![\"Brian](\"https://www.pymnts.com/wp-content/uploads/2024/08/Brian-Niccol-Chipotle-Starbucks-1.jpg\")
Chipotle CEO Brian Niccol will take over as CEO of Starbucks Sept. 9, and he has the support of Starbucks founder and Chairman Emeritus Howard Schultz.
\n\u201cI know how excited [Schultz] is,\u201d Starbucks board chair Mellody Hobson said during an interview with CNBC. \u201cWhen I called him and told him what we were doing and what I have been working on and what the board had been pursuing, he said, \u2018Mellody, that\u2019s a home run.\u2019\u201d
\n
Schultz\u2019s seal of approval heralds what leadership hopes will be a new era that addresses challenges and drives future growth.
\nNiccol replaces Laxman Narasimhan. The transition comes after Elliott Management became one of Starbucks\u2019 largest investors.
\n\u201cWe welcome the appointment of Brian Niccol, and we look forward to continuing our engagement with the board as it works toward the realization of Starbucks\u2019 full potential,\u201d the activist hedge fund, which has previously targeted major corporations for change, said in a statement.
\nSchultz was critical of Starbucks\u2019 trajectory under Narasimhan, who relied on discounting and new products to revitalize the company after he became CEO in March 2023, CNBC reported. Starbucks struggled with declining sales over several quarters, including drops in China and softness in the U.S. market.
\nIndustry analysts were positive in their assessment of Niccol\u2019s appointment. In an interview with PYMNTS, Amanda Lai, a retail analyst and director for consultancy McMillan Doolittle, said it is \u201ca logical choice to help revitalize the momentum behind the company and address the complex challenges facing the company as consumer preferences continue to evolve and competition continues to grow in the coffeehouse sector.\u201d
\nGreg Zakowicz, senior eCommerce expert at Omnisend, told PYMNTS Niccol\u2019s hire is promising.
\n\u201cIt\u2019s surprising, but he may just be the perfect fit for the organization,\u201d Zakowicz said. \u201cHe has an impressive background, especially in the food industry where products are nonessential items, and has successfully led companies like this during challenging economic times. With a continual increase of consumers trading down on items like groceries, I don\u2019t think this should be understated. He knows how to appeal to consumers at times when their wallets are tight. That is one thing Starbucks desperately needs.\u201d
\nRachel Ruggeri will serve as Starbucks\u2019 interim CEO until Niccol begins, Reuters reported. Niccol became CEO of Chipotle in 2018 and is credited with driving growth and innovation at the company. Chipotle\u2019s stock has performed well, tripling over the last five years.
\nScott Boatwright will step in as interim CEO following Niccol\u2019s departure Aug. 31. Boatwright, who has been with Chipotle since 2017, has been instrumental in overseeing operations for more than 120,000 employees and over 3,500 stores, as well as integrating key technologies within the restaurants, according to a press release.
\nNiccol is no stranger to the QSR sector. During his tenure as CEO of Taco Bell from 2015 to 2018, Niccol implemented several strategies that improved the brand\u2019s performance.
\nHe introduced the Breakfast Menu, attracting new customers and enhancing the brand\u2019s appeal, and the Doritos Locos Tacos, which drove an increase in sales. Niccol also spearheaded Taco Bell\u2019s digital transformation by launching a user-friendly app that streamlined ordering and boosted customer engagement.
\nHis focus on operational efficiency and cost management enhanced profitability and solidified Taco Bell\u2019s position as a modern, innovative player in the fast-food industry. Additionally, his efforts to expand Taco Bell\u2019s international footprint and accelerate store openings contributed to the chain\u2019s global growth.
\nAt Chipotle, Niccol led a turnaround from 2018 to 2024, nearly doubling the company\u2019s revenue and achieving a stock surge of nearly 800%, Starbucks said in a press release.
\nNiccol introduced successful menu innovations and expanded digital capabilities, including online ordering, delivery services and the Chipotle Rewards program.
\n\u201cNiccol\u2019s previous experience at the helm of Chipotle will lend itself well to reinvigorating the Starbucks brand,\u201d Lai said. \u201cAt Chipotle, Niccol\u2019s focus on digital transformation, operational efficiency and customer engagement helped lead the fast-casual chain into a new phase of growth. Initiatives included re-envisioning its online ordering platform to grow digital sales, launching and growing Chipotle loyalty program to drive customer engagement, and simplifying the menu to improve in-store operations.\u201d
\nShe added that the Chipotle Rewards loyalty program \u201cintroduced personalized challenges and achievement rewards to gamify the experience and drive engagement with customers. He could similarly look to refresh the Starbucks Rewards program by emphasizing personalization and adding experiential elements to increase loyalty and drive retention.\u201d
\nWhile Narasimhan\u2019s tenure as CEO at Starbucks was marked by declining global sales, Niccol\u2019s CEO trajectory at Taco Bell and Chipotle has ridden a wave of positive momentum.
\nDuring his tenure at Chipotle, Lai explained, Niccol created an environment centered on innovation and continuous improvement. His emphasis on learning and development empowered employees at all levels of the organization and drove improvements in operational excellence and service quality.
\n\u201cThis could translate well to bringing a new energy to Starbucks where morale has been challenged by multiple leadership changes and ongoing pressures from union campaigns over the years,\u201d Lai said. \u201cIn the age of digital transformation, Starbucks needs a leader who can re-establish trust and loyalty among both its employees and customers while forging a path forward that positions the company as a digital-first leader in a crowded coffee landscape. With his experience driving digital initiatives, such as launching loyalty and expanding mobile ordering and delivery at Chipotle, Niccol is well-positioned to further refine and evolve Starbucks\u2019 digital growth plans to help Starbucks navigate the evolving competitive landscape and drive sustainable growth.\u201d
\nThe post New Starbucks CEO Brian Niccol Brings Innovative Track Record to QSR Environment appeared first on PYMNTS.com.
