Google-parent Alphabet is set to cut more jobs in order to make space for investment in artificial intelligence. Alphabet CEO Sundar Pichai said some teams would need to eliminate roles in order to “create the capacity” for investment in promising areas such as artificial-intelligence, CNBC reported, citing an internal memo. That could be… Google-parent Alphabet
The European Parliament on Thursday passed a resolution paving the way for possible legal action against the EU’s executive arm over the release of 10 billion euros ($11 billion) in frozen funds to Hungary. The European Commission unlocked the money for Budapest last month as Brussels looked to win Hungarian Prime Minister Viktor Orban’s backing
Published: Jan. 17, 2024 at 3:08 a.m. ET By Elena Vardon Brooks Macdonald Group said it expects momentum on gross inflows to continue across its products over the second half of fiscal 2024 as it posted a rise in funds under management for the second quarter. The U.K. asset manager on Wednesday said that the
Successful small-cap growth-stock fund managers have a problem. Rapidly growing small companies tend not to stay small for long. They become midsize companies that the manager has to sell. To solve this problem, managers invented the curiously named “smid-cap” fund category that holds both small- and mid-cap stocks. One of the first and best funds
Morgan Stanley was boosted by its wealth management unit as the ongoing deal drought has taken its toll on Wall Street’s dealmakers. The lender’s wealth management business added net new assets of $282bn in 2023, growing 7%, according to results published on 16 January. Investment banking revenue, meanwhile, tanked from 13% to $4.6bn as deal activity has remained in
Japan plans to double a fund used for disaster relief and other contingencies to $6.8 billion after a devastating New Year’s Day earthquake, the government said Tuesday, as snow worsened conditions for survivors. The 7.5-magnitude quake and powerful aftershocks killed at least 222 people in central Japan, laying waste to houses and infrastructure. In the
Leading figures in the financial sector are shunning Davos this year, as the World Economic Forum fights to compete with a growing number of rival conferences around the world. Bank of England governor Andrew Bailey, Dame Anne Richards of Fidelity International, John Studzinski of Pimco and Hendrik du Toit of Ninety One have all opted
Venezuela is putting an end to the petro cryptocurrency that President Nicolas Maduro launched six years ago to sidestep US sanctions, but which never took off and became embroiled in a graft scandal. All crypto wallets held on the Patria Platform — the only website where the petro was tradeable — will be shut down
Bank of America has kicked off a closely-watched earnings season for Wall Street’s biggest banks with an overall uptick in investment banking fees. Total investment banking fees at the lender rose 7% to $1.1bn in the final quarter of 2023 compared to the same period last year, holding third place in the league tables. However, the outlook
Martin Luther King’s Lessons for a Wayward Finance Industry
About the author: Christopher Smart is managing partner of the Arbroath Group, an investment strategy consultancy, and was a senior economic policy adviser in the Obama administration. This Martin Luther King Jr. holiday falls on the day the civil rights leader would have turned 95, which raises countless questions about the world, had he lived