Latest news with #restructuring
Bloomberg
11 hours ago
- Business
- Bloomberg
HSBC Disbands Team Focused on Managing Geopolitical Risks
HSBC Holdings Plc is disbanding a team of staffers that were focused on identifying and managing geopolitical risk even as the possibility of such threats has ratcheted up since US President Donald Trump returned to power. The move will impact fewer than 10 roles across Asia, Europe and other regions, according to people familiar with the matter. Some of those staffers have been given the opportunity to apply for other jobs within the lender, they said, asking not to be identified discussing personnel information.
News.com.au
15 hours ago
- Business
- News.com.au
Listeners hear media icon axed on air as AFL host cleans out station
Media mogul Craig Hutchison has been grilled live on air just seconds after listeners learned of a mass clean out at a popular radio network. Hutchison on Thursday announced sweeping changes to Melbourne network RSN just days after the TV host's group purchased the radio station in a $3.25 million deal. FOX FOOTY, available on Kayo Sports, is the only place to watch every match of every round in the 2025 Toyota AFL Premiership Season LIVE in 4K, with no ad-breaks during play. New to Kayo? Join now and get your first month for just $1. The former Footy Show host returned to his old network with an axe in hand, giving popular hosts Daniel Harford and Michael Felgate the chop. Many long-time listeners of the station only learned the news when Hutchison fronted Felgate's Racing Pulse show on Thursday. In a bizarre segment, Felgate had the opportunity to grill the Agenda Setters producer about why he was losing his job. Hutchison responded to Felgate by saying the decision was not personal. Felgate began in interview asking: 'I've got to start with the elephant in the room. 'An announcement yesterday which came out that there will be programming changes. Breakfast with Harf and this show, Racing Pulse, will no longer exist in the new regime. 'Just talk us through the reasoning. Why you don't want Breakfast with Harf and Racing Pulse on the new station.' Hutchison responded: 'First of all they're magnificent shows, so no disrespect at all to the quality of the programs and the identities involved, you in particular Michael and Daniel, who have been incredible servants of RSN. 'There's nothing personal about (cancelling) either of those programs... we need to invest, over time, into the racing product, it's a racing station. 'It's a different audience to the one that we have developed over on SEN Track, very different audience, very different experience, they don't really resemble each other after midday.' He went on to say: 'I know that won't be everyone's cup of tea on day one. 'You (Felgate) have got an enormous following, so does Daniel. The default position from many will be to have empathy for those programs and I respect that hugely. Hugely, because it's not about the quality of the shows.' Harford, who has been an icon of the network, said on his Thursday show it had been 'a period of uncertainty' for those involved. 'So at the end of August this program will cease to exist,' he said. 'We'll be no longer required and there will be different programming on RSN which is very sad. 'We've been doing this for a long time, which is very sad. We've had a lot of conversations about this internally for a little while. Certainly in the last couple of days when we found out what was going to be happening. 'So that's the reality of our situation.' The Hutchison-led group have announced RSN will double dip from the Hutchison-backed SEN network and will broadcast SEN Breakfast. SEN's flagship breakfast slot, whish is shared between Kane Cornes, David King, Tim Watson and Garry Lyon, will now be broadcast on two frequencies. Felgate's Racing Pulse will be replaced by Gareth Hall's Giddy Up. Those changes will be made from August 29. Harford posted on X on Thursday: 'Forgive my indulgence. I just wanted to express my immense gratitude for the amazing messages & love that I, our brekky team, have received today after the changes announced at RSN927. 'We're not signing off yet, though. There's still 31 shows to go.' Harford has been with the network for nine years. Speaking on Felgate's show, Hutchison kept the door open to work on different projects with the sacked duo down the track. Harford played 162 senior games during his playing career with Hawthorn and Carlton before his retirement in 2004.
