City National Bank Chairman Russell Goldsmith says the country could benefit from public spending on jobs training, telecommunications and infrastructure that recalls programs like the Civilian Conservation Corps.

The goal is to provide financial services to billions of people around the world, including those who lack access to banking.

Welcome to Wall Street Insider, where we take you behind the scenes of the finance team's biggest scoops and deep dives from the past week. 

If you aren't yet a subscriber to Wall Street Insider, you can sign up here.

For certain corners of Wall Street, dealmaking is happening faster than ever. While M&A activity has plunged, bankers primed to help companies navigate the financial fallout, especially restructuring and debt-raising specialists, have been crushed with demand.

Alex Morrell took a look at how top bankers — known for putting in long hours curating a white-glove experience for clients — are finding they can still provide service from afar. It turns out, when you take away the time spent at airports and restaurants, and when Zoom calls can be arranged in minutes, things can move at lightning speed. 

Read the full story here: 

'Stunning efficiency': How remote dealmaking could mean a permanent lifestyle change for some bankers

Meanwhile, it's been a tale of two approaches to job cuts in recent days. On Tuesday, Airbnb CEO and cofounder Brian Chesky emailed staff about sweeping layoffs that were impacting 1,900 people, highlighting where the company will focus in the future and what exit packages employees should expect. You can read the full email here. 

Over at WeWork, things have been rolling out gradually. Meghan Morris and Dakin Campbell wrote about a leaked WeWork document that revealed a huge reorg under way for people who manage its buildings. Here's how the new structure works — and the complex process for staff to save their jobs. Alex Nicoll and Meghan also reported that Flatiron School has slashed at least 100 jobs, building on their scoop last week that WeWork started making cuts in several key departments, with IT alone losing some 200 jobs. 

Keep reading for a preview of changes in store for Bloomberg terminals, a rundown of Blackstone's giant commercial real estate business, and a look at how PIMCO stocked up with $5.5 billion for private-credit strategies since the beginning of the year.

Have a safe and healthy weekend, 

Meredith 

Inside Blackstone's massive CRE business

Blackstone is the largest commercial real-estate investor in the world, with $160 billion in investor capital. Alex Nicoll chatted with Blackstone real estate's three heads of acquisition, and its head of debt origination, to learn more about their business. 

They spoke about some of their most interesting deals, and why Blackstone's global scale and thematic investing style is a huge advantage. 

Read the full story here: 

Meet the 4 dealmakers driving Blackstone's $325 billion commercial real estate portfolio. They walked us through how they're thinking about opportunities in the downturn.

A Facebook office deal is a key test 

The coronavirus crisis has thrown into question whether tenants will ever occupy office space the same way again as companies and workforces around the world grow accustomed to remote work.

Facebook has been in negotiations for months to lease over 700,000 square feet at the Farley Building on Manhattan's West Side. The rapid expansion of tech in recent years has propelled the city's office market, and Dan Geiger spoke with real-estate execs who laid out why Facebook's deal is a key barometer. 

Read the full story here:

A blockbuster Facebook office deal is a make-or-break moment for the future of commercial real estate. 3 leasing experts lay out the stakes.

Coming soon to a terminal near you

As remote work becomes a long-term reality, a technology staple of Wall Street is in store for a makeover. Mark Flatman, global head of core terminal at Bloomberg, told Dan DeFrancesco that the financial technology giant is considering ways to revamp its ubiquitous terminal.

One particular area of focus for Flatman and his team has been screen space, as many customers aren't working with the typical four-screen display. Another area that has gotten increased attention is mobile, where usage has jumped. 

Read the full story here: 

Bloomberg is eyeing big changes to its iconic terminals to make work-from-home easier. The exec leading its strategy laid out how he's rethinking screen space and mobile features.

A new pile of cash for private credit

Industry observers expect a surge in interest in specialized credit shops that have proven to be winners in distressed situations. And Bradley Saacks revealed how PIMCO has tapped into that demand, with sources saying that the fixed-income giant has raised $5.5 billion in private-credit strategies since the beginning of the year.

PIMCO's nearly $4 billion Tactical Opportunities fund lost roughly 15% in March, but was able to avoid forced selling, sources tell Business Insider, and even added to positions in the month. That fund alone has raised $250 million — and is just one of several private-credit funds that PIMCO has raised money for.

