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☆ Electric cars are killing the car dealership as we know it
  + stars: | 2023-01-12 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +4 min
The dealership model, in which retailers buy from automakers and sell vehicles to consumers, has been protected for nearly a century by robust franchise laws. Thanks to the disruption caused by EVs, car shoppers of all kinds can expect to spend less time wandering dealership lots, talking with salespeople, and haggling over pricing. Companies like GM and Ford are trying to strike a balance between direct sales and the dealership model. Still, two-thirds of Ford dealers have signed on for the program, according to CEO Jim Farley. With the launch of the Cadillac Lyric, GM used a digital retail network that allows car shoppers to complete transactions entirely online, in the dealership, or a hybrid of both.
☆ Salesforce's Marc Benioff defends his statements that new employees — and possibly younger remote workers — are not as productive, in leaked all-hands meeting
  + stars: | 2023-01-09 | by ( Ellen Thomas | Ashley Stewart | ) www.businessinsider.com   time to read: +5 min
In leaked all-hands audio, he doubled down, then questioned if younger remote workers were less productive, too. And this time, he made a new suggestion — that younger employees not coming into the office may be less productive as well, according to leaked audio of the meeting shared with Insider. "When we look at some percentage of the employees, especially some of the folks that are new employees, are just not as productive." "Are we not managing our remote employees well enough? Employees who heard their CEO repeat these allegations on the productivity of new employees, younger employees, remote employees — particularly in sales — were less than pleased.
☆ Wh​y India​ banned​ TikTok​ — and what the US can learn from it,​ as pressure mounts for Biden to follow suit
  + stars: | 2023-01-07 | by ( Paayal Zaveri | ) www.businessinsider.com   time to read: +6 min
To see what could happen if the US were to ban TikTok, analysts say to look at India. Why did India ban TikTok? What happened when India banned TikTokIn the summer of 2020, India banned 59 Chinese apps including TikTok, WeChat, Weibo, and QQ, an instant-messaging service owned by the internet giant Tencent. While the situation wouldn't be exactly the same, the US might face these questions if it decides to ban TikTok. "So if that continues to deteriorate, I can't imagine that that that doesn't increase the odds of some sort of TikTok ban."
☆ How 'Real Housewife' Jen Shah's fabulous life came crashing down
  + stars: | 2023-01-06 | by ( Stephanie Clifford | ) www.businessinsider.com   time to read: +43 min
The woman wrote to the judge overseeing Shah's case that she'd had to remortgage her house, almost divorced, and "thought about ending my own life." The couple decided that he should get his degree while Jen Shah dropped out of college to work. (Shah told a judge at her 2022 plea hearing that she had been treated for "alcohol and depression" two years prior. Koa Johnson, Jen Shah's former fashion designerWhen Sharrieff Shah did participate in filming, he quickly became a fan favorite, calm and sensible. Once the show aired and Jen Shah developed a fan base, her behavior became more dramatic, Johnson said.
☆ A couple who are financially independent from their real estate portfolio explain how they bought their first house for less than $2,000 and scaled up to 5 properties that bring in $30,000 a month in
  + stars: | 2022-12-21 | by ( Kathleen Elkins | ) www.businessinsider.com   time to read: +13 min
Jervais, who started with worse credit than Natia, bumped his score up from 524 to the low- to mid-600s, he said. Plus, Natia started working in marketing in 2005 and went from an hourly wage plus tips to earning a salary. The way rental arbitrage works is, you sign a long-term lease and then rent out that property on short-term rental platforms like Airbnb and VRBO. Courtesy of Natia and Jervais SeegarsThey ended up raising about $500,000 from private lenders, they said, which financed their next three properties. They purchased them all within 45 days of each other in late 2021 and immediately listed them on the short-term rental market.
☆ If you're looking for a car deal this Christmas, you may be out of luck. The pandemic killed the end-of-year blowout sale for good.
  + stars: | 2022-12-18 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com   time to read: +3 min
Don't let ads fool you: holiday car deals will be meager this year. "If you're specific about what car you want, you're basically buying it whenever it comes into stock." After pandemic-related factory shutdowns in 2020 were compounded by a global shortage of semiconductors in 2021, dealers and car companies learned to do business on leaner inventories. According to Caldwell, most holiday deals this year are finance-related, like subsidized APRs or a limited period of 0% interest. And with supply chain woes expected to ease slightly next year, car companies could start building at higher rates again.
