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☆ LA considers ban on cashless businesses because they exclude low-income people, people of color, and seniors
▼ + stars: | 2023-08-27 | by ( Katie Balevic | ) www.businessinsider.com time to read: +2 min

Los Angeles could join other cities and states in banning cashless businesses. A councilwoman wants to ban the practice, something San Francisco and New York City have already done. It comes as more businesses in the area are opting for cashless payments like credit cards or digital payments through apps. Those options, businesses say, make the purchasing process more efficient and safe, the Los Angeles Times reported. Her motion calls for the City Attorney to draft an ordinance prohibiting cashless businesses.

Persons: Councilwoman Heather Hutt, Kardashian, Hutt, Bill Scott Organizations: Francisco and New, Service, Los Angeles Times, Daily Mail, City Attorney, Times, San Francisco Police Department Locations: Angeles, LA, Francisco and, Francisco and New York City, Wall, Silicon, Los Angeles, City, New York, Philadelphia, San Francisco

☆ The 10 U.S. cities where a $100,000 salary goes the furthest
▼ + stars: | 2023-08-18 | by ( Isabel Engel | In Isabel--Engel | ) www.cnbc.com time to read: +2 min

But now, $100,000 salary only goes so far — and its worth varies from city to city. Across major U.S. cities, $100,000 can be worth as much as $86,444 and as little as $35,791, a recent SmartAsset study finds. The study compares the value of $100,000 across 76 major U.S. cities, accounting for cities' income taxes and cost of living. Cities in the South, from Tennessee to Texas, dominated the top 10 cities where $100,000 goes the furthest. In SF, a $100,000 salary is worth only $36,445; in the Big Apple, it's worth just $35,791.

Persons: Warren Buffett Organizations: Big Apple, El, Oklahoma City, Fort, Council for Community, Economic Locations: U.S, Cities, Tennessee, Texas, Memphis , Tennessee, San Francisco and New York, El Paso , Texas, Oklahoma City , Oklahoma, Christi , Texas, Lubbock , Texas, Houston , Texas, Antonio , Texas, Fort Worth , Texas, Arlington , Texas, Louis , Missouri

☆ Working from home could wipe $800 billion from office values globally
▼ + stars: | 2023-07-13 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Remote work risks wiping $800 billion from the value of office buildings in major cities worldwide by 2030 as the post-pandemic trend pushes up office vacancy rates and drives down rents, according to a new report. “Urban real estate in superstar cities around the world faces substantial challenges. In a more severe scenario, the value of office space could fall by as much as 42%, the consultancy said. Waning demand for office space has driven down landlords’ asking rents, with US cities suffering the sharpest falls, McKinsey found. In a moderate scenario, demand for office space could be 13% lower by the end of the decade than it was in 2019.

Persons: ” McKinsey, “, ” Organizations: London CNN, McKinsey Global Institute, HSBC, ” McKinsey, McKinsey, Bloomberg’s Technology, San Francisco Mayor London Breed, Westfield Locations: Canary Wharf, Beijing, Houston, London , New York, Paris, Munich, San Francisco, Shanghai, Tokyo, United States, Francisco and New York

☆ The real reasons stores are closing in big cities
▼ + stars: | 2023-05-12 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +9 min

These big chains and others have closed stores in major US cities recently, raising alarm about the future of retail in some of the country’s most prominent downtowns and business districts. How policymakers remake their downtowns — with retail as a crucial attraction — will be crucial to cities’ fiscal health and regional economies. People who are being employed in those stores are losing their jobs” because of crime, New York City Mayor Eric Adams, a Democrat, said in February. San Francisco lost around 6% of its retail establishments from 2019 to 2021, according to the think tank’s research. For example, chain-store closures in New York City have correlated to the products most frequently bought online.

