Citigroup Inc. will fundamentally alter its organizational structure in order to simplify operations and connect the management structure with the bank's business plan. Five business lines' leaders will be promoted, and there will be fewer management levels, according to Citi's press statement. This should hasten decision-making, as well as enhance business unit monitoring and sharpen client...

American retailer Macy's Inc. named Olivier Bron as the head of its department store affiliate Bloomingdale's, reports MarketWatch. Bron will take on his new responsibilities in early November after Tony Spring, who left Bloomingdale's in March to become president and CEO of Macy's after a 36-year career. Previously, Bron served as the Chief Operating Officer and Chief Strategy Officer at...

The Australian Arbitration Commission on Labor Relations (FWC) will be contacted by Chevron Australia, a subsidiary of the American Chevron Corp., to request intervention in the Gorgon and Wheatstone LNG strike, according to the Financial Times. According to Chevron's Australian subsidiary, there is no "reasonable prospect" of an agreement being reached with the site's employees. As a result, the...

This month, US bank Morgan Stanley will introduce a chatbot powered by artificial intelligence to support wealthy clients. According to Reuters, the chatbot was tested over several months with hundreds of financial advisors. It was created in collaboration with OpenAI, the company behind the ChatGPT chatbot. Employees at the bank will use the chatbot to rapidly look up any necessary information...

Michael Burry, who is known for foreseeing both the US mortgage crisis and the global financial crisis of 2008, is once more forecasting a market catastrophe in the near future. According to records submitted to the US Securities and Exchange Commission (SEC) by the investor, Burry has staked $1.5 billion that Wall Street will collapse before the year's end. Documents show that Scion Asset...

Alex Chriss has been appointed President and CEO of PayPal. The firm announced that Alex Chriss has been named President and CEO of PayPal, effective September 27, 2023. "PayPal Holdings today announced that Alex Chriss, a senior executive at Intuit, has been appointed president and CEO, effective as of September 27, 2023. As of that time, Chriss will also join the board of directors,"...

Elon Musk revealed the letter X on a black background as a potential future design. Elon Musk, the owner of Twitter, declared that the social network's logo would soon change. Musk posted on his page that "soon we will say goodbye to the Twitter brand and, gradually, to all birds." Additionally, he shared an expected future Twitter logo. It is an image of the letter X against a dark...

By the end of 2023, the company expects to incur losses totaling €225 million, according to the Handelsblatt newspaper. Deutsche Bahn (DB), a German railway company, may fire up to 8.4 thousand workers in order to reduce the costs of its losing division, reported Handelsblatt referring to claims made by corporate representatives. Joerg Hensel, president of DB's European Works Council, "up to...

Deutsche Bank, the largest bank in Germany, aims to reduce 10% of its 17,000-person private banking workforce in the country, according to Reuters. A source cited by Reuters told that "Deutsche Bank plans to cut 10% of its 17,000 retail jobs in Germany over the next few years." According to the source, the bank will hire more people in some departments while laying off personnel in others. The...