3rd February 2021

Jeff Bezos to step down as Amazon CEO. Vows to spend new free time defeating Superman.

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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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[Banking] Spanish bank Santander (Europe’s largest retail bank) disclosed its first-ever annual loss. A further driver of the loss was the €1.1 billion restructuring fees related to its British and Eurozone operations. 

Over60: Yahoo! Finance

[Economy] With Italy facing severe economic consequences due to the pandemic, the President plans to approach ex-ECB President Mario Draghi to form a new government. If “Super Mario” were to accept the Prime Minister position, his first task would be to spend the €200 billion fund provided to Italy by the EU. Mario Draghi was credited with saving the Euro from collapsing during the EU Debt Crisis. 

Over60: The New York Times, More on the EU Debt Crisis

[C-Suite] Jeff Bezos will step aside as CEO of Amazon in the third quarter of 2021. Bezos will become an executive chairman, while Andy Jassy, the current head of Amazon Web Services, will take over as CEO. Bezos plans on stepping up his focus on his other ventures, notably Blue Origin and The Washington Post. 

Over60: CNBC

[Earnings] Google parent Alphabet Inc. posted a record $56.9 billion revenue, up from $43.2 billion (or 22%) a year ago. The increase reflects the continued recovery of global ad spending, which dropped at the beginning of the pandemic.

Over60: WSJ, CNBC

[Markets] Wall Street recorded a strong rally for the second consecutive day, as the focus shifted towards Joe Biden’s negotiations with Republicans over his $1.9 trillion fiscal stimulus. Simultaneously, GameStop’s share price collapsed by 60% in a day as the Reddit fuelled rally started losing its steam.

Over60: FT

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