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☆ Here are the 2 very different execs in contention to be CEO of Morgan Stanley
▼ + stars: | 2023-05-19 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

James Gorman announced that he will step down as Morgan Stanley CEO in the next year. The three executives in contention are co-presidents Ted Pick and Andy Saperstein, as well as Dan Simkowitz, head of investment management at Morgan Stanley. Morgan Stanley declined to comment. But the long-time Morgan Stanley executives have distinct leadership styles and backgrounds. Do you work for Morgan Stanley?

☆ BT jobs: Company will shed as many as 55,000 workers by 2030
▼ + stars: | 2023-05-18 | by ( Hanna Ziady | ) edition.cnn.com time to read: +1 min

London CNN —BT Group is planning to slash up to 55,000 jobs in the next five to seven years as it makes greater use of technology to cut costs and simplify its business. The UK telecom company said Thursday that its total workforce would fall to between 75,000 and 90,000 by 2028-2030, from 130,000 at present. “New BT Group will be a leaner business with a brighter future.”Earlier this week, Vodafone (VOD), once the world’s biggest mobile telecom group, said it would cut 11,000 jobs, or about 11% of its workforce, over three years. The company also unveiled a turnaround plan to revive its ailing fortunes under new CEO Margherita Della Valle. Its adjusted earnings rose 5% to £7.9 billion ($9.8 billion).

☆ Charm Industrial is getting $53 million for turning agricultural waste into oil that can be pumped underground to lock away carbon dioxide for 1 million years
▼ + stars: | 2023-05-18 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

The company says the oil hardens within days and it estimates the carbon dioxide is locked away for 1 million years. That's far more than the 6,055 tons that Charm Industrial has removed to date under pilot programs. Meeting that global climate goal will likely require billions of metric tons of carbon dioxide to be removed from the atmosphere by 2050. Startups like Climeworks are using fans to suck carbon dioxide out of the sky, while others are using enhanced weathering that speeds up the natural ability of minerals to store carbon dioxide. For its part, Charm Industrial buys agricultural waste from farmers and heats it to high temperatures in a contraption called a pyrolyzer.

☆ Charm gets $53 million to turn corn leftovers into oil and inject it into abandoned oil and gas wells
▼ + stars: | 2023-05-18 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +10 min

The 112,000 tons of carbon dioxide that Charm will remove is more than ten times the total quantity of carbon dioxide that has been removed so far with human techniques. "It's sort of a brilliant, but accidental, discovery," Reinhardt told CNBC. "It's a little it's a little odd or unusual, but uniquely American, in that we're basically pumping barbecue sauce into old oil and gas wells," Reinhardt told CNBC. There are about 2 million abandoned oil and gas wells in the U.S., and owner-operators are eager to find another use for them, Reinhardt told CNBC. We will run out of waste biomass long before we before we exhaust the subsurface capacity," Reinhardt told CNBC.

☆ BNY Mellon launches new ETF focused on women's opportunities
▼ + stars: | 2023-05-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +6 min

Investing in women's empowerment and opportunities is something portfolio managers Julianne McHugh and Miki Behr have talked about doing for years. BNY Mellon Women's Opportunities ETF , the exchange-traded fund they manage, launched Wednesday, trading under the ticker BKWO. Investing for financial return while promoting gender diversity, known as gender lens or gender equity investing, isn't new. Assets in U.S. gender equity funds have doubled over the last three years, to $1.3 billion, as of the end of February, Morningstar found. Those funds represent less than 0.01% of total equity fund assets in the United States, according to the firm.

☆ Gen Z Fast Fashion, Live Shopping, Clothes Addiction Destroying Planet
▼ + stars: | 2023-05-17 | by ( Eve Upton-Clark | ) www.businessinsider.com time to read: +13 min

The Gen Z paradoxGen Z's economic power is growing faster than other generations, according to Bank of America. In the US, fashion is the preferred category for entertainment spending among Gen Z, outranking dining out, video games, and music. A 2021 McKinsey survey found that 42% of American Gen Zers said they didn't even know what makes clothes sustainable. In addition to pushing people to buy more clothes, the buy-now, think-later model of live shopping also encourages people to buy clothes that are worse for the planet. To solve that problem, she founded Viviene New York in 2022, a Gen Z-led marketing agency that helps sustainable brands connect with Gen Z audiences through social media.

