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Employees blasted Microsoft's decision to pause raises and low morale ahead of a cloud meeting. Cloud boss Scott Guthrie told employees at the previous meeting no changes would come to raises. Microsoft cloud boss Scott Guthrie is facing tough questions about the company's decision to pause raises and cut bonuses and stock awards ahead of an employee meeting for the Cloud + AI organization. Many of the questions ahead of Guthrie's latest meeting, initially scheduled for June 8 and then canceled, were directed at Microsoft's senior leadership team, internally abbreviated as LT or SLT. Are you a Microsoft employee or do you have insight to share?
Persons: Scott Guthrie, Guthrie, Satya Nadella, Will LT, Kathleen Hogan, Charlie Bell, Ashley Stewart Organizations: Microsoft, Microsoft's
10 Things in Tech: Low morale at Microsoft
  + stars: | 2023-06-21 | by ( Hallam Bullock | ) www.businessinsider.com   time to read: +5 min
Morale appears to be low at Microsoft. According to internal messages, those changes were another blow to morale, after Microsoft announced it was laying off 10,000 staff in January. In other news:The AGI House is the Bay Area's hottest AI hacker house, hosting dinners, hackathons, and fireside chats on a weekly basis. Founders and VCs are clamoring to get into a $68 million AI hacker house. AGI House, an 18,000 square foot Hillsborough mansion, serves as a hacker house and community hub for the Bay's exploding AI scene.
Persons: Hallam Bullock, Satya Nadella, Kathleen Hogan, Stephanie Palazzolo, ElevenLabs, Andreessen Horowitz, Wharton, Eddie Wu, Daniel Zhang, Wu, Meta, Ashley Flowers, Jordan Pettitt, Shona Ghosh Organizations: CBS, US Coast Guard, Microsoft, Workers, Tmall, Getty Locations: London
Fed Governor Christopher Waller warned on Friday "core inflation is not coming down like I thought it would." Richmond Fed President Thomas Barkin said he was "comfortable" with further rate increases given that inflation was still not on the path back to 2%. Markets now await comments from more Fed officials including Fed Vice Chair Michael Barr later in the day, and Fed Chair Jerome Powell's semiannual monetary policy testimony to the U.S. House Financial Affairs Committee on Wednesday. Adding to the dour mood, China cut its benchmark lending rates by a smaller-than-expected 10 basis points. U.S.-listed shares of Chinese companies including Alibaba Group , JD.com and PDD Holdings (PDD.O) fell between 1% and 6% in premarket trading.
Persons: Eli Lilly, Christopher Waller, Thomas Barkin, CMEGroup's, Waller, Barkin, Michael Barr, Jerome Powell's, Powell, Hogan, Daniel Zhang, Shristi Achar, Shubham Batra, Johann M, Vinay Dwivedi Organizations: Therapeutics, Dow, Nasdaq, Federal Reserve, Richmond Fed, Traders, Microsoft, U.S . House Financial, Housing, Capitol, Riley, Fed, Alibaba, PDD Holdings, Dow e, Adobe Inc, Ford, General Motors, Tesla Inc, Dice Therapeutics, Thomson Locations: China, U.S, Bengaluru
Less than half of the Microsoft employees who answered an internal poll said they'd stay if they got another offer, an internal message suggests. The poll results come after Microsoft paused raises and cut bonus and stock awards. Less than half of Microsoft employees who answered an internal survey called Daily Signals said they would stay at the company if they received a comparable offer, an internal message viewed by Insider suggests. The latest poll came after Microsoft announced it would not give out raises this year and would reduce bonus and stock awards. The change has been another blow to morale for some employees, according to internal messages viewed by Insider.
Persons: they'd, Microsoft's, Satya Nadella, Kathleen Hogan, Hogan, Ashley Stewart Organizations: Microsoft, Daily Signals
MLB roundup: A's top Rays on 'reverse boycott' night
  + stars: | 2023-06-14 | by ( ) www.reuters.com   time to read: +11 min
Jose Abreu notched his 1,500th career hit and became the fourth player in franchise history to score 1,000 runs. Nationals starter Patrick Corbin (4-7) allowed two runs on four hits in five innings. Giants starter Alex Cobb allowed two runs on five hits and two walks in four innings. Ortiz was charged with four runs and also allowed six hits over 5 1/3 innings for the Pirates. Mariners 9, Marlins 3George Kirby pitched six strong innings and Mike Ford hit two home runs as Seattle defeated visiting Miami.
