Thursday, January 19, 2023, 7:34 pm
The World Economic Forum in Davos is where some of the most prominent CEOs, politicians, thinkers and leaders gather. am city These are the top lines for today.
Bank layoffs in the USA
Due to the global economic slowdown, major Wall Street lenders were forced to make massive layoffs.
Richard Gnudi, international director of Goldman Sachs, stated today in Davos that the company has been scaled to meet the future vision. The outlook must be dire after one of the largest iteration rounds in the company’s history.
Bank of America hasn’t had to lay off employees yet, but CEO Brian Moynihan stated that “we’ve overdone on hiring.”
The Bank will, however, slow down its hiring process because the attrition rate’ has fallen. “I’ve been telling people I’ll have enough people doing great jobs for our customers,” he said. “But let’s be careful.”
Check out this space.
Morgan Stanley succession plan
Investors will be pleased to know that plans are being made to replace James Gorman at Morgan Stanley.
Gorman, who was appointed CEO in 2010, said that he plans on a “generation of people who can takeover”. with Bloomberg TV.
Ted Beck and Andy Saperstein, co-presidents of Bank, as well Dan Simkowitz (the bank’s chief investment officer), are the main contenders for the top spot.
Gorman stated that “they are all very talented CEOs”, but that the final decision will be made by the board.
Shapps wonders where all the startups are now
Rishi Sunak didn’t make it to Davos but Grant Shapps, Business Secretary, did.
Shapps brought a big idea to Fringe Lunch: “Silicon Valley with an American edge”.
“We produce billions of dollars more unicorn startups than France, Germany and the Netherlands combined. But why do so many companies move abroad after being nurtured in the UK?” he said.
Shapps may have answered his own question inadvertently when he raised his concerns about Brexit earlier. Shapps, who voted for the European Union, stated to the lunch guests that he opposed Brexit because it would have been “a huge hassle to leave”.
I believe we should ask startups why they left.
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