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Shares of Anil Ambani-led group firms -- <keyword id="20367971" type="General" weightage="20" keywordseo="reliance-home-finance" source="keywords">Reliance Home Finance</keyword> Ltd, <keyword id="6360089" type="General" weightage="20" keywordseo="Reliance-Power" source="Orion">Reliance Power</keyword> and <keyword id="46907" type="General" weightage="20" keywordseo="Reliance-Communications" source="Orion">Reliance Communications</keyword> -- hit their <keyword id="10112182" type="General" weightage="20" keywordseo="lower-circuit-limits" source="Orion">lower circuit limits</keyword> on Monday as investors continued to desert the counters after markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">Sebi</keyword> barred the industrialist and 24 others from the securities market for five years on charges of diversion of funds from <keyword id="19936674" type="General" weightage="20" keywordseo="Reliance" source="keywords">Reliance</keyword> Home Finance Ltd. The stock of Reliance Power dropped 4.99 per cent to hit the lower circuit limit of Rs 32.73 on the BSE. Shares of Reliance Home Finance Ltd tumbled 4.93 per cent to Rs 4.24 -- the lowest trading permissible limit for the day. Reliance Communications dived 4.92 per cent to touch the lower circuit of Rs 2.32. Reliance Infrastructure also declined 2.90 per cent to Rs 205.55. Shares of Reliance Infrastructure, Reliance Home Finance and Reliance Power had slumped on Friday also. Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from serving as a director or Key Managerial Personnel (KMP) in any listed company or Sebi-registered entity for five years. Besides, a fine ranging Rs 21 crore to Rs 25 crore has been levied on 24 entities. Also, the regulator barred Reliance Home Finance from the securities market for six months and slapped a fine of Rs 6 lakh on it. After receiving multiple complaints alleging the diversion/siphoning of funds of Reliance Home Finance Ltd, Sebi conducted an investigation for the period of FY 2018-19 to ascertain any regulatory violations. In its probe, Sebi found that <keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>, with the help of RHFL's KMPs -- Amit Bapna, Ravindra Sudhalkar and Pinkesh R Shah -- have orchestrated a fraudulent scheme to "siphon off" funds from RHFL by disguising them as loans to entities linked to him. Although the board of directors of RHFL had issued strong directives to stop such lending practices and review corporate loans regularly, the company's management ignored these orders. Sebi, in its 222-page order on Thursday, noted the cavalier approach by the company's management and promoter in approving loans worth hundreds of crores to companies that had little to no assets, cash flow, net worth, or revenue. This suggests a sinister objective behind the 'loans'. The situation becomes even more suspicious when considering that many of these borrowers were closely linked to the promoters of RHFL. Eventually, most of these borrowers failed to repay their loans, causing RHFL to default on its own debt obligations. This led to the company's resolution under the RBI Framework, leaving its public shareholders in a difficult position.

Reliance Home Finance, Reliance Power shares hit lower circuit limits

<ul class="summary-list"><li><keyword id="23254035" type="General" weightage="20" keywordseo="home-improvement-retailers" source="keywords">Home improvement retailers</keyword> are among the first to see a lift from the Fed's rate cut.</li><li>Share prices for <keyword id="20320193" type="General" weightage="20" keywordseo="Home-Depot" source="keywords" meta.keywordsubtype="org" meta.entityname="Home Depot" meta.hostid="261" meta.entityid="Home Depot">Home Depot</keyword> and <keyword id="23254034" type="General" weightage="20" keywordseo="Lowes" source="keywords" meta.keywordsubtype="org" meta.entityname="Lowe's" meta.hostid="261" meta.entityid="Lowe's">Lowe's</keyword> are up, and <a target="_blank" href="https://www.businessinsider.com/fed-interest-rates-cut-jerome-powell-labor-market-mortgage-pantheon-2024-9">spending on projects is expected to follow</a>.</li></ul>The US Federal Reserve's decision Wednesday to <a target="_blank" class="" href="https://www.businessinsider.com/fed-cuts-interest-rates-how-much-september-fomc-powell-inflation-2024-9">cut rates by half a percentage point</a> has created a flurry of immediate reactions, but the real effects of the policy are likely to take several months to bear out. Still, some areas of the economy are already seeing a lift in response to the news — and the fact that the Fed went with the larger of the two most likely options under consideration. <a target="_blank" href="https://www.businessinsider.com/comparing-lowes-vs-home-depot-2023-12">Home improvement retailers,</a> in particular, are among the companies who were primed to come out of the gate strong with a rate cut, and, true to form, shares for Home Depot and Lowe's were up as of Thursday's market close. "Home-related companies should soon see the beginnings of fundamental recovery exiting this year," Mizuho analyst David Bellinger told Business Insider. "Aside from any initial noise in the market, Home Depot and Lowe's should keep grinding higher as all this comes together." And while a rising <keyword id="19998639" type="General" weightage="20" keywordseo="stock-price" source="keywords">stock price</keyword> carries its own benefits for a company, the uptick is a signal of a much more important change still to come: sales. Executives for both Home Depot and Lowe's have characterized their businesses as being constrained by low housing turnover and high borrowing costs, both of which are results of the Fed's tight interest rate policy. Home Depot CFO Richard McPhail described his company's core customer as having "<a target="_blank" href="https://www.businessinsider.com/home-depot-earnings-americans-in-deferral-mindset-consumer-spending-2024-8">a deferral mindset</a>" in spite of being in a generally healthy financial position. In short, most <a target="_blank" href="https://www.businessinsider.com/americans-doing-less-diy-worrying-sign-economy-lowes-earnings-2024-8">big-ticket spending on home improvement</a> comes from one of two places: people buying and selling homes and homeowners renovating existing homes with borrowed money. Unless they have to fix something urgently, a lot of folks have decided they're better off waiting to upgrade. Fed Chairman Jerome Powell talked about the impact on the <keyword id="20759748" type="General" weightage="20" keywordseo="housing-market" source="keywords">housing market</keyword> in his remarks following Wednesday's announcement. "The housing market is in part frozen because of lock-in with low rates. People don't want to sell their home," he said. "As rates come down, people will start to move more, and that's probably beginning to happen already." What's more, Powell signaled in his speech that further cuts are likely if the data support them, which can encourage some of those sitting on the sidelines to go ahead with a new mortgage or credit line with the expectation that they can simply <a target="_blank" href="https://www.businessinsider.com/personal-finance/personal-loans/how-to-refinance-personal-loan">refinance</a> in a few months when rates come down further. Additionally, Home Depot and Lowe's have taken great care to manage investor expectations through the <a target="_blank" href="https://www.businessinsider.com/lowes-dicks-macys-sound-alarm-us-shoppers-spending-2023-8">slumping sales and slimmer profits</a> over the past year. In particular, both companies <a target="_blank" class="c-link" href="https://www.businessinsider.com/home-depot-1-billion-wage-boost-improved-worker-safety-satisfaction-2023-5">continued to invest in their stores</a> with the expectation that pent-up demand would eventually be unlocked. (Truist Securities analyst Scot Ciccarelli has referred several times to a "coiled spring" for the retailers.) Max Rakhlenko, a TD Securities analyst, said in a note on Wednesday that Lowe's management was expecting a "phased recovery" in which homeowners start with smaller projects before getting more comfortable with larger ones that require tapping into their house's equity. "We're aggressively working in this downturn," Lowe's CEO Marvin Ellison said during his earnings call last month, adding, "Whenever the macro inflection occurs, we just want to be ready to take advantage of it." It appears Ellison may not have to wait much longer. Correction: September 20, 2024 — An earlier version of this story misstated the day a TD Securities analyst sent out his note on Lowe's. It was Wednesday, not Thursday.

