Operational Due Diligence - Private Credit Due Diligence, Vice President

Momei Qu, head of venture at PSP Growth, says Goldman Sachs and JPMorgan are becoming artificial intelligence (AI) stocks. She told Bloomberg's The Close that banks are tied to the AI buildout through debt financing, potential initial public offerings (IPOs) and mergers, though earnings do not show it yet. Lending was a bright spot last quarter. JPMorgan, Citigroup, and Wells Fargo posted a record $56.5 billion in combined net interest income, and JPMorgan's $107 billion outlook, excluding markets, beat the $103 billion consensus. Qu said investors are split on AI valuations: one camp excuses thin margins and heavy spending, while the other wants proof of returns. Anthropic holds its pre-IPO investor day on Wednesday. Bloomberg Intelligence analyst Herman Chan expects the Anthropic IPO to lift Goldman Sachs and Morgan Stanley. He warned that slower AI spending could cut banks' fee revenue from data center bond deals.

Willkie recruits senior Westinghouse and JPMorgan lawyers. Nuclear-energy and litigation hires bolster the firm's Washington and Chicago offices. Willkie Farr & Gallagher has recruited senior in-house lawyers from Westinghouse Electric Company and JPMorganChase, adding nuclear-energy expertise in Washington, DC, and litigation and investigations experience in Chicago. Raphael (Ray) Kuyler joins as a partner in Washington after more than a decade at Westinghouse, most recently as principal deputy general counsel. In Chicago, former federal prosecutor Kruti Trivedi joins the litigation department as a partner, bringing more than 20 years of combined government and in-house experience. Nuclear energy. At Westinghouse, Kuyler was the nuclear power provider's primary adviser on nuclear regulatory legal matters worldwide. He led international commercial contract negotiations for major reactor projects in the US, Europe and elsewhere, and managed commercial claims and disputes. His responsibilities also covered nuclear liability, government contracts, trade compliance, environmental law, health and safety, ethics and employment law. Eric Pogue, Willkie's global chair of power and renewable energy, said in a statement: "As global demand for reliable, low-carbon baseload power accelerates, Ray's deep industry relationships and strategic counsel will be invaluable." Pogue added: "His addition significantly enhances our capabilities to support clients across our US and European energy infrastructure practices." Before joining Westinghouse, Kuyler spent more than a decade with Morgan, Lewis & Bockius. He also served as a nuclear-trained surface warfare officer in the US Navy. He serves on the Nuclear Energy Institute Legal Advisory Committee Steering Group and is active in the International Nuclear Law Association. Explaining his return to private practice, Kuyler said: "Willkie provides an ideal platform to help clients navigate the complex legal and regulatory landscape of nuclear development, from operating reactors to advanced next-generation technologies." Litigation and investigations. Trivedi joins from JPMorganChase, where she led and supervised litigation, investigations, regulatory matters and crises. Previously, she was an assistant US attorney in the Criminal Division for the Northern District of Illinois in Chicago. Craig Martin, Willkie's chairman for the Americas, said her corporate experience would help the firm work more effectively with clients' legal departments. "Having served as a trusted adviser managing high stakes matters and crises from inside a Fortune 20 company, she knows how corporate legal departments and law firms can best work as one integrated team to provide practical, strategic and responsive advice," he said. Martin added that Trivedi's prosecutorial background would strengthen the firm's trial, investigations and white-collar capabilities in Chicago and across the firm. Trivedi pointed to the value of having worked on the client side, saying: "Having spent years on the client side, I know how much it matters to have outside counsel who have a deep understanding of not just the law, but also the business and the stakes."

Four of Wall Street's biggest banks reported third quarter dealmaking fees of $8.47 billion, up 15% from a year earlier but down 7.5% from a banner second quarter. Goldman Sachs, JPMorgan Chase, Citigroup, and Wells Fargo said activity remains strong despite market volatility and higher borrowing costs. JPMorgan chief financial officer Jeremy Barnum said deals were "delayed rather than canceled" after a slowdown in late September, when volatility widened the gap between what buyers and sellers would accept. Goldman's fees rose 22% to $3.2 billion, led by record M&A advisory revenue. Wells Fargo's rose to $894 million, and Citigroup's rose 9% to $1.35 billion. Goldman chief executive officer David Solomon said some companies postponed initial public offerings (IPOs) in September rather than accept valuations 10% to 15% lower.