Welcome back to another issue of Career Guides Weekly.

Where once a week we take you on a safari through the world of finance.

🥳 New guide alert! Our 116-page Hedge Fund career guide is now available. Grab your copy here.

Today’s Riddle: I'm the world's most famous index, tracking top companies without any pretext. 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 Bank Partnerships, Bonuses Buying Over Goldman Employees, Inside The World Of TMT…

• Asset Management: Is ESG Dying? US Equity Funds See Outflows, Vanguard Joins BlackRock On Climate Stance…

• Sales & Trading: World Stocks Higher, Overall Rate Of Inflation Falls, And Interest Rates To Stay High As Long As Needed…

• Private Equity: Veritas Makes Takeover Offer For BlackBerry, M2 Bids £90M For Wilko, Tiger Sells Remaining Stake In Zomato…

• Hedge Funds: Citadel Vets 69,000 Intern Applicants, Interns Earning $19,200 A Month, HFs Remain Bearish On Gold…

• Venture Capital: European Venture Funding Halved In Q2 2023, This Week’s 10 Biggest Funding Rounds…

INVESTMENT BANKING (GET THE 100-PAGE GUIDE HERE)

Investment Bank Partnerships, Bonuses Buying Over Goldman Employees, Inside The World Of TMT, And More

UBS will publish its first earnings report on August 31st since a hastily arranged takeover of its Swiss rival Credit Suisse, shedding new light on the deal's impact and the inner workings of the new banking giant.

Investors will be poring over any additional information for clues on how the biggest banking rescue since the global financial crisis is playing out.

• After CS Takeover, UBS Gives First Glimpse Of New Group (RT)

• Partnerships Present Key Opportunity To Investment Banks (CON)

• Bonuses Can Buy Love At Goldman Sachs (WP)

• Inside The World Of TMT Investment Banking (CM)

ASSET MANAGEMENT (GET THE 71-PAGE GUIDE HERE)

Is The ESG Movement Dying? US Equity Funds See Outflows, Vanguard Joins BlackRock On Climate Stance, And More

Last week, BlackRock stated emphatically that the ESG movement has gone too far, and that they’ll be part of the solution to prevent its excesses from destroying the US economy.

BlackRock’s missive against ESG came via an announcement that it has scaled back on its support of environmental and social shareholder demands.

• Only A Matter Of Time Until The ESG Movement Will R.I.P. (NYP)

• Vanguard Joins BlackRock, Cuts Support For Shareholder Items On Climate, Social Issues (RT)

• Goldman Sells Mass Market Wealth Management Business (FX)

• US Equity Funds See Biggest Weekly Outflows In 2 Months (RT)

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

World Stocks Higher As China Boost Lingers, Overall Rate Of Inflation Falls, And More

Europe's broad STOXX 600 index hit a two-week high, a day after posting its biggest one-day jump in about a month on China hopes. London's blue-chip FTSE rallied over 1%, playing catch-up after Monday's UK public holiday, while U.S. stock futures suggested a firm open for Wall Street later on.

• World Stocks Higher As China Boost Lingers For Now (RT)

• Overall Rate Of Retail Inflation Falls (SKY)

• Interest Rates To Stay High As Long As Needed (CNBC)

PRIVATE EQUITY (GET THE 127-PAGE GUIDE HERE)

Veritas Makes Takeover Offer For BlackBerry, Tiger Global Sells Remaining Stake In Zomato, And More

Private equity firm Veritas Capital has made an offer to buy BlackBerry Ltd, months after the Canadian technology company began a strategic review. Veritas has made an offer for the entire company, whilst BlackBerry is also in talks with other potential buyers.

• Veritas Makes Takeover Offer For BlackBerry (RT)

• Tiger Global Sells Remaining Stakes In Zomato For $136M (RT)

• M2 Capital Bids £90M For Wilko (TT)

WEEKLY RECOMMENDATION

Liar’s Poker By Michael Lewis

HEDGE FUNDS (GET THE 116-PAGE GUIDE HERE)

Citadel Vets 69,000 Intern Applicants, Interns Earning $19,200 A Month, HFs Remain Bearish On Gold, And More

Citadel interns will play the role of hedge fund traders, negotiating with counterparts, writing code, and devising automated strategies based on simulations with news feeds and macro data.

It’s all part of a roughly 11-week program to prepare them for the often secretive world of trading and market-making, earning about $120 an hour along the way, or $19,200 a month.

• Citadel Vets 69K Applicants; Interns Earn $19K A Month (BBG)

• Exposure To 7 Biggest Tech Stocks At Record High (RT)

• Hedge Funds Remain Bearish On Gold (KIT)

VENTURE CAPITAL

European Venture Funding Halved In Q2 2023, This Week’s 10 Biggest Funding Rounds, And More

European venture funding was down two-thirds from the peak two years ago. Funding totalled $12.4 billion in Europe in Q2 2023 — flat quarter over quarter and down 50% from the $24.7 billion invested in Q2 2022.

• European Venture Funding Halved In Q2 2023 (CB)

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

• Saudi Aramco's VC Arm Leads $27M Round For Rewaa (TNN)

• IPOs Are Back And The Equity Crew Is Feasting (TC)

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