Accenture PLC is cutting around 19,000 jobs, or 2.5% of its workforce, over the next 18 months as the professional services firm seeks to cut costs and streamline operations amid slowing IT spending . The company said it expects its business optimization plan to cost about $1.5 billion, primarily due to employee layoffs over the … Read more
Modern Inc. mrna -0.78% will cost its Covid-19 vaccine about $130 a dose when it transitions to commercial vaccine distribution later this year, far more than the federal government has paid. The plans have fueled criticism of the company from lawmakers who explored the cost of the shootings during a Senate hearing on Wednesday. The … Read more
Discussions, though preliminary, have focused on how the industry could arrange an investment that would increase the bank’s capital, according to people familiar with the matter. Among the options on the table, people said, is investment in the First Republic by the banks themselves. Eleven major banks banded together last week to deposit $30 billion … Read more
Swiss authorities attempted to finalize the deal on Sunday before Asian markets opened for the week. They walked a fine line, having to get the boards of both banks to agree to the deal and avoid the alternative, a regulator-led liquidation of Credit Suisse, which could prove longer and more painful for the bank. financial … Read more
Silicon Valley Bank’s parent company has filed for bankruptcy, facilitating the sale of its remaining assets after the tech-focused bank at the heart of its business was seized by federal regulators. SVB Financial Group filed for Chapter 11 protection Friday in New York bankruptcy court, the largest filing stemming from a bank failure since Washington … Read more
Silicon Valley Bank executives went to Goldman Sachs Group Inc. GS -3.09% end of February looking for advice: they needed to fundraise, but weren’t sure how to do it. Soaring interest rates had weighed heavily on the bank. Deposits and the value of the bank’s bond portfolio had fallen sharply. Moody’s Investors Service was preparing … Read more
WASHINGTON — The Biden administration is demanding that Chinese owners of TikTok sell their shares in the video-sharing app or face a possible U.S. ban on the app, according to people familiar with the matter. The move represents a major shift in policy by the administration, which has been criticized by some Republicans who say … Read more
WASHINGTON — The Federal Reserve is overhauling a number of its own rules for midsize banks following the collapse of two lenders, potentially expanding restrictions that currently only apply to Wall Street’s biggest firms. A series of stricter capital and liquidity requirements are being considered, along with measures to strengthen the annual “stress tests” that … Read more
Bank of the First Republic FRC 27.29% and other regional lenders recouped their worst selloff in three years on Tuesday, a sign that regulators’ emergency measures to contain a banking crisis are easing investors. The sharpest rebounds were seen among regional banks which suffered the worst declines in recent days. Shares of the First Republic, … Read more
The aftershocks of the collapse of three U.S. banks in less than a week could be more painful for stocks in the coming weeks by creating new hurdles for the Federal Reserve in its fight against inflation, strategists from the market. US authorities, including the Fed, Treasury and Federal Deposit Insurance Corp., jointly announced on … Read more
