WASHINGTON—Treasury Secretary Janet Yellen said regulators may need to tighten banking rules after the collapse of Silicon Valley Bank and Signature Bank, arguing that the recent turmoil is a sign that efforts to strengthen the financial system are incomplete. Speaking at an economic conference on Thursday, Ms Yellen questioned whether the regulatory system she helped … Read more
Wall Street’s average bonus fell 26% last year, the biggest percentage drop since the financial crisis, as a trading slump slashed bankers’ pay. Financial employees received average bonus checks of $176,000 last year, up from a record high of $240,000 a year earlier, the New York state comptroller’s office said in a report Thursday. The … Read more
Mr Ermotti led UBS for nine years until 2020 and is credited with restoring the bank to health after a government bailout in 2008. He will succeed current CEO Ralph Hamers, who heads the bank, on April 5. for three years. “We felt we had a better horse” in Mr. Ermotti, UBS Chairman Colm Kelleher … Read more
Micron Technology Inc. reported its biggest ever quarterly loss from an inventory write-down of more than $1.4 billion on Tuesday, but shares held steady as executives suggested the memory market could reach a low. “We now believe that customer inventory has declined in several end markets, and we see a gradual improvement in the balance … Read more
He was the boss of a tech giant. Now he studies fish and rice. After appearing to fall out of favor with Chinese leaders following a 2020 speech he made criticizing financial regulation, Jack Ma, co-founder of Alibaba Group Holding ltd. generally kept a low profile. Far from the public eye, the 58-year-old multi-billionaire, who … Read more
Chinese e-commerce giant Alibaba Group Holding ltd. BABA 13.70% said it plans to split into six independently run companies that could seek separate IPOs, dismantling a business empire built over two decades by charismatic entrepreneur Jack Ma just as the tycoon reappeared in China . The reorganization of one of China’s largest private companies, once … Read more
Mickey Mouse has left the Metaverse. waltz disney Co. SAY 1.64% eliminated its next-gen customer experiences and storytelling unit, the small division that was developing metaverse strategies, according to people familiar with the situation, as part of a broader restructuring that is expected to reduce the number of employees of about 7,000 in the business … Read more
Lyft Inc., LYFT -2.74% struggling with competition and a falling stock price, is bringing in a board member as chief executive, and its two co-founders will step back from managing the company, the ride-hailing company announced Monday. David Risher, who has held senior positions at Amazon.com Inc. and Microsoft Corp. before launching a children’s reading … Read more
Jack Ma, Alibaba Group Holding ltd. ‘s, billionaire co-founder, returned to mainland China after spending about a year abroad, according to people familiar with the matter. Mr Ma’s travels have come under intense scrutiny as Chinese leaders seek to regain the trust of entrepreneurs after years of regulatory repression and Covid-19 pandemic measures that have … Read more
The concern around TikTok in Washington is drawing new attention to how Chinese apps have become part of the fabric of young Americans’ lives and what makes them so popular. Four of the top five most popular apps in the US in March were forged in China. Algorithms are often cited as their secret sauce. … Read more
