Upstart outlook comes up short, but CEO says he’s ‘confident’ in value of AI lending

Upstart Holdings Inc. delivered a lower-than-expected revenue forecast for the current quarter, but its chief executive expressed confidence in the performance and value of artificial-intelligence-driven lending. Since Upstart UPST, +9.02% offered preliminary second-quarter results a month ago that fell shy of expectations, the key issue headed into the company’s official earnings report was its outlook. … Read more

Elon Musk Files Response and Counterclaims to Twitter Lawsuit Over $44 Billion Deal

Updated July 29, 2022 6:29 pm ET Listen to article (1 minute) Elon Musk formally responded to Twitter lawsuit seeking to force him to go through with his $44 billion takeover of the social-media platform and included counterclaims against the company. The filing Friday was made confidentially and isn’t viewable by the public. It isn’t … Read more

SFO bosses’ ‘gullibility and arrogance’ slammed in Unaoil fiasco as third conviction quashed

The Serious Fraud Office has been hit with two reports slamming its conduct on the same day the Court of Appeal overturned a conviction related to the agency’s ill-fated Unaoil investigation. At the centre of it all is Lisa Osofsky, the agency’s director, whose actions contributed to overturned convictions, according to the independent report into the … Read more

Elon Musk Seeks to Abandon $44 Billion Twitter Deal

Elon Musk Seeks to Abandon $44 Billion Twitter Deal

Klarna CEO draws criticism for posting emails of almost 600 ‘Klarnauts’ who lost jobs

The chief executive of embattled buy-now-pay-later company Klarna drew criticism for publishing a list of the hundreds of employees he has let go. Sebastian Siemiatkowski posted the list on LinkedIn, a week after announcing job cuts for about 10% of Klarna’s global workforce. The 565 so-called “Klarnauts” volunteered to have their names added to the list. The … Read more

Meet the man behind the UK sanctions regime

“It feels a little bit like on variety TV shows years ago. You had those people who spin plates, and they’d go round and by the time the first one has stopped spinning, you’ve got to go back to the start and do it again. It does feel a little bit like that.” The man … Read more

Raymond James boss Paul Reilly bets big on the UK: ‘I don’t have a cap on the number of hires’

It is June 2016. The UK votes to leave the EU. Reports predict thousands of job losses and a severe decline in the City of London. That’s when bosses at Raymond James began the company’s push into European investment banking. Some questioned whether the US mid-market specialist’s foray into the UK and Europe would last. … Read more

Too many crypto transactions are fraudulent, Starling CEO Anne Boden warns

The City should be wary of cryptocurrencies, the chief executive of Starling Bank said. “Too many transactions that go into crypto exchanges are fraudulent, and until the industry puts in more and more controls … we all have to be wary of that space,” Anne Boden told Financial News at the City Week annual conference in … Read more

Intel CEO Pat Gelsinger Bought Up the Sliding Stock

Text size Intel CEO Pat Gelsinger. Patrick T. Fallon/Bloomberg Intel stock slid on the last trading day of April, after the company provided disappointing fiancial forecasts. On the first two trading days of May, CEO Pat Gelsinger and Chief Financial Officer David Zinsner bought the dip. Intel (ticker: INTC) stock is down 9.6% year to … Read more

CEO reportedly laments red ink incurred from Air Force One deal as Boeing posts $1.2 billion first-quarter loss

Boeing said Wednesday that it lost $1.2 billion in the first quarter as it took large write-downs and lost money in both its civilian-airplane and defense businesses. The loss was bigger than Wall Street had forecast, and the company’s quarterly revenue also fell short of expectations. Boeing burned through $3.2 billion in cash. “Messier quarter … Read more