Persons: Ramon Laureano, Cary Edmondson, Hogan Harris, John Fisher, Laureano, Colin Poche, Carlos Perez's grounder, Isaac Paredes, Harris, Shintaro Fujinami, Hunter Brown, Mauricio Dubon, Kyle Tucker, Martin Maldonado, Chas McCormick, Brown, Jose Abreu, Patrick Corbin, Michael Conforto, Louis, J.D, Davis, Mitch Haniger, Mike Yastrzemski, Patrick Bailey, Alex Cobb, Keaton Winn, Jack Flaherty, Gunnar Henderson, Henderson, Adam Frazier, Ryan O'Hearn, Aaron Hicks, Baltimore's Dean Kremer, Chris Bassitt, Will Smith, David Peralta, Tony Gonsolin, Lance Lynn, Gary Sanchez, Fernando Tatis Jr, Joe Musgrove, Josh Hader, Tanner Bibee, Juan Soto, Tatis, Manny Machado's flyout, Xander Bogaerts, Jake Cronenworth, Sanchez, Padre, Bryson Stott, Kyle Schwarber, Nick Castellanos, Alex Bohm, Bryce Harper, Zack Wheeler, Wheeler, Corbin Carroll, Christian Walker, Zach Davies, Carlos Correa, Michael A, Taylor, Devin Williams, Edouard Julien, Willi Castro, Donovan Solano's, Correa, Williams, Randal Grichuk, Grichuk's, Justin Garza, Coco Montes, Nolan Jones, Jurickson Profar, Rafael Devers, Daniel Bard, Pierce Johnson, Josh Donaldson, DJ LeMahieu, Brandon Nimmo, Jeff McNeil, Drew Smith, Ron Marinaccio, Josh Walker, Hunter Renfroe, Zach Neto, Shohei Ohtani, Jimmy Herget, Carlos Estevez, Nathaniel Lowe, Corey Seager, Owen White, Elly De La Cruz, Spencer Steer's, Kevin Newman's, Stuart Fairchild, TJ Friedl, Jordan Lyles, Lyles, Ian Happ, Jameson Taillon, Happ, Luis L, Ortiz, Jack Suwinski, Christopher Morel, George Kirby, Mike Ford, Cal Raleigh, Jose Caballero, Garrett Cooper, Chris Flexen Organizations: Oakland Athletics, Tampa Bay Rays, Oakland, Alameda County Coliseum, Astros, Houston, Washington, Giants, Cardinals, San Francisco, St, Orioles, Blue Jays, Baltimore, Toronto, American, Dodgers, White Sox, Padres, Guardians, Cleveland, Phillies, Diamondbacks, Philadelphia, Brewers, Minnesota, Milwaukee, Twins, Red Sox, Boston, Rockies, Yankees, Mets, Big Apple, Rangers, Angels, Los Angeles, Reds, Royals, Cincinnati Reds, Kansas City, The Reds, Cubs, Pirates, Chicago, Pittsburgh, Mariners, Marlins, Seattle, Miami, Cal, Kirby, Thomson Locations: Oakland , California, USA, Vegas, Angeles, Chicago, Cincinnati, Philadelphia, Seattle, San Diego, Cleveland, Phoenix, Arizona, Minneapolis, Minnesota, Colorado, Grichuk, Arlington , Texas, Pittsburgh, Raleigh, Ford
Pig prices soared in Europe last year as output was cut by farms squeezed by high grain and energy costs. The EU pork industry has been buffeted in the past decade by a Russian trade embargo, the westward spread of African swine fever and the COVID-19 pandemic. "We're continuing to add costs to the overall pork production chain," Justin Sherrard, global strategist for animal protein at Rabobank, said. That may mean EU pork exports, whose share of production more than doubled to 21% between 2000 and 2020, have peaked. But an inflationary economy may make consumers less ready to accept rising pork prices and deepen a shift towards chicken as a cheaper, more convenient option.
