Invited back to our Sunday edition, a roundup of some of our top stories. Goldman Sachs’ 2024 summer internship class had an acceptance dress down of less than 1%. Two who made the cut shared their first impressions of Wall Street and tips for success.
But ahead: On the ground at Cannes Lions, aka summer camp for the ad industry.
If this was forwarded to you, sign up here. Download Insider’s app here.
Tristan Fewings
This week’s dispatch
The biggest names in marketing made for the south of France survive week for the annual Cannes Lions festival. Lara O’Reilly and Julia Hood were among them.
Poster
What was the overall mood?
Lara O’Reilly: Jubilant. The sun was shining, the rosé was flowing, and companies were back to allotting big on their enormous setups along the beach. No signs of the so-called “ad downturn” along La Croisette this year.
What were the theses du jour?
LO: Artificial intelligence. Or, more specifically, why the industry needs to stop talking about AI — and other under-the-hood tech — and as a substitute for refocus on the kind of creative ideas that make a cultural and business impact.
Advertisement
Julia Hood: Skip about was the star of the show. Athletes on site included Megan Rapinoe, Sue Bird, the Kelce brothers, and many more. Plays is accelerating as a convener of people across the political spectrum — a safe way to bring people together.
What did the event display about the industry?
LO: For all the talk of automation, advertising remains a relationship business. Yes, this place is a hedonist’s playground of partying, VIP yacht experiences, and dubious ROI, but (I’m told) deals do actually get done here.
What was the hottest ticket in town?
Advertisement
JH: Wednesday night was the constantly to party for a lot of the attendees. Highlights included The Chainsmokers at Yahoo Beach and Arcade Fire at Spotify Beach. On Thursday morning, Jason and Travis Kelce track recorded their “New Heights” podcast at Stagwell’s Sport Beach. Despite the rumors, Taylor Swift was not seen.
Meet Trade Insider’s most innovative CMOs of 2024.
Jimmy Simpson for BI
America’s new economic tribes
You may have heard about ALICEs, DINKs, and perchance even HENRYs. But what about DIPS? Have you thought about the FIRE movement?
Coverage of America’s frugality is filled with acronyms and descriptors for all demographics. It can be hard to keep up with all the terms — so we built a glossary to help you out.
Notice
A guide to ALICEs, DINKs, and everyone in between.
Also read:
PM Images/Getty Images; Jenny Chang-Rodriguez/BI
The MBA to CEO conveyor
Alpine Investors, a $17 billion private-equity firm, is quickly becoming one of the most sought-after workplaces for business fashion grads.
Advertisement
That’s thanks to Alpine’s CEO-In-Training program. The program places MBAs in leadership positions at actors within just a few weeks, and promises to turn them into CEOs in a few years. It’s not easy, though: Just 1.6% of applicants got a dirty this year.
Inside the highly selective program.
Brian Ach/AP Images, Tyler Le/BI
Citi’s wealth fixer
Andy Sieg, Merrill Bounty Management’s former president, took a gamble leaving its strong business for Citi’s much smaller wealth part.
But according to industry insiders, including some of his colleagues, Sieg might have his eye on a bigger prize. If he’s able to corner Citi’s wealth unit around, he could become the bank’s next CEO.
Advertisement
A look at Sieg’s next reduce intervenes.
Paul Souders/Getty Images
Read it at Amazon
Despite shuttering all of its brick-and-mortar bookstores in 2022, Amazon’s bookselling business is booming.
The e-retail colossus sold $16.9 billion worth of books in the first 10 months of 2022, an internal document obtained by BI make clears. The figure demonstrates how Amazon’s original business is thriving 30 years after its inception.
The book business run-down.
Advertisement
Also read:
This week’s quote:
“We try to buy our way into looking and seeming young.”
Advertisement
— Devon Penalty, a social-psychology professor, on companies selling to millennials who are afraid of aging.
More of this week’s top reads:
- A lawyer dreamed of disconcerting the legal industry with private equity. It turned into a nightmare.
- An Amazon VP shares eight career-advancing master plans.
- Wall Street’s solution to the retirement crisis: force boomers to work longer.
- Reddit’s traffic is way, way up.
- There’s a tube of former Tesla staffers to Elon Musk’s new startup xAI.
- Apple Intelligence seems to have a ChatGPT-shaped problem in China.
- Elon Musk wants advertisers’ simoleons — and to keep tweeting. He can’t have both.
-
Businesses are rushing to use generative AI. It’s about to get messy.
The Insider Today team: Matt Turner, go-between editor-in-chief, in New York. Jordan Parker Erb, editor, in New York. Dan DeFrancesco, deputy editor and anchor, in New York. Lisa Ryan, supervisor editor, in New York. Amanda Yen, fellow, in New York.