\n", "content_text": "Chipotle CEO Brian Niccol will take over as CEO of Starbucks Sept. 9, and he has the support of Starbucks founder and Chairman Emeritus Howard Schultz.\n\u201cI know how excited [Schultz] is,\u201d Starbucks board chair Mellody Hobson said during an interview with CNBC. \u201cWhen I called him and told him what we were doing and what I have been working on and what the board had been pursuing, he said, \u2018Mellody, that\u2019s a home run.\u2019\u201d\n\nSchultz\u2019s seal of approval heralds what leadership hopes will be a new era that addresses challenges and drives future growth.\nNiccol replaces Laxman Narasimhan. The transition comes after Elliott Management became one of Starbucks\u2019 largest investors.\n\u201cWe welcome the appointment of Brian Niccol, and we look forward to continuing our engagement with the board as it works toward the realization of Starbucks\u2019 full potential,\u201d the activist hedge fund, which has previously targeted major corporations for change, said in a statement.\nSchultz was critical of Starbucks\u2019 trajectory under Narasimhan, who relied on discounting and new products to revitalize the company after he became CEO in March 2023, CNBC reported. Starbucks struggled with declining sales over several quarters, including drops in China and softness in the U.S. market.\nIndustry analysts were positive in their assessment of Niccol\u2019s appointment. In an interview with PYMNTS, Amanda Lai, a retail analyst and director for consultancy McMillan Doolittle, said it is \u201ca logical choice to help revitalize the momentum behind the company and address the complex challenges facing the company as consumer preferences continue to evolve and competition continues to grow in the coffeehouse sector.\u201d\nGreg Zakowicz, senior eCommerce expert at Omnisend, told PYMNTS Niccol\u2019s hire is promising.\n\u201cIt\u2019s surprising, but he may just be the perfect fit for the organization,\u201d Zakowicz said. \u201cHe has an impressive background, especially in the food industry where products are nonessential items, and has successfully led companies like this during challenging economic times. With a continual increase of consumers trading down on items like groceries, I don\u2019t think this should be understated. He knows how to appeal to consumers at times when their wallets are tight. That is one thing Starbucks desperately needs.\u201d\nRachel Ruggeri will serve as Starbucks\u2019 interim CEO until Niccol begins, Reuters reported. Niccol became CEO of Chipotle in 2018 and is credited with driving growth and innovation at the company. Chipotle\u2019s stock has performed well, tripling over the last five years.\nScott Boatwright will step in as interim CEO following Niccol\u2019s departure Aug. 31. Boatwright, who has been with Chipotle since 2017, has been instrumental in overseeing operations for more than 120,000 employees and over 3,500 stores, as well as integrating key technologies within the restaurants, according to a press release.\nNiccol is no stranger to the QSR sector. During his tenure as CEO of Taco Bell from 2015 to 2018, Niccol implemented several strategies that improved the brand\u2019s performance.\nHe introduced the Breakfast Menu, attracting new customers and enhancing the brand\u2019s appeal, and the Doritos Locos Tacos, which drove an increase in sales. Niccol also spearheaded Taco Bell\u2019s digital transformation by launching a user-friendly app that streamlined ordering and boosted customer engagement.\nHis focus on operational efficiency and cost management enhanced profitability and solidified Taco Bell\u2019s position as a modern, innovative player in the fast-food industry. Additionally, his efforts to expand Taco Bell\u2019s international footprint and accelerate store openings contributed to the chain\u2019s global growth.\nAt Chipotle, Niccol led a turnaround from 2018 to 2024, nearly doubling the company\u2019s revenue and achieving a stock surge of nearly 800%, Starbucks said in a press release.\nNiccol introduced successful menu innovations and expanded digital capabilities, including online ordering, delivery services and the Chipotle Rewards program.\n\u201cNiccol\u2019s previous experience at the helm of Chipotle will lend itself well to reinvigorating the Starbucks brand,\u201d Lai said. \u201cAt Chipotle, Niccol\u2019s focus on digital transformation, operational efficiency and customer engagement helped lead the fast-casual chain into a new phase of growth. Initiatives included re-envisioning its online ordering platform to grow digital sales, launching and growing Chipotle loyalty program to drive customer engagement, and simplifying the menu to improve in-store operations.\u201d\nShe added that the Chipotle Rewards loyalty program \u201cintroduced personalized challenges and achievement rewards to gamify the experience and drive engagement with customers. He could similarly look to refresh the Starbucks Rewards program by emphasizing personalization and adding experiential elements to increase loyalty and drive retention.\u201d\nWhile Narasimhan\u2019s tenure as CEO at Starbucks was marked by declining global sales, Niccol\u2019s CEO trajectory at Taco Bell and Chipotle has ridden a wave of positive momentum.\nDuring his tenure at Chipotle, Lai explained, Niccol created an environment centered on innovation and continuous improvement. His emphasis on learning and development empowered employees at all levels of the organization and drove improvements in operational excellence and service quality.\n\u201cThis could translate well to bringing a new energy to Starbucks where morale has been challenged by multiple leadership changes and ongoing pressures from union campaigns over the years,\u201d Lai said. \u201cIn the age of digital transformation, Starbucks needs a leader who can re-establish trust and loyalty among both its employees and customers while forging a path forward that positions the company as a digital-first leader in a crowded coffee landscape. With his experience driving digital initiatives, such as launching loyalty and expanding mobile ordering and delivery at Chipotle, Niccol is well-positioned to further refine and evolve Starbucks\u2019 digital growth plans to help Starbucks navigate the evolving competitive landscape and drive sustainable growth.\u201d\nThe post New Starbucks CEO Brian Niccol Brings Innovative Track Record to QSR Environment appeared first on PYMNTS.com.", "date_published": "2024-08-13T18:15:33-04:00", "date_modified": "2024-08-13T18:20:09-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/02/starbucks.jpg", "tags": [ "Amanda Lai", "Brian Niccol", "chipotle", "digital transformation", "food and beverage", "Greg Zakowicz", "loyalty rewards", "McMillan Doolittle", "News", "Omnisend", "Personnel", "PYMNTS News", "QSRs", "Restaurants", "starbucks" ] }, { "id": "https://www.pymnts.com/?p=2051590", "url": "https://www.pymnts.com/personnel/2024/starbucks-appoints-chipotle-head-brian-niccol-as-ceo/", "title": "Starbucks Appoints Chipotle Head Brian Niccol as CEO", "content_html": "Starbucks said Tuesday (Aug. 13) that it has appointed Chipotle Chairman and CEO Brian Niccol as CEO, effective Sept. 9, succeeding Laxman Narasimhan, who stepped down as CEO and director Tuesday.
\nNiccol will leave Chipotle effective Aug. 31, at which time Chipotle Chief Operating Officer Scott Boatwright will become the restaurant company\u2019s interim CEO, according to a Tuesday press release from Chipotle.
\nStarbucks Chief Financial Officer Rachel Ruggeri will serve as interim CEO, and its board chair, Mellody Hobson, will become lead independent director, the coffee retailer said in a Tuesday press release.
\nAnnouncing these changes, Starbucks highlighted Niccol\u2019s \u201cfocus on people and culture, brand, menu innovation, operational excellence and digital transformation.\u201d
\nSince he become CEO of Chipotle in 2018, that company has nearly doubled its revenue, increased its profits nearly sevenfold, increased its stock price nearly 800%, and improved employees\u2019 wages and benefits, according to the release.
\nBefore joining Chipotle, Niccol served as chief marketing and innovation officer, president and CEO of Taco Bell; held leadership roles at Pizza Hut; and worked in brand management at Procter & Gamble, per the release.
\nHe currently serves on the board of directors of Walmart.
\n\u201cHis phenomenal career speaks for itself,\u201d Hobson said in the release. \u201cBrian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth.\u201d
\nNiccol said in the release that he has long admired Starbucks\u2019 brand, culture and \u201ccommitment to enhancing human connections.\u201d
\n\u201cAs I embark upon this journey, I am energized by the tremendous potential to drive growth and further enhance the Starbucks experience for our customers and partners, while staying true to our mission and values,\u201d Niccol said.
\nNarasimhan served as Starbucks\u2019 CEO and as a member of its board of directors since March 2023, when he succeeded company founder and then-CEO Howard Schultz.
\nDuring his time in that role, Narasimhan improved the company\u2019s partner experience, innovated its supply chain and enhanced its store operations, Starbucks said in the Tuesday press release.
\n\u201cIn the face of some challenging headwinds, Laxman has been laser focused on improving the business to meet the needs of our customers and partners,\u201d Hobson said. \u201cWe all wish him the very best and know he will do great things in the future.\u201d
\nThis news comes about two weeks after Starbucks reported mixed financial results for its third fiscal quarter ended June 30. The firm\u2019s global comparable store sales dipped 3%, driven by a 5% decrease in transactions despite a 2% rise in average ticket size.
\nThe post Starbucks Appoints Chipotle Head Brian Niccol as CEO appeared first on PYMNTS.com.
