Opening Bell: 3.17.21

JPMorgan interns will come into the office this summer as lockdowns ease [FN]
The US bank is planning to bring in sales and trading and investment banking interns into its offices this year, according to people familiar with the matter, even as some rivals keep their training programmes virtual…. Goldman Sachs has also told its summer interns in February that bank bosses expect them to be in office when the programmes kick off in July….

Morgan Stanley becomes the first big U.S. bank to offer its wealthy clients access to bitcoin funds [CNBC]
At least for now, the bank is only allowing its wealthier clients access to the volatile asset: The bank considers it suitable for people with “an aggressive risk tolerance” who have at least $2 million in assets held by the firm.
Investment firms need at least $5 million at the bank to qualify for the new stakes. In either case, the accounts have to be at least six months old.
And even for those accredited U.S. investors with brokerage accounts and enough assets to qualify, Morgan Stanley is limiting bitcoin investments to as much as 2.5% of their total net worth, said the people.

Och-Ziff’s Ex-CFO Fined $35,000 Over African Bribery Scandal [Bloomberg Law]
Joel Frank, who was the firm’s chief financial officer when the alleged illicit payments were made between 2007 and 2011, agreed to settle the Securities and Exchange Commission’s allegations without admitting wrongdoing, according to a Tuesday order. Och-Ziff in 2019 changed its name to Sculptor Capital Management....

Greensill Bank Deposits to Be Paid Out as Insolvency Starts [Bloomberg]
BaFin, as the watchdog is known, said a group of commercial banks in the country will now examine depositors’ claims and pay them the amounts they’re eligible for…. In Germany, the hit will be at municipalities who parked cash at the financier’s bank as well as firms like Deutsche Bank AG and Commerzbank AG who will shoulder the compensation paid to retail depositors.

Treasury Ramps Up Racial Equity Review as It Deploys Relief Funds [NYT]
Treasury is developing its own civil rights strategy and, as part of that, is working to ensure that financial assistance distributed through the latest relief legislation is allocated fairly. The White House noted in January that previous rounds of stimulus checks were sometimes slow to arrive to people of color. And minority business owners who did not have close ties to banks often had difficulty gaining access to the Paycheck Protection Program for small businesses.

Ray Dalio Looks Early, Which Is a Lot Like Being Wrong [Bloomberg]
“The United States could become perceived as a place that is inhospitable to capitalism and capitalists,” Dalio warns near the end of his letter, referring to the threat of dire new taxes on the wealthy. One could argue that China, which has “communism” printed right on the tin, is already there.

Ray McGuire Gets Cash From Wall Street for NYC Mayoral Run [Bloomberg]
Boldface names who have donated to McGuire include billionaire investor Ken Langone, former Morgan Stanley CEO John Mack, hedge fund managers Louis Bacon and Mark Kingdon, and philanthropist Laurie Tisch.