Home Depot and Lowe's are already seeing the first of many likely benefits from the Fed's rate cut

<ul class="summary-list"><li>A Black Workday employee sued the company, claiming race and disability discrimination.</li><li>Workday sent police to his home while he was in the hospital.</li></ul>A Black <a target="_blank" class="" href="https://www.businessinsider.com/hr-software-tech-companies-employees-productivity-workday-oracle-adp-2024-8">Workday</a> employee filed a race and disability discrimination lawsuit against his employer after it sent police to his house for a "wellness check" while he was being treated at a hospital and had requested medical leave.Anthony Hill, a senior legal counsel at Workday, who is Black and on leave from the company, filed the lawsuit against the company in the Northern District of California's court in December 2023. The case is still ongoing.In June, the case was dismissed without prejudice because the court ruled that Hill had not adequately pleaded that California law should apply extraterritorially. Workday is based in California, while Hill is based in Maryland. Hill has filed an amended complaint, which Workday has moved to dismiss. Court-mediated settlement negotiations last month were unsuccessful.Hill alleges that he was on medical leave from October 12, 2022, to November 22, 2022.Leading up to his leave, Hill said he started drinking more as he faced more stress. On October 12, 2022, he went to the hospital due to "stress, exhaustion, and trauma associated with this and other disparate, discriminatory, retaliatory, harassing and hostile treatment of him" by other Workday employees, the lawsuit said.That day, Hill emailed his manager to inform her that he was having a medical emergency and going to the hospital. He also sent a completed leave request form and said he would file the required <a target="_blank" class="" href="https://www.businessinsider.com/why-pregnant-workers-parental-maternity-leave-can-be-laid-off-2023-3">Family and Medical Leave Act</a> paperwork soon.The following day, his manager replied with information about FMLA and said, "Please don't worry about work and focus on feeling better."On October 20, 2022, while he was still at the hospital, Workday sent police to his house for a "wellness check."According to a police report about the incident, a safety and security manager at Workday called the police for a welfare check on Hill because the company was unable to contact Hill or his wife, his emergency contact. The police spoke with Hill's wife, who confirmed that Hill was in medical treatment, the report said.Hill told Business Insider that he did not receive any records, calls or emails from Workday after the last email from his manager on October 13 and before the incident.At the hospital, Hill couldn't use his cellphone, so a member of the rehabilitation center staff informed Hill about this and allowed him to call his wife. Hill said when he heard about this, he felt like he "was going to have a heart attack," and his wife, who was home at the time, was "rattled" about the incident.The police department of Montgomery County, where the wellness check took place, declined to comment as it is not involved in the lawsuit."There's nothing they would've thought cops with guns could solve on October 20 that doctors with stethoscopes could not have solved," Hill told BI.Workday declined to comment on this report.FMLA guarantees eligible employees of covered employers to take up to 12 weeks of unpaid medical or family leave in a year. The employee must make it clear they need to take leave for FMLA reasons, while the employer should let the employee know they qualify for medical leave and provide the paperwork for the employee to complete.The Department of Labor requires that employers give employees 15 calendar days to provide their complete medical certification under FMLA.Hill said he was initially worried about complying with the FMLA when he was admitted to the hospital because he had not finished the paperwork at the time, but the staff told him of this legal protection, and he said the hospital provided the FMLA paperwork within 15 days.Hill filed an EEOC charge against Workday in April 2023. In August 2023, he first filed a lawsuit against the company in the Superior Court for the District of Columbia, which was voluntarily dismissed without prejudice.<h2 id="4f3f4d72-e4f6-4265-82fc-03ca97b5fe9d">Returning from medical leave</h2>A few months after returning from leave, Hill asked Workday's HR department in March 2023 for more information on the wellness check. The staff declined to provide him with information or documentation about it."They won't tell me anything. Did they think it was an emergency? Did they think I was in danger?" Hill said."Did they think I was going to hurt someone? Why did they send police to my house and endanger my wife and kids?"While Workday may have been trying to contact Hill to finish his FMLA paperwork, it's uncommon to send police to an employee's house for a wellness check, said Cassie Lenning, partner at Outten and Golden, a law firm that represents tech employees and is not involved in the lawsuit.If an employee had mental health issues that the employer was aware of, that could be a situation where an employer may send someone for a wellness check, Lenning said."Even in that circumstance, why wouldn't they send someone from the office as opposed to the police? There's still a level of escalation in calling the police, well-intentioned or not," Lenning said. "I question the judgment of someone who would send police to the home of a Black man. There are racial implications that are being ignored."Hill said after he went back to work, he received "awful treatment," such as receiving more pushback at work and getting left out of meeting invites. He said he had a modified schedule where he worked half-time.In January 2023, he reported to HR about his racial and disability discrimination claims at the company and asked to be transferred to a different group at work. The company's HR staff investigated the case and then closed it in March, concluding that his claims "lacked merit," the lawsuit said.<h2 id="c07eb502-03de-4d81-968b-8ee1f7197d20">Other claims of work discrimination</h2>Hill has worked at Workday since January 2021. Leading up to his leave, he said he had been seeking a promotion but had been denied one. When he asked his manager for one, he was told he had to put together and submit a document on his accomplishments."That's a hurdle my non-Black colleagues didn't have to overcome," Hill said.Later, he said he started getting more pushback in his work, such as when he enforced policies around limiting gift-giving to federal officials that the company wanted him to sign off on. According to the lawsuit, Hill also said a colleague told him during a meeting, "Everybody knows you don't want to work, Anthony," and doubled down on his work ethic and professional reputation. Hill told his manager that the incident "appeared racist.""It was quite clear to me they were setting me up to fail," Hill said.In March 2023, Hill was put on paid administrative suspension for five weeks. In May 2023, Hill went on approved disability and medical leave, although he said he was denied long-term disability leave."Without a doubt, I was retaliated against over and over again," Hill said.Workday is also facing a <a target="_blank" class="" href="https://www.reuters.com/legal/transactional/eeoc-says-workday-covered-by-anti-bias-laws-ai-discrimination-case-2024-04-11/">class action lawsuit</a> claiming its AI software for employers screens out job applicants for discriminatory reasons.In 2020, after the deaths of George Floyd, Breonna Taylor, and other Black people at the hands of police, <a target="_blank" href="https://www.businessinsider.com/tech-executives-racism-diversity-black-lives-matter-protests-2020-6">several tech companies</a> shared statements taking a stand against racism. These promises have led to <a target="_blank" href="https://www.businessinsider.com/charts-tech-diversity-dei-change-years-george-floyd-protests-2022-6">little action</a> to improve diversity, equity, inclusion, and belonging at tech companies.Got a tip? Contact this reporter via email at <a target="_blank" href="mailto:rmchan@businessinsider.com">rmchan@businessinsider.com</a>, Signal at rosal.13, or Telegram at @rosaliechan. (PR pitches by email only, please.) Other types of secure messaging available upon request.

A Black Workday employee sued the company after it sent police to his home for a 'wellness check' 