Persons: Carole Joliff, Joliff, Jean, Paul Simier, AKI, We're, Justin Sherrard, slaughterhouses, Klaus Kaiser, FICT, Rabobank's Sherrard, jamon serrano, prosciutto, Tim Koch, Gus Trompiz, Forrest Crellin, Michael Hogan, Johannes Birkebaek, Emma Pinedo, Toby Sterling, David Evans Organizations: European Union, Commission, Rabobank, BLE, Danish Crown, AMI, Thomson Locations: PARIS, Brittany, Europe, Russian, Hungarian, China, Japan, Denmark, Netherlands, Danish, France, Brazil, United States, Germany, EU, Paris, Hamburg, Copenhagen, Madrid, Amsterdam
TORONTO, June 9 (Reuters) - Ruling conservatives in the Canadian province of New Brunswick this week made changes to rules for schools as they sought to "recognize the role of parents" in questions around gender identity, but have faced pushback from within their own party. On Thursday, provincial Education Minister Bill Hogan announced changes to that policy. Another change to the policy removes a reference to students being allowed to participate in activities "consistent with their gender identity". Indiana has enacted a law requiring teachers to tell parents when students ask to be called by a new name or different pronoun. Reporting by Sam Jabri-Pickett in Toronto; editing by Steve Scherer and Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.
Persons: Bill Hogan, Progressive Conservative Premier Blaine Higgs, Higgs, Justin Trudeau, Sam Jabri, Steve Scherer, Rosalba O'Brien Organizations: TORONTO, New, Progressive Conservative Premier, Pickett, Thomson Locations: Canadian, New Brunswick, Toronto, Brunswick, United States, Indiana, Dakota
MLB roundup: Reds down Dodgers in thrilling fashion once again
  + stars: | 2023-06-08 | by ( ) www.reuters.com   time to read: +9 min
The Twins wasted a strong start by Pablo Lopez, who allowed just one run on five hits over seven innings. Oakland starter Hogan Harris (1-0), making his first major league start, allowed three runs in five innings. Kutter Crawford (1-3) gave up three runs (two earned) on five hits with three strikeouts over three-plus innings. San Francisco starter Logan Webb Webb gave up four runs on eight hits in 5 1/3 innings. Colorado starter Connor Seabold allowed two runs on two hits, walked two and struck out four in six-plus innings.
Persons: Will Benson, Katie Stratman, TJ Hopkins, Benson, Evan Phillips, Alexis Diaz, Phillips, Mookie Betts, Elly De La Cruz, Randy Arozarena, Jhoan Duran, Isaac Paredes, Pablo Lopez, Alec Burleson, Louis, Jon Gray, Jack Flaherty, Jordan Hicks, Giovanny Gallegos, Ryan Helsley, Ryan Noda, Jace Peterson, Brent Rooker, Jonah Bride, JJ Bleday, Hogan Harris, Rodolfo Castro, Roansy Contreras, Juan Soto, Gary Sanchez, Soto, Sanchez, Michael Wacha, George Kirby, Jesus Sanchez, Luis Arraez, Edward Cabrera, Jordan Lyles, Corbin Carroll, Zach Davies, Emmanuel Rivera, Ketel Marte, Carroll, Davies, Joey Meneses, Dominic Smith, Patrick Corbin, Chris Bassitt, Alejandro Kirk, Bo Bichette, Brandon, Yordan Alvarez, Ronel Blanco, Amed Rosario, Josh Naylor, Josh Bell, Tanner Bibee, Rafael Devers, Kutter Crawford, Michael Harris II, Harris, Nick Anderson, A.J, Minter, Brooks Raley, Pete Alonso, Charlie Morton, Joey Wiemer, Corbin Burnes, Willy Adames, Dean Kremer, Austin Slater, LaMonte Wade Jr, Taylor Rogers, Camilo Doval, Logan Webb Webb, Nolan Jones, Ezequiel Tovar, Connor Seabold Organizations: Cincinnati Reds, Los Angeles Dodgers, Great, Cincinnati, Dodgers, Reds, Rays, Tampa, Minnesota, Cardinals, Rangers, Texas, Athletics, Pirates, Oakland, Pittsburgh, Padres, Mariners, San, Marlins, Royals, Miami, Kansas City, Diamondbacks, Nationals, Arizona, Washington, Blue Jays, Astros, Toronto, Houston, Brandon Belt, Red Sox, Cleveland, Boston, Braves, Mets, National League, Brewers, Orioles, Baltimore, Giants, Rockies, Colorado, Colorado ., Thomson Locations: Cincinnati , Ohio, USA, Los, St . Petersburg, Fla, Bay, Minnesota, Arlington , Texas, San Diego, Seattle, Atlanta, New York, Milwaukee, San Francisco, Denver, Colorado . San Francisco, Colorado
