Silicon Valley Bank’s new owner faces two challenges: improving business while restoring the bank’s reputation. In a Financial Times interview published Sunday (April 23), Peter Bristow — the president of North Carolina-based First Citizens — said he is working to control deposit outflows and keep bankers from jumping ship to...
The U.K. is creating a regulator overseeing tech giants like Amazon and Google. Draft legislation will make the new unit an arm of the country’s Competition and Markets Authority (CMA), and give it powers specifically to target giant tech companies, the Financial Times (FT) reported...
Bed Bath & Beyond has declared bankruptcy months after warning about its future. The downfall of the 52-year-old home goods seller came about Sunday (April 23) after the company wasn’t able to secure funding that would have allowed it to stay afloat. “Thank you to...
Luxury retailers are promoting exclusivity as a way to focus on their core customers and keep them engaged. Following in the footsteps of iconic brands like Hermès, retailers such as Saks and Gucci have launched efforts that cater to their top clients. Saks Goes the...
The Financial Stability Oversight Council (FSOC) of the U.S. Treasury announced two proposals to counter potential risks. One proposal would provide greater transparency about how the Council identifies, assesses and addresses potential risks to financial stability, the FSOC said in a Friday (April 21) press release. The other proposal describes new...
Lyft will “significantly reduce” the size of its workforce next week. The company did not specify the number of employees who will be affected, instead saying they will be notified about their employment status Thursday (April 27). All offices will be closed that day, and...
Walmart’s online grocery sales growth could take a toll on the rest of the business. The megaretailer, the largest grocer in the world, shared in its 2023 Annual Report, released Thursday (April 20), that the rise in eGrocery sales could negatively impact the company’s ability to drive sales...
SAP plans to add generative artificial intelligence (AI) and other AI tools to its offerings. The enterprise application software company is working with OpenAI’s ChatGPT and plans to launch use cases that include that generative AI model next month, Reuters reported Friday (April 21). “We...
As consumers shift from supermarkets to eCommerce channels, Procter & Gamble is driving digital sales. The consumer packaged goods (CPG) giant shared on a call with analysts Friday (April 21) discussing its third-quarter 2023 financial results that it is turning its focus toward promoting its...
