Hi, Aaron Weinman here. The US Supreme Court voted to strike down Roe v. Wade on Friday, leaving the legal fate of abortion up to individual states.
Let's understand how Wall Street firms are responding. Some are touting pro-choice business decisions, while also expanding in the very states that have waited years for SCOTUS to overturn the divisive ruling.
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Jenny Chang-Rodriguez/Insider
1. SCOTUS struck down Roe v. Wade on Friday. The decision — which had been largely expected since an initial draft opinion was published by Politico in May — comes as Wall Street juggles the implementation of policies to support staff who seek abortions, without running afoul of pro-life clients and states where some firms are expanding their presence.
Bank of America, Goldman Sachs, and JPMorgan all agreed on Friday to cover travel costs for staff seeking abortions. Goldman's decision, outlined in this memo, was first reported by Insider. JPMorgan said it would cover travel expenses for abortion-seeking staff from July.
Citi was the first major US bank to make that commitment after new restrictions were put on abortions in states like Texas in March.
In an era of stakeholder capitalism, these firms walk a fine line, and risk alienating shareholders, employees, and clients — and losing their business — if they appear to support one cause over another.
Matt Rinaldi, the chairman of the Republican Party of Texas, called Citi's decision "appalling" in March, and urged Republicans to snub the US' fourth-largest lenders services.
Goldman's decision, meanwhile, comes just days after it revealed plans to occupy a new office tower in Dallas, Texas, that would house up to 5,000 staff.
Despite Wall Street banks' decision to cover travel expenses for abortions, Insider found that financial services companies — including Citi and JPMorgan — have given thousands of dollars in donations to sponsor bills that stifle access to legal abortion.
There's no question that financial-services firms have sought to position themselves as open, equitable workplaces. The industry's been long-dominated by white men, and firms have tried for years to broaden their appeal to women and communities of color.
Friday's SCOTUS decision — and Wall Street's reaction to it — will be closely watched.
Don't miss the below series of stories from Insider on how the overturning of Roe v. Wade impacts Wall Street and corporate America:
Here's how Wall Street is responding to the end of Roe v Wade.
Also, check out Goldman Sachs' memo on its updated healthcare policy.
In other news:
Noam Galai/Getty Images for TechCrunch
2. A Congressional report has highlighted the confusion and chaos inside Robinhood during the meme-stock frenzy. Here's a peek at the 140-page report that unearthed surprise as the company execs sought to deal with a capital call.
3. SoftBank-backed View has revealed that it's been under the SEC's microscope since January. Here's why troubled companies that used the de-SPAC route to go public should take note of the glass maker's woes.
4. Hedge funds Haidar Capital, e360's Power Fund, and Odey's OEI European Fund are all up more than 100%. Here's how the three funds have soared despite rivals' struggles to navigate the current market slump.
5. Bankruptcy pro Mike Kramer's fielding more calls as the market sours. The feared banker, and founder of one of Wall Street's best-paying firms Ducera Partners, explained how he sees things panning out.
6. Goldman Sachs is looking to raise $2 billion to buy distressed assets from Celsius, according to Coindesk. The troubled crypto lender tapped Alvarez & Marsal to provide restructuring services.
7. Elon Musk asked Twitter for more data, so Twitter gave him more data. The social-media company has been "bending over backwards" to comply with Musk's demands, one person said. Here's how the billionaire is claiming that what's received so far is insufficient.
8. This year's reshuffling of the popular Russel indexes has caused panic. That's partially due to index-rebalance trading levels soaring at funds like Millenium and ExodusPoint. But then, that densely-populated strategy got torched. Here's what you need to know.
9. Vienna was just ranked the most-livable city in the world. Western Europe and Canada dominated the list, which featured no US cities in the top 10.
10. Eleven Madison Park — the newly vegan, understaffed restaurant — scrapped plans to raise pay after a negative New York Times review. Leaked documents revealed the famed venue knew it paid its staff "too little."
Done deals:
- Private investment firms Hellman & Friedman and Permira have agreed to buy software firm Zendesk for $10.2 billion.
- Blackstone has bought Australian casino and hotel operator Crown Resorts. The private-equity firm completed the deal for roughly $6.3 billion.
- BC Partners has entered exclusive discussions to acquire French natural healthcare firm Havea from 3i Group for roughly $1.2 billion.
Curated by Aaron Weinman. Tips? Email aweinman@insider.com or tweet @aaronw11. Edited by Lisa Ryan (tweet @lisarya) and Hallam Bullock (tweet @hallam_bullock).
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