Archive for Matt Turner

Goldman Sachs’ Marcus unit is struggling with burnout, blown deadlines, and a tech-talent exodus

Hello everyone!

Welcome to this weekly roundup of stories from Insider's Business co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

What we're going over today:

marcus goldman sachs burnout 2x1

Here's what's trending this morning:


Goldman Sachs exodus

From Dakin Campbell:

Goldman Sachs launched its consumer-banking arm five years ago with a marketing blitz and much fanfare, sending a strong signal to Wall Street that it wanted to disrupt retail banking - and reshape its own future.

Since then the bank has built it into a $1 billion business by standing up new technologies at breakneck speed.

But now Marcus staffers are quitting in droves at the precise moment the bank needs them most, just as it announced a slew of ambitious products and reshuffled its corporate structure to focus on growth.

Former employees, as well as banking consultants and an analyst briefed by Insider, said the exodus raises questions about Goldman's ability to drive its people hard and still compete with Main Street banks.

Read the full story here:

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Amazon employee reviews

Jeff Bezos
Jeff Bezos

From Ashley Stewart and Eugene Kim:

Internal Amazon documents show the company has a five-tiered ranking system for employee performance reviews and expects managers to rank 20% of employees at the top level, 75% in the middle tiers, and 5% in the bottom tier.

More than half a dozen employees who spoke with Insider said the tier system was evidence of stack ranking, a controversial performance-review system in which employees are evaluated on a curve and a certain percentage must rank at the bottom - which could hurt both an employee's compensation and their future at the company.

Employees who have been part of the performance-review process told Insider the ratings had to be distributed across teams.

Read the full story here:

Also read:


DEI burnout

DEI consultant burnout 2x1

From Marguerite Ward:

Doris Quintanilla is drained.

For over four years, she's worked on corporate diversity, equity, and inclusion as the CEO and cofounder of The Melanin Collective - but never in a climate like today's.

In the wake of the killing of George Floyd, her inbox has been flooded with requests from corporate and nonprofit leaders. They want change, and they want it fast. But at the same time, she felt many were not respecting her.

Read the full story here:

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Adobe's ad bet

Adobe CEO Shantanu Narayen
Adobe's CEO Shantanu Narayen.

From Lauren Johnson:

Five years ago, Adobe had big advertising ambitions.

Adobe acquired $540 million for TubeMogul, a video adtech company that buys ads for brands programmatically and competed with Google, Amazon, The Trade Desk, and MediaMath.

At the time, Brad Rencher, then-EVP and general manager of Adobe's digital experience business unit and a key player in the TubeMogul integration, promised the deal would create a "'one-stop shop' for video advertising, providing even more strategic value for our Adobe Marketing Cloud customers."

But last summer, Adobe shut down a big part of its TubeMogul acquisition, closing its advanced TV business that sold linear TV ads and political advertising to advertisers.

Read the full story here:

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ICYMI: Fidelity's first cryptoasset analyst on opportunities

Bitcoin Bull nft art cryptoart
"Bitcoin Bull" by Trevor Jones.

Vicky Ge Huang talked to Nic Carter, an investor at venture-capital firm Castle Island Ventures and founder of Coinmetrics. You can read the full story here:

Also read:


INVITATION: Keeping our promises to the planet

Join us Tuesday, April 20 at 12 p.m. ET | 5 p.m. GMT | 6 p.m. CET for a free virtual event, "Act to Impact: Keeping our Promises to the Planet." Hear from corporate leaders, climate activists, experts, and artists about how we all can mitigate and adapt to climate change today to avoid catastrophe in the near future

Sign up here.

Lastly, don't forget to check out Morning Brew - the A.M. newsletter that makes reading the news actually enjoyable.

Here are some headlines you might have missed last week.

- Matt


Read the original article on Business Insider

Here are the 100 best early-stage investors, according to data analysis from Tribe Capital

Hello everyone!

Welcome to this weekly roundup of stories from Insider's Business co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

What we're going over today:


seed 100 thumb 2x1
Left to right: Alfred Lin, Kaitlyn Doyle, Michael Seibel, Kirsten Green, Sheel Mohnot, and Ruchi Sanghvi.

Here's what's trending this morning:


The best early-stage investors

From Margaux MacColl, Melia Russell, Candy Cheng, and Michael Haley:

The venture capitalists who write the earliest checks - known as seed investors - take the biggest risks. But when they choose well, they also reap the biggest rewards. With huge profits at stake, thousands of institutions and individuals are active seed investors.

But seed investing is more an art than a science and only a few succeed regularly. Tribe Capital, a seed venture-capital firm and an investor in other funds, set out to find the top investors by analyzing data on about 1,000 of them. The result is this list of the top 100 as well as the Seed 25, a list of the top female seed investors.

Read the full story here:

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Republicans are unloading on Rep. Matt Gaetz

Matt Gaetz
Rep. Matt Gaetz.

From Warren Rojas, Adam Wren, Robin Bravender, Dave Levinthal, Camila DeChalus, Darren Samuelsohn, and Tom LoBianco:

Matt Gaetz was looking for a scandal.

It was March 25, and the Florida congressman responded to a tweet from the billionaire entrepreneur Elon Musk, who had asked no one in particular, "If there's ever a scandal about me, *please* call it Elongate."

"I want Gaetzgate," the Florida Republican tweeted.

On Tuesday, Gaetz got exactly that as reports surfaced that the 38-year-old congressman was a subject of a sex-trafficking investigation.

Not long after the news broke, "Gaetzgate" was trending on Twitter. And former Trump White House and GOP officials who loathe the loquacious Gaetz were gloating.

Read the full story:

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Nike's tech transformation

Nike Beijing
Customers lined up outside the Nike flagship store on the opening day at Wangfujing Street on January 20, 2021 in Beijing, China.

From Shoshy Ciment:

In January 2020, just days before the coronavirus pandemic would engulf the world, John Donahoe took the helm at Nike.

The former eBay and ServiceNow CEO had a bold mission to transform Nike from a marketing-first company into a technology juggernaut. Instead of selling shoes primarily in stores, Nike would up its innovation in a push to sell more products online and on smartphones.

