FT News Briefing Tuesday, July 30
Jul 30, 2019
Uber makes headlines by cutting 400 marketing jobs in a corporate shakeup. Citigroup follows suit, planning significant job cuts in its global markets division. In a national security scare, over 2,000 Chinese-made security cameras remain installed in U.S. government buildings. Pfizer strikes a deal to merge its Upjohn unit with Mylan, focusing on innovative drugs. Meanwhile, Beyond Meat announces a stock sale, and the British pound plummets amid growing no-deal Brexit fears.
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Uber's Reorganization
- Uber cut 400 marketing jobs, a third of its marketing staff, in a reorganization effort.
- CEO Dara Khosrowshahi cited slow growth, overlapping work, and mediocre results as reasons.
Citigroup Job Cuts
- Citigroup plans to cut hundreds of jobs in its global markets division due to challenging market conditions.
- This comes as Wall Street banks experience falling trading revenues, impacted by low client activity and interest rates.
Chinese Cameras in US Buildings
- Over 2,000 Chinese-made security cameras, deemed a national security threat, remain in US government buildings.
- A ban on federal spending on such equipment from companies like Hikvision and Dahua will take effect in August.