Management & Strategy
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...
Investor Michael Burry bets $1.5bn on Wall Street's fall - 08/18/2023
Michael Burry, who is known for foreseeing both the US mortgage crisis and the global financial crisis of 2008, is once more forecasting a market catastrophe in the near future. According to records submitted to the US Securities and Exchange Commission (SEC) by the investor, Burry has staked $1.5 billion that Wall Street will collapse before the year's end. Documents show that Scion Asset...
PayPal appoints new CEO - 08/15/2023
Alex Chriss has been appointed President and CEO of PayPal. The firm announced that Alex Chriss has been named President and CEO of PayPal, effective September 27, 2023. "PayPal Holdings today announced that Alex Chriss, a senior executive at Intuit, has been appointed president and CEO, effective as of September 27, 2023. As of that time, Chriss will also join the board of directors,"...
Twitter to change its logo - 07/24/2023
Elon Musk revealed the letter X on a black background as a potential future design. Elon Musk, the owner of Twitter, declared that the social network's logo would soon change. Musk posted on his page that "soon we will say goodbye to the Twitter brand and, gradually, to all birds." Additionally, he shared an expected future Twitter logo. It is an image of the letter X against a dark...
Deutsche Bahn to lay off 8,400 employees to cut losses - 07/14/2023
By the end of 2023, the company expects to incur losses totaling €225 million, according to the Handelsblatt newspaper. Deutsche Bahn (DB), a German railway company, may fire up to 8.4 thousand workers in order to reduce the costs of its losing division, reported Handelsblatt referring to claims made by corporate representatives. Joerg Hensel, president of DB's European Works Council, "up to...
Deutsche Bank to cut one in ten employees - 06/23/2023
Deutsche Bank, the largest bank in Germany, aims to reduce 10% of its 17,000-person private banking workforce in the country, according to Reuters. A source cited by Reuters told that "Deutsche Bank plans to cut 10% of its 17,000 retail jobs in Germany over the next few years." According to the source, the bank will hire more people in some departments while laying off personnel in others. The...
PwC Australia sacks two board members over data leak scandal - 05/30/2023
Following an inquiry into the disclosure of private Australian government information, PwC Australia announced resignation of two members of the board of directors. Additionally, it has put nine of the firm's partners on indefinite leave. The PwC scandal broke a few weeks ago. Following this, the Australian Treasury Department opened an investigation because they believed PwC was responsible for...
Bloomberg: Zuckerberg’s wealth hits record high this year - 05/22/2023
According to Bloomberg, Zuckerberg's net worth rose by $44 billion this year. American entrepreneur Mark Zuckerberg's fortune has climbed by $44 billion this year, the most among billionaires, reports Bloomberg. The majority of the billionaire's assets are on his ownership in Meta. With the stock's more than doubling in value this year, Zuckerberg has an estimated net worth of $89.9 billion....
Return of employees to offices slows down in the US - 05/18/2023
The pace of US company employees going back to work slowed in the first quarter, reports Scoop Technologies, a company that creates and sells office software, quoted by The Wall Street Journal (WSJ). In the fourth quarter, 49% of US businesses mandated that workers work only in the office, but that percentage has since fallen to 42%. According to reports, businesses have already adapted to...
U.S. top managers’ remuneration falls for the first time in 10 years - 05/16/2023
Senior managers' pay at the biggest American corporations decreased for the first time in a decade. The total remuneration of 16 CEOs was less than $5 million. According to The Wall Street Journal's analysis of MyLogIQ data, two-thirds of the top executives of U.S. corporations on the S&P 500 list had compensation packages (salaries and equity bonuses) that finished 2022 lower than their...
