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☆ Goldman Sachs is about to kick off a cascade of managing director promotions across Wall Street. Here's why the battle for power could be fiercer than ever.
▼ + stars: | 2023-11-01 | by ( Emmalyse Brownstein | Reed Alexander | ) www.businessinsider.com time to read: +9 min

There are plenty of terms to describe Wall Street power brokers — but none of them matters quite so much right now as the simple phrase "managing director." Wealth management, which has been an area for growth across Wall Street, may prove an exception. "Two years ago, everybody was in the war for talent," said Alan Johnson, a Wall Street compensation expert at Johnson & Associates. Getting a promotion to managing director is tremendously important for the people who are vying for the role. "Once you become an MD, you're going to be making a lot more money.

Persons: Goldman Sachs, Morgan Stanley, Banks, Alan Johnson, Wall, Jeanne Branthover, Johnson, Goldman, it's, Lloyd Blankfein, Justin Tuck, Branthover, might've, You'd, you'll Organizations: Wall, Citigroup, Jefferies, Bank of America, JPMorgan, Johnson & Associates, DHR International, NY Giants Locations: Wall

☆ Walmart is at work on a new degree-free message about getting hired at its corporate headquarters
▼ + stars: | 2023-11-01 | by ( Bob Woods | ) www.cnbc.com time to read: +10 min

"In prior years, people would pursue a cybersecurity college degree," Stomski said. At the same time, Wildavsky stressed that being dismissive about the value of a college degree is a mistake. "This is not about getting rid of college degrees," Stomski said, and she added that many of Walmart's corporate jobs will still require them. Examples of Walmart corporate roles that will not require college degrees including positions in operations and merchandising, but Stomski declined to be more specific. In August 2022, Walmart began eliminating around 200 corporate jobs as part of a restructuring effort amid a more challenging economic environment.

Persons: Terra, Stomski, We're, Lorraine Stomski, Julie Gehrki, Ben Wildavsky, Wildavsky, it's, —, OpenAI, We've, Colleen Ammerman, Walmart's Organizations: Walmart, Walmart Inc, Terra Fondriest, Bloomberg, Getty, Target, Southern New Hampshire University, University of Arizona, University of Denver, Google, IBM, Tesla, GM, Accenture, University of Virginia, College, Marines, LinkedIn, Harvard Business School Locations: Bentonville , Arkansas, workforces, U.S, Minnesota

☆ Charles Schwab lays off about 2,000 employees
▼ + stars: | 2023-11-01 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +1 min

CNN —Charles Schwab has laid off about 5% to 6% of its employees, amounting to roughly 2,000 people, as it looks to cut costs. “They are decisions that impact very talented people personally, and we take that very seriously,” a spokesperson said. Part of the changes includes evaluating its “real estate footprint, streamlining our operating model, and staffing reductions, largely in non-client-facing areas,” a Schwab spokesperson said. Like other banks, Schwab endured turbulence earlier this year when its bottom line was given a hard look by investors after the collapse of Silicon Valley Bank. Shares of Schwab (SCHW) are down 35% for the year, and up 1% in early afternoon trading.

Persons: Charles Schwab, Schwab, ”, Schwab’s headcount, “ Organizations: CNN, Silicon Valley Bank, Schwab Locations: Silicon

☆ UK's IG Group says it expects to cut 10% of workforce
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

Oct 31 (Reuters) - British online trading platform IG Group (IGG.L) on Tuesday said it would cut 10% of its headcount as part of cost-saving measures to drive operating margin expansion and become a leaner fintech firm. IG Group is trying to bolster its margins as the number of active clients on its platforms declines because of tough market conditions and a hit to customers' disposable income due to a cost-of-living squeeze and rising borrowing costs. IG Group said it expected to reduce about 300 positions worldwide by the end of fiscal 2023, adding that the overall efficiency measures are expected to deliver full run rate cost savings of 50 million pounds ($60.7 million) per year. "We want to position IG Group as a lean fintech company and today's decisive actions ensure a strong platform for future growth," acting CEO Charlie Rozes said in a statement. The company said non-recurring costs to achieve the savings are expected to be about 18 million pounds split across fiscal years 2024 and 2025.

