Welcome back to another issue of Career Guides Weekly.

We give you all the finance news you want and need so you can get through your week with one less item on your to-do list.

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Today’s Riddle: I have no cash but plenty of value, and people use me to buy, sell, and transact. What am I? (Scroll all the way down for the answer).

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

TODAY’S MENU

• Investment Banking: UBS To Cut 3,000 Jobs Despite Record $29Bn Profit, UK Banks Tighten Up On Work-From-Home Policy, And More

• Asset Management: The Right Way To Tackle UK Pensions And Markets Crisis, How Asset Managers Took Over Your Life, And More

• Sales & Trading: Stocks Retreat on Dismal Data in China and Europe, And UK & Europe Grapple With Rising Interest Rates

• Private Equity: Private Equity Eyes College Sports As Next Big Potential Opportunity, Life Science Founder Net Worth Tops £120M After Private Equity Swoop, And More

• Hedge Funds: Hedge Funds Drop Short Trades Against US Regional Banks, And Hedge Funds Fees Rise Due To Performance And Inflation

• Venture Capital: The Week’s 10 Biggest Funding Rounds, Tech Layoffs Tracker, And More

• Other: Rishi Sunak - A Total Investment Banker, OpenAI CEO Sam Altman First Person to Get Indonesian Golden Visa, And More

INVESTMENT BANKING (GET THE 100-PAGE GUIDE HERE)

UBS To Cut 3,000 Jobs Despite Record $29Bn Profit, UK Banks Tighten Up On Work-From-Home Policy, And More

UBS made $29.3bn (£22.8bn) profit between April and June, compared to $2.6bn last year, the biggest-ever quarterly return for a bank. The bumper figure was almost entirely due to buying Credit Suisse's assets cheaply after fears it would collapse. But the bank will shed 3,000 staff in the coming years in a bid to cut costs.

• UBS To Cut 3,000 Jobs Despite Record $29Bn Profit (BBC)

• UK Banks Tighten Up On Work-From-Home Policy (HT)

• UBS Cost-Cut Gains Are A Double Edged Sword (RT)

ASSET MANAGEMENT (GET THE 71-PAGE GUIDE HERE)

The Right Way To Tackle UK Pensions And Markets Crisis, How Asset Managers Took Over Your Life, And More

BlackRock has collaborated with investment platform Lightyear to introduce three money market funds (MMFs) for individual investors. The money market funds, available in USD, GBP and EUR denominations, will feature "transparent and low" pricing.

Lightyear, a fintech startup in the UK that offers commission-free trading on US and European stocks, has established a fee structure ranging from 0.09% to a maximum of 0.3% with easy entry requirements.

• The Right Way To Tackle UK Pensions And Markets Crisis (RT)

• Neuberger Berman Debuts Climate Innovation Fund (FE)

• BlackRock And Lightyear To Launch Money Market Funds (FE)

• How Asset Managers Took Over Your Life (CM)

• Money Market Fund Assets Climb To Fresh Record $5.58Tn (HT)

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

Stocks Retreat On Dismal Data In China And Europe, And UK & Europe Grapple With Rising Interest Rates

European stocks retreated after a fresh set of downbeat economic data from the euro area and China, while the single currency sank to a nearly three-month low against the dollar.

The dollar strengthened as much as 0.5% against its Group-of-10 peers, touching the highest level since March. Yields on US Treasuries climbed following a US holiday on Monday.

China’s services sector saw the slowest growth this year in August, adding to evidence the economic recovery is losing traction and damping earlier optimism over government stimulus.

• Stocks Retreat on Dismal Data in China and Europe (BBG)

• UK & Europe Grapple With Rising Interest Rates (FE)

PRIVATE EQUITY (GET THE 127-PAGE GUIDE HERE)

Private Equity Eyes College Sports As Next Big Potential Opportunity, Life Science Founder Net Worth Tops £120M After Private Equity Swoop, And More

• PE Eyes College Sports As Next Big Potential Opportunity (FOS)

• Life Science Founder Net Worth Tops £120M Post PE Swoop (ES)

• My First Deal: Nazo Moosa (PEN)

• CVC Is Nearing Deal For €16Bn Infrastructure Manager DIF (BBG)

WEEKLY RECOMMENDATION

Barbarians At The Gate: The Fall Of RJR Nabisco

HEDGE FUNDS (GET THE 116-PAGE GUIDE HERE)

Hedge Funds Drop Short Trades Against US Regional Banks, And Hedge Funds Fees Rise Due To Performance And Inflation

Hedge funds ditched short bets against U.S. regional banks as of the end of August and turned bullish on the broader U.S. financial sector, according to a Goldman Sachs note, just as bank stock prices began to rise.

• Hedge Funds Drop Short Trades Against US Regional Banks (RT)

• Hedge Fund Fees Rise Due To Performance And Inflation (FE)

VENTURE CAPITAL

The Week’s 10 Biggest Funding Rounds, Tech Layoffs Tracker, And More

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

• The Crunchbase Tech Layoffs Tracker (CB)

• The Crunhbase Unicorn Board (CB)

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ANYTHING AND EVERYTHING ELSE

Rishi Sunak - A Total Investment Banker, OpenAI CEO Sam Altman First Person to Get Indonesian Golden Visa, And More

• The LSE Plans For Blockchain-Based Assets Business (RT)

• OpenAI CEO Sam Altman To Get Indonesian Golden Visa (BBG)

• Rishi Sunak - A Total Investment Banker (TG)

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