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☆ Goldman Sachs and Morgan Stanley both hit hard by deal drought
▼ + stars: | 2023-01-17 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +4 min

Earnings for Goldman Sachs (GS) missed by their widest margin since the third quarter of 2011. Revenue tumbled 16% for Goldman Sachs (GS) in the fourth quarter, and profits plunged 66%. Morgan Stanley was hit by the slowdown too, with investment banking revenue dropping 49% from a year ago. Morgan Stanley’s overall revenue and earnings topped analysts’ forecasts though, while Goldman Sachs posted revenue also missed Wall Street’s targets. Goldman Sachs disclosed in a regulatory filing last week, however, that this division has lost more than $3 billion since 2020.

☆ A leaked Google memo compared it to slime mold
▼ + stars: | 2023-01-17 | by ( Jake Swearingen | ) www.businessinsider.com time to read: +5 min

It's like the start of a joke: What do Google and slime mold have in common? A lot, says a memo from an ex-Googler comparing the org to a "slime mold." (A key difference: Stanford grads aren't desperate to intern at a slime mold.) But with ChatGPT setting off alarm bells inside and outside the org, Google should probably move faster and with more intention than slime mold. The most memorable part of the memo compares Google's bottom-up organizational structure to a "slime mold," highlighting how both Google and a slime mold can work independently but still come together to solve complex problems.

☆ China to allow Didi apps back online, in latest sign of regulatory thaw, sources say
▼ + stars: | 2023-01-13 | by ( ) www.cnbc.com time to read: +3 min

A logo for Chinese ride-hailing platform Didi is illuminated outside company headquarters on Jan. 21, 2022 in Hangzhou, China. Shen Longquan | Visual China Group | Getty ImagesChinese authorities are set to allow Didi Global's ride-hailing and other apps back on domestic app stores as soon as next week, five sources told Reuters, in yet another signal that their two-year regulatory crackdown on the technology sector is ending. Didi has been awaiting authorities' approval to resume new user registrations and downloads of its 25 banned apps in China as a key step to resume normal business since its regulatory troubles started in mid-2021. The one-week-long holiday period in China would help Didi start to attract new clients for the business and work towards bringing it back to normal, added two of the sources. China's central bank will step up support for private firms as part of steps to shore up the economy, while easing a crackdown on tech companies, Guo Shuqing, Communist party chief of the People's Bank of China, told state-owned CCTV on Sunday.

[1/2] The app logo of Chinese ride-hailing giant Didi is seen reflected on its navigation map displayed on a mobile phone in this illustration picture taken July 1, 2021. Didi has been awaiting authorities' approval to resume new user registrations and downloads of its 25 banned apps in China as a key step to resume normal business since its regulatory troubles started in mid-2021. A lifting of the ban on Didi apps would come as Chinese policymakers seek to restore private sector confidence and count on the technology industry to help spur economic activity that has been ravaged by the COVID-19 pandemic. The delay in the return of the apps had cast a shadow over Didi's business plans. That deal is primarily subject to the apps' resumption for official announcement, said the two sources.

☆ 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.

☆ Microsoft will stop tracking vacation time for US salaried employees, internal memo shows
▼ + stars: | 2023-01-11 | by ( Ashley Stewart | Britney Nguyen | ) www.businessinsider.com time to read: +3 min

Microsoft will no longer track vacation time for US salaried employees, an internal memo shows. Time-off will still require manager approval, as is standard for companies with "unlimited' vacation time. And as we've transformed, modernizing our vacation policy to a more flexible model was a natural next step." Time-off will still require manager approval, as is standard for companies with "unlimited' vacation time. Microsoft employees outside the US will keep existing vacation benefits.

☆ Six N.F.L. Players Show Football’s Grind on Their Feet and Hands
▼ + stars: | 2023-01-11 | by ( Ken Belson | Joe Drape | ) www.nytimes.com time to read: +19 min

Players Show Football’s Grind on Their Feet and HandsOver the course of the long and brutal N.F.L. season, players’ feet and hands take a beating on nearly every snap. But in practice a few days later, he was running drills and landed awkwardly, spraining an ankle and stretching the tendons in his right foot. The next week Jones caught six passes for 109 yards and three touchdowns as the Jaguars shocked the Dallas Cowboys, 40-34. “The therapist spends a lot of time on my hands and feet,” he said.

☆ 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.

