22nd March 2021

Goldman Sachs Analysts Petition For Fewer Hours Without A Pay Cut

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Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.

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[Energy] Oil giant Saudi Aramco reported a 44% slump in full-year 2020 results but maintained its $75 billion dividend payout, with CEO Amin Nasser describing the last 12 months as one of the most “challenging years” in recent history. The company reported a net income of $49 billion in 2020, down from $88.19 billion in 2019.

Over60: CNBC

[Logistics] Canadian Pacific Railway Ltd. agreed to acquire Kansas City Southern in a transaction valued at about $25 billion to create the first freight-rail network linking Mexico, the U.S. and Canada.

Over60: WSJ

[Economy] Turkey’s currency tumbled almost 9% on Monday, putting it on course for its biggest single-day selloff since 2018, following the abrupt ouster of the central bank governor last week. The central bank governor had repeatedly raised interest rates to tame inflation since his appointment in November.

Over60: WSJ, CNBC

[Business] Leon Black, the billionaire co-founder of Apollo Global Management Inc., is stepping down as chairman of the investment giant in an unexpected move that is the latest in a governance overhaul kicked off by revelations of his ties to disgraced financier Jeffrey Epstein.

Over60: WSJ, MarketWatch

[Labor] Junior lawyers and consultants are warning they are suffering burnout after working longer hours in isolation during the pandemic, sparking fears of an exodus from the biggest global law and advisory firms. Similar pressures are being felt across financial services companies. Last week, a group of first-year investment banking analysts at Goldman Sachs told management they worked an average of 95 hours per week and suffered from insomnia and anxiety.

Over60: F.T. (Law & Advisory), F.T. (Goldman Sachs), N.Y. Times

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