WFH is crushing Middle America

Plus: Goldman's' rough week, and Microsoft's failing morale.

View in browser Subscribe June 25, 2023 Hi, I'm Matt Turner, the editor in chief of business at Insider. Welcome back to Insider Today's Sunday edition, a roundup of some of our top stories.   On the agenda: Work from home is crushing Midwestern downtowns. How the Brown economist Emily Oster became a messiah to the upper middle class. In a poll, less than half of Microsoft employees said they'd stay if they got another offer. Insider's annual list of the most innovative chief marketing officers. But first: It was another rough week over at Goldman Sachs. I break down the latest below.  If this was forwarded to you, sign up here. DISPATCH What's going on at Goldman? Michael Kovac/Getty Images The bad news just keeps rolling in over at Goldman Sachs. Late last week, there were headlines about another big departure, the prospect of a large write-down, and questions about CEO David Solomon's future. They followed reports that Goldman Sachs is at war with itself and details about Solomon's luxury-real-estate side hustle.  Insider's Dakin Campbell has reported extensively on Solomon's use of the private jet, which has left bank insiders grumbling. Many, many high-profile partners have left (you can see our running list here), while some remaining partners have discussed complaining about Solomon to the board.  And then there was the botched capital raise for Silicon Valley Bank, which was later seized by regulators. US authorities are now investigating Goldman's work for the California bank in the run-up to its failure.  All in all, not a lot of uplifting news.  WHAT'S GOING ON? THIS WEEK'S STORIES Middle America's 'doom loop' Getty Images; Alyssa Powell/Insider Midwestern cities are facing a crisis. They're struggling to attract workers, residents, and visitors to their downtowns. Without people, cities like Minneapolis and Cleveland are in danger of sliding into oblivion. "The writing on the wall is not great," Karen Chapple, the director of the School of Cities at the University of Toronto, told Insider's Eliza Relman. Experts say that if these once shining midcentury metropolises have any hope of reversing this downward spiral, leaders need to get serious about improving amenities and boosting quality of life.  Or else things could get even worse and these cities could risk falling into the "urban doom loop."  The catastrophe threatening Middle America. Most innovative CMOs Alyssa Powell/Insider It's been a tough year for chief marketing officers. They've been responsible for keeping consumers spending through the economic downturn, reaching coveted Gen Z audiences, and figuring out how new technology can transform advertising. Insider's annual list presents 25 top marketers who are confronting these big challenges, based on over 70 nominations. It features CMOs from Morgan Stanley, Mattel, and Mastercard.  The full list. Also read: Welcome to CMO Insider — the place for marketing leaders to share, commiserate, and convene. Six ways marketing is evolving with current trends and thriving, according to CMOs at Cannes Lions. We're seeking nominations for Insider's CMOs to Watch in 2023 The cult of Emily Oster Aisha McAdams for Insider The Brown economist Emily Oster's novel approach to data has turned her into a celebrity, making her a go-to for the upper middle class. Last year she was named one of Time's 100 most influential people. Yet the antipathy Oster inspires is just as strong, with some epidemiologists, physicians, and public-health experts bristling at an economist encroaching on their turf. But none of this is slowing Oster down — if anything, she's just getting bigger. Read our full story here. Microsoft's failing morale Brian Smale/Microsoft via Getty Images Less than half of Microsoft employees who answered an internal survey said they'd stay at the company if they received a comparable offer, an internal message viewed by Insider suggests.  One screenshot of an internal discussion suggests just 47% of employees polled in May said they'd would stay in that scenario — down significantly from 70% in November. This came after Microsoft also announced in May that it would not give out raises this year and would reduce bonus and stock awards. And now all signs point to failing morale. Go inside the tech giant here. Also read: Leaked internal Microsoft poll shows fewer employees have confidence in leadership and gave the worst score to a question about whether working there is a 'good deal' Microsoft's cloud boss faces tough questions about pay and low morale, leaked messages show THIS WEEK'S QUOTE "I'm up for a cage match if he is." — Elon Musk, who tweeted the possibility of a fight with Mark Zuckerberg. The Meta founder took to Instagram to request a location for the bout. Now the betting odds are rolling in over who's favored to win. MORE TOP READS Titan submersible, Disney, & more Why and how the Titan submersible might have imploded. Some Disney insiders are questioning the company's appetite for "rebellious innovation" after layoffs. A war between two hedge-fund founders spilled out into the open in an alarming filing. Toronto and Geneva were listed among 11 of the world's most livable cities. Inside your company's struggle over whether to pay for hot new weight-loss drugs. You're more likely to live the American dream in Germany, Denmark, or Australia. Scammers are using ChatGPT to infiltrate online games for a quick cash grab.  Take a look at the actors playing Ken Griffin and Steve Cohen in the upcoming GameStop movie "Dumb Money." CAN'T GET ENOUGH? Keep up with Insider Get Insider's app and notifications to be the first to find out about the stories you want to know — from tech to business. Download it here. Become an Insider subscriber to get actionable, high-value news and insights to improve your career, company, and community. Subscribe here. Want more of Insider in your inbox? Sign up for our newsletters here. This edition was curated by Matt Turner, and edited by Lisa Ryan and Hallam Bullock. Get in touch: insidertoday@insider.com. Email sent to: elancelorilla.trendlist@blogger.com Manage your email preferences  |  Unsubscribe  |  Terms of Service  |  Privacy Policy © 2023 Insider Inc. 1 Liberty Plaza, New York, NY 10006