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<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hey there! Leave it to the Hamptons to figure out a way to turn <a target="_blank" href="https://www.businessinsider.com/blade-launches-luxury-bus-new-york-the-hamptons-195-dollars-2024-4">riding the bus into something fancy</a>.In today's big story, we examine how tough the job market is <a target="_blank" href="https://www.businessinsider.com/hiring-slump-professional-white-collar-jobs-recession-high-salary-2024-4">for the well-paid employee</a>.What's on deck:<ul><li>Markets: The brutal reality of life as a <a target="_blank" href="https://www.businessinsider.com/quit-wall-street-investment-banking-after-fainting-bad-work-culture-2024-4">first-year investment banking analyst</a>.</li><li>Tech: Elon Musk <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-china-visit-self-driving-autonomous-electric-cars-2024-4">secures a big win for Tesla</a> in China.</li><li>Business: Higher-for-longer interest rates <a target="_blank" href="https://www.businessinsider.com/when-will-fed-cut-interest-rates-powell-fomc-inflation-relief-2024-4">aren't going anywhere</a>.</li></ul>But first, the plight of the upper middle class.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3>The big story</h3><h2>High pay, low vibes</h2><div type="image" title="A long line of white-collar workers, with a caution sign indicating slow movemen" height="600" width="1200" msid="109736037" hostid="261" sizebytes="67878"></div>More money; more problems.That's the current job trend, as higher-paid employees are having trouble finding work despite a historically strong labor market.It's creating what Business Insider's Aki Ito describes as a <a target="_blank" href="https://www.businessinsider.com/hiring-slump-professional-white-collar-jobs-recession-high-salary-2024-4">"white-collar recession."</a> The hiring rate for workers making less than $55,000 annually (1.5%) is well above the rate for those making more than $96,000 (0.5%).It's true not many people <a target="_blank" href="https://www.businessinsider.com/jobs-wages-growth-in-march-unemployment-rate-labor-market-2024-4">need work</a>, so the lack of open roles isn't critical to the economy. But not everyone is happy at their job.The dearth of hiring for higher-paying jobs has created a <a target="_blank" href="https://www.businessinsider.com/economy-housing-market-mortgage-buying-car-interest-rates-new-jobs-2024-3">"trapped in place" economy</a>, a concept previously highlighted by BI's Emily Stewart.There are worse problems than making six figures at a job you don't particularly like. Especially considering the number of Americans struggling to afford basic necessities <a target="_blank" href="https://www.businessinsider.com/meet-the-typical-alice-middle-class-poverty-housing-food-benefits-2024-4">but making too much to get help</a>.But as Aki points out, white-collar workers' issues could be a sign of bad times to come for everyone. Companies' hesitancy to hire expensive talent might be about preparing for a market downturn.<div type="image" title="A quarter coin stuck on a spider web." height="1000" width="2000" msid="109736038" hostid="261" sizebytes="270020"></div>The so-called white-collar recession could also have a lasting impact on the job market for high earners.It comes as high-paying jobs have faced some recent headwinds. Last year saw the <a target="_blank" href="https://www.businessinsider.com/middle-managers-layoffs-2023-meta-tech-companies-jobs-employment-2024-3">demise of middle managers</a>.And the long-term impact of AI on white-collar roles remains an ongoing question. For example, a key job for aspiring Wall Streeters — investment banking analyst — <a target="_blank" href="https://www.businessinsider.com/ai-job-cuts-finance-wall-street-investment-banking-analysts-hiring-2024-4">might face a hiring pullback</a> thanks to the benefits of AI.It speaks to the broader theme of efficiency Big Tech companies have touted for <a target="_blank" href="https://www.businessinsider.com/meta-earnings-q4-2023-mark-zuckerberg-hiring-2024-2">the better part of a year</a>.There's still money to be made in corporate America, to be sure. AI specialists remain a sought-after asset for most businesses. Cybersecurity is another good bet, as firms are <a target="_blank" href="https://www.businessinsider.com/jpmorgan-economy-markets-hackers-cyberattacks-davos-wef-jamie-dimon-bank-2024-1">investing big in the space</a>.But for the rest of us, the era of <a target="_blank" href="https://www.businessinsider.com/zirp-end-of-cushy-big-tech-job-perks-mass-layoffs-2024-2">cushy jobs with healthy salaries and light responsibilities</a> might be ending.Maybe that's why Gen Z is going through its own divide. While some young workers are quickly looking to climb the corporate ladder, others have <a target="_blank" href="https://www.businessinsider.com/disconnected-youth-a-tale-of-2-gen-zs-in-america-2024-4">completely disconnected from work or school</a>.<h2>3 things in markets</h2><div type="image" title="I quit my 9-to-5 Wall Street Job after passing out at work." height="1500" width="2000" msid="109736040" hostid="261" sizebytes="219402"></div><ol><li>From a dream job to a nightmare. Christine Ji's long days as a junior banker took their toll, and the workload ultimately led her to collapse in the office. The event forced her to <a target="_blank" href="https://www.businessinsider.com/quit-wall-street-investment-banking-after-fainting-bad-work-culture-2024-4">reevaluate the career she thought she always wanted</a>.</li><li>It's a big week for stocks. The Federal Reserve's rate-cut decision and press conference. The April jobs report. Tech giants Amazon and Apple's earnings reports. Raymond James' chief investment officer Larry Adam breaks down <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-this-week-fed-meeting-tech-earnings-jobs-report-2024-4">what to watch out for</a> during a busy week for the market.</li><li>Amazon crashes the earnings party. The e-commerce giant is set to report its results for the first quarter after Tuesday's closing bell. Top Wall Street banks including Bank of America and Goldman Sachs are <a target="_blank" href="https://markets.businessinsider.com/news/stocks/amazon-amzn-q1-earnings-report-preview-revenue-outlook-aws-ai-2024-4">bullish on the "Magnificent Seven" tech stock</a>.</li></ol><h2>3 things in tech</h2><div type="image" title="Elon Musk meets Chinese Premier Li Qiang in Beijing on April 28 2024" height="4000" width="6000" msid="109736041" hostid="261" sizebytes="1272956"></div><ol><li>Elon Musk's trip to China paid off. Musk made a surprise visit to meet with Premier Li Qiang to discuss <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-china-visit-self-driving-autonomous-electric-cars-2024-4">the rollout of full self-driving in China</a>. Approval of the tech could boost Tesla sales in the country, but <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-full-self-driving-technology-china-local-competition-2024-4">wouldn't be without intense competition</a>, as local rivals are developing their own versions of FSD. Tesla stock surged on Musk's <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-today-elon-musk-china-full-self-driving-2024-4">FSD "home run."</a></li><li>Introducing the top defense tech VCs. The space has boomed in recent years; According to PitchBook data, defense tech startups received more than $109 billion from investors between 2021 and 2023. <a target="_blank" href="https://www.businessinsider.com/top-defense-tech-vcs-to-know-2024-4">Meet the people behind the push</a>.</li><li>Nvidia's boss has no qualms about being a demanding leader. CEO Jensen Huang has a formidable reputation — and <a target="_blank" href="https://www.businessinsider.com/nvidia-ceo-jensen-huang-employees-difficult-to-work-for-2024-4">that's the way he likes it</a>. "It should be like that," he said in a recent interview with "60 Minutes." "If you want to do extraordinary things, it shouldn't be easy."</li></ol><h2>3 things in business</h2><div type="image" title="Jerome Powell" height="1500" width="2000" msid="109736042" hostid="261" sizebytes="374242"></div><ol><li>Sorry, America. High interest rates are here for a while. On Wednesday, the Federal Reserve will announce its latest decision on interest rates — and traders believe <a target="_blank" rel="noopener" href="https://www.businessinsider.com/when-will-fed-cut-interest-rates-powell-fomc-inflation-relief-2024-4">borrowing costs will likely remain unchanged</a>, according to the CME FedWatch Tool.</li><li>Paramount CEO Bob Bakish stepped down. For the time being, <a target="_blank" href="https://www.businessinsider.com/paramount-ceo-bob-bakish-out-2024-4">three executives will take his place</a>. Bakish's exit comes as major shareholder Shari Redstone inches closer to a sale of her controlling stake in the company.</li><li>Shopify plans a switch-up in its Support division. Support director David Kohl said in an update posted to the e-commerce firm's internal Workplace page that <a target="_blank" href="https://www.businessinsider.com/shopify-support-reorg-raises-employee-concerns-2024-4">Shopify had seen success in its AI experiments</a>, sparking fear among some employees that job cuts are coming.</li></ol><h2>In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/hyundai-kona-test-drive-review-2024-4">I took the new Hyundai Kona on a family road trip: It's a practical car with pizzazz that I'd be comfortable letting my teenager drive</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/supreme-court-rejects-elon-musk-remove-twitter-sitter-sec-2024-4">Supreme Court gives SEC a win over Elon Musk</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/wework-rejects-adam-neumanns-acquisition-bid-unveils-restructuring-2024-4">Adam Neumann got cut out of WeWork's restructuring deal.</a></li><li><a target="_blank" href="https://www.businessinsider.com/vc-investor-student-athlete-breaks-down-nil-startup-opportunities-2024-4">A VC and former student-athlete who played with Aaron Rodgers breaks down 7 big opportunities in the burgeoning NIL startup scene</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/focus-group-side-hustle-sharing-opinion-2024-4">I make over $2,500 a month from focus groups. Here's how I decide which ones are worth my time and how to find the highest-paying ones</a>.</li></ul><h2>What's happening today</h2><ul><li>Today's earnings: Amazon, Starbucks, Pinterest, and other <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">companies are reporting</a>.</li><li>Binance founder Changpeng Zhao will be sentenced following his guilty plea to failing to maintain an anti-money laundering program.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, senior editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/george-glover">George Glover</a>, reporter, in London.

