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☆ Wall Street banks shed jobs to ease cost pressures
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

Morning commuters walk on Wall Street in New York's financial district October 30, 2014. Others, like Citigroup (C.N), are preparing to cut jobs as part of a structural revamp targeted to remove complexity. It also laid off nearly 1,000 employees from First Republic Bank, the collapsed lender it had acquired from the Federal Deposit Insurance Corp. The bank laid off about 3,200 people earlier this year in its biggest headcount reduction since the 2008 financial crisis. Lazard (LAZ.N) -The New York-based investment bank said it would cut around 10% of its workforce in 2023.

Persons: Brendan McDermid, Goldman Sachs, Morgan Stanley, JPMorgan Chase, Wells Fargo, Wells, Mike Santomassimo, Santomassimo, Charles Schwab, Lazard, Jaiveer Singh, Maju Samuel Organizations: REUTERS, Banking, Citigroup, JPMorgan, First Republic Bank, Federal Deposit Insurance Corp, Reuters, Financial Times, Bloomberg News, Wall Street, UBS Group, Credit, Thomson Locations: New, U.S, New York, York, Bengaluru

☆ From rolling out OpenAI's GPT-4 to employees to preventing $27 billion in fraud, Visa exec Rajat Taneja opens up about the payments giant's AI playbook
▼ + stars: | 2023-09-14 | by ( Bianca Chan | ) www.businessinsider.com time to read: +4 min

Visa relies on AI for mission-critical tasks like processing payments, detecting fraud, and securing its massive network infrastructure. It has more than 300 AI models that are live and operating. "AI is going to be a huge part of how we grow, but it'll also be part and parcel of everybody's work," Taneja said. Visa continues to experiment with similar AI models, like Meta's AI model Llama 2 and those from French-American company Hugging Face, Taneja said. Visa introduced AI models that ingest billions of data points every day to train on, learn patterns, and identify any cybersecurity or payment-security threats.

Persons: It's, Rajat Taneja, it'll, Taneja, it's, coder, counterfeits Organizations: Visa, Microsoft Locations: American

As some high-valued tech startups look to the long-dormant IPO market for their next funding round, Databricks is still finding investors that are happy to keep the company private, at least for now. Databricks, which sells data analytics software, said Thursday that it raised more than $500 million in fresh capital at a $43 billion valuation. Founded in 2013 and based in San Francisco, Databricks last announced funding during the boom market of 2021, at a $38 billion valuation. However, unlike fellow software IPO candidates Canva and Stripe, Databricks has managed to maintain its share price. In the latest round, shares were sold at $73.50 a piece, roughly equal to where they were priced in 2021.

Persons: Databricks, Snowflake, Ali Ghodsi, Headcount Organizations: Nvidia Locations: San Francisco, Databricks

LOS ANGELES (AP) — This week the United States’ biggest newspaper chain posted to its site two unusual job listings: a Taylor Swift reporter and a Beyoncé Knowles-Carter reporter. Political Cartoons View All 1157 ImagesSome journalists criticized the listings for presenting superfan behavior as a full-time journalism job, especially as job opportunities shrink and music journalists are paid low wages. “If there wasn’t that component to it, there wouldn’t be a Beyoncé reporter,” Tinsley said. “It is a bit odd, but Taylor Swift Inc., I guess you would call it, is a big economic driver right now,” said Eric Grode, director of the Goldring Arts Journalism and Communications program at Syracuse University. Representatives for Swift and Beyoncé did not immediately respond to requests for comment.

Persons: Taylor Swift, Knowles, Carter, it'll, Beyoncé Knowles, Omise’eke Tinsley, “, ”, ” Tinsley, Amy Chozick, Hilary Clinton, Suzy Exposito, ” Exposito, Eric Grode, “ Taylor Swift, Grode, ” Rick Edmonds, Taylor, Exposito, Soraya Roberts, Tinsley, Swift, Beyoncé, David Bauder Organizations: ANGELES, States ’, Gannett, USA, Swift, New York Times, Los Angeles Times, Taylor Swift Inc, Goldring Arts Journalism, Communications, Syracuse University, Poynter Institute, AP Locations: Nashville, Beyoncé, New York

☆ Binance.US says CEO Shroder to depart, 100 jobs will be cut
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

