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☆ Buy this social media platform with upside of more than 20%, HSBC says
▼ + stars: | 2023-09-26 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Analyst Mohammed Khallouf initiated coverage of the social media platform with a buy rating and a price target of $32.10. That target indicates that Khallouf thinks shares can rise 23.2% from Monday's close. Overall revenue also rose on an annualized basis in the first half of 2023, which Khallouf said was especially notable given smaller social media platforms struggled in the period. Pinterest's recent agreement to use Amazon for third-party advertisements should also improve monetization for the company, Khallouf noted. Shares rose marginally before the bell on Tuesday following the call.

Persons: Mohammed Khallouf, Khallouf, Bill Ready, Pinterest, — CNBC's Michael Bloom Organizations: HSBC Locations: Monday's

☆ Biomaterials startup Traceless wants to help tackle plastic pollution. It just raised $39 million in debt and equity with this 15-slide pitch deck.
▼ + stars: | 2023-09-25 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +3 min

A German startup hoping to help put an end to plastic pollution has just raised 36.6 million euro (around $38.9 million) in a mixture of equity and debt. Hamburg-based Traceless, founded in 2020, has developed a plant-based biomaterial using agricultural waste to replace plastics. The startup material uses the existing natural polymers that are in its raw material, which requires up to 80% less energy to process compared to conventional plastics, Lamp said. Traceless produces its material as small pellets to provide to product manufacturers, which then mould it to their needs. The startup hopes to have replaced 1 million tonnes of plastic by 2030.

Persons: Anne Lamp, compostable, Traceless, Joanna Baare, Baare, Hamburger Sparkasse Organizations: UB Forest Industry, Growth, SWEN Capital Partners, GLS Bank, Planet A Ventures, Tech Locations: Hamburg, Antarctica

☆ Nomura is merely first in line for new China risk
▼ + stars: | 2023-09-25 | by ( Una Galani | ) www.reuters.com time to read: +4 min

After all, Nomura is a minnow in China, ranking 82nd in investment banking in the country by net revenue in 2021, data from Dealogic shows. Like most of its more successful global investment banking peers, Nomura has an eye on deepening its business in China. It acquired a license for a majority-owned securities joint venture, Nomura Orient International Securities, in 2019. Follow @ugalani on TwitterCONTEXT NEWSAuthorities in China have barred Charles Wang Zhonghe, China investment banking chair at Nomura, from leaving the mainland, Reuters reported on Sept. 25 citing two sources with knowledge of the matter. Beijing’s investigation into Cong, former president of China Renaissance Holdings, resulted in the investment bank’s founder Bao being taken away by Chinese authorities in February.

Persons: Charles Wang Zhonghe, Nomura, Goldman Sachs, Morgan Stanley, Wang, Bao Fan, hasn’t, Xi Jinping, Banks, Cong Lin, Bao, Cong, Nomura’s Wang, Antony Currie, Oliver Taslic Organizations: Reuters, Financial Times, UBS, HK, China Securities, Nomura, Commercial Bank of China, China, Apple, Nomura Orient International Securities, Authorities, China Renaissance Holdings, ICBC, Commercial Bank of China Ltd, Thomson Locations: MUMBAI, China, Hong Kong, It’s, Singapore, People’s Republic

☆ Even the Fed is cutting jobs — for the first time in a decade
▼ + stars: | 2023-09-22 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

The Federal Reserve system is cutting approximately 300 jobs through the end of the year, a Fed spokesperson confirmed to CNN on Friday. The Fed system employs about 21,000 people across its 12 regional reserve banks. The job cuts will mostly focus on support positions, including technology roles that are no longer needed, the Fed spokesperson said. Reflecting that optimism, Fed officials upgraded their forecast for economic growth and lowered their projection for unemployment. However, Powell also conceded that cooling inflation back to healthy levels will likely require “some softening” of the jobs market and he warned that a soft landing is no guarantee.