\n", "content_text": "Starbucks said Tuesday (Aug. 13) that it has appointed Chipotle Chairman and CEO Brian Niccol as CEO, effective Sept. 9, succeeding Laxman Narasimhan, who stepped down as CEO and director Tuesday.\nNiccol will leave Chipotle effective Aug. 31, at which time Chipotle Chief Operating Officer Scott Boatwright will become the restaurant company\u2019s interim CEO, according to a Tuesday press release from Chipotle.\nStarbucks Chief Financial Officer Rachel Ruggeri will serve as interim CEO, and its board chair, Mellody Hobson, will become lead independent director, the coffee retailer said in a Tuesday press release.\nAnnouncing these changes, Starbucks highlighted Niccol\u2019s \u201cfocus on people and culture, brand, menu innovation, operational excellence and digital transformation.\u201d\nSince he become CEO of Chipotle in 2018, that company has nearly doubled its revenue, increased its profits nearly sevenfold, increased its stock price nearly 800%, and improved employees\u2019 wages and benefits, according to the release.\nBefore joining Chipotle, Niccol served as chief marketing and innovation officer, president and CEO of Taco Bell; held leadership roles at Pizza Hut; and worked in brand management at Procter & Gamble, per the release.\nHe currently serves on the board of directors of Walmart.\n\u201cHis phenomenal career speaks for itself,\u201d Hobson said in the release. \u201cBrian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth.\u201d\nNiccol said in the release that he has long admired Starbucks\u2019 brand, culture and \u201ccommitment to enhancing human connections.\u201d\n\u201cAs I embark upon this journey, I am energized by the tremendous potential to drive growth and further enhance the Starbucks experience for our customers and partners, while staying true to our mission and values,\u201d Niccol said.\nNarasimhan served as Starbucks\u2019 CEO and as a member of its board of directors since March 2023, when he succeeded company founder and then-CEO Howard Schultz.\nDuring his time in that role, Narasimhan improved the company\u2019s partner experience, innovated its supply chain and enhanced its store operations, Starbucks said in the Tuesday press release.\n\u201cIn the face of some challenging headwinds, Laxman has been laser focused on improving the business to meet the needs of our customers and partners,\u201d Hobson said. \u201cWe all wish him the very best and know he will do great things in the future.\u201d\nThis news comes about two weeks after Starbucks reported mixed financial results for its third fiscal quarter ended June 30. The firm\u2019s global comparable store sales dipped 3%, driven by a 5% decrease in transactions despite a 2% rise in average ticket size.\nThe post Starbucks Appoints Chipotle Head Brian Niccol as CEO appeared first on PYMNTS.com.", "date_published": "2024-08-13T10:37:32-04:00", "date_modified": "2024-08-13T10:37:32-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/03/Starbucks.jpg", "tags": [ "Brian Niccol", "chipotle", "laxman narasimhan", "News", "Personnel", "PYMNTS News", "QSRs", "quick service restaurants", "Restaurants", "starbucks", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2049548", "url": "https://www.pymnts.com/personnel/2024/gen-z-transforms-workplace-communication-keeping-it-casual/", "title": "Gen Z Transforms Workplace Communication by Keeping It Caszh", "content_html": "Generation Z is changing the tone (or the vibe, as it were) of professional communications, with their preference for casual language creating new norms.
\nAnecdotal and quantitative evidence alike show the shift. For instance, videos have been going viral on social media showcasing the informal ways Gen Z workers have been signing off their emails, as Fast Company reported this week.
\nOne such video with nearly 9 million views appears to show professional signoffs such as \u201cbless up,\u201d \u201cmean regards\u201d and \u201canother day another slay,\u201d while another with 873,000 views includes such signoffs as \u201cstay litty\u201d and \u201cpop off.\u201d
\nGen Z workers tend to have a more stressful relationship with their inboxes than previous generations, with a Babbel survey revealing that they are twice as likely as the population overall to have more than 1,000 unread emails and are disproportionately likely to have sent emails they regret.
\nPlus, a survey of 8,000 small business employees conducted by Slack (which has its own stake in the matter) noted that 57% of Gen Zers struggle with the expectation to keep things formal over email, a greater share than any other generation.
\nFurthermore, a study of more than 2,000 respondents from Barclays LifeSkills found that, in the United Kingdom, 71% of workers think young workers are impacting the formality of workplace language, and Gen Z workers are nearly twice as likely as those over 55 to use instant messaging platforms in the workplace.
\nWhile young consumers have a reputation for being more digitally connected, research found that millennials and Gen Zers favor face-to-face communication, as a 2021 study from Universidad de Almer\u00eda showed.
\n\u201cGen Y and Gen Z are said to be so immersed in the social media world that they cannot communicate well in face-to-face interactions,\u201d the researchers observed. \u201cHowever, the results showed that they liked to talk with people face-to-face\u2026\u201d
\nWhen they do communicate digitally, they like to integrate visual elements into the interaction.
\n\u201cWhen they communicate online, they liked to use visuals to share their ideas\u2026,\u201d the study said. \u201cIn the same way, they would also like information to be shared with them visually rather in the form of text, characteristics of visual learners rather than verbal learners.\u201d
\nAn iHire study of more than 1,000 18- to 27-year-olds and more than 250 employers found that 34% of Gen Z applicants believe negative stereotypes about their age group will negatively affect their job searches and career trajectories. Meanwhile, 58% of employers said Gen Z applicants must learn to improve their communication with hiring managers.
\nGeneration Z is reshaping workplace communication by embracing a more casual and visually driven style, which contrasts with the formal norms of previous generations. The shift reflects not only their preference for authenticity and directness but also their comfort with digital platforms that allow for creative expression.
\nHowever, as they continue to navigate the professional world, the challenge remains in balancing this new approach with the expectations of more traditional workplace environments.
\nThe post Gen Z Transforms Workplace Communication by Keeping It Caszh appeared first on PYMNTS.com.
\n", "content_text": "Generation Z is changing the tone (or the vibe, as it were) of professional communications, with their preference for casual language creating new norms.\nAnecdotal and quantitative evidence alike show the shift. For instance, videos have been going viral on social media showcasing the informal ways Gen Z workers have been signing off their emails, as Fast Company reported this week.\nOne such video with nearly 9 million views appears to show professional signoffs such as \u201cbless up,\u201d \u201cmean regards\u201d and \u201canother day another slay,\u201d while another with 873,000 views includes such signoffs as \u201cstay litty\u201d and \u201cpop off.\u201d\nGen Z\u2019s Email Stress\nGen Z workers tend to have a more stressful relationship with their inboxes than previous generations, with a Babbel survey revealing that they are twice as likely as the population overall to have more than 1,000 unread emails and are disproportionately likely to have sent emails they regret.\nPlus, a survey of 8,000 small business employees conducted by Slack (which has its own stake in the matter) noted that 57% of Gen Zers struggle with the expectation to keep things formal over email, a greater share than any other generation.\nFurthermore, a study of more than 2,000 respondents from Barclays LifeSkills found that, in the United Kingdom, 71% of workers think young workers are impacting the formality of workplace language, and Gen Z workers are nearly twice as likely as those over 55 to use instant messaging platforms in the workplace.\nWhy Don\u2019t You Come Over Here and Say That to My Face?\nWhile young consumers have a reputation for being more digitally connected, research found that millennials and Gen Zers favor face-to-face communication, as a 2021 study from Universidad de Almer\u00eda showed.\n\u201cGen Y and Gen Z are said to be so immersed in the social media world that they cannot communicate well in face-to-face interactions,\u201d the researchers observed. \u201cHowever, the results showed that they liked to talk with people face-to-face\u2026\u201d\nWhen they do communicate digitally, they like to integrate visual elements into the interaction.\n\u201cWhen they communicate online, they liked to use visuals to share their ideas\u2026,\u201d the study said. \u201cIn the same way, they would also like information to be shared with them visually rather in the form of text, characteristics of visual learners rather than verbal learners.\u201d\nHow This Impacts Hiring\nAn iHire study of more than 1,000 18- to 27-year-olds and more than 250 employers found that 34% of Gen Z applicants believe negative stereotypes about their age group will negatively affect their job searches and career trajectories. Meanwhile, 58% of employers said Gen Z applicants must learn to improve their communication with hiring managers.\nGeneration Z is reshaping workplace communication by embracing a more casual and visually driven style, which contrasts with the formal norms of previous generations. The shift reflects not only their preference for authenticity and directness but also their comfort with digital platforms that allow for creative expression.\nHowever, as they continue to navigate the professional world, the challenge remains in balancing this new approach with the expectations of more traditional workplace environments.\nThe post Gen Z Transforms Workplace Communication by Keeping It Caszh appeared first on PYMNTS.com.", "date_published": "2024-08-10T04:00:54-04:00", "date_modified": "2024-08-08T16:23:41-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Gen-Z-email-communication.jpg", "tags": [ "Generation Z", "Human Capital Management", "jobs", "Main Feature", "News", "Personnel", "PYMNTS News", "Saturday Feature", "Weekender" ] }, { "id": "https://www.pymnts.com/?p=2022024", "url": "https://www.pymnts.com/personnel/2024/lloyds-taps-aws-vet-rohit-dhawan-to-lead-ai-efforts/", "title": "Lloyds Taps AWS Vet Rohit Dhawan to Lead AI Efforts", "content_html": "British banking giant\u00a0Lloyds\u00a0has picked an\u00a0Amazon Web Services\u00a0veteran as its AI head.
