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Businesses need to remain diligent in their diversity, equity and inclusion, or DEI, efforts as layoffs continue, according to McKinsey senior partner Shelley Stewart. Stewart told CNBC that Black Americans have historically been disproportionately affected during economic downturns. Because Black workers are underrepresented in the tech industry, he said, they may not be hit disproportionately in that sector. Stewart encourages companies to continue their DEI efforts by working with diverse suppliers, saying partnering with diverse businesses is "the biggest lever that corporations have to directly impact society other than wages." "Inclusive growth is better for companies, better for society, better for our global economy and our domestic economy," he said.

However, two sources briefed on the matter told Reuters that the cap did not apply to MPS, based on the Treasury's interpretation of the rule. The salary cap compares with Lovaglio's current pay of 466,000 euros a year with no variable compensation, which is already well below peers. The MPS rescue deal Italy agreed in 2017 with European Union authorities cost taxpayers 5.4 billion euros. In November he worked with Rome to pull off a make-or-break 2.5 billion euro new share issue that saw Italy pump another 1.6 billion euros into MPS. MPS already enforces EU-mandated caps to its top executives' pay, which cannot total more than 10 times the average employee salary.

☆ The Equity Talk: It could take 136 years to reach gender parity at work, but a BofA exec wants to do it in 15 — and she has a plan
▼ + stars: | 2023-02-13 | by ( Marguerite Ward | ) www.businessinsider.com time to read: +8 min

Sandra Quince is the CEO of Paradigm for Parity, which promotes gender parity in corporate America. In the latest Equity Talk, Quince talked about how leaders could support women of color. How do you feel about the movement for gender parity right now? There are reports that say we are around 136 years until gender parity. We want to achieve gender parity in corporate leadership in 15 years.

☆ DEI Spells Death for the Idea of a University
▼ + stars: | 2023-02-11 | by ( Matthew Spalding | ) www.wsj.com time to read: 1 min

The first object of government, James Madison tells us in Federalist 10, is the protection of “the diversity in the faculties of men.” By diversity, Madison meant different opinions to be encouraged to preserve liberty. Equity is an ancient legal concept of justice in particular cases, developed over centuries of English common-law practice. Inclusion simply means to make a part of, as in defining a mathematical set by what it does and doesn’t include. All good words with respectable origins. Yet in true Orwellian fashion, they have been redefined.

☆ European shares hit nine-month high on upbeat cues from Fed's Powell
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

Feb 8 (Reuters) - European shares hit a more-than-nine-month high on Wednesday as investors drew positive cues from Federal Reserve Chair Jerome Powell's remarks overnight, while Linde's and Akzo Nobel's upbeat forecasts led material and chemical stocks higher. The pan-European STOXX 600 (.STOXX) was up 0.6% at 0818 GMT, hitting its strongest level since April 2022. German gas giant Linde and Dutch paints maker Akzo Nobel (AKZO.AS) jumped 2.4% and 6.5%, respectively, after giving higher 2023 earnings forecasts. Finnish refiner Neste (NESTE.HE) jumped 11% and was the top performer on the STOXX 600 on the back of a comparable fourth-quarter core operating results beat. Norwegian energy firm Equinor (EQNR.OL) gained 6.1% following a record $74.9 billion adjusted operating profit for 2022.

☆ How ‘Diversity’ Policing Fails Science
▼ + stars: | 2023-02-07 | by ( John D. Sailer | ) www.wsj.com time to read: 1 min

At Texas Tech University, a candidate for a faculty job in the department of biological sciences was flagged by the department’s search committee for not knowing the difference between “equality” and “equity.” Another was flagged for his repeated use of the pronoun “he” when referring to professors. Still another was praised for having made a “land acknowledgment” during the interview process. A land acknowledgment is a statement noting that Native Americans once lived in what is now the United States. Amidst the explosion of university diversity, equity and inclusion policies, Texas Tech’s biology department adopted its own DEI motion promising to “require and strongly weight a diversity statement from all candidates.” These short, written declarations are meant to summarize an academic job seeker’s past and potential contributions to DEI efforts on campus.

☆ Morgan Stanley's first ETFs come with an ESG focus despite political pushback
▼ + stars: | 2023-02-07 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

The six new offerings of U.S. and international stock funds and a short-term bond fund from Calvert, part of Morgan Stanley Investment Management (MSIM), is built with ESG considerations in mind. The last three quarters of 2022 were very difficult," said Anthony Rochte, global head of ETFs at Morgan Stanley Investment Management. While the number of ESG funds is growing rapidly, Calvert distinguishes itself by conducting its own ESG scoring rather than relying on an index provider's system, Rochte said. And it goes back to the differentiation and the active process they employ in designing the Calvert principles," Rochte said. Over time, Morgan Stanley will look at launching ETFs beyond the Calvert brand, Rochte said.

