Weekend work out
Goldman Sachs Group is discouraging investment banking analysts from working weekends as it overhauls demands placed on entry-level employees and the support they receive.
Goldman Sachs developed a 'junior banker taskforce' of executives from around the world earlier this year to improve analysts' work environment and career development, said spokesman Michael DuVally.
The bank will have 332 analysts in its 2014 class, up 23pc from 2012, he said.
REUTERS TO CUT 3,000
Thomson Reuters, a provider of news and information services, plans to cut 3,000 positions, or about 5pc of the workforce, in a bid to focus on growth markets and boost profitability.
The announcement followed higher-than-projected earnings at Thomson Reuters, which is trying to rebound from a lingering slump on Wall Street.
BANKS' FIGURES DOWN
Deutsche Bank, Germany's largest bank, reported a 94pc drop in third-quarter earnings, and UBS postponed a profitability goal after setting aside more money for rising legal costs.
Deutsche Bank took a €1.2bn charge to cover potential legal expenses. UBS shares posted the biggest decline in more than two years after the Swiss regulator demanded it hold more capital for litigation risks. Regulators have taken a tougher stance against misbehaviour since the financial crisis of 2008.
RETAIL SALES REBOUND
Sales at most types of retailers, from electronics stores to restaurants, climbed in September, indicating households were sustaining the US economic expansion before the government shutdown shook confidence.
Purchases, excluding auto dealers, rose 0.4pc following a 0.1pc gain in the previous month, matching the median forecast of economists surveyed by Bloomberg.
'TIMES' ADS STRUGGLE
The 'New York Times' advertising department is struggling to replace its once-lucrative print ads with digital sales, as Google and Facebook gobble up increasingly large chunks of marketers' budgets.
Both print and digital advertising at the newspaper decreased about 3pc in the third quarter, the company said, signalling that the total amount fell below $140m (€102m). That's the lowest level since at least 1998, when the 'Times' began reporting the ad revenue of its individual papers.