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Credit Suisse staff had already been seeking to jump ship in recent weeks, sources told Reuters. "Many Credit Suisse bankers had already been talking to a lot of people for a while [about leaving the Swiss bank]. An executive at a rival London-based wealth manager said they had seen a steady flow of CVs coming in from Credit Suisse bankers. UBS told Credit Suisse wealth bankers on Monday that it was weighing financial sweeteners for them to stay, as it seeks to reassure key staff. Some experts have said Britain's financial services industry could ultimately benefit from recent bouts of turmoil in the United States and Switzerland.

☆ Volvo Buses to restructure in Europe, hitting 1,600 jobs
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

OSLO, March 16 (Reuters) - Volvo Group (VOLVb.ST) will restructure its European bus-making operation in a bid to restore it to profitability, divesting from a Polish plant and axing 1,600 jobs, the Swedish company said on Thursday. Volvo Buses will change its business model in Europe to focus on chassis production while cooperating with external companies for the bodybuilding, in line with a strategy pursued in other markets, it said. "The decision to end the production of complete buses and coaches will impact approximately 1,600 positions at Volvo Buses, whereof around 1,500 are based in Wroclaw," the group said in a statement. Volvo will still have more than 2,100 employees in Poland working at Volvo Trucks, Volvo Construction Equipment and group support functions, the company added. ($1 = 10.5567 Swedish crowns)Reporting by Terje Solsvik, editing by Gwladys FoucheOur Standards: The Thomson Reuters Trust Principles.

☆ As Big Tech employees get culled, their European colleagues get stronger labor laws and softer landings
▼ + stars: | 2023-03-15 | by ( Riddhi Kanetkar | Jyoti Mann | ) www.businessinsider.com time to read: +8 min

Big Tech layoffs at Meta, Twitter, Amazon and Snap have laid off thousands of workers globally. Until recently, tech employees haven't had to think too seriously about mass layoffs. European Big Tech employees have better labor protections"There are regulations in Europe that apply to collective situations, based on European law: the so-called Mass Dismissal Directive," said Dr. Jordan. But in January, Twitter employees were reported to have been paid just one month's severance, according to CNN. Twitter employees in Germany have also worked with the Verdi union to push Twitter into making a better severance offer, Fortune reported.

To compound the problem, British shoppers are themselves starting to spend more in the European Union, where they can also reclaim the value-added tax (VAT) charged on goods. OWN GOALBurberry BRBY.L, Britain's biggest luxury retail brand, warned last year that London was losing out to other European cities over the VAT rule. "That's why tax-free was so important for them, and now we are the only country in Europe that doesn't offer it." Cadogan, the main landlord in the west London districts of Chelsea and Knightsbridge, whose estate spans over 90 acres, also called on the government to act. He said he had not considered the VAT issue before, because he was generally spending his parents' money.

☆ Factbox: Biden budget targets U.S. fossil fuel subsidies
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +4 min

Here are some details about U.S. fossil fuel subsidies:HOW MUCH ARE THEY WORTH? Axing the subsidies would save the government nearly $31 billion over 10 years, Biden's fiscal year 2024 budget proposal says. Before taking office, Biden promised to get rid of fossil fuel subsidies as part of a multi-pronged effort to fight climate change that also included ending new drilling on public lands. For one, they require an act of Congress, and Republicans and some Democrats oppose the removal of fossil fuel subsidies. The International Energy Agency estimated that so-called consumption subsidies for fossil fuels doubled in 2022 to $1 trillion globally.

☆ Meta's latest round of layoffs could hit as soon as this week, as the company tries to finalize headcount before Zuckerberg goes on parental leave: Bloomberg
▼ + stars: | 2023-03-07 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +3 min

These cuts could happen as soon as this week before CEO Mark Zuckerberg goes on parental leave. Meta already laid off 11,000 workers or approximately 13% of the company's headcount in November. This fresh round of headcount cuts is happening because of Meta's financial targets, and is separate from Zuckerberg's push for "flattening" Meta's organizational structure, Bloomberg's sources — who were granted anonymity to talk about internal matters — said. A Meta spokesperson declined to comment on further layoffs, the expected number of job cuts, and which divisions might be impacted. The spokesperson did not immediately respond to Insider's follow-up query on when these reported job cuts might happen.

