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☆ Morgan Stanley’s new CEO inherits rich pickings
▼ + stars: | 2023-11-02 | by ( John Foley | ) www.reuters.com time to read: +7 min

A good place to start is outside Morgan Stanley’s home market. Morgan Stanley’s two last big acquisitions were chunky, at a combined $20 billion, but also filled niches. E*Trade, an online brokerage, brought millions of households and company employees that Morgan Stanley hadn’t previously served. Eaton Vance, a U.S. asset manager, peddles investment products that Morgan Stanley now funnels through sales teams in far-flung markets. CEO Jane Fraser shows no inclination to sell private banking, which for now sits within the group’s $756 billion global wealth management bucket.

Persons: Ted Pick’s, Morgan Stanley, Pick, James Gorman, Morgan, Gorman, Germany’s, Britain’s, Morgan Stanley’s, Morgan Stanley hadn’t, Eaton Vance, Smith Barney, watchdogs, Jane Fraser, It’s, Noel Quinn’s, Ping, Colm Kelleher, Ted Pick, Peter Thal Larsen, Thomas Shum Organizations: Reuters, Credit Suisse, McKinsey ., Morgan, Reuters Graphics Reuters, Infrastructure, Citi, U.S, HSBC, HK, UBS, Thomson Locations: U.S, American, Asia, Pacific, Japan, India, China, French, Europe, Switzerland, HK, Swiss

☆ The AI boom is the newest threat to women's presence in the workforce
▼ + stars: | 2023-11-02 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

A new study found that 7.8% of jobs held by women, and 2.9% held by men, could be automated. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . From an economic perspective, more women working means more entrepreneurship , fewer labor shortages , and more disposable income to spread around businesses. Retraining workers could help mitigate the impacts of AI job replacementTo be sure, the AI future has yet to be written. AdvertisementAdvertisementHowever, even if AI does pose an additional threat in the years ahead, it won't change things overnight, giving some women time to prepare.

Persons: —, Michael Chui, Julia Pollak, ZipRecruiter, Aaron Terrazas Organizations: Service, International Labour Organization, Pew, McKinsey Global Institute Locations: United States

☆ Indian travelers are set to be the fourth largest global spenders by 2030
▼ + stars: | 2023-11-02 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

Indians could be the fourth-largest global travel spenders by 2030, according to a recent report by Booking.com and McKinsey. However, they pointed out that outbound travel only accounted for approximately 1% of total trips made by Indians last year. Based on the report's expectations there will be 5 billion trips made in 2030, 1% of outbound travel will come up to 50 million trips. According to their 2019 research, the U.S., China and Germany were the top three global travel spenders, while India came in sixth. Indian travelers are expected to embark on 5 billion more trips by 2030, and spending on travel and tourism is predicted to hit $410 billion by then.

Persons: That's Organizations: Booking.com, McKinsey Locations: India, U.S, China, Germany

☆ The biggest winners — and losers — in the coming AI job apocalypse
▼ + stars: | 2023-11-01 | by ( Emil Skandul | ) www.businessinsider.com time to read: +10 min

In fact, as other long-term trends take hold, many of these working-class roles are poised for a job explosion. While manufacturing jobs as a whole are expected to stay flat, spending in this industry has boomed to $200 billion each year, tripling in the past five years. "What characterizes the physical labor jobs that are safe for the next five or 10 years are things that are in an unpredictable physical environment," Kweilin Ellingrud, a McKinsey Global Institute director, told me. Instead of replacing these jobs, AI will likely benefit specific roles by making it easier to do the most routine parts of the job. He added: "There are these jobs that are in a middle ground where the physical work may remain but the supervision might be more exposed."