☆ Salesforce's Marc Benioff causes an uproar by suggesting in a leaked internal Slack message that new employees are less productive
  + stars: | 2022-12-17 | by ( Ashley Stewart | ) www.businessinsider.com   time to read: +2 min
Salesforce's Marc Benioff suggested in an internal Slack message that new employees are less productive. Salesforce CEO Marc Benioff appeared to cause an uproar among some employees on Friday by suggesting in an internal Slack message that new employees are less productive, and that remote work might be to blame. "How do we increase the productivity of our employees at Salesforce," Benioff asked in an internal Slack message viewed by Insider. Hundreds of employees responded to Benioff's Slack message, many of them pushing back on the premise that new employees are less productive. "Are our managers not directly addressing productivity with their teams?," Benioff also asked in the Slack message.
☆ Don't fight the Fed, make things and do stuff at a profit, and other Cramer lessons from 2022
  + stars: | 2022-12-15 | by ( Jim Cramer | ) www.cnbc.com   time to read: +6 min
At one point Nvidia (NVDA), a very good company, was worth more than $820 billion, or more than 29 times sales. Last November, we made a determination that we were going to buy stocks of companies that 'make things and do stuff' at a profit. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.
☆ See the pitch deck that startup Assembly used to convince investors to bet $10 million on its approach to business software
  + stars: | 2022-12-12 | by ( Melia Russell | ) www.businessinsider.com   time to read: +5 min
Assembly is a software app aimed at helping businesses manage their teams and projects. Here's the pitch deck it used to fundraise at an interesting time for the business apps category. Instead of splurging on a dozen business apps, they want "one single Swiss Army knife," said Hunter Walk, an Assembly investor. "One of the things we're trying to do is help you speed up your work," Purvis said, "and make it more delightful." Read the pitch deck Assembly used to woo clients and to land a preemptive funding offer in 2022:
☆ Salesforce asked some managers to rank their lowest 10% of employees, insider says, as Benioff tells employees to expect 'changes' in a leaked all-hands meeting
  + stars: | 2022-12-12 | by ( Ashley Stewart | ) www.businessinsider.com   time to read: +3 min
Some managers were asked to rank their bottom 10% of employees, one person familiar told Insider. Some Salesforce managers were asked as recently as last week to rank employees to identify their bottom 10%, one person familiar with the instructions told Insider. Salesforce declined to comment on additional layoffs, cost cutting and directives to managers to rank employees. Benioff tried to downplay the question, saying in the all-hands that questions about personnel changes come up on every meeting with employees. Employees recently told Insider about what they see as a shift in how the company treats them.
☆ Salesforce employees are bracing for more layoffs amid the company's major executive exodus
  + stars: | 2022-12-08 | by ( Ashley Stewart | ) www.businessinsider.com   time to read: +2 min
Salesforce employees told Insider they're bracing for another round of layoffs. "People are afraid it could come at any point," one employee told Insider. "People are afraid it could come at any point," one employee told Insider. A person familiar with the matter told Insider the firm has pushed for cost-cutting measures since first approaching the company this summer. Are you a Salesforce employee or do you have insight to share?
☆ Salesforce has a succession crisis. Cofounder Marc Benioff is taking increasing control over the company — alienating his top lieutenants and dialing up pressure on employees.
  + stars: | 2022-12-07 | by ( Ashley Stewart | ) www.businessinsider.com   time to read: +9 min
Salesforce insiders attribute these departures to Marc Benioff's response to recent economic headwinds. Last week, Salesforce revealed heir apparent Bret Taylor's plans to leave the company — exactly one year after taking over as co-CEO alongside Benioff. Lately, employees said, Benioff has turned those meetings into a tribunal for his sales executives. While the pandemic was a boon for the company, Salesforce has since trimmed its annual revenue projections to roughly $30 billion down from the roughly $31 billion in May. Salesforce's co-CEO model has failedAs Benioff puts pressure on sales executives, people close to him said he's exerting increasing control over C-Suite executives.
