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Barclays Service Corporation plans to lay off 78 employees at its Whippany campus between June 23 and July 7, as part of efforts to align staffing with business needs. The layoffs, disclosed in a WARN filing, do not specify the percentage of the workforce affected or if similar cuts will occur at other New Jersey locations. The Whippany site, opened in 2018, serves as a hub for the Chief Operating Office and supports operations across the Americas.
Wisconsin voters are set to decide a pivotal judicial race that could influence abortion rights, labor laws, and election rules, with over $90 million spent, making it the most expensive judicial contest in U.S. history. Elon Musk's significant financial involvement has raised concerns about potential personal interests, particularly as he faces legal challenges in the state. The outcome may shape the court's balance ahead of critical upcoming elections, with both major parties rallying behind their candidates.
Donald Trump’s recent tariff policies on imported vehicles and parts appear to benefit Elon Musk significantly, as Tesla's production is primarily domestic. While Trump claims these tariffs will encourage American car purchases, the reality is that many "American" brands rely on foreign parts. Musk's influence extends to various government initiatives, including broadband access and potential contracts with federal agencies, raising concerns about conflicts of interest and the implications for competition and consumer welfare. As public sentiment against Musk grows, the political landscape may shift, complicating Trump's agenda.
UBS Group AG is set to reduce its workforce in Italy by 180 positions. The company operates across four main sectors: wealth management (49.4% of revenues), investment banking (22.1%), retail and corporate banking (18.8%), and asset management (6.4%). As of the end of 2024, UBS reported USD 745.8 billion in current deposits and USD 580 billion in current loans.
UBS Group AG plans to cut 180 jobs in Italy as part of its operational adjustments. The company is structured around four core businesses: wealth management (49.4% of revenues), investment banking (22.1%), retail and corporate banking (18.8%), and asset management (6.4%). By the end of 2024, UBS managed USD 745.8 billion in deposits and USD 580 billion in loans.
Banco Santander has secured a Canadian banking license, enhancing its expansion efforts across the Americas. The Office of the Superintendent of Financial Institutions granted approval for Santander Consumer Bank to begin operations, with further plans in Canada yet to be disclosed. The bank continues to grow in the US and Mexico, focusing on digital banking initiatives and workforce expansion.
UBS Group AG has announced plans to reduce its workforce in Italy by one third, a significant move affecting its operations in the country. The Group operates across four main business areas: wealth management, investment banking, client and commercial banking, and asset management, managing USD 745.8 billion in deposits and USD 580 billion in loans by the end of 2024.
The paper highlights progress in attracting investors for the Sizewell C nuclear power plant. On April Fool’s Day, various MPs engaged in humorous pranks, while Shadow Justice Secretary Robert Jenrick briefly retweeted a controversial post before deleting it. In international news, China conducted military drills near Taiwan, and National Rally President Jordan Bardella expressed support for Marine Le Pen following her embezzlement conviction.
Deutsche Bank has been appointed as the successor depositary bank for the American Depositary Receipt Program of Infineon Technologies AG, a global leader in semiconductors. Infineon, which employs around 58,060 people and generated approximately €15 billion in revenue for the 2024 fiscal year, focuses on decarbonization and digitalization. The Depositary Receipts are registered under the US Securities Act of 1933, and the services provided are not available to retail clients as defined by the UK Financial Conduct Authority.
UBS plans to cut nearly 30% of its workforce in Italy, amounting to 180 jobs in wealth management, group functions, and securities custody. This move is part of a broader cost-cutting initiative following the acquisition of Credit Suisse, aiming to save around $13 billion by 2026. While investment banking remains unaffected for now, experts predict tens of thousands of job losses overall.
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