Persons: plumbers, Philip Levine, there's, Mark Muro, barometers, OpenAI, Ellingrud, Muro, Emil Skandul, Tony Blair Organizations: Ford, US Bureau of Labor Statistics, Brookings Institution, Accenture, Bureau of Labor Statistics, McKinsey, McKinsey Global Institute, Research, Tony Blair Institute Locations: American, America

☆ The warped financial logic fueling America’s ‘doom loop’
▼ + stars: | 2023-10-31 | by ( Adam Rogers | ) www.businessinsider.com time to read: +11 min

Well, when a landlord doesn't lower the rent to get a new retail tenant, it's because that landlord can't. They're free to renegotiate or refinance the terms of mortgages, given the extraordinary downturn facing retail storefronts. And the future will be full of even higher vacancy rates, higher interest rates, and lower rents. Retail rents have flattened, she says, but the construction of retail space has not. Still, from an urban-planning standpoint, the way we finance retail space makes no sense.

Persons: You've, apocalypses, that's, It's, David Greensfelder, Greensfelder, Banks, what's, —, Larisa Ortiz, Ortiz, Justin Sullivan, Lorenzo Perez, I've, Rachel Meltzer, Kazuko Morgan, Perez, Culdesac, Something's, Meltzer, Adam Rogers Organizations: McKinsey & Company, Verizon, Republics, Harvard Locations: America, Urban, Manhattan, San Francisco, Market, vaya, What's, Phoenix, That's, LA, New York, Wakefield, Tempe , Arizona

☆ Divide Between CMOs and CEOs Is Growing, Research Finds
▼ + stars: | 2023-10-30 | by ( Patrick Coffee | ) www.wsj.com time to read: 1 min

CMOs are more likely than in past years to say CEOs don’t understand the work marketers do, according to a new survey by McKinsey. Photo: ANDREW KELLY/REUTERSChief executives and chief marketing officers often don’t see eye-to-eye on what precisely the role of CMOs entails or even on the effectiveness of corporate strategy. And in some cases, the disconnect is growing. CEOs have been paying closer attention to their companies’ marketing operations as sources of growth in an unsteady economy, observers say. Frequently, CEOs are certain they understand how modern marketing works; in many cases, their CMOs don’t share that confidence.

Persons: ANDREW KELLY Organizations: McKinsey, REUTERS

☆ Alphabet chief Pichai labored in trenches but rose to defend search giant
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

The move was done to give Page fewer direct reports and product units to oversee. * Pichai became CEO of Google in 2015 and all of Alphabet in 2019. * Alphabet, Google's parent company, has a long list of other businesses. Since Pichai became CEO, it acquired Fitbit in 2021 and the security company Mandiant in 2022. * Pichai's total compensation was about $226 million in 2022, more than 800 times the median employee's pay, the company said in a securities filing in April.

Persons: Sundar Pichai, Joe Biden, Narendra Modi, Evelyn Hockstein, Larry Page, Andy Rubin, Page, Pichai, Bard, Diane Bartz, Jonathan Oatis Organizations: Google, U.S, India's, White, REUTERS, Rights, Big Tech, Wharton, Stanford University, Indian Institute of Technology, McKinsey & Co, Thomson Locations: Washington , U.S, Washington, Madurai, Tamil Nadu, India, Indian Institute of Technology Kharagpur

Google contends that it dominates the market because its search engine is better than the competition's. The Justice Department sought to show that Google feared Apple might establish its own search engine and worried about losing talent to Apple. In a 2019 email shown in court, Pichai asked to be informed directly whenever a member of Google’s search engine team defected to Apple. The Mountain View, California-based company could be stopped from paying Apple and other companies to make Google the default search engine. “You get up in the morning, you brush your teeth and you search on Google,” Nadella said.

Persons: —, Sundar Pichai, Pichai, “ That’s, Trump, Judge Amit Mehta, Satya Nadella, ” Nadella, Michael Liedke Organizations: WASHINGTON, Apple, Department, Justice, Google, McKinsey & Co, Justice Department, Microsoft, Washington D.C, U.S, Associated Press Technology Locations: India, U.S, Washington, View , California

☆ My dream job wasn't worth it: Former employees at Meta, McKinsey, and JP Morgan share how they burned out and left
▼ + stars: | 2023-10-29 | by ( Aria Yang | ) www.businessinsider.com time to read: +7 min

Insider spoke to five people who left Meta, McKinsey and more on why they left and what they do now. One said he only wishes he left his $120,000-a-year finance job sooner. Lu ultimately made the decision to leave because she wanted to explore and grow in other aspects of her career, but she said leaving McKinsey came with its tradeoffs. Read more: I quit my $370K job at Meta after having panic attacks and hitting the lowest point of my life. Read more: I quit my $120K finance job and make more money with YouTube videos.