Higher-paid employees looking for work are having a tough time, and it could be a sign of a shift in the workplace 

Mumbai, Apr 18 () Diversified group Raymond Chairman and Managing Director Gautam Hari Singhania has said he will forgo his salary during the lockdown and will take a substantial pay cut after that to help support his company during this challenging time. "In light of the current situation, I have taken the decision that I will not be taking any salary from the company till the lockdown is in place. And, after that I will be taking a substantial reduction on the same," Singhania said in a video message to Raymond employees on Friday. He said liquidity is becoming a major problem, and the teams within the organisation are working hard to find cash. "I think we have to survive at any cost. We must conserve cash at any cost. And also make sure to focus on our collections. Every drop counts. We have to work hard to stay afloat at this tough time," he added. Further, he said that during the current tough times, each and everybody in the organisation will be required to take some tough measures and personal sacrifices. "We need to brace ourselves for this unprecedented time. And I am sure but he has come out at the end of it," he added. Singhania has joined in with his peers who have stood up to the challenges and have shown their commitment by taking pay cuts to support their business amid the COVID-19 crisis. The COVID-19 pandemic has brought havoc to businesses that led many companies resorting to pay cuts and layoffs not only in India but across the world. Uday Kotak, Ritesh Agarwal, Vijay Shekhar Sharma, Anand Mahindra are among many top executives who have announced to forgo their salaries. Kotak Mahindra Bank CEO Uday Kotak has opted to forego his salary and will take only Re 1 as compensation, OYO Hotels &amp; Homes CEO and founder Ritesh Agarwal will take a 100 per cent salary cut for the rest of the year to enable building the runway for the company, Paytm CEO and founder Vijay Shekhar Sharma announced that he will not take two months' salary, Mahindra &amp; Mahindra chairman Anand Mahindra is contributing his 100 percent salary to deal with the severe impact of the coronavirus pandemic. SM HRS

Raymond CMD Singhania decides to forgo salary during lockdown, to take pay cut after that

