Posts by Stephanie Irvin
Goldman Sachs plans more job cuts to boost savings, leverage AI push
[NEW YORK] Goldman Sachs Group told staffers to expect an additional round of job cuts this year as the bank seeks further savings across its businesses and takes advantage of the opportunities presented by artificial intelligence. The New York-based firm said it would “constrain headcount growth through the end of the year” and is planning…
Read MoreWall St opens lower on US-China tensions; bank results pour in
[NEW YORK] Wall Street’s main indexes opened lower on Tuesday (Oct 14) with renewed trade tensions between US and China souring sentiment, while investors also parsed results from big US banks that kicked off the third-quarter earnings season. The Dow Jones Industrial Average fell 195.7 points, or 0.42 per cent, at the open to 45,871.89.…
Read MoreInstant IP Strategies for Inventors to Prevent Intellectual Property Risk
To create a new invention is a significant accomplishment, but such achievements are often swept aside by a lack of intellectual property (IP) protections. Inventors tend to rush the build, pitch, and publishing process, exposing their original concept to risk. The lack of a protection strategy opens new inventions to the risk of IP theft,…
Read MoreMorgan Stanley seeks to redeem cash from Jefferies’ Point Bonita fund, source says
[NEW YORK] Morgan Stanley’s asset management unit asked investment bank Jefferies to return some money it invested in the latter bank’s Point Bonita Capital fund, according to a person familiar with the situation. Point Bonita had a large exposure to bankrupt US auto-parts supplier First Brands. BlackRock and Texas Treasury Safekeeping Trust are among the…
Read MoreUS: S&P 500 ends down 2.7% after Trump warns of big China tariffs
[NEW YORK] Wall Street stocks tumbled Friday (Oct 10) after US President Donald Trump threatened “massive” tariffs on China, reviving trade war worries after months of improving relations between the countries. All three major US indices finished firmly lower, with the broad-based S&P 500 down 2.7 per cent at 6,552.51. The Dow Jones Industrial Average…
Read MoreTesla’s China shipments rise at start of busy sales season
The carmaker shipped 90,812 units from the plant last month, up 2.8% from a year earlier SHIPMENTS from Tesla’s Shanghai factory increased in September as China’s car market kicks off its busy sales period and automakers start their final push to meet annual targets. The carmaker shipped 90,812 units from the plant last month, up…
Read MoreDigital euro could drain up to 700 billion euros of deposits in bank run, ECB says
The ECB has presented the digital currency as an alternative to US-dominated means of payment [FRANKFURT] A digital euro could drain up to 700 billion euros (S$1.1 billion) in deposits during a run on commercial banks, pushing around a dozen eurozone lenders into a liquidity squeeze, a European Central Bank simulation showed on Friday (Oct…
Read MoreAI jobs shock is coming and firms aren’t ready: Klarna CEO
The CEO sees the AI boom spelling the end to what he calls “excess profits” in both the banking and software industries [LONDON] From technology firms to translators, the world has not faced up to the consequences of artificial intelligence wiping out swathes of jobs, according to one of AI’s biggest cheerleaders in finance. “I…
Read MoreUS SEC offers relief for IPOs stuck in limbo during shutdown
Few companies typically choose to go this route and instead opt to seek a green light from staff reviewers [WASHINGTON] The US Securities and Exchange Commission (SEC) offered some relief to would-be public companies stuck in regulatory limbo as the government shutdown drags on. Companies launching initial public offerings (IPOs) while most of the government…
Read MoreEx-CIMB Singapore chief Victor Lee to join Security Bank in the Philippines as CEO
[SINGAPORE] Victor Lee, the former chief executive officer of CIMB Singapore, has been appointed president and CEO of the Philippine-listed Security Bank Corp, reported the Philippine Daily Inquirer on Sep 30. This comes after Lee’s abrupt departure from his CEO role at CIMB Singapore, which parent company CIMB Group announced on Sep 9. The Malaysian…
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