Early signs point to success: In its latest quarterly earnings report, Nike said it grew online sales by 59%.

But some worry that transforming Nike from a marketing company into a technology brand is too ambitious.

Read the full story here:

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A new understanding of Alzheimer's disease

alzheimers research 2x1

From Allison DeAngelis:

In January, at the World Economic Forum's annual gathering of some of the globe's richest and most powerful leaders, Andrea Pfeifer was promoting her biotech company and a new global initiative to treat Alzheimer's.

During a Q&A session, George Vradenburg, the entertainment lawyer turned philanthropist, asked her a question about her work: "Is Alzheimer's not one disease?"

"It's definitely not one disease," she replied.

The once controversial idea that Alzheimer's is in fact a highly varied disease, if not multiple distinct but related conditions, is gaining traction and could unlock new approaches to treating it.

Read the full story here:

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ICYMI: Big Law burnout

From Sam Stokes and Jack Newsham:

From M&A deals to IPOs to bankruptcy proceedings, Big Law associates are busier than ever.

For some, their jobs advising financial firms and corporations just got a lot more lucrative. At least 25 Big Law firms are awarding special bonuses up to $64,000 to high-performing associates in 2021.

Recruiters and other industry experts say the payouts are an effort to keep burned-out associates from leaving after a grueling year of high-volume remote work. And some associates Insider spoke to said that, while the money is nice, what they'd really like is to see the workload lighten.

Read the full story:

Also read:


Lastly, don't forget to check out Morning Brew - the A.M. newsletter that makes reading the news actually enjoyable.

Here are some headlines you might have missed last week.

- Matt


Read the original article on Business Insider

5 current and former junior bankers explain what their daily schedules are really like as burnout mounts: ‘Ninety-five hours a week, that’s nothing special’

Hello everyone!

Welcome to this weekly roundup of stories from Insider's Business co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

What we're going over today:


wall street burnout young talent junior analyst 2x1

Here's what's trending this morning:


Confessions of Wall Street's burned-out junior bankers

From Reed Alexander:

Wall Street is a picture of growing discontent among junior staffers.

In response to mounting accounts of burnout throughout junior levels, banks and private-equity firms have begun to elbow one another in a crush to offer young talent the most desirable perks and steer them away from defecting. You can get the latest on what firms such as Goldman Sachs, Apollo Global Management, and Credit Suisse are doing here.

Insider interviewed five current and recently departed analysts in investment banking to get the perspective of junior bankers during the early years of their careers. All these bankers spoke on the condition of anonymity to speak freely about their experiences. Their identities are known to Insider.

"I'm working on a deal right now where some of my coworkers in the bank worked last night until 5:30 a.m," one banker said. "Ninety-five hours a week, that's nothing special. For the most part, everyone's working those hours."

Read the full story here:

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Female former employees say they faced sexism at Fine Brothers Entertainment

fine brothers fbe sexism 2x1

From Lindsay Dodgson:

Fine Brothers Entertainment, or FBE, is best known for its "react" videos, in which children, teens, adults, and FBE staff are filmed watching clips, listening to music, eating strange foods, and taking part in games.

FBE's content has become a staple of YouTube, mirroring the trajectory of founders Benny and Rafi Fine themselves, who experienced meteoric success since their early videos. On YouTube, FBE has attracted 30 million subscribers, and in June 2020 it raked in 300 million views a month.

Yet interviews with 26 former employees and cast members paint a different picture. In addition to allegations that they experienced a toxic culture and racism when they worked there, some of these employees alleged that they experienced or witnessed casual sexism at the company that they said went to the top of management.

Read the full story here:

Also read:

Meanwhile, here's the latest on the David Dobrik Vlog Squad scandal:


It's actually a horrible time to buy a house

homeownership expensive trap

From Taylor Borden:

Just because all your friends jump off a bridge doesn't mean you should, too.

This ominous parental warning seems apt for the times: Millions of Americans have taken the plunge into homeownership over the last year, but that may not be the right decision for everyone.

Home prices nationwide are hitting unprecedented peaks, propelled by low mortgage rates. The underlying problem is a grave imbalance between supply and demand. The infinitesimal number of homes for sale is outweighed by the enormous pandemic-fueled desire for a home of one's own. Stay-at-home orders reminded people how much they crave bigger, better spaces to quarantine.

"Frankly, it may not make sense to buy at this moment," said Scott Trench, the CEO of the real-estate-investing resource BiggerPockets. "Frantically trying to buy 'something' is a great way to make a bad purchase."

Read the full story here:


Hedge funds are ramping up bets against Chamath Palihapitiya's SPACs

iconq chamath palihapitiya

From Vicky Ge Huang:

The billionaire investor Chamath Palihapitiya says he loves SPACs because they level the playing field between ordinary folks and big Wall Street investors. The latter group is now pouncing on his three special-purpose acquisition companies amid a slump in performance.

Read the full story here:

Also read:


BONUS: Tech giant org charts


Lastly, don't forget to check out Morning Brew - the A.M. newsletter that makes reading the news actually enjoyable.

Here are some headlines you might have missed last week.

- Matt


Goldman Sachs just vowed to improve conditions for junior bankers. But a newly leaked pitch deck shows analysts were pleading for changes since WFH started.

The Manhattan DA's office picked up the pace of its investigation into Trump's finances after he left office, a cooperating witness says

After almost 6 years and billions of dollars, Google med-tech spinoff Verily is still a scattershot jumble of moonshots

Dollar Shave Club has laid off all of its staff at men's lifestyle site MEL, source says, and is looking for a rescue buyer

How ESPN became one of the fastest growing brands on TikTok by diving into metrics, tracking trends, and testing across platforms

This VC firm has invested in hot food brands like Oatly, Beyond Meat, and energy drink Bai. Here's what they're looking to invest in next.

Here's the small but mighty pitch deck that nearly doubled legal tech Athennian's Series A to $12 million.

The former co-head of one of Goldman Sachs' most elite investing groups is making his own bets on banks and fintechs. He's poaching ex-colleagues and angering his old bosses.

Read the original article on Business Insider

A secret presentation from Walmart said ‘we fail our customers today.’ Here’s its plan to fight back in the war against Amazon.