☆ Vodafone plans 11,000 job cuts in the UK and worldwide
▼ + stars: | 2023-05-16 | by ( Hanna Ziady | ) edition.cnn.com time to read: +1 min

London CNN —Vodafone said Tuesday it would cut 11,000 jobs over three years, as the telecoms company unveiled a turnaround plan to revive its fortunes following years of poor performance. The job cuts would affect the firm’s UK headquarters and operations in other countries, Vodafone added in a statement. Within a challenging sector, Vodafone’s performance relative to peers had “worsened over time,” Della Valle said in a video posted to the company’s website. Shares in Vodafone have fallen 28% over the past year. Under its turnaround plan, Vodafone would invest more in its customer experience and also direct more resources towards Vodafone Business, serving corporate clients, which was growing in nearly all the company’s European markets.

☆ Elon Musk called downtown San Francisco — where Twitter is headquartered — a 'derelict zombie apocalypse' amid its huge homelessness and drug issues
▼ + stars: | 2023-05-16 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Elon Musk commented on the drugs and homelessness crisis in San Francisco calling it a "disaster." The billionaire CEO said the "once beautiful and thriving" area has become a "zombie apocalypse." Twitter CEO Elon Musk tweeted his thoughts about downtown San Francisco lamenting the decline of the "once beautiful and thriving" area and called it a "disaster." San Francisco is also a major tech hub with the likes of Google, Twitter, Apple, and Meta headquartered in or near the city. She considered the conditions in San Francisco as bad as in cities like Mumbai and Delhi, which are notorious for having some of the worst poverty crises on earth.

☆ Move over McKinsey: This Gen Z founder is offering fellow grads an alternative to delayed start dates at consulting firms
▼ + stars: | 2023-05-16 | by ( Alexandra York | ) www.businessinsider.com time to read: +6 min

He's attracting fellow 2023 graduates whose start dates were delayed at major consulting firms. These delays mean recent grads won't be pulling in big salaries from the major consulting firms — at least not right away. InstagramForced to rethink their futuresMany business students follow a traditional path from the Ivy League to top investment-banking or consulting firms. One, who has an offer to start at McKinsey in February, told Ou he is considering going to law school instead. By assisting gig workers, Ou expects Talentifyr's workers will see a direct and positive impact from their work.

☆ I quit Goldman Sachs after only a year. Here's how I knew leaving for a tech startup was the right career move.
▼ + stars: | 2023-05-15 | by ( Chris Hladczuk | ) www.businessinsider.com time to read: +8 min

Chris Hladczuk leads growth at Meow, a fintech startup, after quitting Goldman Sachs. I picked a weird day to quit — it was my 24th birthday and I called my boss to tell her I was leaving Goldman Sachs. The power of Goldman SachsI love Goldman because it taught me how to win. With my future career in mind, is my pace of learning higher at Goldman in investment banking or at an early-stage startup? Chris Hladczuk currently leads growth at fintech startup Meow.

☆ Google CEO Sundar Pichai said he thinks AI will make the law profession better, not get rid of lawyers
▼ + stars: | 2023-05-12 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +3 min

Google CEO Sundar Pichai told The Verge he thinks AI will make the law profession better. Pichai said more people may become lawyers because law and legal systems aren't going away. Google CEO Sundar Pichai said he thinks artificial intelligence will make the law profession better and that he's "willing to almost bet" there will be more lawyers a decade from now. However, Madgavkar said AI won't be able to fully automate legal jobs, because human judgment is still needed to meet client and employer demands. Pichai told The Verge he thinks "governments and legal systems will always have to grapple with the same set of problems," when new technology emerges.

☆ 7. Anduril Industries
▼ + stars: | 2023-05-09 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +3 min

Anduril Industries operates in an increasingly complex security environment, where science and technology innovation are needed for the U.S. military to keep an edge. Throughout 2022, defense technology specialist Anduril Industries supplied drones, artificial intelligence software and training to help the Ukrainian Armed Forces conduct surveillance and reconnaissance missions. With a recent round of venture financing directed toward cutting-edge autonomous militaristic products, Anduril Industries stands to help fill this gap and scale it up. Building on that acquisition, last year Anduril Industries partnered with the U.S. Special Operations Command on a 10-year, $967 million contract to provide systems for shooting down drones. Anduril also bought startup Dive Technologies, a maker of underwater vehicles, to expand its suite of autonomous vehicles.

