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☆ Burning Man is underway. Here are the famous CEOs and billionaires who have attended tech bros' favorite party, from Elon Musk to Ray Dalio.
▼ + stars: | 2023-09-01 | by ( Becky Peterson | Jordan Hart | Kylie Kirschner | ) www.businessinsider.com time to read: +2 min

Burning Man is a desert-based arts festival that's become the playground of business elites. Morning Brew Insider recommends waking up with, a daily newsletter. Loading Something is loading. AdvertisementAdvertisementSome of the most influential — and richest — people in business are likely among the tens of thousands of people descending upon Black Rock City, Nevada, at this very moment to attend Burning Man. Every year, big-name tech bros and well-heeled execs join the festival — trading their hoodies for light-up bodysuits and Allbirds for sky-high boots.

Persons: that's, It's, execs Organizations: Morning Locations: Rock City , Nevada

☆ The Trade Desk is exerting its power in the ad industry, and some insiders fear it's becoming more like Google
▼ + stars: | 2023-09-01 | by ( Lauren Johnson | ) www.businessinsider.com time to read: +6 min

AdvertisementAdvertisementPublisher-focused adtech firms that traditionally work with The Trade Desk, which helps advertisers buy digital ads, are now in competition with it. The Trade Desk has been aggressively building products that will undercut the business of publisher-focused adtech companies, or "supply-side platforms," according to industry insiders. The Trade Desk has not traditionally competed with SSPs, which help publishers of online content price their ad inventory and make it available to buy. "By saying this publicly, The Trade Desk is throwing down the gauntlet." He added that other ad-buying platforms besides The Trade Desk have direct deals with publishers, similar to OpenPath.

Persons: SSPs, Ari Paparo, Matt Prohaska, Will Doherty, Prohaska, Rajeev Goel, Shiv Gupta, Gupta, Desk's Doherty, Magnite, PubMatic, Adam Soroca, they're Organizations: Google, SSPs, Marketecture, Prohaska Consulting, Trade, Exchange, Microsoft, Publishers Locations: OpenPath

☆ EV owners are fed up with charging stations that lack bathrooms, snacks, and even trash cans
▼ + stars: | 2023-09-01 | by ( Tim Levin | ) www.businessinsider.com time to read: +6 min

EV charging stations sometimes lack simple amenities like 24-hour bathrooms, food, and trash cans. That's because charging stations today often lack basic amenities that we take for granted at gas stations: things like bathrooms, rain and sun cover, food options, and even trash cans. AdvertisementAdvertisementIf electric cars really are going to be the future, experts told Insider, the experience at charging stations needs to get a whole lot more convenient. Rove, a startup, is working on huge charging stations with grocery stores, fresh espresso, and 24/7 lounges. Rove, a startup, is working on huge charging stations with grocery stores, fresh espresso, and 24/7 lounges.

Persons: that's, Tim Levin, I'm, JD Power, Brent Gruber, Gruber, EVs weren't, Loren McDonald, Brendan Jones, Rove, Rove Blink, Jones, Tesla Organizations: EV, Morning, JD Locations: waded, America

☆ Prison healthcare giant Corizon reaches tentative bankruptcy deal that could shortchange prisoners; Sen. Elizabeth Warren pledges oversight
▼ + stars: | 2023-09-01 | by ( Dakin Campbell | Nicole Einbinder | ) www.businessinsider.com time to read: +9 min

Sen. Elizabeth Warren has called Corizon's use of the Two-Step "an alarming red flag." Sylvia Jarrus for InsiderCorizon Health rebranded as Tehum Care Services last year and filed for bankruptcy in February. The other company, Corizon, later rebranded as Tehum, received most of the parent company's liabilities — and then declared bankruptcy. Warren is "actively looking" into the Corizon Two-Step, Sarabia confirmed last week, before the settlement was announced. US Bankruptcy Court, Southern District of TexasSome creditors have worried for months that the company would reach a settlement on unfavorable terms.