\nRohit Dhawan\u00a0has been named Lloyds\u2019 director of artificial intelligence (AI), overseeing the firm\u2019s AI Center of Excellence and driving adoption of AI-powered products and services for the lender, per a Monday (Aug. 5) news release.
\n\u201cRohit\u2019s appointment is a significant boost for the strategic development of AI technology and capabilities within Lloyds Banking Group, with his wealth of experience delivering technology and change, at pace and scale,\u201d\u00a0Ranil Boteju, the bank\u2019s chief data and analytics officer, said in the release.
\n\u201cRohit will work across the business to further integrate AI outcomes into business priorities, helping us to scale AI in a consistent way and deliver against our strategy.\u201d
\nIn his time with Amazon Web Services, Dhawan served as the head of data and AI strategy for the Asia-Pacific region, leading projects like the integration of AI into customer and operational processes and establishing a multi-disciplinary data and AI function, the release said.
\nAccording to Lloyds, his hiring is part of the bank\u2019s larger strategy \u2014 announced in 2022 \u2014 to accelerate its\u00a0use of digital technologies.
\nThe news comes as AI is poised to both challenge and transform the banking sector, according to a recent report by McKinsey.
\n\u201cThe banking industry\u2019s track record with technology investments has been mixed, according to the firm,\u201d PYMNTS wrote last month. \u201cMcKinsey\u2019s research indicated that only 30% of\u00a0digital transformation\u00a0initiatives have succeeded. This statistic underscores banks\u2019 difficulty demonstrating a return on investment for their tech spending, particularly in AI.\u201d
\nA number of factors exacerbate these challenges, McKinsey said: banks need to show return on past tech investments, stand out from rivals and succeed in ongoing transformation efforts.
\nMcKinsey\u2019s data showed that higher revenue in banking \u201cremains\u00a0very strongly correlated\u00a0with more manual work,\u201d suggesting that technology still must deliver the expected automation benefits. The firm also stressed that capturing value from AI requires actions beyond the technology domain. McKinsey surveys revealed that 60% of executives pointed to skill gaps as an impeding digital transformation, while 70% faced resistance to change.
\n\u201cThe integration of AI in banking also raises questions about the future role of human bankers,\u201d PYMNTS added. \u201cWhile AI can streamline processes and provide quick data analysis, human judgment remains crucial, especially in complex financial decisions.\u201d
\nMeanwhile, a report by\u00a0Citigroup\u00a0in June warned that the banking industry faces the most\u00a0significant impact\u00a0from AI deployment, with 54% of jobs at risk of AI-driven job displacement, while an additional 12% of banking roles could be enhanced by AI integration.
\nFor all PYMNTS AI coverage, subscribe to the daily\u00a0AI\u00a0Newsletter.
\nThe post Lloyds Taps AWS Vet Rohit Dhawan to Lead AI Efforts appeared first on PYMNTS.com.
\n", "content_text": "British banking giant\u00a0Lloyds\u00a0has picked an\u00a0Amazon Web Services\u00a0veteran as its AI head.\nRohit Dhawan\u00a0has been named Lloyds\u2019 director of artificial intelligence (AI), overseeing the firm\u2019s AI Center of Excellence and driving adoption of AI-powered products and services for the lender, per a Monday (Aug. 5) news release.\n\u201cRohit\u2019s appointment is a significant boost for the strategic development of AI technology and capabilities within Lloyds Banking Group, with his wealth of experience delivering technology and change, at pace and scale,\u201d\u00a0Ranil Boteju, the bank\u2019s chief data and analytics officer, said in the release.\n\u201cRohit will work across the business to further integrate AI outcomes into business priorities, helping us to scale AI in a consistent way and deliver against our strategy.\u201d\nIn his time with Amazon Web Services, Dhawan served as the head of data and AI strategy for the Asia-Pacific region, leading projects like the integration of AI into customer and operational processes and establishing a multi-disciplinary data and AI function, the release said.\nAccording to Lloyds, his hiring is part of the bank\u2019s larger strategy \u2014 announced in 2022 \u2014 to accelerate its\u00a0use of digital technologies.\nThe news comes as AI is poised to both challenge and transform the banking sector, according to a recent report by McKinsey.\n\u201cThe banking industry\u2019s track record with technology investments has been mixed, according to the firm,\u201d PYMNTS wrote last month. \u201cMcKinsey\u2019s research indicated that only 30% of\u00a0digital transformation\u00a0initiatives have succeeded. This statistic underscores banks\u2019 difficulty demonstrating a return on investment for their tech spending, particularly in AI.\u201d\nA number of factors exacerbate these challenges, McKinsey said: banks need to show return on past tech investments, stand out from rivals and succeed in ongoing transformation efforts.\nMcKinsey\u2019s data showed that higher revenue in banking \u201cremains\u00a0very strongly correlated\u00a0with more manual work,\u201d suggesting that technology still must deliver the expected automation benefits. The firm also stressed that capturing value from AI requires actions beyond the technology domain. McKinsey surveys revealed that 60% of executives pointed to skill gaps as an impeding digital transformation, while 70% faced resistance to change.\n\u201cThe integration of AI in banking also raises questions about the future role of human bankers,\u201d PYMNTS added. \u201cWhile AI can streamline processes and provide quick data analysis, human judgment remains crucial, especially in complex financial decisions.\u201d\nMeanwhile, a report by\u00a0Citigroup\u00a0in June warned that the banking industry faces the most\u00a0significant impact\u00a0from AI deployment, with 54% of jobs at risk of AI-driven job displacement, while an additional 12% of banking roles could be enhanced by AI integration.\n\nFor all PYMNTS AI coverage, subscribe to the daily\u00a0AI\u00a0Newsletter.\n\nThe post Lloyds Taps AWS Vet Rohit Dhawan to Lead AI Efforts appeared first on PYMNTS.com.", "date_published": "2024-08-05T09:09:58-04:00", "date_modified": "2024-08-05T09:09:58-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/04/Lloyds-Bank.jpg", "tags": [ "AI", "Amazon Web Services", "artificial intelligence", "AWS", "banking", "Banks", "Lloyds", "Lloyds Banking Group", "News", "Personnel", "PYMNTS News", "Rohit Dhawan", "Technology", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2013910", "url": "https://www.pymnts.com/personnel/2024/magic-leap-cuts-75-jobs-shifts-focus-to-technology-licensing/", "title": "Magic Leap Cuts 75 Jobs, Shifts Focus to Technology Licensing", "content_html": "Augmented reality (AR) startup\u00a0Magic Leap reportedly cut\u00a075 jobs on Thursday (July 18) as it reorients its business toward technology licensing.