☆ The job cuts by companies like Uber and GM targeting low performers show CEOs are taking a hard-line approach to management
▼ + stars: | 2023-03-04 | by ( Rebecca Knight | Marguerite Ward | ) www.businessinsider.com time to read: +6 min

To wit, GM this week said it was axing roughly 500 salaried positions in performance-related job cuts. Business advisors who work with executives told Insider that companies conduct what are sometimes called "quiet layoffs" for two main reasons. Job cuts send a potent messageGM this week said it was axing roughly 500 salaried positions in performance-related job cuts. He recently told Insider that the widespread layoffs in tech are more likely due to companies parroting each other rather than necessary cost-cutting. In other words, a rival's announcement of job cuts gives other companies reason to follow suit.

New York CNN —General Motors is cutting an unspecified number of white-collar jobs globally, part of its announced efforts to slash costs to remain competitive in the shift to electric vehicles. GM has 58,000 salaried US-based staff and 46,000 US unionized hourly workers, making up the majority of its 167,000 employees worldwide. GM has said it will invest $35 billion between now and 2025 in the shift to EVs. Both Ford (F) and GM (GM) face contract negotiations with the United Auto Workers union this fall on new labor deals for their US hourly workers. The union went on strike at GM (GM) for six weeks in 2019 before reaching a deal on its current contract.

☆ Elon Musk says the end of 2023 is a 'good timing' to find a new CEO for Twitter because the company will be 'stable' by then
▼ + stars: | 2023-02-15 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +2 min

Elon Musk says he plans to have someone take over his job as Twitter CEO near the end of 2023. He said end-2023 would be "good timing" to hand over the reins because Twitter should be "stable" then. "I don't know, I'm guessing probably towards the end of this year should be a good timing to find someone else to run the company," Musk added. Musk then started a Twitter poll on December 18, asking users whether he should "step down as head of Twitter." The results of the poll didn't swing in his favor — some 57.5% of the poll's more than 17.5 million respondents voted for Musk to step down as Twitter CEO.

☆ How Paramount+ is punching above its weight with Stallone, Showtime, and reinvented library shows like CBS' 'Criminal Minds' and MTV's 'Teen Wolf'
▼ + stars: | 2023-02-07 | by ( Elaine Low | ) www.businessinsider.com time to read: +5 min

Paramount+ (formerly CBS All Access) is beefing up by bringing sister network Showtime into the fold. "The shows with rich, deep libraries are the ones that get a lot of consumption," said Paramount+ streaming chief Tanya Giles. But Paramount+ (formerly CBS All Access) is beefing up by bringing sister network Showtime into the fold — rebranding both the Showtime cable network and the streamer as Paramount+ With Showtime. Paramount+ is also building upon its library with originals: The streamer recently revived "Criminal Minds," which aired on CBS for 15 seasons. In anticipation of "Criminal Minds: Evolution," viewership of the original CBS "Criminal Minds" jumped 46%, a Paramount+ spokeperson shared with Insider.

☆ Leaked Amazon memo shows it only wants to hire students and new grads for entry-level software roles
▼ + stars: | 2023-02-03 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

But middle managers could be the latest layoff target in tech, especially after Mark Zuckerberg's latest reported comments. Leaked Amazon memo reveals new hiring strategy. The e-commerce giant is only hiring students and new grads for entry-level software positions, per an internal note reviewed by Insider. More on Amazon's latest hiring strategy here. The latest people moves in tech:An Amazon Web Services exec who was accused of gender discrimination is leaving, according to leaked docs.

Newsletter publisher and digital media company TheSkimm laid off nearly 10% of staffers in January. Bustle Digital Group, The Washington Post, and Buzzfeed are among other media companies that cut workers in recent months. TheSkimm, the popular newsletter publisher and digital media company, laid off nearly 10% of its workforce — or about 17 staffers — in mid-January, according to a source familiar with the matter. TheSkimm is far from the only media company that has enacted wide-ranging personnel cuts in recent months. Entertainment media companies have also been heavily impacted, with AMC, NBCUniversal, Paramount Global, Roku, and Spotify paring back headcount.

