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☆ McKinsey is offering some staff 9 months of pay and career coaching services to leave the firm: report
▼ + stars: | 2024-04-01 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

McKinsey is reportedly offering some managers money and career coaching services to leave the firm. Staff would also have access to McKinsey's resources and career coaching services. AdvertisementManagement consulting giant McKinsey is dangling career coaching services and nine months worth of pay to staff keen on leaving the firm, British newspaper The Times reported on Saturday. Besides continuing to receive their salary, managers would also have access to McKinsey's resources and career coaching services, per The Times. According to the outlet, employees who receive such ratings have around three months to improve their performance, or they'll be "counseled to leave" McKinsey.

Persons: —, Bloomberg — amping Organizations: McKinsey, Staff, Service, Management, British, The Times, McKinsey's, Times . Staff, Times, Bloomberg, Business Insider

☆ McKinsey amps up pressure on staff to perform as the consulting business slows
▼ + stars: | 2024-03-27 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

McKinsey sent memos to some staff that the clock is ticking for a promotion, Bloomberg reported. The consulting business is rough right now as business dries up. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Consulting firm Deloitte embarked on a massive overhaul of its global operations to cut costs. "We have always maintained a high bar for performance and for attracting and developing exceptional people," a spokesperson for McKinsey told Business Insider by email.

Persons: — Organizations: McKinsey, Bloomberg, Service, Management, McKinsey & Co, Accenture, Deloitte Locations: North America

☆ 3 things America can do to solve its retirement crisis, according to BlackRock chief Larry Fink
▼ + stars: | 2024-03-26 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Read previewAmerica has a real retirement crisis on its hands — and there are three things it can do to help solve it, according to BlackRock chief Larry Fink. In his annual letter to investors, the CEO of the world's biggest asset manager pointed to an unfolding crisis for current and future retirees. 46% of Americans aged 55-65 don't have any cash invested in a personal retirement account, according to 2022 Census data. Help retirees spend their savingsMost retirees are uncomfortable dipping into their pile of savings. Give young people a reason to want to investFear is one of the main obstacles preventing young people from investing in their retirement, Fink said.

Persons: —, Larry Fink, Fink, " Fink, AARP —, BlackRock, I've, Gen Zers Organizations: Service, BlackRock, Center for Retirement Research, Business, Security, Congressional, Office, Insurance Trust Fund, Social Security, AARP, University of Michigan, America, McKinsey & Company Locations: America, Australia, BlackRock

☆ How to stop your internet-connected car from sharing and maybe even selling your driving data
▼ + stars: | 2024-03-23 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +8 min

"The amount of personal and car information that car companies collect, share and sometimes sell is beyond what is necessary to get someone from Point A to Point B safely. But there are growing privacy concerns as reports proliferate about car companies sharing driver data with insurers, and as car companies get into the insurance business themselves. To be sure, there can be valid reasons to collect driver and car data for safety and functionality purposes, and some essential services, such as emergency and security-related data sharing, may be difficult or impossible to opt out of. Ford, for example, said it provides customers with a choice regarding any sharing of connected vehicle data. The government is looking at car privacy regulationsThere are various regulatory efforts afoot to understand carmakers' data-sharing practices and reign in potential privacy violations.

Persons: Jen Caltrider, There's, That's, James Hodgson, Parv Sharma, Caltrider, Cobun Zweifel, Mo Al, Keegan, Edward J, Markey, Eric Goldman, Hodgson, It's Organizations: Mozilla Foundation, Mozilla, ABI Research, McKinsey, Counterpoint Technology Market Research, Ford, Hyundai, Nissan, BMW, Keegan, International Association of Privacy, SBD Automotive, Protection Agency, Federal Trade Commission, Zweifel, Senate Commerce, Science, Transportation, Santa Clara University School of Law, Apple Locations: U.S, California , Colorado, Connecticut, California

☆ The Trapped Economy: Americans Can't Buy a Home, Car, or Find a New Job
▼ + stars: | 2024-03-20 | by ( Emily Stewart | ) www.businessinsider.com time to read: +7 min

If you like your situation right now — your job, your house, your car — you can keep it. The labor market has cooled off somewhat, making it less advantageous to hunt for a new job. The car market is in a similar situation. Employers are hiring as if there's a relatively weak labor market, not a strong one. Yes, the labor market is strong, but it's not a great time to go looking for a new job.

