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It was another tough week for the nation, with an outpouring of anguish and frustration continuing through days of protests. You can keep up with our newsroom-wide coverage here.
Business Insider took a look at how execs at big companies around the country are responding to the deaths of George Floyd and other black people in America and addressing protests against police brutality, and wrote about how leaders can use their visibility to join broader conversations about race and racism and promote actions for change. Business Insider has also spotlighted some of the most influential leaders who are fighting inequality and driving changes in corporate diversity and inclusion.
Despite social unrest across the US, investors were largely optimistic about the country's economic prospects after months of setbacks due to the coronavirus pandemic.
US stocks surged this week, boosted by early signs of a labor-market recovery. And the IPO market came roaring back, with Warner Music Group raising $1.9 billion in the biggest initial public offering of the year. Other companies including marketing-software firm ZoomInfo as well as Shift4 Payments priced shares above their expected ranges and skyrocketed in their first day of trading.
Shift4 Payments was the first company to appear in-person to celebrate a market debut at the New York Stock Exchange since the pandemic took hold. Shannen Balogh talked with Jared Isaacman, the payment-tech firm's CEO, about what it was like live-streaming a bell-ringing to Shift4's over 700 employees and how the company pitched itself to investors without meeting them in person.
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It was a busy week for real-estate news as well.
Silver Lake added to a string of bets in the struggling travel sector by leading a $108 million investment in vacation-property startup Vacasa. WeWork cofounder Miguel McKelvey is out, and his job as chief culture officer at the coworking giant won't be replaced. And Neiman Marcus's flagship store in the glitzy Hudson Yards mega-mall is now being marketed as office space.
Thanks for reading, and enjoy the weekend,
-Meredith
Digital payments have taken off amid the pandemic, with consumers and merchants alike looking for more ways to digitize the way they pay, both online and in-person.
PayPal in turn has seen record transaction volumes and sign-ups this year. Shannen Balogh took a look at the people who are driving PayPal's growth, launching new products, and positioning the payments giant to take off in an increasingly digital world.
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Months before the pandemic hit the US, investors were placing bets against the future of shopping malls, while a major asset manager was positioning billions of dollars in mutual funds it controls on the other side of the wager. Dan Geiger took a look at how these complex bets were made, and how things are shaping up for each side in light of the pandemic.
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Wells Fargo has been searching for a new wealth and investment management head since February, when it announced a reorganization and leadership shuffle across business lines. The firm is primarily considering outside candidates as CEO Charlie Scharf, less than seven months at the helm of the scandal-plagued bank, continues shaping a new set of execs poached from rivals.
Rebecca Ungarino took a look at what's at stake for Wells Fargo, and what's in store for whoever takes over running the $1.6 trillion unit.
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Webull started as a mobile app for market data and analytics. Now, the fintech that's pitched itself as a Robinhood rival has a slew of product launches planned for this year. And it's going after just about everyone in the crowded field of brokerages and wealth tech.
"We will go after the Robinhood demographic. We will go after the robo-adviser demographic. And we also want to go after the advanced trader demographic," Webull CEO Anthony Denier told Rebecca Ungarino and Dan DeFrancesco.
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IPO frenzy — Silver Lake travel bets — The next big shortPower Line: Energy's diversity problem — A fight against smart meters — Renewables to boost utilitiesEnergy companies spoke out in the wake of George Floyd's death. Now they need to turn those words into action, experts say.India's largest bank's profit spikes thanks to SBI Cards share sale— bad loans are under controlCopyright © 2023. Times Internet Limited. All rights reserved.For reprint rights. Times Syndication Service.
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