<ul class="summary-list"><li>Park My Fleet launched as a remote-first company during the pandemic.</li><li>CEO Mike Landau told BI that it has a work-from-anywhere policy, and he doesn't plan to change it.</li></ul>This as-told-to essay is based on a conversation with Mike Landau, the founder and CEO of Park My Fleet, a remote-first company that provides services to commercial vehicle fleets. Business Insider has verified his identity and employment. The following has been edited for length and clarity.I launched Park My Fleet during the coronavirus pandemic and lockdown. That gave me no choice but to start the company remotely and rely on the experience and maturity of the people we were hiring to get the job done right from home.Before that, I firmly believed that you need to be in the office to build the team and have cohesion, but my thoughts on that changed completely during the pandemic. I was no longer geographically restricted to recruiting and acquiring talent.Since then, I've found that you don't need to be in the office to have cohesion among teams and execute; you can be successful without being together physically.<h2 id="1520e087-fe13-41e2-8f3a-f7f815b075c9">The world is my oyster for recruitment </h2>As the company grew, I became increasingly enamored with remote work. From a recruitment perspective, the world is my oyster. I like that employees don't have to think about their commute or can still do the school pickup, which helps their work-life balance. It also doesn't matter to me how you spend your work break time, and I believe we've had a very high employee retention rate because of this flexibility.Most Park My Fleet employees are US-based, but we have tech teams in Costa Rica and Israel. Aside from that, we have some physical locations that require people to work on vehicles, and sales employees carry out client visits, but everyone else is remote. I trust people are disciplined enough to work from home and do the job.<h2 id="8864a153-4595-4975-831f-08da4b850033">We have a camera-on policy </h2>Even though I was initially kind of forced to operate a remote-first company, I continue to see the significant benefits of being able to recruit people from all over the world. We still try to get together and have quarterly team-building events or at least twice a year so people get some face time with their colleagues. We also have a camera-on policy, so everyone can put a face to a name.I find it a lot easier to collaborate remotely, especially with things like sharing a screen online, rather than having people huddled around one screen and looking at something or trying to connect to a projector in a conference room.I have an office in my house, making it a comfortable and enjoyable workplace. We have a work-from-anywhere policy, too; as long as employees comply with local employment laws, then I'm happy for them to do that. I've worked from hotels on the beach and in Europe while vacationing.The one downside that I see with <a target="_blank" class="" href="https://www.businessinsider.com/companies-requiring-return-to-office-rto-mandate">remote working</a> is that it could be daunting for new hires, particularly if they are used to an office environment. Also, it might be challenging to get everybody up to speed, familiarize them with the organizational chart, and help them understand how the internal plumbing of the business works.But we try to overcome that with face-to-face video calls. There are people we've interviewed for various roles who said they wanted to be in an office and would thrive better in that environment, which I respect.<h2 id="c6ebd04b-74a7-4175-801e-8ca376e48ebb">RTO probably makes sense for Amazon </h2>Large organizations like <a target="_blank" class="" href="https://www.businessinsider.com/amazon-office-five-days-rto-exec-andy-jassy-2024-10">Amazon may need that level of connectivity</a>, and that's probably the right decision for them. I don't think there's anything wrong with in-person office work; it makes sense in certain environments. However, remote working is best for me as the CEO of a company growing nimbly and trying to get the right people in the right roles quickly and efficiently.As an employee who joined a company as a remote worker, it would feel like a bait-and-switch move if the CEO then decided to change the remote work policy. I would find that very disconcerting. I think it would not be good for company morale, and I have no intention of mandating a return to the office. While there are pros and cons to both, the pros outweigh the cons for us as an organization.

I'm the CEO of a remote-first company. I'll never ask my employees to return to the office.  

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! A 72-year-old VC investor still runs four marathons a year. He spoke to BI about <a target="_blank" href="https://www.businessinsider.com/training-tips-for-older-runners-from-72-year-old-marathoner-2024-10">how he fits the training into his busy schedule</a> as he tries to run 100 marathons before he turns 100.In today's big story, a final look at the impact a Harris or Trump presidency <a target="_blank" rel="noopener" href="https://www.businessinsider.com/election-preview-consumer-outlook-how-trump-harris-housing-taxes-2024-11">will have on your finances</a>.What's on deck:<ul><li>Markets: A survey exclusively shared with BI shows how a slice of Wall Street <a target="_blank" href="https://www.businessinsider.com/wall-street-election-predictions-professional-investor-survey-2024-11">thinks the election will go</a>.</li><li>Tech: Nvidia is replacing Intel in the <a target="_blank" rel="noopener" href="https://www.businessinsider.com/intel-struggles-qualcomm-deal-chip-industry-turmoil-2024-9">Dow Jones Industrial Average</a>.</li><li>Business: We spoke to more than 750 people about <a target="_blank" href="https://www.businessinsider.com/cant-find-job-unemployment-applications-retirement-mba-age-competition-openings-2024-11">their struggles finding a job</a>.</li></ul>But first, let's go over it one more time.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">The White House and your wallet</h2><div type="image" title="Trump and Harris." height="1743" width="2323" msid="114952573" hostid="261" sizebytes="392138"></div>On the eve of election day, we're offering a final breakdown of how both candidates might affect your wallet.Business Insider ran a <a target="_blank" href="https://www.businessinsider.com/election-preview-consumer-outlook-how-trump-harris-housing-taxes-2024-11">five-part refresher series</a> last week examining how the policies proposed by Vice President Kamala Harris and former President Donald Trump impact US consumers.With little middle ground between the two candidates, there are a wide range of implications. Let's get into it:<a target="_blank" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">Investing</a>: The corporate tax rate is the major difference between the two sides that'll likely have the biggest impact on markets. Trump's plan to reduce the rate, which stands at 21%, is viewed by most as beneficial for corporate earnings. Harris wants to raise the corporate tax rate, which would likely have the opposite effect.<a target="_blank" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">Cost of things</a>: Both candidates are looking to keep leveraging tariffs, but Trump's policy is much more aggressive. His broad-based 10%-to-20% tariff on most imported goods will ultimately make those products more expensive, according to most economists. When it comes to grocery prices, Trump previously said he'd restrict food imports to boost local farmers. Harris wants a federal ban on price gouging, but that'd only be applicable during national emergencies.<a target="_blank" href="https://www.businessinsider.com/housing-affordability-supply-impact-presidential-election-scenarios-homebuyers-harris-trump-2024-10">Housing</a>: Harris wants to boost construction, with a goal of adding 3 million new housing units during her first term. The former president views his immigration plan — deporting millions of people from the country — as a way to address the housing shortage. Banning mortgages for immigrants living in the US illegally is another way to lower demand, according to Trump.<a target="_blank" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10">Taxes</a>: Trump is expected to expand on the tax cuts he established in 2017. The highest earners in the country, those in the top 0.1%, would see a tax reduction of nearly $280,000 whereas middle-income Americans would get a $1,000 break on their taxes, according to one analysis. Harris' proposals will favor lower-income earners, although she's promised to not raise taxes for anyone making below $400,000. She does support a minimum income tax for billionaires.<a target="_blank" href="https://www.businessinsider.com/childcare-costs-presidential-election-scenarios-parents-paid-leave-harris-trump-2024-10">Childcare</a>: Both candidates have discussed increasing the amount of the child tax credit, which currently provides up to $2,000 per child. Harris has also zeroed in on childcare costs, promising to cap those expenses at no more than 7% of families' income. Neither candidate has suggested funding childcare facilities or boosting hiring, which is a key issue for the industry.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Harris leads Trump by three points in a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/harris-trump-iowa-polling-lead-swing-states-2024-11">new poll in GOP-leaning Iowa</a>.</li><li>TGI Friday's <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tgi-fridays-files-for-bankruptcy-2024-11">filed for Chapter 11 bankruptcy</a>.</li><li>Scoop: Gwyneth Paltrow's lifestyle brand Goop <a target="_blank" href="https://www.businessinsider.com/gwyneth-paltrow-goop-lays-off-employees-pivot-beauty-food-fashion-2024-11">conducted another round of layoffs</a>.</li><li>In an all-hands, Intel CEO addresses employee concerns about <a target="_blank" rel="noopener" href="https://www.businessinsider.com/intel-chips-act-funding-all-hands-meeting-2024-11">the US election and CHIPS Act funding</a>.</li><li>WATCH: How Elon Musk is reshaping American politics. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-reshaping-american-politics-ahead-of-2024-elections-2024-11">A conversation with Politico and BI</a>.</li><li>How a free meal cost an investor <a target="_blank" href="https://www.businessinsider.com/how-a-free-meal-cost-an-investor-his-retirement-savings-2024-10">his retirement savings</a>.</li><li>The China threat and the EV slowdown — <a target="_blank" href="https://www.businessinsider.com/auto-industry-faces-trouble-in-china-ev-slowdown-2024-11">2 takeaways from a busy few weeks in auto news</a>.</li><li>Record producer Quincy Jones has <a target="_blank" rel="noopener" href="https://www.businessinsider.com/quincy-jones-dead-obituary-2024-11">died at 91 in his home in Bel Air</a>.</li><li>The US dollar is jittery, and it's not <a target="_blank" rel="noopener" href="https://markets.businessinsider.com/news/stocks/us-dollar-presidential-election-fed-interest-rates-china-npc-stimulus-2024-11">only because of the presidential election</a>.</li><li>The Navy's top ballistic missile interceptor comes with a heavy price tag, <a target="_blank" href="https://www.businessinsider.com/us-navy-top-interceptor-missile-heavy-price-tag-low-procurement-2024-10">but the US can't afford to go to war without it</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Photo of Wall Street with American flags" height="1333" width="2000" msid="114952577" hostid="261" sizebytes="241826"></div><ol><li>These investors give the slight edge to Trump. A survey of some of SumZero's investor community, which includes small hedge funds and family offices, found 53% believe <a target="_blank" href="https://www.businessinsider.com/wall-street-election-predictions-professional-investor-survey-2024-11">Trump will win the election</a>. That follows other signals the finance world is sending that it views Trump as the favorite, including European stocks trading at a discount due to concerns over tariffs.</li><li>Interest rate cuts are back. The Fed will announce Thursday what it plans to do with rates, with <a target="_blank" href="https://www.businessinsider.com/interest-rate-cuts-federal-reserve-election-jerome-powell-inflation-jobs-2024-11">most traders expecting a 25-basis-point cut</a>. After that, there's one more chance for the Fed to cut rates in December, although JPMorgan's strategy chief said a Trump win <a target="_blank" href="https://www.businessinsider.com/trump-win-fed-pause-rate-cuts-easing-jpmorgan-david-kelly-2024-11">could give the central bank pause</a>.</li><li>Wall Street analysts are scratching their heads over Comcast's potential reorg. The company's president suggested it might spin out CNBC and MSNBC into a new firm while retaining NBC and adding a partner to its steamer. On paper the move makes sense, but analysts question how the cable networks could survive by themselves and <a target="_blank" href="https://www.businessinsider.com/comcast-cable-network-spinoff-peacock-partnership-deal-wall-street-analysis-2024-11">who would be willing to team up with Peacock</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Jensen Huang" height="3526" width="5289" msid="114952576" hostid="261" sizebytes="532426"></div><ol><li>A monumental swap. S&amp;P Dow Jones Indices announced Nvidia will replace Intel in the Dow Jones Industrial Average index, which looks to project the most relevant picture of the US economy. It shows <a target="_blank" rel="noopener" href="https://www.businessinsider.com/intel-struggles-qualcomm-deal-chip-industry-turmoil-2024-9">how far Intel has fallen from relevancy</a>, and raises questions about the future role it'll play in computing and AI. BI's Emma Cosgrove explains <a target="_blank" rel="noopener" href="https://www.businessinsider.com/why-nvidia-replacing-intel-dow-jones-industrial-average-explained-2024-11">why it's such a big deal</a>.</li><li>Everything we know about the Apple Intelligence rollout. Some of Apple's long-awaited AI features rolled out last week, including a new Siri interface and enhanced Messages. However, other features unveiled at WWDC in June won't be available until 2025. We've got <a target="_blank" href="https://www.businessinsider.com/apple-intelligence-features-rollout-timeline-iphone-16-2024-9">an estimated timeline of the rest of the releases</a>, based on what Apple experts and the company have said since WWDC.</li><li>Some Democratic political advertisers are still betting on X. Though Musk's ownership has shifted the platform's political stance, <a target="_blank" href="https://www.businessinsider.com/democratic-political-advertisers-using-elon-musk-x-twitter-2024-11">a small number of Democratic ad campaigns still see opportunity</a>. Montana Sen. Jon Tester and Texas Rep. Colin Allred are among the Democrats still hanging on tight to X.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Fish with price tags." height="3000" width="4000" msid="114952579" hostid="261" sizebytes="975922"></div><ol><li>Endless options are ruining e-commerce. The allure of online shopping was the ability to compare a variety of options from the comfort of your home. But what happens when there are literally tens of thousands of products to choose from? Information overload, choice paralysis, and <a target="_blank" href="https://www.businessinsider.com/online-shopping-ecommerce-comparison-burnout-too-many-choices-overwhelming-decision-2024-11">extremely frustrated shoppers</a>.</li><li>The great American shoplifting spree. Regular Americans are shoplifting everything from tape measures to blocks of cheese, and they don't feel particularly bad about it. Some of these opportunists view it as a way of fighting back against <a target="_blank" href="https://www.businessinsider.com/middle-class-shoplifting-retail-theft-crime-stealing-stores-2024-11">goods that are unjustly expensive</a>.</li><li>The biggest woes of finding work. BI spoke to over 750 people who have struggled to find a job, from older workers just shy of retirement to eager recent graduates. They shared what they're most frustrated with, including fake job postings, competition from AI, and the feeling of <a target="_blank" href="https://www.businessinsider.com/cant-find-job-unemployment-applications-retirement-mba-age-competition-openings-2024-11">being shut out from some careers</a>.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Fox Corp, Goodyear, Marriott, and other companies report earnings.</li><li>Boeing's unionized workers vote on a new pay offer.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Ella Hopkins, associate editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