Persons: Joanne Hsu, there's, they're, —, Dana Peterson, that's, it's, Matt Darling, Darling, Tamara Charm, Charm, Emily Stewart Organizations: University of Michigan, Labor Statistics, Conference Board, Companies, Employers, Niskanen, McKinsey, Business

☆ Modular homes were hailed as a solution to housing crises. But the sector is now struggling to scale
▼ + stars: | 2024-03-18 | by ( Vicky Mckeever | ) www.cnbc.com time to read: +7 min

Modern tech-enabled versions of modular housing promise a faster, more sustainable solution to housing crises, according to experts. The fact that modular housing is also made in a controlled factory environment means less waste is generated, while also resulting in more energy-efficient homes. A 2022 report from industry group Make UK Modular highlighted that 80% fewer vehicle movements were needed to development sites with modular building. In the U.K. last year, Ilke Homes collapsed, while Legal & General moved to wind down its modular housing factory. By comparison, a Make UK Modular report published last year said more than 3,000 modular homes were being built in the U.K. annually, though there was capacity to build five times that number.

Persons: Prefabrication, William the Conqueror, Andrew Shepherd, Shepherd, Modulous, Jonatan Pinkse, Pinkse, Suzanne Peters, Daniel Paterson, prefabrication, Richard Valentine, Valentine, Selsey Organizations: Bloomberg, Getty, Sears, CNBC, University of Cambridge, Edinburgh Napier University, Ilke, Legal, King's College, Alliance Manchester Business School, Savills Research, McKinsey, Company, Ikea, Vonovia Locations: Foston, Derby, housebuilding, England, U.S, King's College London, Wales, Selsey, Sweden, Japan, prefabrication, Berlin, Germany

☆ American workers are losing confidence in their CEOs
▼ + stars: | 2024-03-17 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

47% of workers said they felt worried about their job security, according to a 2023 survey conducted by McKinsey & Company. AdvertisementThe job market looks to be cooling off even as the economy looks like it is going strong. New LandscapeFor disgruntled workers, it may help to hear that CEOs also are getting pushed out at the fastest pace in decades. The job market is expected to slow in 2024, he estimated, pointing to the deceleration in hiring activity. AdvertisementTotal full-time workers declined in February, the first decline posted since the pandemic, according to the Bureau of Labor Statistics.

Persons: —, Daniel Zhao, Zhao, Jamie Dimon, Andrew Challenger, Challenger, Zhao doesn't Organizations: Service, Business, Glassdoor, JPMorgan, McKinsey & Company, Challenger, Bureau of Labor Statistics

☆ Middle managers are on the chopping block, accounting for almost a third of layoffs last year
▼ + stars: | 2024-03-16 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +2 min

Middle managers' confidence in companies' outlooks is decreasing due to layoffs and burnout. And between layoffs, fights over remote work, and increased workload, many middle managers are simply burned out. Middle managers have been feeling the heat since early last year when Meta embarked on its mandate of efficiency. Meta CEO Mark Zuckerberg said he didn't want to see so many "managers managing managers, managing managers, managing managers, managing the people who are doing the work" during an internal Q&A session in January 2023. Some top executives, however, say that cutting middle managers could threaten productivity.

Persons: —, Meta, Mark Zuckerberg, McKinsey Organizations: Bloomberg, McKinsey, Service, Technologies

☆ This overlooked corner of women's health could be a $350 billion market opportunity
▼ + stars: | 2024-03-15 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

The management consultant estimates the global market potential to treat symptoms ranges from $120 billion to as much as $350 billion globally. "That would apply to women's health in general, and then specifically and acutely to menopause in particular." From 2002 to 2009, hormone therapy claims were reduced by more than 70%, a 2012 study showed. The clinical-stage biopharmaceutical company, which focuses on women's health, has an intravaginal ring hormone therapy that is set to progress to a single Phase 3 study. Last May, the Food and Drug Administration approved Tokyo-based Astellas Pharma's Veozah, also known as fezolinetant, to treat hot flashes.