☆ Google's most cutting-edge moonshot lab is refocusing on actually making money
▼ + stars: | 2023-01-10 | by ( Matt Weinberger | ) www.businessinsider.com time to read: +5 min

I'm Matt Weinberger, deputy editor of Insider's tech analysis team, filling in for my colleague Diamond Naga Siu for the next few days. It's yet another sign that the tech industry is very different than it was even a year ago. A moonshot in the foot for Google: Insider's Hugh Langley reports that Google's X Development is scaling back from its pioneering, famously envelope-pushing roots as a tech research lab. Instead, it'll focus on initiatives that actually make money for Google and its parent company Alphabet. Read Insider's in-depth review of the newest model of the iPad Pro, released in late 2022.

☆ 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.

☆ Rep. Colin Allred, a former NFL linebacker, said his sons likely won't play football, 'an incredibly dangerous, violent game'
▼ + stars: | 2023-01-08 | by ( Katie Balevic | ) www.businessinsider.com time to read: +2 min

Rep. Colin Allred, an NFL alumnus, said he likely won't let his two sons play football, a "violent game." Allred, a former linebacker for the Titans, remarked that every Congressman should have played a team sport. "I don't think my boys – I have two sons – will be playing football," Allred said. "Every NFL player goes into every game praying to come through that game okay because we know it's a violent game. "Football is an incredibly dangerous, violent game.

☆ Ant Group founder Jack Ma to give up control in key revamp
▼ + stars: | 2023-01-07 | by ( ) www.cnbc.com time to read: +3 min

Alibaba founder Jack Ma attends the 5th World Zhejiang Entrepreneurs Convention at Hangzhou International Expo Centre on November 13, 2019 in Hangzhou, Zhejiang Province of China. Ant Group's founder Jack Ma will give up control of the Chinese fintech giant in an overhaul that seeks to draw a line under a regulatory crackdown that was triggered soon after its mammoth stock market debut was scuppered two years ago. China's domestic A-share market requires companies to wait three years after a change in control to list. Hangzhou Yunbo, an investment vehicle for Ma, had control over two other entities that own a combined 50.5% stake of Ant, the prospectus showed. "At least Ant investors can (now) have some timetable for an exit after a long period of uncertainty," said Clark, who is also an author of a book on Alibaba and Ma.

☆ Bills will try to ride emotional rollercoaster to top of AFC
▼ + stars: | 2023-01-07 | by ( Steve Keating | ) www.reuters.com time to read: +4 min

"It's going to be a celebration of life an ongoing life," Beane told reporters looking ahead to Sunday's game. "It will be a challenge for our team to manage the emotions, there's going to be tears out there. PLAYOFF RACEWhile Hamlin and the Bills will be at the emotional centre of the weekend there is plenty of suspense up and down a full slate of games. While a victory would earn the Chiefs a first round bye it might not necessarily bring them home field advantage. Should the 49ers and Eagles both fall the Dallas Cowboys could snatch the NFC crown with a win over the Washington Commanders.

☆ 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.

☆ Elon Musk has lost a bigger fortune than anyone in history
▼ + stars: | 2023-01-02 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

New York CNN —Elon Musk’s wealth destruction has become historic. The bulk of Musk’s wealth is tied up in Tesla (TSLA), whose stock plunged 65% in 2022. Musk’s $44 billion purchase of Twitter hasn’t helped Tesla’s stock or Musk’s personal wealth, either. Musk, Tesla’s largest shareholder, has sold $23 billion worth of Tesla shares since his interest in Twitter became public in April. Tesla’s stock may rebound, and Musk could once again become the world’s richest person.

☆ My first time driving a Tesla showed me why people are so obsessed with Elon Musk's electric cars
▼ + stars: | 2022-12-31 | by ( Tim Levin | ) www.businessinsider.com time to read: +6 min

First, the basicsThe Tesla Model Y. Tim Levin/InsiderThe Model Y is Tesla's small SUV and its most popular product. The Tesla Model Y. Tim Levin/InsiderThe display is super responsive to taps and swipes and features crisp graphics. The Tesla Model Y. Tim Levin/InsiderPlus, the Model Y lacks Apple CarPlay and Android Auto. Our impressions: An excellent choice, but not the only optionThe Tesla Model Y. Tim Levin/InsiderAs it turns out, the Tesla fans have a point. The Tesla Model Y. Tim Levin/InsiderThe Model Y is a great choice for many buyers, but Tesla isn't the only game in town anymore.

☆ How 2022 shocked, rocked and rolled global markets
▼ + stars: | 2022-12-30 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

The main drivers have been the war in Ukraine, combined with rampant inflation as global economies broke out of the pandemic, but China remained shackled by it. U.S. Treasuries and German bonds, the benchmarks of global borrowing markets and traditional go-to assets in troubled times, lost 17% and 25% respectively in dollar terms. Ten-year Treasury yields jumped to 1.8% from less than 1.5%, knocking 5% off MSCI's world stocks index (.MIWD00000PUS) in January alone. The Fed has delivered an eye-watering 400bps of rate hikes and the European Central Bank, a record 250bps, despite saying this time last year it was unlikely to budge. "What has gone in global markets this year has been traumatic," said EFG Bank Chief Economist and ex-Deputy Governor of Ireland's central bank, Stefan Gerlach.

