New 2-Month Low, And More

• Private Equity: TPG Approaches EY To Buy Stake, Blackstone Offloading Crown Properties, And More

• Venture Capital: England Captain Launches Venture Fund, This Week’s 10 Biggest Funding Rounds, Toxic Culture, And More

• Hedge Funds: HFs Are Positioning Themselves For A Soft Landing, Wall Street All-Stars Bid For Sculptor Capital Management, And More

• Other: Spain Win Women’s World Cup, Ukraine War Latest, And More

INVESTMENT BANKING (GET THE 100-PAGE GUIDE HERE)

Investment Banks Eye Graduate Hiring Cuts, ESG Driving M&A In Q2, GS Explores Selling Investment Advisor, And More

Investment banks are set to slash entry-level recruitment next year as high-profile job cuts have hit the sector, yet dealmaking roles at top institutions attracted close to a million graduate applications.

Top investment banks plan to reduce graduate recruitment numbers by 10% next year, according to research firm High Fliers, despite many firms increasing entry-level hiring in 2023 amid a deal drought that has seen thousands of jobs cut.

• Investment Banks Eye Graduate Hiring Cuts (FN)

• ESG The Biggest Theme Driving M&A in Q2 2023 (EM)

• How China’s M&A Abroad Is Shifting Amid Headwinds (SCMP)

• Goldman Sachs Explores Investment Advisor Sale (RT)

ASSET MANAGEMENT (GET THE 71-PAGE GUIDE HERE)

AXA Asset Management Set To Cut 90 Jobs, Europe’s First Bitcoin ETF Launches, And More

Axa is set to cut 90 jobs from its asset management arm as part of plans to streamline the firm. The cuts will impact the asset manager’s operations teams as well as Axa IM Core, which includes its equities, multi-asset and fixed income teams.

• AXA Asset Management Set To Cut 90 Jobs (FN)

• Jacobi Asset Management Lists Europe’s First Bitcoin ETF (BW)

• Why DB Pension Schemes Are Looking Beyong Insurers (PE)

• Securtize Acquires $40Bn Crypto Fund Manager Onramp (CT)

SALES & TRADING (GET THE 107-PAGE GUIDE HERE)

Global Markets Sell Off, Bitcoin Drops To New 2-Month Low, And More

Cracks are forming in a global stocks rally, with surging bond yields, rising energy prices and intensified worries over China’s economy among the factors sapping investors’ risk appetite following months of gains in equity markets.

• Summer Of Angst As Bond Yields Surge & Stocks Wobble (RT)

• Homebuilder Shares Tumble; UK Housing Market Weakens (TG)

• Bitcoin Drops To 2-Month Low As Global Markets Sell Off (RT)

• China Urges BRICS To Become Geopolitical Rival To G7 (FT)

PRIVATE EQUITY (GET THE 127-PAGE GUIDE HERE)

TPG Approaches EY To Buy Stake, Blackstone Offloading Crown Properties, And More

Private equity group TPG Capital has approached accounting giant Ernst & Young (EY) about buying a stake in its consulting arm. TPG outlined its plan for a debt-and-equity deal to separate the consulting arm from EY's audit business in a letter sent to the firm's global and U.S. bosses.

• TPG Approaches EY To Buy Stake In Consulting Arm (RT)

• DuPont To Sell Majority Stake In Delrin Resins For $1.6Bn (RT)

• A PE Firm Might Be A New Yorker’s Next Landlord (TST)

• Blackstone Offloading Crown Properties In Southbank (SMH)

• Chinese PE Navigates Choppy Waters (PB)

WEEKLY RECOMMENDATION

Wall Street: Money Never Sleeps

VENTURE CAPITAL

England Captain Launches Venture Fund, This Week’s 10 Biggest Funding Rounds, Toxic Culture, And More

Ben Stokes and Stuart Broad are among the prominent athletes involved in the launch of The Players Fund, which will be backed by £40m of funding committed by venture capitalists.

• England Captain Seeks Edge Launching Venture Fund (SKY)

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

• Why No One Blows The Whistle On Toxic Culture (SIF)

• VCs Should Give Up On Winner-Takes-All Approach (TC)

• Lessons Learned From Studying The Herd Mentality Of VCs (FB)

HEDGE FUNDS

How HFs Are Positioning Themselves For A Soft Landing, Wall Street All-Stars Bid For Hedge Fund, And More

Bond, stock and currency market bears with portfolios designed to gain from a recession have been fleeing losing trades as big economies such as the United States prove more resilient than expected. A so-called soft landing, where central banks manage to curb inflation without triggering a recession, has gained traction, prompting some investors to take on more risk.

• How HFs Are Positioning Themselves For A Soft Landing (RT)

• Wall Street All-Stars Ackman And Weinstein Bid For HF (WSJ)

• Hedge Fund Sculptor Rejects Offer From Weinstein (YF)

ANYTHING AND EVERYTHING ELSE

Spain Win Women’s World Cup, Ukraine War Latest, And More

• Spain Win Women’s World Cup Beating England 1-0 (BBC)

• Ukraine War Latest (SKY)

• Stripe Rival Adyen Saw $20Bn Wiped Off Value In 1 Day (CNBC)

• Citi Considers Plan To Split Institutional Clients Group (RT)

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