Persons: Drew Barrymore, Naomi Watts, Anna Pione, Stephanie Faubion, Faubion, Karen Adams, Jefferies, Kaumil Gajrawala, Bayer, Progyny, Sasha Kelemen Organizations: McKinsey, Health, Mayo Clinic Center, Women's Health, Stanford University, Pfizer, Dare, Food and Drug Administration, Vistagen Therapeutics, Gennev, Midi Health, Leerink Partners Locations: U.S, Tokyo

☆ French lawmakers approve bill penalizing fast fashion
▼ + stars: | 2024-03-15 | by ( Oscar Holland | Reuters | ) edition.cnn.com time to read: +3 min

Reuters —France’s lower house of parliament on Thursday approved a bill seeking penalties on ultra-fast fashion products, sold by companies like China’s Shein, aimed at helping to offset their environmental impact. All voting lawmakers unanimously approved the bill, which will head to the senate before it can become law. Jade Gao/AFP/Getty ImagesThe bill comes as the French environmental ministry said it would propose a European Union ban on exports of used clothes, in a bid to tackle the worsening problem of textile waste. At the time, the country’s ministry of ecology said that French people throw away 700,000 tons of clothes — two-thirds of which ends up in landfills — each year. Among the world’s most polluting industries, fashion accounts for between 3% and 5% of global carbon emissions, according to consultancy McKinsey’s State of Fashion report.

Persons: CNN Shein, Christophe Béchu, Jade Gao Organizations: Reuters, CNN, Workers, Getty, McKinsey’s State Locations: Zara, China's, Guangdong, AFP, McKinsey’s

☆ Bernie Sanders wants to bring in a 4-day workweek, which would see workers paid the same for 8 hours less work every week
▼ + stars: | 2024-03-15 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +4 min

Bernie Sanders has introduced a bill to bring in a 32-hour workweek for American workers. Sanders introduced legislation for a four-day workweek on Wednesday, saying people are overworked. The four-day workweek has gained momentum in recent years, with trials showing it makes workers happier and more productive. AdvertisementBernie Sanders introduced new legislation on Wednesday calling for a 32-hour workweek in the US, which would see workers earn the same as they would during a 40-hour workweek. AdvertisementA 2023 McKinsey report found that tasks that make up 30% of people's work hours will be automated by 2030.

Persons: Bernie Sanders, Sanders, workweek, —, Sen, Laphonza Butler, Mark Takano, Bill Cassidy, Sam Altman, I'm, Jo Sims Organizations: Service, Democratic, Wall, Republican, Health, Education, Labor, Pensions, New York Times, US Bureau of Labor Statistics, McKinsey, Business, Case Management Locations: California, Louisiana, Australia

☆ What dream job? Gen Z and millennials are being forced to confront a difficult job market.
▼ + stars: | 2024-03-09 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +7 min

The unemployment rate rose to 3.9% last month, the highest level in two years. AdvertisementGen Z and millennials entering the job market or in the early stages of their careers are facing a much tougher job market than in recent years, and many are adjusting their expectations for a dream career as the hiring landscape worsens. Despair about the ailing job market looks most acute among recent graduates, or students quickly approaching their graduation dates. AdvertisementOnly 44% of workers under 30 said they were "very satisfied" with their job, according to a 2023 Pew Research study. The job market boomed during the pandemic, with the unemployment rate going from 6.4% at the beginning of 2021 to 3.5% at the end of 2022.

Persons: Z, —, Gen Zers, Harry Holzer, Natasha Bernfeld, Bernfeld, Larry Jackson, he's, they've, Jackson, Emily Bianchi, Bianchi, it's, Georgetown's Holzer, It's, Dua Organizations: Service, Federal Reserve, Challenger, McKinsey & Company, Labor Department, UC Berkeley's, Pew, Emory University Locations: Georgetown, New York, Dua

☆ The Juggernaut promised to revolutionize South Asian news. But insiders say the company's founder misled investors, struggled to raise money, and left workers 'heartbroken.'
▼ + stars: | 2024-03-05 | by ( Katie Warren | ) www.businessinsider.com time to read: +33 min

They were gathered for the inaugural summit of The Juggernaut, a digital South Asian news startup that launched in 2019. The Juggernaut spokesperson told BI that "multiple employees have equity in the company," but BI was unable to identify any such employees. "Twenty years ago, you might've struggled to mention a South Asian actor that you've seen in a movie," he said. As of January, the site had about 10,500 subscribers, Sur told investors in an email viewed by BI. Some feel that the publication has strayed from its mission of delivering "untold, smart South Asian stories and news you won't find anywhere else."