Persons: Jerome Powell, Powell, ” Powell, ” Organizations: New, New York CNN, Federal, CNN, Reuters, Fed Locations: New York, headcount

☆ Foodpanda confirms layoffs, says it's in talks to sell part of Asia food delivery business
▼ + stars: | 2023-09-22 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

A courier for Foodpanda, a meal-delivery service operated by Delivery Hero AG, checks his smartphone while sitting on a motorcycle at the company's operations center in Bangkok, Thailand, on Friday, March 16, 2018. Bangkok's famed love affair with food is spilling over to meal-delivery apps, a fledgling sector that Foodpanda projects will surge in 2018 as competition intensifies. Photographer: Brent Lewin/Bloomberg via Getty ImagesSingapore-headquartered food delivery service Foodpanda on Friday confirmed to CNBC that it is conducting its latest round of layoffs as the need to be "more agile remains critical." "Our company priority right now is to become leaner, more efficient and even more agile. This is Foodpanda's third round of layoffs since job cuts in February and September last year amid macroeconomic headwinds, according to media reports.

Persons: Bangkok's, Brent Lewin, Jakob Sebastian Angele Organizations: Bloomberg, Getty Images Singapore, CNBC Locations: Bangkok, Thailand

The spokesperson, who would not speak for direct attribution, said the staff cuts represented a combination of attrition, including retirements, and layoffs. While small compared to the size of the Fed, it is the first time budgeted headcount has fallen since 2010. SELF-FUNDEDThe staff reductions are happening at a sensitive time for the Fed. Unlike federal agencies that spend tax dollars allocated by Congress, the Fed is self-funding. In most years the Fed generates a profit that is turned over to the U.S. Treasury.

Persons: Howard Schneider, Dan Burns, Paul Simao Organizations: U.S . Federal, Fed, of Governors, Reuters, Governors, Congress, U.S . Treasury, Thomson Locations: U.S, Washington, Congress

The Canadian central bank had expected productivity, or output per hour worked, to improve as the economy recovered from the COVID-19 pandemic. Instead, it has fallen in eleven of the last 12 quarters, taking it back to its 2016 level. It also stands to add to unit labor costs, a key measure of inflation pressures coming from higher wages. "Our own forecast is that productivity growth will turn around, but that is a risk to the outlook and if productivity growth continues declining it will make it more difficult to get inflation back to target," Macklem said. The central bank has forecast that inflation will return to its 2% target in the middle of 2025.

Persons: Macklem, Derek Holt, tightens, Holt, Dennis Darby, Doug Porter, Fergal Smith, Steve Scherer, Deepa Babington Organizations: Bank of Canada, Reuters Graphics Reuters, BoC, Scotiabank, Federal Reserve, Canadian Manufacturers, Fraser Institute, BMO Capital Markets, Thomson Locations: Canadian, Canada, freefall, United States, Toronto, Ottawa

☆ Here's what you should know about the new pay disclosure laws
▼ + stars: | 2023-09-21 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

New York CNN —New York State is the latest jurisdiction to implement a pay disclosure law that requires employers to list salary ranges for open roles. “We’re seeing a patchwork [of different pay disclosure requirements], which makes it hard for multistate employers to navigate,” said Monica Snyder Perl, a partner at Fisher Phillips. Some laws require employers to disclose ranges just for base pay, but others mandate that information about compensation and benefits be included as well. The impact of the lawsAll the pay disclosure laws are relatively new. Leniency may continue until employers and regulators work out their questions about each jurisdiction’s pay disclosure rules, which are still being interpreted by employment lawyers and, in some cases, being amended by legislators.

Persons: Fisher Phillips, ”, Monica Snyder, headcount, Perl, Washington ” —, it’s, “, ” Perl Organizations: New, New York CNN — New, New York CNN — New York State, New York, New York State, Evergreen State, Colorado —, Society for Human Resource Management Locations: New York, New York CNN — New York, New York State, New York City, Ithaca, Westchester County, Washington State, Washington, Kansas, Colorado, Hawaii, Illinois, California

☆ UBS cuts nearly 70% Credit Suisse researchers in Hong Kong-sources
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. UBS' takeover of Credit Suisse, the biggest bank merger since the 2008 global financial crisis, was hastily arranged in March this year by Swiss authorities to avert Credit Suisse's collapse. More than 15 equity researchers were notified earlier this week about the layoffs in Hong Kong, the sources said, adding less than 10 researchers focusing on Hong Kong and China equities will join the UBS team. Credit Suisse did not respond to a Reuters request for comments. Both of them will bring some junior researchers from Credit Suisse, the sources added.