Mumbai, Jun 22 () Amid an organisational restructuring to tide over the COVID-19 woes, apparel maker Raymond has seen about 1,100 employees either resigning or being sacked since April as part of cost-control measures, retrenched employees claimed, but the firm refuted their assertions on non-payment of full dues. About a dozen employees spoke to said the Raymond management sought resignations from them, failing which they were threatened with termination. While some 400 were coerced into resignation, around 700 who did not do so were sacked. Similar notices have been served to 400 more now, they claimed. The Gautam Singhania-led company had 7,087 employees on its rolls as of March 2019, according to the annual report. A company spokesperson, however, refuted the numbers saying queries on the issue "are factually incorrect, malicious and misrepresented with vested interests." "We would further like to state that in line with the prevailing market conditions and unprecedented challenges, the company has undertaken the process of cost rationalisation to minimise the impact on business due to the pandemic. "Basis this rationalisation exercise certain roles were identified to be redundant and the same was communicated to the employees concerned, post which they submitted their resignations," the company spokesperson said. The staff alleged that their salaries were cut by up to 65 per cent since April and before the resignations were sought, and only the basic pay was being paid to those serving notice period. On this, the company spokesperson said, "as per the employment contract, they have been put on the notice period of three months and are being paid in compliance with the terms and conditions. All the said measures and actions are taken as per the laid down procedures and are in the overall interests of all stakeholders." Raymond on June 10 informed exchanges that all its retail stores remained shut during the first and second phase of the coronavirus lockdown with gradual reopening thereafter, while its suiting and shirting fabric manufacturing plants remain shut due to subdued demand. The firm was looking at debt raising and alternate working capital to manage liquidity. "In line with the prevailing market conditions and unprecedented challenges, we have undertaken a process of cost rationalisation and various cost control measures related to sales and marketing, manpower, rentals and others to minimise the impact on business due to the pandemic," it had informed the bourses. spoke to a dozen of the employees but all of them requested not to be named fearing reprisal, as they are serving the three-month notice period after termination by the over 90-year-old group that has two verticals--Raymond Apparel which sells brands like Park Avenue, Parx, Colour Plus; and garmenting and shirting business under Raymond Suitings. The staff allege that their salaries were slashed by up to 65 per cent in April before the resignations were sought from them through WhatsApp calls/messages in early May. During the notice period, they are being given just about their basic pay after deducting income tax on the full salary, resulting in only 25-27 per cent payment.The HR department sent termination messages to only those who didn't tender resignations voluntarily, they said, alleging the huge salary cut that preceded was not conveyed to them personally in writing but was posted on the company website. In mid-April, Singhania in a video message exhorted the staff "to survive at any cost by conserving cash at any cost and to make sure to focus on our collections," and said he'd not draw a penny in salary during the lockdown. According to the employees, Raymond announced huge salary cuts ranging from 20 per cent (who are still employed), 50 per cent to those who are benched now and a hefty 65 per cent to those who have been terminated now. Employees fear more jobs will be lost from the 50 per cent bracket. "What is more, though the official reduction is 65 per cent, we are only getting 25-28 per cent as they are deducting tax on the full salary and what is paid is not even the full basic pay," six of them told requesting not to name them. These employees have spent between 18 months and 12 years with the group in high positions as heads of marketing, logistics, supply-chains. Barring three, all of them have liabilities like home loans, school fees and rentals to pay, among others. "Late April, I was told my division would be recast as some positions have become redundant but was assured of my position. But within 10 days I received a WhatsApp call saying my position too has become redundant and that I have to resign in the larger interest of the organisation, which I refused. Within hours, I was terminated," a person who headed marketing at one of the divisions said. Another person said over 20 jobs were lost from his division, and more are on the way out. "They did not spare even a few who have a couple of months to retire," said the person cited above who was in the supply chain division for the past decade. "The pay-cut announcement was made in May but effective April! he said, adding, "a legal notice is being prepared seeking either re-employment or full salaries." "We aren't opposed to retrenchment. Our only demand is to pay us full salaries during notice period," said another person from the supply chain side and is the only earner in his family with a home loan and two school-going kids. Accusing the management of frequently changing HR policy, another employee said most culling is driven by favouritism. There is no union as the majority of those sacked are in the management cadre, he alleged. "We were even ready for the 65 per cent salary cuts as we have given everything to this company in all these years. Over 1,100 of us were sacked by a company that had won the best-place-to-work-with award just two years ago," said a person from Raymond Suitings who was heading a department. He also said Clause 17 of their appointment letter specifies those serving the three-month notice will be given full salary. BEN AA ANZ ANU ANU