☆ Premarket stocks: Jay Powell's dream of the 90s is dead
  + stars: | 2022-12-05 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +6 min
The robust jobs market is good news for American workers, but concerning for the Federal Reserve and equity bulls alike. “To be clear, strong wage growth is a good thing,” Fed Chairman Jerome Powell said at the Brookings Institution on Wednesday. “But for wage growth to be sustainable, it needs to be consistent with 2% inflation.” The year-over-year wage growth rate increased to 5.1% in November, more than double that goal. Getting back to a sustainable level of wage growth and tamping inflation will require reducing demand for labor. The dream is over: For the past year, Powell has advanced the optimistic idea that wage growth could be lowered without slowing the economy into recession.
☆ Goldman Sachs warns traders of shrinking bonus pool as Wall Street hunkers down
  + stars: | 2022-12-02 | by ( Hugh Son | ) www.cnbc.com   time to read: +3 min
Goldman began informing executives in its markets division this week to expect a smaller bonus pool for 2022, according to the people, who declined to be identified speaking about compensation matters. Wall Street is grappling with sharp declines in investment banking revenue after parts of the industry involved in taking companies public, raising funds and issuing stocks and bonds seized up this year. "This year, some of the good money traders made will have to go fund the other parts of the bonus pool." A Goldman spokeswoman declined to comment on the bank's compensation plans. The decrease in the bonus pool comes off a strong year for both trading and investment banking in 2021.
☆ GM's trying to fix the worst part of buying an electric car by turning an old Target into a new kind of call center
  + stars: | 2022-12-01 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com   time to read: +4 min
"EV Live" is a way to supplement dealers, not replace them, GM says. To win them over, GM is helping new EV owners and potential buyers understand the quirks and nuances of the tech-heavy vehicles — by directing them to a call center. GM's specialists don't just help GM buyers. In fact, over the Thanksgiving holiday weekend, EV Live saw a surge in calls from non-GM owners, Hassani told Insider. That's why EV Live has added training for dealers since it opened.
☆ 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?
☆ Leaked Salesforce policy documents show up to six-months severance. But laid-off workers were told to expect 60 days.
  + stars: | 2022-11-18 | by ( Ashley Stewart | ) www.businessinsider.com   time to read: +3 min
An internal policy document viewed by Insider shows Salesforce offering up to six months severance. Employees laid off this month were told to expect 60 days. An internal Salesforce document viewed by Insider outlines a severance policy where laid-off employees could qualify for up to six months of pay, depending on their years of tenure. And yet, employees terminated in Salesforce's November round of layoffs were told to expect 60 days, according to two sources, regardless of tenure. The person said they had read the up-to-six-month severance policy shortly before these layoffs hit, and that the company has yet to send the formal severance offer beyond that informal notification to expect 60 days of pay.
☆ How to make your company an 'employer of choice,' according to a millionaire cofounder of TransPerfect
  + stars: | 2022-11-17 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com   time to read: +5 min
One of her goals was to make her company an employer of choice in the industry. Her goal was to make "our company an employer of choice in our industry and ideally in any industry," she told Insider. Elting cofounded the global translation company TransPerfect in 1992 while earning her MBA at New York University. For Elting, company culture and incentives were critical for retaining its 5,000 employees. Incentivize high performanceWhen Elting was leading TransPerfect, the company had a large sales team and paid staff commissions and incentives when they hit their goals.
☆ Laid-off tech workers could get $100,000 to start their own companies from this VC firm
  + stars: | 2022-11-15 | by ( Morgan Smith | ) www.cnbc.com   time to read: +4 min
In just two weeks, tens of thousands of people have lost their jobs in Silicon Valley after Twitter, Meta, Stripe and other tech companies laid off double-digit percentages of their workforce. Bucher leveraged the skills and connections from her blossoming tech career to start Day One Ventures just four years later. The firm has raised about $100 million, investing that money in over 100 companies and spearheading their communication strategies. Day One Ventures' portfolio includes a diverse range of businesses, from email tool Superhuman to parenting website Winnie. "I hope we are doing something more than just giving tech workers hope," Bucher says.
