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Isaac Perlmutter, the famously frugal Marvel Entertainment chairman who unsuccessfully worked to shake up the Walt Disney Company’s board in the past year, has been laid off as part of a cost-cutting campaign. Disney confirmed the move. Mr. Perlmutter, 80, was told by phone on Wednesday that Marvel Entertainment, a small division centered on consumer … Read more
Sergio Ermotti will return as C.E.O. of UBS on April 5.Credit…Michael Buholzer/EPA, via Shutterstock A Swiss chief returns UBS unexpectedly said on Wednesday that it was bringing back Sergio Ermotti as C.E.O., as the Swiss bank begins the tough task of digesting its archrival, Credit Suisse. It’s another sign of how tricky UBS considers the … Read more
Macy’s is shuffling its leadership team, announcing on Wednesday that Jeff Gennette, the chief executive since 2017, will retire in February after four decades with the department-store chain. He will be succeeded by Tony Spring, who runs the company’s luxury Bloomingdale’s chain. Adrian Mitchell, 49, who has been Macy’s chief financial officer since November 2020, … Read more
UBS said on Wednesday that it was bringing back Sergio P. Ermotti, a former chief executive, as the Swiss banking giant prepares to take over Credit Suisse, its troubled rival. The unexpected return of Mr. Ermotti, 62, who plans to start on April 5, comes as UBS faces the difficult work of absorbing Switzerland’s other … Read more
WASHINGTON — A top regulator at the Federal Reserve on Tuesday blamed Silicon Valley Bank’s executives for its collapse and provided little explanation for why supervisors had failed to stop its demise, saying that the central bank was examining what went wrong. Michael S. Barr, the Fed’s vice chair for supervision, testified for more than … Read more
Federal regulators faced more than two hours of intense questioning from lawmakers on Tuesday about what caused the failures of Silicon Valley Bank and Signature Bank, the red flags that went unheeded and the steps that must be taken to avoid future collapses that could rattle the United States financial system. There was bipartisan concern … Read more