Hello everyone!

Welcome to this weekly roundup of stories from Insider's Business co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

What we're going over today:

walmart new test stores
Walmart workers.

Here's what's trending this morning:


Walmart's secret initiative

From Blake Dodge, Shelby Livingston, and Áine Cain:

Walmart is grappling with how to improve its online-shopping experience at a time when ordering online has never been more critical.

As part of a broad effort to shore up its digital strategy, Walmart launched a confidential initiative called "Project Glass" to fix its clunky e-commerce experience early last year, according to an internal presentation obtained by Insider.

Project Glass aims to position Walmart as its customers' first choice for any need, and it comes as its key rival Amazon continues to steal away shoppers.

According to the presentation, which was published in March 2020, more online shoppers head to Amazon than Walmart for immediate needs, such as groceries. Sluggish online-order fulfillment and basket minimums also present major obstacles for customers when shopping for routine needs, the documents showed.

"We fail our customers today," Walmart said in the documents.

Read the full story here:

Also read:


Travis Kalanick is at war again

travis kalanick chicago disruption 2x1

From Meghan Morris:

Two miles west of Chicago's Wrigley Field, Uber founder Travis Kalanick's latest venture is whipping up chicken nuggets, waffle fries, and neighborhood alarm.

Kalanick's CloudKitchens - think WeWork-style shared office space but for restaurant kitchens - bought a long-vacant building in 2018 on a block of North Rockwell Street filled with single-family homes and one- and two-story buildings. Backing up to the Chicago River, the North Rockwell location is one of about 50 buildings CloudKitchens has purchased across the US, according to a January analysis by Insider.

The startup, funded by Saudi Arabia's sovereign wealth fund and Kalanick's money from Uber, sets up small industrial kitchens focused exclusively on takeout and delivery orders and used by everyone from mom-and-pop owners to the biggest names in fast food.

Orders at the North Rockwell location spiked in recent months, thanks to stay-at-home rules, Chicago's snowy winter, and popular Chick-fil-A, which set up shop in one of the site's kitchens in November. More orders led to an influx of drivers on the two-lane street. Suddenly, neighbors told Insider, CloudKitchens has upended a block where small local businesses have coexisted peacefully with each other and residential neighbors.

Read the full story here:r

Also read:


Inside Iconiq

iconiq divesh markan

From Rob Price and Meghan Morris:

Kanye West failed to impress Divesh Makan.

It was an unusual pairing: Makan, a disarming, strong-willed investor with a world-class Rolodex and a commitment to absolute discretion, and West, a maximally bombastic and unrestrained rapper whose life has played out almost entirely in the public eye.

The two were brought together as a result of Makan's constant drive to expand his network of clients, a list that includes Mark Zuckerberg and Tom Hanks. At stake for West was admission to Silicon Valley's most exclusive club: Iconiq Capital.

Makan's standards are exacting, however, and Yeezy didn't make the cut. An initial meeting between the two went nowhere, and in subsequent conversations with his employees, the Iconiq founder was dismissive of West, whose frequent tabloid appearances and brushes with controversy had the potential for a public-relations risk. (A spokesperson for West declined to comment.)

Other celebrities have had far more success.

Over the past decade, Makan has quietly built an unrivalled network of billionaire and celebrity clients through his high-end wealth-management firm, Iconiq Capital. By leveraging an early connection to Facebook's founding team, the South African-born businessman transformed himself from a rising star wealth manager at Morgan Stanley into a free-wheeling counselor to billionaires, responsible for $40 billion in funds under management.

Read the full story here:

Also read:


Goldman Sachs wants interns back in the office

David M. Solomon, President and Co-Chief Operating Officer of Goldman Sachs, speaks during the Milken Institute Global Conference in Beverly Hills
David Solomon, CEO of Goldman Sachs, speaks during the Milken Institute Global Conference in 2017.

From Reed Alexander:

Goldman Sachs has told incoming interns it's keeping the door open to some in-office experiences this summer, as firms across Wall Street recognize that door - while still narrowly ajar - is quickly closing.

In a memo viewed by Insider and sent to all of Goldman Sachs' incoming summer interns, the bank said it was preparing to roll out an internship program this summer that would offer interns some in-person experiences, if the situation allowed. The bank did not fully commit to a hybrid model that would fuse virtual and in-person elements.

In the memo, sent on February 25 by human-resources personnel at Goldman Sachs, the firm said prioritizing the well-being of its people was its primary objective and that it was keeping a close eye on the rapidly developing public-health situation.

Read the full story here:

Goldman Sachs is telling interns they may be coming into the office this summer as rival banks remain more cautious

Also read:


Lastly, don't forget to check out Morning Brew - the A.M. newsletter that makes reading the news actually enjoyable.

Here are some headlines you might have missed last week.

- Matt


19 media startups that VCs say are poised to take off in 2021, as trends like newsletters and sports betting surge

These are the 20 most-shorted SPACs in the market right now as skeptics wager billions against the 'blank-check' revolution

Unilever is shifting a $30 million chunk of its North American advertising account to Publicis in a big blow to ad giant WPP

Here are 4 NFT startups transforming the way we buy art and sports memorabilia

She voted for Obama and died for Trump. How QAnon turned Ashli Babbitt, an Iraq veteran, into a domestic 'terrorist.'

Analytics startup ThoughtSpot just raised $20 million from $60 billion Snowflake - and it plans to IPO when it fulfills three goals

See the presentation that convinced 2 billionaires and Dr. Oz to invest in a new way of helping doctors care for patients at home

Roblox CEO Dave Baszucki told us why he found a direct listing the most authentic way to go public, and why he doesn't consider himself an IPO 'rebel'

Read the original article on Business Insider

A secret presentation from Walmart said ‘we fail our customers today.’ Here’s its plan to fight back in the war against Amazon.

Hello everyone!

Welcome to this weekly roundup of stories from Insider's Business co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

What we're going over today:

walmart new test stores
Walmart workers.

Here's what's trending this morning:


Walmart's secret initiative

From Blake Dodge, Shelby Livingston, and Áine Cain:

Walmart is grappling with how to improve its online-shopping experience at a time when ordering online has never been more critical.

