SVB Financial Group has agreed to sell its investment banking division to a group led by Jeff Leerink and backed by funds managed by The Baupost Group.
Why it matters: This will bring SVB Securities' journey to a full circle. The business unit was created following SVB's acquisition in 2018 of Leerink's health care-focused investment bank.
The big picture: Consumers are expected to spend nearly 36% or $12.8 billion less on dads than they did on moms last month, according to projections from the National Retail Federation’s annual surveys.
In an essay published June 6, famed venture capitalist Marc Andreessen pushed back on much of the industry’s efforts focused on so-called artificial intelligence “safety” — the opposite view of many of his peers.
Why it matters: VCs and entrepreneurs are often lumped into a monolithic “Silicon Valley” umbrella. But there are growing divides within the industry on a number of topics that are likely to shape the future.
Individuals have made good money in art for many centuries, but rarely — until now — has it been a corporate venture.
Why it matters: As buzzy branding pushes out genteel connoisseurship, art becomes more of an aspirational global status signifier, increasingly indistinguishable from other luxury goods.
If you're between 25 and 35 and grew up in poverty, there is a greater-than-even chance that you are in poverty yourself. As a result, all the children who live with you are also growing up in poverty — and so the cycle of intergenerational poverty persists.
Why it matters: The U.S. poverty rate among young adults — which is to say, the demographic most likely to be parents to young children — is a sobering 17.9%, much higher than in other rich countries. (It's 9.8% in Germany, for instance.) But the intergenerational poverty rate is vastly higher.