A logo on the Binance exhibition space at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 15, 2022. Shroder will be replaced by general counsel Norman Reed, who joined the company in December 2021, on an interim basis. Binance and Binance.US have maintained that they operate separately. Its global head of product, Mayur Kamat, resigned early this month and its chief strategy officer, Patrick Hillmann, left in July. Reporting by Rishabh Jaiswal, Chandni Shah and Juby Babu in Bengaluru; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Benoit Tessier, Brian Shroder, Norman Reed, Binance.US, Changpeng Zhao, Binance, Kamat, Patrick Hillmann, Rishabh Jaiswal, Chandni Shah, Juby Babu, Edwina Gibbs Organizations: Viva Technology, Porte de, REUTERS, U.S, U.S . Securities, Exchange Commission, SEC, Thomson Locations: Porte, Paris, France, Bengaluru

He wants to shut down five federal agencies, including the FBI and the Department of Education. Even as he runs against Trump, Ramaswamy has repeatedly praised him as the most effective president this century. Ramaswamy is not the only Republican candidate to suggest slashing the federal workforce. They have been working on drafting a plan for when Trump returns to the White House to oust federal employees and replace them with like-minded officials. Regarding the plan for the FBI, Ramaswamy said he would fire 20,000 employees deemed to be in non-essential roles and send 15,000 to the U.S.

Persons: Vivek Ramaswamy, Donald Trump, headcount, ” Ramaswamy, Trump, Ramaswamy, Matt Gaetz, Trump’s, Ron DeSantis, ”, “ Organizations: FBI, Trump, America, Policy Institute, Department of Education, Regulatory Commission, Alcohol, Tobacco, Firearms, Explosives, Food and Nutrition Service, U.S, Rep, Republican, Florida Gov, Internal Revenue Service, Department of Commerce, Department of Energy, U.S . Marshals Service, Drug Enforcement Administration, U.S . Department of, Treasury Locations: Washington, Florida

☆ Google is laying off hundreds in its recruitment division
▼ + stars: | 2023-09-13 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

New York CNN —Google confirmed it will lay off hundreds of staff members who helped recruit and hire employees, as Silicon Valley continues its cost-cutting efforts. “To ensure we operate efficiently, we’ve made the hard decision to reduce the size of our recruiting team.”The layoffs were earlier reported by Semafor and CNBC. Google also said the recruiting cuts are not part of any wider layoffs, and that affected employees will be supported with severance offers and other benefits. Some Google recruiters for the company’s cloud, user experience, software engineering and other teams posted on LinkedIn, noting they had been affected by the layoffs. As of the end of 2022, Alphabet had 190,234 employees, according to a filing with the Securities and Exchange Commission.

Persons: Sundar Pichai, ”, Courtenay Mencini, we’ve Organizations: New, New York CNN, Google, Semafor, CNBC, LinkedIn, Securities and Exchange Commission, Meta, Microsoft, Mobile Locations: New York, Silicon

☆ Why RTO mandates are layoffs in disguise, according to workplace experts: ‘Companies are daring employees to quit’
▼ + stars: | 2023-09-12 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +6 min

However, that is exactly what some companies want, according to workplace experts that CNBC Make It spoke to. RTO is a cheap and dirty way for companies to avoid legal complications and financial obligations associated with layoffs. "Rolling back those gains, such as remote work and flexible hours, is audacious, but companies are daring employees to quit," Ruettimann added. "RTO is a cheap and dirty way for companies to avoid legal complications and financial obligations associated with layoffs," said Ruettimann. "Announcing direct layoffs can lead to a drop in morale among remaining employees, which could affect productivity and overall workplace atmosphere," he added.

Persons: Dan Schawbel, Laurie Ruettimann, Meghan Biro, Schawbel, Ruettimann, It's Organizations: Companies, Workplace Intelligence, New York Times, CNBC, Bloomberg, Employees

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. Wells Fargo had 233,834 employees at the end of the June quarter compared to 243,674 in the second quarter last year. Even though there is systematic stress in office real estate, the other portfolios are performing well, Santomassimo said. In the June quarter, Wells Fargo increased its allowances for credit losses by $949 million to account for potential losses in office loans. Wells Fargo is still operating under an asset cap that prevents it from growing until regulators deem that it has fixed problems from a fake accounts scandal.