Persons: Charlie Rozes, IG, Morgan McKinley, Aby Jose Koilparambil, Sinead Cruise, Varun H, Robert Birsel Organizations: IG Group, Employment Monitor, Thomson Locations: Bengaluru, London

☆ The Israel-Hamas war is affecting the financial outlooks of these large companies
▼ + stars: | 2023-10-28 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

Aris Messinis | AFP | Getty ImagesSome of the world's most well-known companies are already seeing the Israel-Hamas war weighing on operations. On Oct. 7, militant group Hamas struck Israeli towns in a surprise attack and took more than 200 hostages. Corporations that do business or have operations in the region have already begun seeing the war change their financial outlooks as the unrest weighs on everything from advertising dollars to tourism to supply chains. Technology companies were among those seeing the conflict affect the workforce, advertising spending and supply chains. Snap said in its latest earnings release that it saw pauses in spending from a "large number of primarily brand-oriented advertising campaigns" immediately after the war began.

Persons: Aris Messinis, Scott Kirby, El Al, Jason Liberty, Liberty, we're, Susan Li, Li, We've, John Morici Organizations: Hamas, AFP, Getty, Israeli Defense Forces, Corporations, United Airlines, Delta Air Lines, American Airlines, Boeing, Royal, Israel, El Al Airlines, Nurphoto, U.S . Department of State, Technology, Facebook, West Pharmaceutical Locations: Haifa, Cyprus, Israel, Palestinian, Gaza, Tel Aviv, Royal Caribbean, Ukraine

☆ Elon Musk’s Twitter takeover, the platform and its cultural impact have fundamentally changed
▼ + stars: | 2023-10-27 | by ( Brian Fung | Clare Duffy | ) edition.cnn.com time to read: +16 min

Here’s a (non-exhaustive) account of how Musk has fundamentally changed Twitter since he made one of the most consequential acquisitions of the social media age. Many of Musk’s content and product decisions have also led to what civil society groups have reported as a troubling spread of hateful speech on the platform. He recommended that X users monitor the Israel-Hamas conflict by following an account known for spreading disinformation, before later deleting his post. And, in an attempt to prove that former Twitter executives deliberately discriminated against conservatives on the platform, Musk provided a handpicked group of journalists with selective access to company records. It is perhaps Musk’s all-consuming presence that has most undermined what users used to love about Twitter.

Persons: New York CNN — It’s, Elon Musk, Linda Yaccarino —, Yaccarino, ” Yaccarino, —, it’s, Here’s, Musk, he’s, Donald Trump, LeBron James, James, ”, X, General Mills, ” Weeks, “ Elon, what’s, “, Paul Pelosi, Dilbert, Scott Adams, George Soros, Joe Biden’s, Ron DeSantis ’, Robert F, Kennedy, Jr, Tucker Carlson, Vivek Ramaswamy, Benjamin Netanyahu, Hunter Biden Organizations: New, New York CNN, Elon, Twitter, US Federal Trade Commission, Securities, Exchange Commission, EU, Premium, Nintendo, NPR, PBS, Volkswagen, —, Center, Defamation League, Wall Street, Florida Republican Gov, Fox, New York, Trump Locations: New York, Israel, United States, breakeven, New

☆ 'AI exposure' is the new buzz term to soften talk about job losses. Here's what it means
▼ + stars: | 2023-10-27 | by ( Natalie Rose Goldberg | ) www.cnbc.com time to read: +2 min

The rapid advancement of artificial intelligence has raised many concerns, prominent among these AI job displacement and mass layoffs throughout the economy. No round of layoffs of knowledge workers goes by without a mention of the threat of AI. In May of this year alone, the U.S. economy lost 4,000 jobs as a result of AI, according to data from employment outsourcing firm Challenger, Gray & Christmas. According to Factset, mentions of generative AI on corporate earnings calls increased from five in December 2022 to 390 in June 2023. The more recent milestone, according to Rand: by 2020, "nearly all occupations are exposed to AI technology patent."

