Daily Management Review
Management

Credit Suisse and UBS employees will receive limited bonuses

Switzerland will restrict the amount of bonuses paid to senior Credit Suisse and UBS workers. According to a statement posted on the Federal Council website, Switzerland will reduce bonuses given to top Credit Suisse and UBS employees by 50% or even cancel them due to state assistance these banks...

Walmart plans to cut jobs

U.S. Walmart, the largest retailer in the world, intends to cut more than 2,000 jobs, writes Bloomberg. According to the agency, which cited regulatory papers, "job cuts at five Walmart Inc. e-commerce centers in the U.S. will impact more than 2,000 positions." More than 1,000 employees at a...

Former head of E.ON UK to head German Uniper

According to a press release from Uniper, Michael Lewis, the previous CEO of E.ON's British division, will lead the German energy company. "In a special meeting, Uniper SE Supervisory Board agreed to name Michael Lewis as the company's new Chief Executive Officer (CEO). As soon as an effective date...

World Bank president David Malpass to step down

David Malpass, the president of the World Bank Group, told the board of executive directors that he plans to retire before the end of the fiscal year. "I've opted to take on new tasks after carefully considering my options and making substantial progress. I would like to thank our personnel and...

Disney announces restructuring, cuts 7,000 jobs

Walt Disney Co. announced a significant reorganization led by newly reinstated CEO Bob Iger. To save $5.5 billion and turn a profit on streaming services, the firm will lay off 7,000 workers. According to estimates, the announced reductions will affect 3.6% of Disney's overall staff. The planned...

Intel to cut managers' salaries due to downturn in computer market

A week after publishing a lower-than-anticipated sales projection due to a loss of market share and a decline in the personal computer market, U.S. giant Intel will reduce compensation for managers at various levels, according to Reuters’ sources. The source claims that the company's hourly...

Dow and SAP follow others in staff cuts

According to The Wall Street Journal, Dow and SAP have added their names to the list of businesses that have announced staff layoffs in the previous two weeks. American chemical manufacturer Dow will lay off 2,000 workers across its global facilities, and German software company SAP may eliminate...

Reed Hastings leaves Netflix

Reed Hastings, the co-founder of Netflix Inc., ceded control of the organization to longtime co-CEO Ted Sarandos and COO Greg Peters. Netflix Inc. is credited with saving Hollywood by pioneering the online streaming of movies and television episodes. After the regular trading session ended, shares...

Bloomberg warns of massive layoffs at Goldman Sachs

The largest U.S. bank, Goldman Sachs Group Inc., will lay off 3,200 workers; the process will start this week, according to Bloomberg, which cited sources. The agency quoted sources as saying that "the corporation is likely to start the process (of layoffs) in midweek, and the overall number of...

Xiaomi to replace head of company by end of year

Bloomberg, citing a letter from Xiaomi co-founder and chairman Lei Jun to employees, reports that Chinese technology company Xiaomi will replace its president by the end of this year. "Wang Xiang, who worked at Qualcomm Inc. before joining Xiaomi in 2015, will step down as president (of Xiaomi) on...
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