☆ The method to Elon Musk's Twitter madness reveals itself
  + stars: | 2022-11-14 | by ( Matt Weinberger | ) www.businessinsider.com   time to read: +5 min
The theme of last week was chaos and hubris, amid a massive wave of tech layoffs and the turmoil at Twitter under new owner Elon Musk. The method to the Twitter madness emerges. Salesforce insiders say they were set up to fail. Last week, Salesforce laid off workers who it said were underperforming. The jokester behind the popular Jesus Christ account on Twitter tells Insider how Elon Musk's new Twitter Blue got him verified after 14 years on the platform.
☆ FTX's future went from being in the hands of the young disrupters to grizzled veteran lawyers
  + stars: | 2022-11-14 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +5 min
The two key lawyers involved — who were profiled here by Insider's Jack Newsham — have quite the track record, including stints working with Enron, Michael Milken, and Elon Musk. In other news:Mia Lee decided to become a professional girlfriend for a living after her Wall Street accounting job left her burnt out. Here's where they say Wall Street got it wrong when it comes to VC. Salesforce evaluated employees in a way that actually set up some of its top salespeople to get axed, insiders say. "You can take the girl off Wall Street, but you can't take the banker out of the whore."
☆ Salesforce insiders say the performance review system set some of its top salespeople up for failure ahead of layoffs
  + stars: | 2022-11-11 | by ( Ellen Thomas | Ashley Stewart | ) www.businessinsider.com   time to read: +7 min
Recent Salesforce layoffs impacted salespeople, insiders say. Salesforce insiders say the company set up its own salesforce for failure ahead of layoffs by using a quota system that penalized top performers with unrealistic goals and difficult accounts. "Our sales performance process drives accountability," a Salesforce spokesperson said in a statement provided to Insider. Marc Benioff SalesforceSalespeople describe a stretch-goal quota systemInsiders say the system Salesforce used to evaluate individual sales performance often gave even top salespeople unrealistic goals. When sales momentum slowed this year, Salesforce reacted first with a hiring slowdown, as Insider reported, and now with layoffs.
☆ Meet 5 of Goldman Sachs' newest partners, including a top fintech dealmaker and a structured trader from Honduras whose 3 brothers also work on Wall Street
  + stars: | 2022-11-09 | by ( Dakin Campbell | Alex Morrell | Emmalyse Brownstein | ) www.businessinsider.com   time to read: +9 min
It also includes a star fintech banker and leading voice on the Black experience on Wall Street. Here are 5 top names who will help shape the Wall Street of tomorrow. In the 12 years that he's been at Goldman, Watkins has helped Goldman advise on some of the technology industry's biggest transactions. He has also been a leading voice in discussing the Black experience on Wall Street. After graduating in 2010, he went to work for the Global Electronic Trading Co., known on Wall Street as GETCO.
☆ BNP Paribas set to expand Exane in the U.S.
  + stars: | 2022-11-08 | by ( Carolina Mandl | ) www.reuters.com   time to read: +1 min
NEW YORK, Nov 8 (Reuters) - BNP Paribas (BNPP.PA) is expanding its equity research house Exane in the United States, after the euro zone's biggest lender took it over last year, the bank said on Tuesday. Michael Rietbrock has joined Exane from Cantor Fitzgerald in October as head of U.S. research, according to BNP. The move comes as BNP aims to strengthen its equities unit and diversify the lender's business, best known for derivatives. As part of this strategy, BNP acquired last year a remaining 50% stake in cash equities execution and research house firm Exane, which covers 800 stocks globally. It's really where we want to grow," Nicolas Marque, head of global equities at BNP Paribas told Reuters.
☆ Warner Bros. Discovery is swirling with talk of more layoffs and concerns about integrating streamers HBO Max and Discovery+
  + stars: | 2022-11-03 | by ( Lucia Moses | ) www.businessinsider.com   time to read: +3 min
Discovery insiders are bracing for another round of layoffs the week of November 7. This round is expected to hit sales support roles as the company looks for $3B in cost cuts. Some are also speculating that the planned streamer combining Discovery+ with HBO Max will be delayed. A second insider said WBD was closely scrutinizing vendor contracts as it tries to find cost savings wherever possible. Questions are also swirling about the company's new streaming service that will combine Discovery+ with HBO Max.
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