CNN —Professional wrestler and World Wrestling Entertainment Hall of Famer The Iron Sheik has died, according to an announcement on his Twitter page. The Iron Sheik, whose real name was Hossein Khosrow Ali Vaziri, was born in Iran where he first began his wrestling career. The Iron Sheik became champion of then-World Wrestling Federation in 1983 and held the title for just under a month before losing to Hulk Hogan, according to WWE. “Throughout his career, The Iron Sheik became a cultural phenomenon, transcending the realm of professional wrestling to become a pop culture icon,” the announcement on his Twitter reads. He left an indelible mark on the industry, and his influence can still be felt in the world of wrestling today.”
Persons: Sheik, Hossein Khosrow Ali Vaziri, , Hulk Hogan, Organizations: CNN —, Wrestling Entertainment Hall of Famer, WWE, World Wrestling Federation Locations: , Iran
B. Riley's Art Hogan names these two retailers as top picks
  + stars: | 2023-06-07 | 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 EmailB. Riley's Art Hogan names these two retailers as top picksArt Hogan, chief market strategist at B. Riley Wealth Management, joins 'Power Lunch' to discuss market resiliency and resilient names in retail.
Persons: Hogan Organizations: Riley Wealth Management
[1/5] Former U.S. President and Republican presidential candidate Donald Trump attends a campaign event in Manchester, New Hampshire, U.S., April 27, 2023. That would allow the former president to clinch the nomination, just as he did in similar circumstances in 2016. Political analysts estimate that Trump can count on a diehard core of supporters, who make up at least a third of Republican voters, to help him secure his party's nomination. Trump dominates the field among potential Republican primary voters with 49% support and DeSantis next with 19%. Many may have also decided to enter the 2024 race because of the perceived vulnerabilities of the two front runners, Feehery said.
Persons: Donald Trump, Brian Snyder, Ron DeSantis, Trump, Joe Biden, Mike Pence, Chris Christie, Doug Burgum, DeSantis, Larry Hogan, Hogan, Pence, Nikki Haley, Christie, Tim Scott of, Asa Hutchinson, Oscar Brock, John Feehery, Feehery, Jimmy Carter, Jason Miller, Tim Reid, Nathan Layne, Ross Colvin, Grant McCool Organizations: U.S, Republican, REUTERS, Florida, Democratic, Trump, New, North Dakota, South Carolina, Republican National Committee, Thomson Locations: Manchester , New Hampshire, U.S, New Jersey, Maryland, Tim Scott of South Carolina, Arkansas, Tennessee, Los Angeles, Laconia , New Hampshire
At the concert, Swift was photographed dancing with her friends on the balcony, getting especially cozy with Kloss. February 25, 2015: Swift and Healy hang out at the Universal Music Brits party in LondonNick Grimshaw, Taylor Swift, and Matt Healy at the Universal Music Brits party. "It's not really anything to talk about, because if she wasn't Taylor Swift we wouldn't be talking about her. AdvertisementHe continued: "If I had gone out with Taylor Swift I would've been, 'Fucking hell! Taylor Swift performs at the 2016 Grammys; Matty Healy performs at the 2016 Apple Music Festival.