Persons: —, Vivian Tu, she's, Angelina Lu, Lu, Eric Yu, Meta, pinky, Yu, Read, Elizabeth Rosenberg, Rosenberg, Vincent Chan, Chan Organizations: Meta, McKinsey, Service, JPMorgan, McKinsey & Company, YouTube

☆ These are the 10 most prestigious internships to have on your resume, according to 13,000 current and former interns
▼ + stars: | 2023-10-29 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

Thousands of current and former interns were surveyed about the most prestigious internships. The 13,000 interns rated the top companies on a scale of 1 to 10. Career intelligence company Vault surveyed 13,000 current and former interns, and they shared which companies they believe have the most prestigious internships. Wall Street summer interns can earn over $52,000 before taxes at some firms during their 11-week program. Here are the top 10 most prestigious internships according to thousands of current and former interns.

Persons: —, J.P, Morgan Mike Kemp, Jason Reed JIR, McKinsey & Company FABRICE COFFRINI, Joe Raedle, Morgan Stanley, Morgan Stanley's, Michael M, Goldman Sachs Michael M, Microsoft Toby Scott, Artur Widak Organizations: Service, White, Getty, CIA, U.S . Central Intelligence Agency, McKinsey & Company, SpaceX SpaceX, Times, Apple, California Thomson Reuters, Microsoft, NASA Locations: Langley, REUTERS, AFP, Palo Alto, California

☆ The World Is Becoming More African
▼ + stars: | 2023-10-28 | by ( Declan Walsh | Hannah Reyes Morales | ) www.nytimes.com time to read: +37 min

Old World Young Africa As the world grays, Africa blooms with youth. The World Is Becoming More African Part one of a series on how the youth boom is changing the continent, and beyond. But while a handful of African countries are poised to ride the demographic wave, others risk being swamped by it. In the West, racists and right-wing nationalists stoke fears of African population growth to justify hatred, or even violence. The age gap between geriatric leaders and restless youth is “a major source of tension” in many African countries, said Simon Mulongo, a former African Union diplomat from Uganda.