\nThe company\u2019s cuts included its entire sales and marketing departments, Bloomberg\u00a0reported Friday (July 19).
\n\u201cMagic Leap has been evolving our go-to-market approach to better align with market dynamics and emerging opportunities, optimizing how we support our customers and our ecosystem,\u201d a company spokesperson said in the report. \u201cAs part of this, we have consolidated our frontline engagement to our developer support and care teams.\u201d
\n\u201cWe will continue to actively support Magic Leap\u2019s customers, developers and our large ecosystem through the Developer Support and Care teams,\u201d the spokesperson said.
\nSince its founding in 2010, Magic Leap has shifted its focus from building an AR headset for consumers, to focusing primarily on business users, to concentrating on technology licensing, according to the report.
\nThe company now aims to license its optics technology used in AR headsets, the report said.
\nThis report comes about two months after\u00a0Google formed a\u00a0partnership with Magic Leap.
\nThe companies offered few details about their collaboration, but Reuters\u00a0reported on May 30 that the partnership is a sign that Google could be planning a return to the market for augmented and virtual reality technology.
\nThe partnership would meld Magic Leap\u2019s optics and device manufacturing expertise with Google\u2019s technology platforms, though neither company said whether the partnership is expected to produce a consumer AR device.
\n\u201cWe\u2019ve shipped a couple of different versions of augmented reality devices so far, so we\u2019re out there delivering things, and Google has a long history of platforms thinking,\u201d Magic Leap Chief Technology Officer\u00a0Julie Larson-Green told Reuters at the time. \u201cSo, we\u2019re thinking, putting our expertise and their expertise together, there\u2019s lots of things we could end up doing.\u201d
\nIn October, Magic Leap appointed Ross Rosenberg as CEO, saying he will drive the next phase of the company\u2019s growth at a time when the enterprise\u00a0AR market is beginning to merge around specific use cases and verticals.
\n\u201cAs companies begin to see the true [return on investment (ROI)] from deploying AR technologies, there is now a clear need state that Magic Leap is capable of solving for,\u201d Rosenberg said at the time in a press release.
\nThe post Magic Leap Cuts 75 Jobs, Shifts Focus to Technology Licensing appeared first on PYMNTS.com.
\n", "content_text": "Augmented reality (AR) startup\u00a0Magic Leap reportedly cut\u00a075 jobs on Thursday (July 18) as it reorients its business toward technology licensing.\nThe company\u2019s cuts included its entire sales and marketing departments, Bloomberg\u00a0reported Friday (July 19).\n\u201cMagic Leap has been evolving our go-to-market approach to better align with market dynamics and emerging opportunities, optimizing how we support our customers and our ecosystem,\u201d a company spokesperson said in the report. \u201cAs part of this, we have consolidated our frontline engagement to our developer support and care teams.\u201d\n\u201cWe will continue to actively support Magic Leap\u2019s customers, developers and our large ecosystem through the Developer Support and Care teams,\u201d the spokesperson said.\nSince its founding in 2010, Magic Leap has shifted its focus from building an AR headset for consumers, to focusing primarily on business users, to concentrating on technology licensing, according to the report.\nThe company now aims to license its optics technology used in AR headsets, the report said.\nThis report comes about two months after\u00a0Google formed a\u00a0partnership with Magic Leap.\nThe companies offered few details about their collaboration, but Reuters\u00a0reported on May 30 that the partnership is a sign that Google could be planning a return to the market for augmented and virtual reality technology.\nThe partnership would meld Magic Leap\u2019s optics and device manufacturing expertise with Google\u2019s technology platforms, though neither company said whether the partnership is expected to produce a consumer AR device.\n\u201cWe\u2019ve shipped a couple of different versions of augmented reality devices so far, so we\u2019re out there delivering things, and Google has a long history of platforms thinking,\u201d Magic Leap Chief Technology Officer\u00a0Julie Larson-Green told Reuters at the time. \u201cSo, we\u2019re thinking, putting our expertise and their expertise together, there\u2019s lots of things we could end up doing.\u201d\nIn October, Magic Leap appointed Ross Rosenberg as CEO, saying he will drive the next phase of the company\u2019s growth at a time when the enterprise\u00a0AR market is beginning to merge around specific use cases and verticals.\n\u201cAs companies begin to see the true [return on investment (ROI)] from deploying AR technologies, there is now a clear need state that Magic Leap is capable of solving for,\u201d Rosenberg said at the time in a press release.\nThe post Magic Leap Cuts 75 Jobs, Shifts Focus to Technology Licensing appeared first on PYMNTS.com.", "date_published": "2024-07-19T18:22:10-04:00", "date_modified": "2024-07-19T18:22:10-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Magic-Leap.png", "tags": [ "Augmented Reality", "business licensing", "Layoffs", "Magic Leap", "News", "Personnel", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2012114", "url": "https://www.pymnts.com/personnel/2024/hsbc-promotes-cfo-georges-elhedery-to-chief-exec/", "title": "HSBC Promotes CFO Georges Elhedery to Chief Exec", "content_html": "British multinational banking group HSBC has a new chief executive officer.
\nGeorges Elhedery, who became HSBC\u2019s chief financial officer (CFO) last year, will move into the chief executive role (CEO) September 2, the bank announced Wednesday (July 17).\u00a0
\nHe replaces Noah Quinn, who announced his resignation in April after 37 years with the bank and five as CEO.
\nSir Mark Tucker, HSBC\u2019s chairman, said Elhedery had shown \u201cstrategic insight and vision, and deep international perspectives\u201d during the bank\u2019s search for a new CEO.
\n\u201cHe is an exceptional leader and banker who cares passionately about the Bank, our customers, and our people,\u201d Tucker said in a news release. \u201cHe has a track record of leading through change, driving growth, delivering simplification and containing costs, and brings a strong focus on execution.\u201d
\nElhedery has been with HSBC since 2005. Before becoming CFO, he served as co-CEO of global banking and markets, also leading the markets and securities services. He also served as CEO for the Middle Eastern, North Africa and Turkey from July 2016 to February 2019.
\n\u201cI am deeply honored by the trust placed in me to lead this great institution into the future,\u201d he said. \u201cWorking together with our talented team, I look forward to delivering exceptional value to our clients and investors by driving strong performance on a sustainable growth trajectory.\u201d
\nAccording to the release, Elhedery will continue as CFO during the transition. An announcement about a new CFO for the bank \u201cwill be made in due course,\u201d HSBC said.
\nThe change in leadership follows reports earlier this month that HSBC had begun slowing its hiring while also asking its investment bankers to reduce expenses, part of an effort by management to lower costs in anticipation of interest rate cuts.
\nSources told Bloomberg News that the bank was not filling some open positions and halting hiring altogether in certain departments. HSBC was also encouraging its investment bankers to group client meetings together to capitalize on business travel, the report said.
\nMeanwhile, HSBC\u2019s Zing recently teamed with Visa to help develop the former company\u2019s international payments app, launched in the United Kingdom in January. That app lets members hold funds in up to 10 different currencies, send more than 30 currencies, and transact in more than 200 countries and territories.
\n\u201cWe shared a clear vision with our partners at Visa \u2014 that people all across the globe want easy-to-use, secure and trustworthy financial products that enable them to live their best international lives,\u201d James Allan, CEO and founder at Zing, said in a news release. \u201cZing delivers on that promise, and we look forward to building on this partnership in the future.\u201d
\nThe post HSBC Promotes CFO Georges Elhedery to Chief Exec appeared first on PYMNTS.com.
