By Catherine Thorbecke, CNN Amazon is cutting 9,000 more jobs, CEO Andy Jassy announced Monday in a memo to staff. The latest cuts come after the company announced earlier this year that it was eliminating some 18,000 positions as part of a major cost-cutting bid at the e-commerce giant. Jassy said the fresh round of
Continue Reading By Anna Cooban, CNN Investors in a riskier type of Credit Suisse’s bonds had the value of their holdings slashed to zero Sunday after Swiss authorities brokered an emergency takeover of the bank by rival UBS. On Sunday, the Swiss National Bank (SNB) announced that UBS would buy Credit Suisse for 3 billion Swiss francs
Continue Reading By Danielle Wiener-Bronner, CNN Starbucks’ new CEO Laxman Narasimhan has taken over the reins from interim CEO Howard Schultz, about two weeks sooner than planned. Narasimhan was named the company’s incoming CEO on October 1 of last year. Since then, he has shadowed Schultz, who stepped into the CEO role for the third (and he
Continue Reading By Clare Duffy and Catherine Thorbecke, CNN On the morning of January 20, one Google employee had to call tech support after getting hit with an unusual error message when they tried to log in to their work system. Another employee’s manager was on vacation, so they had no one to reach out to when
Continue Reading By Nicole Goodkind, CNN It’s difficult to overstate the influence that Silicon Valley Bank had over the startup world and the ripple effect its collapse this month had on the global tech sector and banking system. While SVB was largely known as a regional bank to those outside of the tight-knit venture capital sphere, within
Continue Reading By Rhea Mogul, CNN Indian authorities have blocked internet access for about 27 million people in the state of Punjab for a fourth straight day — one of the country’s most extensive blackouts in recent years — as police search for a Sikh separatist on the run. The Punjab government initially announced a 24-hour internet
Continue Reading By Michelle Toh and Olesya Dmitracova, CNN European markets ticked up Monday but bank stocks were mixed and volatile as investors assessed the significance of the near-collapse of Credit Suisse, one of the world’s most important financial institutions. Europe’s benchmark Stoxx Europe 600 index was up 1%, while Germany’s DAX and France’s CAC 40 rose
Continue Reading By David Goldman, CNN A week after Signature Bank failed, the Federal Deposit Insurance Corporation said it has sold most of its deposits to Flagstar Bank, a subsidiary of New York Community Bank. On Monday, Signature Bank’s 40 branches will begin operating as Flagstar Bank. Signature customers won’t need to make any changes to do
Continue Reading By Heather Chen, Yoonjung Seo and Andrew Raine, CNN Shorter workweeks to boost employee mental health and productivity may be catching on in some places around the world, but at least one country appears to have missed the memo. The South Korean government was this week forced to rethink a plan that would have raised
Continue Reading By Mark Thompson, CNN The US Federal Reserve and several other major central banks announced a coordinated effort Sunday night to boost the flow of US dollars through the global financial system with the aim of keeping credit flowing to households and businesses. “The Bank of Canada, the Bank of England, the Bank of Japan,
Continue Reading By Anna Cooban, CNN Hats, bags and gold bars emblazoned with Credit Suisse’s logo are being sold on resale sites, having popped up mere hours after the 167-year-old bank was saved from collapse by rival UBS. The emergency takeover brokered by the Swiss government will mean the end of a bank that began life in
Continue Reading By Mark Thompson, CNN Switzerland’s biggest bank, UBS, has agreed to buy its ailing rival Credit Suisse in an emergency rescue deal aimed at stemming financial market panic unleashed by the failure of two American banks earlier this month. “UBS today announced the takeover of Credit Suisse,” the Swiss National Bank said in a statement
Continue Reading By Ramishah Maruf, CNN In the wake of failures at Silicon Valley Bank and Signature Bank and separate issues at Credit Suisse and First Republic, many Americans are asking the question: Is my money safe? Lloyd Blankfein, the former CEO of Goldman Sachs said the answer is not black and white on “Fareed Zakaria GPS”
Continue Reading By Ramishah Maruf, CNN In the wake of failures at Silicon Valley Bank and Signature Bank and separate issues at Credit Suisse and First Republic, many Americans are asking the question: Is my money safe? Lloyd Blankfein, the former CEO of Goldman Sachs said the answer is not black and white on “Fareed Zakaria GPS”
Continue Reading By Samantha Murphy Kelly, CNN Business Google is opening up access to Bard, its new AI chatbot tool that directly competes with ChatGPT. Starting Tuesday, users can join a waitlist to gain access to Bard, which promises to help users outline and write essay drafts, plan a friend’s baby shower, and get lunch ideas based
Continue Reading By Samantha Murphy Kelly, CNN In just a few months, you’ll be able to ask a virtual assistant to transcribe meeting notes during a work call, summarize long email threads to quickly draft suggested replies, quickly create a specific chart in Excel, and turn a Word document into a PowerPoint presentation in seconds. And that’s
Continue Reading By Nicole Goodkind and Krystal Hur, CNN Global banks just suffered their worst week since 2008. So what comes next? The fallout from this month’s banking turmoil — the surprising bank runs and collapses of Silicon Valley Bank and Signature Bank — has been widespread. In its wake, the global banking system has been shaken.
Continue Reading By Alicia Wallace, CNN As head of PAWS Atlanta, Joe Labriola can get a good sense of the region’s economic well-being from the day-to-day activity of the city’s oldest no-kill animal shelter. Through the course of the past year, it’s become increasingly clear to him that people in the area are struggling under the weight
Continue Reading By Mark Thompson, CNN The fate of Credit Suisse could be decided in the next 24 hours after a torrid week for Switzerland’s second biggest bank. Local media reported that the Swiss cabinet had gathered for a crisis meeting at 5 p.m. local time (12 p.m. ET) Saturday to discuss the ailing bank’s future, as
Continue Reading By Catherine Thorbecke and Brian Fung, CNN Nearly two-and-a-half years after the Trump administration threatened to ban TikTok in the United States if it didn’t divest from its Chinese owners, the Biden administration is now doing the same. TikTok acknowledged to CNN this week that federal officials are demanding the app’s Chinese owners sell their
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