Persons: Denis Balibouse, Charles Zhou, China financials, Kenneth Fong, Zhou, Fong, Sergio Ermotti, Julie Zhu, Kane Wu, Selena Li, Summer Zhen, Sumeet Chatterjee, Bernadette Baum, Emelia Organizations: Credit Suisse, UBS, REUTERS, Credit, Suisse's Securities Research, Reuters, Monday, Asia, China Internet, Thomson Locations: Zurich Switzerland, HONG KONG, Hong Kong, China, Asia Pacific, Asia, Swiss

☆ Donald Trump Jr.'s X account was hacked, spokesman says
▼ + stars: | 2023-09-20 | by ( Brian Fung | ) edition.cnn.com time to read: +2 min

Washington CNN —A spokesman for former President Donald Trump said Wednesday that Donald Trump Jr.’s account on X – the platform formerly known as Twitter – had been compromised after the account began sharing a series of unusual and erratic posts. “Don’s account has been hacked,” Andrew Surabian posted on X, adding that a post claiming the former president had died was “obviously not true.”In addition to falsely pronouncing the death of the senior Trump, the compromised account also claimed that Trump Jr. would be running for president himself. Within minutes, the post had been reshared more than 1,000 times on X and viewed hundreds of thousands of times. The incident raises fresh questions about X’s role in securing user accounts, particularly those belonging to high-profile political figures as the platform prepares for the 2024 elections. It is also unclear whether the compromise may have resulted in unauthorized access of Trump Jr.’s private direct messages, or whether Trump Jr. may have had two-factor authentication enabled on his account.

Persons: Washington CNN —, Donald Trump, Donald Trump Jr, Twitter –, Andrew Surabian, “, Trump, Joe Biden, X, Elon Musk, Peiter “ Mudge ” Zatko, Barack Obama, Jeff Bezos, Biden, Musk Organizations: Washington CNN, Twitter, Trump, Trump Jr, Federal Trade Commission, CNN, Washington Post, Amazon Locations: North Korea

☆ Cybersecurity startup Legit Security just raised $40 million in a Series B round led by CRV with this 12-slide pitch deck
▼ + stars: | 2023-09-20 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Cybersecurity startup Legit Security has raised $40 million in a round led by Airtable and DoorDash-backer CRV. The Palo Alto-based company has developed a platform that enables companies to spot vulnerabilities in their software supply chain. The startup provides companies with visibility over the delivery of software applications from initial code onwards. The $40 million Series B was led by CRV with participation from existing investors Cyberstarts, Bessemer Venture Partners, and TCV. Legit said developers were increasingly using AI-generated code but that they also introduced a "rapidly expanding class of new security threats."

Persons: Airtable, CRV, Kraft Heinz, Roni Fuchs, " Fuchs, Fuchs Organizations: Google, New York Stock Exchange, Fortune, CRV, Bessemer Venture Partners

☆ Carbon accounting startup Plan A just raised $27 million in a round led by Lightspeed Venture Partners with this 11-slide pitch deck
▼ + stars: | 2023-09-19 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +3 min

Carbon accounting startup Plan A has just secured $27 million in a round led by Californian tech investor Lightspeed Venture Partners. Berlin-based Plan A, founded in 2017, is one of many startups helping big companies measure and manage their carbon emissions. Carbon accounting companies raised $5 billion at the sector's 2021 peak, per PitchBook, as venture capitalists and large asset managers piled into the buzzy category. One way Plan A differentiates itself is its steady pace, cofounder and CEO Lubomila Jordanova told Insider. Operating in a hype market can be tricky because it deflates the value of carbon accounting in the long term, she said.

