German Banks Pay Millions to Settle Claims by Insolvent Signa
Helaba and other German lenders have paid millions of euros in recent weeks to settle claims by the administrator of former real estate tycoon Rene Benko's Signa Prime Selection AG.
Helaba paid €26 million ($30 million) at the end of May as part of an out-of court settlement, Signa Prime's insolvency administrator said in a report to creditors dated Monday. Other payments include €3 million received from Deutsche Pfandbriefbank AG and €2.1 million from Bayerische Landesbank.
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TechCrunch
43 minutes ago
- TechCrunch
Klarna CEO says company will use humans to offer VIP customer service
'My wife taught me something,' Klarna CEO Sebastian Siemiatkowski told the crowd at London SXSW. He was addressing the headlines about the company looking to hire human workers after previously saying Klarna used artificial intelligence to do work that would equate to 700 workers. 'Two things can be true at the same time,' he said. Siemiatkowski said it's true that the company looked to stop hiring human workers a few years ago and rolled out AI agents that have helped reduce the cost of customer support and increase the company's revenue per employee. The company had 5,500 workers two years ago, and that number now stands at around 3,000, he said, adding that as the company's salary costs have gone down, Klarna now seeks to reinvest a majority of that money into employee cash and equity compensation. But, he insisted, this doesn't mean there isn't an opportunity for humans to work at his company. 'We think offering human customer service is always going to be a VIP thing,' he said, comparing it to how people pay more for clothing stitched by hand rather than machines. 'So we think that two things can be done at the same time. We can use AI to automatically take away boring jobs, things that are manual work, but we are also going to promise our customers to have a human connection.' He spoke about how the company plans to balance employees and AI workers. Siemiatkowski said that right now, engineering positions at the company haven't shrunk as much as those in other departments, but he notes that this could shift. 'What I'm seeing internally is a new rise of business people who are coding themselves,' he said, adding that the challenge many engineers have these days is that they are not business savvy. 'I think that category of people will become even more valuable going forward,' Siemiatkowski continued, especially as they can use AI and put their business understanding to good use. He himself is using ChatGPT to help him learn to code and help him understand more of the data side of Klarna. He said doing this has helped Klarna become a better company. Before, he thought he would never catch up in learning what was needed to take a more present role in database conversations at the company. 'I'll take a Slack thread, I'll throw it in ChatGPT and say, 'this makes sense, right?' he said, adding that he uses ChatGPT like a private tutor. Techcrunch event Save now through June 4 for TechCrunch Sessions: AI Save $300 on your ticket to TC Sessions: AI—and get 50% off a second. Hear from leaders at OpenAI, Anthropic, Khosla Ventures, and more during a full day of expert insights, hands-on workshops, and high-impact networking. These low-rate deals disappear when the doors open on June 5. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | REGISTER NOW But he is also aware that AI isn't just about employees. He spoke of the increase in scams and how it impacts high-trust societies like his native Sweden. The Financial Times recently reported on the rise of fintech scams pointing out, for example, how susceptible residents in Singapore can be to them because they are more naturally trusting of various institutions. 'And AI is obviously accelerating this,' Siemiatkowski said. Siemiatkowski also once again addressed why the company stopped using Salesforce and Workday, saying it was because Klarna wanted to consolidate its data in a way that would be easier to feed into AI. He said, for example, if Klarna wanted to gather information about one of its clients, it would have to go through the Google Suite, Slack, Workday, Salesforce, and so forth. 'We realize that the only way forward is going to be to consolidate [data],' he said, adding that the company stopped using around 1,200 small software services. About it's pending IPO? He indicated that Klarna could soon move ahead with it but was otherwise non-committed. 'I can say that I'm happy there's less turbulence in the market,' he said with a smile. And if he had a magic wand and could change one thing? He would make the U.K. part of the EU again. The crowd then erupted into applause.
Bloomberg
an hour ago
- Bloomberg
Europe Aims to Sidestep Capital Market Impasse With New Label
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CBS News
an hour ago
- CBS News
600 loft apartments planned for historic Wanamaker Building in Philadelphia
New York developer TF Cornerstone plans to build 600 loft-style apartments above the shuttered Macy's store in the historic Wanamaker Building in Philadelphia after acquiring complete control in a foreclosure auction Tuesday. TF Cornerstone said the apartments will be built on floors 6 through 12, while floors 4 and 5 will remain office space. The Wanamaker Organ will continue to be in use, and the Grand Court will be restored and remain open as a public space, according to the New York City-based real estate development firm. The Crystal Tea Room will also continue to serve as a venue for events. The first two floors of the former Macy's will feature a "well-curated" retail space, and the third floor will be of "one or more cultural uses," according to a news release. TF Cornerstone owned part of the building that housed the Macy's in Center City before Tuesday's foreclosure auction, which gave it total control. "Throughout this entire process, we have considered the deep historical and sentimental value of the Wanamaker Building to the Philadelphia community," TFC senior vice president Jake Elghanayan said in a statement. "Now, as the building enters its next chapter under our helm, we feel privileged to be given the opportunity to reimagine this iconic building in a way that respects its historic integrity and adds to the vibrancy of the Center City community." Macy's announced in January that its store at the iconic Wanamaker Building would be part of the retailer's closure of 150 underperforming stores. The store's last day was in March. The organization Friends of the Wanamaker Organ has maintained and continues to use the historic organ. "The Friends of the Wanamaker Organ has been enjoying a very close and fruitful relationship with the new owners of the Wanamaker Building, TF Cornerstone and look forward with gratitude to many years of a productive and artistic partnership," Friends of the Wanamaker Organ executive director Ray Biswanger said in a statement. Construction is scheduled to begin in 2026.
