Latest news with #McKinseyandCompany
India.com
3 days ago
- Business
- India.com
Bad news for employees of this company as it sacks 5000 workers due to…, check company's connection with Mukesh Ambani's daughter Isha Ambani as she…
McKinsey and Company, the US-based consulting firm where Isha Ambani started her career, has reportedly laid off more than 5000 workers since 2023. (File) McKinsey layoffs: McKinsey & Company — the global consulting giant where billionaire Mukesh Ambani's daughter, Isha Ambani, started her professional career– has reportedly laid off over 5000 employees , making it one of largest reduction of workforce by the company in its 98-year history. McKinsey laid off over 5000 workers since 2023 As per a report by the Financial Express, McKinsey has laid off more than 5000 workers, roughly over 10% of its global workforce, over the past 18 months, which is being seen as part of the sector's ongoing recalibration efforts after the explosive growth witnessed during the Covid-19 pandemic. According to the report, McKinsey and Company currently employs a workforce of around 40,000, compared to more than 45,000 at the end of 2023. The company's workforce had swelled by nearly two-thirds from 2018-2023 as clients rushed to future-proof their business models after the pandemic era. However, the consulting industry has cooled off in the post-pandemic era, prompting firms to revaluate their strategies and scale of operations. During recent years, McKinsey, driven by increased demand during the pandemic era, had aggressively expanded in various sectors, including digital transformation, data analytics, and project delivery. But as the demand cooled off, the firm kicked off a major internal restructuring imitative in 2023, which began with the elimination of 1400 back-office positions, and later sacked 400 data and software engineering specialists in the same year. Meanwhile, McKinsey's operational challenges have been compounded by the many legal battles the company has been embroiled in, especially one surrounding its historical consulting work with opioid manufacturers in the United States, which forced the firm to pay $1.6 billion in settlements, putting pressure on its financials. Isha Ambani started her career at McKinsey Notably, Isha Ambani, the only daughter of billionaire Mukesh Ambani, and Nita Ambani, started her corporate career at McKinsey and Company, prior to joining Reliance Industries– the mega conglomerate led by her illustrious father. In 2014, after earning a bachelor's degree in psychology and South Asian studies from the prestigious Yale University, Isha Ambani, then 22, joined Mckinsey & Company as a business analyst, a move business insiders believe, was aimed to groom her for a leadership role at Reliance in the future. The prophecy was fulfilled as Isha Ambani, following a brief stint at Mckinsey, joined the her father's expansive oil-to-telecom conglomerate, and currently heads Reliance Retail, a subsidiary of Reliance Industries, which has emerged as India's largest retailer.
Time of India
05-05-2025
- Business
- Time of India
AI job loss: 40% of roles at risk, experts warn
Live Events The exponential growth of artificial intelligence (AI) has led to widespread discussions about the future of work for humans. While AI promises efficiency and productivity, there's growing concern over its potential to replace human workers. Last month , the United Nations Conference on Trade and Development (UNCTAD) warned that AI could impact up to 40% of jobs to a report by McKinsey and Company, between 400 and 800 million jobs could be displaced worldwide within five years, depending on how quickly automation is shift could force around 375 million workers—14% of the global workforce—to transition into entirely new careers.A recent report from SEO. AI reveals that 14% of workers have already felt the impact of AI, although contrary to belief, the effects have been somewhat less severe than initially have found that AI-related job anxiety in India is to Microsoft's Work Trend Index 2023, 74% of Indian workers fear that AI could take their jobs. This concern is echoed in India's Economic Survey 2024-25 , which states that the rapid pace of AI developments has significantly heightened worries about its disruptive effects on the labour previous technological changes that affected blue-collar jobs, AI is poised to disrupt knowledge-intensive industries, which will bear the brunt of this shift, according to the UN report. ET reported in March how Atomberg founder Arindam Paul had raised the alarm about AI's impact on Indian white-collar jobs, predicting that 40-50% of such roles could claimed that many, including political leaders, fail to grasp the severity of the threat AI poses to the economy, particularly in sectors such as IT services and BPOs, where significant workforce reductions are to the concerns, AI experts, including prominent figures Bill Gates, Sam Altman (CEO of OpenAI), and Sundar Pichai (CEO of Google), have issued an open letter warning about AI's called for urgent global action, comparing AI threats to other major risks like pandemics and nuclear all these concerns, many workers view AI in a more positive light. A study by SnapLogic found that 81% of office workers believe AI enhances their job performance and overall work India, while 74% of workers fear AI, 83% are eager to delegate as much work as possible to AI in an effort to reduce their automation continues to reshape industries worldwide, experts argue that governments and businesses must develop policies that support workers through this transition. Emphasising workforce adaptability and fostering job creation in emerging sectors will be key to navigating the challenges posed by AI.