Persons: Lubomila Jordanova, Jordanova Organizations: Lightspeed Venture Partners, Visa, Deutsche Bank, Opera Tech Ventures, BNP, BMW, BMW Group, Greenhouse, TÜV Rheinland Locations: Berlin, Europe, France, Scandinavia, Paris, London

☆ Pinterest shares rally after executives tell Wall Street that growth is reaccelerating
▼ + stars: | 2023-09-19 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Pinterest shares rose as much as 5% and closed up 3% on Tuesday after company executives said they expect year-over-year revenue growth to accelerate following a slowdown in 2022 and 2023. Revenue growth was under 9% last year and analysts are projecting expansion of about 8% this year. In April, Pinterest announced an advertising partnership with Amazon . Pinterest stock is up 8% this year, trailing the Nasdaq's nearly 31% gain. WATCH: Pinterest's Amazon partnership will help the shopping experience, says venture capitalist Kamran Ansari

Persons: Pinterest, Ben Silbermann, Pinterest's, Bill Ready, Martha Welsh, Julia Donnelly, Donnelly, Kamran Ansari Organizations: New York Stock Exchange, Google, Amazon

☆ I've conducted hundreds of interviews at Amazon and other tech companies. The hiring process may seem lengthy, but it's necessary.
▼ + stars: | 2023-09-19 | by ( Brandon Southern | ) www.businessinsider.com time to read: +9 min

He writes that hiring managers have to be cautious when hiring because their reputations are on the line. While there are some interviews that do feel excessive, many are not, and they are a normal part of a hiring manager's desire to be cautious when hiring a new employee. Dealing with situations like these certainly cause hiring managers to be extra cautious when interviewing and hiring candidates. AdvertisementAdvertisementWith only two or three interviewers, one interviewer will be the hiring manager and the other interviewers likely report to the hiring manager. I've been contacted by companies for jobs that I haven't applied for, and they asked me to write multiple strategy documents before scheduling a call with the hiring team.

Persons: Brandon Southern, I've, they're, isn't, we've Organizations: Amazon, eBay, GameStop, Service, LinkedIn Locations: Southern, Wall, Silicon

☆ Amazon devices unit morale wanes amid cuts, weak development pipeline
▼ + stars: | 2023-09-19 | by ( Greg Bensinger | Thomson Reuters | Greg Bensinger Joined Reuters As A Technology Correspondent In Focusing On The World'S Largest Technology Companies. He Was Previously A Member Of The New York Times Editorial Board | ) www.reuters.com time to read: +8 min

Amazon hopes consumers will install Alexa-enabled devices in more rooms of their homes and become accustomed to using the system throughout the day, the sources said. Amazon has said its devices and services business is not profitable, without providing figures. Amazon is set to name as successor Microsoft's Panos Panay who oversaw development of the Surface, according to Bloomberg. Alexa employees were included in rounds of layoffs beginning last year resulting in 27,000 job cuts across Amazon. For years, Amazon has said it can sell devices for close to production cost and see a profit through services offered on them.

Persons: Jeff Bezos, Dave Limp, Alexa, Kinley Pearsall, Amazon, hasn’t, “, ”, Avi Greengart, Limp, Microsoft's Panos Panay, Gregg Zehr, Tom Taylor, Ken Washington, Andy Jassy, Siri, That’s, Bruno Borges, I‘m, Greg Bensinger, Ken Li, Claudia Parsons Organizations: FRANCISCO, Reuters, Alexa, Amazon, Devices, Google, Microsoft, Echo, “, Bloomberg, Astro, Medtronic, Intelligence, Amazon.com, Lightform, Thomson Locations: Amazon’s, Lab126, Alphabet’s, Vancouver, Canada

☆ Instacart closes up 12% in Nasdaq debut, after first-day rally sputters
▼ + stars: | 2023-09-19 | by ( Ari Levy | ) www.cnbc.com time to read: +4 min

Instacart shares rose 12% in their Nasdaq debut on Tuesday after the grocery delivery company's long-awaited IPO. The stock initially popped 40% to open at $42, but closed at $33.70 as investors locked in their initial gains. At $11.2 billion, Instacart is valued at about 3.9 times annual revenue. Food delivery provider DoorDash , which Instacart named as a competitor in its prospectus, trades at 4.1 times revenue. Uber's stock trades for less than three times revenue.