Persons: Wells, Mike Santomassimo, Santomassimo, Wells Fargo, Nupur Anand, Andrea Ricci Organizations: REUTERS, Thomson Locations: Wells Fargo Bank, New York City, U.S, Wells Fargo, New York

☆ Carbon accounting company Optera just raised a $12 million Series A with this redacted 7-slide pitch deck
▼ + stars: | 2023-09-12 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +3 min

Carbon accounting startup Optera just a raised $12 million Series A round. We got a look at the 7-slide pitch deck the company used to raise the cash. US carbon accounting company Optera has raised $12 million in Series A funding. The Colorado-based firm, founded in 2006 as a boutique consultancy, helps big companies measure, track, and report their emissions. The round was led by existing investor Next Frontier Capital, with participation from Blackhorn Ventures, Mucker Capital, Overture, Engage, Massive, SaaS Ventures, Valo Ventures, AngelList, and Stout Street Capital.

Persons: Optera, Tim Weiss, Weiss, headcount Organizations: Frontier, Dell, Sonoma, Blackhorn Ventures, Mucker, SaaS Ventures, Valo Ventures, AngelList, Stout Locations: Europe, Asia, Colorado, verticals, Grove, Williams, North America

☆ UBS job cuts are tiny strike at Asia wealth fears
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

The logo of UBS Group is seen at an office building in Hong Kong, China March 20, 2023. The headcount reduction is tiny compared to the thousands it slashed in Europe but it hits on two regional wealth worries. Their risk-taking appetite has diminished as the end of cheap money fuels a shakeout in valuations. More significantly, the pruning of jobs in Hong Kong and Singapore hints at a muted outlook for banks that have thrived on handling assets of rich families. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Tyrone Siu, Una Galani, Katrina Hamlin Organizations: UBS Group, REUTERS, Tyrone, Rights, Reuters, UBS, Credit Suisse, X, Warner Bros Discovery, Thomson Locations: Hong Kong, China, Rights SINGAPORE, Swiss, Asia, Europe, Indonesia, Singapore

Pennsylvania State Police posted on X, the platform formerly known as Twitter, that the department was pursuing Danelo Souza Cavalcante in South Coventry Township. Cavalcante slipped out of the 8-square-mile (13-square-kilometer) search area over the weekend, stole a dairy delivery van that had been left unlocked with the keys in it. He abandoned it more than 20 miles (32 kilometers) north of the search area, after unsuccessfully seeking help at the homes of two former colleagues late Saturday, police said. Even though Cavalcante slipped through the perimeter, it won't make things easier, Caine suggested. Bivens declined to discuss whether Cavalcante has received assistance from others, but he said no such arrests have been made.

Persons: Danelo Souza Cavalcante, Cavalcante, George Bivens, ” Bivens, he’s, “, Válter Júnior Moreira dos Reis, Craig Caine, there’s, Caine, isn't, ”, Bivens, Eléonore Hughes Organizations: Pennsylvania State Police, South Coventry Township . Police, U.S . Marshal’s Service, New, Fugitive, Force, Associated Press Locations: Pennsylvania, South Coventry Township, Chester, Brazil, Tocantins, Figueirópolis, New York, New Jersey, United States, Rio de Janeiro

Shortly after 10 p.m. Saturday, police said, Cavalcante went to the Phoenixville area home of another former work associate, who wasn't home, police said. “I do not have a report of a stolen vehicle; I anticipate that we will,” he said. Cavalcante, 34, escaped from the Chester County Prison while awaiting transfer to state prison on Aug. 31 after being sentenced to life for fatally stabbing his ex-girlfriend in 2021. Police on Saturday had reported two more confirmed sightings of Cavalcante within the search area around the Longwood Gardens botanical park, the center of the search in recent days. Police had been planning to use close to 600 personnel Monday for “one massive sweep” of the search area, he said.

