Biden taps Yellen — Banks pause return-to-office plans — Investors pour money into magic mushrooms

The pick is in.

President-elect Joe Biden will nominate Janet Yellen, the former Federal Reserve Chairwoman, to be the next Treasury secretary, according to The Wall Street Journal. 

Yellen has a laundry list of achievements in the public sector, having previously served as the head of the White House Council of Economic Advisers, in addition to her time as the leader of the Fed.

She would be the first woman to serve as Treasury secretary, if confirmed. 

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.

Sign up here for our upcoming webinar 'How to land a job in private equity' on December 3 at 1 p.m. ET, featuring speakers from Bain Capital, The Carlyle Group, Apollo, and Odyssey Search Partners.

Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected] or on Twitter @DanDeFrancesco. 

Some Wall Street firms' return-to-office plans have hit a speed bump

The coronavirus has proved to be a moving target for Wall Street, as it looks to establish plans to get employees back in the office.

Back in September, banks seemed keen to bring back at least some of their staff, rolling out a variety of procedures to get them back in the office. 

However, a spike in cases in recent weeks has put a pause on many firms' plans. Reed Alexander has a rundown of how firms have adapted on the fly. 

Click here to read the entire story.

A major psychedelics company just landed a record sum of cash from VCs

This is a real trip. A psychedelics company just closed a $125 million Series C funding round. Jeremy Berke and Yeji Jesse Lee spoke to ATAI's CEO about how it raised the round and what's next for the psychedelics space. Read more here. 

Odd lots:

Scoop: Blackstone CEO Stephen Schwarzman says Trump lost (Axios)

Hershey Is Behind Big Cocoa Trade That Upended N.Y. Markets (Bloomberg)

The 27 most expensive ZIP codes in America in 2020 (Insider)

Learn more about the financial services industry.

Source: Read Full Article