Here's a final breakdown of how both presidential candidates might affect your finances 

<ul class="summary-list"><li>Gen Z'er Teddy Sheehan always wanted to become a plumber by trade.</li><li>When he was 15, he and his dad devised an ingenious plan to attract the attention of a potential boss.</li></ul>This as-told-to essay is based on a conversation with Teddy Sheehan, 21, an apprentice plumber. It has been edited for length and clarity.If everything goes to plan, I'll become a fully <a target="_blank" class="" href="https://www.businessinsider.com/teacher-turned-plumbing-apprentice-career-switch-pandemic-2022-2">certified plumber</a> next summer at the age of 22.I've been an apprentice since September 2019, working four days a week for a small business in my <a target="_blank" class="" href="https://www.businessinsider.com/british-cities-compared-to-american-cities-with-the-same-name">home city of Birmingham, England</a>. The other day, I'm in technical college, learning more about the trade and studying for my qualifications.It's part practical and part theory. At the moment, I'm in a workshop doing installments of boilers and hot water cylinders.When I started the course at 16, my tutor was taken aback. I was the only student out of 25 who'd already got a paid position. Plumbing is a competitive career and the others were still looking for jobs.They asked me how I'd got the apprenticeship, and I had to smile. I did things a bit differently by thinking outside the box.I decided I wanted to be a plumber after doing some work experience during the British equivalent of <a target="_blank" class="" href="https://www.businessinsider.com/college-gap-year-decision-pros-cons-2024-9">10th grade in high school</a>. I shadowed a family friend who had done the gas engineering at my parents' house.<h2 id="fe37fb66-d8b0-4ab1-82c7-f46ae2dfe301">Plumbing offers job stability</h2>I've always been handy and was also thinking about carpentry, bricklaying, or becoming an electrician. But during that week, I got real satisfaction from fixing plumbing connections and putting in fittings.It felt rewarding to be called by a customer at 8 a.m. and have their heat and hot water back up and running by midday. I also enjoyed the teamwork with the other guys.Unfortunately, they couldn't <a target="_blank" class="" href="https://www.businessinsider.com/sheet-metal-apprentice-unknown-calling-apprenticeship-opportunities-2022-1">offer me an apprenticeship</a> because the boss was winding down the business. But I was determined to get into the industry. It had stability because people always need plumbers, especially commercial ones who serve places like offices and hotels.The average salary is about $45,000 annually. And, if you go on to run your own company, you could be earning as much as $60,000.I knew I was leaving school at 16 in July 2019 after completing my final exams. So, in April of that year, when I was still 15, I brainstormed with my dad about how to get a job.<div type="image" title="An apprentice plumber uses a wrench in a workshop." height="2268" width="3024" msid="113885619" hostid="261" sizebytes="231260"></div>We wanted me to stand out from the crowd and get noticed. We asked ourselves what workmen like and came up with hot breakfasts. Getting their attention through their stomachs seemed like a good strategy. And where do you find plumbers? Plumbers' merchants, where they buy their supplies.Dad and I made a list of hardware stores that mostly catered to tradespeople. They were all within a 10-mile radius of our house. Then, we laminated 200 <a target="_blank" class="" href="https://www.businessinsider.com/things-to-remove-from-resume-2016-11">copies of my résumé </a>— which included my work experience — to distribute both inside and outside the merchants.Every night for a week, Dad and I prepared giant-size <a target="_blank" class="" href="https://www.businessinsider.com/review-british-sausage-rolls-holiday-party-2022-12">pigs in a blanket</a>. We listened to playlists in the kitchen while we put together the sausage meat and pastry. Then, at around 5:30 a.m. the next day, we'd bake the batch of around 45 breakfast snacks in the oven.We kept them warm in insulator containers and drove to each plumber merchant, starting at 7 a.m. We'd give some to the merchants and ask if we could put my résumé on the counter. Then, as the plumbers came out of the store, we'd given them a pig in a blanket and a CV. We'd go to three different stores every morning.<h2 id="6a5b08e0-398e-4bf4-b913-524cc34fd982">The tactic was a solid investment</h2>I was shy at first, but after a while, I felt more confident and would chat about wanting a job. "It's good to see young people going out there trying to make a name for themselves," one plumber said as he ate the snack and put my CV in his van. "If I needed an apprentice, I'd hire you in a heartbeat," another said.The tactic worked. It didn't take long before the head of a commercial plumbing company called me on my cellphone. He'd gotten hold of my résumé. "I admire you for showing initiative," he said. Apparently, I'd become famous in the plumbing community as "the kid with the pigs in a blanket."He gave me a week's trial and then offered me the job. I was relieved to <a target="_blank" class="" href="https://www.businessinsider.com/son-heading-to-college-fall-behaving-badly-2024-7">start college that fall</a>, knowing I was already earning a salary. Those free breakfasts had been a solid investment,I work from 7 a.m. to 3 p.m. and get five weeks of vacation a year. I love what I do, and my family — especially my dad— is very proud of me.Do you have an interesting story to share with Business Insider about how you got a job? Please send details to <a target="_blank" href="mailto:jridley@insider.com">jridley@businessinsider.com</a>

I got my first job by giving away home-cooked breakfast with my resumé. I was 15 at the time.