As part of a broad effort to shore up its digital strategy, Walmart launched a confidential initiative called "Project Glass" to fix its clunky e-commerce experience early last year, according to an internal presentation obtained by Insider.

Project Glass aims to position Walmart as its customers' first choice for any need, and it comes as its key rival Amazon continues to steal away shoppers.

According to the presentation, which was published in March 2020, more online shoppers head to Amazon than Walmart for immediate needs, such as groceries. Sluggish online-order fulfillment and basket minimums also present major obstacles for customers when shopping for routine needs, the documents showed.

"We fail our customers today," Walmart said in the documents.

Read the full story here:

Also read:


Travis Kalanick is at war again

travis kalanick chicago disruption 2x1

From Meghan Morris:

Two miles west of Chicago's Wrigley Field, Uber founder Travis Kalanick's latest venture is whipping up chicken nuggets, waffle fries, and neighborhood alarm.

Kalanick's CloudKitchens - think WeWork-style shared office space but for restaurant kitchens - bought a long-vacant building in 2018 on a block of North Rockwell Street filled with single-family homes and one- and two-story buildings. Backing up to the Chicago River, the North Rockwell location is one of about 50 buildings CloudKitchens has purchased across the US, according to a January analysis by Insider.

The startup, funded by Saudi Arabia's sovereign wealth fund and Kalanick's money from Uber, sets up small industrial kitchens focused exclusively on takeout and delivery orders and used by everyone from mom-and-pop owners to the biggest names in fast food.

Orders at the North Rockwell location spiked in recent months, thanks to stay-at-home rules, Chicago's snowy winter, and popular Chick-fil-A, which set up shop in one of the site's kitchens in November. More orders led to an influx of drivers on the two-lane street. Suddenly, neighbors told Insider, CloudKitchens has upended a block where small local businesses have coexisted peacefully with each other and residential neighbors.

Read the full story here:r

Also read:


Inside Iconiq

iconiq divesh markan

From Rob Price and Meghan Morris:

Kanye West failed to impress Divesh Makan.

It was an unusual pairing: Makan, a disarming, strong-willed investor with a world-class Rolodex and a commitment to absolute discretion, and West, a maximally bombastic and unrestrained rapper whose life has played out almost entirely in the public eye.

The two were brought together as a result of Makan's constant drive to expand his network of clients, a list that includes Mark Zuckerberg and Tom Hanks. At stake for West was admission to Silicon Valley's most exclusive club: Iconiq Capital.

Makan's standards are exacting, however, and Yeezy didn't make the cut. An initial meeting between the two went nowhere, and in subsequent conversations with his employees, the Iconiq founder was dismissive of West, whose frequent tabloid appearances and brushes with controversy had the potential for a public-relations risk. (A spokesperson for West declined to comment.)

Other celebrities have had far more success.

Over the past decade, Makan has quietly built an unrivalled network of billionaire and celebrity clients through his high-end wealth-management firm, Iconiq Capital. By leveraging an early connection to Facebook's founding team, the South African-born businessman transformed himself from a rising star wealth manager at Morgan Stanley into a free-wheeling counselor to billionaires, responsible for $40 billion in funds under management.

Read the full story here:

Also read:


Goldman Sachs wants interns back in the office

David M. Solomon, President and Co-Chief Operating Officer of Goldman Sachs, speaks during the Milken Institute Global Conference in Beverly Hills
David Solomon, CEO of Goldman Sachs, speaks during the Milken Institute Global Conference in 2017.

From Reed Alexander:

Goldman Sachs has told incoming interns it's keeping the door open to some in-office experiences this summer, as firms across Wall Street recognize that door - while still narrowly ajar - is quickly closing.

In a memo viewed by Insider and sent to all of Goldman Sachs' incoming summer interns, the bank said it was preparing to roll out an internship program this summer that would offer interns some in-person experiences, if the situation allowed. The bank did not fully commit to a hybrid model that would fuse virtual and in-person elements.

In the memo, sent on February 25 by human-resources personnel at Goldman Sachs, the firm said prioritizing the well-being of its people was its primary objective and that it was keeping a close eye on the rapidly developing public-health situation.

Read the full story here:

Goldman Sachs is telling interns they may be coming into the office this summer as rival banks remain more cautious

Also read:


Lastly, don't forget to check out Morning Brew - the A.M. newsletter that makes reading the news actually enjoyable.

Here are some headlines you might have missed last week.

- Matt


19 media startups that VCs say are poised to take off in 2021, as trends like newsletters and sports betting surge

These are the 20 most-shorted SPACs in the market right now as skeptics wager billions against the 'blank-check' revolution

Unilever is shifting a $30 million chunk of its North American advertising account to Publicis in a big blow to ad giant WPP

Here are 4 NFT startups transforming the way we buy art and sports memorabilia

She voted for Obama and died for Trump. How QAnon turned Ashli Babbitt, an Iraq veteran, into a domestic 'terrorist.'

Analytics startup ThoughtSpot just raised $20 million from $60 billion Snowflake - and it plans to IPO when it fulfills three goals

See the presentation that convinced 2 billionaires and Dr. Oz to invest in a new way of helping doctors care for patients at home

Roblox CEO Dave Baszucki told us why he found a direct listing the most authentic way to go public, and why he doesn't consider himself an IPO 'rebel'

Read the original article on Business Insider

Pete Buttigieg brought star power to the Transportation Department. Insiders explain how he’s winning over his new staff, the White House, and Republicans.

Hello everyone!

Welcome to this weekly roundup of stories from Insider's Business co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

What we're going over today:

pete buttigieg
Pete Buttigieg drinks a root beer float while talking with journalists as he walks through the Iowa State Fair August 13, 2019.

Hello!

This week was busy as ever, and we've got a ton of Insider deep dives to share with you today. But before we get to that, a look at what's trending this morning:

Now, let's get to it.


What Pete Buttigieg did next

From Adam Wren and Robin Bravender:

Rank-and-file Transportation Department employees saw their phones start blowing up the day President-elect Joe Biden announced that Pete Buttigieg was his pick to lead their agency.