Persons: George Bivens, Danelo Souza Cavalcante, Bivens, “, ”, “ We’ll, Dairy, Cavalcante, van, he’s, Cavalcante’s, Válter Júnior Moreira dos Reis Organizations: —, Pennsylvania State Police, Prosecutors, Police, Saturday, Authorities, Friday Locations: Pa, Pennsylvania, East Pikeland Township, Phoenixville, Pikeland, East Nantmeal Township, Chester, Brazil, Longwood, Tocantins, Figueirópolis

Sept 11 (Reuters) - Klaviyo is seeking a fully-diluted valuation of up to $8.4 billion in its initial public offering (IPO) in the United States, the marketing firm said on Monday, as it becomes the latest company to tap a growing wave of stock market listings. However, the company's proposed valuation is a climb-down from the $9.15 billion pre-money valuation at which Klaviyo last raised capital in 2021, reflecting a broader gloom in the technology startup ecosystem. Founded in 2012, Klaviyo helps store and analyze data for e-commerce brands that enables them to send out personalized marketing emails and messages to potential customers. Klaviyo posted 51% growth in revenue to $164.6 million for the three months ended June 30. The company is expected to debut in September, a busy month for stock market listings that could serve as a litmus test for other companies looking to go public.

Persons: Andrew Bialecki, Klaviyo, AllianceBernstein, Goldman Sachs, Morgan Stanley, Sri Hari, Manya, Niket Nishant, Shweta Agarwal, Maju Samuel Organizations: Arm Holdings, Neumora Therapeutics, Summit Partners, BlackRock, New York Stock Exchange, Citigroup, underwriters, Sri, Manya Saini, Thomson Locations: United States, Boston, United Kingdom, Australia, Bengaluru

☆ Exclusive: Goldman shrinks executive committee in reshuffle, moves admin officer to banking, markets -memo
▼ + stars: | 2023-09-11 | by ( Saeed Azhar | ) www.reuters.com time to read: +3 min

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly Acquire Licensing RightsNEW YORK, Sept 11 (Reuters) - Goldman Sachs has named Chief Administrative Officer Ericka Leslie to head operations for global banking and markets, its largest division, according to a memo seen by Reuters. The move reduces the bank's number of executive officers to eight, for now, and leaves just two women in the group. The two women still in the executive officer group are Sheara Fredman, who is chief accounting officer and Chief Legal Officer and General Counsel Kathryn Ruemmler. The group is led by CEO David Solomon and includes John Waldron, president and chief operating officer, and Denis Coleman, chief financial officer.

Persons: Goldman Sachs, Andrew Kelly, Ericka Leslie, Fredman, Kathryn Ruemmler, David Solomon, John Waldron, Denis Coleman, Leslie, Goldman, Will Bousquette, Marc Nachmann, Nachmann, Laurence Stein, Julian Salisbury, Solomon, Saeed Azhar, Lananh Nguyen, Megan Davies, Jason Neely Organizations: New York Stock Exchange, REUTERS, Reuters, Sixth, CNBC, Financial Times, Thomson Locations: New York City , New York, U.S

Cavalcante is now clean-shaven and wearing a yellow or green hooded sweatshirt, black baseball cap, green prison pants and white shoes, the statement said. Cavalcante was operating a 2020 White Ford Transit van bearing Pennsylvania registration ZST-8818, police said on X (formerly known as Twitter). Cavalcante, 34, escaped from the Chester County Prison while awaiting transfer to state prison on Aug. 31 after being sentenced to life for fatally stabbing his ex-girlfriend in 2021. Prosecutors say he wanted to stop her from telling police that he’s wanted in a killing in his home country of Brazil. Political Cartoons View All 1148 ImagesPhoenixville is about 13 miles (21 kilometers) northeast of the prison.

Persons: —, Danelo Souza Cavalcante, Cavalcante, he’s Organizations: Pennsylvania State Police, White Ford Transit, Prosecutors, Authorities, Police, Friday Locations: Pa, Pennsylvania, Phoenixville, Chester County, Cavalcante, Chester, Brazil

WEST CHESTER, Pa. (AP) — Police on Saturday reported two more confirmed sightings of an escaped murderer on the run for more than a week in southeast Pennsylvania amid a search by hundreds of law enforcement officers. Danelo Souza Cavalcante, 34, escaped from the Chester County Prison while awaiting transfer to state prison on Aug. 31 after being sentenced to life for fatally stabbing his ex-girlfriend in 2021. Prosecutors say he wanted to stop her from telling police that he’s wanted in a killing in his home country of Brazil. Authorities believe Cavalcante, spotted almost a dozen times since his escape, has managed to obtain clothing and other supplies. There’s now a $20,000 reward for information leading to the capture of Cavalcante, whose escape has attracted international attention and became big news in Brazil.