Persons: Elizabeth Warren, Isaac Lefkowitz, Sen, William Kelly, Sylvia Jarrus, Tehum, Tracey Grissom, Hector Garcia, Corizon, Christopher Lopez, Aaron Kaufman, Kaufman, YesCare, Alex Sarabia, Warren, Sarabia, Warren's, it's, Dick Durbin, Johnson, Durbin, Judge Lopez, Nick Zluticky, Lopez, Zluticky Organizations: Corizon Health, Health, Corizon, Tehum Care, Alabama, US, Southern, Southern District of Texas, Alabama Department of Corrections, Court, Tehum, Committee Locations: Sen, Texas, Saginaw , Michigan, Michigan, New Mexico, Tehum, Southern District, Corizon's Texas, Delaware

☆ A MAGA news network isn't sure if it got duped by an AI version of Trump in a 17-minute call
▼ + stars: | 2023-09-01 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

A TV network's founder has said he's not sure a recent "Trump" interview was really him. In a phone-in on Real America's Voice, the caller sounded glitchy and stilted. Real America's Voice streamed the audio-only interview on Thursday, with hosts John Solomon and Amanda Head. "It's not AI, it was President Trump," he told The Daily Beast. AdvertisementAdvertisementRepresentatives for Real America's Voice and its owner, Performance One Media LLC, did not immediately respond to Insider's out-of-hours requests for comment.

Persons: he's, Donald Trump, John Solomon, Amanda Head, Joe Biden, Trump, Robert J Sigg, Solomon, Ron DeSantis Organizations: Real America's Voice, Morning, Trump, Daily, America's, Truth, Gov

☆ Bumble CEO says AI will actually help you get more dates. Here's how.
▼ + stars: | 2023-09-01 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Bumble CEO Whitney Wolfe Herd told Bloomberg in an interview that AI can enhance the dating game. She said AI can help dating app users improve their flirting and can even be good for business. AdvertisementAdvertisementAI has come for your favorite dating apps — and the CEO of Bumble thinks the technology can help users land more dates. AdvertisementAdvertisement"The average US single doesn't date because they don't know how to flirt, or they're scared they don't know how," Wolfe Herd said. Wolf Herde doesn't just think AI can help people flirt better — she said that the technology can help dating apps make more money.

Persons: Bumble, Whitney Wolfe Herd, —, Wolfe Herd, Emily Chang, doesn't, Wolf, TikTok, Wolf Herde Organizations: Bloomberg, Morning

☆ Elon Musk's X tells users that it could use their posts to train AI models
▼ + stars: | 2023-09-01 | by ( Tom Carter | ) www.businessinsider.com time to read: +4 min

Elon Musk's X tells users it could use their posts to train artificial intelligence models. AdvertisementAdvertisementElon Musk's X has changed its policies to allow information posted by users to be used to train its AI models. It is not clear how it will use the information from X and which AI models this relates to. Meta, which is also developing its own generative AI models, recently introduced an option for Facebook users to opt out of sharing their data to train its AI models. But this comes with limitations, per Gizmodo, and it's not guaranteed that all of a user's information will be removed from its AI training databases.

Persons: Elon Musk's, Musk, Elon Musk, didn't, ChatGPT, it's Organizations: Elon, Microsoft, CNBC, New York Times, Facebook

☆ Regulators want to fine Qantas 'hundreds of millions of dollars' for selling tickets for thousands of already-cancelled flights
▼ + stars: | 2023-09-01 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

It's accusing Qantas of continuing to sell tickets for 8,000 flights that had been cancelled. And it's seeking a record-breaking fine in the hundreds of millions of dollars, per Reuters. AdvertisementAdvertisementQantas could be fined hundreds of millions of dollars for selling tickets for thousands of flights that had already been cancelled if regulators get their way, Reuters reported. AdvertisementAdvertisementThat amounts to 70% of cancelled Qantas flights where tickets were still sold or ticket holders weren't told for at least two days after the cancelation, the regulator said. "We think the penalty should be in hundreds of millions, not tens of millions", she added, per Reuters.

Persons: weren't, Gina Cass, Gottlieb Organizations: Australian, Qantas, Morning, Reuters, Australian Competition, Consumer Commission, ACCC, Cass, Volkswagen

☆ Elon Musk met then-Twitter CEO Parag Agrawal for a secret dinner in 2022 and said Agrawal was not the 'fire-breathing dragon' the platform needed
▼ + stars: | 2023-09-01 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +4 min

Elon Musk and then-Twitter CEO Parag Agrawal got dinner together in March 2022. Musk came away from the meeting describing Agrawal as a nice guy, but not the "fire-breathing dragon" Twitter needed. After the meeting, Musk said Agrawal was a "really nice guy." Messages between Musk and Agrawal were released in September 2022 as part of a lawsuit Twitter filed against Musk in July 2022. "Great dinner :)," Musk responded.