Persons: Alan Guarino, Korn, CNBC's Andrew Ross Sorkin, Guarino, Factset, Rand Organizations: LinkedIn, CNBC, Korn Ferry, Rand Corporation Locations: India, U.S, United States

☆ Nomura reassesses mainland China business plan as losses mount
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

The logo of Nomura Securities is seen at the company's Head Office in Tokyo, Japan, November 28, 2016. Nomura's majority-owned joint venture has struggled to grow since its launch in 2019, dragged down by the pandemic and a slowing economy. In 2022, the joint venture lost 225 million yuan ($30.75 million), after losing 84 million yuan in 2021, according to Nomura's filings. Nomura's China joint venture headcount has dropped to 259 from 281 in July, far short of the original target of increasing it to 500 by this year. The joint venture is 51% owned by Nomura, 24.9% by Orient International Holding, and 24.1% by Shanghai Huangpu Investment Holding Group.

Persons: Toru Hanai, Nomura, headcount, Goldman Sachs, Makiko Yamazaki, Selena Li, Sonali Paul Organizations: Nomura Securities, REUTERS, Rights, Nomura Holdings, Bloomberg, Reuters, Citigroup, Nomura Orient International Securities, Nomura, Orient International Holding, Shanghai Huangpu Investment Holding Group, Thomson Locations: Tokyo, Japan, China, Shanghai, Hong Kong, Asia

[1/2] A view of the Ubisoft Entertainment logo in Saint-Mande, near Paris, France, September 8, 2022. The maker of the blockbuster "Rainbow Six" franchise reported net bookings of 554.8 million euros ($584.09 million)for the three months to September 30, well above its target of 350 million euros. For the third quarter, the company expects net bookings of around 610 million euros. The group reported operating income of 16.1 million euros for the six months to end September, after a loss of 215.3 million euros in the same period last year. ($1 = 0.9498 euros)Reporting by Enrico Sciacovelli and Olivier Cherfan, editing Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

Persons: Sarah Meyssonnier, Ubisoft, Yves Guillemot, Mirage, Enrico Sciacovelli, Olivier Cherfan, Jane Merriman Organizations: Ubisoft Entertainment, REUTERS, Ubisoft, Pandora, Rainbow Six Mobile, Thomson Locations: Saint, Paris, France

☆ How TikTok helped a collectibles company make $19 million in sales of trading cards, memorabilia, and more
▼ + stars: | 2023-10-26 | by ( Marta Biino | ) www.businessinsider.com time to read: +5 min

The pandemic accelerated sales, and since then, McGuckin has made TikTok the focus of his e-commerce efforts. That decision has proven fruitful, especially since the introduction of TikTok Shop, the platform's e-commerce solution that allows users to purchase items directly from the app. Dappz Sports has had a years-long relationship with the social-media giant and has been beta testing TikTok Shop since 2022. This is just the beginning of TikTok Shop. Dappz SportsCombining livestreaming and short-form content is McGuckin's key to successMcGuckin said his strategy for sales on TikTok combines livestreaming with short-form content.

Persons: Matt McGuckin, TikTok, McGuckin, they'll, They'll, Micah Parsons, Bobby Witt Organizations: Sports, Amazon, Dappz Sports, National Sports Collectors Convention, Dallas Cowboys, Melrose Locations: Instagram, TikTok, New York, Texas, Los Angeles

☆ ECB pauses interest rate hike campaign as recession in Europe looms
▼ + stars: | 2023-10-26 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —The European Central Bank (ECB) held off raising interest rates Thursday for the first time in 15 months as evidence mounts of a deepening economic downturn in Europe. The ECB kept the benchmark interest rate in the 20 countries that use the euro at 4%, its highest level since the launch of the currency in 1999. The decision to pause after 10 consecutive rate hikes follows a series of data showing a continued decline in inflation and a further slowdown in economic activity. A survey published Tuesday of euro area companies in manufacturing and services showed a steep decline in output as demand weakened. “There is much to suggest that a recession in Germany is well underway,” de la Rubia said this week.

