Goldman Sachs plans more workforce reductions as the difficult economic environment weighs on dealmaking and warned trading revenue could fall 25% this quarter, the bank’s president said on Thursday. “The macro backdrop is extraordinarily challenging,” Goldman’s President and Chief Operating Officer John Waldron told investors at a conference, without specifying the scale of the layoffs. The firm is expected … Read more
It’s a bad sign of the times. Costco executives told investors that recent shopper habits are sending tell-tale signals that a recession is on the way. Particularly, customers are avoiding pricey beef products and instead are buying cheaper meats that include pork and chicken, according to Business Insider. Costco CFO Richard Galanti warned that this … Read more
JPMorgan Chase will shut 21 branches of First Republic Bank by the end of the year as it integrates the failed lender into its operations, a JPMorgan spokesperson said Thursday. The locations account for about a quarter of First Republic’s 84 branches across eight states. The lender, which was the largest to collapse since the 2008 … Read more
Amateur video which shows abandoned retail shops that line a main drag of one of downtown San Francisco’s commercial hubs has gone viral as the City by the Bay continues to reel from soaring levels of crime as well as a sharp decline in quality of life. A social media user posted video on Reddit … Read more
Disgruntled conservative shoppers are adding LEGO to their list of brands to boycott after a social media influencer resurfaced a year-old Pride campaign from the toy maker, claiming it was “featuring transgender building sets for kids.” “Children’s toy maker LEGO has released an LGBTQI+ range featuring transgender building sets for kids age 5+,” Oli London said … Read more
Anheuser-Busch is being accused of pandering to conservatives who have boycotted Bud Light by releasing a new Harley-Davidson-themed commercial for sister brand Budweiser. The beer company, which has seen sales of Bud Light tank in recent weeks following the backlash over its partnership with transgender social media influencer Dylan Mulvaney, recently released a Budweiser ad … Read more
Walmart said it won’t be making any changes to its LGBTQ-friendly merchandise in honor of Pride Month — even as rival Target has pulled some of its Pride collection from stores in the face of a customer backlash. “We have merchandise that we sell all year that supports different groups,” Walmart Chief Merchandising Officer Latriece … Read more
Sean “Diddy” Combs claimed business partner Diageo neglected his tequila label — calling it “urban and a “black brand” — in favor of rival Casamigos after it paid $1 billion for the George Clooney-owned spirit, according to a lawsuit filed by the rap mogul Wednesday. Combs alleged the spirits giant “sabotaged” his DeLeon brand tequila … Read more
Almost 50 people have reportedly been killed at Dollar General stores nationwide since 2014 — and fed-up employees protested outside the company’s headquarters Wednesday to demand safer working conditions. Dozens of workers rallied in Goodlettsville, Tennessee, ahead of Dollar General’s shareholder meeting to speak out against the all-too-common violence inside the country’s fastest-growing retailer while … Read more
Target’s decision to remove some LGBTQ-themed merchandise after customer backlash in its stores highlights the problem with companies’ “rainbow capitalism,” said Erik Carnell, a transgender designer whose products were pulled from its stores. Target has sold LGBTQ-related goods tied to Pride month for years. But last week the big-box chain removed Carnell’s products, citing an increase in confrontations between customers and employees and … Read more