<ul class="summary-list"><li>Chris Gaffney became a stay-at-home dad when his wife, Jenny, had their first child in 2019.</li><li>Jenny can support the family on her salary, but the decision was more based on parental involvement.</li></ul>This as-told-to essay is based on a conversation with Chris Gaffney, a 43-year-old stay-at-home dad in Wolcott, Connecticut. The following has been edited for length and clarity.I attended Ithaca College in New York, where I majored in writing, concentrating on political rhetoric. My dream was to become a <a target="_blank" class="" href="https://www.businessinsider.com/speechwriter-ceos-ibm-siemens-break-into-job-field">speech writer</a> at the White House.Then my mom got cancer, and she lived alone. I moved home to care for her, putting my ambition aside.My mom always thought I would be a good lawyer, so I applied to <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/student-loans/is-law-school-worth-it">law school</a>, thinking she would die proud of me and I would never have to go. She lived another eight years, so I went through with it.<h2 id="6f823007-a50b-4559-9c46-93c61417652d">After becoming a lawyer, I met my now-wife, Jenny, in 2010</h2>We were about to sign a lease together in Connecticut when the company she worked for was sold to a firm in Austin. We moved there in February 2011.Not having practiced law in Texas, I worked at a content marketing firm. We returned to Connecticut at the end of 2013.Along the way, I tried a few creative things, like <a target="_blank" class="" href="https://www.businessinsider.com/how-famous-comedians-got-started-comics-stand-up-comedy">stand-up comedy</a>, Toastmasters, and an online humor column. Outside work, I did many things that gave me great personal satisfaction but did not earn any money.<h2 id="cded0436-f07b-415a-8313-326c850f497d">My wife earned her MBA in 2017</h2>Around this time, we also started to try to have kids. We began an ongoing conversation about what our family would look like. When we moved back to Connecticut, I became the director of content marketing at a digital marketing agency. I wasn't taking on extra responsibilities or pushing for promotions or opportunities elsewhere.Jenny went the other way, looking to increase her education and putting a lot of effort into <a target="_blank" class="" href="https://www.businessinsider.com/how-to-network-for-new-job-microsoft-vp-hr-explains-2024-6">networking</a>. It paid off, as she got a big project management job helping to build <a target="_blank" class="" href="https://www.businessinsider.com/guides/streaming/how-much-is-espn-plus-costs-and-content-compared">ESPN+</a> for Disney.<h2 id="ed7d982d-8af8-4740-87c2-1fcf7adb8ebc">We finally got pregnant in 2018</h2>While trying for kids, we'd paid attention to what we saw in other families that we wanted to emulate, like how their kids behaved and their parenting approaches. The most surprising commonality was they had a <a target="_blank" class="" href="https://www.businessinsider.com/stay-at-home-mom-works-part-time-morning-routine-2024-4">stay-at-home parent</a>.We looked at the numbers closely to see if we could make that work. Financially, my wife's salary was enough to support the whole family, so I said, "I'll give it a shot."I was making enough money to justify working beyond childcare costs, but our decision was about the level of involvement we wanted in our children's formative years.<h2 id="a5e17040-d9ac-4b7e-be2f-e9d772453b9d">I had no idea if I'd like it or hate it</h2>I wasn't worried about leaving my job. I knew I had a transferable skill set, and with strong experience in law and marketing, I was confident I could find a good job if it didn't work.I made Jenny promise that if I hated being a <a target="_blank" class="" href="https://www.businessinsider.com/stay-at-home-dad-less-manly-freeloader-wife-2024-8">stay-at-home dad</a>, we would find a day care, and I would just start looking for new work.We had our first child in 2019, and I quickly loved being a stay-at-home dad. Our second child was born in January 2021.<h2 id="7940e1bc-5e50-46a0-ae1c-ff37254bb79f">My wife began working from home during the pandemic and still does</h2>Her office is right off of our dining room, so there are times when I try to get the kids to eat in another room. When she has something really important, I do something outside the house with the kids.Early on, we discovered that we needed to establish some boundaries. Sometimes, she would have two minutes until her next meeting, so she would come out to get a kiss from the baby. He would get very upset when he saw Mom arrive and then quickly leave. A kiss from the baby turned into half an hour of work for me.<h2 id="0204e4e8-2d37-4e0e-bf36-40f211e2c81e">I do most of the household chores</h2>I cook for the kids — ham sandwiches and things like that. My wife is very good at cooking and does much of it for us. She's also very specific about how she likes laundry done, so she tends to do most of that.I handle cleaning, yard work, household maintenance, and trash. I also handle all the administration, such as school medical forms and signing up for after-hours activities.<h2 id="2284e1b5-bb09-4ed1-82a4-4cc4c1833def">Being a stay-at-home dad has a very positive impact on our marriage</h2>It allowed us to move into parenting with pretty clear expectations. After returning to work, Jenny never wondered if the baby was OK because we were only a quick FaceTime or text message away. It let her focus more on her career with less "<a target="_blank" class="" href="https://www.businessinsider.com/mom-guilt-nurse-shifts-miss-kids-lives-2024-10">mom guilt</a>."The work-from-home shift drastically increased the time we spent together as a couple. We prioritized having individual interests that take us outside the house to help keep us from becoming entirely codependent and isolated.<h2 id="a773b5f4-1f6f-42df-8eb0-b9efcb9e333e">I joined a community of other dads to share my experiences and learn from others</h2>I came across <a target="_blank" href="https://athomedad.org/">The National At-Home Dad Network</a> online and found many of its materials useful. I spoke at their first convention.It's amazing how many common experiences we share. The hardest one is probably the isolation, especially during the years before the kids start school.<h2 id="b20beffd-fbde-4165-be9e-647d84cd663e">I have no regrets about leaving the workforce</h2>Being a stay-at-home dad has allowed me to focus on spending time with my kids and providing a safe, stable environment for them to thrive. It's a little intimidating that the only performance-based feedback you receive is what kind of people your kids become, but I think we're on the right track.When my daughter graduated pre-K, they gave superlative awards to everyone, and hers was Miss Manners. To me, that confirmed we're doing something right.I'm not opposed to re-entering the workforce when my kids are older, but I don't want to return for at least two more years. As conditions change, we will continue evaluating how our family is doing physically, emotionally, and financially and make the best moves we can based on those insights.

I'm a lawyer who became a stay-at-home dad when my first child was born. It's the right choice for my family.