Persons: Lauren Leatherby, ”, Jean, Patrick Niambé, Hilton, Edward Paice, “, Keziah Keya, Keya, Paul R, Ehrlich, stoke, Lauren Leatherby “, Carlos Lopes, Burna, Weeks, “ It’s, Laolu Senbanjo, Tems, Toulaye Sy, Pritzker, Abdulrazak Gurnah, “ Africa’s, ” Long, exotica, Mulendema, Hannah O’Leary, “ We’re, Sipho Dlamini, Dlamini, Moawad, Optimists, Mo Ibrahim, Aubrey Hruby, birthrates, India’s, China’s, Akinwumi Adesina, States —, William Ruto, Paul Biya of, Biya, Wole Soyinka, Paul Kagame of, Nourdine, Nigeriens, Awade, Ali Bongo Ondimba, Simon Mulongo, Nuha Abdelgadir, Abdelgadir, gesturing, “ We’ve, ” Weeks, Abdelgadir’s, Modu Ali, Young, Saidu, Habiba Mohammed, Ms, Ha, Joon Chang, Nobody, Chang, Ibrahim, Touré Organizations: Young, United Nations, Southern, Northern, Western Asia Northern, United, Ivory Coast, African Union, Group, European Union ., Suisse, Africa Research Institute, Nigeria Mozambique Kenya “, Russia Canada Germany United, Russia Canada Germany United States Japan China Iran Egypt India Mexico Nigeria Ethiopia Ethiopia Dem, Russia Germany, China Egypt India Nigeria D.R.C, Russia Canada Germany United States Japan China Iran Egypt India Mexico Nigeria Ethiopia Dem, Bank, Nations, International, Bryn Mawr College, Angola, Angola Ivory Coast, Angola Ivory Coast Cameroon Dem, Africa Middle Africa Southern, Economic Commission, New, Citi, Spotify, Cannes Film, Burkina Faso, UNESCO, Disney, Amazon Prime, Netflix, “, Apple, Cape Town, Microsoft, Google, Infrastructure, McKinsey & Company, Pew Research Center, African Development Bank, Greek Coast Guard, Saudi, Africa Climate, Young Voters, Freedom House, University of Denver, United Arab, Japan Cuba Vatican City, Netherlands South Korea Belgium U.A.E, Islamic, Global, Center for Girls Education, School of Oriental, Studies Locations: grays, Africa, India, China, United States, Southern Asia, Asia, America, Caribbean, Northern America, Western Asia, Western Asia Northern America, Europe, London, New York, West Africa, Ivory, Abidjan, Russia, Turkey, Gulf, Nairobi, Nigeria Mozambique Kenya, Italy, Japan, Russia Canada Germany United States Japan China Iran Egypt India Mexico Nigeria Ethiopia Ethiopia, Congo Indonesia Brazil Australia South Africa Argentina, Russia Germany U.S, China Egypt India Nigeria, Brazil South Africa Australia, Russia Canada Germany United States Japan China Iran Egypt India Mexico Nigeria, Nigeria, Africa’s, Young, South Africa, Somalia, Mozambique, Mali, Gabon, Niger, Mozambique Nigeria Kenya, Kenya, Pennsylvania, Angola Ivory, Angola Ivory Coast Cameroon, Congo Algeria Egypt, Ghana Kenya Madagascar Mozambique Niger Nigeria, Tanzania Uganda South Africa, Northern Africa Eastern Africa, Africa Middle Africa, Africa Middle Africa Southern Africa, Guinea, Bissau, African, Qatar, Nigerian, Brooklyn, Target, French, Senegalese, Paris, Milan, Venice, Burkina, Tanzania, Saharan Africa, Nigeria Kenya Senegal In Lagos, Dakar, Zambia, South Korea, Sotheby’s, Lagos, Zimbabwe, Watford, Cape, Mombasa, Zanzibar, Cairo, Morocco, East Africa, Nigeria Mozambique Morocco, Sudanese, North Africa, East Asia, Thailand, Rwanda, Ivory Coast, States, Namibia, Kenyan, Paul Biya of Cameroon, Paul Kagame of Rwanda, United Arab Emirates, United States France Turkey, Germany, Russia India, Brazil, Japan Cuba, Japan Cuba Vatican City Spain Italy Saudi Arabia Qatar, Netherlands South Korea Belgium, Iran Canada, Niger’s, Niamey, Senegal Kenya Kenya, X’s, Tunisia, Egypt, Libya, Senegal, Uganda, Khartoum, Sudan, Ethiopia, Al Qaeda, Islamic State, Chad, Burkina Faso, Nigeria Nigeria Morocco, hijabs, Zaria, American, Korea, South, England

☆ This startup wants to make nature a balance sheet-grade asset. Check out the 19-slide pitch deck The Landbanking Group used to raise $11 million.
▼ + stars: | 2023-10-26 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

A climate fintech startup that wants to make nature a balance sheet-grade asset has just raised $11 million in seed funding. The Landbanking Group, founded in 2022, has created a software platform for land owners and investors. These assets can then be sold on to the likes of investors or corporations set on decarbonizing their supply chains. But in compensation markets, "you need to do harm first, for you to have an incentive to actually engage with nature," Stuchtey said. From there, the startup is positioning itself as a depository bank where nature assets are held, exchanged, and settled.