Raymond cuts workforce to tide over COVID-19 woes

<ul class="summary-list"><li>Many <keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street" source="Orion">Wall Street</keyword> firms are raising base pay for junior investment bankers. </li><li>The going rate for first-year analyst base pay is now at least $100,000 at many banks. </li></ul>Wall Street investment banks are competing to keep talent by raising pay. Some banks are also going on <a href="https://www.businessinsider.com/investment-banking-recruiters-hiring-goldman-jpmorgan-attrition-analyst-associate-vp-2021-4?r=wallstreetpay-teaser" target="_blank" rel="noopener">big recruiting pushes</a> to staff up amid busy M&amp;A and IPO activity - though headhunters say the <a href="https://www.businessinsider.com/investment-banks-labor-shortage-analysts-hiring-deals-goldman-jpmorgan-2021-6?r=wallstreetpay-teaser" target="_blank" rel="noopener">hiring pool is nearly tapped out</a> for junior talent. The going rate for base pay for first-year <keyword id="48051" type="ORGANIZATION" weightage="60" keywordseo="investment-banking" source="Orion">investment banking</keyword> analysts is now at least $100,000 across many firms. Evercore has <a href="https://www.businessinsider.com/evercore-raises-base-comp-first-second-year-investment-bank-analysts-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">bumped base comp to $120,000 for first-year analysts</a>.Higher levels are likewise seeing big hikes. Lazard is raising base pay for <a href="https://www.businessinsider.com/lazard-bumps-first-year-associate-pay-investment-banking-2021-9?r=wallstreetpay-teaser" target="_blank" rel="noopener">first and second-year associates</a> to a whopping $200,000 and $225,000. Those raises will go into effect Oct. 14 and be retroactive to July 1.Some firms are also raising pay outside of just IB. Goldman Sachs <a href="https://www.businessinsider.com/goldman-sachs-raises-junior-salaries-jpmorgan-wall-street-pay-2021-8" target="_blank" rel="noopener">has raised salaries</a> for first-year analysts and some second-year analysts in markets, wealth, and research. And Bank of America's <a href="https://www.businessinsider.com/bank-of-america-bumping-junior-banker-salary-for-second-time-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">latest pay raises</a> applied to analysts in global corporate and investment banking, global markets, and global research.And a second wave of pay hikes has emerged, with firms including Morgan Stanley telling staff about <a href="https://www.businessinsider.com/morgan-stanley-raises-pay-junior-traders-research-analysts-bankers-gcm-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">further bumps</a> to pay that will go into effect in January 2022. Trying to keep up with the latest on pay for junior bankers on Wall Street? Here's a bank-by-bank breakdown of changes in salaries for analysts, associates, and other levels at firms like Bank of America, Goldman Sachs, JPMorgan, Morgan Stanley, and more.<h2><a href="https://www.businessinsider.com/bank-of-america-bumping-junior-banker-salary-for-second-time-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">Bank of America</a></h2>Bank of America <a href="https://www.businessinsider.com/bank-of-america-bumping-junior-banker-salary-for-second-time-2021-8?r=wallstreetpay-teaser">announced a second round of pay increases</a> for junior investment bankers that will go into effect in the coming months.The firm is bumping salaries for analysts in global corporate and investment banking, global markets, and global research divisions, according to an internal memo sent by the bank's global banking and markets leadership team and reviewed by Insider.<a href="https://www.businessinsider.com/bank-of-america-bumping-junior-banker-salary-for-second-time-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">See all the pay details here.</a><h2><a href="https://www.businessinsider.com/citi-investment-bank-raises-base-salary-vp-associates-analysts-comp-2021-7?r=wallstreetpay-teaser" target="_blank" rel="noopener">Citigroup</a></h2>Analysts, associates, and vice presidents in Citigroup's banking, capital markets, and advisory division received base salary increases.The raises will be reflected in payments starting in August, according to an internal announcement <a href="https://www.businessinsider.com/citi-investment-bank-raises-base-salary-vp-associates-analysts-comp-2021-7?r=wallstreetpay-teaser" target="_blank" rel="noopener">first reported by Insider on July 2</a>. Tyler Dickson and Manuel Falcó, co-heads of Citi's BCMA group, sent the memo, which was reviewed by Insider.<a href="https://www.businessinsider.com/citi-investment-bank-raises-base-salary-vp-associates-analysts-comp-2021-7?r=wallstreetpay-teaser" target="_blank" rel="noopener">Keep reading here.</a><h2><a href="https://www.businessinsider.com/credit-suisse-giving-bonuses-raises-capital-markets-advisory-group-2021-3?r=wallstreetpay-teaser" target="_blank" rel="noopener">Credit Suisse</a></h2>The firm raised salaries for people in the global capital-markets and advisory group at the director level and below, which includes vice presidents, associates, and analysts. Salary raises took effect for directors, vice presidents, and associates as early as April.<a href="https://www.businessinsider.com/credit-suisse-giving-bonuses-raises-capital-markets-advisory-group-2021-3?r=wallstreetpay-teaser" target="_blank" rel="noopener">See the full story here. </a><h2><a href="https://www.businessinsider.com/evercore-raises-first-year-banker-pay-amid-talent-shortage-2021-9?r=wallstreetpay-teaser" target="_blank" rel="noopener">Evercore</a></h2>Evercore bumped its base compensation for junior bankers to make it among the <a href="https://www.businessinsider.com/evercore-raises-base-comp-first-second-year-investment-bank-analysts-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">top-paying investment banks</a> for first- and second-year analysts. The firm is also bumping base comp for first through fourth-year associates, Insider has learned.<a href="https://www.businessinsider.com/evercore-raises-first-year-banker-pay-amid-talent-shortage-2021-9?r=wallstreetpay-teaser" target="_blank" rel="noopener">More on the latest pay here.</a><h2><a href="https://www.businessinsider.com/goldman-sachs-raises-junior-salaries-jpmorgan-wall-street-pay-2021-8??r=wallstreetpay-teaser" target="_blank" rel="noopener">Goldman Sachs </a></h2>Goldman Sachs is bumping pay for investment banking analysts and associates, <a href="https://www.businessinsider.com/goldman-sachs-raises-salaries-investment-bankers-junior-analysts-associates-salary-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener noreferrer">Insider first reported on August 1</a>. The move came months after the firm's culture regarding junior bankers first <a href="https://www.businessinsider.com/goldman-sachs-analysts-wfh-expenses-equipment-junior-banker-wall-street-2021-3" target="_blank" rel="noopener noreferrer">came under scrutiny this spring.</a>The firm later moved to raise salaries for <a href="https://www.businessinsider.com/goldman-sachs-raises-junior-salaries-jpmorgan-wall-street-pay-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">first-years in markets, wealth, and research</a>.