☆ The Metaverse, Zuckerber's Tech Obession, Is Officially Dead. ChatGPT Killed It.
▼ + stars: | 2023-05-08 | by ( Ed Zitron | ) www.businessinsider.com time to read: +11 min

The Metaverse, the once-buzzy technology that promised to allow users to hang out awkwardly in a disorientating video-game-like world, has died after being abandoned by the business world. After a much-heralded debut, the Metaverse became the obsession of the tech world and a quick hack to win over Wall Street investors. Once the tech industry turned to a new, more promising trend — generative AI — the fate of the Metaverse was sealed. But the short life and ignominious death of the Metaverse offers a glaring indictment of the tech industry that birthed it. Roblox, an online game platform that has existed since 2004, rode the Metaverse hype wave to an initial public offering and a $41 billion valuation.

☆ Washington says Chinese airlines can increase flights to America
▼ + stars: | 2023-05-04 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

The US Department of Transportation confirmed to CNN that it had issued an order permitting Chinese airlines to increase their number of weekly round-trip flights to 12. That’s up from the eight weekly round-trip flights currently allowed for Chinese carriers. Currently, three US airlines American Airlines (AAL), Delta Air Lines (DAL) and United Airlines (UAL) fly routes between the two countries. Chinese operators Air China, China Southern Airlines, China Eastern Airlines and Xiamen Airlines also serve the two markets. Chinese carriers have not been subject to the restrictions, as the relationship between Moscow and Beijing remains intact, leading to calls in the United States and Britain for bans on Chinese flights that use Russian airspace.

☆ Fintech Finix is now a payments processor. The startup's CEO details how it wants to upend the industry and take on industry giants like Fiserv and FIS.
▼ + stars: | 2023-05-04 | by ( Paige Hagy | ) www.businessinsider.com time to read: +4 min

Finix is now a payments processor, Insider has learned. The financial-technology startup is now a payments processor in addition to being a payments facilitator, Insider has learned. By becoming a payments processor, Finix is reducing the number of third-parties in a given transaction as it looks to compete against legacy processors such as Fiserv and FIS. As a processor, Finix can own yet another portion of the payments' lifecycle. And while a legacy processor can take up to 24 hours to test new code, Finix takes 30 minutes.

☆ New grads are already worried about being overworked in their first jobs out of college
▼ + stars: | 2023-05-03 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +2 min

The top concern soon-to-be-grads have about entering the current job market has nothing to do with money, according to a new survey of 500 incoming college graduates from A.Team, a tech hiring platform. Instead, when asked about their top concern about the work landscape, 21% said they were most worried about finding a role that affords them work-life balance. Not far behind, 19% of new grads are concerned about not finding a job they're passionate about, while another 18% say potential layoffs are their biggest worry. Reports of academic burnout from college students got worse during the pandemic and remains a problem: As of 2022, 2 in 5 undergrads say they frequently feel stress while attending school, according to research from Gallup and the Lumina Foundation. Gen Z's calls for work-life balance could reshape workplace culture

☆ Fintech Finix just became a payments processor as the startup looks to compete with industry giants like Fiserv and FIS
▼ + stars: | 2023-05-02 | by ( Paige Hagy | ) www.businessinsider.com time to read: +4 min

☆ JPMorgan is buying First Republic Bank after it was taken over by regulators
▼ + stars: | 2023-05-01 | by ( Kaja Whitehouse | Huileng Tan | ) www.businessinsider.com time to read: +5 min

First Republic Bank was put into receivership by regulators early Monday. First Republic Bank will be taken over by JPMorgan after being seized by regulators, marking the third regional bank to be taken over by federal regulators following a consumer panic that took down Silicon Valley Bank in March. The FDIC said early Monday that JPMorgan submitted a bid for all of First Republic's deposits of $103.9 billion. As part of the transaction, First Republic Bank's 84 offices in eight states will reopen as branches of JPMorgan on Monday. JPMorgan is assuming all of First Republic Bank's deposits — including uninsured ones — as well as most of its assets, said FDIC and JPMorgan in their statements.