Persons: ”, Cyrus de la Rubia, la Rubia Organizations: London CNN, European Central Bank, ECB, Companies, Hamburg Commercial Bank, Global, PMI Locations: Europe, Hamburg, ” Germany, Europe’s, Germany

☆ How Bank of America trains young grads to work with its richest clients
▼ + stars: | 2023-10-26 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

The private bank division, which has $573 billion in client assets, hired 47 analysts this past summer, up 75% from last year. "That's been feedback from years past," said Miller, who oversees talent development for the private bank. Analysts start client-facing work after five weeks of trainingPrivate bank trainees start with a five-week orientation. The last three weeks focus on the operations of the private bank, and executive leaders come in to meet the analysts. For the first rotation, analysts shadow top private bank advisors.

Persons: isn't, Bank of America's Jennifer Loughlin Miller, Miller, John F, headcount, It's Organizations: of America, Bank of America, Bank of America's, Kennedy Presidential Library, Bank of Locations: New York City, Boston

☆ Startup employees are reeling as they brace for back-to-back rounds of layoffs: 'When it happens again, you start to lose that confidence and faith in your leadership.'
▼ + stars: | 2023-10-25 | by ( Samantha Stokes | Madeline Renbarger | ) www.businessinsider.com time to read: +9 min

For the startup employees interviewed by Insider, the constant threat of layoffs is having a detrimental effect on company morale. said one employee working at a growth stage startup that's conducted three rounds of layoffs this year. For Reay, the former Sendoso employee, constant rounds of layoffs gave him and his surviving colleagues "strategy whiplash." "When it happens again, you start to lose that confidence and faith in your leadership." Some startup employees are reconsidering their future in the industryAs startup employees brace for the potential of more job cuts, they say that the experience has them second-guessing whether to stay in the industry at all.

Persons: Sean Reay, it's, Reay, SoftBank, Sendoso, what's, I'm, Raey, SchoolMint, I've, you'd, he's, Jackie Xu, Xu Talent, Kleiner Perkins, Xu, you've Organizations: Facebook, Meta, Twitter, Sendoso, GV, Google, Employees Locations: San Diego, That's, SPAC

☆ Startup workers are on edge
▼ + stars: | 2023-10-25 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

In today's big story, we're looking at why startups that have navigated multiple rounds of layoffs have left their workers feeling defeated. It's a question more and more startup employees are contemplating amid a historic downturn in the industry coupled with a pullback in VC funding. But as Insider's Samantha Stokes and Madeline Renbarger detail, employees are on edge nowadays because of the threat of multiple layoffs in a short time. Why work for a corporate entity and be a cog in the wheel when you can get hands-on experience at a startup? AdvertisementAdvertisementiStock; Rebecca Zisser/InsiderBut just because layoffs are a necessary evil of the startup industry, that doesn't mean employees' concerns aren't warranted.

Persons: —, Jamie Dimon isn't, JPMorgan's Jamie Dimon isn't, Samantha Lee, Samantha Stokes, Madeline Renbarger, Samantha, Madeline they've, Rebecca Zisser, Severance, Jamie Dimon, David Rosenberg, Myriam, Airism, Arantza Pena Popo, Chris Rondeau, it's, Katy Perry, Pablo Picasso, Kiersten, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, What's, JPMorgan, EV, Microsoft, TikTok, IBM, Boeing, Meta, Mattel Locations: Southern California, New York City, San Diego, London, New York