Persons: —, Richa Moorjani, Manish Chandra, Anish Melwani, Sadiq Khan, Amitav Ghosh, Roy Rochlin, Jay Bhattacharya, didn't, Sur, Padma Lakshmi, Moorjani, Mira Nair, Oprah Winfrey, she'd, who've, Josh Benson, Bhattacharya, might've, you've, Dev Patel, Priyanka Chopra, Black millennials, Bhattacharya's, Adam Hansmann, Kevin Lin, Albert Ni, Charles Hudson, Steve Jennings, Sur's, Kyle Stanford, Axios, Stanford, Snigdha, Winfrey, MICHAEL TRAN, hadn't, wouldn't, Fariha Róisín, Meghna Rao, Róisín, Rao, Rao didn't, they'd, she's, it's, Hudson, who'd, Reetu Gupta, Aditi Shah, Sean Gupta, Steven Simione, would've, we're, Brian Morrissey, Morrissey, cofounders, Narendra Modi's, Sneha Mehta Organizations: Spring Studios, Netflix, Business, New Yorker, Harvard Business School, Guardian, American, Old Town Media, Athletic, BI, Indian, Yale, McKinsey, Precursor Ventures, Forbes, Getty, TechCrunch, YouTube's Sustainability, YouTube, Paramount Pictures Studios, Immigration Services, Stanford, Digiday, Gannett Locations: York City, chai, Jean's, hasn't, Sur, New York City, South, Asian, India, Madhya Pradesh, Queens, Sur texted, Indian American, AFP, Róisín, Los Angeles , California, South Asia, Silicon

☆ Gen AI is here to stay — here are 5 skills to help you stay relevant in the changing job market
▼ + stars: | 2024-03-04 | by ( Ernestine Siu | In Ernestinesiu | ) www.cnbc.com time to read: +4 min

Generative AI isn't just a buzzy new topic – it's revolutionizing the workforce. Generative AI is a type of artificial intelligence capable of generating images, text or other content. Nearly three in five whitecollar employees report using generative AI on a weekly basis. Oliver WymanOliver Wyman conducts monthly surveys of more than 200,000 people across 20 countries to gather data about attitudes surrounding Generative AI and other trends. "Generative AI lacks the contextual nuance and ethical judgment that humans should apply in analysis," a spokesperson for Oliver Wyman told CNBC Make It.

Persons: ChatGPT, Oliver Wyman Oliver Wyman, Oliver Wyman, we’re Organizations: McKinsey, CNBC

☆ Alibaba Cloud slashes prices by as much as 55% to fuel AI growth in China
▼ + stars: | 2024-02-29 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

Alibaba 's cloud business on Thursday said it is cutting prices on a wide range of core cloud products by as much as 55%, in a bid to fuel AI growth in China. The move aims to make "cloud capabilities more inclusive and accessible in the era of AI," Alibaba Cloud said. "As the biggest cloud service provider in China and APAC, we see tremendous growth prospect of China's digital market," said Liu Weiguang, president of public cloud business at Alibaba Cloud Intelligence. "One is using cloud to support generative AI initiatives. With its massive calls on compute, storage, and networking, generative AI needs cloud to scale.

Persons: Alibaba, Liu Weiguang, Liu, OpenAI Organizations: Alibaba, Holding, Smart, Alibaba Cloud Intelligence, McKinsey Locations: Chongqing, China

☆ For Black workers, progress in the workplace but still a high hill to climb
▼ + stars: | 2024-02-27 | by ( Jeff Cox | ) www.cnbc.com time to read: +10 min

"We were in a situation where folks accepted that Black unemployment was going to always be high and there was nothing that they could do about it. The Black unemployment rate in January was 5.3%, up a touch from December but still near the all-time low of 4.8% hit in April 2023. For Black workers, weekly before-tax earnings as of the end of 2023 have risen 24.8% since the first quarter of 2020. "High unemployment for Black workers is a solvable problem," Fulton said. Black workers are interested in tech and believe there are opportunities.

Persons: Ali, Jamila Wright, there's, Jessica Fulton, Fulton, Cox, she's, MilSpouse, they've, Sue Harnett, Goldman Sachs, Harnett, I'm, Ali Wright Organizations: Brooklyn Tea, Joint Center, Political, Economic Studies, D.C, U.S . Bureau of Labor Statistics, McKinsey & Company, Companies, Bank of America, Black Colleges, Universities, New, Small Business Administration, Ivy League, Conference Board Locations: America, U.S, Washington, Brooklyn, New York City, Atlanta

☆ Commerce Secretary Raimondo: U.S. set to become a major hub of leading-edge logic chip manufacturing
▼ + stars: | 2024-02-26 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

"Our investments in leading-edge logic chip manufacturing will put this country on track to produce roughly 20% of the world's leading-edge logic chips by the end of the decade," Raimondo said during a speech at the Center for Strategic and International Studies. "It takes tens of thousands of leading-edge semiconductor chips to train a single large language model." The Taiwan Semiconductor Manufacturing Company, which manufactures chips for companies such as Apple and Nvidia , is currently the world's largest, most advanced contract chip maker. Chinese chipmaker Semiconductor Manufacturing International Corporation appears to have defied U.S. sanctions in recent months by manufacturing advanced chips and is preparing to produce five nanometer chips for technology corporation Huawei. "At the outset, we said we would invest about $28 billion of the program's $39 billion in incentives for leading-edge chip manufacturing," Raimondo added.