☆ Managers at my company have to give at least one bad review on their teams. How can I make sure I don't get targeted?
▼ + stars: | 2023-02-01 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +5 min

Stack ranking is when managers score employees' performances relative to that of their coworkers. It's not easy to fight it if your company uses stack rankings, but you can take a few actions. Forced, or stack, ranking — a system in which managers score their employees' individual performances relative to that of their coworkers — needs to die but, alas, refuses to do so. Stack ranking is still used today, including at companies like Amazon, though it's largely been found to be a terrible management practice. Why, then, do some companies persist in stack ranking?

☆ Amazon expands air cargo service to India even as company cuts costs
▼ + stars: | 2023-01-23 | by ( Annie Palmer | ) www.cnbc.com time to read: +2 min

To match Insight AMAZON.COM-SHIPPING/ REUTERS/Mark MakelaAmazon on Monday announced it's bringing its air cargo operations to India, marking fresh growth for the company's logistics arm even as it looks to cut costs in other divisions. Amazon Air will enable the company to offer faster deliveries to customers in India, said Sarah Rhoads, vice president of Amazon Global Air, in a statement. The launch of Amazon Air in India comes as Amazon CEO Andy Jassy is undergoing a broad review of the company's expenses as it stares down a worsening economic outlook and slowing retail sales. Amazon Air, which debuted in 2016, outsources operations to several airlines. Amazon has for years been working to grow its presence in India, which is poised to become one of the fastest-growing e-commerce markets in the world.

☆ Google is under more pressure to make cuts amid industry layoffs. Here are the units it could target.
▼ + stars: | 2023-01-20 | by ( Thomas Maxwell | Hugh Langley | ) www.businessinsider.com time to read: +1 min

Google's parent company Alphabet has not yet conducted the mass layoffs seen at other tech giants. The company's stock is down 31% in the past year, and CEO Sundar Pichai has not ruled out layoffs. Its profit margins declined 740 basis points year-over-year last quarter and hasn't yet made job cuts, according to Bernstein estimates. Its profit margins had declined just 180 basis points year-over-year, according to Bernstein estimates. While Wall Street is skeptical that the company can avoid mass layoffs, it's possible that Google will weather the storm with smart targeted cutbacks and consolidation.

☆ Coinbase soars 10% as crypto markets rally and bitcoin notches highest price since September
▼ + stars: | 2023-01-17 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

The extended rally in crypto markets are helping boost shares of the US crypto exchange. Coinbase cut 20% of its workforce last week, citing "increasingly challenging economic conditions." The move in Coinbase stock comes as cryptocurrency prices continue their uptick. Bitcoin jumped 20% in the past week, according to Messari, while the industry's market cap rebounded to more than $1 trillion over the weekend. The multi-day rally in digital assets is helping boost Coinbase stock, though shares of the company are still down 75% in the past year.

☆ Disney is rolling back unpopular price hikes at its theme parks that were made under former CEO Bob Chapek
▼ + stars: | 2023-01-11 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +3 min

Disney is revising many of the unpopular theme park policies made under former CEO Bob Chapek. Current CEO Bob Iger reportedly complained to friends at length about theme park price hikes done under Chapek. A former parks executive himself, Bob Chapek angered many of Disney's most passionate theme park fans by jacking up prices and axing free services at the company's theme parks while CEO. "He's killing the soul of the company," Iger reportedly said. During Chapek's less-than-3-year stint as Disney CEO, he angered many of the company's most diehard fans: annual theme park pass holders.

☆ Premarket stocks: Bruised tech investors are hedging their bets
▼ + stars: | 2023-01-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —There are two certainties in today’s market: The tech sector has been beaten down and interest rates are higher. What’s happening: Investors are purchasing put options, a bearish bet that a stock will fall during a set period of time, on certain tech stocks at historic rates. The losses also created a booming market for investors who hold put option contracts that allow investors to sell shares of these stocks at a price higher than their current levels. Rising interest rates also dried up the easy money tech companies relied on to fuel big bets on future innovations, and cut into their sky-high valuations. Beyond that, the growing number of layoffs may also give certain tech companies some cover to take more severe steps to trim costs now than they may have otherwise done.

