Hedge funds exit SPACs as the honeymoon with blank-check companies ends

wall street trader sad — A man pauses outside of the New York Stock Exchange (NYSE) on January 15, 2016 in New York City.
Spencer Platt/Getty Images

Good morning and welcome to Insider Finance. I'm Dan DeFrancesco, and here's what's on the agenda today:

The SPAC honeymoon is over as hedge funds are starting to dump shares in Michael Klein's blank-check company set to acquire Lucid Motors.
Deutsche Bank gave US investment-banking interns the option of a remote or in-person program. Nearly all of them opted for the office.
Carlyle is making a big push to tie internal diversity initiatives to bonuses, but less than 3% of the senior US staff at the PE giant are Black.

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.

Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco.

At private-equity firm Carlyle, which recently tied bonuses to its diversity push, Black employees make up less than 3% of senior US staff

REUTERS/Keith Bedford

The data on diversity at Carlyle comes as the Washington, DC-based PE firm recently unveiled efforts to boost diversity at the firm. Get the full rundown here.

Hedge funds like Millennium, Citadel, and Blackstone have dumped shares in the Michael Klein-backed SPAC set to acquire Lucid Motors

Churchill Capital Corp. IV is slated to take Lucid Motors public. While many of its backers seem to have soured on the SPAC, some firms like Sculptor Capital and Coatue went against the grain, increasing their stakes in the company.

These are some of the big-name managers that were invested in the SPAC at the end of the first quarter this year.

Deutsche Bank gave incoming summer interns a choice between an in-person or remote program. 92% chose to head into the office.

Drew Goldman Deutsche Bank — Deutsche Bank

Despite the vast majority of interns choosing an in-person experience, the bank respects those who chose the virtual program, a spokesperson said. Here's what else we know so far.

Goldman Sachs, Bank of America, and Citigroup have sent out offer letters for investment-banking interns for summer 2022. Here are the details on 6 banks' pay, start dates, and signing bonuses.

Brian Moynihan, the chief executive of Bank of America. — Joshua Roberts/Reuters

We've got the scoop on Bank of America's offer letter to investment-banking interns. Here's the rundown.

Must-know promotions, exits, and hires at firms like Apollo, JPMorgan, and Morgan Stanley

BII

JPMorgan tapped Marianne Lake and Jennifer Piepszak to co-lead the firm's consumer and community banking business. Andy Saperstein and Ted Pick were named co-presidents of Morgan Stanley. Read about all the biggest people moves across the Street.