Yahoo
01-04-2025
- Business
- Yahoo
Is HarborOne Bancorp Inc. (HONE)The Best Small Cap Bank Stock To Invest In Now?
We recently published a list of . In this article, we are going to take a look at where HarborOne Bancorp Inc. (NASDAQ:HONE) stands against other best small cap bank stocks to invest in now. The global banking market was valued at $35.4 billion in 2024, according to Market Research Future. It's expected to grow from $37.17 billion in 2025 to $55.25 billion by 2034 at a CAGR of 4.55%. McKinsey and Company's Global Banking Annual Review for 2024 stated that the global banking industry has consistently displayed low price-to-book multiples, ranking at the bottom of all sectors. This raises a lot of questions regarding the industry's long-term value creation. However, in the past 2 years, the sector has seen healthy profitability, capital, and liquidity since the global financial crisis of 2007-2009. Because these gains are attributed to the surging interest rates, there are several questions about their sustainability. However, without these gains, the Return on Tangible Equity (ROTE) for many regions would fall below the cost of capital. The banking market should focus on structural changes and operational efficiency to counteract these concerns. Analyzing high-performing banks shows that they often result from specific segment selection and strategic scaling within the value chain and geographically. Barclays senior equity analyst Jason Goldberg joined CNBC's 'Squawk Box' on March 20 to discuss the state of the banking sector. Goldberg talked about the recent volatility in bank stocks, which initially increased after the presidential election but was followed by a drop. He thinks that bank valuations are currently lower than their historical averages, considering that the price-to-book ratios are about half a point lower than usual. Goldberg explained that the reason for the initial surge in this sector remains intact when asked about whether the fundamental environment for banks shifted since their peak during the recent rally. This is because of market enthusiasm for a pro-growth agenda and expectations of reduced regulation. He acknowledged the presence of near-term uncertainties about taxes, immigration, and tariffs. But he's positive that these issues will be resolved shortly and followed by increased corporate borrowing, investment, M&A, and IPO activity. Overall, Goldberg is of the idea that the potential for loan growth, increased merger activity, and reduced regulations will all contribute to an optimistic banking sector. We sifted through the Finviz stock screener to compile a list of all the bank stocks that were trading between $300 million and $2 billion. We then selected the 10 stocks that were the most popular among elite hedge funds and that analysts were bullish on. The stocks are ranked in ascending order of the number of hedge funds that have stakes in them, as of Q4 2024. The hedge fund data was sourced from Insider Monkey's database which tracks the moves of over 900 elite money managers. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here). A busy street corner outside of a branch of the company prominently displaying its sign. Market Capitalization as of March 28: $459.55 million Number of Hedge Fund Holders: 23 HarborOne Bancorp Inc. (NASDAQ:HONE) is a financial services company that caters to individuals, families, small and mid-size businesses, and municipalities. It operates in two segments: HarborOne Bank and HarborOne Mortgage. It offers deposit and lending products, along with educational services like free digital content, webinars, and recordings for small business and personal financial education. The company's subsidiary for mortgage lending is the HarborOne Mortgage segment which contributes significantly to the company's overall revenue. The segment generated $1.1 million in Q4 2024 net income, which was a big difference from the $1.1 million loss in Q3 previously. This major improvement came from the $4 million gains on loan sales due to mortgage closings that totaled $179.1 million. This growth came despite rising mortgage rates and seasonal slowdowns, because of which the rate-locked pipeline experienced a $30.7 million decrease. This segment is particularly sensitive to interest rate changes. Notably, the value of mortgage servicing rights (MSR) also increased by $1.9 million in Q4. MSR is the process of determining the present value of future cash flows that could come from servicing mortgage loans. Overall, HONE ranks 10th on our list of best small cap bank stocks to invest in now. While we acknowledge the growth potential of HONE, our conviction lies in the belief that AI stocks hold great promise for delivering high returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than HONE but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ NEXT: and . Disclosure: None. This article is originally published at . Sign in to access your portfolio
Yahoo
01-04-2025
- Business
- Yahoo
Is OFG Bancorp. (OFG) The Best Small Cap Bank Stock To Invest In Now?