<a href="https://www.businessinsider.com/goldman-sachs-raises-junior-salaries-jpmorgan-wall-street-pay-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">Read the latest here. </a><h2><a href="https://www.businessinsider.com/guggenheim-securities-raising-analyst-base-comp-salary-investment-banking-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">Guggenheim Securities</a></h2>Guggenheim Securities, a division of the financial-services firm Guggenheim Partners, has raised base compensation for investment-bank analysts for a second time in a matter of months.<a href="https://www.businessinsider.com/guggenheim-securities-raising-analyst-base-comp-salary-investment-banking-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">Read the full story here. </a><h2><a href="https://www.businessinsider.com/jpmorgan-is-raising-base-compensation-for-first-year-analysts-to-100k-2021-6?r=wallstreetpay-teaser" target="_blank" rel="noopener">JPMorgan</a></h2>Wall Street's biggest bank is rolling out pay bumps for junior workers in its investment bank, sources familiar with the situation <a href="https://www.businessinsider.com/jpmorgan-is-raising-base-compensation-for-first-year-analysts-to-100k-2021-6?r=wallstreetpay-teaser" target="_blank" rel="noopener">told Insider on June 28</a>. <a href="https://www.businessinsider.com/jpmorgan-is-raising-base-compensation-for-first-year-analysts-to-100k-2021-6?r=wallstreetpay-teaser" target="_blank" rel="noopener">More on JPMorgan raises here.</a><h2><a href="https://www.businessinsider.com/lazard-bumps-first-year-associate-pay-investment-banking-2021-9?r=wallstreetpay-teaser" target="_blank" rel="noopener">Lazard</a></h2>Lazard is raising base pay for first and second, and third-year associates. These raises will go into effect Oct. 14 and be retroactive to July 1,It <a href="https://www.businessinsider.com/lazard-raising-first-second-third-investment-banking-analyst-salaries-2021-8?r=wallstreetpay-teaser">previously raised</a> first-year analyst salaries to $100,000; second-years to $110,000, and third-years to $110,000. Those changed went into effect as of the Aug. 13 payroll, retroactive as of July 1.<a href="https://www.businessinsider.com/lazard-bumps-first-year-associate-pay-investment-banking-2021-9?r=wallstreetpay-teaser" target="_blank" rel="noopener">Keep reading here.</a><h2><a href="https://www.businessinsider.com/morgan-stanley-raises-pay-junior-traders-research-analysts-bankers-gcm-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">Morgan Stanley</a></h2>Morgan Stanley is set to raise salaries for its junior traders and research analysts, as well as raising base compensation for junior investment bankers for a second time, Insider has learned.<a href="https://www.businessinsider.com/morgan-stanley-raises-pay-junior-traders-research-analysts-bankers-gcm-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">More on Morgan Stanley pay here. </a><h2><a href="https://www.businessinsider.com/rbc-guggenheim-announce-new-raises-protected-weekends-junior-investment-bankers-2021-5?r=wallstreetpay-teaser" target="_blank" rel="noopener">RBC Capital Markets</a></h2>RBC raised analyst and associate base pay. The raises impacted US employees and went into effect in June.<a href="https://www.businessinsider.com/rbc-guggenheim-announce-new-raises-protected-weekends-junior-investment-bankers-2021-5?r=wallstreetpay-teaser" target="_blank" rel="noopener">See the full story here. </a><h2><a href="https://www.businessinsider.com/raymond-james-bumping-first-year-analyst-base-pay-junior-bankers-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">Raymond James</a></h2>The firm is increasing base compensation for <a href="https://www.businessinsider.com/raymond-james-bumping-first-year-analyst-base-pay-junior-bankers-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">first-, second-, and third-year investment-bank analysts</a>, according to an email sent by James Bunn, Raymond James' president of global equities and investment banking. The raises will take effect on Oct. 1. While Bunn said in his email that the pay bumps should put Raymond James at the "high end of analyst salaries on the Street," junior bankers may not end up taking home more total pay than before.<a href="https://www.businessinsider.com/raymond-james-bumping-first-year-analyst-base-pay-junior-bankers-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">See all the details here. </a><h2><a href="https://www.businessinsider.com/ubs-raising-junior-investment-banker-salaries-starting-analyst-associate-director-2021-7?r=wallstreetpay-teaser" target="_blank" rel="noopener">UBS</a></h2>The bank is raising salaries for analysts, associates, and directors within its investment bank, two people familiar with the matter <a href="https://www.businessinsider.com/ubs-raising-junior-investment-banker-salaries-starting-analyst-associate-director-2021-7?r=wallstreetpay-teaser" target="_blank" rel="noopener">told Insider</a> on July 21. The raises were effective Aug. 1. And analysts, associates, and directors across all regions are eligible for the raise.<a href="https://www.businessinsider.com/ubs-raising-junior-investment-banker-salaries-starting-analyst-associate-director-2021-7?r=wallstreetpay-teaser" target="_blank" rel="noopener">Read the full story here. </a><h2><a href="https://www.businessinsider.com/wells-fargo-raises-junior-investment-banker-comp-salary-cib-2021-7?r=wallstreetpay-teaser" target="_blank" rel="noopener">Wells Fargo </a></h2>Wells Fargo raised base comp for analysts and associates in its corporate and investment bank, a Wells Fargo spokesperson confirmed to Insider. These raises are retroactive to July 1. "We can confirm the adjustment of base pay in certain client-facing positions across the Corporate and Investment Bank, which ensures we remain competitive and aligned with market practices," the spokesperson said. "We are committed to offering compensation that attracts, motivates, and retains talent."<a href="https://www.businessinsider.com/wells-fargo-raises-junior-investment-banker-comp-salary-cib-2021-7?r=wallstreetpay-teaser" target="_blank" rel="noopener">See more here.</a><h2><a href="https://www.businessinsider.com/william-blair-raising-pay-analysts-predicts-highest-compensation-on-record-2021-7?r=wallstreetpay-teaser" target="_blank" rel="noopener">William Blair</a></h2>William Blair <a href="https://www.businessinsider.com/william-blair-raising-pay-analysts-predicts-highest-compensation-on-record-2021-7?r=wallstreetpay-teaser" target="_blank" rel="noopener">is raising base salaries</a> for bankers from first-year analysts to managing directors. The raises went into effect in the Aug. 15 payroll cycle. A person familiar with the matter told Insider that the raises apply to the firm's investment bankers globally.<a href="https://www.businessinsider.com/william-blair-bonus-20000-junior-investment-bankers-burnout-wall-street-2021-4?r=wallstreetpay-teaser" target="_blank" rel="noopener">William Blair executives earlier this year told</a> its investment-banking analysts, associates, and vice presidents who joined the firm before Jan. 31 they would receive "a special, one-time spot bonus" in the amount of $20,000. More recent hires got smaller bonuses. The special bonuses hit accounts in the April 15 payroll cycle.<a href="https://www.businessinsider.com/william-blair-raising-pay-analysts-predicts-highest-compensation-on-record-2021-7?r=wallstreetpay-teaser" target="_blank" rel="noopener">Keep reading here. </a>