<ul class="summary-list"><li>Shannon Stoker's son Stevie, 6, started kindergarten this year.</li><li>She put him on the bus, but in the afternoon school said he'd never arrived.</li></ul>This as-told-to essay is based on a conversation with Shannon Stoker. It has been edited for length and clarity.My 6-year-old son Stevie and I were both nervous about him <a target="_blank" class="" href="https://www.businessinsider.com/my-twins-started-kindergarten-a-year-late-2023-8">starting kindergarten</a> this year. Stevie is autistic and has limited verbal abilities, so I was extra concerned.We did what we could to prepare. All summer, we worked on Stevie responding with his name when someone asked for it. The Friday before school started, we met with his teacher and <a target="_blank" class="" href="https://www.businessinsider.com/how-private-equity-is-reshaping-special-education-2024-4">special education coordinator</a>.Sunday night, the eve of the first day, I put paperwork in Stevie's backpack. That's when I remembered I had <a target="_blank" class="" href="https://www.businessinsider.com/guides/travel/apple-airtag-for-wallet-luggage-moving">extra AirTags</a> we'd purchased over the summer to track my older son while he rode his bike.I grabbed an extra AirTag and <a target="_blank" class="" href="https://www.businessinsider.com/why-parents-using-airtags-track-kids-2023-5">slipped one into Stevie's backpack</a>. It was a whim, but it ended up being critically important.<h2 id="a1f26e3b-0c0f-44cb-9008-58c586bb743a">The school couldn't tell me what bus Stevie was on that afternoon</h2>On the first day of school, Stevie was excited. I took his <a target="_blank" class="" href="https://www.businessinsider.com/experts-torn-risks-first-day-of-school-photos-online-2023-9">back-to-school photo</a>, and he got on the bus. I checked his AirTag a few times that day, and it showed him at school. I pictured him having a great first day. That's what I was hoping for.Our plan was for Stevie to take the bus directly to therapy after school. But his online student profile hadn't been updated, so I was worried he might be bused home. I tried to call <a target="_blank" class="" href="https://www.businessinsider.com/school-bus-safety-what-you-need-to-know-as-parent-2023-9">the transportation company</a> but couldn't get through. Finally, I got through to the school, where someone told me Stevie was on a bus — they just didn't know which.At 3:45, I stared at the AirTag, trying to figure out where my son was. Stevie rides a special needs bus with four other kids, but I thought the school might have mistakenly put him on the main bus. So, my older son and I walked to the neighborhood bus stop.<h2 id="26d6e0f3-9520-4150-b48b-025002703888">When the school said Stevie had been absent, I called 911</h2>That's when the school called again and told me Stevie hadn't been there all day. I went into a total panic. I hung up and called 911. The school called back and confirmed they had checked every kindergarten and special ed class — no Stevie.Stevie's AirTag had been at school, but terrible things went through my head. I worried that his backpack had somehow arrived, but my child didn't. I even wondered if I'd put him on a real bus that morning. It was sheer terror. The 911 operator could tell. She stayed on the phone with me until an officer arrived at my house.<h2 id="830aa8c9-c4d8-4162-8b47-db18f55a754b">My husband and the police used the tag to track Stevie</h2>The officer was immediately interested in the AirTag data, and he radioed the tag's location to other officers. I would have chased it myself, but he had told me not to leave. I was in no state to drive.My husband Andy arrived home from work early, and he didn't even have time to get out of the car before I sent him to chase the AirTag.Still, I was worried that we were focused too much on the device. The AirTag wasn't actually on Stevie, and if we were chasing a backpack instead of a boy, my son could already be across state lines.Andy followed the AirTag location and found a bus for people with special needs. He, along with two police officers, pulled up to the bus. The driver told Andy that Stevie wasn't on board. Luckily, Andy peeked in the windows and said, "My son is right there."<h2 id="89435b4d-e76e-4023-a5be-4477c319a4f1">The school had mistaken my child for another boy</h2>I was relieved to know Stevie was with Andy. I still get teary thinking about it. They got home at about 4:45 p.m. — the whole incident had lasted about an hour.Around 5:30 p.m., I heard from the school again. They explained that when Stevie got off the bus, they asked if he was another boy. Stevie didn't answer, so they assumed he was that other boy. The other boy was marked present when he wasn't at school, and Stevie was marked absent. Stevie was moved to a different school, and for now, Andy and I are driving Stevie to and from kindergarten. He's having a difficult transition to kindergarten, but after this experience, I think that's understandable. Both Stevie and now his older brother have AirTags in their backpacks for peace of mind. Editor's Note — DeKalb Community Unit School District 428 provided the following statement to Business Insider:"The District office was informed of an incident involving a misidentified kindergarten student at Founders Elementary on Monday, August 19. The child was mistaken for another child when getting off the bus in the morning and placed in the other child's classroom. The child was under classroom supervision during the day, and we are thankful the child was located on the bus route home and is safe.Although we are aware that information is being shared on social media, as a District, we cannot disclose any additional information or details to protect the privacy of the child, family, and staff involved as we work to resolve this incident.We are deeply sorry for the concern this caused the family and we are conducting a full investigation of the events of the day. Ensuring that each and every child is safe on their routes to and from school, along with their day at school, is our critical priority, and we will continue to evaluate and make adjustments to our procedures to that end."

My kindergartner went missing on the first day of school. An AirTag helped bring him home safely. 

<ul class="summary-list"><li>Maven's chief financial officer has left the women's health unicorn one year after taking the role.</li><li>The startup plans to bring in a new CFO with public market experience, per a source with knowledge.</li></ul>Maven Clinic is swapping out its chief financial officers on the heels of a fresh funding round as the women's health startup inches closer to an IPO.Maven is bringing in a new finance head with experience leading a public company, according to a source with direct knowledge of the change.Kristina Campbell, Maven's former CFO, left the startup in October, according to her LinkedIn. She joined Maven a year prior, in October 2023.Earlier this month, Maven notched a $1.7 billion valuation with $125 million in new funding from the private equity firm StepStone Group. Business Insider <a target="_blank" href="https://www.businessinsider.com/womens-health-unicorn-maven-clinic-raising-new-funding-stepstone-2024-9">first reported</a> the round in September.The identity of Maven's incoming CFO isn't known. Maven declined to comment for this story. Campbell didn't respond to requests for comment.Maven launched 10 years ago to provide virtual care to women and families through employers and health plans, including for fertility, pregnancy, and menopause. It's since raised over $425 million from investors such as Sequoia Capital, General Catalyst, Lux Capital, and Oak HC/FT.As the highest-valued women's health startup, Maven is expected to be <a target="_blank" href="https://www.businessinsider.com/maven-ipo-chrissy-farr-womens-health-startup-prediction-2023-12">a candidate for the next wave of digital health IPOs</a>. The startup's hopeful future exit would be a boon for the women's health market, which remains a small fraction of all healthcare funding.Some of Maven's peers haven't fared as well in a tighter venture market. Fertility startup Kindbody is reportedly looking to raise more funding at a <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-08-21/fertility-startup-kindbody-set-to-cut-valuation-letter-shows">$600 million</a> valuation, a massive markdown from the <a target="_blank" href="https://kindbody.com/kindbody-announces-100-million-in-new-funding-to-further-accelerate-growth/">$1.8 billion</a> valuation it landed in March 2023.Before Maven, Campbell spent over two years as the CFO of the cryptocurrency exchange Ripple. She left the company amid its <a target="_blank" class="" href="https://www.businessinsider.com/xrp-price-today-ripple-crypto-bitcoin-sec-gary-gensler-2024-3">legal battle with the SEC</a> after the agency accused Ripple of selling its XRP token as an unregistered security.Campbell has now joined entertainment payroll startup Wrapbook as its CFO, according to her LinkedIn profile. Wrapbook raised a <a target="_blank" href="https://www.hollywoodreporter.com/business/business-news/wrapbook-fund-bessemer-venture-partners-1236009642/">$20 million</a> funding round in September at a valuation of $750 million.