One DOT staffer remembered being bombarded that December Tuesday with text messages, emails, and Facebook posts from friends who knew little about his actual job but were excited to hear that Buttigieg would be his boss. 

It's not uncommon for political stars and former White House contenders to land in a presidential Cabinet, but they usually don't call their new home the Transportation Department, a behemoth federal agency created during the Lyndon B. Johnson administration and whose portfolio includes pipeline safety, air-traffic control, and highway maintenance. 

Read the full story here:

Also read:


Black women CEOs and executives on their time in corporate America

Black women CEOs

From Jennifer Eum, Keishel Williams, Sawyer Click, and Taylor Tyson:

Across corporate America, the struggle to place women - especially Black women - at the helm of major companies continues. Paving the way forward are women like Thasunda Brown Duckett, who was just named CEO of retirement and investment manager TIAA. She will become only the fourth Black woman chief executive of a Fortune 500 company.

Duckett is one of 67 women featured in this collection of responses from influential Black businesswomen in America.

Insider asked these executives, from leading companies like Google, Salesforce, and Amazon, to reflect on their rise to the top, the struggle of being a Black woman in white corporate America, and the best career advice they've received. Their answers are raw and poignant, emotional and inspiring.

Read the full story here:

Also read:


Google's superhuman hearing project

Wolverine
Wolverine

From Hugh Langley:

Alphabet's moon-shots division, X, is quietly working on a top-secret augmented-reality device that would give people enhanced hearing abilities, Insider has learned.

The project, which is internally named "Wolverine," is a nod to the comic-book mutant's heightened sense of hearing, said four former employees familiar with the details, who asked to remain anonymous because they were not authorized to speak to the press.

The team started seriously working on the project in 2018, the sources said, and in that time it has gone through multiple prototypes and has gained the favor of executives like Google cofounder Sergey Brin.

 Read the full story here:

Also read:


Inside the downfall of Nikola founder Trevor Milton

trevor milton nikola profile 2x1

From Mark Matousek:

Trevor Milton's star rose as Nikola raised a billion dollars in funding and assembled a blue-chip roster of partners and customers. By 2020, Milton, the serial entrepreneur who'd started four companies before Nikola and sold two of them, was being compared to Tesla CEO Elon Musk.

But last June, Bloomberg was the first to report that the One prototype Milton unveiled in 2016 couldn't drive under its own power. Three months later, Hindenburg Research, a financial-research firm that calls out companies it thinks have misbehaved, said Milton had a long history of bending the truth.

Milton denied the allegations, but they hung over him until, a little over a week later, he resigned from the company that made him a billionaire, before it delivered a single truck.

Read the full story here:

Also read:


Lastly, don't forget to check out Morning Brew - the A.M. newsletter that makes reading the news actually enjoyable.

Here are some headlines you might have missed last week.

- Matt


Demoralized junior bankers are contemplating ditching investment-banking altogether as they battle burnout after a grueling year working from home

Inside Apple's ambitious next decade, where it could redefine consumer tech with a VR headset, foldable iPhone, and even an Apple Car

What hedge funds really think about SPACs: How a money-printing frenzy could end in tears for whoever's holding the bag

GOLDMAN SACHS: Buy these 30 stocks that are set to keep surging as economic acceleration and inflation continue to lift interest rates

The Wall Street Journal is revamping its digital strategy to get more traffic - and it's creating tension among some reporters

Meet the 15 executives with the most power under Amazon retail boss Dave Clark - and the 4 who got pushed down as he rose to CEO

Industry insiders say DraftKings is having M&A talks with a variety of potential targets. Here are the companies that could be on its shopping list and why.

Read the original article on Business Insider

Insider Weekly: Summer’s going to be great – New York Times’ Carolyn Ryan – Modern Health cofounder breakup

Hello everyone!

Welcome to this weekly roundup of stories from Insider's Business co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

What we're going over today:


summer pandemic in the US 2x1

Hello!

Kicking things off today on a positive note. It's been a rough year, but health experts are feeling unusually optimistic about this summer. We spoke with 18 doctors and scientists - many of whom told us they plan to travel, see family and even go to the movies.

Here's what experts want you to know about this pandemic summer.

But before we go on, let's take a look at the latest headlines:

And with that, let's get into some of our top reads of the week.



The most powerful woman in The New York Times newsroom 

GettyImages 465186899
Carolyn Ryan on "Meet the Press" in 2014

From Steven Perlberg:

Carolyn Ryan was at Gracie Mansion in 2010 for a holiday dinner when she and Michael Barbaro, who was covering City Hall for The New York Times, greeted then-Mayor Michael Bloomberg.

"Mayor, you of course know Michael Barbaro and his byline," introduced Bloomberg's former press secretary, Stu Loeser, who recalled the exchange to Insider. "This is his editor, Carolyn Ryan, who you know from other people's bylines."

Then, as now, Ryan is one of the most influential figures inside The New York Times - a polarizing, hard-driving deputy managing editor now supervising the organization's most fraught topic: newsroom culture.

Read the full story here.

Also read:


How IBM decides which employees can do their jobs from home

IBM CHRO Nickle LaMoreaux
Nickle LaMoreaux is IBM's chief human resources officer.

From Shana Lebowitz:

Nickle LaMoreaux became IBM's HR chief smack in the middle of a global pandemic.

After 20 years climbing the ranks at IBM, LaMoreaux was promoted to chief human resources officer in September. A few months in, she's considering what the pandemic has taught her about the future of work. More specifically: Is the hybrid work model, with some people in the office and some people remote, sustainable?

... LaMoreaux has started "dissecting" work, trying to figure out exactly which tasks can be done remotely and which probably can't. It comes down to three questions, she said: What is best done in the office? For whom? And how often?

Read the full story here.

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How the relationship between Modern Health's founders died

modern health cofounder breakup 2x1

From Melia Russell:

In September 2019, Erica Johnson was called into a meeting at Kleiner Perkins. Inside, Mamoon Hamid booked a conference room and prepared to have an uncomfortable conversation.

Hamid is one of Kleiner's partners and was the only outside board member in Johnson's mental-health startup, Modern Health.  

