Insider Today: Goldman's latest facelift

Plus: AI tips for content creators, and Tesla repair woes.

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December 21, 2023 • 5 min read with Dan DeFrancesco Hey there! We’ve got a look at the best sports photos of the year. The images have a little bit of everything, from a surfer diving under waves in French Polynesia to an epic action shot at the World Rugby Sevens Series. In today’s big story, we’re looking at some significant potential changes to the most powerful group at Goldman Sachs. What's on deck Markets: Jeremy Grantham explains why human optimism stops us from properly analyzing the market. Tech: The best way to use AI for content creation and digital marketing. Business: Giant concrete boxes are powering the AI revolution, and they’re coming to a town near you. But first, let's switch things up.

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Shannon Stapleton/Reuters (left); Brendan McDermid/Reuters The big story Changes towards the top Wall Street’s top bank is considering overhauling its most powerful internal group.  Goldman Sachs CEO David Solomon is mulling whether to expand or shrink the bank’s management committee, Business Insider’s Dakin Campbell reports.  The potential changes come at a critical juncture for the 30-person committee, which consists of the firm’s top execs and focuses on key matters at Goldman. The committee has dealt with turnover this year, which has been a bit of a running theme at Goldman these days. Three longtime members left earlier this year, and another three are set to retire by year's end. Another member has been on leave since this summer.  Dakin’s got all the details on the potential changes, including the key, behind-the-scenes role Goldman President John Waldron has played in the process and the people in the running for a spot on the committee. Reuters Sweeping changes to an established entity are not out of character for Solomon.  Since taking over as CEO in 2018, Solomon hasn’t shied away from taking big swings. They haven’t always been successful, but he’s maintained they were necessary to keep the bank ahead of Wall Street’s constantly shifting ecosystem. At first glance, Solomon’s inclination might be to expand the committee to add more allies to a group that holds considerable sway within the bank. Speculation about Solomon’s job security has largely quietened after rumblings earlier this year, but having friends in high places never hurts.  Also, bonus season is quickly approaching, which was a massive point of contention at the firm last year. And while the bank is reportedly looking to make up for last year’s disappointment, there’s only so much money to go around after a difficult year.     However, if Goldman’s failed consumer ambitions taught the bank anything, it’s that bigger isn’t always better. And when it comes to internal groups, Solomon has favored exclusivity. The best example has been Goldman’s partnership, which he worked hard to trim down after it ballooned under his predecessor.  Whether he decides to shrink or expand the committee, one thing is clear: It’ll be another opportunity for Solomon to leave his mark on the Street’s most closely watched firm.    Read the full story

3 things in

Markets 🔔 Before the opening bell: US stock futures rise early Thursday as investors await data on jobless claims and third-quarter GDP. Fairfax Media/Getty Images; Jenny Chang-Rodriguez/BI 1. Jeremy Grantham is the last of a dying breed. The legendary investor who called the Global Financial Crisis and the dot-com bubble believes stocks are in a “superbubble.” But he’s one of the few, as humans' optimistic tendency shrouds their judgment of the market, he told BI. It’s part of a broader trend that’s led to fewer bearish outlooks on the market. 2. AI’s impact on the market isn’t going anywhere. James Demmert, the investment chief for Main Street Research, said the AI-driven market rally could last a decade thanks to the tech’s impact on productivity. A trend with such wide-reaching benefits indicates it’s the early stages of a long-term bull market, he said. 3. Play it safe with these stock picks from Morgan Stanley. The bank highlighted 37 companies with high-growth potential that have also avoided the recent market volatility. From Nike to Costco, here are the picks.

3 things in

Tech Tim Levin/Insider 1. A Tesla owner says he got a $14,000 repair bill the day after he bought a Model Y. The vehicle’s suspension reportedly broke with only 115 miles on the odometer. A new investigation found that he was one of thousands of Tesla owners with this issue over the past six years. 2. How to use AI for content creation and digital marketing. Influencers and creators shared how they’re using the technology for their work. Popular tasks include drafting emails, identifying trending topics, and generating video and content ideas. 3. The top 12 people in artificial-intelligence policy, ethics, and research. The list includes people across industries, including hardware and ethics — many of whom have divergent views on how AI should be developed.