Read the full story here: 

PIMCO has raised $5.5 billion for private-credit funds despite a hellacious March — and is telling investors it's the best opportunity in a decade

A tax break for big companies with heavy debt

But some tax experts are concerned that the tax break is too indiscriminate: In addition to helping troubled companies, they say, boosting tax deductions on interest payments is going to give a lift to companies that aren't being hurt by the pandemic, or whose problems have nothing to do with the coronavirus. 

Read the full story here:

A $13 billion tax break tucked into the coronavirus stimulus plan will save some big companies tens of millions — even if they aren't ailing. Here's how it works and who could benefit.

On the move

Dakin Campbell reported that Goldman Sachs has hired the distressed-situations and bankruptcy expert Kurt Hoffman as a managing director in a business that handles one-off loans for clients. The move comes just as industries battered by the economic shutdown are in need of emergency financing. 

Investing and hedge funds

• SoftBank's brutal treatment of WeWork founder Adam Neumann shows that it has given up any hope for Silicon Valley and it's leaving a scorched landscape in its wake
• April hedge fund performance numbers are in — here's how big names like Third Point and Renaissance turned things around after a rough March
• WeWork pain is still hitting mom and pops' mutual funds as managers like Fidelity slash valuations further
• 'Quantamental' investing is suddenly a buzzword in the hedge fund world, and we talked to the CEO of a fintech that just nabbed $8 million to help power the approach
• Steve Cohen's former right-hand man is launching his own fund. Here's everything we know about Tom Conheeney's EmeraldRidge Advisors.
• A data 'super contango' makes oil the new data, not the other way around. Here's why.

Careers

• Deloitte is delaying many of its full-time hires and switched summer internships to a 2-week online intro course. Here's everything we know.
• Jobs for thousands of young consultants are being upended. From delaying start dates to cutting internships, here's what 8 top firms are doing.
• Investment manager TIAA is offering 75% of its US employees buyouts and some could get their full salaries for nearly 2 years

Real estate 

• The CEO of real estate heavy-hitter Eastdil explains the types of deals that are must-do right now — and warns that a 'de-retailing' trend is set to accelerate
• Inside the drama over control of the iconic Chrysler Building: A real-estate tycoon and a prestigious college are renegotiating a critical $150 million deal

Fintech and e-commerce

Join the conversation about this story »

NOW WATCH: How waste is dealt with on the world's largest cruise ship

A horror crash involving a truck and a tanker carrying a flammable substance has led to the closure of the N2, near the Mtunzini Toll Plaza on the KwaZulu-Natal north coast.

Berlin : Fischer's Medicin. Buchhandlung, H. Kornfeld, 1897.

Berlin : J. Springer, 1893.

Halle : Verlag der Buchhandlung des Waisenhauses, 1850.

The founder and chief of his eponymous investment bank traveled to Riyadh to extol the virtues of friendship. He stood out as many of the titans of U.S. finance sat out the kingdom’s signature investment summit amid international outrage over the killing of government critic Jamal Khashoggi.

Dell's SAVE15 coupon is still live, the Dell Vostro 14 3000 is back down to just $299, and Walmart's Overpowered gaming desktop is $800 off right now.

The price is right and the feature set is enticing, but the Anker Nebula Soundbar Fire TV Edition provides only modest sonic returns.

The portable Anker Soundcore Flare 2 speakers delivers solid audio and cool LED lights in a waterproof design for a fair price.

The Nebula Capsule II by Anker is an unusual entertainment projector: It runs the Android TV operating system, and can double as a Bluetooth speaker.

Check out this discount on Anker’s 60W 6-port wall charger! If you have to charge multiple devices at once and don’t want to deal with multiple plugs, then this could be useful.

Gyan Sangam - The Bankers’ Retreat - Address of PM Narendra Modi

PSU Bankers get 15 percent salary hike and Holiday on two alternate saturdays.

visit News18 Urdu for latest news, breaking news, news headlines and updates from Kanker on politics, sports, entertainment, cricket, crime and more.

Indian Prime Minister Narendra Modi appointed a former banker to oversee coal, power and clean-energy reforms in a move aimed at resolving fuel bottlenecks and chronic blackouts hampering economic growth.