How much junior bankers are getting paid at 14 Wall Street firms after a frenzy of salary hikes

<ul><li>According to the <keyword id="122232" type="ORGANIZATION" weightage="20" keywordseo="Centre-for-Monitoring-Indian-Economy">Centre for Monitoring Indian Economy</keyword> (CMIE), the unemployment rate stood at 24.3% during the week ending May 24. </li><li>In fact, the urban unemployment rate stood at nearly 27% during the week ending May 17 — higher than the rural unemployment rate. </li><li>This comes in the backdrop of the ongoing job and <keyword id="55815" type="PERSON" weightage="20" keywordseo="salary-cuts">salary cuts</keyword>. </li><li>This has directly impacted the labour participation rate (LPR), which dropped to 38.7% during the same week. </li><li>According to Dun &amp; Bradstreet (D&amp;B), the <keyword id="6369865" type="UNKNOWN" weightage="20" keywordseo="job-loss">job loss</keyword> and salary cuts will slow down the economic recovery even after the pandemic. </li></ul>Since March 24, the unemployment rate in India remained high at over 20% during the nationwide lockdown, thanks to the economic impact of the coronavirus pandemic. According to the Centre for Monitoring Indian Economy (CMIE), the unemployment rate stood at <a href="http://v">24.3%</a> during the week ending May 24. <div type="image" title="CMIE" msid="75993722" hostid="261"></div> This indicates that the relaxations in the lockdown since April 20 have not shown any positive impact on the unemployment rate as of now. In fact, the urban unemployment rate stood at nearly 27% during the week ending May 17 — higher than the rural unemployment rate. This means, <a href="https://www.cmie.com/kommon/bin/sr.php?kall=warticle&amp;dt=2020-05-19%2008:41:03&amp;msec=086">less than 25%</a> of the urban working age population is employed. This comes in the backdrop of the ongoing job crisis due to the lockdown. Companies are aggressively downsizing employees and implementing salary cuts to keep up with the running costs. Recently, apparel major <a href="https://www.businessinsider.in/business/corporates/news/raymond-layoffs-salary-cuts-and-complaints-of-pending-severance-pay/articleshow/75945502.cms">Raymond fired hundreds of employees</a> to overcome mounting losses. With this, it joined startups like Ola, Uber, Zomato and Swiggy, which cited COVID-19 crisis to lay off employees and cut salaries. Ola and Swiggy fired 1,1100 and 1,400 employees, owing to the fall in revenues. While Zomato laid off 13% of the workforce. In addition to this, many companies like Uber, Gartner and energy major Schlumberger have even <a href="https://www.businessinsider.in/careers/news/uber-has-revoked-job-offers-made-to-graduates-from-iims-mdi-spjimr/articleshow/75740158.cms">revoked job offers</a> extended to the fresh graduates at premier institutions like Indian Institutes of Technology (IITs) and Indian Institutes of Management (IIMs). This has directly impacted the labour participation rate (LPR), which dropped to 38.7% during the same week. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Companies that laid off employees during lockdown </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Estimated job losses </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Raymond </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,100 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Livspace </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">450 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Swiggy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,100 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ola </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,400 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wework </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">100 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Uber </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">600 </td></tr></tbody></table>*Source: Media reports The impact of the pandemic is such that experts believe that the economy is likely to slip into recession in the third quarter of 2020-21. According to Dun &amp; Bradstreet (D&amp;B), the job loss and salary cuts will slow down the recovery even after the pandemic. “The D&amp;B India Chief Economist Arun Singh stated that the multiplier effect of the stimulus measures on the economy will depend on three key aspects, the time taken for effecting the withdrawal of the lockdown, the efficacy of implementation and duration of execution of the measures announced,” the<a href="https://www.cmie.com/kommon/bin/sr.php?kall=warticle&amp;dt=2020-05-25%2016:54:15&amp;msec=326"> CMIE report </a>says. See also: <a href="https://www.businessinsider.in/business/startups/news/hiring-now-check-out-these-job-openings-at-indian-startups-during-the-covid-19-pandemic/articleshow/75963395.cms">Hiring now! Check out these job openings at Indian startups during the COVID-19 pandemic</a> <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-india-hiring-50000-jobs-available-for-delivery-guys/articleshow/75888254.cms">Amazon India has opened up 50,000 ‘seasonal’ jobs for the post-lockdown surge in e-commerce demand</a>

One in four Indians in the working age is unemployed as corporate layoffs continue⁠— making crisis worse and delaying economic recovery

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://kysu.edu/administration-governance/president/">Photo courtesy of Kentucky State</a>Dr. Burse's pay cut will help boost minimum wage for university workers to $10.25 an hour.</div></div></div>Dr. Raymond Burse, the interim president of Kentucky State University, has given up more than $90,000 from his yearly salary, <a href="http://www.kentucky.com/2014/08/01/3361549/ksu-presidents-gives-up-90000.html" target="_blank">the Lexington Herald-Leader reports.</a> 
The money from the pay cut will instead go to university employees earning minimum wage, improving the hourly rate from $7.25 an hour to $10.25. 
This is not a publicity stunt," Burse <a href="http://www.kentucky.com/2014/08/01/3361549/ksu-presidents-gives-up-90000.html" target="_blank">told the Herald-Leader</a>. "You don't give up $90,000 for publicity. I did this for the people. This is something I've been thinking about from the beginning."
Burse served as Kentucky State's president between 1982 and 1989 before working for 17 years as an executive for General Electric Co. Upon returning to the university for this stint as interim president, Burse immediately began considering ways to improve the working conditions for other university employees.
"My whole thing is I don't need to work," Burse told the Herald-Leader. "This is not a hobby, but in terms of the people who do the hard work and heavy lifting, they are at the lower pay scale."
Burse's salary dropped from $349,869 to $259,745. The decision to increase the hourly minimum wage for university employees will continue beyond Burse's tenure as interim president, as the university is expected to adopt the rate of $10.25 per hour full-time.

Kentucky State President Cut $90,000 Off His Salary To Help Increase Minimum Wage For University Employees