Persons: Danelo Souza Cavalcante, he’s, George Bivens, Michelle Bjork, There’s, Cavalcante, Danilo Souza Cavalcante, Válter Júnior Moreira dos Reis Organizations: WEST CHESTER, — Police, Prosecutors, Authorities, Pennsylvania, Police, ”, Friday, ” Authorities Locations: Pa, Pennsylvania, Chester, Brazil, Longwood, East Marlborough Township, Philadelphia, Kennett, Rio de Janeiro, Tocantins, Figueirópolis

☆ Goldman Sachs plans fresh round of job cuts for underperformers - FT
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 7 (Reuters) - Goldman Sachs (GS.N) is planning for another round of job cuts for employees who are deemed underperformers, which could come as soon as late October, the Finanical Times reported on Thursday, citing people familiar with the matter. The bank cut 500 employees in September 2022, Reuters had reported earlier, citing sources. Goldman Sachs did not immediately respond to a Reuters request for comment on the report. Reporting by Juby Babu in Bengaluru and Saeed Azhar in New York; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Goldman Sachs, Andrew Kelly, Goldman, Juby Babu, Saeed Azhar, Rashmi Organizations: New York Stock Exchange, REUTERS, Finanical Times, Reuters, Thomson Locations: New York City , New York, U.S, Bengaluru, New York

☆ Watch CNBC's full interview with T-Mobile's Mike Sievert on competition in telecom space
▼ + stars: | 2023-09-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with T-Mobile's Mike Sievert on competition in telecom spaceMike Sievert, T-Mobile President and CEO, joins 'Power Lunch' to discuss T-Mobile offering a $19 billion buyback plan with $3.75 billion in dividends, reducing headcount to abate the costly economic headwinds, and offsetting the impacts of rising hardware costs.

Persons: Mike Sievert Organizations: Mobile

☆ Opna helps corporates invest in carbon removal. It just raised $6.5 million with this 11-slide pitch deck.
▼ + stars: | 2023-09-05 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Opna, a startup that helps carbon removal projects get funded, just raised $6.5 million. Opna, which helps corporations invest in carbon removal or reduction projects, has just secured $6.5 million from European venture capital firm Atomico. The London-based startup, founded in 2022 as Salt, helps corporations find, fund, and monitor carbon removal projects. Carbon removal projects generate carbon credits, one of which represents one ton of Co2 removed from or prevented from entering the atmosphere. This led to market hesitation and a subsequent move to fund carbon removal projects directly via forward-purchasing and long-term off-take agreements.

Persons: Shilpika Gautam, Gautam, Opna, Tiny Organizations: Stripe's Frontier Fund Locations: London, India, Gaumukh, Atomico

☆ Euro zone August downturn deeper than was thought
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 5 (Reuters) - The decline in euro zone business activity accelerated faster than initially thought last month as the bloc's dominant services industry fell into contraction, according to a survey which suggests the bloc could drop into recession. REUTERS/Jon Nazca Acquire Licensing RightsThe headline services PMI sank to 47.9 from 50.9, below the flash 48.3 estimate, as indebted consumers feeling the pinch from increased borrowing fees and high living costs reined in spending. The new business index, a gauge of demand, dropped further below breakeven to 46.7 from 48.2, a low not seen since early 2021. Still, the downturn in manufacturing eased last month, suggesting the worst may be over for the bloc's beleaguered factories, a sister survey showed on Friday. The composite employment index dropped to 50.2 from 51.4.