☆ LGBTQ+ founders face extra challenges when fundraising, with 75% hiding their sexual or gender identity, report finds
▼ + stars: | 2023-02-07 | by ( Riddhi Kanetkar | Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

LGBTQ+ founders face extra barriers when fundraising, and many feel the need to conceal their identities. A new report tracking the experiences of LGBTQ+ founders and investors in the UK startup and venture capital ecosystem paints a dire picture. LGBTQ+ founders — especially those who identify as women and nonbinary — face additional barriers when fundraising, the report found. Cisgender refers to a person whose gender identity is the same as the sex assigned to them at birth. Funds could also commit a proportion of investment to diverse founders, including LGBTQ+ founders, the report's authors said.

☆ Layoffs sweeping Big Tech are putting corporate diversity efforts at risk
▼ + stars: | 2023-02-06 | by ( Marguerite Ward | ) www.businessinsider.com time to read: +7 min

For years, but especially after the May 2020 murder of George Floyd, CEOs kept reassuring Americans that efforts around diversity, inclusion, and workplace culture weren't just window dressing. At least that's how things now seem, multiple people who work in corporate diversity told Insider. He said the layoffs hitting diversity departments would do "long-term damage" to corporate America and showed CEOs' "empty promise" to bring change to their companies. The layoffs sweeping Big Tech and unfolding in some other industries are hitting the departments designed to make American companies more diverse. This puts corporate America's progress in this effort at risk, people in DEI told Insider.

☆ A laid-off Meta worker says she's struggling after not getting the 16 weeks of severance her fellow employees received: 'I'm going through my kids' closet and selling their old clothes'
▼ + stars: | 2023-02-03 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +7 min

Meta employees who were laid off at the end of last year received 16 weeks or more of severance pay. In addition to those four months of pay, employees were offered two additional weeks of severance for every year at the company, with no limit. Those workers received fewer weeks of severance and insurance than other Meta employees — they were given only the amount of pay necessary to comply with federal law. Beyond that, Levy told Insider that she wasn't offered any other severance pay, only three months of health insurance. But she's in a tough spot with limited severance pay, and she said that the $450 ceiling for unemployment benefits in California is not keeping up with the cost of living.

☆ 3 office-friendly breathing exercises that can help you combat stress at work
▼ + stars: | 2023-01-24 | by ( Ashton Jackson | ) www.cnbc.com time to read: +2 min

Professionals deal with work stress in many different ways, from morning walks to motivational mantras. But many people don't know that breathing exercises can also help regulate stress, release anger and reduce anxiety. And according to Zee Clarke, author of Black People Breathe and mindfulness & breathwork expert for BIPOC communities, they can also help professionals mitigate workplace burnout. According to Clarke, the squeeze and release technique is great for lessening that tension and releasing anger. This stress release practice takes less than a minute to do and helps combat anxiety.

☆ Read the memo Google's Android and Chrome boss sent to staff as the company lays off 12,000 employees
▼ + stars: | 2023-01-20 | by ( Monica Melton | Hugh Langley | ) www.businessinsider.com time to read: +2 min

What makes Google really special is its people — all of you — so it's sad to be saying goodbye to some of our wonderful teammates. It'll take some time for us to absorb and process today's news; I know I'm still processing things myself. You've heard us talk about our key P&E strategies and themes — User Delight, Better Together, Developer Experience, DEI, and Privacy & Compliance. Of course, as a company, we will support those impacted as best we can; we already sent a separate email directly to employees in the U.S. who are affected. I know many of you likely have questions; please plan to join the company town hall on Monday.

☆ Italy set to appoint veteran economist Barbieri as new Treasury head
▼ + stars: | 2023-01-19 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +3 min

SummarySummary Companies Barbieri to replace Rivera, who failed to win over MeloniPrevious Treasury chiefs include former PM DraghiBureaucrats in Italy get substantial say in policy-makingROME, Jan 19 (Reuters) - Italy's government is set to appoint veteran economist Riccardo Barbieri as director general of the Treasury, replacing Alessandro Rivera in the influential position, the economy ministry said on Thursday. The move marks a victory for newly installed Prime Minister Giorgia Meloni, who was looking to remove Rivera and put her stamp on key positions. "A cosmopolitan former banker and chief economist, Barbieri is one of the Treasury senior officials who liaises more frequently with Brussels," said Francesco Galietti, head of political risk consultancy Policy Sonar. MPS is 64%-owned by the Treasury following a 2017 bailout that cost taxpayers 5.4 billion euros ($5.8 billion). Rivera spent much of his career within the economy ministry, specialised in the handling of banking and financial crises.

