Here are the top finance stories of the day for August 5

Welcome to the new and improved Insider Finance! Increased time at home due to coronavirus has been a chance for many of us to self-reflect and make some changes. Turns out the same can be said for newsletters, so we’ve decided to switch things up a bit.  

I’m Dan DeFrancesco, an associate editor on the finance team, and I’ll be running the show (until they kick me out.) Everyday I’ll give a curated look at the recent stories we’ve published (along with some we haven’t.) 

If you’re not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

We like to be flexible here at BI, so let us know what you think. Feel free to drop me a line at [email protected] or on Twitter @DanDeFrancesco

Mark Zuckerberg smiles

Facebook CEO Mark Zuckerberg smiles as he testifies before a joint hearing of the Commerce and Judiciary Committees on Capitol Hill in Washington, Tuesday, April 10, 2018, about the use of Facebook data to target American voters in the 2016 election.

Andrew Harnick/AP Photo

At a time when many companies are reconsidering their office space, one of the biggest just signed up for some new space in New York, giving a much-needed boost to the industry.

Daniel Geiger has all the deets on Facebook completing a lease to take all of the office space in the Farley Building on Manhattan’s West Side, and what it means for the overall office market.

One major benefit of the new office? Some employees of the social media giant will have a shorter commute, as Penn Station, the busiest transit hub in the US, is just across the street. In fact, Long Island Railroad and Amtrak are in the process of building out stations in the very same building. 

Bank of America

A man walks near a Bank of America branch in New York’s Times Square Decemeber 11, 2008.

REUTERS/Brendan McDermid

Everyone’s likely sent a text or email they regret, but imagine sending 3.2 million of them. Bank of America did just that, erroneously notifying some of its Merrill Lynch Wealth Management and private banking clients about fraud claims, as reported by Rebecca Ungarino. 

Arvind Narayanan of Vanguard


Vanguard is beefing up its active fixed-income funds with a string of outside hires. Rebecca Ungarino details the four key people brought in to help the giant asset manager compete with the likes of PIMCO and BlackRock in a space that accounts for $3.8 trillion in assets.

first class

Roderick Eime/Flickr

Boutique banks are enjoying some big savings thanks to their dealmakers being sidelined from business travel due to the coronavirus. Meghan Morris pulled data from Q2 earnings reports to see just how much some firms are saving by subbing virtual meetups for business class.

Zach Perret

Zach Perret CEO and cofounder of Plaid


Want to work in fintech? Reed Alexander has you covered with some tips from the head of people at Plaid, including why you shouldn’t stress about your undergrad major and what type of questions you should come prepared with for the interview. 

Odd lots:

The Only One in the Room: On Wall Street, being Black often means being alone, held back, deprived of the best opportunities. Here, Black men and women tell their stories. (Bloomberg)

PayPal’s CFO explains why the payment giant is going against the grain and betting big on QR codes as the new way to pay in-store (Business Insider)

Alphabet Sells Largest Corporate ESG Bond at Record Low Yields (Washington Post)

PITCH-DECK LIBRARY: Search through over 150 pitch decks that startups including Uber, Postmates, and Airbnb used to raise millions (Business Insider)

Top fintech investors are piling into startups that are disrupting how people and companies pay their bills. Here are 8 newcomers on the verge of breaking out. (Business Insider)

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