Persons: Elon Musk, Parag Agrawal, Musk, Agrawal, Walter Isaacson's, Elon, Walter Isaacson, Isaacson, Twitter's, Bret Taylor —, Ned Segal, Vijaya Gadde Organizations: Twitter, Street Journal, Musk Locations: Musk's

☆ There's no way for teachers to figure out if students are using ChatGPT to cheat, OpenAI says in new back-to-school guide
▼ + stars: | 2023-09-01 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Bad news teachers: You have no way to figure out if students are using ChatGPT to cheat. Bad news for teachers and professors though: OpenAI says that sites and apps promising to uncover AI-generated copy in students' work are unreliable. Professors began to detect students using ChatGPT to cheat on college essays a little over a month after the chatbot was released in November 2022 . A survey earlier this year found that one in four teachers claimed to have caught students cheating by using ChatGPT. "By keeping a record of their conversations with AI, students can reflect on their progress over time.

Persons: OpenAI, Shakespeare, ChatGPT Organizations: Independence

☆ Elon Musk reportedly helped Larry Ellison reset his Twitter password after the billionaire said he'd invest $1 billion in the company, despite not tweeting in 10 years
▼ + stars: | 2023-09-01 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Elon Musk reportedly helped Larry Ellison reset his Twitter password, per an excerpt of Musk's upcoming biography. Oracle cofounder Ellison is an investor in X and a longtime friend of Musk's. AdvertisementAdvertisementElon Musk reportedly helped longtime friend and Oracle cofounder Larry Ellison reset his Twitter password after the billionaire forgot it. Ellison has been a vocal supporter of Musk over the years and has previously sat on the board of Tesla. Ellison reportedly supported Musk through various stages of his chaotic Twitter takeover.

Persons: Elon Musk, Larry Ellison, Walter Isaacson, Ellison, Musk's, Walter Isaacson –, Musk –, Ellison hasn't, Musk, Isaacson, Oracle, Insider's Kali Hays Organizations: Oracle, Morning, Wall, Twitter, Tesla

☆ Elon Musk says his daughter who ditched his last name 'doesn't want to spend time with me'
▼ + stars: | 2023-09-01 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Elon Musk was "pained" by the fallout with his eldest daughter, his biographer wrote in a new book. Musk told Walter Isaacson that his daughter "doesn't want to spend time with me." Musk's daughter legally changed her name in 2022 and said she didn't want to be associated with him. AdvertisementAdvertisement"She went beyond socialism to being a full communist and thinking that anyone rich is evil," Isaacson said Musk told him. The biographer said Musk told him he'd "made many overtures," but "she doesn't want to spend time with me."

Persons: Elon Musk, Musk, Walter Isaacson, doesn't, Elon, Walter Isaacson . Isaacson, Vivian Jenna Wilson, Jenna, Isaacson, Elon's, Nevada, Justine Wilson, Ashlee Vance, didn't, Tesla, he'd, transphobic, Musk's, Grimes, Wired, Kimbal, Christiana Musk Organizations: Morning, New York Times, Financial, Reuters, Twitter, Pride, Wired Locations: Los Angeles

☆ Would you pay hundreds of dollars for an app your doctor prescribed? Buzzy digital therapeutics could make you healthier — but your insurer probably won't cover them.
▼ + stars: | 2023-09-01 | by ( Natalie Rahhal | ) www.businessinsider.com time to read: +8 min

Apps such as Somryst — known as prescription digital therapeutics — aim to raise the bar for personal healthcare delivered via smartphone. Digital therapeutics show promise for treating IBS and insomniaFunding for digital therapeutics surged by 133% between 2020 and 2021, and the sector's global value is estimated to grow from roughly $7 billion to about $28 billion from now to 2030, Fortune Business Insights reported. In fact, many insurance companies want years of data on real-world use before covering digital therapeutics, Insider previously reported. While there are free nonprescription DTxs available from sources such as the Department of Veterans Affairs, those aren't cleared by the FDA, and privately made prescription digital therapeutics often cost hundreds of dollars. "Digital therapeutics are meant to increase access to care.

