Management & Strategy
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...
Qualcomm to lay off 2.5% of employees in mid-December - 10/16/2023
U.S. Qualcomm Inc., one of the biggest producers of semiconductor components worldwide, plans to eliminate certain jobs in California in order to reduce 2.5% of its staff, reports MarketWatch. According to papers the manufacturer submitted to authorities, the business would lay off 1,064 workers in San Diego, which is home to Qualcomm's headquarters, and another 194 in Santa Clara on December 13....
Australia's richest woman increases stake in lithium producer Liontown - 10/05/2023
According to regulatory documents, Gina Rinehart, the richest woman in Australia, increased her investment in lithium producer Liontown Resources Ltd. last month from 8% to 14.67%. Since September 12, Rinehart's business, Hancock Prospecting Pty., has purchased Liontown shares four times. Albemarle Corp., the largest producer of lithium in the world, has made an offer to purchase the business for...
Former Amazon vice president Dave Limp to become new head of Blue Origin - 09/27/2023
Blue Origin's current CEO, Bob Smith, will step down and be succeeded as CEO by Dave Limp, the former vice president of Amazon.com Inc., according to CNBC. Smith is leaving Blue Origin with effect from December 4 of this year, but he will stay on until January 2 to facilitate a smooth transition of the new CEO. Limp, who has worked for Amazon for more than 13 years, revealed last month that he...
McDonald's to raise franchise fee for the first time in 30 years - 09/25/2023
The largest fast-food restaurant company in the world, US McDonald's Corp., has announced the first price hike for franchise owners in the US and Canada in 30 years, according to Barron's. In some circumstances, the commission will increase from 4% to 5% for those starting brand-new eateries or acquiring existing eateries from the corporation. The hike won't affect current franchise owners. All...
Goldman to offer investments in sports clubs - 09/18/2023
The Wall Street Journal reports that American bank Goldman Sachs Group is establishing a section of sports investments under its investment banking business. Rich clients will be able to invest in exclusive sports clubs, stadiums, and other projects through the new business, which combines sports M&A and sports finance. Luring these investors might involve collaboration with significant...
Citigroup to change organizational structure - 09/15/2023
Citigroup Inc. will fundamentally alter its organizational structure in order to simplify operations and connect the management structure with the bank's business plan. Five business lines' leaders will be promoted, and there will be fewer management levels, according to Citi's press statement. This should hasten decision-making, as well as enhance business unit monitoring and sharpen client...
Macy's appoints Olivier Bron as new CEO of Bloomingdale's - 09/13/2023
American retailer Macy's Inc. named Olivier Bron as the head of its department store affiliate Bloomingdale's, reports MarketWatch. Bron will take on his new responsibilities in early November after Tony Spring, who left Bloomingdale's in March to become president and CEO of Macy's after a 36-year career. Previously, Bron served as the Chief Operating Officer and Chief Strategy Officer at...
Chevron to ask arbitration panel to intervene in dispute with Australian unions - 09/12/2023
The Australian Arbitration Commission on Labor Relations (FWC) will be contacted by Chevron Australia, a subsidiary of the American Chevron Corp., to request intervention in the Gorgon and Wheatstone LNG strike, according to the Financial Times. According to Chevron's Australian subsidiary, there is no "reasonable prospect" of an agreement being reached with the site's employees. As a result, the...
Morgan Stanley to launch chatbot for wealthy clients - 09/08/2023
This month, US bank Morgan Stanley will introduce a chatbot powered by artificial intelligence to support wealthy clients. According to Reuters, the chatbot was tested over several months with hundreds of financial advisors. It was created in collaboration with OpenAI, the company behind the ChatGPT chatbot. Employees at the bank will use the chatbot to rapidly look up any necessary information...