SummaryCompanies Shell to cut 200 jobs, or 15%, of low-carbon solutions unitA further 130 jobs under reviewShell scraps hydrogen light mobility unitLONDON, Oct 25 (Reuters) - Shell (SHEL.L) will cut around 15% of the workforce at its low-carbon solutions division and scale back its hydrogen business as part of CEO Wael Sawan's drive to boost profits, it said on Wednesday. Shell plans to sharply scale back its hydrogen light mobility operations, which develop technologies for light passenger vehicles, the company said. It will also merge two of four general manager roles in the hydrogen business, Shell said. The retreat from the light mobility sector follows the departure of the business's manager Oliver Bishop several months ago. Bishop today leads rival BP's (BP.L) global hydrogen mobility business.

Persons: Wael Sawan's, Sawan, Shell, Oliver Bishop, BP's, London . Sawan, Ron Bousso, Jason Neely, Jan Harvey Organizations: Shell, Reuters, Solutions, Sawan, Energy Intelligence, BP, Exxon Mobil, Chevron, Thomson Locations: Shell, Britain, Netherlands, Europe's, Louisiana, London ., U.S

☆ Euro zone PMI hits lowest in nearly 3 years, stirs recession worries
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +3 min

HCOB's flash euro zone Composite Purchasing Managers' Index (PMI), compiled by S&P Global and seen as a good guide to overall economic health, fell to 46.5 in October from September's 47.2, its lowest since November 2020. "In the euro zone, things are moving from bad to worse," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. "We wouldn't be caught off guard to see a mild recession in the euro zone in the second half of this year with two back to back quarters of negative growth." While the 20-country euro zone will narrowly dodge a recession, according to a recent Reuters poll, the economy was expected to have only flatlined last quarter and will do the same again in the current one. The composite employment index fell to 49.4 from 50.8.

Persons: Sarah Meyssonnier, Cyrus de la Rubia, Rubia, Jonathan Cable, Hugh Lawson Organizations: Carrefour, REUTERS, P Global, Hamburg Commercial Bank, Service, PMI, Reuters, Thomson Locations: Montesson, Paris, France, September's, Hamburg

☆ How options traders are setting up for the major tech earnings this week
▼ + stars: | 2023-10-23 | by ( Michael Khouw | ) www.cnbc.com time to read: +15 min

Big Tech earnings This week is less about reading between the lines/through results, and contextualizing management comments, but rather it's about the market itself. AI - AI - AI! The options market is implying an earnings related move of 4.7%. Our options market sentiment score for GOOG/GOOGL is 80th percentile - which one may think of like a score/grade, so a B- in terms of options sentiment. Call open interest is 15% higher than put open interest, our options market sentiment score is 83% so B/B- territory.

Persons: ChatGPT, Bing, it's, AMZN, Mark Zuckerberg's, Zuckerberg, one's Organizations: Cambridge, JPMorgan Chase, Citigroup, Bank of America, BlackRock, Goldman, Equity, Big Tech, Microsoft, Apple, Nvidia, Inc, Investors, YouTube, Amazon, Google, Gaming, Activision, Logistics, Federal Express, CNBC, ExxonMobil, Chevron, Visa, Mastercard, Merck, Co Locations: financials, Wells Fargo

☆ Dropbox handing over 25% of San Francisco HQ back to landlord as commercial real estate softens
▼ + stars: | 2023-10-20 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Dropbox said Friday that it's agreed to return over one quarter of its San Francisco headquarters to the landlord as the commercial real estate market continues to soften following the Covid pandemic. In a filing, Dropbox said it agreed to surrender to its landlord 165,244 square feet of space and pay $79 million in termination fees. Under the amendment to its lease agreement, Dropbox will offload the space over time through the first quarter of 2025. In addition, Dropbox took a $175.2 million impairment on the office last year "as a result of adverse changes" in the market. Dropbox had tried working with its landlord to sublease space at the headquarters, but the real estate market deteriorated, finance chief Tim Regan, told analysts on a February earnings call.

