Forget the Hamptons, Nantucket or Capri — Wall Street is spending part of the summer at the Paris Olympics.
“It’s a bit like Davos with some Olympics events in between,” said Mary Erdoes, who leads JPMorgan Chase & Co.’s asset- and wealth-management business.
Erdoes described non-stop client meetings and unplanned run-ins with business leaders in sporting arenas. Erdoes’ self-professed favorite event is gymnastics, in part because her daughter is a University of California, Los Angeles, athlete, but she has watched archery and swimming.
Also on the ground is Morgan Stanley co-president Dan Simkowitz, who became a “sport ambassador” for USA Swimming through a donation to the US Olympic & Paralympic Foundation. Simkowitz, who was the co-captain of Harvard’s swim team in 1987, rooted for Katherine Berkoff, the daughter of his college teammate who secured bronze in the women’s 100-meter backstroke.
Simkowitz, who said the Olympics “emphasizes the value of physical fitness and mental health” is on the board of the USOPF, which aims to raise $500 million by Los Angeles 2028 to be able to better provide for its athletes, 57% of whom earn $50,000 or less per year, according to Christine Walshe, the group’s president.
Citadel’s Ken Griffin has contributed more than $10 million to the USOPF since 2020, a level that grants him the designation of team captain in Paris.
Griffin, who said that the Games are a “special opportunity to come together as a country,” is hosting a company outing on Friday to the Stade de France to watch track and field, along with Citadel Securities Chief Executive Officer Peng Zhao.
Walshe said the nonprofit has begun talks to raise a separate $200 million so that by 2028, medalists can take home a multiple of the $37,500, $22,500 and $15,000 they’ll earn for gold, silver and bronze, respectively, from the US Olympic and Paralympic Committee in Paris. Extra funding will also drive the ability to pay a $10,000 grant upon qualifying for Team USA and a $100,000 payment upon retirement to anchor future savings.
The USOPF recently received a record $25 million gift from venture capitalist and Nvidia Corp. board member Mark Stevens.
For most countries, athlete funding comes from a mixture of government, sponsorship and personal sources. In the US, athletes get no support from the state - instead they’re funded by philanthropy, endorsements and a slice of broadcast revenue.
“I’ve always been surprised that we’re the only major country that doesn’t have any government support for Olympians,” said USOPF Chairman Geoff Yang, also of Redpoint Ventures, who has tickets to table tennis, boxing, beach volleyball and more. “At a time when our country is so polarized, Team USA can play a very important role in uniting people of different political views, faith and races.”
Yang has recruited venture capital peers to donate time and money including Raine Ventures’ Gordon Rubenstein, who is on the USOPF’s trustee list alongside Silver Lake’s Karen King, Starwood’s Barry Sternlicht, Apple Inc.’s Eddy Cue and Apollo Global Management Inc.’s Martin Kelly, who attended swimming and fencing, among other events.
Rubenstein, a pin-trading enthusiast who began collecting the mementos at the 1984 LA Olympics, said he believes the most compelling moments are not always at the biggest events.
“Sports that are not as visible often feature inspirational athletes that sacrifice a lot financially and in their personal lives,” he said.
Blackstone Inc.’s Stephen Schwarzman, who has over the past 11 years donated about $30 million to the USATF Foundation, was spotted at a gymnastics event. His colleague David Blitzer plans to watch basketball, as does his Philadelphia 76ers co-owner Josh Harris, co-founder of Apollo and 26North Partners, and lead owner of the Washington Comanders.
Galaxy Digital’s Mike Novogratz, who helps fund USA Wrestling medal stipends, will be at the Champ-de-Mars Arena to watch the action unfold. The former college wrestler said he gives “energy and love to a sport that doesn’t get a lot of it.”
Perhaps visiting more venues than anyone is Gene Sykes, Goldman Sachs Group Inc.’s co-chair of mergers and acquisitions, who was last week named as a member of the International Olympic Committee for an eight-year stint. He’s juggling an official duty: presenting medals.
In addition to financiers, Delta Air Lines Inc.’s Ed Bastian has watched swimming at La Defense Arena, as has European Central Bank President Christine Lagarde, Australian mining magnate Gina Rinehart and New York Islanders co-owner Jon Ledecky — uncle of decorated swimmer Katie Ledecky.
Elsewhere, Bill Gates and Warner Bros Discovery Inc.’s David Zaslav took in events including artistic gymnastics and tennis while Comcast Corp.’s Brian Roberts rubbed shoulders with French tycoon Bernard Arnault at an event co-hosted by Serena Williams, Charlize Theron and others on the eve of the opening ceremony.
Earlier that day, Arnault, Schwarzman, Elon Musk, Goldman’s David Solomon, Coca-Cola Co.’s James Quincey and Alibaba Group Holding Ltd.’s Joe Tsai had lunch with French President Emmanuel Macron.
It’s unclear how many Wall Street staff below the C-suite level made it to the Games. Goldman Sachs told its employees in April that any trips to the French capital city between July 24 and Aug. 14 must first get approval from the firm’s finance department.