Management & Strategy
BP to strip former CEO of over $40M in remuneration - 12/15/2023
According to a press release from BP, Bernard Looney, who left the company in September, would receive less money from his previous employer than he is due—roughly 32.4 million pounds ($40.9 million). The reason Looney departed the organization on September 12th was that he "was not fully candid in disclosing his personal relationships with colleagues." The board of directors at BP deemed this to...
Zuckerberg sells $185m worth of Meta shares for the first time in two years - 12/05/2023
Zuckerberg sold Meta stock for the first time in two years. The business owner received over $185 million for 682,000 securities. As the value of Meta shares increased, Mark Zuckerberg sold the company's shares for the first time in two years, according to regulatory filings cited by Bloomberg. The agency notes that Zuckerberg received over $185 million in exchange for 682,000 shares. During...
Australian banks threaten to cut bonuses for remote working - 11/24/2023
According to the Financial Times, one of Australia's biggest banks, ANZ, has informed its employees that if they work fewer than half of their hours in the office, their bonus payments may be reduced. The newspaper refers to a letter that was sent this week to over 40,000 bank employees in Australia, New Zealand, India, and the Philippines. They were informed that during the current fiscal year,...
Jack Ma refuses to sell 10 million Alibaba shares after they drop in value - 11/23/2023
According to Bloomberg, billionaire Jack Ma declined to sell Alibaba shares after their value dropped by 10%. After the value of the shares dropped by 10% last week, Alibaba Group founder Jack Ma decided not to sell 10 million American Depositary Receipts (ADS) worth $871 million, according to Bloomberg, which cites an internal statement of the company. According to an internal memo from the...
Citi notifies its employees of business reorganization measures - 11/22/2023
According to MarketWatch, which cites the credit organization's statement, American bank Citigroup Inc. has informed staff members about "a new layer of changes" within the framework of business reorganization. Early in November, CNBC reported citing sources that executives at Citi were talking with consultants about cutting at least 10% of staff in a number of important areas. The bank...
Amazon to lay off several hundred people at Alexa division - 11/20/2023
Within the company’s wide cost-cutting initiative, Amazon.com Inc. intends to lay off several hundred employees in the division responsible for developing the voice assistant Alexa. CNBC has reported the news, citing a letter sent to staff members by Amazon Vice President Daniel Rausch. "We are redirecting some of our activity to better align with business priorities, including to maximise...
Intel board member buys $2.5M worth of Intel stock - 11/17/2023
Early in November, Lip-Bu Tan, Director of US semiconductor manufacturer Intel Corp., purchased 66,000 shares of the business for around $2.5 million, according to papers the company filed with the U.S. Securities and Exchange Commission (SEC). The cost per paper to be purchased varied from $37.77 to $37.95. According to Dow Jones Market Data, the stock closed trading the previous day at $40.61...
Renault and Nissan restart their alliance - 11/10/2023
Renault Group and Nissan Motor Corp. announced in a joint statement that they have completed the process of forging a new-format partnership. As part of the alliance's reformation, the companies have agreed to equalize their holdings in each other's share capitals, giving 15% to each. Renault has lowered its investment in the Japanese company from 43% to 15% in recent months. This was...
JPMorgan CEO Jamie Dimon to sell 1M bank's stock - 10/30/2023
According to JPMorgan's filings with the US Securities and Exchange Commission (SEC), Dimon is scheduled to start selling shares in 2024. "Dimon is selling JPMorgan stock for the first time in his career at the bank. His position in JPMorgan...
Leading US banks cut around 20,000 jobs since the start of 2023 - 10/24/2023
This year, major US banks, except for JPMorgan Chase & Co., have been steadily reducing staff. According to CNBC, which cited information from the banks' filings, Citigroup Inc., Bank of America Corp., Morgan Stanley, Wells Fargo & Co., and Goldman Sachs Group Inc. had collectively eliminated almost 20,000 jobs since the start of the year. U.S. financial firms actively boosted staffing...