Persons: Dropbox, it's, we've, Drew Houston, Dropbox's, Uber, Tim Regan Organizations: San Francisco, Vir Biotechnology, CNBC, Private, KKR, Kilroy Realty Corp, San Francisco Chronicle, Microsoft Locations: Mission, Dropbox

☆ Big banks are quietly cutting thousands of employees, and more layoffs are coming
▼ + stars: | 2023-10-19 | by ( Hugh Son | ) www.cnbc.com time to read: +6 min

Michael Nagle | Bloomberg | Getty ImagesThe largest American banks have been quietly laying off workers all year — and some of the deepest cuts are yet to come. The moves come after a two-year hiring boom during the pandemic, fueled by a surge in Wall Street activity. "Banks are cutting costs where they can because things are really uncertain next year," Chris Marinac, research director at Janney Montgomery Scott, said in a phone interview. In the coming weeks, the bank will terminate around 1% or 2% of its employees, according to a person with knowledge of the plans. The bank has cut about 2% of its workforce this year amid a protracted slowdown in investment banking activity.

Persons: Michael Nagle, JPMorgan Chase, Chris Marinac, Janney Montgomery Scott, you'll, Goldman Sachs, Charlie Scharf's, Mike Santomassimo, Goldman, Headcount, GreenSky, we've, Morgan Stanley, James Gorman, Mark Mason, Jane Fraser's, Mason, Jamie Dimon Organizations: New York Stock Exchange, Bloomberg, Getty, JPMorgan, Federal Reserve, headcount, Bank of America, Citigroup, First, Big Locations: New York, Wells, Wells Fargo, York, First Republic

☆ Nokia layoffs: Company will slash up to 14,000 jobs
▼ + stars: | 2023-10-19 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Nokia will slash up to 14,000 jobs in a major cost-cutting drive to address a “weaker” market environment, it said in a statement on Thursday. The move will help the company reduce staffing expenses by 10% to 15%, and save at least €400 million ($421.4 million) in 2024 alone, the company projected. Overall, it said the reductions are expected to trim Nokia’s costs by up to €1.2 billion (nearly $1.3 billion) cumulatively by the end of 2026. “The most difficult business decisions to make are the ones that impact our people,” CEO Pekka Lundmark said in the statement. “We have immensely talented employees at Nokia and we will support everyone that is affected by this process.”The announcement came on the same day that Nokia reported worse-than-expected results.

Persons: Pekka Lundmark, Nokia’s, “, Lundmark Organizations: Hong Kong CNN — Nokia, Nokia, ” Mobile, Ericsson Locations: Hong Kong, India

☆ Coinbase picks Ireland as its main EU regulatory hub as U.S. authorities go on the offensive
▼ + stars: | 2023-10-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

If and when it is approved, Coinbase will have a universal "MiCA license" in Ireland, which it can then use to "passport" its services into Germany, France, Italy, the Netherlands and other EU countries. The rules will allow crypto companies to use one license in one country to operate across all 27 EU member states. Currently, Coinbase has an electronic money institution license and virtual asset service provider registration in Ireland; a crypto license in Germany; and national registrations in other EU member states including Italy, the Netherlands and Spain. Paul Grewal, Coinbase's chief legal officer, said that progress has been "slower" than he'd like when it comes to achieving crypto regulation in the U.S. "We're now seeing in court cases real questions being asked about the U.S. approach to crypto regulation and in particular securities regulation," he said.