Persons: Gina Raimondo, WASHINGTON —, Biden, " Raimondo, Raimondo, SMIC Organizations: Science, Technology, Washington , D.C, WASHINGTON, Center for Strategic, International Studies, U.S . Department of Commerce, McKinsey & Company, McKinsey, Taiwan Semiconductor Manufacturing Company, Apple, Nvidia, chipmaker Semiconductor Manufacturing International Corporation, Huawei, U.S, Commerce, CNBC PRO Locations: Rayburn, Washington ,, U.S, China

☆ Fashion brands using AI to analyze trends could 'completely transform the creative process,' a consultant says
▼ + stars: | 2024-02-26 | by ( Matthew S. Smith | ) www.businessinsider.com time to read: +8 min

Artificial intelligence is helping fashion brands understand consumer behaviors and demands. The Business of Fashion and McKinsey said that in a survey they conducted, about 73% of fashion executives said they planned to prioritize generative AI in 2024. AI can be used to improve efficiency and sustainability to both identify trends and create new ones — but it requires careful implementation. Horwitz, alongside her colleague Oliver Zimmer, built the first Google Fashion Trends report, which used machine learning to identify trends in Google search data. "But using generative AI, you can also have it review those patterns.

Persons: —, Benjamin Bond, Yarden Horwitz, Horwitz, Oliver Zimmer, Zimmer, Bond, Fashable, ChatGPT, Orlando Ribas Fernandes, Fernandes, Fashable's Orlando Ribas Fernandes, Fashable Fernandes Organizations: Service, McKinsey & Company, Industry, Fashion, McKinsey, Kearney, Google, Nike, XNFY, Microsoft Locations: Kearney

☆ Morgan Stanley wealth head Jed Finn just laid out his vision to win over more dollars from clients. Here's what you need to know.
▼ + stars: | 2024-02-23 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

Read previewMorgan Stanley's wealth business is the envy of Wall Street, with $5.1 trillion in assets. The wealth management division has buoyed Morgan Stanley's stock during the market slowdown, but its growth has slowed. Finn added that wealth management clients would soon have access to more customized and tax-efficient portfolios through Parametric, a direct indexing provider it acquired via Eaton Vance in 2021. AdvertisementThis is part of Finn's broader strategy to get customers across the bank to use as many Morgan Stanley products as possible. "The challenge with our model, historically, is we had a great wealth management firm if you wanted to work with a financial adviser," he said.

Persons: —, Morgan, Jed Finn, Finn, Andy Saperstein, James Gorman, Ted Pick, Morgan Stanley's, Vince, Chad Turner, OpenAI, it's, It's, Eaton Vance, Morgan Stanley Organizations: Service, Bank of America, Business, McKinsey, AIMS

☆ EY and Deloitte are scrutinizing staff workloads and quietly letting some workers go
▼ + stars: | 2024-02-20 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Now they’re scrutinizing employee workloads and letting go of "underemployed" staff, The Times of London reported . EY told Business Insider in a statement that it has "well-established performance management processes" that look at a variety of metrics. The Big Four firms, which include EY, Deloitte, PWC, and KPMG, have cut hundreds of jobs in the past year amid a challenging economic climate. It recently gave 3,000 staff poor performance reviews , which are internally known as "concerns," according to Bloomberg .

Persons: —, workloads, EY Organizations: Service, Deloitte, Big, Times, EY, PWC, KPMG, Consulting, McKinsey, Bloomberg Locations: London

☆ No PMs, no extra fees: Here's a look at former Point72 president's new 'alpha-capture' fund hoping to raise $1 billion
▼ + stars: | 2024-02-08 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewFormer Point72 president Doug Haynes is looking to revive a strategy he previously ran for billionaire Steve Cohen for his new fund launch. This story is available exclusively to Business Insider subscribers. Last year, billionaire Millennium founder Izzy Englander described it as a "talent bubble" while speaking at the Robin Hood conference. Business Insider previously reported that Haynes had hired people such as D1 Capital's former director of research Michael Lean to be a part of the new venture.