A horror crash involving a truck and a tanker carrying a flammable substance has led to the closure of the N2, near the Mtunzini Toll Plaza on the KwaZulu-Natal north coast. ......

A SIMPLE error has caused a major headache for NAB after 60,000 customers’ details were sent to an adult site owner.

An indictment was filed today charging seven individuals -- three former shareholders of the Jenkens & Gilchrist law firm (J&G), the former Chief Executive Officer and a former tax partner from the BDO Seidman accounting firm (BDO), and two former bankers from a foreign bank with headquarters in New York (Bank A) -- with tax fraud conspiracy and related crimes arising out of tax shelters promoted by J&G, BDO, and the bank.

A federal grand jury in Houston has returned an indictment charging two crewmembers of the oil tanker Georgios M with making false statements, violating federal law designed to prevent pollution from ships and obstruction of justice.

Former UBS banker, Bradley Birkenfeld of Weymouth, Mass., has been sentenced to 40 months incarceration by Judge William J. Zloch in Fort Lauderdale, Fla. On June 19, 2008, Birkenfeld pleaded guilty to conspiring to defraud the United States.

A Panamanian company that operated a 40,000-ton oil tanker ship pleaded guilty today for deliberately concealing pollution discharges from the ship directly into the sea.

Renzo Gadola, 44, has pleaded guilty to conspiring to defraud the United States.

Marco Parenti Adami, Emanuel Agustino, Michele Bergantino and Roger Schaerer, bankers at an international bank, were indicted by a federal grand jury in the Eastern District of Virginia and charged with conspiring with other Swiss bankers to defraud the United States.

Martin Lack, a former UBS AG banker who is currently an independent asset manager, has been charged with conspiracy to defraud the United States.

The Department of Justice and the U.S. Attorney’s Office for the Southern District of New York filed a lawsuit alleging that GFI Mortgage Bankers Inc., a mortgage banker with operations in seven states, violated federal fair lending laws by charging African-American and Hispanic borrowers higher interest rates and fees on home mortgage loans because of their race or national origin, not based on their creditworthiness.

GFI Mortgage Bankers Inc., a large independent home mortgage firm that concentrates on the New York, New Jersey, and Florida markets, will pay $3.555 million to resolve a lending discrimination lawsuit filed by the Department of Justice and the U.S. Attorney’s Office for the Southern District of New York. The lawsuit alleges that GFI engaged in a pattern or practice of discrimination by pricing residential mortgage loans for qualified African-American and Hispanic borrowers higher than for similarly-qualified non-Hispanic white borrowers between 2005 and 2009.

A former San Francisco investment banker and his college friend both pleaded guilty today for their roles in an insider trading scheme involving two impending corporate mergers.

Assistant Attorney General for the Tax Division Kathryn Keneally and U.S. Attorney Melinda Haag for the Northern District of California announced that Pius Kampfen of Mill Valley, Calif., pleaded guilty today to an information charging him with willful failure to file the required reports of foreign bank accounts (FBAR) for a Swiss bank account he controlled.

A former San Francisco investment banker and his college friend were sentenced yesterday to 16 months in prison for their roles in an insider trading scheme involving two impending corporate mergers, announced Acting Assistant Attorney General Mythili Raman of the Justice Department’s Criminal Division and U.S. Attorney Melinda Haag of the Northern District of California.

Andreas Bachmann, 56, of Switzerland, pleaded guilty today to conspiring to defraud the Internal Revenue Service in connection with his work as a banking and investment adviser for U.S. customers.

Shokrollah Baravarian, of Beverly Hills, California, was charged today in the U.S. District Court for the Central District of California with conspiracy to defraud the United States.

ForestEthics has launched a new tool called TarSandsSOS that lets citizens track supertankers hauling tar sands oil along the Pacific coast in real time.

Who needs concrete when this foundation design will take the load?

Earlier this year, while performing at a military training centre in south Kashmir's Pulwama district, singer Ameya Dabli recalls receiving a disturbing piece of news from the army chief Lt Ranbir Singh. Four terror attacks had taken place at a nearby hillock on the same day. The hill, as he soon learnt, was located less than a kilometre away from the centre.

