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☆ Factbox: Tech firms, Wall Street titans lead job cuts in corporate America
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +8 min

REUTERS/Lucy Nicholson/File PhotoFeb 8 (Reuters) - Big Tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out a global economic downturn. Here are some of the job cuts by major American companies announced in recent weeks. TECHNOLOGY, MEDIA AND TELECOM SECTORIBM Corp (IBM.N):The software and consulting firm said it will lay off 3,900 employees. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. MANUFACTURING SECTOR3M Co (MMM.N):The industrial conglomerate said it would cut 2,500 manufacturing jobs after reporting a lower profit.

REUTERS/Dado Ruvic/IllustrationFeb 1 (Reuters) - Match Group Inc (MTCH.O) said on Wednesday it would lay off about 8% of its workforce, a day after it forecast first-quarter revenue below Wall Street expectations. Shares of the Texas-based firm were down 7.8%, having lost 11% after the bell on Tuesday following its downbeat forecast. The dating company joins Big Tech firms and Wall Street titans in reducing staff as they strive to cut costs amid concerns of a recession. The workforce reductions at Match are in-line with staff cuts across the broader tech sector, Zino added. Reuters GraphicsMatch forecast first-quarter revenue between $790 million and $800 million on Tuesday, lower than analysts' estimates of $817.3 million, according to Refinitiv data.

☆ Payments firm PayPal to lay off 7% of its workforce to cut costs
▼ + stars: | 2023-01-31 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

Jan 31 (Reuters) - PayPal Holdings Inc (PYPL.O) said on Tuesday it is planning to cut 7% of its workforce, or about 2,000 employees, the latest in a list of fintech firms to be hit by the economic slowdown. The payments firm also joins Big Tech firms and Wall Street titans, which are executing layoffs across corporate America as companies look to rein in costs to ride out the downturn. Shares of the payments firm, which lost about 60% of their value last year, were up about 2% in afternoon trading. "Similar to other tech companies, PayPal is seeking to position itself financially and strategically, bracing for an economic slowdown," said Moshe Katri, analyst at Wedbush. In November, PayPal had cut its annual revenue growth forecast in anticipation of a broader economic downturn and said it did not expect much growth in its U.S. e-commerce business in the holiday quarter.

☆ Drugmaker Amgen lays off 300 U.S. employees
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: 1 min

Jan 30 (Reuters) - Drugmaker Amgen Inc (AMGN.O) said on Monday that it let go about 300 U.S. employees or about 1.2% of its total workforce, citing recent organizational changes to its commercial team. The company had about 24,200 staff members in over 50 countries, as of December 31, 2021, according to its latest annual regulatory filing with the U.S. Securities and Exchange Commission. Big Tech firms and Wall Street titans have led a string of layoffs across corporate America in recent weeks. Amgen's move to trim its workforce shows how rapid interest rate hikes and a fading boom in demand post pandemic has begun to weigh on the healthcare sector. Reporting by Bhanvi Satija in Bengaluru; Editing by Savio D'Souza and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Japan hesitates
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +4 min

Judging by Wednesday's reaction, world markets reckon Japan will eventually abandon its ultra-loose monetary policy despite a stubborn doubling down this week - and overseas ructions may be less than feared. But after some wild gyrations on the initial announcement, the market reaction was rather muted on balance. Japan's Nikkei (.N225) ended 2.5% higher, but it closed before the yen rebound in European hours. The release of December U.S. producer price, retail sales and industrial production numbers later on Wednesday now takes centre stage. U.S. Treasury auctions 20-year bonds* Bank of Japan policy decision.

☆ LendingClub cuts 14% workforce to pare costs
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

Jan 12 (Reuters) - LendingClub Corp (LC.N) said on Thursday it has laid off 14% of its workforce, or 225 employees, joining several financial firms which cut costs as threats of a recession loom large. LendingClub expects to incur charges of approximately $5.7 million, of which $4.4 million was expensed in the fourth quarter of 2022, according to a statement. The company expects the job cuts to result in savings of nearly $25 million to $30 million in 2023. The San Francisco, California-based financial services company will report fourth quarter and full-year 2022 earnings on January 25, 2023, after market hours. Analysts on average had estimated the company to report a revenue of $263 million and profit of $18.4 million, according to Refinitiv.

☆ Factbox: Tech firms, Wall Street lead job cuts in corporate America
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +6 min

Jan 11 (Reuters) - Big Tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn. HP Inc (HPQ.N):The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025. Job seekers wait before a job fair for airport related employment at Logan International Airport in Boston, Massachusetts, U.S., December 7, 2021. Blue Apron Holdings Inc (APRN.N):The online meal-kit company said it will cut about 10% of its corporate workforce, as it looks to reduce costs and streamline operations. Last year, company executives had said the home goods retailer was cutting about 20% of its corporate and supply chain workforce.