Exclusive: Maven Clinic is swapping out its finance chiefs as the women's health unicorn looks ahead to an IPO

<ul class="summary-list"><li>With bonus season coming, BI asked industry insiders what Wall Street's current status symbols are.</li><li>These 10 trends reflect a move away from loud displays of wealth to experiences and personalization.</li></ul>With bonus season just a quarter away — big banks like Goldman and JPMorgan typically communicate the numbers in <a target="_blank" href="https://www.businessinsider.com/when-goldman-jpmorgan-morgan-stanley-other-banks-will-announce-bonuses-2024-1">early January</a> — Wall Street rainmakers may soon be thinking about what they want to spend this year's extra check on. And though investment bankers may not be quite as ostentatious as in the heyday of the '80s and '90s, there are still plenty of ways they choose to express their wealth and power.BI spoke to four industry insiders who have eyes on what's trending at all levels of Wall Street, including a junior banker turned private-equity employee and a personal stylist who dresses managing directors and partners. To be sure, status symbols vary by seniority: what's impressive to <a target="_blank" class="" href="https://www.businessinsider.com/jpmorgan-ryland-mcclendon-oversee-junior-bankers-wellness-80-hour-weeks-2024-9">junior bankers</a> may be cringe to senior MDs, for example.That said, everyone seemed to agree that the days of logo-forward purchases and other conspicuous signs of wealth are over — even on Wall Street. The industry's movers and shakers are still into name brands but are leaning into those that exude <a target="_blank" class="" href="https://www.businessinsider.com/status-symbol-item-sales-show-quiet-luxury-changing-americana-corporate-2024-9">"quiet luxury."</a> They are also spending money on personalization as well as experiences — think big trips, luxurious secondary homes, and posh sporting events.Here are 10 of the top status symbols on Wall Street in 2024.<h2 id="5642aec8-1b24-4045-876f-3fadc91a63ac">Posh sporting events</h2>Attendance at exclusive sporting events like the Paris Olympics, the US Open, and Formula 1 races has become a surefire sign of status on Wall Street, insiders told BI.Indeed, Bloomberg declared the 2024 Paris Olympics "<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-08-02/wall-street-descends-on-paris-olympics-jpmorgan-citadel-executives-attend?embedded-checkout=true">Summer Davos</a>" for Wall Street in a story that reported sightings of CEOs Ken Griffin of Citadel, David Solomon of Goldman Sachs, and <a target="_blank" class="" href="https://www.businessinsider.com/how-to-succeed-at-blackstone-schwarzman-gray-career-advice-2024-8">Stephen Schwartzman of Blackstone</a>, to name just a few.Last month, the US Open in Queens took the spotlight online as <a target="_blank" href="https://www.businessinsider.com/us-open-popular-as-tennis-interest-surges-2024-9">the hottest place</a> for New York socialites to see and be seen. And where there are celebrities and influencers, there tend to be Wall Street dealmakers."All my clients went to the US Open," said Jessica Cadmus, a <a target="_blank" class="" href="https://www.businessinsider.com/wall-streeet-styles-investment-banker-wardrobe-for-women-and-men">personal stylist</a> whose clients are almost exclusively managing directors and partners at finance firms in New York.Even junior-level employees said the famous tennis tournament was the place to be to mark the end of summer."I know at least three people in the finance community who were at the Open last night," a young private-equity employee told BI in August after attending the tournament with friends.Of course, the most elevated version of this status symbol is <a target="_blank" href="https://www.businessinsider.com/richest-sports-billionaire-owners-nfl-nba-premier-league-cricket-wealthy-2024-5#10-steve-cohen-1">owning your own sports team</a> — or getting access to private box seats.<div type="image" title="Crowd watching the 2024 US Open Tennis Championships in New York City." height="5341" width="8011" msid="113882292" hostid="261" sizebytes="5175806"></div><h2 id="f1c8e1a4-389c-4fae-aa3f-80984327170d">Home organizers</h2>Wall Street executives have no shortage of personal assistants and staff, said Cadmus, because every moment of their time is worth thousands of dollars."Everybody that I work with has at least one person, if not multiple people, in their home all day long attending to X, Y, or Z," Cadmus told BI. "There are assemblies of nannies, home cleaners, and chefs."Lately, there has been a new trendy addition to the usual in-home lineup — that of the "home organizer."Think Marie Kondo — someone who comes into your home, takes a good look around, and crafts a custom organization plan to make your space user-friendly and effortlessly neat."I would say over the last five years, I've seen people leaning into that sort of service more, and I'd never really seen a ton of that," Cadmus said.This person might, for example, put custom inserts for your kitchen cabinets so your Le Creuset pots fit seamlessly. But an organizer tackles just about any space you could conjure up, from a pantry to the coat closet or your kid's playroom."People do want to feel more connected to the items in their home, and they do want to feel a sense that things need to have a purpose and they need to be organized," Cadmus said.<h2 id="843bc59e-8506-437f-91ef-333d3d8e2db4">Zegna sneakers</h2>A PR expert who works in the industry said they have seen a trend in one particular shoe recently among very high-ranking execs in the office: Zegna's "triple stitch" sneakers. The leather version (pictured below) costs about $1,300 per pair and come in a ton of colors. An espadrille version of the shoe was also a hot summer pick, this person said, and costs about $1,100.Cadmus likes Zegna for men's off-the-rack suits, but for office-friendly sneakers she recommends the Tom Ford nylon and suede sneakers in black and white, which she described as "heavy lifters" for her clients.<div type="image" title="Man wearing Zegna triple stitch sneaker." height="1058" width="1410" msid="113882291" hostid="261" sizebytes="135370"></div><h2 id="e65e11f4-c4c8-4313-bfe9-b5642fa8f456">Big trips and experiences</h2>Cadmus has seen a notable uptick in senior bankers going on extravagant and foreign getaways. "I feel like the shift, especially with the younger, up-and-coming rising stars is not stuff — it's experiences, it's travel," said Cadmus.This is leading to more safari adventures in Africa and, this past summer in particular, family vacations to Costa Rica. To be clear, we're not talking about an all-inclusive Sandals resort situation here. They're highly bespoke, private, and personal trips."Whether it be a Four Seasons or whether it be a super fancy boutique hotel, every bit of the travel is going to be a first-class situation."For example, you might have a personal tour guide to take you on adventure experiences away from the throngs of tourists, a chef to cook your family private dinners each night, as well as a personal driver. And when one person at a firm loves a place or experience, it tends to spread like wildfire in popularity."The culture is so strong and the word of mouth is so strong that if one thing or experience is vetted by someone and recommended, that recommendation is golden because everybody has the same sort of expectations," said Cadmus. "Things really get passed from person to person. It's a pretty tight community that way, especially in the bigger banks."<h2 id="59f49c7e-9e86-4708-8a6a-820c40beabb8">Van Cleef necklaces and Cartier bracelets</h2>Van Cleef is a high-end jewelry brand, and one type of necklace in particular has taken over the necks of Wall Street women (and the wives of male rainmakers): the Alhambra. It has an unmistakable nickel-sized pendant in the shape of a four-leaf clover, comes in various colors, and, depending on the model, costs about $3,000."I distinctly remember that my first day of banking training there were three or four girls with them on their necks, and I was like, what is that necklace?" said the private-equity junior.This person, along with the other insiders who spoke to BI for this story, laughed at the mention of the brand because it has become so ubiquitous. But cliché or not, they agreed the brand has an undeniable presence in investment banking."I think they're sort of perpetual," added Cadmus. "And beyond Wall Street too. It's just kind of a favored wealthy person brand."Another popular piece for Wall Street women is the Cartier "love" bracelet — a bangle with the brand's iconic circular screws that sells for $7,350.Cadmus loves Cartier as a choice for fine jewelry staples, but for her clients, she often opts for the slightly less popular "Juste un Clou" line."The Love bracelet has been 'the one' for a while now," she said.<div type="image" title="cartier love bracelet" height="765" width="1020" msid="113882296" hostid="261" sizebytes="31484"></div><div type="image" title="Woman on street wearing a green and gold Van Cleef &amp; Arpels Alhambra necklace." height="1854" width="2472" msid="113882295" hostid="261" sizebytes="157932"></div><h2 id="54b85fbd-3321-4add-85f4-248311f7bc54">Personal Jewelers</h2>There's another option for those who want more unique pieces: handcrafted jewelry. Cadmus said she has seen an uptick in clients who prefer to have their jewelry customized."A lot of my clients have a jeweler with who we discuss what will be made for them," said Cadmus. "We'll see something, and a lot of times we will riff on that and be like, 'oh, that's cool, but it'd be better with this stone' or, 'I like that necklace, but I would prefer it as a bracelet.' Then we talk to the jeweler, and we have it made."Depending on the materials you choose, she said, you can often have items made for 30% to 40% less than designer prices.<h2 id="e6b25c55-c06f-44c3-978b-ab654531873f">Quiet luxury clothing brands</h2>"<a target="_blank" href="https://www.businessinsider.com/wall-streeet-styles-investment-banker-wardrobe-for-women-and-men">Quiet luxury</a>" is the new protocol for looking chic on Wall Street versus the ostentatious brand flexing of the past. The term refers to wearing pieces that are very high-quality and expensive but don't sport conspicuous logos and aren't necessarily made by household luxury names."The bonuses aren't as outsized as they used to be, and when they are, that's not something your institution really wants you to advertise in any way," Cadmus said. "So there is this quiet rule, and especially with the big MDs, which is just don't be ostentatious about your wealth. It's very frowned upon."The private-equity junior agreed. "No guy walks around with a Hermes or Gucci belt," this person said.Pop culture phenomena, like the popular HBO TV series "Succession," have put the quiet luxury trend in the spotlight. Leading actor Jeremy Strong wore a coat from the brand Loro Piana (pictured below) in an episode of the show."Loro Piana is probably the preeminent quiet luxury brand," Cadmus said of the label, which she has used for years.Other quiet luxury brands Cadmus reaches for when styling clients include Armani and Tom Ford for men and Akris and Max Mara for women. For quiet luxury bags and accessories, Cadmus recommends brands like Hermes, Celine, Bottega Veneta, and Khaite.<div type="image" title="Jeremy Strong Succession" height="1152" width="1535" msid="113882299" hostid="261" sizebytes="83210"></div><h2 id="f1c37838-120b-49dc-82ab-a82d9efc4d7c">Overhauling the homestead</h2>Cadmus has also observed an uptick in clients going all out to make their homes truly their own."Most of my clients have apartments that were originally two or three separate apartments that they had renovated to become one," said Cadmus.The same goes for their other properties. It's not surprising that high-earners on Wall Street would have second homes (or, in many cases, multiple). But it's not just buying a great place that's a status symbol — it's having a whole team behind every facet of its construction and design, said Cadmus. That means, for example, hiring a renowned architect for the project and a best-in-class interior designer to outfit the home with luxurious furnishings."It's a major production. It's not like, 'Okay, we're just going to snatch this thing up and live in it as is.' It is a major overhaul."<h2 id="93455364-2851-41bd-9d67-0fb75739c2e6">The Hamptons</h2>The beach towns of the Hamptons have long been a Wall Street favorite thanks to their proximity to Manhattan. They remain a popular spot for summer trips and second homes, Cadmus said.Even juniors tend to rent out homes in Montauk and split the cost to get in on the fun, said a former banking analyst who recently quit. Indeed, in the summer, the train from Manhattan to Montauk is "full of finance people on their phone arguing about a deal and legal docs and clacking on their laptops," added the private-equity junior.Nantucket and Cape Cod, according to Cadmus, are also popular but less cliche choices for second-home locations.<div type="image" title="Atmosphere at Midsummer Night Drinks Hosted By Lisa &amp; James Cohen at Private Residence on July 20, 2024 in East Hampton, NY." height="2400" width="3600" msid="113882289" hostid="261" sizebytes="915674"></div><h2 id="cb085dd3-e9bc-42d7-aecf-8c8c3569f7b2">Equinox memberships and personal trainers</h2>For young Wall Streeters, having an Equinox membership is par for the course, said the two ex-investment banking analysts.Equinox is a "luxury" gym that has "innovative group fitness classes, luxurious spas, and exclusive boutiques," as described on its website. A membership costs hundreds of dollars a month, varying by perks package and location access. The top-tier membership is $500 a month plus a $750 initiation fee.There are about 30 Equinox gyms in Manhattan, but "having access to the Equinox Hudson Yards location is a status symbol," said the former analyst who recently quit.As BI reported in 2019, the <a target="_blank" href="https://www.businessinsider.com/equinox-membership-prices-reviews-nyc-guide-2019-5#equinox-hudson-yards-expands-equinox-into-the-lifestyle-brand-its-been-trying-to-break-into-48">Hudson Yards location</a> has — among other amenities — views of the Hudson River in nearly every part of the gym, both indoor and outdoor pools, and is complete with its own cafe and bar.To be sure, this is a status symbol unique to younger people. Senior bankers don't want to be part of a gym scene, Cadmus said. Among their aforementioned lineup of domestic staff is usually a personal trainer who comes to their in-home gym."Yes, a younger person is going to enjoy that — there are social perks to that. But senior people do not want to be looked at when they're working out," she said. "They want somebody tracking it for them — their progression and all that kind of stuff. It's just totally different."<div type="image" title="Equinox Hudson Yards." height="3024" width="4032" msid="113882300" hostid="261" sizebytes="833048"></div>