That day, he found himself wedged between Johnson and her business partner, Alyson Watson. The young cofounders had been drifting apart for months, and their disagreements had begun to threaten the promising but fledgling 2-year-old startup.

Read the full story here.

Also read:


ICYMI: The 125 people and institutions responsible for Trump's rise to power

Trump
President Donald Trump addresses guests at Joint Base Andrews in Maryland on January 20, 2021.

Donald Trump's unprecedented presidency didn't happen without help.

Which brings us to this Insider project. No president has been like Trump. He broke norms. He tested the Constitution. He got impeached - twice. It was a whirlwind unlike anything in US history, hence our attempt to build a searchable database to better understand the people and organizations that helped make Trump Trump.

Read the full story here.


Lastly, don't forget to check out Morning Brew - the A.M. newsletter that makes reading the news actually enjoyable.

Here are some headlines you might have missed last week.

- Matt


Goldman Sachs says these are the top 15 SPACs hedge funds are betting on right now, as roughly 5 go public each trading day

How Roark Capital's Neal Aronson won over franchisees to build a $54 billion fast-food juggernaut with brands like Arby's, Jamba, and Dunkin'

Meet the Stripe mafia: These 14 former employees are raising millions for their own startups, from climate tech to a Slack competitor

Read the pitch deck 2 founders used to land $59 million to help barbershops run their sales and bookings more smoothly

We asked Europe's biggest tech investors to pick the disruptive insurance startups they think will blow up in 2021. Here are the 26 they chose.

New York is pushing to legalize marijuana. Here are the prime acquisition targets and the types of deals you can expect.

Meet the 12 execs revolutionizing Dollar General, the Walmart of dollar stores, as it expands into fresh grocery and taps into a more affluent customer base

Read the original article on Business Insider

Gen Z is already shaking up the venture-capital industry. Meet 29 up-and-coming investors.

Hello everyone! Welcome to this weekly roundup of stories from Insider from Business co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

gen z vc
Nik Sharma, Sujude Dalieh, Josh Richards, and Rahul Rana

Hello!

Former President Donald Trump is set to speak at the Conservative Political Action Conference (CPAC) in Orlando, Florida, next week, in his first public appearance since he left the White House. Here's what's trending this morning.


Gen Z VCs

From Margaux MacColl:

Gen Z venture capitalists have made headlines by starting syndicates, networking in Slack groups, and making a racket on Clubhouse. It has quickly become clear: Gen Z is already shaking up the venture-capital industry.

There's no set path for Gen Z, people born between 1995 and 2010, to break into venture. Some landed their first jobs by getting lucky with a cold email, while others got the attention of bigwigs through ambitious personal projects. For example, one Gen Zer on our list landed his venture-capital job after writing a book at age 18 that impressed a venture-firm partner. Others are forgoing traditional firms entirely, opting instead to angel invest in startups led by Gen Z founders that they believe in.

But there are some commonalities between the rising stars on this list: Almost everyone leverages social media in some way (see: the three TikTok superstars), many deeply understand the importance of forming their own Gen Z venture-capital communities, and pretty much all of them want to change the world.

Read the full story here:

Also read:


Citi's $900 million blunder

Michael Corbat, CEO of Citigroup
Michael Corbat, CEO of Citigroup

From Yoonji Han and Dakin Campbell:

It was around 9 a.m. on Aug. 12 when Arokia Raj first realized that something had gone terribly wrong.

Raj, a member of a Citigroup team that processes and services asset-based loans, was reviewing the previous day's transactions when he noticed large gaps in the numbers - a discrepancy of just under $900 million.

Raj quickly put two and two together: The figure matched, down to the decimal point, the outstanding principal balance on a loan that the beauty company Revlon had taken out nearly five years ago. 

With a few fatal clicks, Raj had mistakenly sent Revlon's lenders not just the accrued interest of less than $8 million, as intended, but also the total outstanding principal. 

Read the full story here:

Also read:


Walmart's healthcare slowdown

Walmart Health
Walmart is already rolling back its bold clinic strategy.

From Shelby Livingston and Blake Dodge:

Walmart's ambitious plan to build thousands of low-cost health clinics across the country is slowing down, less than two years after the retail giant embarked on a big push to expand access to primary care.

Walmart launched its first comprehensive health center in September 2019. The one-stop-shop clinics were an attempt to leapfrog the competition and capture a piece of the $3.8 trillion industry while sending more people into Walmart stores.

Walmart's vision was to become "America's neighborhood health destination." The push deeper into healthcare came as competitors like Amazon and CVS Health also bulked up their healthcare ambitions.

Now Walmart's clinic strategy is in flux, Insider has learned from conversations with eight current and former employees, most of whom spoke on condition of anonymity as they were not authorized to speak with the press because of confidentiality agreements. Their identities are known to Insider.

The most concrete sign of the slowdown is that the company isn't on track to meet its earlier projections for the number of clinics it wants to build this year, according to documents obtained by Insider.

Read the full story here:

Also read:


ICYMI: What became of Gaia

gaia conspiracy streaming 2x1

From Rob Price:

Only a select group of employees were allowed to know about the corpse.

It had surfaced in the valleys of southern Peru, and word quickly made its way to Jirka Rysavy, a former athlete from Czechoslovakia turned serial entrepreneur. Rysavy, now operating a young video-streaming service called Gaia, got to work, dispatching a video crew from the company's crystal-strewn headquarters in the shadows of Colorado's Rocky Mountains to document the find. The team was sworn to silence, hiding its mission even from coworkers.

The body looked, at first glance, almost human. But the mummified cadaver had just three disturbingly long fingers on each hand. Each foot bore a trio of freakishly long toes. Its eyes were unnatural, alien slits.

Read the full story here:


INVITE: Next-Gen founders on racial equity and inclusion in tech

From Dominic-Madori Davis:

The Black Lives Matter protests last summer helped fuel a new drive for diversity and inclusion in the workplace. But how far have we come since then? And how much farther do we have to go? 

Every industry in Corporate America has its own issues to grapple with. Insider is taking a deep dive into tech to talk to Next-Gen founders about racial equity and inclusion in this industry. 