☆ Rudin Management's Bill Rudin on the state of commercial real estate
▼ + stars: | 2023-05-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRudin Management's Bill Rudin on the state of commercial real estateBill Rudin, Rudin Management co-chairman and CEO, joins 'Squawk on the Street' to discuss the dichotomy between residential and commercial real estate, the difference in the real estate market between San Francisco and New York, and more.

☆ No office tower is safe from the roiling market — not even a trophy building housing Google and Visa deemed one of the best
▼ + stars: | 2023-05-10 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +9 min

Potential problems at One Market Plaza show how far San Francisco's office market may fall. One Market Plaza has long been considered the pinnacle of San Francisco's office market. Autodesk plans to downsize by about 73,000 square feet to 211,000 square feet, a spokeswoman told Insider. Google did not respond to a request for comment on its plans for One Market Plaza. One Market Plaza could indicate how far San Francisco's office woes reachTurbulence at One Market Plaza indicates the extent of the problems facing San Francisco's office market.

☆ Gap to Conduct Layoffs, Cutting 1,800 Corporate Jobs
▼ + stars: | 2023-04-27 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Gap’s latest round of cuts is expected to result in $300 million in annualized savings. Photo: Mario Tama/Getty ImagesGap Inc. said it is eliminating 1,800 jobs as part of a broad restructuring aimed at making the company more nimble and less bureaucratic. The job cuts are expected to result in $300 million in annualized savings as part of a plan outlined in March, the company said Thursday. The positions being eliminated are mainly at its San Francisco and New York headquarters as well as some senior field roles.

☆ Gap Plans to Lay Off Hundreds of Corporate Workers in Latest Cuts
▼ + stars: | 2023-04-25 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Gap leaders conducted a review with the goal of stripping out layers of management to speed decision making. Photo: Gabby Jones/Bloomberg NewsGap Inc. is eliminating hundreds of corporate jobs from its global workforce as part of a broad restructuring aimed at making the company more nimble and less bureaucratic, according to people familiar with the situation. The current round of cuts is slated to be larger than in September, when Gap eliminated roughly 500 corporate positions, one of the people said. Those job cuts were mostly at its main offices in San Francisco and New York, and were part of efforts to save about $250 million annually.

☆ Upfront's Mark Suster has become the star of LA's booming startup scene. Not everyone is a fan.
▼ + stars: | 2023-04-18 | by ( Ben Bergman | ) www.businessinsider.com time to read: +29 min

"I have worked with more than 50 VCs and nobody comes close to what it is like to work with Mark Suster," said a founder backed by Suster. "Mark and the Upfront Summit helped put LA tech and investing on the map," said Jeffrey Katzenberg, the cofounder of DreamWorks and WndrCo. Several years ago, a founder whose startup Suster invested in was in a conference room rehearsing their presentation for the Upfront Summit. If you're going to put him on your board, you're letting the fox guard the henhouse. "If you're going to put him on your board, you're letting the fox guard the henhouse."

☆ Why Walmart is closing half its stores in Chicago
▼ + stars: | 2023-04-12 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

Walmart announced Tuesday that next week it will close four poor-performing stores out of the eight it operates in Chicago. Now, it's closing four Chicago stores. Walmart said its remaining four Chicago stores “continue to face the same business difficulties,” but it believes closing these four will give the others the best chance of staying open. There were fears that Walmart and other businesses would leave Chicago, but Walmart pledged to stay and invest in the city. Some retailers have also cited higher levels of theft and other crime in their city stores.

☆ Former Goldman Sachs partners represent the powerful allies and formidable foes the bank has across the Street
▼ + stars: | 2023-03-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

In many ways, it's easier to become a brain surgeon than a Goldman partner (doctors, please spare me your hate mail). Unlike other esteemed white-collar groups — the partners at law firm Cravath, Swaine & Moore, for example — turnover is somewhat common within the Goldman partnership. Insider's Carter Johnson and Dakin Campbell took a look at how many partners have left the bank since CEO David Solomon took over in 2018. In many ways, it's demonstrative of the allies the bank has across the Street. Former Goldman partners can be like missionaries for the bank, spreading the good word to anyone who will listen (and paying their fees).