Persons: Instacart, Andreessen Horowitz, Rowe Price, company's Uber, Fidji Simo, CNBC's Deirdre Bosa, It's, Brandon Leonardo, Maxwell Mullen, Apoorva Mehta Organizations: Nasdaq, Software, Kroger, Costco, Sequoia, Fidelity, Target, Walmart Locations: Tuesday's, U.S, Amazon

☆ New layoffs at Twitter hit trust and safety workers even as advertisers worry about toxic speech
▼ + stars: | 2023-09-19 | by ( Kali Hays | ) www.businessinsider.com time to read: +3 min

Elon Musk recently laid off more Twitter employees working on the platform's trust and safety efforts, roles typically crucial to keeping a social media platform safe for advertisers. While this layoff only affected a handful of people, five to 10, it was focused entirely on workers in trust and safety. Such workers are responsible for overseeing daily communications on Twitter, and mitigating the appearance and spread of toxic content, mainly so businesses feel comfortable advertising on the platform. As Musk courts controversy , conspiracy , and antisemitism , the advertising business on Twitter, renamed X, has plummeted by more than half and usage has waned . By mid-November, Twitter's trust and safety team had no engineers and no agents, as Insider reported, leaving the team mainly in the hands of people who did administrative work.

Persons: Elon, Twitter's, Musk, Linda Yaccarino, Kali Hays Organizations: Twitter, Engineering, Yaccarino, Defamation League Locations: khays@insider.com, @hayskali

☆ Amazon adding 250,000 workers for the holidays and bumping average pay
▼ + stars: | 2023-09-19 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +1 min

It's also bumping the average hourly pay for warehouse and delivery workers. The hires will include full-time, part-time and seasonal warehouse and delivery employees, Amazon said. The company said warehouse and delivery employees will now make $20.50 an hour on average, up from $19 an hour. Amazon has gradually raised the average starting pay for its frontline workforce in recent years amid growing labor tensions. With the latest pay hike, some locations will offer employees up to $28 an hour, Amazon said.

Persons: It's Organizations: Amazon, Walmart Locations: Eastvale , California, U.S

Student loan repayments restart in October after a three-year suspension during the COVID-19 pandemic. In isolation, none would likely shift policymakers' sense of the short-term risks or change their focus on quelling still-elevated inflation. By Goldman's estimate the economy would still be growing at a 1.3% annual rate at that point. But the amounts they see sliced from GDP are more than the 1% growth rate Fed officials expected the economy to muster as of June, and beyond many private forecasts as well. Some economists say the resumption of student loan repayments for tens of millions of borrowers may already be reshaping behavior.

Persons: Goldman Sachs, Vincent Reinhart, Reinhart, Michael Pearce, Ian Shepherdson, Kieran Clancy, They've, Howard Schneider, Dan Burns, Andrea Ricci Organizations: . Federal Reserve, United Auto Workers, Federal, Republicans, Reuters Graphics Reuters, Mellon, Reuters, Oxford Economics, Congressional, U.S . Department, Education, Thomson

☆ Instacart prices IPO at $30 a share, valuing grocery-delivery company at about $10 billion
▼ + stars: | 2023-09-18 | by ( Ari Levy | ) www.cnbc.com time to read: +4 min

Instacart, the grocery-delivery company that saw its business boom during the pandemic, priced its long-awaited IPO at $30 a share on Monday, and will become the first notable venture-backed tech company to hit the U.S. public market since December 2021. There were 22 million shares sold in the initial public offering, with 14.1 million coming from the company and 7.9 million from existing shareholders. Instacart co-founder Apoorva Mehta owns shares worth over $800 million, and is selling a small portion of them in the IPO. The company said co-founders Brandon Leonardo and Maxwell Mullen are each selling 1.5 million, while Mehta is selling 700,000. Former employees, including those who were in executive roles as well as in product and engineering, are selling a combined 3.2 million shares.

Persons: Instacart, Andreessen Horowitz, Rowe Price, Apoorva Mehta, Mehta, Fidji Simo, Simo, Goldman Sachs, JPMorgan Chase, Brandon Leonardo, Maxwell Mullen Organizations: Nasdaq, Kroger, Costco, Sequoia, Fidelity, Target, Walmart, Facebook, JPMorgan Locations: Amazon

☆ Mojave wants to make air conditioning more sustainable. Check out the 12-slide pitch deck it used to raise a $12.5 million seed round.
▼ + stars: | 2023-09-18 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +3 min

A startup making air conditioning systems more efficient has just raised a $12.5 million seed round co-led by VC funds At One Ventures and Fifth Wall, which invests in real estate tech. California-based Mojave has developed an air conditioning system that uses 50% less energy and 20% less refrigerant than existing systems, it claims. A heating, ventilation, and air conditioning (HVAC) system's footprint is mainly split between the energy used to control the temperature and what it takes to remove humidity, the research found. The "big breakthrough" was finding a way to cool the desiccant with cool air, Farese said. The startup is tackling the outdoor air system (DOAS) market, which refers to systems that precondition air coming into a building from outside.

