Management & Strategy
Boeing and striking workers’ union to resume talks - 09/30/2024
Boeing Co. from the US and the International Association of Machinists and Aerospace Workers (IAM) started negotiations again for a new collective bargaining agreement, as reported by Barron's. By not voting on Boeing's 'final offer,' the union has chosen not to abide by the original deadline set for the vote and has instead extended the time for ratification. The American Federal Mediation and...
WSJ: Google paid $2.7bn to Character.AI startup to bring back an employee - 09/27/2024
According to sources familiar with the matter, Google, a subsidiary of Alphabet Inc., has reportedly agreed to pay around $2.7 billion to AI startup Character.AI for the rights to use its technology in a deal announced in August, as reported by The Wall Street Journal. The primary reason for the payment is believed to be the return of Character.AI's former employee and co-founder Noam Shazeer,...
Boeing announces departure of Boeing Defence, Space & Security head Ted Colbert - 09/23/2024
Ted Colbert, president and CEO of Boeing Defence, Space & Security, is set to resign, as reported by ABC News. Steve Parker has been appointed as the temporary leader of BDS. Colbert spent 15 years at Boeing, first as the CIO and later leading the global services business, before assuming control of the defense division. Boeing CEO Kelly Ortberg stated in a letter to employees that the...
Volkswagen scraps job retention program in Germany - 09/11/2024
Volkswagen has informed the majority of its German employees represented by the IG Metall union that several labor agreements, including a job retention program until 2029, will be terminated by the end of the year, according to the Financial Times. The car manufacturer will have the ability to reduce their workforce starting in June of the upcoming year. The company had been in agreements with...
Starbucks' new CEO Niccol will cost the company over $100M - 08/16/2024
Starbucks Corp. will pay over $100 million for hiring Brian Niccol as CEO. The payment package offered to Niccol when he was hired is one of the biggest in U.S. corporate history, four times larger than his predecessor's at Starbucks, according to the Financial Times. Starbucks announced on Aug. 13 that Laxman Narasimhan will depart from the company with immediate effect. Niccol will assume the...
Societe Generale sells Private Banking divisions in Britain and Switzerland - 08/06/2024
French bank SocGen sells units for personal banking services in Britain and Switzerland for €900 million. SocGen announced in a statement that it will sell its SG Kleinwort Hambros and Societe Generale Private Banking Suisse units, with a combined €25 billion in assets under management, to Swiss private bank Union Bancaire Privee. According to a statement from the bank, the choice aligns with...
Citi to pay its Head of Banking with shares worth more than $40m - 07/15/2024
According to a Citigroup Inc. declaration cited by the Financial Times, Viswas Raghavan, the head of banking at Citigroup Inc., will be compensated with shares of the firm worth over $40 million. The shares are being given to him as part of the terms of his transfer to Citi in exchange for the securities he was supposed to receive from his former company, JPMorgan Chase & Co. There is a...
Nvidia CEO Jensen Huang sells $169 million worth of the company's stock in June - 07/08/2024
MarketWatch reports that Jensen Huang, the CEO of the American chipmaker Nvidia Corp., sold 1.3 million shares of the business for a total of around $169 million in June. For Huang, it's the first stock sale since the start of the year and the biggest in a single month. Nvidia's valuation exceeded $3 trillion in June for the first time ever, and Huang's wealth has more than doubled to $107.7...
HSBC starts looking for new CEO - 05/16/2024
Following current CEO Noel Quinn's intention to step down, British bank HSBC Holdings Plc has begun looking for a new CEO and is considering choosing a new leader from a pool of internal candidates. Quinn, who has led HSBC for almost four years, said that he plans to leave the position in order to spend more time in his personal life. He will hold this position until the board of directors of the...
Walmart to cut hundreds of corporate employees and relocate staff - 05/14/2024
The Wall Street Journal writes that Walmart Inc., the biggest retailer in the United States, is laying off hundreds of corporate staff members. According to sources in the publication, the corporation is also requesting that the majority of its remote workers come back to the office. Furthermore, according to one of the sources, Walmart plans to transfer employees from its outlying offices—such...