☆ Premarket stocks: Wall Street kills its darlings
▼ + stars: | 2022-12-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

It appears that Wall Street has also caught on to the concept. Investors are rushing to kill their darlings – er, sell their stocks– and even safe-havens like Apple (AAPL) and Intel (INTC) are getting crushed in the stampede. What’s happening: It’s been a shaky year full of economic uncertainty, geopolitical chaos, elevated inflation and a hawkish Fed. But what’s been most surprising is that market-cap titans, traditionally expected to weather storms on Wall Street well, haven’t held up against the rising macroeconomic tides. EY Parthenon projects that consumer spending will flatline in 2023 after growing 2.7% this year.

☆ I've could not be prouder: Legendary sportscaster Al Michaels on Amazon Prime's NFL Thursday
▼ + stars: | 2022-12-29 | 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 EmailI've could not be prouder: Legendary sportscaster Al Michaels on Amazon Prime's NFL ThursdayAl Michaels, Amazon Prime play-by-play announcer, joins the 'Halftime Report' to discuss this NFL season’s last Thursday Night Football game, pitting the Dallas Cowboys against the Tennessee Titans.

☆ Meet the VC firms that want to help immigrants found their own startups so they keep their talents in the US
▼ + stars: | 2022-12-28 | by ( Paayal Zaveri | ) www.businessinsider.com time to read: +3 min

Immigrants play a vital role in the US tech industry, and many have founded successful companies. These VC firms and startup incubators can help immigrants on work visas found companies. But that opportunity simply isn't available to a certain key class of tech worker: The immigrants who are in the US on work visas like the H-1B. H-1B visas are sponsored by the holder's employer, meaning that if they lose their job — either voluntarily or as part of a layoff — they generally have to return to their home country within 60 days. Insider spoke with four firms that focus on investing in immigrant founders, which represent a mix of VC firms and startup incubators, about how to pitch them and which types of resources they could provide.

☆ Deadly winter storm will bring 'life-threatening' cold on Christmas Day, forecasters warn
▼ + stars: | 2022-12-25 | by ( Mithil Aggarwal | ) www.nbcnews.com time to read: +3 min

The deadly winter storm that has killed at least 28 people and caused travel chaos across the U.S. will create a “potentially life-threatening hazard,” for those on the move or working outside on Christmas Day, forecasters warned Sunday. “In some areas, being outdoors could lead to frostbite in minutes,” the National Weather Service said in a bulletin. Last month, areas just south of the city saw a record six feet of snow from a single storm. Power was being restored but by early Christmas Day morning, over 250,000 homes remained without electricity, including almost 100,000 across Maine, according to the Poweroutage.us website. “Lake-effect snows with local blizzard conditions may linger into Christmas Day,” it added.

☆ Warren Buffett's daughter-in-law was stumped by what to get the investor for Christmas - so she shared her company's finances with him
▼ + stars: | 2022-12-24 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Warren Buffett's daughter-in-law showed the investor her company's finances as a Christmas gift. "I put together our music company's balance sheet to show him that we were making money," she said. "I didn't know what to get him, so I put together our music company's balance sheet to show him that we were making money," she said. Unlike most people who walk Warren Buffett through their assets and liabilities, Mary Buffett wasn't seeking an investment. Since divorcing Peter Buffett, Mary Buffett has worked as a consultant and speaker, founded an online school, and taught business and finance to university students.

☆ Baby, it's cold outside: Teams, fans adapt as deep freeze hits U.S.
▼ + stars: | 2022-12-24 | by ( Amy Tennery | ) www.reuters.com time to read: +2 min

[1/3] Dec 24, 2022; Cleveland, Ohio, USA; New Orleans Saints quarterback Andy Dalton (14) throws the ball against the Cleveland Browns during the first quarter at FirstEnergy Stadium. Mandatory Credit: Scott Galvin-USA TODAY SportsDec 24 (Reuters) - The National Football League (NFL) was hit by the cold that pummeled the United States on Saturday as fans bundled up to watch late-season showdowns in punishing conditions. Cities from Pennsylvania to Georgia were expected to experience their coldest-ever Christmas Eve as an arctic blast gripped much the United States, roiling travel plans during the busy holiday season. "We are exploring every possibility to minimize non-essential power around the stadium," the team said in a statement on Twitter. Reporting by Amy Tennery in New York; Editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

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