☆ The big cybersecurity risks when ChatGPT and AI are secretly used by employees
▼ + stars: | 2023-04-30 | by ( Mikaela Cohen | ) www.cnbc.com time to read: +3 min

Soaring investment from big tech companies in artificial intelligence and chatbots — amid massive layoffs and a growth decline — has left many chief information security officers in a whirlwind. But not every company has its own GPT, so companies need to monitor how workers use this technology. PCs were similar, so we're seeing the equivalent now with generative AI." "If you're a corporation, you don't want your employees prompting a publicly available chatbot with confidential information," Chui said. Protection of confidential information, regulation of where the information gets stored, and guidelines for how employees can use the software — all are standard procedure when companies license software, AI or not.

☆ Americans are saving far less than normal in 2023. Here's why
▼ + stars: | 2023-04-27 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +1 min

The U.S. personal savings rate remains below its historical average, according to the U.S. Bureau of Economic Analysis. The seasonally adjusted annual rate of personal saving was 4.6% in February. That's well below the average annual rate of more than 8%, according to the data, which traces back to 1959. Collectively, Americans have trillions in excess savings compared with expectations leading up to the pandemic, according to Federal Reserve economists. Watch the video above to learn about how the personal savings rate affects you and the wider economy.

☆ Consultancies are coming off a pandemic boom. Are they still worth hiring?
▼ + stars: | 2023-04-27 | by ( Anna Cooban | ) edition.cnn.com time to read: +9 min

Management consultancies helped design vaccination programs during the pandemic and are currently providing advice on how to rescue one of the world’s biggest banks. The $230 billion management consulting industry is a broad church: it includes companies offering everything from project management expertise to designing new organizational structures. Many big firms — think EY and KPMG — also conduct audits and advise on their clients’ tax issues, though these services are generally seen as distinct from their consulting work. In The Big Con, published in February, prize-winning economist Mariana Mazzucato and her co-author Rosie Collington argue that management consultancies “infantilize” governments by keeping them dependent on their services. Nearly 80% of firms surveyed globally have told the think-tank that consultants’ work is either of high or very high quality, she noted.

☆ China's EV players are starting to compete on driver assist tech
▼ + stars: | 2023-04-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Huawei's co-developed Aito electric car brand is now selling an updated version of the M5 model that comes with new driver-assist tech. Around the Shanghai auto show that kicked off last week, electric car startups and Chinese tech companies alike made several announcements about their driver-assist tech. But McKinsey estimates assisted and fully autonomous driving systems in passenger cars could generate $300 billion to $400 billion in global revenue by 2035. Those maps, used by autonomous driving companies such as Alphabet 's Waymo, give a car a detailed picture of city streets. Xpeng, considered one of the most advanced technologically, saw deliveries plunge in the first quarter ahead of a more widespread rollout of its assisted driving tech.

☆ Companies are selling us more stuff by telling us it's 'sustainable'
▼ + stars: | 2023-04-21 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

The federal government is updating guides around how companies can prove their environmental claims. Companies are advertising what they plan to do, such as addressing the climate crisis or using more recycled materials in their products. She pointed to a case BBB National Programs' National Advertising Division brought against the American Beverage Association, which represents companies such as Coca-Cola and PepsiCo. The beverage industry appealed the finding, arguing that the ad was intended to increase awareness that plastic bottles could be recycled. The National Advertising Division's appellate body upheld the original decision.

☆ How 4 US health systems are using AI to tackle big challenges like managing patient emails and documenting visits
▼ + stars: | 2023-04-20 | by ( ) www.businessinsider.com time to read: +7 min

Leaders at four health systems shared how they use AI to manage emails or help doctors take notes. Some health systems also have experimented with using AI to help diagnose disease. But health systems are generally cautious about deploying the technology in clinical care, where the stakes are higher. Here's how four healthcare systems are using AI to tackle some of their biggest challenges. Sutter Health is using AI to manage patients' messagesDr. Albert Chan, the chief digital health officer at Sutter Health.

[1/3] BMW's concept model i Vision Dee is unveiled during an event at the Auto Shanghai show, in Shanghai, China April 18, 2023. While the battery-electric vehicle market share of German automakers in China is rising, it is still miniscule. The EV sales of all four German brands added up to only a quarter of BYD's in 2022. "The Chinese market is no longer as stable for German carmakers as it was," Thomas Luk, partner at management consultancy Kearney, said on the sidelines of the Shanghai show. Many are also adopting direct sales, an approach German automakers like BMW and Mercedes-Benz have also said in recent months they are moving towards.

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