We recently published a list of . In this article, we are going to take a look at where OFG Bancorp. (NYSE:OFG) stands against other best small cap bank stocks to invest in now. The global banking market was valued at $35.4 billion in 2024, according to Market Research Future. It's expected to grow from $37.17 billion in 2025 to $55.25 billion by 2034 at a CAGR of 4.55%. McKinsey and Company's Global Banking Annual Review for 2024 stated that the global banking industry has consistently displayed low price-to-book multiples, ranking at the bottom of all sectors. This raises a lot of questions regarding the industry's long-term value creation. However, in the past 2 years, the sector has seen healthy profitability, capital, and liquidity since the global financial crisis of 2007-2009. Because these gains are attributed to the surging interest rates, there are several questions about their sustainability. However, without these gains, the Return on Tangible Equity (ROTE) for many regions would fall below the cost of capital. The banking market should focus on structural changes and operational efficiency to counteract these concerns. Analyzing high-performing banks shows that they often result from specific segment selection and strategic scaling within the value chain and geographically. Barclays senior equity analyst Jason Goldberg joined CNBC's 'Squawk Box' on March 20 to discuss the state of the banking sector. Goldberg talked about the recent volatility in bank stocks, which initially increased after the presidential election but was followed by a drop. He thinks that bank valuations are currently lower than their historical averages, considering that the price-to-book ratios are about half a point lower than usual. Goldberg explained that the reason for the initial surge in this sector remains intact when asked about whether the fundamental environment for banks shifted since their peak during the recent rally. This is because of market enthusiasm for a pro-growth agenda and expectations of reduced regulation. He acknowledged the presence of near-term uncertainties about taxes, immigration, and tariffs. But he's positive that these issues will be resolved shortly and followed by increased corporate borrowing, investment, M&A, and IPO activity. Overall, Goldberg is of the idea that the potential for loan growth, increased merger activity, and reduced regulations will all contribute to an optimistic banking sector. We sifted through the Finviz stock screener to compile a list of all the bank stocks that were trading between $300 million and $2 billion. We then selected the 10 stocks that were the most popular among elite hedge funds and that analysts were bullish on. The stocks are ranked in ascending order of the number of hedge funds that have stakes in them, as of Q4 2024. The hedge fund data was sourced from Insider Monkey's database which tracks the moves of over 900 elite money managers. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here). A financial planner presenting an investment portfolio to a client in a private office. Market Capitalization as of March 28: $1.28 billion Number of Hedge Fund Holders: 26 OFG Bancorp. (NYSE:OFG) is a financial holding company that provides banking and financial services in the US. It operates through three segments: Banking, Wealth Management, and Treasury. It has services that range from savings accounts to commercial non-interest and interest-bearing checking accounts. It also has an extensive portfolio of loans. The company focuses on its Digital First strategy which achieved impressive digital adoption rates in Q4 2024. In this quarter, 96% of routine retail customer transactions, 97% of retail deposit transactions, and 68% of retail loan payments were conducted through digital and self-service channels. This adoption rate was driven by a 12% year-over-year growth in digital enrollment, along with a 54% increase in digital loan payments. There was also a 5% overall customer growth in Q4. Over the past 1-2 years, the company has introduced or relaunched 4 major digital products and services. These include Oriental Servicing Portal which was launched in mid-2023 and was adopted by one-third of retail clients by the end of 2024. The My Biz small business account is another example, which was relaunched in March 2024 and accounted for a 14% growth in loans to local businesses. Overall, OFG ranks 5th on our list of best small cap bank stocks to invest in now. While we acknowledge the growth potential of OFG, our conviction lies in the belief that AI stocks hold great promise for delivering high returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than OFG but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ NEXT: and . Disclosure: None. This article is originally published at . Sign in to access your portfolio
Yahoo
01-04-2025
- Business
- Yahoo
Is Customers Bancorp Inc. (CUBI) The Best Small Cap Bank Stock To Invest In Now?