\n", "content_text": "British multinational banking group HSBC has a new chief executive officer.\nGeorges Elhedery, who became HSBC\u2019s chief financial officer (CFO) last year, will move into the chief executive role (CEO) September 2, the bank announced Wednesday (July 17).\u00a0\nHe replaces Noah Quinn, who announced his resignation in April after 37 years with the bank and five as CEO.\nSir Mark Tucker, HSBC\u2019s chairman, said Elhedery had shown \u201cstrategic insight and vision, and deep international perspectives\u201d during the bank\u2019s search for a new CEO.\n\u201cHe is an exceptional leader and banker who cares passionately about the Bank, our customers, and our people,\u201d Tucker said in a news release. \u201cHe has a track record of leading through change, driving growth, delivering simplification and containing costs, and brings a strong focus on execution.\u201d\nElhedery has been with HSBC since 2005. Before becoming CFO, he served as co-CEO of global banking and markets, also leading the markets and securities services. He also served as CEO for the Middle Eastern, North Africa and Turkey from July 2016 to February 2019.\n\u201cI am deeply honored by the trust placed in me to lead this great institution into the future,\u201d he said. \u201cWorking together with our talented team, I look forward to delivering exceptional value to our clients and investors by driving strong performance on a sustainable growth trajectory.\u201d\nAccording to the release, Elhedery will continue as CFO during the transition. An announcement about a new CFO for the bank \u201cwill be made in due course,\u201d HSBC said.\nThe change in leadership follows reports earlier this month that HSBC had begun slowing its hiring while also asking its investment bankers to reduce expenses, part of an effort by management to lower costs in anticipation of interest rate cuts.\nSources told Bloomberg News that the bank was not filling some open positions and halting hiring altogether in certain departments. HSBC was also encouraging its investment bankers to group client meetings together to capitalize on business travel, the report said.\nMeanwhile, HSBC\u2019s Zing recently teamed with Visa to help develop the former company\u2019s international payments app, launched in the United Kingdom in January. That app lets members hold funds in up to 10 different currencies, send more than 30 currencies, and transact in more than 200 countries and territories.\n\u201cWe shared a clear vision with our partners at Visa \u2014 that people all across the globe want easy-to-use, secure and trustworthy financial products that enable them to live their best international lives,\u201d James Allan, CEO and founder at Zing, said in a news release. \u201cZing delivers on that promise, and we look forward to building on this partnership in the future.\u201d\nThe post HSBC Promotes CFO Georges Elhedery to Chief Exec appeared first on PYMNTS.com.", "date_published": "2024-07-17T09:21:40-04:00", "date_modified": "2024-07-17T09:21:40-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/01/hsbc-2.jpg", "tags": [ "banking", "Banks", "Georges Elhedery", "HSBC", "News", "Noah Quinn", "Personnel", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2011283", "url": "https://www.pymnts.com/personnel/2024/salesforce-cuts-300-jobs-in-years-second-round-of-layoffs/", "title": "Salesforce Cuts 300 Jobs in Year\u2019s Second Round of Layoffs", "content_html": "Salesforce reportedly cut\u00a0about 300 jobs in July after eliminating 700 roles earlier this year.
\nThe latest cuts are part of the company\u2019s ongoing effort to streamline its operations, Bloomberg\u00a0reported Monday (July 15), citing an unnamed source.
\nWithout specifying the number of layoffs, a Salesforce spokesperson told Bloomberg: \u201cLike any healthy business, we continuously assess whether we have the right structure in place to best serve our customers and fuel growth areas. In some cases that leads to roles being eliminated.\u201d
\nAt the end of January, the firm had 72,682 employees, according to the report.
\nWhen Salesforce\u00a0laid off 700 employees \u2014 or about 1% of its workforce \u2014 in January, the cuts were made across the company, the Wall Street Journal\u00a0reported at the time.\u00a0
\nThe report suggested that because the company still had 1,000 jobs open, those cuts were a routine adjustment of the workforce and an effort to redirect spending to other areas.
\nSalesforce made a bigger\u00a0adjustment in January 2023, cutting 8,000 positions \u2014 or 10% of its workforce \u2014 while pointing to a slowdown in customers\u2019 buying.
\n\u201cOur customers are taking a more measured approach to their purchasing decisions,\u201d Salesforce CEO\u00a0Marc Benioff wrote in a January 4, 2023, letter to employees.
\nThe latest round of layoffs comes at a time when artificial intelligence (AI) is playing a role in recent\u00a0tech sector\u00a0job cuts.
\nLayoffs in the tech industry for the year exceeded 100,000 as of Friday (July 12), with a portion being attributed to companies shifting their focus to AI, Seeking Alpha\u00a0reported Sunday (July 14), citing data from the tracker\u00a0Layoffs.fyi.
\nOn Tuesday (July 9),\u00a0UiPath, a provider of AI-powered enterprise automation technology, said that it would lay off\u00a010% of its global workforce of 4,200 as part of a restructuring aimed at managing its operating expenses.
\n\u201cThese changes reflect efforts to reshape the organization by streamlining the company\u2019s structure, particularly in operational and corporate functions, better prioritizing our go-to-market investments and focusing our research and development investments on artificial intelligence and driving innovation across our platform,\u201d UiPath said in a\u00a0filing\u00a0with the\u00a0Securities and Exchange Commission (SEC).
\nThe post Salesforce Cuts 300 Jobs in Year\u2019s Second Round of Layoffs appeared first on PYMNTS.com.
\n", "content_text": "Salesforce reportedly cut\u00a0about 300 jobs in July after eliminating 700 roles earlier this year.\nThe latest cuts are part of the company\u2019s ongoing effort to streamline its operations, Bloomberg\u00a0reported Monday (July 15), citing an unnamed source.\nWithout specifying the number of layoffs, a Salesforce spokesperson told Bloomberg: \u201cLike any healthy business, we continuously assess whether we have the right structure in place to best serve our customers and fuel growth areas. In some cases that leads to roles being eliminated.\u201d\nAt the end of January, the firm had 72,682 employees, according to the report.\nWhen Salesforce\u00a0laid off 700 employees \u2014 or about 1% of its workforce \u2014 in January, the cuts were made across the company, the Wall Street Journal\u00a0reported at the time.\u00a0\nThe report suggested that because the company still had 1,000 jobs open, those cuts were a routine adjustment of the workforce and an effort to redirect spending to other areas.\nSalesforce made a bigger\u00a0adjustment in January 2023, cutting 8,000 positions \u2014 or 10% of its workforce \u2014 while pointing to a slowdown in customers\u2019 buying.\n\u201cOur customers are taking a more measured approach to their purchasing decisions,\u201d Salesforce CEO\u00a0Marc Benioff wrote in a January 4, 2023, letter to employees.\nThe latest round of layoffs comes at a time when artificial intelligence (AI) is playing a role in recent\u00a0tech sector\u00a0job cuts.\nLayoffs in the tech industry for the year exceeded 100,000 as of Friday (July 12), with a portion being attributed to companies shifting their focus to AI, Seeking Alpha\u00a0reported Sunday (July 14), citing data from the tracker\u00a0Layoffs.fyi.\nOn Tuesday (July 9),\u00a0UiPath, a provider of AI-powered enterprise automation technology, said that it would lay off\u00a010% of its global workforce of 4,200 as part of a restructuring aimed at managing its operating expenses.\n\u201cThese changes reflect efforts to reshape the organization by streamlining the company\u2019s structure, particularly in operational and corporate functions, better prioritizing our go-to-market investments and focusing our research and development investments on artificial intelligence and driving innovation across our platform,\u201d UiPath said in a\u00a0filing\u00a0with the\u00a0Securities and Exchange Commission (SEC).\nThe post Salesforce Cuts 300 Jobs in Year\u2019s Second Round of Layoffs appeared first on PYMNTS.com.", "date_published": "2024-07-15T18:50:15-04:00", "date_modified": "2024-07-15T18:50:16-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/12/Salesforce.jpg", "tags": [ "AI", "artificial intelligence", "economy", "jobs", "Layoffs", "News", "Personnel", "PYMNTS News", "Salesforce", "UiPath", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2010865", "url": "https://www.pymnts.com/personnel/2024/citi-names-barclays-vet-james-morris-as-uk-commercial-banking-head/", "title": "Citi Names Barclays Vet James Morris as UK Commercial Banking Head", "content_html": "Citi has a new head of commercial banking (CCB) for the United Kingdom.
