Robinhood Lays Off 23% of Staff as Retail Investors Fade From Platform

The job cuts mark the second round of layoffs for the online brokerage, which exploded in popularity during the Covid-19 pandemic. 


 
PayPal Names Former Electronic Arts Executive Blake Jorgensen as CFO

PayPal named Blake Jorgensen as its next finance chief, succeeding John Rainey, who left the digital payments giant earlier this year for the same role at Walmart. 


 
Equifax Sent Lenders Inaccurate Credit Scores on Millions of Consumers

During a three-week period this year, the credit reporting company sent faulty scores to lenders big and small, resulting in higher interest rates and denied applications. 


 
HSBC Leaders Try to Placate Restive Hong Kong Shareholders

The bank's U.K. bosses are seeking to convince small investors that splitting off the Asian business wouldn't benefit them. 


 
OCBC First-Half Net Rose 7% on Higher Interest Income

Oversea-Chinese Banking Corp. said its first-half net profit rose 7% on year due to higher net interest income and lower allowances. 


 
Robinhood's Crypto Unit Fined $30 Million by New York's Top Financial Regulator

The New York State Department of Financial Services alleges that Robinhood violated anti-money-laundering and cybersecurity regulations 


 
KKR Posts a Quarterly Loss Amid Market Turmoil

The private-equity firm continued to invest in infrastructure and real estate as buffers against rising inflation. 


 
PayPal Stock Gets a Much-Needed Boost After a Solid Quarter

The company also disclosed changes to management and a new $15 billion share repurchase authorization. 


 
SoftBank Emerges as a Big Loser of the Tech Downturn. Again.

CEO Masayoshi Son pledged to curb his aggressive investment bets yet plunged into startups last year at the market top. He will have to engineer his next comeback without key lieutenants. 


 
Wells Fargo Reinstates Diverse-Hiring Program

The company said it will revive its policy of requiring managers to consider a diverse slate of candidates for higher-level positions.


(END) Dow Jones Newswires

08-03-22 0015ET