Persons: Charlotte Jee, Jee, Corey McCann, John Torous, Beth Israel, they're, Torous, They're, AspyreRx, Mark Berman, hadn't Organizations: Healthcare, Morning, MIT Technology, National Health Service, Food and Drug Administration, Pear Therapeutics, Harvard Medical, Beth Israel Deaconess Medical, Fortune Business, FDA, Better Therapeutics, Disease Control, Department of Health, Human Services, of Health, Department of Veterans Affairs, Aetna

☆ Tesla gave the Model 3 a makeover and cut the price of Full Self-Driving by $3,000
▼ + stars: | 2023-09-01 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Tesla gave its Model 3 a major makeover – the first in six years. But the company cut the price of its Full Self-Driving feature in the US by $3,000. AdvertisementAdvertisementTesla has released a sleeker version of its Model 3 sedan in the first major revamp of one of its cars. It's the first time Tesla has updated a model for the Chinese market ahead of the US, Reuters reported. In the US, the price of the Full Self-Driving system was reduced by $3,000 to $12,000 hours after Tesla unveiled the updated Model 3.

Persons: Tesla, Gray, MK89sGnC9A — Sawyer Merritt Organizations: Morning, Reuters, Elon, Analysts, EV, Bloomberg Intelligence Locations: China, Shanghai, Asia

☆ Elon Musk stayed up playing video games in a Vancouver hotel until 5:30 a.m. after he offered to buy Twitter, because he was in 'stress mode'
▼ + stars: | 2023-09-01 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

It includes an anecdote where Musk played "Elden Ring" until 5:30 a.m. after deciding to buy Twitter. AdvertisementAdvertisementElon Musk stayed up all night playing video games after he committed to buying Twitter last year, per The Wall Street Journal. And after that, Musk started playing "Elden Ring" on a laptop he'd brought to the hotel. "Elden Ring" is a fantasy role-playing game which is known for being particularly difficult, with an extensive combat system. About a month after the Vancouver episode, Musk tweeted a photo of his character's setup in "Elden Ring."

Persons: Walter Isaacson's, Elon, Musk, Grimes, Elon Musk, Walter Isaacson, Isaacson, George R, Martin, — Dolan, Shivon, couldn't Organizations: Twitter, Street Locations: Vancouver

☆ A tiny Caribbean island could reportedly add 10% to its GDP thanks to the AI boom because it's in charge of the sought-after .ai domain name
▼ + stars: | 2023-08-31 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

But it's also in charge of the .ai domain name. The software developer who manages the domain told Bloomberg it could generate $30 million this year. AdvertisementAdvertisementA tiny Caribbean island could make $30 million from the AI boom thanks to its unique internet domain, Bloomberg reported. Cate told the outlet that the AI boom could still generate $30 million in domain-registration fees for Anguilla this year alone. That means the .ai domain could be worth around 10% of its total domestic product.

Persons: it's, Elon Musk's xAI, Vince Cate, who's, Cate Organizations: Bloomberg, Internet Corporation, Facebook, Google, Microsoft, Anguilla Governor's Locations: Anguilla, British, Tuvalu

☆ 6 cruise passengers have gone overboard in 3 months. Here's why most ships still don't use detection tech for rescues.
▼ + stars: | 2023-08-31 | by ( Hannah Towey | ) www.businessinsider.com time to read: +18 min

An average of 19 people go overboard on cruise ships every year, industry data has found. Less than two months after Peale fell overboard, 30-year-old Jaylen Hill also went overboard a Carnival cruise ship. In total, at least five passengers have gone overboard cruise ships this summer, including Hill. The incidents occurred on the cruise ships Carnival Elation, Spectrum of the Seas, Emerald Princess, Mariner of the Seas, and Wonder of the Seas. A Coast Guard spokesperson said there are no regulations preventing cruise lines from installing MOB detection systems on their vessels.