Persons: Martin Stuchtey, Sonja Stuchtey, Stuchtey Organizations: McKinsey, Force, 4P Capital Locations: Munich

☆ Morgan Stanley has named Ted Pick as its next CEO, putting an end to the race to succeed James Gorman at the top of a Wall Street giant
▼ + stars: | 2023-10-25 | by ( Hayley Cuccinello | Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

Morgan Stanley's hard-charging trading boss Ted Pick is set to succeed CEO James Gorman. AdvertisementAdvertisementFive months after Morgan Stanley's James Gorman announced he was stepping down, the pick is in. AdvertisementAdvertisementPick is credited with transforming Morgan Stanley's key equities and fixed-income businesses. Morgan Stanley has declined to comment aside from stating earlier this year that the bank was cooperating with regulators. At a bank that prizes loyalty perhaps more than any other, a trader who "bleeds Morgan Stanley blue" may be a welcome choice.

Persons: Morgan Stanley's, Ted Pick, James Gorman, Gorman, Andy Saperstein, Dan Simkowitz, —, Morgan Stanley's James Gorman, Edward, Ted, Pick, Tom Glocer, Morgan, He's, Morgan Stanley, Simkowitz, Saperstein, John Mack, Mack Organizations: Service, Investment, Harvard, Disney, McKinsey, Staten

☆ How Morgan Stanley exec Ted Pick rose from 'rough edged' deal junkie to CEO
▼ + stars: | 2023-10-25 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +21 min

Editor's note: Morgan Stanley announced on October 25 that Ted Pick would replace James Gorman as CEO. Employees knew they were getting promoted if Pick told them to wear a tie the following day, an ex-managing director recalled. While Morgan Stanley currently trades at a premium among its Wall Street peers, its enviable success isn't thanks to Pick. Gonzalo Marroquin/Patrick McMullan via Getty Images Show less Morgan Stanley investment management head and dark horse in the race for CEO, Dan Simkowitz. Despite enjoying the stock price gains under Gorman's reign, plenty of longtime employees want another dyed-in-the-wool Morgan Stanley loyalist, according to a former senior executive.

Persons: Morgan Stanley, Ted Pick, James Gorman, Pick, Gucci loafers, Blackstone, Tony James, Morgan, Gorman, Andy Saperstein, Dan Simkowitz, John Mack, Ted, James, Phil Purcell, Mack, Purcell, Merrill Lynch, Paul Taubman, Colm Kelleher, coheads, Gonzalo Marroquin, Patrick McMullan, Saperstein, Euromoney, Parker Gilbert, He's, John, cohead, Bolu, Goldman Sachs, Pablo, tony, Betsey Kittenplan, Smith Barney, James cochairs, Jim Breyer, Anna Wintour, John Mack pranking Pick, John Waldron, I'm, Howard Marks, Bill Parcells, atta, Brian Moynihan, aren't, David Solomon, Jamie Dimon's, Eaton Vance, he's, you've, Richard Drew, —, Hayley Cuccinello Organizations: Employees, Archegos Capital Management, Blackstone, McKinsey, Getty, Middlebury College, China Construction Bank, Harvard Business School, Mitsubishi, Wall, Autonomous Research, Anguilla, Agricultural Bank of China, Capital Management, Metropolitan Museum of Art, Vogue, New York Rangers, Oaktree Capital Management, Bloomberg, Staten, Disney, JPMorgan, Trade, AP Locations: China, Beijing, Manhattan, New York City, Caracas, Venezuela, Brookville, tony Long, hcuccinello@insider.com

☆ After a summer of Barbenheimer and Beyoncé, can US consumers still afford the holiday season?
▼ + stars: | 2023-10-21 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

Minneapolis CNN —Ballpark attendance boomed this summer, Barbenheimer revived the box office and a Renaissance of live performances brought concerts into new Eras. However, it also could mean that holiday spending just might look a little different and skewed more toward experiences than it has done in past years. Respondents to KPMG’s 2023 holiday survey said they plan to spend 5% more this season, said Matt Kramer, KPMG’s consumer and retail national sector leader. “What stands out the most is this ‘leaning in’ to holiday travel and wanting to have those experiences with friends and family,” he said. A more comprehensive look at consumer spending will come at the tail end of the month when the Personal Consumption Expenditures data is released.