On Thursday, February 25th at 12 PM ET, Dominic-Madori will moderate a panel featuring Vernon Coleman, CEO and cofounder of the video networking app Realtime, Jordan Walker cofounder of the audio messaging app Yac, and Urenna Okonkwo, founder of the finance app Cashmere.

Sign up here to watch. 

Lastly, don't forget to check out Morning Brew - the A.M. newsletter that makes reading the news actually enjoyable.

Here are some headlines from last week that you might have missed.

- Matt


JPMorgan says 2021 is a stock-picker's paradise offering big money-making opportunities. Here are the firm's 22 highest-conviction small-cap investment ideas.

H-1B visa regulations are changing. An expert and top Silicon Valley immigration lawyer share 4 alternatives to the lottery system.

An asset manager overseeing nearly $100 billion divested from Exxon on concerns it is failing to move fast enough to address climate change

More than 4,000 advertisers including Pfizer, Walmart, and even the CDC ran ads alongside vaccine misinformation

I'm a former Amazon VP who was there for 12 years and also served as Jeff Bezos' chief of staff. Here are the top insights I personally learned from him that have helped me in my career.

Billionaire Seth Klarman's Baupost pumped nearly $200 million into 6 new SPAC bets in the fourth quarter

The startup behind MrBeast Burger sees a huge opportunity in influencer 'ghost kitchens' and plans to expand the brand to 1,000 restaurants

Read the original article on Business Insider

The spirit of Occupy Wall Street is back, but this time it’s coming from inside the stock exchange

Hello everyone! Welcome to this weekly roundup of stories from Insider from Business co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

Read on for the latest news, and more on Wall Street Bets, Black Comedy Central employees feeling tokenized, and the new face of Blackstone. 

Read time: 5 minutes.

WallStreetBets logo
Wall Street Bets users have driven up the GameStop stock price

Hello!

A troubling strain of the coronavirus has emerged, and it's now spreading around the world, Andrew Dunn reported this weekend. From his story:

Potentially more troubling: A flurry of data released this week shows the virus has changed in ways that likely diminish the efficacy of leading vaccines. 

"We can see that we are going to be challenged," Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, said Friday, calling the most recent findings "a wake-up call for us to be nimble and to be able to adjust."

Vaccine developers are relatively confident the current shots will still fight the pandemic, including the troubling variants. But the latest results show the world has entered a new phase of the pandemic, one that may challenge people's expectations of a smoothly gliding return to normalcy once most people are vaccinated.

Read the full story here:

Coronavirus variants threaten to upend pandemic progress. Here's how 4 top vaccine makers are fighting back.


Occupy Wall Street Bets

From Ben Winck:

The spirit of Occupy Wall Street is back. Only this time, it's coming from inside the stock exchange.

Over the past few weeks, as internet-savvy traders led by the Reddit subgroup Wall Street Bets have furiously driven up the stock price of GameStop, short sellers who were betting against the video game retailer have been hit hard. According to the analytics firm S3 Research, losses on the single stock have totaled more than $19 billion.

Some market commentators argue that the sudden spike in flash rallies, which have spread to a wide range of other securities around the world, is an internet prank gone viral. Others see it as a dubious, get-rich-quick scheme cooked up by more experienced investors in the forum.

But much of the internal activity on Wall Street Bets suggests that the ferocious battle over left-for-dead stocks like AMC and Blackberry is being driven by something deeper and more transformative. Members of the subreddit portray themselves as Robin Hoods of the stock market, toppling elite investors and helping to reverse America's unprecedented wealth gap. Posts disparaging renowned hedge funds and well-heeled short sellers garner thousands of enthusiastic comments.

Read the full story here:

Also read:


Black Comedy Central employees felt tokenized

comedy central racism discrimination 2x1

From Melkorka Licea:

On January 26, 2020, Kobe Bryant and his 13-year-old daughter, Gianna, died in a helicopter crash. The next day, a Black assistant for Comedy Central's in-house creative team was still reeling from the news.

"I could barely get on the subway," she said. "I was crying and honestly really shouldn't have gone in to work that day."

She managed to make it to the network's headquarters in New York City. When she arrived, she was immediately called into a daily meeting.

Chris McCarthy, the president of ViacomCBS's MTV Entertainment Studios, had emailed the team that morning, instructing them to publish content memorializing the Los Angeles Lakers legend.

"Why the f--- would we do that? Isn't that BET's job?" the former assistant said she recalled the VP who was leading the meeting saying, referring to the Black Entertainment Television channel.

The VP denied saying this. "The quotes attributed to me in the upcoming Business Insider article are false as stated," the executive told Insider.

"It was a slap in the face," the assistant said. "Executives didn't understand how monumental of a day that was for Black employees."

Read the full story here:


The new face of Blackstone

joy gray blackstone 2x1

From Casey Sullivan and Dan Geiger:

It was a meeting that Jon Gray couldn't miss.

So when his transatlantic flight touched down in the early hours of a September 2019 morning, the president and chief operating officer of the nearly $600 billion alternative-asset manager Blackstone told his driver to head straight to the company's headquarters on New York's Park Avenue rather than his home on the Upper East Side.

Gray and Stephen Schwarzman, Blackstone's cofounder and CEO, had a breakfast planned with Whitney Wolfe Herd, the young founder of Bumble - a dating app where women make the first move and just the type of hip, fast-growing company in which Blackstone has increasingly sought to stake its continued expansion.

Herd, who was 30 at the time and a rising entrepreneur, had drawn investment interest from much of the private-equity world. But past partnerships had proved treacherous and Herd was cautious. Andrey Andreev, the Russian billionaire who owned Bumble via its parent company, MagicLab, had drawn scrutiny after allegations surfaced that he fostered a drug-fueled workplace where women were objectified. 

Herd had sued her previous employer, the dating site Tinder, and its parent company, IAC, accusing Tinder's top executive and chief marketing officer of sexual harassment.

Gray, a youthful 49, boundlessly affable, and the billionaire No. 2 at the largest private-equity firm, cast a different image from the traditional buyout titan.

His office was decorated with pictures of his wife, Mindy, and their four daughters. And despite a sleepless night, he was sharp, energetic, and down to earth.