<ul class="summary-list"><li>California school districts are worried about workers could leave for $20 jobs in fast food.</li><li>"Persistent staffing issues" are leading to more use of pre-packaged food and longer lines for lunch, a report says.</li></ul>School districts in California are worried about food and cafeteria workers leaving for higher-paying jobs at fast-food restaurants after the state boosted the sector's minimum wage to $20 an hour.School districts "are all very worried about it," Carrie Bogdanovich, president of the California School Nutrition Association, told <a target="_blank" href="https://apnews.com/article/california-fast-food-minimum-wage-school-workers-eecf616b677c3bac087b3a6940137817">The Associated Press</a>. "Most are saying they anticipate it will be harder and harder to hire employees."The new minimum wage for fast-food workers, which went into effect on April 1, is <a target="_blank" href="https://www.businessinsider.com/california-20-fast-food-wage-increase-pay-restaurants-retail-jobs-2024-3">expected to push up wages in other industries</a>, too, so that they can compete for labor.School districts have chronic problems with recruiting and retaining staff, partly because of low wages, a <a target="_blank" href="https://storage.googleapis.com/chefann-prod-v1/downloads/Gaps-in-Californias-School-Nutrition-Services-Staffing_2024_Full_FINAL.pdf">January report</a> from the California School Nutrition Association and the Chef Ann Foundation details. The report says that "persistent staffing issues" lead to more use of pre-packaged food and longer lines for lunch, with students sometimes resorting to skipping meals.In 2022, California became the <a target="_blank" href="https://www.cde.ca.gov/ls/nu/sn/cauniversalmeals.asp">first state</a> to offer free school meals — both breakfast and lunch — to all roughly 6 million public-school pupils."In our school cafeterias and food preparation centers, we play a critical role in the educational process by providing nutritious meals for children," the California School Employees Association says on its <a target="_blank" href="https://csea.com/about-csea/our-story/essential-workers">website</a>. "For many students, the meal they receive at school is the best or only meal they will get each day."Some school districts are boosting pay to attract more workers.For example, the Sacramento City Unified School District reached an <a target="_blank" href="https://www.scusd.edu/press-release/joint-statement-scusd-and-seiu-regarding-compensation">agreement</a> in November with Service Employees International Union Local 1021 to boost pay to at least $20 an hour from July 1. As well as food-service workers, the new wages cover workers in other low-paying roles like custodians, bus drivers, and instructional aides.Increasing pay isn't an option for all school districts though. "We just don't have the increase in revenue to be able to provide additional funding for staff," Gretchen Janson, the assistant superintendent of business services at the Lynwood Unified School District in Los Angeles County, told the AP.She said that the district's food-service workers had a starting salary of $17.70 an hour, which maxed out at $21.51, and that they're not eligible for health benefits because the district's food-service staff only work three hours a day."It is difficult when large companies like McDonald's offer a lot more money per hour," an unidentified school food service director in California said in a survey included in the California School Nutrition Association and Chef Ann Foundation report. "We cannot afford to pay at those rates. Thus, it makes getting qualified and reliable staff difficult."Current <a target="_blank" href="https://www.schooljobs.com/careers/longbeachusd/jobs/4460877/nutrition-services-worker?page=2&amp;pagetype=jobOpportunitiesJobs">vacancies</a> for nutrition services worker roles at the Long Beach Unified School District list their pay as between $17.09 and $21.18 an hour, with staff generally working between two and three hours a week. <a target="_blank" href="https://www.edjoin.org/Home/JobPosting/1918411?utm_source=ziprecruiter">Another vacancy</a>, for a food-services worker role in Riverside County, is for 36 hours a week at between $18.30 and $19.42 per hour.But, pay aside, jobs at school districts have some benefits that make them attractive compared to working in fast food, the AP reported. These include health insurance, paid vacations, pensions, and regular shifts that don't include night or weekend work.According to <a target="_blank" href="https://www.bls.gov/oes/current/naics4_611100.htm#35-0000">data</a> from the US Bureau of Labor Statistics, about 327,000 people worked in food preparation and serving-related occupations at elementary and secondary schools across the US in May 2023, with a mean hourly wage of $16.78.<h2>Other employers will have to boost wages</h2>Only limited-service restaurant chains with at least 60 restaurants nationwide are covered by California's minimum wage. But it will have knock-on impacts for various other employers, including full-service restaurants and retail stores."The repercussions will extend beyond just limited-service restaurants to really include any business that's competing for a similar level of labor," Brian Vaccaro, an analyst at Raymond James, previously told Business Insider.Sal Vitalie, who owns the Garden Club restaurant in South San Francisco, told BI that he would "absolutely" have to raise his wages to <a target="_blank" href="https://www.businessinsider.com/california-fast-food-20-minimum-wage-restaurant-raise-pay-compete-2024-4">compete with fast-food chains for workers</a>."Why wash dishes for $15 or $17 if I can go get $20 flipping burgers at McDonald's?" he said.Are you a worker in California considering moving to a fast-food chain for the $20 wage? Or a business owner concerned your employees may jump ship? Email this reporter at gdean@insider.com.

School districts in California are worried about cafeteria workers fleeing to fast-food chains to get $20-an-hour wages

