Hiring Hot Spots in the Silicon Prairie from Des Moines to the Twin Cities

Iowa: Des Moines to Ames

A combination of tax breaks, cheap green energy, and vast expanses of open land has attracted the likes of Google, Microsoft, and Facebook to plant data centers in and around the suburbs of Des Moines, Iowa’s capital and largest city. In fact, Des Moines ranked 8 among the top 12 cities for tech hiring in 2018, according to a Robert Half Technology report. Apple is the most recent tech giant to enter the region, with plans to build a $1.3 billion data center in Waukee already underway. The presence of these tech giants have kick-started a whole ecosystem of smaller, homegrown data center companies such as LightEdge Solutions and Involta. Iowa University in Ames serves as a steady pipeline of top tech talent. READ MORE

 

Vermeer Corporation “Takes a Direct Hit” From Tornado

At approximately 4 p.m. today, Vermeer Corporation in Pella, Iowa was in the direct path of a tornado. The company suffered significant damage to several plants and the waste management facility on the campus is a complete loss.

During the tornado, more than 400 dealers and customers were onsite to celebrate the company's 70th anniversary. Vermeer CEO Jason Andringa says that as the storm approached employees, dealers and customers were guided to several tornado shelters on the campus. Still, seven people were taken to Pella Regional hospital for minor injuries, according to local emergency officials. READ MORE

Wells Fargo's $33 Billion Capital Return Plan Is A New Record For U.S. Banks

Wells Fargo is looking to return almost $33 billion in cash to shareholders over the next twelve months – a record for any U.S. bank, and slightly better than the $31.5 billion capital return plan posted by its larger peer JPMorgan after the Fed released results for the annual stress test for banks late last week. Wells Fargo will hike its quarterly dividends from the current level of 39 cents a share to 43 cents a share, which works out to total dividends of ~$8.3 billion assuming average outstanding shares of 4.85 billion. Taken together with the new $22 billion share buyback program, this equals the record $32.8 billion payout. Notably, this represents a 73% jump compared to the bank’s plan to return $19 billion last year. READ MORE

Microsoft will spend a whopping $7.5 billion to buy GitHub, a startup at the center of the software world

Microsoft is buying GitHub, a massive software-development platform with 24 million users, for $7.5 billion.

The deal is expected to pass regulatory review and close by the end of 2018. GitHub's most recent private valuation, as of 2015, put the software company at about $2 billion, after raising $350 million in venture capital since its founding in 2008. READ MORE

Wells Fargo Exposing Itself To Potential Losses For Near-Term Gains By Expanding Auto Business

Wells Fargo is looking to grow its auto lending business again, after spending the last two years shrinking the unit. Wells Fargo slashed its auto loan portfolio over 2016-2017 primarily due to a sharp increase in charge-off rates from an increase in sub-prime auto lending. The U.S. banking giant continued to divest its auto loans early this year with the sale of its auto finance business in Puerto Rico (Reliable Financial Services) to Banco Popular de Puerto Rico. READ MORE