Persons: Barbenheimer, Everybody, ”, Keith Gentili, ” Taylor Swift, Allen J, “, Ted Rossman, that’s, ’ ”, aren’t, Matt Kramer, Tamara Charm, Elijah Nouvelage, Patrick T, Fallon, Gus Faucher, Nathan Howard, Nancy Vanden Houten, ’, ” Rossman, Matt Schulz Organizations: Minneapolis CNN —, New Hampshire, Los Angeles Times, Getty, Bankrate, McKinsey, Travelers, Hartsfield, Jackson Atlanta International Airport, Bloomberg, Commerce, Apple, PNC Financial Services, Shoppers, canaries, LendingTree Locations: Minneapolis, New, Inglewood , California, splurge, ’, Los Angeles, AFP, Georgetown, Washington, what’s, Oxford

☆ Meet the candidates in the running to replace James Gorman as Morgan Stanley's CEO
▼ + stars: | 2023-10-20 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +8 min

Morgan Stanley CEO James Gorman plans to retire by May 2024, leaving big shoes to fill. AdvertisementAdvertisementSuccession has traditionally been a bloody sport on Wall Street with the losers leaving and taking their lieutenants with them. Morgan Stanley CEO James Gorman, who plans to retire by May 2024, wants the buck the trend so the bank can hold onto all three candidates. "Wall Street has had a history of that not happening," said Gorman in a July earnings call. With Morgan Stanley at the top of its game, breaking up this well-oiled team could be disastrous.

Persons: Morgan Stanley, James Gorman, Ted Pick, Andy Saperstein, Dan Simkowitz, —, Gorman, Morgan, Ted, He's, Tony James, Morgan Stanley's, Pick, Simkowitz, Dodd, Frank, Fannie Mae, Freddie Mac, Dan, Andy Saperstein Saperstein, Merrill Lynch, Bloomberg, Hayley Cuccinello Organizations: Service, Archegos Capital Management, Washington , D.C, Federal Reserve, Treasury, General Motors, AIG, Citigroup, McKinsey, Staten, Disney, Hamptons Locations: Washington ,, hcuccinello@insider.com

☆ Hydrogen Demand Is Set to Boom, but Growth Faces Big Hurdles
▼ + stars: | 2023-10-18 | by ( Yusuf Khan | ) www.wsj.com time to read: +5 min

A new report from consulting firm McKinsey forecasts a fivefold rise in hydrogen demand to 600 million metric tons a year by 2050, if climate change is limited to 1.5 degree Celsius. Using green hydrogen as fuel for steelmaking can cut emissions by up to 95%, according to H2 Green Steel, a Swedish low-carbon steel startup. Higher interest rates have made securing funding for big infrastructure projects more expensive, with fewer willing to put up the cash, according to Franc. Last week, $7 billion of subsidies dedicated to hydrogen projects in the U.S. were announced by the Energy Department. Faster permitting times are needed to bring more hydrogen projects online, as well as the renewable energy to power their electrolyzers, industry experts say.

Persons: BRIDGET BENNETT, ”, Pierre, Etienne Franc, ” Franc, Jason Cheng, Regulators haven’t, Margery Ryan, Johnson, Todd Anderson, Bram Smeets, Ole Rolser, you’ve, Ryan, “, Yusuf Khan Organizations: REUTERS, McKinsey, Business, Green, ”, Platinum Investment, Energy Department, Regulators, The Wall, International Energy Agency, U.S, Dakotas Locations: Las, Swedish, Franc, U.S, Woodbine , Ga, Midwest, Texas, West, Gulf Coasts

☆ Long before hitting a glass ceiling in the workplace, women face a 'broken rung,' report finds
▼ + stars: | 2023-10-18 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

That's where progress often falls short, according to the annual Women in the Workplace study from Lean In and McKinsey. "The 'broken rung' is the biggest barrier to women's advancement," said Rachel Thomas, Lean In's CEO and co-founder. "Companies are effectively leaving women behind from the very beginning of their careers, and women can never catch up." Largely due to systemic bias, women are prevented from getting the same opportunities to advance, Lean In's report found. "Women tend to look for mentors and men tend to look for sponsors who will help them negotiate," she said.