"The chief said to me, 'Don't worry. We will protect you'. This one reassuring line was enough to allay our fears in that high tension zone," he says. Dabli and his team of musicians went on to deliver a power-packed two-hour performance regaling the audience with musical compositions of poems penned by Kabirdas, Guru Nanak, Amir Khusro and Tulsidas. "We didn't realise how those two hours flew by. You see, that's the power of music," he says. Since then, Dabli has performed at several other conflict regions of the country, including eight districts of Jammu and Kashmir, and four in the Northeast.

Singing for peace
It was three years ago that Dabli, a Bhandup resident, conceptualised Ekam Satt, which are essentially pro bono concerts curated for the Indian Armed Forces and civilians, in order to not just motivate jawans, but also bring peace. Born in a family of music lovers - his mother Anuradha Dabli is a trained classical and light music exponent - the 38-year-old was inducted into singing from the age of seven. "But, the idea to use music as a peace building tool was something that took shape during my last stint as the marketing head of Ronny and Zarina Screvwala's Swades Foundation. Here, I got the opportunity to interact with a lot of non-profits," he says.

Dabli, who holds a robust 15 years of corporate experience as marketing head with the Tata Group, HSBC and Citibank, now straddles a music career along with a venture where he mentors start-ups and NGOs to start their businesses. Till date, he has performed over 1,500 concerts across 15 countries. "Initially, it took us a good six months to curate the songs for Ekam Satt, because we wanted it to be a good blend of sufi, folk and contemporary music. We even got RS Mani, the music arranger of Veer Zaara to help us. But now, it's seamless," he says.

While Dable's pieces comprise the works of legendary poets such as Mirabai, Narsinh Mehta, Khwaja Garib Nawab and Tukaram, the songs are infused with peppy global music styles like hip hop, reggae and opera to make it livelier. "When we approached the Army headquarters in New Delhi with the concept, they loved it and immediately asked us to come on board," he says.

On the shaadi front
Interestingly, Dabli is also a sought-after name when it comes to weddings and sangeet and has performed at the glitzy wedding of Sasha Rawal - sister of Bollywood's leading fashion designer Kunal Rawal - and Samarth Bajaj, and very recently, the engagement of Isha Ambani and Anand Piramal. He has also organised gigs for Kumar Mangalam Birla, David and Lali Dhawan, Aditya Birla and Adi Godrej. "It's not the typical shaadi scene. My forte is the pheras, something that most people don't pay much attention to," he laughs. "I perform something called the signature wedding chants, where I don't just recite mantras, but also provide explanation of the vidhis or rituals," adds Dabli, who perfected his Sanskrit under the tutelage of his father, Professor PV Dabli, a scholar in the language.

Dabli says juggling his entrepreneurial venture with his musical endeavours does test his ability to multi-task. "Sometimes, I don't know which one to focus on more. But that's what happens when you love whatever you do equally," he smiles.

Catch up on all the latest Mumbai news, crime news, current affairs, and also a complete guide on Mumbai from food to things to do and events across the city here. Also download the new mid-day Android and iOS apps to get latest updates

What are the factors Britain and its allies need to consider as they weigh their response to Iran's seizure of a British-flagged tanker in the Strait of Hormuz? Barney Jopson discusses the difficult waters Iran and the west must navigate to avoid a further escalation with Andrew England and Najmeh Bozorgmehr

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Cost of hiring a very large crude carrier rises past $200,000/day

The collapse in the price of the black stuff is proving a boon for ship owners

Matthew Vincent and colleagues discuss Goldman Sachs and Amazon - another big tech tie-up for the Wall Street name, Deutsche Bank's profit targets, and what a case of stealing from a workplace canteen tells us about the current climate for ethics and compliance in banking. With special guest Russell Quelch of Redburn, the equity research house.

Contributors: Matthew Vincent, regulation correspondent, Stephen Morris, European banking correspondent, Robert Smith, capital markets correspondent, and Laura Noonan, US banking editor. Producer: Fiona Symon

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Falling interest rates, weak trading volumes and automation have led to an exceptionally brutal summer for global investment banks, which have shed tens of thousands of jobs, particularly on trading desks. Stephen Morris, European banking correspondent, discusses the bleak outlook for bankers with Robert Armstrong, US financial editor.

Contributors: Stephen Morris, European banking correspondent, and Robert Armstrong, US financial editor. Producer: Fiona Symon

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In future it may have to be budget stimulus that rides to the rescue