Jonathan Wong
The Latest
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JPMorgan and Bank of America Set 80-Hour Workweek Limits Following Outcry Over Employee Death
In the wake of the tragic death of Leo Lukenas, a 35-year-old Bank of America associate who reportedly logged 100-hour workweeks, two of Wall Street's largest financial institutions-JPMorgan Chase and Bank of America-are taking significant steps to address the grueling work hours of their junior employees. 
In the wake of the tragic death of Leo Lukenas, a 35-year-old Bank of America associate who reportedly logged 100-hour workweeks, two of Wall Street's largest financial institutions-JPMorgan Chase and Bank of America-are taking significant steps to address the grueling work hours of their junior employees. -
GameStop's Stock Slumps Amid Revenue Drop Despite Surprise Profit and Store Closure Plans
GameStop, the video game retailer that became the poster child of the 2021 meme stock frenzy, is once again in the spotlight. Despite reporting a surprising profit in its latest quarter, the company's stock took a significant hit, falling 10% in premarket trading. The sharp drop comes as investors express concerns over a steep decline in revenue and lingering doubts about the company's long-term viability. 
GameStop, the video game retailer that became the poster child of the 2021 meme stock frenzy, is once again in the spotlight. Despite reporting a surprising profit in its latest quarter, the company's stock took a significant hit, falling 10% in premarket trading. The sharp drop comes as investors express concerns over a steep decline in revenue and lingering doubts about the company's long-term viability. -
JPMorgan Shares Plummet as Bank Warns of Lower Interest Income Amid Fed Rate Cuts
JPMorgan Chase, the largest bank in the United States by assets, saw its stock plummet over 5% on Tuesday following a warning from the bank's president, Daniel Pinto, regarding overly optimistic expectations for the bank's net interest income (NII) in 2025. The announcement comes at a critical juncture as the Federal Reserve is widely expected to begin a series of interest rate cuts, which could significantly impact the bank's earnings from interest payments. 
JPMorgan Chase, the largest bank in the United States by assets, saw its stock plummet over 5% on Tuesday following a warning from the bank's president, Daniel Pinto, regarding overly optimistic expectations for the bank's net interest income (NII) in 2025. The announcement comes at a critical juncture as the Federal Reserve is widely expected to begin a series of interest rate cuts, which could significantly impact the bank's earnings from interest payments. -
Starbucks’ CEO Brian Niccol Outlines Plan to Reinvigorate U.S. Operations Amid Slumping Sales
In his first week as Starbucks' new CEO, Brian Niccol has set a clear agenda: to steer the iconic coffee chain back to its roots as a welcoming community coffeehouse, while addressing declining sales and customer dissatisfaction. Niccol, who officially took the helm on Monday, outlined his vision in a letter to employees, customers, and stakeholders, emphasizing the need for immediate improvements in the company's U.S. operations. 
In his first week as Starbucks' new CEO, Brian Niccol has set a clear agenda: to steer the iconic coffee chain back to its roots as a welcoming community coffeehouse, while addressing declining sales and customer dissatisfaction. Niccol, who officially took the helm on Monday, outlined his vision in a letter to employees, customers, and stakeholders, emphasizing the need for immediate improvements in the company's U.S. operations. -
Bank of America Raises Minimum Wage to $24 Amid Industry-Wide Talent Struggles
Bank of America is taking another significant step to attract and retain talent in a fiercely competitive labor market by raising its minimum hourly wage to $24. The increase, which goes into effect in October, brings the bank closer to its previously announced goal of reaching a $25 minimum wage by 2025. 
Bank of America is taking another significant step to attract and retain talent in a fiercely competitive labor market by raising its minimum hourly wage to $24. The increase, which goes into effect in October, brings the bank closer to its previously announced goal of reaching a $25 minimum wage by 2025. -
Big Lots Files for Bankruptcy Amid Acquisition, Set to Close More Stores
Big Lots, the discount retail chain known for its budget-friendly home goods and furniture, has announced that it is filing for Chapter 11 bankruptcy as it prepares to be acquired by Nexus Capital Management. The Ohio-based company, which operates nearly 1,400 stores across 48 states, is facing significant restructuring as it navigates financial difficulties and a changing retail landscape. 
Big Lots, the discount retail chain known for its budget-friendly home goods and furniture, has announced that it is filing for Chapter 11 bankruptcy as it prepares to be acquired by Nexus Capital Management. The Ohio-based company, which operates nearly 1,400 stores across 48 states, is facing significant restructuring as it navigates financial difficulties and a changing retail landscape. -
Southwest Airlines Chairman Gary Kelly to Retire Amid Pressure from Activist Investor Elliott
Southwest Airlines is set to undergo significant leadership changes as longtime Chairman and former CEO Gary Kelly announced his retirement, a move that comes after mounting pressure from activist investor Elliott Investment Management. The Dallas-based airline, known for its once-stellar financial performance and innovative business model, has faced growing scrutiny over its recent struggles in a competitive and evolving airline industry. 
Southwest Airlines is set to undergo significant leadership changes as longtime Chairman and former CEO Gary Kelly announced his retirement, a move that comes after mounting pressure from activist investor Elliott Investment Management. The Dallas-based airline, known for its once-stellar financial performance and innovative business model, has faced growing scrutiny over its recent struggles in a competitive and evolving airline industry. -
Norfolk Southern’s CEO Alan Shaw to Step Down Amid Misconduct Allegations, Shares Rise
Norfolk Southern Corporation, one of North America's largest railroads, is embroiled in controversy as its CEO, Alan Shaw, is under investigation for alleged ethical lapses. The Atlanta-based company confirmed the investigation on Monday, marking the latest in a series of challenges for Shaw, who has faced mounting pressure since assuming the top role in May 2022. 
Norfolk Southern Corporation, one of North America's largest railroads, is embroiled in controversy as its CEO, Alan Shaw, is under investigation for alleged ethical lapses. The Atlanta-based company confirmed the investigation on Monday, marking the latest in a series of challenges for Shaw, who has faced mounting pressure since assuming the top role in May 2022. -
Google Faces Second Major Antitrust Challenge as DOJ Seeks to Break Up Ad Business
The Biden administration is intensifying its campaign against Google, launching a second significant antitrust case that seeks to dismantle the tech giant's dominance in the digital advertising industry. This legal battle, which began in a federal courtroom in Alexandria, Virginia, on Monday, represents one of the most ambitious government efforts to challenge the power of a U.S. corporation in decades. 
The Biden administration is intensifying its campaign against Google, launching a second significant antitrust case that seeks to dismantle the tech giant's dominance in the digital advertising industry. This legal battle, which began in a federal courtroom in Alexandria, Virginia, on Monday, represents one of the most ambitious government efforts to challenge the power of a U.S. corporation in decades. -
Boeing Offers 25% Pay Hike in Historic Deal to Avoid Strike as Union Vote Looms; Stock Surges
Boeing has put forth a significant offer to its employees-a 25% pay increase over the next four years-in a bid to prevent a potentially crippling strike that could halt its production lines as early as this week. The proposed deal, which also includes enhanced healthcare and retirement benefits, comes at a crucial time for the aerospace giant as it grapples with ongoing financial challenges and attempts to rebuild its tarnished reputation. 
Boeing has put forth a significant offer to its employees-a 25% pay increase over the next four years-in a bid to prevent a potentially crippling strike that could halt its production lines as early as this week. The proposed deal, which also includes enhanced healthcare and retirement benefits, comes at a crucial time for the aerospace giant as it grapples with ongoing financial challenges and attempts to rebuild its tarnished reputation.
