Meet the rising stars of Wall Street who are navigating volatile markets and transforming the industry while still in their 20s and 30s
Hi, I'm Matt Turner, the editor in chief of business at Insider. Welcome back to Insider Weekly, a roundup of some of our top stories.
On the agenda today:
- We identified 25 rising stars on Wall Street.
- Real-estate agents are ripping off homebuyers.
- One of the most consequential studies on Alzheimer's treatment just dropped, with positive results.
- Amazon, Google, Facebook, and Microsoft are pulling back on ambitious, risky long-term projects.
But first, we have a dispatch from Singapore. Our London bureau chief and international executive editor Spriha Srivastava has been there for the past week attending one of the major conferences in the region. Without further ado, let's hear from Spriha…
Dispatch from Milken Asia Summit
I was in Singapore this week as the country geared up for its first Grand Prix Formula One since the pandemic. There was so much excitement in the air, London bureau chief and international executive editor Spriha Srivastava writes.
Singapore also hosted a number of conferences this week. I was at the Milken Asia Summit, where I moderated two panels (you can watch them here). I also got a chance to meet and hear from key business leaders from around the world.
- My panel focused on how technology and the need for innovation has pushed entrepreneurs into the startup ecosystem. But all of this in the background of an adverse economic climate — how sustainable is it?
- Concerns around current economic conditions made their way into a lot of conversations — business leaders like the ex-Mastercard CEO Ajay Banga and PIMCO's John Studzinski spoke about recession, inflation, and the current crisis in the UK economy.
- They say the fintech sun rises in the East, and that was evident at the conference. I met a number of startup CEOs, and the key theme was how to create a "built-to-last" company. How do you build a sustainable tech company that evolves in a fast-paced, ever-changing tech world?
- The conference wasn't limited to business and tech leaders. I unexpectedly bumped into Henry Golding, the Malaysian-British actor known for his role in "Crazy Rich Asians." Golding took part in a panel on Asia and Hollywood, along with "Sima aunty" from Netflix's "Indian Matchmaking."
Now, on to this week's stories.
As Wall Street navigates volatile markets, fewer deals, and plummeting company valuations, Insider pinpointed the players on the rise despite the challenges — grabbing opportunities as they see them.
We narrowed down the young professionals on the runway to success, even as banks and money managers brace for cutbacks. In conversations with these rising stars — including leaders from firms like JPMorgan, Blackstone, and Citadel Securities — they reflected on their successes, challenges, and best career advice.
Homebuyers aren't required to use a real-estate agent, but few buyers have the time or expertise to navigate the housing market on their own. And even though agents are the friendly face of a bewildering system, they can drive up the cost of homes by pushing for moves that will drive up their commissions.
As a result, Americans pay as much as $72 billion more a year for real-estate agents compared to homebuyers in other developed nations, robbing them of a significant portion of what is often the biggest investment of their lives.
Alzheimer's disease affects roughly 6.5 million Americans — and there is no cure. But a consequential new study around a new treatment may transform how pharmaceutical companies and doctors treat the disease.
The long-awaited results come from the companies Biogen and Eisai. The companies found their medication, called lecanemab, slowed the rate of cognitive decline by 27% in a trial of patients in the early stages of the disease.
For years, tech giants have allocated time and resources into pursuing radical, potentially world-changing projects (think self-driving cars, drones, or balloons that beam high-speed internet).
But recently, amid a gloomy economic climate, tech titans like Amazon, Google, Microsoft, and Facebook have begun pulling back on these kinds of experimental projects and "moonshot" ideas — or assigning them to the graveyard entirely.
This week's quote:
"You have to use the debt as a motivating factor. Looking at that debt and knowing that it was preventing me from starting my business and moving on with the life I wanted made me want to repay it faster."
- Bernadette Joy, a financial expert who paid off $300,000 of debt in three years. Read her advice for reaching financial goals and becoming debt-free.
More of this week's top reads:
- The juiciest private texts between Musk and his billionaire buddies discussing Twitter.
- Food-industry insiders say Whole Foods is quietly raising prices on small brands.
- Google is updating its most important products to appeal to younger, more visual users.
- TripActions has filed confidentially for an IPO.
- An AI "baby" could usher in a brave new world of art.
- Netflix insiders reveal "contentious" debates over how data drives creative decisions.
- CNN is laying off a small number of people in its audio division.
Curated by Matt Turner. Edited by Jordan Parker Erb and Lisa Ryan. Sign up for more Insider newsletters here.
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