Persons: , Taylor Swift, Matty Healy, Swift's, Healy, Milwaukee Healy, Swift, Los Angeles Swift, Selena Gomez, Gomez, Ellie Goulding, — Taylor, Harry Styles, merch, Angus O'Loughlin, hasn't, Stone, I've, she's, Martha Hunt, Lily Aldridge, Karlie, Haim, Hunt, Aldridge, Instagram, concertgoers, it's, Taylor, Jared, Swift Healy, Australia's, London Nick Grimshaw, Matt Healy, David M, Bacardi Swift, Kloss, Goulding, Nick Grimshaw, Mick Jagger, Halsey, It's, wasn't Taylor Swift, Robyn Beck, Dave J Hogan, Elle, Lana Del Rey, Jack Antonoff, Jack, Ally, Phoebe Bridgers, Paul Mescal, Bo Burnham, Bridgers, Burnham Organizations: Service, Poets Department, Business, Swift, Eagles, Us, MTV, Universal Music Brits, Soho House, Bacardi, Q, NME, KROQ, Klein, Poets Society Locations: Milwaukee, Los Angeles, New York City, Australia, London, Soho
VIEW US payrolls rise more than expected in May
  + stars: | 2023-06-02 | by ( ) www.reuters.com   time to read: +5 min
Nonfarm payrolls increased by 339,000 jobs last month, the Labor Department said in its closely watched employment report on Friday. "This low wage inflation number is very good news for those of us who believe the Fed should pause." "The unemployment rate surprisingly moved from 3.4% to 3.7%. "We've seen some earnings warnings, there's a big lag in monetary policy, and we saw the unemployment rate tick up to 3.7%. Makes you wonder, is there going to be a rise in the (labor market) participation rate.
Persons: KIM FORREST, PETER CARDILLO, RILEY, we've, they're, We've, OLIVER PURSCHE, There's Organizations: YORK, Federal Reserve, Labor Department, Treasury, HOGAN, Fed, NEW, Global Finance, Markets, Thomson Locations: PITTSBURGH
That's exactly what the Fed would like to see," said Art Hogan, chief market strategist at B Riley Wealth in New York. The data brought relief to investors who now expect the Fed to skip an interest rate hike this month for the first time since starting its aggressive policy tightening more than a year ago. Fed funds futures trading showed an over 70% probability that the Fed will hold interest rates steady at its June 13-14 policy meeting. The S&P 500 communication services index (.SPLRCL), housing telecoms, fell 0.5% while the S&P 500 consumer discretionary sector (.SPLRCD), housing Amazon, soared 1.6%. The S&P 500 industrials sector (.SPLRCI) rose 1.4%, while Dow heavyweight Caterpillar (CAT.N) gained 3.7%.
Persons: Hogan, they're, FEDWATCH, Shreyashi Sanyal, Shristi, Nivedita Bhattacharjee, Maju Samuel Organizations: Amazon, Dow, Nasdaq, Federal Reserve, Labor, Riley, FEDWATCH Reuters Graphics Reuters, Dow Jones, Amazon.com Inc, Telecom, Verizon Communications, Mobile US Inc, Dish Network Corp, Caterpillar, NYSE, Thomson Locations: New York, United States, China, Bengaluru
Broadly, U.S. consumer spending trends showed resilience in the face of high inflation, but big-ticket purchases suffered. Upscale retailer Macy's said the U.S. consumer pulled back more than anticipated and slashed its annual sales and profit forecasts for the year. Macy's and lingerie brand Victoria's Secret & Co (VSCO.N) are resorting to more discounts to clear out excess inventory. "Our business in North America became increasingly more challenging," Victoria's Secret CEO Martin Waters said during a post earnings call on Thursday. The pinch from slowing consumer spending was not just limited to high-end retailers.
Persons: Macy's, Hogan, Martin Waters, they're, Nordstrom, Peter Nordstrom, Dr Martens, Arun Sundaram, Aishwarya Venugopal, Savyata Mishra, Shinjini Organizations: U.S, Goods, Riley, Nordstrom Inc, Discount, CFRA Research, Thomson Locations: U.S, North America, United States, Bengaluru
Amazon has announced that its Amazon One feature will soon be used to purchase alcohol. The technology allows customers to have their age and payment information accessed by their palm. Irish Haven was a cash-only bar for decades before introducing digital payments in 2020, so Hogan is hesitant to implement palm payments and age verification. Amazon One, Hogan said, could eliminate an important conversation between a bartender and patrons to determine if a person has been drinking prior to visiting his bar. In 2022, Amazon's falter with brick-and-mortar stores led the retail giant to shift its focus to licensing its cashierless technology to third-party retailers.