\nJames Morris, a 25-year veteran of British banking giant Barclays, is expected to take on that role Sept. 30, Citi announced Monday (July 15) in a news release emailed to PYMNTS.
\n\u201cJames is an experienced banking leader with a proven track record of leading high-performance teams across multiple sectors and geographies,\u201d Tasnim Ghiawadwala, head of Citi Commercial Bank, said in a news release. \u201cI am confident that James will continue the excellent progress of our UK CCB franchise and drive strong momentum in the market.\u201d
\nMorris will be responsible for all of Citi\u2019s commercial banking business and operations in the U.K., including driving the bank\u2019s business strategy and financial performance.
\nAt Barclays, Morris held a number of senior positions, including U.K. head of business and professional services for large corporate banking, one he took on in 2021.
\n\u201cCCB is an integral part of Citi\u2019s global strategy and key engine for growth,\u201d the news release said. \u201cIt focuses on delivering Citi\u2019s product suite, including but not limited to cash and liquidity management, foreign exchange, trade finance, capital markets and lending solutions, to mid-sized corporates that are either global or looking to build an international footprint.\u201d
\nIn other British banking news, the country\u2019s Financial Ombudsman Service said last week that U.K. consumers have more complaints about the banking sector than they did a year ago.
\nComplaints about the industry are at their highest level in at least a decade, with all the most complained about products seeing year-over-year increases in cases, the FOS said.
\nIn all, the number of complaints jumped from 61,995 in the financial year 2022-23 to 80,137 in the financial year 2023-24.
\n\u201cIt\u2019s always concerning when you see cases rise so significantly, particularly when so many people are struggling in the current economic climate,\u201d Abby Thomas, CEO and chief ombudsman of the Financial Ombudsman Service, said in a news release.
\nFrauds and scams accounted for more complaints than ever before, the regulator said, with about half of these cases involving authorized push payment (APP) scams in which consumers were duped into sending money only to fraudsters.
\nAPP fraud is on the rise throughout countries where real-time and instant payment rails are increasingly common, including the U.K., the European Union and the United States, PYMNTS reported in March.
\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
\nThe post Citi Names Barclays Vet James Morris as UK Commercial Banking Head appeared first on PYMNTS.com.
\n", "content_text": "Citi has a new head of commercial banking (CCB) for the United Kingdom.\nJames Morris, a 25-year veteran of British banking giant Barclays, is expected to take on that role Sept. 30, Citi announced Monday (July 15) in a news release emailed to PYMNTS.\n\u201cJames is an experienced banking leader with a proven track record of leading high-performance teams across multiple sectors and geographies,\u201d Tasnim Ghiawadwala, head of Citi Commercial Bank, said in a news release. \u201cI am confident that James will continue the excellent progress of our UK CCB franchise and drive strong momentum in the market.\u201d\nMorris will be responsible for all of Citi\u2019s commercial banking business and operations in the U.K., including driving the bank\u2019s business strategy and financial performance.\nAt Barclays, Morris held a number of senior positions, including U.K. head of business and professional services for large corporate banking, one he took on in 2021.\n\u201cCCB is an integral part of Citi\u2019s global strategy and key engine for growth,\u201d the news release said. \u201cIt focuses on delivering Citi\u2019s product suite, including but not limited to cash and liquidity management, foreign exchange, trade finance, capital markets and lending solutions, to mid-sized corporates that are either global or looking to build an international footprint.\u201d\nIn other British banking news, the country\u2019s Financial Ombudsman Service said last week that U.K. consumers have more complaints about the banking sector than they did a year ago.\nComplaints about the industry are at their highest level in at least a decade, with all the most complained about products seeing year-over-year increases in cases, the FOS said.\nIn all, the number of complaints jumped from 61,995 in the financial year 2022-23 to 80,137 in the financial year 2023-24.\n\u201cIt\u2019s always concerning when you see cases rise so significantly, particularly when so many people are struggling in the current economic climate,\u201d Abby Thomas, CEO and chief ombudsman of the Financial Ombudsman Service, said in a news release.\nFrauds and scams accounted for more complaints than ever before, the regulator said, with about half of these cases involving authorized push payment (APP) scams in which consumers were duped into sending money only to fraudsters.\nAPP fraud is on the rise throughout countries where real-time and instant payment rails are increasingly common, including the U.K., the European Union and the United States, PYMNTS reported in March.\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.\nThe post Citi Names Barclays Vet James Morris as UK Commercial Banking Head appeared first on PYMNTS.com.", "date_published": "2024-07-15T12:57:05-04:00", "date_modified": "2024-07-15T22:42:23-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/02/Citi-new-banking-head.jpg", "tags": [ "B2B", "B2B Payments", "banking", "Banks", "Barclays", "Citi", "Citi Commercial Banking", "Commercial Banking", "Commercial Banks", "commercial payments", "James Morris", "News", "Personnel", "PYMNTS News", "uk", "uk banking", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=1974061", "url": "https://www.pymnts.com/personnel/2024/intuit-cuts-10percent-staff-amid-new-artificial-intelligence-efforts/", "title": "Intuit Cuts 10% of Staff Amid New AI Efforts", "content_html": "Tax preparation software maker Intuit is cutting 1,800 jobs, or 10% of its workforce, and closing two locations.
\nThe company, parent of QuickBooks and TurboTax, revealed the planned layoffs in a filing with the Securities and Exchange Commission Wednesday (July 10), saying it plans to \u201chire a nearly equivalent number of employees in fiscal 2025 to support [its] declared growth areas and expects overall headcount to grow.\u201d
\nIn a note to employees included in the filing, CEO Sasan Goodarzi said the cuts come as Intuit is upping its investments in artificial intelligence.
\n\u201cWe were early to bet on and invest in AI, building one of the largest AI-driven expert platforms to fuel the success of consumers, small and mid-market businesses, and important partners like accountants, financial institutions and marketing agencies who rely on us daily to prosper,\u201d Goodarzi wrote. \u201cWith the introduction of GenAI, we are now delivering even more compelling customer experiences, increasing monetization potential and driving efficiencies in how the work gets done within Intuit.\u201d
\nThe company\u2019s future hires will be in \u201cengineering, product and customer-facing roles such as sales, customer success and marketing,\u201d he added in the note.
\nIntuit is also closing its plants in Edmonton, Ontario, and Boise, Idaho, the filing said.
\nIntuit last month announced its new AI-powered \u201crevenue intelligence\u201d technology, which uses what it called \u201calways-on\u201d predictive and generative AI models.
\nThe system is intended to proactively give marketers opportunities to win more business by recommending optimal times to target customers and generating personalized content, the company said.
\n\u201cIntuit\u2019s move is the latest example of a technology company tapping AI to try to make its products more useful and attract customers,\u201d PYMNTS wrote at the time. \u201cAI has been one of the hottest areas of technology investment in recent years as startups and big companies alike race to capitalize on its potential to automate tasks and provide new insights from data.\u201d
\nThe company said in May that it was leaning on AI to help its small business clients.
\n\u201cThe era of AI is one of the most significant technology shifts in our lifetime, and our strategy to be the global AI-driven expert platform is delivering significant benefits to our customers and strong results across the company,\u201d Goodarzi said at the time. \u201cI\u2019m proud of our innovation and performance, and because of our momentum, we are raising Intuit\u2019s revenue, operating income and earnings per share guidance for the fiscal year.\u201d
\nFor all PYMNTS AI coverage, subscribe to the daily AI Newsletter.