☆ Factbox: FACTBOX Tech firms, Wall Street lead job cuts in Corporate America
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +5 min

Jan 10 (Reuters) - Big Tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn. Cisco Systems Inc (CSCO.O):The networking and collaboration solutions company said it will undertake restructuring which could impact roughly 5% of its workforce. The effort will begin in the second quarter of the fiscal year 2023 and cost the company $600 million. HP Inc (HPQ.N):The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025. Consumer and retail companies:Beyond Meat Inc (BYND.O):The vegan meat maker said it plans to cut 200 jobs this year, with the layoffs expected to save about $39 million.

☆ Jefferies profit slides as Wall Street dealmaking falters
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

Jan 9 (Reuters) - Investment bank Jefferies Financial Group (JEF.N) reported a 52.5% decline in fourth-quarter profit on Monday, hit by lower underwriting fees and volatile markets that dented income from its trading desks. Still, the firm posted its second-best year for investment banking revenue, which was substantially above 2019 levels, chief executive officer Richard Handler and president Brian Friedman said. Friedman said the profit decline looked more stark compared with an "extraordinary" bonanza for dealmaking in 2021. Jefferies' total net revenue was down 18% at $1.44 billion, dragged lower by a 35% decline in investment banking and capital markets revenue. The bank reported a profit of 57 cents a share in the three months ended Nov. 30, compared with $1.20 a year earlier.

☆ Jefferies posts lower quarterly profit as dealmaking falters
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

Jan 9 (Reuters) - Investment bank Jefferies Financial Group (JEF.N) posted a 52.5% decline in fourth-quarter profit on Monday, hit by lower underwriting fees and volatile markets that dented income from its trading desks. Still, investment banking revenue saw their second-best year and was substantially above 2019 levels, chief executive officer Richard Handler and president Brian Friedman said. Jefferies' total net revenue was down 18% at $1.44 billion, dragged lower by a 35% decline in investment banking and capital markets revenue. Jefferies began reducing the size of its merchant banking portfolio last year, in an effort to sharpen its focus on its key businesses. Leucadia later sold most of its non-financial assets to double down on investment banking.

☆ 10 of Wall Street's top tech execs detail how the public cloud is revolutionizing the way they do business: 'We are fundamentally rethinking how we solve problems.'
▼ + stars: | 2023-01-04 | by ( Bianca Chan | Carter Johnson | ) www.businessinsider.com time to read: +2 min

This year saw the continued embrace of the public cloud by Wall Street firms. Wall Street is headed for the clouds. But now, a wholesale migration from physical, on-premise data centers to cloud networks is fully underway within financial services. Finance firms are using a move to the cloud as an opportunity to overhaul their business beyond just upgrading back-end tech. Here are the six top trends to watch in the cloud in 2023, according to top Wall Street tech execs.

☆ Inside Wall Street's cloud ambitions: From cutting costs to new security tools, tech execs from Blackstone, Goldman Sachs, Citadel, and others predict the top cloud trends in 2023
▼ + stars: | 2022-12-22 | by ( Bianca Chan | Carter Johnson | ) www.businessinsider.com time to read: +2 min

LONDON, Oct 27 (Reuters) - Seeking to restore vigour to a business that's been languishing, Credit Suisse (CSGN.S) says it will reshape its investment bank by resurrecting the First Boston brand. Still, Credit Suisse says it expects CS First Boston to generate 14% of total group revenue by 2025, starting with annual sales of about $2.5 billion. Credit Suisse has been plagued by an exodus of senior bankers over the past 18 months. Yet most trading activities will remain within Credit Suisse, raising questions on CSFB's ability to compete with the likes of Goldman Sachs and JPMorgan (JPM.N). Credit Suisse is hoping to eventually pursue an initial public offering of CSFB, Körner told analysts.

☆ Wall Street titans to join Nov 2 summit in Hong Kong as COVID rules relaxed
▼ + stars: | 2022-09-29 | by ( Scott Murdoch | Donny Kwok | ) www.reuters.com time to read: +2 min

HONG KONG (Reuters) -The heads of some of the world’s top banks and asset managers will attend an investment summit in Hong Kong on Nov. 2, the city’s financial regulator said on Thursday, signalling a re-opening of the financial hub after strict pandemic-linked curbs. Goldman Sachs Group Inc CEO David Solomon, Citigroup Inc head Jane Fraser, Morgan Stanley boss James Gorman and BlackRock Inc President Rob Kapito will be among the speakers at the Global Financial Leaders’ Investment Summit, the Hong Kong Monetary Authority (HKMA) said. Hong Kong’s unrelenting COVID curbs have battered its economy and standing as a financial centre. Some banks had warned top bosses would not attend if any restrictions remained in place. HKMA Chief Executive Eddie Yue said on Thursday the final guidelines for those attending the summit were still being finalised.

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