Persons: , John McKay, isn't, Matt Hogan, Hogan, hasn't Organizations: Amazon, Coors, Service, Foods, Coors Field, Colorado Rockies Major League Baseball, Colorado Rockies Locations: Denver, Haven
MLB roundup: Overturned DP helps Marlins beat Angels
  + stars: | 2023-05-28 | by ( ) www.reuters.com   time to read: +11 min
Phillies 2, Braves 1Right-hander Zack Wheeler continued his dominance over Atlanta, throwing eight scoreless innings to lead visiting Philadelphia to a win. Four Atlanta relievers combined for four scoreless innings, allowing two hits and fanning six. Mariners 5, Pirates 0Luis Castillo allowed one hit over six scoreless innings as Seattle defeated visiting Pittsburgh. Mason Thompson (3-2), the first of four Nationals relievers, earned the win with two scoreless innings. Ryan Helsley (3-3) was credited with the victory after pitching 1 1/3 scoreless innings, while Sandlin (2-2) took the loss.
2024 Republican presidential candidates
  + stars: | 2023-05-24 | by ( Zachary B. Wolf | ) edition.cnn.com   time to read: +8 min
CNN —The first Republican primary debate won’t occur until August. But the 2024 presidential primary campaign is well underway. Here are the currently declared Republican presidential candidates, sorted by their place in the most recent CNN poll of the potential GOP primary electorate. But those investigations have been ongoing for years now, and it’s not clear any allegations will hurt his strength among many Republican voters. Like most GOP candidates, he will struggle to find oxygen in a field that so far has been dominated by Trump.
Persons: Donald Trump, Trump, Ron DeSantis, DeSantis, Mike Pence, Pence, insurrectionists, He’ll, Nikki Haley, Haley, Joe Biden, Tim Scott, Scott, Chris Christie, Christie, – Christie, Vivek Ramaswamy Vivek Ramaswamy, Charlie Neibergall, Ramaswamy, Asa Hutchinson, Hutchinson, Doug Burgum, Burgum, Larry Elder Larry Elder, Mario Tama, Gavin Newsom, Chris Sununu, Larry Hogan, David Chalian, ” “, ” Chalian, Chalian Organizations: CNN, Republican, Florida Gov, GOP, Disney, Trump, United Nations, White Republican, South, White, Iowa Faith, North, Getty, California, New Hampshire Gov, Maryland Gov, DeSantis, Hutchinson Locations: There’s, New York, Fulton County , Georgia, Florida, Riding, Southern, South Carolina, New Jersey, Covid, Arkansas, North Dakota, California
Some Microsoft employees have criticized the company's decision to halt raises and cut bonus and stock awards, according to internal messages viewed by Insider that were directed at executives. A later email from Microsoft's chief people officer, Kathleen Hogan, which was viewed by Insider, instructed managers to give fewer employees "exceptional rewards." While the comments may not reflect the feelings of all employees at Microsoft, they provide a window into employee sentiment over these changes. On the all-hands call, Bell said: "Merit increases and employee pay are supply and demand-driven, and for years we have enjoyed bigger paychecks than our peers in other sectors." Are you a Microsoft employee or do you have insight to share?
Persons: Satya Nadella, Kathleen Hogan, Hogan, Nadella, Charlie Bell, We've, LT, Bell, Ashley Stewart Organizations: Microsoft, Employees
Democrats are nervous about a potential 'No Labels' presidential ticket, per The New York Times. Joe Manchin and Kyrsten Sinema have been brought up as potential candidates, per the report. And the possibility of more moderate political figures like Democratic Sen. Joe Manchin of West Virginia, Independent Sen. Kyrsten Sinema of Arizona, or former Gov. "If No Labels runs a Joe Manchin against Donald Trump and Joe Biden, I think it will be a historic disaster," Democratic Rep. Dean Phillips of Minnesota told The Times. Individuals with ties to Manchin are doubtful that he might surface as a No Labels candidate, per The Times.