Persons: Cyrus de la Rubia, Jon Nazca, Employers weren't, Jonathan Cable, Hugh Lawson Organizations: P Global, Hamburg Commercial Bank, REUTERS, PMI, Employers, Thomson Locations: July's, Hamburg, Ronda, Spain

☆ Climate tech startups Utopi and Materials Nexus raised a combined $9 million. Here's the pitch decks they used to win over investors.
▼ + stars: | 2023-09-04 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +3 min

British climate tech startups Materials Nexus and Utopi have both raised funds recently. London-based Materials Nexus raised $2.8 million while Glasgow-based Utopi secured $6.3 million. British climate tech startups Materials Nexus and Utopi raised a combined $9.1 million recently. London-based Materials Nexus is using artificial intelligence to curb the green transition's reliance on mining metals. See the 11-slide redacted pitch deck from Materials Nexus below:Materials NexusMaterials NexusMaterials NexusMaterials NexusMaterials NexusMaterials NexusMaterials NexusMaterials NexusMaterials NexusMaterials NexusMaterials NexusUtopi plots US expansion with new fundsGlasgow-based startup Utopi, founded in 2019, recently secured £5 million (around $6.3 million) in an investment round backed by the Scottish National Investment Bank.

Persons: Utopi, Jonathan Bean Organizations: Ada Ventures, Nexus, Scottish National Investment Bank Locations: London, Glasgow, Cambridge

☆ BeReal is set to make its first marketing hire — but experts say it could be too late for the app to recapture its early buzz
▼ + stars: | 2023-09-04 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +3 min

BeReal recently posted a job ad for its first-ever communications and marketing lead. Social-media experts said it's probably too late for BeReal to recapture its early buzz. BeReal, the French photo-sharing app startup, is set to make its first-ever marketing hire but social-media experts say it may be too late to recapture the early buzz. But BeReal appeared to have missed its moment to capitalize on its surge in popularity in 2022, experts have said. Ultimately, it could be too late for BeReal to turn itself around without a substantial pivot, experts said.

Persons: BeReal, it's, they've, Colin Kennedy, influencers, Kennedy, Paul Armstrong, Armstrong Organizations: US App Stores Locations: BeReal, Europe

☆ Pickering Energy Partners launches oil and gas investment banking unit
▼ + stars: | 2023-09-01 | by ( David French | ) www.reuters.com time to read: +3 min

Sept 1 (Reuters) - Pickering Energy Partners (PEP) is launching a financial advisory unit for oil and gas dealmaking, the investment firm said on Friday, doubling down on traditional fossil fuels as some banks are becoming wary about the industry and ramping up their bets on clean energy. The launch of the investment banking unit marks a return to oil and gas advisory services for Dan Pickering, the veteran energy financier who helped form Tudor, Pickering, Holt & Co, an energy boutique bank that was acquired by Perella Weinberg Partners (PWP.O) in 2016. Houston-based PEP has an existing investment banking unit that focuses solely on energy transition, while the firm's other offerings include equity research, investment funds, and consulting services. All non-compete agreements between the two firms have now expired, enabling Pickering to pursue oil and gas advisory work. Banks including BNP Paribas (BNPP.PA), Bank of Montreal (BMO.TO) and Bank of Nova Scotia (BNS.TO) have pulled back from oil and gas dealmaking over the past few years.

Persons: Dan Pickering, Tudor, Perella Weinberg, dealmakers, Jason Kivett, Robyn Underwood, Pickering, Banks, David French, Anirban Sen, Sherry Jacob, Phillips Organizations: Pickering Energy Partners, Holt & Co, Barclays Plc, Houston, BNP, Bank of Montreal, Bank of Nova, Credit Suisse, UBS Group AG, Reuters, Thomson Locations: Pickering, Bank of Nova Scotia, New York

☆ UBS to cut 3000 Swiss jobs as it slashes costs by $10 bln
▼ + stars: | 2023-08-31 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. UBS also announced it would be keeping Credit Suisse's domestic bank - and the ensuing job losses are expected to result in a backlash in Switzerland. Hanging on to existing Credit Suisse clients is seen as key if UBS is to successfully pull off the Herculean deal. Groupwide UBS results include just one month of Credit Suisse earnings as the deal only closed in June. The bumper profit is due to a huge one-off gain that reflects how the acquisition costs were far below Credit Suisse's value.

Persons: Denis Balibouse, Ermotti, Sergio Ermotti, Noele Illien, John O'Donnell, Edwina Gibbs Organizations: Credit Suisse, UBS, REUTERS, Suisse, Thomson Locations: Zurich Switzerland, Switzerland, ZURICH, Swiss

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