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Credit Suisse could split its struggling investment bank into three parts, a move that would involve thousands of job cuts as the Swiss bank reshapes its business. The bank has drawn up plans to split its beleaguered investment banking unit, including creating a so-called ‘bad bank’ to hive off unwanted assets, the Financial Times reported … Read more
The government has moved one step closer to removing restrictions on non-executive director pay, despite criticisms the moves would reward wealthy City board members amid a raging cost-of-living crisis. The Department for Business, Energy and Industrial Strategy has drawn up a cost-benefit analysis on overhauling rules that prevent non-executive directors from being paid in shares of the … Read more
BERLIN—Volkswagen AG largest shareholder, Porsche Automobil Holding SE said it would acquire 25% plus one additional share of the voting stock in Porsche AG when VW lists the sports-car brand, which could happen by the end of the month, the companies said on Saturday. VW, Europe’s biggest auto maker by sales, said the companies’ boards … Read more
The live-streamed US libel trial of actor Johnny Depp against his ex-wife Amber Heard dominated the internet for just over a month. But the fervent Google searches also threw his law firm, Brown Rudnick, into the blazing spotlight. Now the 146th largest law firm in the US by revenue is capitalising on its new-found online fame by plotting a London … Read more
IBM has restructured to focus on software and services tied to hybrid cloud computing and artificial intelligence. David Paul Morris/Bloomberg Text size IBM kicked off tech earnings season with better-than-expected quarterly results, despite headwinds from the strong dollar. For the second quarter, IBM (ticker: IBM) posted revenue of $15.5 billion, up 9% from a year … Read more
Intel CEO Pat Gelsinger. Ting Shen/Bloomberg Text size Under CEO Pat Gelsinger, Intel has committed to massively increasing its capital spending investments by tens of billions of dollars. But with a rapidly slowing global economy, repeated product delays, rising competitive threats, and political uncertainty, it might need more help to fund its ambitions. One good … Read more
Text size AT&T has completed the spinoff of WarnerMedia. Justin Sullivan/Getty Images AT&T wrapped up its WarnerMedia spinoff late last week, and the stock was rising on Monday. The stock jumped 8%, to $19.67. AT&T (ticker: T) in February decided to structure WarnerMedia’s divestiture as a spinoff instead of a split-off, or exchange. A split-off … Read more
Exxon Mobil is among the companies whose yield on free cash flow indicates strong support for the payout’s resilience. Here, an Exxon refinery in Rotterdam, Netherlands. Dean Mouhtaropoulos/Getty Images Text size Quarterly dividend payments can be a lifeline for investors who depend on income, retirees in particular. Those cash payments, however, don’t just appear out … Read more
AT&T Inc. detailed its plans for the spinoff of WarnerMedia on Friday, with investors eventually expected to receive a share of the new streaming-media entity for every four AT&T shares they own. AT&T T, +2.19% is in the process of spinning off its WarnerMedia business in a combination with Discovery Inc. DISCA, +0.85%, which executives … Read more