Law firms Allen & Overy and Shearman & Sterling plan merger
  + stars: | 2023-05-21 | by ( ) www.reuters.com   time to read: +2 min
Allen Overy Shearman Sterling, which will be called A&O Shearman for short, "will be the only global firm with U.S. law, English law and local law capabilities in equal measure," the two firms said in a joint statement. They said the deal will give Allen & Overy greater access to the U.S. corporate client base of Shearman & Sterling, which in turn would benefit from A&O's global reach. The planned merger comes just months after Shearman & Sterling abandoned talks over a tie-up with transatlantic firm Hogan Lovells. Shearman & Sterling announced in February it was laying off attorneys and business professionals in the United States. Adam Hakki, senior partner at Shearman & Sterling, said "merging with Allen & Overy will dramatically accelerate our ability to meet (clients') needs in an increasingly complex environment."
Morgan Stanley co-presidents Ted Pick and Andy Saperstein, and head of investment management Dan Simkowitz, are widely seen as contenders for the top job. Morgan Stanley shares were little changed in early trading, down 0.9%. The less volatile business of wealth management accounted for 45% of firm's revenue in the first quarter. Morgan Stanley's first-quarter profit beat expectations as rising revenue from wealth management offset declines in investment banking and trading. Simkowitz, the eldest of the three at 58, is head of investment management at Morgan Stanley and co-head of the firm's strategy and execution.
Instant View: Morgan Stanley CEO Gorman plans to step down
  + stars: | 2023-05-19 | by ( ) www.reuters.com   time to read: +2 min
NEW YORK, May 19 (Reuters) - Morgan Stanley (MS.N) CEO James Gorman told shareholders Friday that the company will likely appoint its next CEO in the next 12 months. Gorman, 64, said the board has identified three strong candidates to succeed him and that he will become executive chairman once a new CEO is chosen. Shares of Morgan Stanley slipped about 1% to $83.84 in morning trading. PHIL BLANCATO, CHIEF EXECUTIVE OFFICER, LADENBURG THALMANN ASSET MANAGEMENT, NEW YORK:"I would applaud James Gorman here for taking the right time to step down. Building out their wealth management division has been a real boon to the company and they bested Goldman in that practice."
Superstar Billy Graham, a professional wrestler whose extravagant presence — 22-inch biceps, dyed blond hair, feather boas, tie-dyed tights and an outrageous gift of gab — influenced the style of future stars like Hulk Hogan and Jesse Ventura, died on Wednesday in Phoenix. The cause was sepsis and multiple organ failure, said Keith Elliot Greenberg, who collaborated with Graham on his autobiography. Graham’s longtime use of steroids had weakened his bones, requiring at least six hip replacements, and made him sterile. He also received a liver transplant in 2002 after contracting hepatitis C.“If you look at those that came after him, more people have patterned themselves after Superstar Billy Graham and become a success in this business than probably anybody,” Triple H, the superstar wrestler whose birth name is Paul Levesque, said at Graham’s induction into the WWE Hall of Fame in 2004. “And when it comes to bodies, there was nobody, and I mean nobody, that could touch the Superstar.”Graham, who was born Eldridge Wayne Coleman, had been an evangelist, a bodybuilder who bench pressed as much as 605 pounds, a defensive end in the Canadian Football League, a debt collector and a bouncer before turning to wrestling in 1970.
May 17 (Reuters) - Shares of U.S. regional lenders jumped on Wednesday on growing investor confidence that the worst of the banking crisis was likely over, following news of strong deposit growth at Western Alliance Bancorp (WAL.N). Arthur Hogan, chief market strategist at B. Riley Wealth, said Western Alliance's deposit growth disclosure was good news for worried investors. "Western Alliance, one of the most hard-hit banks, came out with a filing showing deposit increase. Western Alliance shares, which are down 41% year-to-date, surged 10% to $34.81, erasing losses recorded over the last two weeks. Other regional lenders closed higher: PacWest Bancorp (PACW.O), whose stock has lost nearly 76% of its value year-to-date, spiked 22%.
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