Persons: —, Doug Haynes, Steve Cohen, Haynes, Latitude's, Chris Coward, Izzy Englander, Robin Hood, Michael Lean, Cohen, Lauren Bonner, Bonner Organizations: Service, Business, Robin Locations: shuttering, Palm, Point72

☆ McKinsey's 'unsatisfactory' performance warning for 3,000 workers is the latest bad news for big consulting companies
▼ + stars: | 2024-02-08 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +2 min

McKinsey & Company has recently given some 3,000 staffers poor performance ratings, which are internally known as “concerns,” according to Bloomberg . This story is available exclusively to Business Insider subscribers. The fraction of employees who received these ratings remains consistent with numbers from previous years, a spokesperson for McKinsey told Bloomberg. New hires at major consulting firms, especially, are worried about how all the idle time will impact their performance reviews. McKinsey did not respond to a request for comment from Business Insider but a spokesperson told Bloomberg that the company has "always maintained a high bar for performance."

Persons: they’ve, that's, ” Organizations: McKinsey & Company, Bloomberg, Employees, Business, McKinsey, New

☆ US lawmakers question the loyalties of McKinsey and other big American consulting firms over their work in Saudi Arabia
▼ + stars: | 2024-02-08 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +4 min

American consulting shops like McKinsey & Co., BCG, Teneo, and M. Klein & Co. are helping Saudi Arabia diversify its oil-dependent economy through its lucrative Public Investment Fund. This story is available exclusively to Business Insider subscribers. Saudi Arabia, though, has imposed strict rules on what information the American consulting companies can share with the US government, and that's irked some American lawmakers. AdvertisementSo much so that Congress forced the heads of McKinsey, BCG, Teneo, and M. Klein & Co. to testify this week about their failure to comply with subpoenas regarding their firms' work with Saudi Arabia . BCG, Teneo, and M. Klein & Co. did not respond to a request for comment from Business Insider.

Persons: —, Cristiano Ronaldo, Sen, Richard Blumenthal, Bob Sternfels, Rich Lesser, Blumenthal, Michael Klein Organizations: Service, McKinsey & Co, Klein, Co, Public Investment Fund, Business, Saudi, Al, McKinsey, Investigations Locations: Saudi Arabia, United States, Saudi

☆ Hinge's founder delayed starting a job at McKinsey after college and invested his $12,000 signing bonus into his dating website
▼ + stars: | 2024-02-06 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

Justin McLeod accepted a job offer from the consulting firm McKinsey while in business school. McLeod had invested his $12,000 signing bonus into an idea for a dating website called Hinge. AdvertisementHinge's CEO accepted a job offer from McKinsey while in business school but kept delaying the start date, to work on his idea for a dating website, CNBC Make It reported. "That was kind of the standard job that you got coming out of business school." McLeod explained that his mom was pretty disappointed that she got to tell everyone he was at Harvard Business School, then McKinsey, and then "unemployed and working on a dating website."

Persons: Justin McLeod, McLeod, —, " McLeod Organizations: McKinsey, Service, CNBC, Harvard Business School, Exchange, Group Locations: Fortune

☆ An OxyContin advertiser will pay $350 million in the first-ever opioid marketing settlement
▼ + stars: | 2024-02-01 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

Publicis, a French marketing company, agreed to pay $350 million within the next two months and will not take on any more opioid clients, according to New York Attorney General Letitia James. “For a decade, Publicis helped opioid manufacturers like Purdue Pharma convince doctors to overprescribe opioids, directly fueling the opioid crisis and causing the devastation of communities nationwide,” said James in a statement. For its alleged role in the opioid crisis, McKinsey in 2021 agreed to pay $573 million to states as part of multiple settlements. “The fight against the opioid crisis in the United States requires collaboration across industries, lawmakers, and communities, and we are committed to playing our part. Purdue Pharma first introduced the opioid drug OxyContin in the 1990s and promoted it as non-addictive.

Persons: Letitia James, Phil Weiser, Publicis, ”, James, ” Publicis, Sackler Organizations: New, New York CNN, Purdue Pharma’s, New York, Colorado, Purdue Pharma, McKinsey, Purdue, Centers for Disease Control, Biden, Sackler Locations: New York, French, United States

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