-Anonymous sources with the SEC have told Reuters (paywall) that the organization haslost 16 percent of its employees in the past 12 months.
Some of those in the count include the 600 employees who accepted US President Donald Trump’s offer toretire early back in February.
Kenneth Johnson, SEC chief operating officer, allegedly cited the 16 percent figure in aninternal email to staff this week.
An additional 150 contractors have also been cut, leaving the organization withoutexpertise in certain areas.
-HSBC is considering throwing in the towel on in-person AGMs, according to FinancialTimes’sources (paywall).
The bank has asked those involved to investigate if HSBC can move its AGMs online inlarge part to avoid regular protest from environmental groups. Secondary concernsincluded associated costs of having in-person AGMs.
In an official statement to the FT, HSBC said this year’s AGM will be hybrid as per usual.
-The Wall Street Journal (paywall) has a round up of commentary from chief executives of ‘corporategiants’ on the fallout from Trump’s tariffs. It listed Southwest Airlines, Alaska Air Group andAmerican as among those to have pulled their guidance. United Airlines issued twoforecasts as a result of recent uncertainties: one for a recession and one for a stable economy.
The general consensus was summed up by Goldman Sachs’ CEO David Solomon, who toldthe WSJ: ‘The level of uncertainty is too high. It’s not healthy and it’s affectinginvestment, spending and planning and that will have an effect on growth and theeconomy.’
-The shareholders of Goldman Sachs have voted in favor of the controversial pay packagesand retention bonuses for chief executive David Solomon and president John Waldron,Reuters reports.
The company’s proxy advisor Glass Lewis had initially recommended voting against thepay packages.
-Procter & Gamble has slashed its annual sales and profits forecasts after tariffshit the firm’s third quarter net sales, Reuters reports.
The company had previously announced a target of 2 to 4 percent growth of net salesfor 2025, but now expects sales in line with last year.
-Shoe company Skechers retracted its annual forecast this week in response to Trump’stariffs, according to Reuters.
Executives said the companies is now researching production in lower cost locations. Reuterscites a Bank of America figure that put Chinese production at about 38 percent of SkechersUS sales.