Key Takeaways
- • Goldman Sachs and Morgan Stanley have reached the draft S-1 prospectus stage for Anthropic's IPO, per a copy reported by the Wall Street Journal, though its provenance is unclear.
- • Anthropic CEO Dario Amodei received $18m in total compensation and President Daniela Amodei $16.5m for the most recent year, each with a $655k base salary, according to the reported filing.
- • Goldman Sachs CEO David Solomon led bulge-bracket pay with $47m for 2025, ahead of Morgan Stanley's Ted Pick at $45m, according to eFinancialCareers' compilation.
- • Apollo will stop on-cycle recruiting of junior bankers and wants to hire only after one year of experience, and it hopes other private equity firms follow.
- • Hedge funds and professional services firms face pressure to reclassify "partners" as employees after the UK tax clarification on National Insurance, following the Bluecrest case.
Summary
Goldman Sachs and Morgan Stanley are reportedly preparing a draft S-1 prospectus for Anthropic, a copy of which has been obtained by the Wall Street Journal, as the anticipated AI IPO timetable has slowed. The source of the document is unclear and it may not be final. Coverage of the draft highlights Claude's revenue growth, the company's ongoing financing plans, and an extensive risk-factors section.
The filing reportedly shows compensation for CEO Dario Amodei and President Daniela Amodei of a $655k base salary each for the most recent year. Dario Amodei's total compensation, including stock options and awards, was $18m, and Daniela Amodei's was $16.5m. eFinancialCareers compared these figures with banking pay: the Amodeis earned more than Deutsche Bank's CEO Christian Sewing (€10.5m), UniCredit's Andrea Orcel (€13m) and were only slightly below Santander's Ana Botin (€18.5m). UBS's Sergio Ermotti received the equivalent of $19m and Barclays' CEO Venkat $20m. Among US banks, David Solomon at Goldman Sachs led with $47m for 2025, followed by Ted Pick at Morgan Stanley ($45m), Jamie Dimon ($43m), Jane Fraser ($42m) and Brian Moynihan ($41m). Jefferies' Rich Handler received $28m and Evercore's John Weinberg $17.1m. Blackstone's Jon Gray was paid more than $300m and Steve Schwarzman $1.2bn, though these figures include carried interest and dividends and are not directly comparable.
On partnership titles, eFinancialCareers notes that hedge funds and professional services firms often inflate titles. Under UK rules clarified after Bluecrest lost a case against the tax authorities last year, partners who are exempt from National Insurance must have "genuine influence" over the business, not merely profit shares. Larger firms may therefore need to convert some partners back to employee status, although they would likely keep profit shares and may remain partners for external purposes.
Other items noted include a reported power struggle at Macquarie Capital that led to Tom Butcher's departure as Michael Milne and John Farnik were promoted (per AFR), and Apollo's open letter from David Sambur and Antoine Munfakh deferring recruitment of junior bankers until after a year of experience (per Business Insider). Monte Tarbox, CIO of the New York City pension fund system, objected to a private equity firm asking him to pay for private jet flights (per FT). Jeff Wang's Augnition Global Investors reportedly raised more than $1bn this year, one of the few hedge fund launches to do so (per Bloomberg).
The filing reportedly shows compensation for CEO Dario Amodei and President Daniela Amodei of a $655k base salary each for the most recent year. Dario Amodei's total compensation, including stock options and awards, was $18m, and Daniela Amodei's was $16.5m. eFinancialCareers compared these figures with banking pay: the Amodeis earned more than Deutsche Bank's CEO Christian Sewing (€10.5m), UniCredit's Andrea Orcel (€13m) and were only slightly below Santander's Ana Botin (€18.5m). UBS's Sergio Ermotti received the equivalent of $19m and Barclays' CEO Venkat $20m. Among US banks, David Solomon at Goldman Sachs led with $47m for 2025, followed by Ted Pick at Morgan Stanley ($45m), Jamie Dimon ($43m), Jane Fraser ($42m) and Brian Moynihan ($41m). Jefferies' Rich Handler received $28m and Evercore's John Weinberg $17.1m. Blackstone's Jon Gray was paid more than $300m and Steve Schwarzman $1.2bn, though these figures include carried interest and dividends and are not directly comparable.
On partnership titles, eFinancialCareers notes that hedge funds and professional services firms often inflate titles. Under UK rules clarified after Bluecrest lost a case against the tax authorities last year, partners who are exempt from National Insurance must have "genuine influence" over the business, not merely profit shares. Larger firms may therefore need to convert some partners back to employee status, although they would likely keep profit shares and may remain partners for external purposes.
Other items noted include a reported power struggle at Macquarie Capital that led to Tom Butcher's departure as Michael Milne and John Farnik were promoted (per AFR), and Apollo's open letter from David Sambur and Antoine Munfakh deferring recruitment of junior bankers until after a year of experience (per Business Insider). Monte Tarbox, CIO of the New York City pension fund system, objected to a private equity firm asking him to pay for private jet flights (per FT). Jeff Wang's Augnition Global Investors reportedly raised more than $1bn this year, one of the few hedge fund launches to do so (per Bloomberg).
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