Swiss financial services firm Credit Suisse Group will eliminate additional 2,000 jobs this year as part of its plans to step up cost cuts. The new measures come just five months after CEO Tidjane Thiam announced an overhaul of the Zurich-based lender. Credit Suisse announced in a statement Wednesday that the bank plans to cut risk-weighted assets in global markets to about 60 billion this year as compared to a previous target of between 83 billion and 85 billion. The Swiss lender, which is projected to post a loss in the first quarter, is targeting 6,000 job cuts this year, with gross savings of 1.7 billion. Last month, the company vowed to step up its downsizing program by eliminating 4,000 jobs by 2018.
The annual Forbes 400 ranking of the richest Americas is out, and for the 23rd consecutive year it is very, very good to be Bill Gates. The Microsoft founder's already massive wealth increased by 5billion over the past year, giving him a net worth of 81billion and putting him well ahead of runner-up Jeff Bezos. The Amazon founder worked his way into the second spot for the first time this year with 67billion, enough to narrowly edge out Warren Buffet of Berkshire Hathaway, who was down one spot with 65.5billion. Also notable are the 14 people under the age of 40 who made their way onto this year's list, with Facebook founder Mark Zuckerberg leading the pack at number four with a net worth of 55.5 billion after making over 15billion in the last year. It was not however a great year for Donald Trump, who dropped to 156 on the list after losing 800million.
Business Insider Singapore, CBInsights, Funderbeam, and Crunchbase together have created the world's fintech unicorns – fintech start-ups valued at over $1 billion. Rong360 is riding the online finance wave in China, letting consumers compare and contrast all the various products that are being offered. Silicon Valley's Sequoia Capital, an early investor in Google, Apple, and WhatsApp, is a backer. China Rapid Finance is one of the country's largest online consumer loans marketplace and has made 4.7 million loans over its platform worth over $4.7 billion. The company is said to be planning a US IPO.
SAP has reported strong financial results in the second quarter of 2018 and has raised the firm's financial outlook for the year. SAP announced its financial results for the second quarter and half-year results ending 30 June 2018 on Thursday (statement). In Q2 2018, total revenue was reported as €5.99 billion ($6.95bn), or €6.014bn non-IFRS, up four percent year-over-year or 10 percent non-IFRS at constant currencies. SAP reported earnings per share of €0.60 IFRS, an increase of eight percent year-over-year, or €0.98 non-IFRS. SAP beat Wall Street earning expectations of €5.86 billion.
Apple published its first quarter FY 2019 financial results on Tuesday, coming in line with market expectations. For Q1, non-GAAP earnings came to $4.18 per share on revenue of $84.3 billion, a decline of 5 percent from the year-ago quarter, Analysts were expecting earnings of $4.17 per share on revenue of $84 billion. The top and bottom line numbers were not much of a surprise, given that Apple lowered its Q1 revenue guidance to $84 billion earlier this month. In November, Apple said it expected Q1 revenue between $89 billion and $93 billion, but it lowered expectations, citing rough Chinese market conditions and fewer iPhone upgrades than expected. "While it was disappointing to miss our revenue guidance, we manage Apple for the long term, and this quarter's results demonstrate that the underlying strength of our business runs deep and wide," CEO Tim Cook said in a statement.