News

The Cloud

Dropbox to Slash 11% of Workforce

The software company has been shifting to remote work, which "means we require fewer resources to support our in-office environment.”
IPOs

Affirm Shares Surge in Debut After $1.2B IPO

The flotation of the online lender extends "a frenzied run of tech IPOs dating back to the second half of last year."
People

Intel CEO Bob Swan to Depart

The former CFO will be replaced by Pat Gelsinger.
People

Biden to Name Gary Gensler as SEC Chairman

The appointment of the former CFTC chief "is expected to put an end to the four years of rule-easing" that Wall Street has enjoyed under Jay Clayton.
The Economy

U.S. Budget Deficit Climbs to $572B in Q1

The increase in the deficit reflected in part spending on coronavirus relief programs including enhanced unemployment benefits.
The Economy

Oil Prices Rise as Suppliers Hold Back

U.S. crude oil prices rose above $50 per barrel for the first time since February.
The Economy

CFOs of Middle Market Firms See Recovery in 2021

"For some companies, growth may mean a return to pre-pandemic financial performance, but most believe the deepest hardship is over."
Credit

PPP Reopens With $284B for Small Business Loans

The revamped COVID-19 relief program also allows some companies to apply for a second draw of up to $2 million.
M&A

Staples Offers to Buy Office Depot

Previous merger offers were blocked by regulators in 2016 and 1997.
Legal

Deutsche Bank Fined $132M Over Bribery Schemes

U.S. authorities say the scandal-plagued bank made improper payments to politically-connected intermediaries to secure business overseas.
The Economy

U.S. Loses 140,000 Jobs Amid New Lockdowns

The December jobs report shows "the economy’s not just tapping on the brakes, but actually has been thrown into reverse."
M&A

Acacia Breaks Merger With Cisco

Cisco was seeking a court order to close the deal following the announcement.
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