Persons: Rachel Thomas, Lean, Thomas, —, Stefanie O'Connell Rodriguez, Laurie Chamberlin Organizations: Fortune, Lean, McKinsey, Companies, Adecco, Mentors, Gallup Locations: America, North America

☆ Women face a 'broken rung' early on in the corporate ladder and are missing out on their first big promotions
▼ + stars: | 2023-10-17 | by ( Madison Hoff | ) www.businessinsider.com time to read: +3 min

Lean In's CEO said fixing the "broken rung" would mean more women representation in the work pipeline. The report found that "for every 100 men promoted from entry level to manager, 87 women were promoted." "While we have this laser focus typically on the glass ceiling, what we need is a laser focus on the broken rung," Alexis Krivkovich, a senior partner for McKinsey, told Insider. "While companies are increasing women's representation at the top, doing so without addressing the broken rung offers only a temporary stopgap," the report stated. The broken rung doesn't have to be a never-ending problem.

Persons: Lean, —, Alexis Krivkovich, Rachel Thomas, Krivkovich, Thomas, evaluators Organizations: McKinsey, Service, McKinsey & Company, Lean, Companies

☆ This Morgan Stanley veteran is ready to be CEO — it just might be somewhere else
▼ + stars: | 2023-10-17 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +16 min

Morgan Stanley CEO James Gorman plans to retire by May 2024. "Cross-pollinating key leaders across our major businesses further knits the Morgan Stanley culture," Gorman wrote in a memo at the time. Morgan Stanley, which was the lead underwriter, had to step in to prop up the stock. In 2010, Morgan Stanley was picked as one of two lead underwriters — the other being JPMorgan — for the IPO of General Motors. With Morgan Stanley at the top of its game, breaking up this well-oiled team could be disastrous.

Persons: Morgan Stanley, James Gorman, Ted Pick, Andy Saperstein, Dan Simkowitz, He's, Simkowitz, Eaton Vance, Pick, Morgan, Getty, Dan, doesn't, Gorman, Morgan Stanley's, Saperstein, executive's protégé, Andy, Alex, Brown, Ted, she'd, Simkowitz's, Dean Witter Reynolds, Eaton, Calvert, Ruth Porat, Bob Scully, Fannie Mae, Freddie Mac, Will Dotson, Dan Akerson, TIMOTHY A, CLARY, Erik Gordon, Dodd, Frank, David Bieri, Gonzalo Marroquin, Patrick McMullan, Paul Taubman, Colm Kelleher, coheads, John Mack, Phil Purcell, Hayley Cuccinello Organizations: Disney, Harvard, McKinsey, Columbia Business School, Maccabiah Games, Team USA, Maccabi USA, Trenton Almgren, Davis, Lucent, Verizon, Mesa West Capital, JPMorgan, Calvert Research, Management, Facebook, Massachusetts Securities Division, Treasury, JPMorgan —, General Motors, Government Motors, General, New York Stock Exchange, Getty, University of Michigan's Ross School of Business, Citigroup, Virginia Tech, US Securities and Exchange Commission, United States Attorney's Office, Southern, of Locations: Bloomington , Indiana, Trenton, New York, Tokyo and Hong Kong, Boston, Washington, Switzerland, of New York, hcuccinello@insider.com

☆ Why so many drug stores are closing
▼ + stars: | 2023-10-16 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

Now, they are closing thousands of stores, leaving gaps in communities for medicines and essentials. It comes amid walkouts by Walgreens pharmacists and technicians around the country and at CVS stores in Kansas City over low pay and understaffed stores. Drug store strugglesRite Aid’s bankruptcy reflects long-term struggles in the retail pharmacy industry. Walgreens and other drug stores have closed thousands of stores in recent years. But this strategy requires fewer brick-and-mortar retail stores.