\nThe post Intuit Cuts 10% of Staff Amid New AI Efforts appeared first on PYMNTS.com.
\n", "content_text": "Tax preparation software maker Intuit is cutting 1,800 jobs, or 10% of its workforce, and closing two locations.\nThe company, parent of QuickBooks and TurboTax, revealed the planned layoffs in a filing with the Securities and Exchange Commission Wednesday (July 10), saying it plans to \u201chire a nearly equivalent number of employees in fiscal 2025 to support [its] declared growth areas and expects overall headcount to grow.\u201d\nIn a note to employees included in the filing, CEO Sasan Goodarzi said the cuts come as Intuit is upping its investments in artificial intelligence.\n\u201cWe were early to bet on and invest in AI, building one of the largest AI-driven expert platforms to fuel the success of consumers, small and mid-market businesses, and important partners like accountants, financial institutions and marketing agencies who rely on us daily to prosper,\u201d Goodarzi wrote. \u201cWith the introduction of GenAI, we are now delivering even more compelling customer experiences, increasing monetization potential and driving efficiencies in how the work gets done within Intuit.\u201d\nThe company\u2019s future hires will be in \u201cengineering, product and customer-facing roles such as sales, customer success and marketing,\u201d he added in the note.\nIntuit is also closing its plants in Edmonton, Ontario, and Boise, Idaho, the filing said.\nIntuit last month announced its new AI-powered \u201crevenue intelligence\u201d technology, which uses what it called \u201calways-on\u201d predictive and generative AI models.\nThe system is intended to proactively give marketers opportunities to win more business by recommending optimal times to target customers and generating personalized content, the company said.\n\u201cIntuit\u2019s move is the latest example of a technology company tapping AI to try to make its products more useful and attract customers,\u201d PYMNTS wrote at the time. \u201cAI has been one of the hottest areas of technology investment in recent years as startups and big companies alike race to capitalize on its potential to automate tasks and provide new insights from data.\u201d\nThe company said in May that it was leaning on AI to help its small business clients.\n\u201cThe era of AI is one of the most significant technology shifts in our lifetime, and our strategy to be the global AI-driven expert platform is delivering significant benefits to our customers and strong results across the company,\u201d Goodarzi said at the time. \u201cI\u2019m proud of our innovation and performance, and because of our momentum, we are raising Intuit\u2019s revenue, operating income and earnings per share guidance for the fiscal year.\u201d\nFor all PYMNTS AI coverage, subscribe to the daily AI Newsletter.\nThe post Intuit Cuts 10% of Staff Amid New AI Efforts appeared first on PYMNTS.com.", "date_published": "2024-07-10T13:12:10-04:00", "date_modified": "2024-07-10T13:13:01-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/08/intuit.jpg", "tags": [ "artificial intelligence", "GenAI", "Innovation", "Intuit", "jobs", "News", "Personnel", "PYMNTS News", "Technology", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1973777", "url": "https://www.pymnts.com/personnel/2024/uipath-announces-10-cut-in-staff-to-reduce-costs/", "title": "UiPath Announces 10% Cut in Staff to Reduce Costs", "content_html": "UiPath, a provider of artificial intelligence (AI)-powered enterprise automation technology, said Tuesday (July 9) that it will lay off 10% of its global workforce as part of a restructuring aimed at managing its operating expenses.
\nThe firm employed about 4,200 people worldwide as of July 1, UiPath said in a Tuesday\u00a0filing with the Securities and Exchange Commission (SEC) that disclosed the layoffs.
\n\u201cThis workforce reduction is aimed at further driving operational efficiency and customer centricity,\u201d the company said in the filing. \u201cThese changes reflect efforts to reshape the organization by streamlining the company\u2019s structure, particularly in operational and corporate functions, better prioritizing our go-to-market investments and focusing our research and development investments on artificial intelligence and driving innovation across our platform.\u201d
\nUiPath shares have lost more than half their value this year, at a time when the Nasdaq is up 23%, CNBC\u00a0reported Tuesday.
\nIn the time since its 2021 initial public offering (IPO) that was one of the largest U.S. software offerings ever, the company has seen its revenue growth slow, according to the report.
\nUiPath reported better-than-expected quarterly earnings in May but lowered its guidance for the full year, the report said. It now forecasts annual growth of about 7.5%, which would be down from the prior year\u2019s 24%, per the report.
\nThe company said in a May\u00a029\u00a0press release that\u00a0Rob Enslin was resigning as CEO\u00a0and a member of the board of directors on June 1, and that UiPath\u2019s founder and former CEO\u00a0Daniel Dines would be reappointed CEO on that date.
\n\u201cI thank Rob for his contributions to UiPath during the past two years, during which he played a significant role in the company\u2019s growth,\u201d Dines said in the release. \u201cWith this change, I\u2019m excited to step back into the CEO role and I am looking forward to leading the company through our next phase of profitable growth and innovation.\u201d
\nAt the time of its 2021\u00a0IPO, which valued the company at $36 billion, it was reported that UiPath\u2019s digital transformation technology was initially applied to back-office tasks but later added front-office areas for its bots.
\nThe post UiPath Announces 10% Cut in Staff to Reduce Costs appeared first on PYMNTS.com.
\n", "content_text": "UiPath, a provider of artificial intelligence (AI)-powered enterprise automation technology, said Tuesday (July 9) that it will lay off 10% of its global workforce as part of a restructuring aimed at managing its operating expenses.\nThe firm employed about 4,200 people worldwide as of July 1, UiPath said in a Tuesday\u00a0filing with the Securities and Exchange Commission (SEC) that disclosed the layoffs.\n\u201cThis workforce reduction is aimed at further driving operational efficiency and customer centricity,\u201d the company said in the filing. \u201cThese changes reflect efforts to reshape the organization by streamlining the company\u2019s structure, particularly in operational and corporate functions, better prioritizing our go-to-market investments and focusing our research and development investments on artificial intelligence and driving innovation across our platform.\u201d\nUiPath shares have lost more than half their value this year, at a time when the Nasdaq is up 23%, CNBC\u00a0reported Tuesday.\nIn the time since its 2021 initial public offering (IPO) that was one of the largest U.S. software offerings ever, the company has seen its revenue growth slow, according to the report.\nUiPath reported better-than-expected quarterly earnings in May but lowered its guidance for the full year, the report said. It now forecasts annual growth of about 7.5%, which would be down from the prior year\u2019s 24%, per the report.\nThe company said in a May\u00a029\u00a0press release that\u00a0Rob Enslin was resigning as CEO\u00a0and a member of the board of directors on June 1, and that UiPath\u2019s founder and former CEO\u00a0Daniel Dines would be reappointed CEO on that date.\n\u201cI thank Rob for his contributions to UiPath during the past two years, during which he played a significant role in the company\u2019s growth,\u201d Dines said in the release. \u201cWith this change, I\u2019m excited to step back into the CEO role and I am looking forward to leading the company through our next phase of profitable growth and innovation.\u201d\nAt the time of its 2021\u00a0IPO, which valued the company at $36 billion, it was reported that UiPath\u2019s digital transformation technology was initially applied to back-office tasks but later added front-office areas for its bots.\nThe post UiPath Announces 10% Cut in Staff to Reduce Costs appeared first on PYMNTS.com.", "date_published": "2024-07-09T20:20:44-04:00", "date_modified": "2024-07-09T20:20:44-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/UiPath.jpg", "tags": [ "AI", "artificial intelligence", "Business", "economy", "Enterprise Software", "jobs", "Layoffs", "News", "Personnel", "PYMNTS News", "UiPath", "What's Hot" ] } ] }