☆ Autism, ADHD, and other neuro types can be an asset in the workplace — and companies are finally doing the work to recruit and retain neurodivergent staff
▼ + stars: | 2023-01-19 | by ( Korie Wilkins | ) www.businessinsider.com time to read: +8 min

Some companies, such as P&G, have introduced programs to recruit and retain neurodivergent candidates. Lakes' experience is not uncommon among neurodivergent individuals, which is a term that represents people with neurological types like autism, dyslexia, or ADHD. Workplace culture is beginning to shiftThere's some change on the horizon. "Right now, organizations are doing the groundwork," Lyric Rivera, who identifies as neurodivergent, told Insider. Company culture can support neurodivergent employeesWhile many companies offer programs to support existing neurodivergent employees, advocates like Rivera say the next step is to get more neurodivergent candidates in the door.

☆ 3 DEI mistakes companies made in 2022—and how they can be fixed this year
▼ + stars: | 2023-01-19 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

And that's the way I felt when I was working in corporate, is that the DEI initiatives were not for me. According to Clarke, these are the things companies got wrong in 2022, and ways to fix them in 2023:Not providing the support — or budget — for DEI plans to thrive. There's all these layoffs and leaders have to make budget decisions, and DEI got deprioritized," Clarke says. If companies don't prioritize DEI efforts by providing actual support, Clarke believes things won't change. How many companies have hired a Chief Diversity Officer and then didn't give them a budget or a robust team?

☆ UniCredit CEO says 'we'll see' when asked about Monte dei Paschi -CNBC
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

Monte dei Paschi is 64% owned by the Italian state, which needs to eventually cut its stake to meet re-privatisation commitments given to the European Union at the time of the bailout. "I think Monte dei Paschi has taken a different direction in their strategy. And they've raised their capital, they're rationalising the bank, they're restructuring the bank," Orcel said in an interview with CNBC. So they need to do that, and then we'll see," he said when asked about a Reuters report that UniCredit was still seen as a potential buyer for Monte dei Paschi, alongside Banco BPM (BAMI.MI). Monte dei Paschi raised 2.5 billion euros in capital in December, despite rocky markets, to finance thousands of voluntary staff exits and cut costs.

☆ Italy’s Friuli region is one of Europe’s best kept secrets
▼ + stars: | 2023-01-18 | by ( Silvia Marchetti | ) edition.cnn.com time to read: +10 min

With 13 natural reserves and the pristine park of the Friuli Dolomite Mountains, the region lures tourists seeking to connect with nature or explore the outdoors. There’s also the spellbinding Grotta Gigante, or Giant Cave, one of the world’s largest tourist caverns. Golden beachesThe Grotta Gigante is one of the world's largest tourist caverns. Trieste boasts an unusual segregated beach, with origins dating back several centuries. “Residents are very fond and proud of this place,” says Trieste local Maria Bonacci.

☆ Factbox: European companies cut jobs as economy sputters
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Stephane MaheJan 17 (Reuters) - Decades-high inflation and the impact of war in Ukraine have forced companies across Europe into lay-offs or hiring freezes. * HUSQVARNA (HUSQb.ST): the garden equipment and tools maker announced in late October it will cut 1,000 jobs, the vast majority of them related to the shift from petrol to battery-powered tools. * SIEMENS GAMESA (SGREN.MC): the Spanish wind turbine maker in late September said it plans to cut 2,900 jobs, mostly in Europe, as part of a plan to return to profitability. * CLAS OHLSON (CLASb.ST): the Swedish hardware store chain said in December it would cut about 85 full-time jobs amongst other measures to deliver cost savings and reduced depreciation. BANKS AND FINANCIALS* KLARNA: Dagens Industri reported in May the Swedish payments company would lay off about 10% of its 7,000 employees.

☆ Here's how Macy's is doing business differently, according to the brand's Chairman and CEO
▼ + stars: | 2023-01-16 | by ( Alexandra York | ) www.businessinsider.com time to read: +4 min

Macy's CEO Jeff Gennette joined the National Retail Federation's "Retail's Big Show" event this month. Retail leaders can predict consumer trends with pricing science and credit card data. One way the store is predicting consumer trends is with digital strategy, allocation science, and pricing science. A shift in supply chain proceduresThe supply chain has been a pain point for many businesses over the last three years. In recent years, Macy's has "totally redone" its supply chain, said Gennette, adding that it's reducing its dependence on China and shifting to more duty-free countries.

