Insider Today: Millennial exodus

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January 14, 2024 • 3 min read

with Matt Turner

Welcome back to our Sunday edition, a roundup of some of our top stories.

What's on deck

Millennials are getting priced out of cities — and are fleeing to the suburbs.
Shhh… “quiet” status symbols are going to be all the rage this year.
There’s a chance your boss is conducting your one-on-one meetings all wrong.
JPMorgan's Bola Oyesanya has become the whisperer to rich law firm partners.

But first: Hertz is putting its plans for electric vehicles into reverse.

Roberto Machado Noa/Getty Images; Jenny Chang-Rodriguez/BI

Dispatch

Hertz dumps EVs

Hertz said last week that it’s going to dump 20,000 EVs from its fleet, with the car-rental giant later advertising Tesla Model 3s for sale on its website for as little as $20,000.

The decision sent shockwaves through the industry. Hertz had made a big bet on adding EVs to its fleet, launching a splashy ad campaign last summer around its electric options featuring Tom Brady and Yvonne Orji.

Less than 12 months later, it’s putting a third of its EV fleet, which includes Chevrolet Bolts, Volvos, Polestars, and more, up for sale.

Some of those who’ve rented EVs from Hertz have reported challenges with the process. Maybe the rental market wasn’t ready for widespread EV adoption.

But Hertz also highlighted the cost of repairing EVs, which has implications for any driver who’s thinking of buying an electric vehicle.

Adam Jonas, the Morgan Stanley analyst and long-time Tesla bull, said in a note to investors last week that the Hertz decision was “another sign that EV expectations need to be reset downward across the market.”

"While consumers enjoy the driving experience and fuel savings (per mile) of an EV, there are other 'hidden' costs to EV ownership," he added.

Getty Images; Alyssa Powell/BI

Millennials wave goodbye to cities

Compared with the generations before them, a larger share of millennials moved to cities in their young adulthood — and stayed for longer.

But after turning cities into playgrounds for the young and childless, millennials can no longer afford the lifestyle they helped create. And while cities are getting younger, it’s due to Gen Zers. Millennials, meanwhile, are aging out and getting priced out into suburbia.

Inside the millennial exodus.

Also read:

Home prices are forecast to fall in these 34 cities

Todor Tsvetkov/Getty, Tyler Le/BI

How to look wealthy (quietly)

Can you hear that? It’s not a shout; in fact, it’s barely a whisper. It’s the newest trend in luxury: “Quiet” status symbols.

Unlike the logomania trend of years past, status symbols have gotten quieter (but have remained equally as expensive). Now, instead of flashy clothes and products, people are showing off their wealth with subtle luxury — like their skincare products, their coffee machines, and their vintage timepieces.

See our list of this year’s quiet status symbols.

erhui1979/Getty Images

It’s time to rethink your 1:1 meetings

The weekly check-ins you have with your boss can play a massive role in how your career progresses, as well as in your job satisfaction. Unfortunately, there’s a chance your boss is conducting these meetings all wrong.

Steven G. Rogelberg, an organizational psychologist and professor at the University of North Carolina at Charlotte, said that some bosses talk too much, instead of letting their employees guide the conversation — ultimately derailing the whole purpose of the meetings.

How imperfect touch-bases can hurt your career.

JPMorgan, Tyler Le/BI

Introducing the law-firm-partner whisperer

Banking to wealthy law firm partners is a desirable niche, and JPMorgan private banker Bola Oyesanya has carved out a reputation for herself in the space. Having started at Citi as a temp in 2000, Oyesanya has since been poached by JPMorgan, and is now going up against her former employer.

Oyesanya, whose clients count on her to pick up the phone and anticipate their needs, plans to strengthen her new company’s law firm group by earning her customers’ loyalty — and their referrals.

Meet Bola Oyesanya.

This week's quote

"Social media is dead."

— Snap CEO Evan Spiegel said in an internal memo, adding: “Long Live Snapchat!"

More of this weeks top reads

Everything you need to know about bitcoin ETFs’ recent approval.
Conspiracy theorists have set their sights on a new target: the Fed.
A tech worker describes being put on a performance-improvement plan before being fired.
Retiring soon? These are the 10 most expensive states to retire in.
Your tax dollars are getting spent on weight-loss drugs like Ozempic.
Google laid off hundreds of staff who were working on its voice-activated assistant.
Big Tech's efficiency obsession has continued into 2024 with thousands of layoffs.
LinkedIn employees said that the company’s culture has changed drastically over the past year.
This former JPMorgan VP invested enough money to retire at 29.
Carta just got hit with a new lawsuit from its former CTO.

The Insider Today Sunday team

Matt Turner, editor in chief of business, in New York. Jordan Parker Erb, editor, in New York. Dan DeFrancesco, deputy editor and anchor, in New York City. Diamond Naga Siu, senior reporter, in San Diego. Hallam Bullock, editor, in London. Hayley Hudson, director, in Edinburgh. Lisa Ryan, executive editor, in New York.

Get in touch

insidertoday@insider.com

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