Author: Manya Saini
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SoftBank-owned Arm reveals revenue fall ahead of blockbuster US IPO
By Manya Saini and Jaiveer Shekhawat (Reuters) -SoftBank-owned chip designer Arm on Monday disclosed a modest 1% fall in annual revenue as it made public the paperwork for a U.S. listing that is expected to be the year’s biggest initial public offering. Arm’s sales declined to $2.68 billion in the year ended March 31, hurt…
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Robinhood to pay $10mln to settle operational deficiency charges
By Hannah Lang and Manya Saini (Reuters) -Robinhood Financial LLC will pay up to $10.2 million in penalties to several states related to platform outages the company experienced in March 2020 and deficiencies in the brokerage’s review and approval process prior to 2021. The settlement comes after an investigation by state securities regulators in Alabama,…
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FDIC to break up SVB, seeks separate sale of private unit
By Manya Saini (Reuters) -The Federal Deposit Insurance Corporation on Monday decided to break up Silicon Valley Bank (SVB) and hold two separate auctions for its traditional deposits unit and its private bank after failing to find a buyer for the failed lender last week. It will seek bids for Silicon Valley Private Bank until…
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Payments firm PayPal to lay off 7% of its workforce to cut costs
By Manya Saini (Reuters) – PayPal Holdings Inc said on Tuesday it is planning to cut 7% of its workforce, or about 2,000 employees, the latest in a list of fintech firms to be hit by the economic slowdown. The payments firm also joins Big Tech firms and Wall Street titans, which are executing layoffs…
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Silvergate Capital shares sink as crypto-related deposits plunge by $8 billion
By Manya Saini, Niket Nishant and Hannah Lang (Reuters) -Silvergate Capital Corp reported a sharp drop in fourth-quarter crypto-related deposits on Thursday as investors spooked by the collapse of FTX pulled out more than $8 billion in deposits, sending shares down more than 42%. The crypto-focused bank also said it would cut its workforce by…