☆ Laid-off tech workers could find a home at startups trying to solve the climate crisis
▼ + stars: | 2023-01-29 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +5 min

The Big Tech layoffs have sweetened the talent pool for climate startups and venture-capital firms. Climate startups now have a growing talent pool to choose from, and hiring is picking up, according to recruiters, venture capitalists, and workers who already made the jump from Big Tech to climate tech. "Over the last year, people were already leaving mainstream tech to come into the climate space," Veery Maxwell, a partner at Galvanize Climate Solutions, a global investment firm focused on climate tech, told Insider. Cianfarini told Insider his salary is $185,000 a year plus a $40,000 stock option grant that vests over four years. This trend makes climate tech an attractive option, she said.

☆ Twitter is bracing for further layoffs as Elon Musk shrinks the employee headcount to its lowest level in over a decade
▼ + stars: | 2023-01-18 | by ( Kali Hays | ) www.businessinsider.com time to read: +4 min

Twitter is seeing rolling layoffs despite Elon Musk's claims that he was done laying people off. Musk says Twitter is in dire financial straits. Layoffs are picking up again at Twitter about six weeks after Elon Musk told his new employees he was done with such actions. By the end of these cuts, the company could see its lowest headcount in over a decade. Employees are expecting that plans to close many international offices and several smaller offices in the U.S. will result in even more layoffs.

☆ Miami's mayor said the 'single hottest city in the world' will keep attracting tons of transplants in 2023
▼ + stars: | 2022-12-31 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +7 min

Miami Mayor Francis Suarez predicted people from all over the world would move to Miami in 2023. Suarez predicted Miami would effectively weather a recession. As the top executive for the city, Miami Mayor Francis Suarez has shepherded along much of the city's economic changes by encouraging tech and venture capital companies to plant offices downtown. Miami Mayor Francis Suarez, a Republican, predicted the Magic City would be able to weather a recession. As some analysts forecast a global recession hit in 2023, the mayor predicted Miami would be able to weather it.

☆ The 10 best cities for finding a remote job that pays $100,000 or more―they're not all on the coasts
▼ + stars: | 2022-12-08 | by ( Morgan Smith | ) www.cnbc.com time to read: +1 min

True remote jobs are hard to find. FlexJobs found that about 95% of remote jobs have geographic requirements, whether it's a specific region, country, state or city. Some U.S. cities offer more remote jobs that pay $100,000 or higher than others, according to new research from Ladders. Ladders identified the top 10 cities with the highest number of listings for remote jobs that pay at least $100,000 posted on their site between August and October 2022. Coastal cities like San Francisco and New York are leading the charge in offering high paying remote jobs, Ladders CEO David Fisch points out, with other large cities like Washington D.C. and Chicago close behind.

☆ Salesforce is ordering some employees back to the office at least part time, a reversal from CEO Marc Benioff's public comments that workers are just as productive at home
▼ + stars: | 2022-11-18 | by ( Ellen Thomas | Ashley Stewart | ) www.businessinsider.com time to read: +2 min

Some Salesforce employees are being told to return to the office, according to company insiders. The order conflicts with CEO Benioff's prior comments that office mandates "don't work." A Salesforce spokesperson says that its workforce is hybrid, meaning people both use the office and work from home. At Salesforce's World Tour event in June, he stated that "office mandates are never going to work." Do you work at Salesforce or have insight to share?

☆ Fintech darling Brex is requiring potential engineering hires to be located outside of New York and California. Here's why the startup calls that its 'competitive advantage'
▼ + stars: | 2022-11-07 | by ( Emilia David | ) www.businessinsider.com time to read: +3 min

The fintech startup follows companies like Oracle in hiring outside of traditional tech hubs. Instead of limiting its hiring pool to San Francisco, the startup can now tap into qualified candidates anywhere, it said. In a note to employees, Brex CEO Pedro Franceschi said the current economic environment contributed to the decision to lay off workers. Tech workers traditionally concentrated in certain hubs, but research showed remote work helped expand tech talent into many other cities. But besides the cost cutting benefits other companies experience, hiring outside of tech hubs lets go of some traditional talent restraints, Brex said.