"He's really a humble, good person, and you can feel that within the first 10 seconds of meeting him," Herd said. "He wanted to know about my parents and where did I grow up … not just 'let's talk about business.' It was a genuine interest in getting to know the Whitney behind the Whitney."

Read the full story here:

Jon Gray is the future of Blackstone. 50 insiders reveal how the superinvestor consolidated power, elbowed out rivals, and is remaking the firm in his golden-boy image.

Also read:


INVITE: What's on tap for the red-hot IPO market in 2021

Join us Wednesday, February 3 at 2:30 p.m. ET, as Dakin Campbell moderates a panel featuring Kim Posnett, Goldman Sachs partner and Internet investment banking chief, Greg Rodgers, a Latham & Watkins LLP attorney and direct-listings expert, and Mitchell Green, a venture capitalist at Lead Edge Capital who backed Uber, Spotify, Asana, and Alibaba. 

These IPO experts will discuss what you can expect for the year ahead and how recent changes have dramatically altered the calculus for startup entrepreneurs. They will also take reader questions. 

Sign up here. 

Here are some headlines from the past two weeks that you might have missed.

- Matt


Insiders who worked with Instagram mega influencer Danielle Bernstein say she rips off fashion designers and gets away with it

Mike and Karen Pence are homeless and appear to be couch surfing their way through Indiana

Inside the rise of Andy Jassy, who built Amazon Web Services into a $40 billion business and sits 'almost side-by-side' with Jeff Bezos

We mapped out the power structure at Exxon and identified 138 of the oil giant's top employees. Here's our exclusive org chart.

Insiders at PR software giant Cision are wondering what's next after layoffs and an exodus of top execs

12 companies that are ripe for acquisition as e-commerce takes off

The CEO of major health insurer Humana laid out why he's betting big on primary care

Steve Gold sells some of NYC's ritziest apartments and swears by this 6:30 a.m. to 11:30 p.m. schedule

Read the original article on Business Insider

A tech exec moved his family from California to Texas and regretted it. He breaks down 10 key points to consider before relocating for work.

Hello everyone! Welcome to this weekly roundup of stories from Insider from Business co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

Read on for more on Silicon Valley vs Texas, the MyPillow guy, and President Joe Biden's White House staff.

Read time: 4 minutes.

Austin

Hello!

Attention has turned to President Biden's stimulus plan following his inauguration this week. Here's the latest:


Silicon Valley vs Texas

From Brett Alder:

A lot of people, including myself, moved from California to Austin because of the hype and the perception that California and Austin are reasonably comparable in lifestyle. My family and I found that to be far from the case.

The thing that California and Austin definitely have in common is that they're both very expensive. Austin is not cheap. Let the words sink in. Austin is not cheap; it's actually quite expensive.

We moved from San Diego in 2015 (owning a 2,000-square-foot house on a one-third acre) looking for a boost in lifestyle. If you're looking for great schools, the southwest and northwest sectors of Austin are the main options. The only caveat is that NW Austin (Travis County) is some of the most expensive real estate in Texas.

But there's lots that's different. Here's what we learned, or 10 reasons that Austin is not the "California of Texas."

Read the full story here:

Also read:


The MyPillow guy

mypillow ceo mike lindell profile 2x1

From Kate Taylor:

As President Donald Trump's corporate allies abandoned him in the final days of his administration, one man was left standing: MyPillow CEO Mike Lindell. 

"I'm not backing down on these machines that stole our election," Lindell told Insider on Wednesday, referring to baseless claims that rigged voting machines helped President Joe Biden steal the 2020 race.

"I'm not changing my mind on anything like that ever. I'm not going to: 'Oh, please, don't boycott me. Please don't,'" Lindell added, transforming his voice into a whining, pitiful tone.

"That's not me," Lindell added, returning to his typical forceful cadence that frequently borders on shouting. "If everybody did that, then anyone that wants to control the narrative can do whatever they want and destroy companies."

Read the full story here:

Also read:


Biden's White House team

kamala harris Joe biden inauguration

From Tina Sfondeles, Kayla Epstein, Robin Bravender, and Sawyer Click:

It's time to meet an entirely new White House.

Out: Mark Meadows, Hope Hicks, Dan Scavino, and myriad bold-faced names that helped President Donald Trump run the country over the last four years.

In: Ron Klain, John Kerry, Jennifer Psaki, and a who's who of veteran Democratic power brokers joining President-elect Joe Biden in his uphill quest to unite a country on edge.

Biden already has announced more than 200 White House hires, and that was before he even took office. Many more people are expected to soon join a team that's ultimately expected to rival the more than 400 presidential aides Trump employed as of mid-2020. 

To help navigate the transition, Insider has compiled a comprehensive list of the staffers who will keep Biden's White House running.

Read the full story here:

Also read:


INVITE: The future of work

Join Insider Events on Wednesday, January 27 at 12 p.m. ET for "Workplace Evolution," presented by Dell Technologies. Speakers from Netflix, Slack, and P&G will discuss how to empower remote workers, what the shift from "work from home" to "live at work" means, and what the new workplace landscape will look like in the future.

Merrill Lynch's pipeline for thousands of new advisors is 'in limbo' as the firm overhauls its training program and deals with ongoing cold-call violations

BlackRock bond chief Rick Rieder says investors must think 'dramatically differently' in 2021. Here's what he's bought and sold as he anticipates explosive growth this year.

We asked 12 prominent European tech investors to pick out fintech startups they think will blow up in 2021. Here are the 20 they chose.

Bank of America says to buy these 16 semiconductor stocks as the US industry is poised to quadruple its growth rate of the past 3 years

We got an exclusive look at the pitch deck $3 billion valued healthtech startup Hinge Health used to raise $300 million

Carlyle's credit crew: Meet 14 people leading the PE giant's $53 billion lending division that's been red-hot during the pandemic

Rivian uses one of Elon Musk's favorite job-interview techniques to determine which candidates stand out from the pack

An ad agency sued Omnicom's DDB, alleging it was 'exploited' so the other firm could win a $4 billion US Army contract

Read the original article on Business Insider