☆ Silicon Valley layoffs go from bad to worse
▼ + stars: | 2023-01-09 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +6 min

At Amazon and other tech companies, the second half of last year was marked by hiring freezes, layoffs and other cost-cutting measures at a number of household names in Silicon Valley. Rising interest rates also dried up the easy money tech companies relied on to fuel big bets on future innovations, and cut into their sky-high valuations. While there have been some layoffs recently in the consumer goods sector and hints of more to come elsewhere, the situation in Silicon Valley remains in stark contrast to the economy as a whole. And despite the robust overall labor market, there are growing concerns that tech layoffs could spread elsewhere. In that sense, at least, Silicon Valley may once again be ahead of the curve, but not in the way it wants.

Meanwhile, World Health Organization officials met Chinese scientists on Tuesday amid concerns over the accuracy of China's data on the spread and evolution of its outbreak. China reported five new COVID-19 deaths for Jan. 3, compared with three a day earlier, bringing the official death toll to 5,258, very low by global standards. British-based health data firm Airfinity has said about 9,000 people in China are probably dying each day from COVID. Bookings for international flights from China have risen by 145% year-on-year in recent days, the government-run China Daily newspaper reported, citing data from travel booking platform Trip.com. But there are signs that an increase in travel from China could further spread the virus abroad.

☆ It's time to revive the 'pink-slip parties' of the early 2000s
▼ + stars: | 2022-12-23 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +5 min

First: Remember "pink-slip parties"? Now, 20-some years later, pink-slip parties are being floated as a way to ameliorate the pain felt by recently laid-off tech workers. Pink-slip parties originated with the dot-com bubble burst, when laid-off employees would gather to commiserate, laugh, drink, and meet prospective hiring managers. Hemming began running regular meetups for laid-off tech workers — misery loves company, after all — giving them an opportunity to network. She shared her thoughts on everything from the current hiring landscape to the benefits of pink-slip parties for younger generations.

☆ Australian stock exchange's blockchain failure burns market trust
▼ + stars: | 2022-12-20 | by ( Byron Kaye | ) www.reuters.com time to read: +11 min

That 96% of that software is working," Hogben told a Stockbrokers and Investment Advisers Association conference, in footage seen by Reuters. More than a dozen brokers, other market participants and people directly involved in the blockchain project told Reuters the failure had shaken trust in the Australian exchange operator. After New York startup Digital Asset Holdings showed ASX executives a test transaction on its blockchain software, ASX in early 2016 signed the little-known company to begin exploratory work on an overhaul. From an initial plan to run about 12 of CHESS's 400 data transfers per transaction on blockchain, ASX decided the new system would include all 400 transfers, the person said. Its spokesperson told Reuters there was "no off-the-shelf solution available to meet the needs of the Australian market".

☆ Goodbye to the good life: The cushy perks of tech work are rapidly disappearing.
▼ + stars: | 2022-12-19 | by ( Asia Martin | ) www.businessinsider.com time to read: +4 min

Over the past year, more and more tech workers have seen perks pulled as companies try to ride out a tough market and potential recession. As perks disappear and performance reviews become more brutal, tech workers' compensation will remain high. But for tech workers who, quite literally, enjoyed a free lunch, it still feels like the end of an era. Layoffs have wracked the tech industry, with 150,000 tech workers losing their job in 2022. But it's clear that for some tech workers, this perk correction has been overdue.

☆ The perks of tech work are rapidly disappearing. Here's why.
▼ + stars: | 2022-12-19 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +5 min

But we've got more to talk about today, including the disappearance of lavish tech industry perks, and which generation of workers are most likely to feel "tech shame." When Elon Musk purchased Twitter, one of the first things he did was take away perks related to wellness, family planning, productivity, training, and home offices. The disappearance of perks is a shift from the decade before, when perks helped companies differentiate themselves from competitors. We explain why the perks of tech work are rapidly disappearing. Musk made the comments before the closure of his Twitter poll, which asked users if he should stay.

☆ A market downturn hasn't made activist investing any easier. Here's why.
▼ + stars: | 2022-12-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

But even with a market downturn, activist investors' campaigns haven't been the cakewalk some might expect. Insider's Daniel Geiger, Rebecca Ungarino, and Casey Sullivan spoke to industry insiders — including famed activist investor Carl Icahn — about why the current landscape isn't as accepting as some might think to activist campaigns. But when the going gets tough, the tough get going, and a difficult market environment doesn't mean we'll see the number of campaigns decrease. Click here to read more about why top activist investors like Carl Icahn say this line of work is riskier than ever. Here's a five-step plan to help you decide when that side gig you have should be the only gig you have.

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