Persons: Angus Mordant, Justin Sullivan, drugstores, ”, David Silverman, ” Silverman, Drugstores Organizations: New, New York CNN, Rite Aid, Bloomberg, Getty Images Rite, Walgreens, CVS, Walmart, Fitch, Aetna, Pharmacy, McKinsey . Rite, American Medical Association Locations: New York, Kansas City, drugstores

☆ The pay penalty for becoming a teacher is worse than ever
▼ + stars: | 2023-10-13 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

A recent report highlighted the pay penalty between teachers and college graduates in other roles. The author found this pay penalty was at a record in 2022 when controlling for education and other factors. There's also a total compensation penalty for teachers when factoring in benefits like healthcare and retirement plans. Before the pandemic, the total compensation penalty was 10.2% in 2019 — with a benefits advantage of 9.0% and a wage penalty of 19.2%. At the same time teachers face a pay penalty, many use what they make to buy supplies and other items for their classrooms.

Persons: —, Sylvia Allegretto, Alana Ward, NPR's Michel Martin, COVID, we're, Allegretto, Kuehne Organizations: Service, Center for Economic, Policy Research, Economic Policy Institute, Survey, McKinsey

The AI boom has triggered a surge in spending on data centers. The AI boom has supercharged a wave of spending on data centers. AdvertisementAdvertisementThe data center boom is set to double or triple the amount of energy consumed by these data centers. A recent Cowen research report estimated that AI data centers could require more than five times the power of traditional facilities. Amazon does not disclose how many data centers it occupies, where they are located, or how much electricity they consume.

Persons: —, ChatGPT, it's, Jonathan Gray, Cowen, Marc Ganzi, Shaolei Ren, Tom Keane, Keane, Bernstein, Mark Moerdler, Jahi, Matt McCollister, Pena Popo, Blackstone, Karla Moran, Moran Organizations: Service, McKinsey, Nvidia, UC Riverside, Microsoft, Washington, Getty, Lincoln Property Company, Harrison Street, Google, Meta, Amazon, Blackstone, Income Trust, QTS Realty Trust, Amazon Web Services, AP, Phoenix Locations: America, Rural America, Loudoun Meadows, Aldie , VA, Ohio, New Albany, Columbus, Northern Virginia, Dallas, Phoenix, Silicon Valley, Chicago, Washington, DC, Virginia, New York City, Salt

CNN —Target is closing nine stores in four metropolitan areas: the San Francisco Bay Area, Portland, Seattle, and New York. Here are four charts showing what retailers are facing in those areas where Target is closing stores. The six counties where Target is closing stores saw exoduses in high earners larger than the average for similar counties. Census data also shows that the six counties where Target is closing stores had a higher percentage of remote workers compared to their states as a whole. In the markets where Target is closing stores, the shortages persist.

Persons: it’s, David Johnston, Connor O’Brien, ”, O’Brien, ” O’Brien, Johnston Organizations: CNN, Coresight Research, National Retail Federation, Economic, Group, McKinsey, Department of Commerce, of, Labor Locations: San Francisco Bay Area, Portland, Seattle, New York, it’s, O’Brien

☆ Some Americans are secretly working multiple remote jobs. Bosses shouldn't be worried about it.
▼ + stars: | 2023-10-11 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

Some Americans are secretly working multiple remote jobs. AdvertisementAdvertisementOne of your co-workers could be secretly working multiple remote jobs to boost their finances. But holding two remote jobs could breach some employment contracts and lead to job termination. But it could become more popular as the remote work revolution provides additional opportunities for Americans to take on more work. "Clearly, if people can work multiple jobs at the same time, then I need to redefine their role to be more rigorous," she said.

Persons: —, it's, David Barron, Cozen O'Connor, Barron, who've, Aaron De Smet, I'm, Jennifer Moss, De Smet, Xer, Moss, we've, they're, we'll, Nicole Coomber Organizations: Service, McKinsey, University of Maryland Locations: Texas

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