Yahoo
21 hours ago
- Business
- Yahoo
Hedge Fund Man Group Cuts Jobs, Elevates Greg Bond to New CIO Role
(Bloomberg) -- Man Group Plc cut jobs for the second time in a year and reshuffled its leadership as part of Chief Executive Officer Robyn Grew's ongoing overhaul of the world's biggest publicly listed hedge fund firm. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say The London-based money manager told staff in a memo on Thursday that Greg Bond, chief executive officer of Man Numeric, head of Americas, will become the new chief investment officer for the group in a newly created role. The firm had to 'make some tough decisions, which has resulted in some redundancies in the last few days,' Grew said in the internal memo, seen by Bloomberg News. A representative for Man Group, which managed $167 billion as of April 14, said a review of the businesses has resulted in the redeployment of some people and a 'small reduction' in its global headcount. The company didn't disclose the number of roles that were eliminated. The firm's headcount stood at 1,777 as of Dec. 31, the firm's annual report shows. Grew, the first female to be named CEO of the 242-year-old Man Group, has been restructuring the firm since she took the top job in September 2023. Last year, she merged the discretionary trading units and dumped three house brands in a reorganization that saw the exit of a top executive. The company told staff that Eric Burl, the head of discretionary, was on his way out after more than two decades to explore opportunities beyond finance, Financial News reported this month. Man Group has been among the leading asset managers investing heavily in cutting-edge artificial intelligence. Bloomberg News reported this month that the company's quant equity unit started using an AI tool that digs into data for ideas, writes codes for potential strategies and tests them on historic data. Several dozen signals generated by the system have passed the investment committee and are slated to be deployed in live trading, one portfolio manager told Bloomberg News. 'I am particularly excited about the potential for AI to transform the way we operate,' Grew wrote in the memo. The planned headcount reductions also come at a time when some of Man Group's funds have reported mixed returns. A chaotic first half of the year was dominated by policy upheaval and Wall Street angst, roiling markets and widening the gap between winners and losers. Here are the returns of some Man Group funds: That compares with a roughly 4% return as of June 30 this year for the Bloomberg All Hedge Fund Index. 'It has been impossible for trend following strategies to escape the whipsaw moves in global markets over the last twelve months,' Grew wrote in the memo. 'Although we have strong conviction in the long-term benefits of such strategies in clients' portfolios, and that they will perform again, this recent performance has impacted us. This has made streamlining the business even more important in order to allow us to continue to invest where we need to.' Other senior management changes in the revamp include: Steven Desmyter, the firm's president, will oversee the discretionary division in addition to his role as head of sales & marketing; Carol Ward will continue as chief of Solutions Russell Korgaonkar, CIO for Man AHL, will also take on the new role of head of systematic Dan Taylor, CIO for Man Numeric, will also become deputy head of systematic Michael Kasper will move to a new role as chief operating officer and head of systematic strategy Antoine Forterre will be chief financial officer and chief operating officer, overseeing Central Trading and Execution, Fund Treasury and the firm's strategy. He will also oversee financial risk Kate Squire, who oversees non-financial risk, will take on a new position as chief administrative officer in addition to her existing role Chief Operating Officer Doug Hamilton will be leaving the firm. The executive, whose family is from Boston, wishes to pursue opportunities back home, the memo said. Grew and Forterre will host a town hall on July 30 during which they will answer questions from staff. Man Group was founded in 1783 by James Man as a barrel maker-cum-brokerage on Harp Lane, about 500 meters from its current office along the Thames in London. Over the next two centuries, it supplied rum to the Royal Navy and traded commodities such as coffee and sugar before eventually focusing exclusively on financial services. In 1989, Man Group began acquiring a computer-driven trading shop called AHL, which, alongside Numeric, are some of its main offerings. (Updates with town hall in penultimate paragraph. An earlier version corrected the title of an executive in the first bullet of the leadership changes section.) How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All What the Tough Job Market for New College Grads Says About the Economy Forget DOGE. Musk Is Suddenly All In on AI The Quest for a Hangover-Free Buzz How Hims Became the King of Knockoff Weight-Loss Drugs ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
Levi's to Close Northern Kentucky Distribution Center
Levi Strauss & Co. (LS&Co.) is set to close its distribution center in Hebron, Ken., next month. Spectrum News reported that a company letter filed under the Worker Adjustment and Restraining Notification Act was sent to the Kentucky Department of Workforce Development on June 16. The closure will affect approximately 346 employees at the company-owned distribution center. LS&Co. said some will be able to apply for a job at another company location. More from Sourcing Journal Is 'Quiet Western' the New Quiet Luxury? Best Denim Style at Paris Men's Fashion Week Levi's and Holt Renfrew Plan Popups and Activations Spectrum added that Levi's did not give a reason for the closure. However, the company announced earlier this year that it would undergo a restructuring plan to consolidate operations and cut costs as it pivots to being a DTC-first brand. This included a reduction of its corporate workforce by 10-15 percent. As part of the strategy called Project Fuel, the company said it would change its distribution strategy from an owned and operated model to a mix of owned and third-party operated distribution centers used to warehouse and ship products to wholesale customers, retail stores and e-commerce customers. In certain locations around the globe, LS&Co. said it had already consolidated distribution centers to service multiple countries. Levi's is shrinking its footprint in other ways. It ended Levi's low-margin product line Denizen and exited the footwear category. It also offloaded Dockers to Authentic Brands Group in May for $311 million. LS&Co. raised its outlook for 2025 last week following positive Q2 results. Revenues rose 6 percent to $1.4 billion, a 9 percent increase on an organic basis. Sign in to access your portfolio
Yahoo
a day ago
- Business
- Yahoo
Here's Why Sarepta Stock Is Jumping Thursday
Sarepta stock is flying. It has a way to go to reach past heights, however. Shares of drug developer Sarepta Therapeutics (SRPT) surged more than 20% in morning trading, rising after the late-Wednesday news that the company—which has seen its shares lose some four-fifths of their value in 2025—would shrink its workforce and pause several developmental projects as part of a restructuring plan. The plan, the company said, is intended to "prioritize high-value, high impact programs, meet its 2027 financial obligations, and support its long-term financial viability." CEO Doug Ingram said in a statement that the latest moves "will ensure we remain a financially strong and profitable organization built on a sharpened and focused strategy." Today's move illustrates the challenges facing Sarepta in reinvigorating the interest of investors, with the stock recently trading below $23 a bit more than a year after it commanded $160 per share. Part of the reason its shares have dropped so dramatically: Two patients who were using its Elevidys drug for Duchenne muscular dystrophy died of acute liver failure, contributing to a decision to stop shipments for some patients. The company on Wednesday said it continues to work with the Food & Drug Administration about labeling for Elevidys and to study ways to ensure its safety. Wall Street analysts, meanwhile, appear to think more recovery is in order. The mean price target on the shares, according to Visible Alpha, is closer to $37. Read the original article on Investopedia Sign in to access your portfolio