☆ Elon Musk bars Twitter employees from the company's offices in the run up to layoffs, unless staff are working on one of his 'critical' projects
▼ + stars: | 2022-11-04 | by ( Kali Hays | ) www.businessinsider.com time to read: +3 min

Other than a few people on "critical" projects, employees have been told to go home. Elon Musk is closing Twitter's offices and ensuring that employees do not return for now, except for the few working directly on projects deemed "Elon critical." On Thursday evening, Twitter employees received their first communication from the company since Musk took over. "Badge access," which allows Twitter workers to enter offices with their company ID, was also being suspended without a date given for when the access would be back. Some workers are being allowed to stay however, one of the people said, those who "are working on his projects," referring to Musk.

☆ Elon Musk spent the weekend creating plans with his inner circle to lay off 25% of Twitter's staff, report says
▼ + stars: | 2022-10-31 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Elon Musk plans to lay off around a quarter of Twitter's staff, The Washington Post reported. His team, led by Alex Spiro, and remaining Twitter senior execs spent the weekend crafting plans, per The Post. Musk's team also assigned some of Twitter's engineers projects to work on over the weekend. Insider reported that there was a sense among workers that some of their recent tasks were a test by Musk's team to see who works hard. A person familiar with the deal told The Post that Musk is more likely to lay off around half of Twitter's staff.

☆ Homebuyers are backing out of deals at record-high rates in these 10 U.S. cities
▼ + stars: | 2022-09-27 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

Amid rising mortgage costs, the number of homebuyers backing out of contracts increased to record-setting levels in the last three months — especially in cities that were real estate hotspots through 2021, new data finds. The cancellation rate is even higher in some cities, with 20% of buyers backing out of purchase agreements in 10 of the 50 most populous metro areas in the country. In Jacksonville, median home prices have increased from around $200,000 to over $300,000 in the last three years alone, per Redfin data. It's also possible that some buyers are backing out of deals because they're waiting to see if home prices fall, the study suggests. Meanwhile, large coastal hubs like San Francisco and New York had some the lowest cancellation rates, below 10%.

☆ At a Google all-hands meeting, employees questioned executives about Project Nimbus, a controversial $1.2 billion contract with Israel's government. Management's answers left staff skeptical.
▼ + stars: | 2022-09-24 | by ( Tom Dotan | Rosalie Chan | ) www.businessinsider.com time to read: +3 min

A Google spokesperson said the contract is for Israeli government ministries like healthcare. Google executives recently tried to assure employees that its controversial $1.2 billion cloud computing contract with Israel's government will not provide support to the country's sensitive military work. "The Nimbus contract is for workloads running on our commercial platform by Israeli government ministries," Fox-Martin said at the meeting on Tuesday. Some employees who attended Tuesday's meeting said the assurances from Google executives about Project Nimbus contradict what the company has said elsewhere. They pointed to earlier statements that a Google spokesperson made to WIRED acknowledging the contract will provide Israel's military access to Google technology.

☆ Gap Is Cutting 500 Corporate Jobs
▼ + stars: | 2022-09-20 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Gap has endured years of slumping sales at its flagship brand, and its job cuts follow corporate layoffs at other companies. Gap is eliminating about 500 corporate jobs, according to people familiar with the matter, moving to reduce expenses at the apparel retailer amid declining sales and profits. The jobs are mainly at Gap’s main offices in San Francisco and New York as well as in Asia, the people said. The company is laying off staff and eliminating positions that are currently open across a range of departments. Some employees have been notified of the layoffs in recent days, the people said.

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