Persons: Ronnie Peale Jr, Peale, Linda Peale, —, Travis Heggie, Hill, Eric Rodriguez, Princess, Joe Perez, Ross Klein, Paul McConnell, Jamie Barnett, James Michael Grimes, Grimes, CLIA, it's, Mike Collier, MOBtronic, Sen, Richard Blumenthal, Collier, Blumenthal, Linda Peale Jennilyn Blosser, Blosser, didn't, Barnett, Jim Walker Organizations: US Coast Guard, Carnival, Coast Guard, Bowling Green State University, Cruise Lines International Association, Jacksonville , Florida . U.S . Coast, Washington Post, Carnival Corporation, U.S . Coast Guard, Getty, Cruise Vessel Security, Safety, Guard, International Cruise Victims Association, Line International Association, USA, Royal Caribbean, International, Organization Locations: Virginia's Shenandoah, Connecticut, Hill, Jacksonville , Florida . U.S, Richard Blumenthal of Connecticut, MOBtronic

☆ Cybertruck photos in the wild reveal the truck's quirks ahead of Elon Musk's most important launch yet
▼ + stars: | 2023-08-31 | by ( Nora Naughton | ) www.businessinsider.com time to read: +5 min

Every new Tesla Cybertruck sighting has fans zooming in and picking apart its features. Cybertruck fans have lots of opinions about the truck's frunk and stainless steel body panels. AdvertisementAdvertisementThe look of the Tesla Cybertruck has been polarizing since the day CEO Elon Musk debuted the futuristic-looking truck. A lot is on the line for the Cybertruck launch, which is planned for the fourth quarter of the year. Here are some of the latest topics of conversation surrounding the final look of the Tesla Cybertruck.

Persons: Elon Musk, —, Tesla, Sam Fiorani, Musk, S0kCyGUBFD — Elon, Cy Organizations: Elon Musk's, AutoForecast Solutions, ICE, Twitter, Ford, Tesla Locations: stoke, Texas, West, California, Tehachapi, Fremont

☆ An 800-year-old Belgian city is at the forefront of tech innovation, using 5G to power a smarter city
▼ + stars: | 2023-08-31 | by ( Chris Stokel-Walker | ) www.businessinsider.com time to read: +4 min

It's integrating 5G into city services, such as energy management, to build a smarter city. The project also includes affordable or free 5G internet access for residents, depending on needs. AdvertisementAdvertisementThe Belgian city of Wavre has had its city status since 1222. It will also enable a peer-to-peer energy-sharing model that helps businesses and organizations share energy depending on needs. The project's participants have said the CONNECTOW project may transform Wavre into a fully smart city by 2030.

Persons: Anne Masson, Masson Organizations: European Union, CONNECTOW, 5G Locations: Wavre, Belgium, Belgian

☆ Elon Musk's X wants to collect users' biometric data and education history, an upcoming privacy policy update shows
▼ + stars: | 2023-08-31 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

It says it will start storing users' biometric data, which could include facial recognition. The platform could also collect users' job search activity as it expands into the recruitment sector. download the app Email address By clicking “Sign Up,” you also agree to marketing emails from both Insider and Morning Brew; and you accept Insider’s Terms and Privacy Policy Click here for Morning Brew’s privacy policy. AdvertisementAdvertisementElon Musk's X will start storing users' biometric data, as well as their employment and education history, its new privacy policy shows. AdvertisementAdvertisementBack in July, a proposed class action lawsuit was brought against X, accusing it of storing biometric data without users' consent.

Persons: Elon Musk's, they're, X Organizations: Morning, Twitter, X, Bloomberg

☆ Washington crowned a bunch of rich dudes the most important people in AI
▼ + stars: | 2023-08-31 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Sen. Chuck Schumer is hosting sessions to help lawmakers understand and shape future rules on AI. AdvertisementAdvertisementMeredith Whittaker, president of messaging app Signal and former director of AI think tank the AI Now Institute, posted on X: "This is the room you pull together when your staffers want pictures with tech industry AI celebrities. It's not the room you'd assemble when you want to better understand what AI is, how (and for whom) it functions, and what to do about it." This is the room you pull together when your staffers want pictures with tech industry AI celebrities. It's not the room you'd assemble when you want to better understand what AI is, how (and for whom) it functions, and what to do about it.