We recently published a list of . In this article, we are going to take a look at where Customers Bancorp Inc. (NYSE:CUBI) stands against other best small cap bank stocks to invest in now. The global banking market was valued at $35.4 billion in 2024, according to Market Research Future. It's expected to grow from $37.17 billion in 2025 to $55.25 billion by 2034 at a CAGR of 4.55%. McKinsey and Company's Global Banking Annual Review for 2024 stated that the global banking industry has consistently displayed low price-to-book multiples, ranking at the bottom of all sectors. This raises a lot of questions regarding the industry's long-term value creation. However, in the past 2 years, the sector has seen healthy profitability, capital, and liquidity since the global financial crisis of 2007-2009. Because these gains are attributed to the surging interest rates, there are several questions about their sustainability. However, without these gains, the Return on Tangible Equity (ROTE) for many regions would fall below the cost of capital. The banking market should focus on structural changes and operational efficiency to counteract these concerns. Analyzing high-performing banks shows that they often result from specific segment selection and strategic scaling within the value chain and geographically. Barclays senior equity analyst Jason Goldberg joined CNBC's 'Squawk Box' on March 20 to discuss the state of the banking sector. Goldberg talked about the recent volatility in bank stocks, which initially increased after the presidential election but was followed by a drop. He thinks that bank valuations are currently lower than their historical averages, considering that the price-to-book ratios are about half a point lower than usual. Goldberg explained that the reason for the initial surge in this sector remains intact when asked about whether the fundamental environment for banks shifted since their peak during the recent rally. This is because of market enthusiasm for a pro-growth agenda and expectations of reduced regulation. He acknowledged the presence of near-term uncertainties about taxes, immigration, and tariffs. But he's positive that these issues will be resolved shortly and followed by increased corporate borrowing, investment, M&A, and IPO activity. Overall, Goldberg is of the idea that the potential for loan growth, increased merger activity, and reduced regulations will all contribute to an optimistic banking sector. We sifted through the Finviz stock screener to compile a list of all the bank stocks that were trading between $300 million and $2 billion. We then selected the 10 stocks that were the most popular among elite hedge funds and that analysts were bullish on. The stocks are ranked in ascending order of the number of hedge funds that have stakes in them, as of Q4 2024. The hedge fund data was sourced from Insider Monkey's database which tracks the moves of over 900 elite money managers. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here). A bank manager standing next to a full-service branch counter, representing traditional banking activities. Market Capitalization as of March 28: $1.58 billion Number of Hedge Fund Holders: 26 Customers Bancorp Inc. (NYSE:CUBI) is the bank holding company for Customers Bank that provides banking products and services. It provides a range of deposit banking products and has an extensive lending business. It also provides digital banking, mobile phone and internet banking, wire transfers, electronic bill payment, and cash management services among other products. The company's cubiX platform is a major component of its digital banking strategy and contributes significantly to fee income and operational efficiency. cubiX is the company's in-house developed digital banking platform for enhanced treasury management services and streamlined customer transactions. All CBIT (an instant USD transaction service) customers were transferred to the cubiX platform in Q4 2024. This transition helped generate an estimated $5 million in annual run-rate fee income and reduced third-party technology expenses. The cubiX platform helps Customers Bancorp Inc. (NYSE:CUBI) to provide a single point-of-contact experience to its customers by bringing together high-tech solutions and personalized service. The platform also attracts and retains non-interest-bearing deposits. In Q4, non-interest-bearing deposits reached $5.6 billion, which was 30% of the total deposits that quarter. Overall, CUBI ranks 6th on our list of best small cap bank stocks to invest in now. While we acknowledge the growth potential of CUBI, our conviction lies in the belief that AI stocks hold great promise for delivering high returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CUBI but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ NEXT: and . Disclosure: None. This article is originally published at . Sign in to access your portfolio