Persons: Coinbase, Nana Murugesan, we've, Murugesan, Paul Grewal, isn't, Grewal, CNBC's Arjun Kharpal — Organizations: Getty, European Union, CNBC, Central Bank of Ireland, EU, U.S . Securities, Exchange Commission, SEC Locations: Crypto, Dublin, Ireland, Germany, France, Italy, Netherlands, Spain, U.S, San Francisco, United States, Central, Northern, Western Europe, North America, Europe, headcount

☆ The Street weighed in on 5 tech stocks ahead of earnings — here's our take on each
▼ + stars: | 2023-10-19 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

Wall Street analysts this week weighed in on five our of mega-cap tech stocks ahead of their quarterly earnings reports in the coming weeks. Street take: Piper Sandler named Microsoft (MSFT) its "highest conviction large cap stock" to own going into the end of 2023. Meta Platforms META YTD mountain META stock performance YTD. Street take: Bank of America said Meta Platforms (META) is "best positioned for revenue acceleration" as the outlook for digital advertising revenue growth remains solid. Ahead of the tech firm's fiscal third-quarter earnings on Oct. 24, the analysts estimate 10% year-over-year revenue growth in Search and 9% revenue growth in YouTube ads.

Persons: Here's, Morgan Stanley, Piper Sandler, Mark Zuckerberg, Jeff Marks, Jim Cramer's, Jim Cramer, Jim, New York Stock Exchange Michael Nagle Organizations: Nvidia, Citi, Microsoft, Apple, Counterpoint Research, Bank of America, JPMorgan, Meta, CNBC, New York Stock Exchange, Bloomberg, Getty Locations: United States, China

☆ PaintJet puts robots to work in construction and maintenance as labor shortage drags on
▼ + stars: | 2023-10-18 | by ( Lora Kolodny | ) www.cnbc.com time to read: +5 min

Hegeman tells CNBC, "With painting, the labor shortage hits you right in the face. It was not so much a challenge to sell and book work, but it was always a challenge to do the work. Instead of selling or renting its robots out to construction crews, the startup offers an end-to-end service and maintains control of the entire painting process. PaintJet can use any commercially available paint in its machines, but also makes and sells its own line of paints. Hegeman said the company is also developing capabilities to handle more tasks in construction and maintenance with robotics including pressure washing, caulking and sanding.

Persons: Nick Hegeman, Steve Wasilowski, Sonia Chacko, Hegeman, PaintJet, Ryan Gembala, It's Organizations: Hegeman, CNBC, SRI, Foreman Technologies, Dynamo Ventures Locations: Hendersonville , Tennessee, Nashville, Virginia, Metaprop, New York, Chattanooga, San Francisco

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. Wells Fargo, which has reduced headcount for every quarter since the third quarter of 2020, said it still sees more opportunities for layoffs. Investment banking powerhouse Morgan Stanley also disclosed a near 2% drop in its total headcount on Wednesday, compared to the prior quarter. At the investment banks Goldman and Morgan Stanley expenses rose 18% and 5% in the quarter, compared to a year earlier. The bank in January dismissed 3,200 employees, its biggest round of layoffs since the 2008 financial crisis.

Persons: Brendan McDermid, Jeremy Barnum, Morgan Stanley, Wells Fargo, Thomas DiNapoli, Goldman Sachs, Denis Coleman, That's, Coleman, Manya Saini, Niket, Lananh Nguyen, David Evans Organizations: Wall, REUTERS, JPMorgan, PNC Financial, Citigroup, Bank of America, Investment, Banks, Citi, Goldman, BofA, PNC, New York, GOLDMAN, Reuters, Thomson Locations: New York, U.S, Wells Fargo, Wells, GOLDMAN SACHS BUCKS, headcount

☆ Layoffs hit coding community Stack Overflow as software engineers increasingly shift to AI for help
▼ + stars: | 2023-10-17 | by ( Kylie Kirschner | ) www.businessinsider.com time to read: +4 min

Coding community Stack Overflow announced on Monday that it's laying off 28% of its staff. Many generative AI models were partly trained on Stack Overflow's information. This is the second round of layoffs Stack Overflow has had this year — it laid off 10% of its workforce in May. Stack Overflow recently announced the new round of layoffs after more than doubling its headcount in 2022. "Some of them are very explicit about calling out Stack Overflow as a primary source," Chandrasekar previously told Insider.

Persons: Stack, —, GitHub, OpenAI's, Prashanth Chandrasekar, Chandrasekar Organizations: Service

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