Persons: Sen, Chuck Schumer, Axios, Mark Zuckerberg —, Sam Altman, Sundar Pichai, Satya Nadella, Elon Musk, Mark Zuckerberg, Per, Maria Curi, Rumman Chowdhury, Deborah Raji, Tristan Harris, b9mJhW39NW — Maria Cristina Curi, OpenAI, Alex Karp, Jack Clark, Clement Delangue, Meredith Whittaker, It's, UM1EhFNb1H — Meredith Whittaker, Face's Delangue Organizations: Morning, Google, Microsoft, Mozilla, Center of Humane, Meta, Nvidia Locations: Washington

☆ A VC firm has built an AI-powered pitch deck generator for startup founders — and is giving it away for free
▼ + stars: | 2023-08-31 | by ( Madeline Renbarger | ) www.businessinsider.com time to read: +4 min

Growth Warrior Capital is launching a new tool Elevo, an AI-powered pitch deck generator. For Phelon as an investor, the sheer amount of pitch decks that she was sorting through began to become overwhelming. Elevo will then generate a pitch deck for them with the key details that VCs are looking for. Elevo's interface allows founders to input details about their startup and generate a short pitch deck. Growth Warrior CapitalThe designs are typically simple and the slide numbers are short, but that's oftentimes what investors who see dozens of decks a week prefer.

Persons: Phelon, Ashley Pilipiszyn, TapInfluence, Lizzie Widhelm, Elevo's waitlist, Elevo, I'm Organizations: Morning, OpenAI, Growth

☆ US newspaper giant pauses AI-written articles after social media mockery
▼ + stars: | 2023-08-31 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Gannett has paused the use of AI to write sports articles after readers pushed back. AdvertisementAdvertisementA US newspaper giant has paused the use of AI to write articles after they were savagely mocked on social media. A spokesperson for Gannett confirmed to Insider that the company had paused the use of LedeAI tools to write articles, a move initially reported by Axios. Some of its AI-generated articles were mocked on social media for their repetition and jarring cliches. In April, Insider's global editor-in-chief Nicholas Carlson said the company would start using AI to generate outlines for stories and craft headlines, for example.

Persons: Axios, Nicholas Carlson Organizations: Gannett, Columbus Dispatch, Westerville, Worthington, Dispatch, Des Moines Register, Milwaukee Journal Sentinel, CNET, New York Times, Bloomberg Locations: Arizona Republic, Florida

☆ Apple's Vision Pro and Meta's Quest headsets are poised to make the virtual workspace a reality — if they can get past the buyer hurdles on price and quality
▼ + stars: | 2023-08-31 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +5 min

Meta's and Apple's mixed-reality headsets could change how we work, but what would that look like? Meta has its lineup of Quest virtual-reality headsets, and Apple has its forthcoming $3,500 Vision Pro headset, with the company keeping its details under wraps. Several iterations later, the company is onto the Meta Quest 3, which is set to start at $500 and launch this fall. AdvertisementAdvertisementThe Apple Vision Pro headset could bring forth a new, more-virtual workplace. People audibly groaned and laughed when Apple announced the $3,500 price tag on its mixed-reality Vision Pro headset.

Persons: Meta, audibly groaned, Zuckerberg, Mark Zuckerberg's, Mark Zuckerberg, Alistair Barr, There's Organizations: Morning, Meta, Apple, Vision

☆ UBS to cut 3,000 jobs in Switzerland after Credit Suisse takeover
▼ + stars: | 2023-08-31 | by ( Tom Carter | ) www.businessinsider.com time to read: +2 min

UBS is planning to cut 3,000 jobs in Switzerland after its shock takeover of rival Credit Suisse. The shotgun marriage with UBS saved embattled Credit Suisse from possible collapse. AdvertisementAdvertisementUBS is planning to cut 3,000 jobs in Switzerland as it continues to integrate Credit Suisse following the shock takeover of its rival earlier this year. The company said Thursday that it plans to complete the integration of Credit Suisse by the end of 2026 and aims to cut costs by $10 billion during that period. Amid fears the 167-year-old financial institution could go under, the Swiss government brokered a shotgun marriage with UBS, with Credit Suisse being sold for 3 billion Swiss francs ($3.25 billion).

Persons: Sergio Ermotti, Ermotti Organizations: UBS, Credit Suisse, Suisse, Reuters, AG, Silicon Valley Locations: Switzerland, Schweiz, Swiss

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