Credit Suisse signalled the era of cost-cutting and job cuts may be soon be over, telling employees that the bank will emphasise businesses that generate higher returns in its next strategic plan.
Credit Suisse aims to achieve its current capital, cost and pre-tax income targets by 2018 but Chief Executive Tidjane Thiam told staff preparation will start in July on its 2018-2020 plan.
British airline EasyJet said Friday it had applied for a new air operator’s certificate in Austria to allow it to continue flying in the European Union after Brexit regardless of the outcome of negotiations.
The application "will allow easyJet to establish a new airline, easyJet Europe, which will be headquartered in Vienna and will enable easyJet to continue to operate flights both across Europe and domestically within European countries after the UK has left the EU," it said in a statement.
According to a report by Russell Reynolds Associates, Fortune 500 companies are keen to employ women as general counsel with 35 per cent of open general counsel positions filled by women last year. The increase is attributed to the need for in-house experience which companies now want, having previously hired one in three general counsel from top partner ranks in law firms. Women, who are still struggling to get on the equity partnership ladder, are turning away from law firms to corporate life. Within the last three years, 91 percent of women hired externally had in-house experience and 61 percent had been a general counsel.
Swiss bank UBS is weighing up whether to move banking jobs in London to Frankfurt, Madrid or Amsterdam to cope with Britain’s planned departure from the European Union, Chief Executive Sergio Ermotti said in an interview with CNBC.
With around 5,000 employees based in London, Switzerland’s largest lender has been preparing contingency plans even before British citizens, in a referendum, voted to leave the EU in June 2016.
"I think Frankfurt is a location of choice. There are different, other locations that could come into consideration," Ermotti said in the interview broadcast on Monday, according to a transcript.
UBS Group is overhauling its wealth management businesses in Europe and emerging markets by reducing its booking hubs to three from around 10 and has announced a senior management restructure.
According to a Bloomberg report, the bank aims to reduce the number of offshore booking centers from about ten to 3 – Switzerland, Germany and the UK – through consolidating cross-border operations with domestic businesses.
The chief executives of U.S. banks have been paid handsomely since 2004, with the average boss making three times as much as their counterparts around the globe, according to Bernstein report. The research examined chief executive pay across 25 banks in the US, Europe and Asia for the past 13 years and it shows that US banks have persistently paid more than rivals in the rest of the world based on 2016 data.
Microsoft is planning layoffs as it refocuses its sales force on making the software colossus a pivotal part of businesses relying on cloud computing, according to media reports.
While many reports forecast the changes would result in thousands of job cuts, Microsoft on Monday only confirmed to AFP that changes were on the way. "Microsoft is implementing changes to better serve our customers and partners," a Microsoft spokesperson told AFP.
Cartier owner Richemont has sold its Chinese luxury brand Shanghai Tang to Cassia Investments, the Consumer-focused Private Equity fund, in partnership with Italian fashion entrepreneur, Alessandro Bastagli, the company said on Monday.
No value for the deal was given but Richemont, which also owns jewellers Cartier, Van Cleef & Arpels and Piaget, but "The transaction will have no material impact on Richemont’s balance sheet, cash flow or results for the year ending 31 March 2018," Richemont said in a statement. The Swiss luxury group first acquired a stake in the retailer in 1998 before taking full ownership a decade later.
