Tag: Bank of America

In an impressive surge driven by the artificial intelligence (AI) revolution, Microsoft has reached a monumental valuation, surpassing the $3 trillion mark. It’s the second company, after Apple, to reach the milestone valuation. This remarkable achievement positions Microsoft as the second company in history to breach this threshold, following closely behind Apple. Microsoft's shares have seen a significant upswing, climbing more than 7% this year after a notable 40% increase last year.

Tesla's stock value took a 10% dip on Thursday following the release of the company's third-quarter financial results, which failed to meet both revenue and earnings predictions. The electric carmaker reported revenues of $23.35 billion with an adjusted 66 cents per share earnings. This disappointing outcome marked the first occasion since Q2 of 2019 that Tesla missed the mark on both counts.

The New York-based Citigroup has alerted its UK employees about potential job cuts amid a major reorganization. The bank, employing around 16,000 in the UK, is progressing to the next phase of its restructuring plans and will initiate a consultation process for employee feedback. Citigroup's CEO, Jane Fraser, recently unveiled plans for a corporate overhaul to reduce managerial levels and expedite decision-making.

After the collapse and bail out of Silicon Valley Bank and Signature Bank, the U.S. banking market is not settling. U.S. regulators have requested that banks submit their best takeover offers for First Republic by Sunday afternoon. The U.S. Federal Deposit Insurance Corporation has reportedly asked six banks to bid for the embattled lender. Shares in First Republic plunged from $122.50 on March 1 to around $3 a share last Friday.