Persons: Philip Farese, Farese, DOAS Organizations: One Ventures, Palo Alto Research, PARC, National Renewable Energy Laboratory, Xerox PARC, Xerox Ventures, Starlight Ventures Locations: California, Mojave

☆ The boss is back in charge
▼ + stars: | 2023-09-17 | by ( Beatrice Nolan | Sarah Jackson | ) www.businessinsider.com time to read: +7 min

After a brief transition of power to workers, it feels like bosses are back in charge. Between the rise of AI, return-to-office mandates, and layoffs — employee anxiety is high. Between the rise of job-threatening AI, strict return-to-office mandates, and sweeping layoffs, it feels like bosses are clawing back what little remains of employees' power . The economic trend began in early 2021 in the wake of the pandemic and saw millions of workers quit their jobs . AdvertisementAdvertisementThe charge is largely being led by Big Tech and banks, with varying degrees of severity and pushback.

Persons: didn't, Peter Cappelli, Cappelli, Erin Kelly, Stanford, Nick Bloom, they're, Raj Choudhury, OpenAI's ChatGPT Organizations: Service, Companies, Wharton Business School, MIT Sloan, Big Tech, Amazon, Web Services, Harvard Business School, Octopus Energy Locations: Wall, Silicon

☆ Most Americans don't trust companies to use AI responsibly, study finds
▼ + stars: | 2023-09-15 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

It found that 79% of Americans had little or no trust that the tech would be used responsibly. Only 21% of respondents said they trusted businesses with AI "a lot" or "some." An August Gallup survey asked people if they trusted businesses to use AI responsibly. Only 21% of respondents said they trusted businesses with AI "a lot" or "some." AdvertisementAdvertisementThe researchers said the rapid development of generative AI technology "may be changing the stereotype of what computers can do in the workplace."

Persons: Gallup, OpenAI's Organizations: Gallup, Service Locations: Wall, Silicon

☆ Sequoia and Andreessen get hosed on their 2021 Instacart investment, after a 75% plunge in valuation
▼ + stars: | 2023-09-15 | by ( Ari Levy | ) www.cnbc.com time to read: +5 min

That's more than 75% below where Sequoia and Andreessen invested in early 2021. At that time, Instacart sold shares at $125 a piece for a $39 billion valuation. The 400,000 shares it purchased in 2021 are a small sliver of the 51.2 million shares it owns. Neither Sequoia nor Andreessen participated in that round. Even if Instacart's IPO can't lift its valuation anywhere near its Covid-era peak, it's likely that Sequoia, Andreessen and other venture firms are hoping it helps lift public investor enthusiasm for new tech stocks.

Persons: Andreessen Horowitz, Instacart, Andreessen, Covid shutdowns, Nick Giovanni, Sequoia's Mike Moritz, Rowe Price, It's, haven't, VCs, DoorDash, hasn't, there's, isn't, Valiant Peregrine Organizations: Sequoia Capital, D1 Capital Partners, Federal, Consumers, Nasdaq, Sequoia, Valiant, D1 Locations: Sequoia, IPOs, U.S, Instacart, SoftBank

☆ Salesforce is hiring over 3,000 people, despite axing 10% of staff in brutal job cuts earlier in 2023
▼ + stars: | 2023-09-15 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

Salesforce will look to hire around 3,000 new employees, CEO Marc Benioff told Bloomberg this week. The company announced plans to lay off 10% of its staff earlier this year in a major cost-cutting effort. Benioff is now urging former staff who joined other firms to return to the company. Millham told Bloomberg: "We have some very successful parts of our business right now, and we want a surge in those areas." Benioff told Bloomberg that he is hoping to attract significant numbers of "boomerangs" — employees who previously worked at Salesforce and moved to other firms — to return to the company in the new hiring drive.

Persons: Marc Benioff, Brian Millham, Millham, Ashley Stewart, Benioff Organizations: Bloomberg, Service, Bloomberg News, Employees Locations: Wall, Silicon, San Francisco, Salesforce

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