What screams 'status' on Wall Street? Here's how the movers and shakers of finance are spending their money.

<ul class="summary-list"><li>Tesla stock surged 12% in premarket trading following Trump's election victory.</li><li>Elon Musk has been an outspoken supporter of Trump, spending months campaigning for him.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/trump-won-election-what-that-means-for-elon-musk-2024-11">Elon Musk's big bet</a> on Donald Trump is already paying off for Tesla.The EV's stock surged 12% in premarket trading and is poised to open at its highest level in more than a year following the election result.<a target="_blank" rel=" nofollow" class="" href="https://x.com/FoxNews/status/1854053633198825482">Fox News</a> called the presidential race for Trump early Wednesday morning. A little under four hours later, projections from <a target="_blank" rel=" nofollow" class="" href="https://x.com/CNN/status/1854109735076676021">CNN</a> and other news organizations put Trump over the 270 Electoral College votes needed to win the presidency.Wedbush Securities analyst Dan Ives called Trump's victory a "homerun for Tesla.""Elon Musk's status as Trump's ally from the business community hasn't gone unnoticed by investors who have bid up shares in Tesla by 3% in pre-market trading on the election news," he said.Musk has been an outspoken supporter of Trump during the election. The billionaire has spent the last few months campaigning for the president-elect, even joining him onstage at a campaign rally in Butler, Pennsylvania.In his victory speech early Wednesday, Trump paid tribute to Musk's efforts, calling him a "super genius" and a <a target="_blank" class="" href="https://www.businessinsider.com/trump-praises-elon-musk-a-star-is-born-2024-11">"new star."</a>Gene Munster, the managing partner at Deepwater Asset Management, said Tesla's stock surge was based on an emotional response from investors and their confidence in the EV company's CEO."That emotion is Elon made a big bet and was right. This gives investors confidence that his next big bet has a greater potential to succeed," Munster <a target="_blank" class="" href="https://x.com/munster_gene/status/1854132728998031598">said in a post on X on Wednesday.</a><h2 id="bb765168-eacb-44bd-a20d-16d2c4933cad">Trump's win an 'overall negative' for EV industry</h2>Despite the surge in Tesla shares, Trump's victory could be bad news for the wider EV market.Ives said the Trump presidency could be an "overall negative" for the EV industry, citing the possibility that the Trump administration could withdraw tax incentives and rebates for manufacturers.However, Ives said it could be a "huge positive" for Tesla due to the company's scale and market position."Tesla has the scale and scope that is unmatched in the EV industry and this dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players (<a target="_blank" href="https://www.cnbc.com/quotes/BYDDF/">BYD</a>, <a target="_blank" href="https://www.cnbc.com/quotes/NIO/">Nio</a>, etc.) from flooding the U.S. market over the coming years," Ives said in a note.Tesla has been facing fierce competition in China, with rivals rolling out their own EVs at lower prices.China-based BYD has been Tesla's <a target="_blank" class="" href="https://www.businessinsider.com/tesla-q4-sales-less-than-china-byd-2024-1">main competitor in the region, </a>taking the title of the world's top seller of electric cars from Musk's company at the beginning of the year.Earlier this month, BYD <a target="_blank" class="" href="https://www.businessinsider.com/why-byd-is-beating-tesla-ev-rivals-china-2024-11#:~:text=BYD%20has%20just%20notched%20another,and%20is%20eyeing%20global%20expansion.">scored another win when its quarterly </a>revenues outstripped Tesla's for the first time.BYD recorded revenues of 201.1 billion yuan ($28.2 billion) in the three months to September 30, up 24% from the same quarter last year. <a target="_blank" rel="" class="" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-10">Tesla posted sales of $25.2 billion</a> over the same period.Representatives for Tesla did not immediately respond to a request for comment from Business Insider, made outside normal working hours.

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