Happy Independence Day! I’m Jordan Parker Erb, filling in for Dan DeFrancesco.
Former President Donald Trump seems to think President Joe Biden’s campaign is over, and he can barely contain his excitement, per a leaked video. But Biden vowed again on Wednesday that he is not dropping out of the race. It comes amid reports that White House staffers are being told to go heads down and “execute, execute, execute.“
In observance of the US holiday, we have a shorter edition of the newsletter. We’ll be back in full force tomorrow.
In today’s big story, we’re looking at why it’s such a good time to be a finance bro.
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The big story
ISO: A man in finance
It’s cool to be a finance bro — for now.
Thanks to a song in a viral TikTok video, finance bros have entered a period of resurgence. If you’re even remotely online, you’ll recognize the lyrics: “I’m looking for a man in finance. Trust fund. 6’5. Blue eyes.”
The video, posted by user Megan Boni, has raked in around 54 million views since being uploaded. It’s become a cultural touchstone for the summer, seemingly telling viewers it’s officially acceptable to be a man in finance — and if you can date one, that’s even better. (Though some women say it’s not all it’s cracked up to be, writes Business Insider’s Maria Noyen.)
But that wasn’t always the case for Wall Streeters.
Before moving to New York City, I was impervious to bankers and their various quirks. But it didn’t take long to discover that finance bros were often the butt of the joke. I quickly learned to knowingly roll my eyes at the swarms of Patagonia vests in downtown Manhattan.
The finance-bro revival has benefited, at least in part, from America’s short-term memory. Following the 2008 financial crisis, working on the Street wasn’t viewed with such high esteem. Plenty of Americans felt resentment toward financial workers, blaming them for the economy’s meltdown.
In the years since, attention has shifted to a new cohort: tech bros. They’re easy to poke fun at for their meme-worthy antics (I’m looking at you, Mark Zuckerberg’s sunscreen).
And they can also be easy to hate when employing dubious or flat-out criminal business practices. (Elizabeth Holmes’ Theranos and Sam Bankman-Fried’s FTX are recent examples.)
So finance bros may be enjoying a moment in the cultural sunshine — but it likely won’t last forever.
In other news
What’s happening today
- The UK general election will be held. The Conservatives led by Rishi Sunak — who called the election amid a downpour in May — face an uphill battle to defend their seats.
- Nathan’s Fourth of July Hot Dog Eating Contest will go on without its longtime star, Joey Chestnut. Chestnut was barred from competing due to a sponsor conflict.
The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York.