1. U.S. Job Openings Plunge Sharply;
2. Former CEO Sues Wells Fargo;
3. MetLife Unconcerned About Commercial Real Estate;
4. Eli Lilly’s Weight-Loss Drug Offers Better Value;
5. Apollo Founder Harshly Criticizes U.S. Universities;
6. Israeli Settlers Barred From U.S. Visas;
7. Musk’s AI Company Raising $1 Billion.
1. U.S. Job Openings Plunge Sharply
The latest data from the U.S. Bureau of Labor Statistics shows that in October, job openings fell from 9.4 million in September to 8.7 million—marking the lowest level since March 2021. This indicates a clear drop in hiring demand, helping to ease wage inflation.
Job postings declined across most industries, with the sharpest drops in healthcare, financial services, accommodation, and food sectors.
The voluntary quit rate remains at its lowest level since early 2021, suggesting Americans lack confidence in finding new jobs.
How much longer the labor market can sustain consumer spending remains to be seen.
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2. Former CEO Sues Wells Fargo
According to a lawsuit filed last Friday in California, former Wells Fargo CEO Tim Sloan, who stepped down in 2019, is suing his former employer, claiming the bank illegally withheld over $34 million in compensation owed after his departure.
Sloan alleges that Wells Fargo canceled multiple stock awards and bonuses. He is also seeking compensation for emotional distress and other damages.
His attorney stated that Sloan committed no wrongdoing during his tenure that would justify withholding his pay.
A Wells Fargo spokesperson said that executive pay and bonuses are performance-based, and the company stands by its decisions.
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3. MetLife Unconcerned About Commercial Real Estate
Speaking at a real estate investment conference sponsored by Goldman Sachs, executives from MetLife—America’s largest life insurance firm—said they are not worried about the performance of their commercial real estate holdings.
MetLife CFO John McCallion emphasized that in any property class, quality is king, and shareholders benefit from the equity appreciation embedded in real estate.
CEO Michel Khalaf noted that rising interest rates in recent years have actually benefited life insurers by making fixed-income products more attractive and helping the company meet its investment targets.
Still, MetLife’s stock is down 7.8% this year, underperforming the broader financial sector.
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4. Eli Lilly’s Weight-Loss Drug Offers Better Value
In early November, the U.S. FDA approved Eli Lilly’s new weight-loss drug, Zepbound, which is now available via prescription.
Rhonda Pacheco, Eli Lilly’s VP of Diabetes, said the company is working with employers, governments, and healthcare partners to reduce access barriers so more patients can benefit.
Before rebates, Zepbound costs $1,059.87 per month—cheaper than Novo Nordisk’s Wegovy.
Eli Lilly noted that insurance could further reduce costs, though many insurers currently don’t cover weight-loss drugs.
Patients in clinical trials taking the highest Zepbound dose lost an average of 18% of body weight—more than those on Wegovy.
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5. Apollo Founder Harshly Criticizes U.S. Universities
Marc Rowan, CEO of Apollo Global Management, strongly criticized U.S. universities—particularly his alma mater, the University of Pennsylvania—for inaction amid rising antisemitism.
He said campus environments have worsened, with violent protests and targeted boycotts disrupting education—this, he argued, goes beyond free speech.
For months, Rowan has pushed Penn to take action, serving as a board advisor to the Wharton School.
He also called on donors to suspend funding until President Liz Magill and Board Chair Scott Bok resign.
Rowan believes the current free speech culture on U.S. campuses is deeply distorted and in need of reform.
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6. Israeli Settlers Barred From U.S. Visas
U.S. Secretary of State Antony Blinken announced today that any Israeli settlers or Palestinians disrupting peace, security, or stability in the West Bank will be barred from obtaining U.S. visas.
Blinken stated the U.S. will continue pressing both Israeli and Palestinian authorities on the importance of a ceasefire. This policy marks the first time the U.S. is formally sanctioning Israeli settlers.
A challenge, however, is that many settlers hold dual U.S. citizenship and can enter the U.S. visa-free—meaning Israel must cooperate to curb these extremists’ actions.
Israeli settlers have launched more than 220 attacks on Palestinians in the West Bank.
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7. Musk’s AI Company Raising $1 Billion
Elon Musk’s AI startup xAI, founded earlier this year, is seeking to raise $1 billion.
SEC filings show that the company has already secured $135 million in funding, though investor identities remain undisclosed.
Musk launched xAI to compete with companies like OpenAI. Its only product so far, Grok, answers user questions by drawing on data from Musk’s X (formerly Twitter).
In November, Musk said X shareholders would automatically receive 25% ownership in xAI. Paid X users also get access to Grok.
Musk now manages six companies: Tesla, SpaceX, X, Neuralink, The Boring Company, and xAI.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.