RBS planning to ax 600 UK jobs in cost-cutting plan: sources
LONDON (Reuters) – State-backed Royal Bank of Scotland is axing almost 600 jobs in its UK retail bank, according to sources familiar with the situation, in the latest round of job cuts and branch closures at the lender.
McDonald’s targeting buyout firms as it seeks to sell North Asia stores
HONG KONG (Reuters) – McDonald’s Corp is targeting private equity firms, including Bain Capital, MBK Partners, TPG Capital Management and Chinese state-backed conglomerate China Resources (Holdings) for its planned sale of 2,800 restaurants in North A…
U.S. regulators fail ‘living wills’ at five of eight big banks
WASHINGTON (Reuters) – U.S. regulators gave a failing grade to five big banks on Wednesday, including JPMorgan Chase & Co and Wells Fargo & Co , on their plans for a bankruptcy that would not rely on taxpayer money, giving them until Oct. 1 to make amends or risk sanctions.
Operation “L”: China’s Geely to launch new car brand – sources
BEIJING (Reuters) – Chinese automaker Geely will launch a new brand next year, codenamed “L”, with cars based on joint architecture developed with Volvo, three people with knowledge of the matter told Reuters.
Utility trumps luxury as China private jet buyers fly economy
SHANGHAI/SINGAPORE (Reuters) – Makers of private jets for China’s elite are shifting their focus from luxury to convenience, as a cooling economy and long-running crackdown on corruption prompt customers to demand smaller planes and even consider secon…
About 40,000 unionized Verizon workers walk off the job
NEW YORK (Reuters) – Nearly 40,000 Verizon workers walked off the job on Wednesday in one of the largest U.S. strikes in recent years after contract talks hit an impasse, and got a boost as U.S. Democratic presidential hopeful Bernie Sanders joined the…
Indexes gain at least 1 percent as financial shares lead
(Reuters) – Wall Street rallied for a second straight day on Wednesday, led by gains in beaten-down financial shares after JPMorgan’s quarterly results.
Verizon bets on Armstrong, M&A savvy in Yahoo bid
NEW YORK (Reuters) – Verizon Communications Inc is the clear favorite in the upcoming bidding for Yahoo Inc’s core Internet business, according to Wall Street analysts, in large part because the telecommunications company’s efforts to become a force …
Gap Inc names Sonia Syngal as Old Navy head
(Reuters) – Apparel retailer Gap Inc said it appointed Sonia Syngal as the president of Gap’s Old Navy division, a post which was vacant since the departure of Stefan Larsson.
Wells Fargo’s systemic importance rose, says U.S. report
(Reuters) – Wells Fargo & Co is the only large U.S. bank to become “significantly” more important to the global financial system in recent years, according to a report on Wednesday by a U.S. government research group.