Hello everyone! Welcome to this weekly roundup of Business Insider stories from co-Editor in Chief Matt Turner. <a href="http://newsletter.businessinsider.com/join/4np/insider-weekly">Subscribe here to get this newsletter in your inbox every Sunday.</a>Read on for <a href="https://www.businessinsider.com/trump-campaign-nearly-went-broke-amid-200-million-budget-shortfall-2020-10">the inside story on the Trump campaign's finances</a>, <a href="https://www.businessinsider.com/writer-anand-giridharadas-slams-corporate-directors-2020-10">Anand Giridharadas lambasting corporate board members</a>, and <a href="https://www.businessinsider.com/how-technology-impacting-management-consulting-firms-disruption-future-jobs-2020-10">a new threat to the management consulting industry</a>.HelloThe US election, now just a few weeks away, continues to dominate the news cycle. Here's what's trending on <a href="https://www.insider.com/">Insider</a> right now:<ul><li><a href="https://www.businessinsider.com/spies-hunter-biden-emails-trump-giuliani-vulnerable-russian-intelligence-2020-10">US spies say the Hunter Biden email controversy shows how 'exploitable' and 'grotesquely vulnerable' Trump and Giuliani are to Russian intelligence</a></li><li><a href="https://www.businessinsider.com/eric-trump-shares-misleading-claim-about-old-joe-biden-property-2020-10">Eric Trump tried to make Biden look corrupt by sharing a picture of a palatial house he claims the Democrat lives in — but Biden sold it 24 years ago</a> </li><li><a href="https://www.businessinsider.com/business-nonprofit-groups-call-trump-withdraw-executive-order-diversity-training-2020-10">Over 160 business groups call on President Trump to withdraw executive order banning some diversity trainings</a></li></ul>There was big news in New York <keyword id="6358883" type="UNKNOWN" weightage="100" keywordseo="politics">politics</keyword> this week as Citigroup's vice chairman Raymond McGuire resigned to <a href="https://www.businessinsider.com/profile-citigroup-banker-nyc-mayoral-candidate-raymond-mcguire-2020-10">announce his candidacy for New York City mayor</a>. Dakin Campbell spoke to those close to McGuire, along with political strategists, to get the inside story on McGuire's decision to run, and the biggest challenges he'll face. You can read that story in full here:<ul><li><a href="https://www.businessinsider.com/profile-citigroup-banker-nyc-mayoral-candidate-raymond-mcguire-2020-10">Inside Ray McGuire's decision to jump from Citigroup to running for New York City mayor, and the biggest challenges he'll face in trying to win the job</a></li></ul><h1>Trump's campaign nearly went broke for the 2020 homestretch</h1>From Tom LoBianco:Before his demotion this summer as President Donald Trump's campaign manager, Brad Parscale had planned for a stunning amount of money to arrive during the 2020 homestretch that would have covered equally shocking spending but left the reelection effort dead broke by the start of October, three Republicans close to the president's campaign told Insider.Parscale had been banking on campaign donations to miraculously double in October by about $200 million more than other recent months, one Republican close to the president said. The Republican said Trump's new campaign team, led by Bill Stepien, had to rush to cancel the spending approved by Parscale to salvage the president's bid for a second term.But money has been tight since then, leaving no less than the president himself to attempt to beat back stories that his campaign is on the rocks and float the idea, again, that he would open up his own checkbook to keep it running. Read the full story here:<ul><li><a href="https://www.businessinsider.com/trump-campaign-nearly-went-broke-amid-200-million-budget-shortfall-2020-10">Trump's campaign nearly went broke for the 2020 homestretch amid Brad Parscale's $200 million budgeting misfire, Republicans tell Insider</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/trump-world-braces-for-blowout-loss-playing-the-blame-game-2020-10">Let the blame game begin. Republicans point the finger at Parscale, Kushner, Stepien, and Trump himself as the president's team braces for a potential 2020 blowout.</a></li><li><a href="https://www.businessinsider.com/how-qanon-infiltrated-the-gop-2020-10">How the GOP learned to love QAnon</a> </li></ul><h2>Anand Giridharadas lambasts corporate board members</h2><div type="image" title="anand giridharadas" height="2000" width="3000" msid="78735829" hostid="261"></div>From Kate Taylor:When Anand Giridharadas was invited to speak at the National Association of Corporate Directors' annual summit, the writer — <a href="https://www.businessinsider.com/anand-giridharadas-conscious-capitalism-2019-2">known for his sharp critiques of billionaires and the global elite</a> — did not hold back."A lot of your children and grandchildren do not respect your work," Giridharadas said on Monday to more than 3,000 directors watching the summit virtually, according to audio obtained by Business Insider.Giridharadas slammed directors for their lack of action, portraying businesses as making empty promises while simultaneously dodging responsibility."This being a group of corporate directors, I ask again, where were you?" Giridharadas said in his remarks. "Where were you in the run-up to the climate crisis? Where were you during widening inequality over the last four decades? Where were you in the run-up to the subprime crisis? Where were you in the run up to the opioid crisis? Where were you?"The aggressive remarks shocked many of the hundreds of people virtually attending the summit, which is billed as the "the largest and most influential director forum in the world."Read the story in full here:<ul><li><a href="https://www.businessinsider.com/writer-anand-giridharadas-slams-corporate-directors-2020-10">Corporate board members demand refunds and threaten to 'rage quit' after writer Anand Giridharadas lambasts them in a virtual conference</a></li></ul><h1>Tech is coming to eat the $200 billion management-consulting industry</h1><div type="image" title="future of management consulting pandemic 2x1" height="1200" width="2400" msid="78735832" hostid="261"></div>From Samantha Stokes:For decades, prestigious management-consulting firms like McKinsey, Bain, and BCG — collectively known as the Big 3 — have been an important part of the business world by advising clients and offering strategies for growth. But the $200 billion consulting industry is facing a new threat: technology. When it comes to information, expertise, insight and execution, technology is threatening to disrupt consulting firms' ability to offer services to clients at a high price tag.Read the full story here:<ul><li><a href="https://www.businessinsider.com/how-technology-impacting-management-consulting-firms-disruption-future-jobs-2020-10">Tech is coming to eat the $200 billion management-consulting industry's lunch. Here's a look at 4 factors disrupting how elite firms like BCG and McKinsey do business.</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/rich-lesser-ceo-bcg-climate-change-2020-10">The CEO of Boston Consulting Group reveals the steps he's taking to address the global climate crisis, starting with a $400 million investment and a reduction in business travel</a></li></ul><h2>An invitation</h2>The year 2020 has delivered surprises and shattered records at every turn — and the November elections could prove to be no different. Join Business Insider on Wednesday, October 21 at 2 p.m. ET and hear from three investment experts who will share their advice on how to navigate the election-season peak. Business Insider's Joe Ciolli will speak with Thomas Lee, managing partner and head of research for Fundstrat Global Advisors; Nancy Davis, founder and managing partner of Quadratic Capital Management; and James McDonald, CEO and chief investment officer of Hercules Investments. <a href="https://www.businessinsider.com/webinar-how-to-invest-2020-election-strategies-stock-market-outlook-2020-10">Register here.</a> Also read:<ul><li><a href="https://www.businessinsider.com/investing-strategy-4-stocks-to-buy-market-leaders-nancy-zevenbergen-2020-10">Nancy Zevenbergen is in the top 1% of investors over the past 5 years. She breaks down what she looks for in young companies — and shares 4 stocks she thinks could be market leaders 10 years from now.</a></li><li><a href="https://www.businessinsider.com/stock-picks-to-buy-companies-with-best-profit-growth-goldman-2020-10">GOLDMAN SACHS: Buy these 15 stocks set to deliver the strongest possible profit growth and subsequent returns through year-end</a></li></ul>Here are some headlines from the past week you might have missed. — Matt<a href="https://www.businessinsider.com/verkada-security-cameras-ipvm-investigation-2020-10">Male employees at a $1.6 billion security-camera startup were accused of taking photos of female employees and sharing them in a private Slack channel</a><a href="https://www.businessinsider.com/robert-f-smith-letter-vista-equity-investors-regarding-tax-turmoil-2020-10">Read the full letter private equity titan Robert F. Smith sent to investors about his $139 million tax evasion settlement</a><a href="https://www.businessinsider.com/expedia-group-salaries-compensation-visa-filings-2020-10">Expedia salaries revealed: These 12 jobs at the $12.7 billion travel giant fetch as much as $267,000 in base pay</a><a href="https://www.businessinsider.com/att-warnermedia-headquarters-hudson-yards-office-strategic-review-footprint-costs-2020-10">AT&amp;T is putting WarnerMedia's huge NYC headquarters under review and could decide to cut hundreds of thousands of square feet of office space</a><a href="https://www.businessinsider.com/atlassian-server-support-sales-ending-data-center-cloud-2020-10">The co-CEO of $47 billion Atlassian explains why it plans to stop selling its Server product lineup starting in February: 'The cloud is the natural future'</a><a href="https://www.businessinsider.com/how-a-ceo-memo-made-coinbase-political-2020-10">60 employees voluntarily resigned from Coinbase, a successful $8 billion startup. Insiders detail the unrest caused by the CEO's new 'apolitical' policy.</a><a href="https://www.businessinsider.com/new-york-contract-lawyers-went-from-200k-to-nothing-courts-2020-10">Per-diem attorneys could make $200,000 a year from freelance lawyer gigs. But as work has vanished, they've become Instagram cooks, motivational speakers, and reiki coaches.</a><a href="https://www.businessinsider.com/pachama-carbon-credit-startup-puts-a-price-tag-on-trees-2020-10">Amazon and Bill Gates are backing a unique startup that puts a price tag on trees to win a slice of a market set to reach $200 billion</a>

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