☆ 25 books management consultants from firms like McKinsey and Bain recommend for anyone who wants to make smarter business decisions
▼ + stars: | 2023-01-12 | by ( Weng Cheong | Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +2 min

Most of their skills are mastered through business school and rigorous training at elite firms. But there are some skills management consultants can learn and develop from books. Leading consulting firms like McKinsey & Company, Boston Consulting Group, and the Big Four account firms (which consists of Deloitte, KPMG, EY, and PwC) are known to be rather tight-lipped about their client work. Insider has compiled a list of books recommended by MBA graduates, business school professors, and consultants. Here are 25 books related to management consulting you should read.

In recent years, U.S. tech majors have stepped up hiring and made diversity, equity and inclusion (DEI) a priority. But as the industry grapples with over-hiring since mid-2020, rising interest rates and changes in business and consumer behavior, tech companies have announced deep cuts, risking their diversity efforts. The rare shakeup in big tech companies risks further disrupting diversity pledges that have already grown stagnant as companies de-emphasize DEI efforts. Equal Employment Opportunity data for 2008-2016, found that about 7% of tech firms are actively trying to diversify their workforce. This will disrupt diversity efforts even further, said Benjamin Juarez, a recruiting consultant and co-founder of Latinos in Tech.

So if workplace weight loss programs don’t actually improve employee health — what is it they are attempting to do? And yet, workplace wellness programs that focus on weight loss and other fatphobic-related measures like BMI and fat percentage persist. There’s not much evidence to suggest these workplace weight loss programs even reduce costs. So we’re shaming fat folks, excluding people with disabilities and triggering those of us recovering from eating disorders for ... absolutely no reason at all. And any workplace wellness program that specifically incentivizes weight loss should be acknowledged as harmful and ended immediately.

By acquiring MPS, UniCredit could have bridged in part the gap with domestic champion Intesa Sanpaolo (ISP.MI), which overtook it as Italy's top lender in 2020 by buying smaller peer UBI. Such a deal would have further widened the distance between the top two banks and Banco BPM (BAMI.MI), which ranks third with roughly one-fifth of their assets. Sources with knowledge of the matter have told Reuters Banco BPM together with UniCredit remain potential buyers for MPS. On Thursday, Banco BPM CEO Giuseppe Castagna was quoted as saying MPS was "too big a mouthful" for his bank to swallow. Bankers say an MPS deal could help Banco BPM loosen the grip of Credit Agricole (CAGR.PA), the French bank which this year became the single biggest investor in Banco BPM.

☆ Italy's goal is several big banking groups as it works to exit MPS - PM
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +2 min

MILAN, Dec 29 (Reuters) - Italy will work to exit the capital of bailed-out lender Monte dei Paschi di Siena (BMPS.MI) with a view to creating a banking landscape with several large groups, Prime Minister Giorgia Meloni said on Thursday. Meloni said Monte dei Paschi had been "very badly handled" by previous governments leading to taxpayers spending billions of euros to prop up the Tuscan lender, whose restructuring however "appears rather solid." Italy owns 64% of Monte dei Paschi following a 2017 bailout that cost taxpayers 5.4 billion euros. Rome pumped another 1.6 billion euros into the bank as part of a 2.5 billion euro recapitalisation completed in November. In an interview on Thursday Banco BPM CEO Giuseppe Castagna said Monte dei Paschi was "too big a mouthful" for his bank to swallow.

☆ ECB sets capital requirements for Monte dei Paschi for 2023, removes dividend ban
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] The entrance of the Monte dei Paschi bank headquarters is seen in Siena, central Italy, January 29, 2016. REUTERS/Max RossiMILAN, Dec 27 (Reuters) - The European Central Bank has set the minimum capital requirements for Banca Monte dei Paschi di Siena (MPS) (BMPS.MI) for next year and also removed a ban on the distribution of dividends, the lender said in a statement on Tuesday. The ECB told Monte dei Paschi it must maintain a Common Equity Tier 1 ratio - a measure of financial strength - of at least 8.8%, the statement added. The lender raised 2.5 billion euros ($2.6 billion) in cash in November, braving stormy markets with a new share issue. After a failed re-privatisation attempt last year, Monte dei Paschi is working to improve its appeal for a potential buyer under new CEO Luigi Lovaglio so as to allow the state to cut its 64% stake in a merger deal with a stronger rival.

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