3 things in

Business Tyler Le/BI 1. Inside AI’s giant land grab. Chatbots live in the cloud. But they’re powered by giant concrete boxes that gorge on electricity, guzzle exorbitant amounts of water, and often overburden local utility resources. Plus, they’re coming to a town near you. 2. Warner Bros. Discovery CEO David Zaslav is reportedly considering a blockbuster deal. The CEO is in talks to acquire Paramount, according to Axios. But bringing the two companies together won't necessarily solve their problems. 3. Billionaire gift guide: What the world’s wealthiest gift each other. “They just want to see what the best of the best looks like,” a client manager at a travel and lifestyle concierge said. Their exclusive gifts include rare Himalayan Birkins, things tailored to people’s hobbies, and experiences like traveling to space.

In other news The joy and sadness of loving strangers. Walmart workers reveal the best and worst parts of working the holiday season. Cruises will be super-popular next year. Be prepared to fight for a pool chair. America has a McGonigal problem. Trump’s eviction from the Colorado ballot could come back to haunt Democrats. Xi straight-up told Biden that China is going to take over Taiwan, report says. It could end in war. The top 10 cities where Gen Z are moving to including Provo, Ann Arbor, and Boulder.

What's happening today “Dick Van Dyke 98 Years of Magic” airs on CBS. It celebrates the 98-year-old’s career, which includes the movies “Mary Poppins” and “Bye Bye Birdie.” Happy birthday, Samuel L. Jackson. Quinta Brunson, Steven Yeun, Jane Fonda, Madelyn Cline, and Emmanuel Macron were also born on this day. Earnings today: Nike, CarMax, and other companies.

For your bookmarks Holiday sobriety tips Experts shared tips for how to stay sober during the holidays. Their advice includes having a sober buddy, keeping a (nonalcoholic) drink in your hand, and setting boundaries.

The Insider Today team Dan DeFrancesco, deputy editor and anchor, in New York City. Diamond Naga Siu, senior reporter, in San Diego. Hallam Bullock, editor, in London. Jordan Parker Erb, editor, in New York. Hayley Hudson, director, in Edinburgh. Lisa Ryan, executive editor, in New York. Get in touch insidertoday@insider.com To read unlimited articles, subscribe to Business Insider. Download the Business Insider app Email sent to: ipat39@gmail.com Manage your email preferences  |  Unsubscribe  |  Terms of Service  |  Privacy Policy  |  Advertise with us © 2023 Insider Inc. 1 Liberty Plaza, New York, NY 10006

Put January 17th, on your calendar

Don't miss the live release of the 2023 World Watch List

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View this email in your browser guntur, The world has changed dramatically since Open Doors first created the groundbreaking World Watch List in 1993 to measure the scale and trends of Christian persecution. At the time, we simply wanted to document, identify with, and pray for our brothers and sisters in the top 50 countries where it's most dangerous to profess and practice the Christian faith. Now, 30 years later, the global phenomenon of Christian persecution has grown alarmingly. That's why I'm inviting you to join me and former Open Doors global field director and founder of the World Watch List, Wybo Nicolai for a special livestream key findings from the 2023 report – and what they mean for believers like you today. DATE: Tuesday, January 17 TIME: 7pm Eastern LOCATIONS: Open Doors US Facebook page or the NEW Open Doors US Website As the 2023 global picture of Christian suffering becomes clear, you'll see some disturbing trends emerging… How Christians in Afghanistan suffer under Taliban rule The spread of extreme persecution across the continent of Africa The impact of organized crime and corruption in South America are fostering antagonism toward churches in the public square For the third year in a row, Christians are now facing very high or extreme levels of persecution in all 50 countries on the list These and other critically important updates – with specific stories direct from the field – will be the focus of our livestreamed discussion during the 2023 World Watch List release. But as you digest what's happening to your Christian family members worldwide, I encourage you to not become disheartened. God is faithful, and He is working powerfully, even… especially… in dark and persecuted places. The World Watch List is meant to embolden believers like you to see and learn what's going on in the world, to pray for your Christian brothers and sisters, and to get the word out, so others can pray too. That's why I urge you to join us on Tuesday, Jan. 17, to examine the Top 50 countries where following Jesus comes at the highest price – and what you and I can do about it. Please click here to add this event to your calendar to tune in to the livestream. I'm so grateful for your heart to stand with the persecuted church, and I look forward to connecting with you on Jan. 17. With every blessing, Lisa Pearce Interim CEO, Open Doors Add to my calendar!

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