Walmart Lays Off Hundreds of Corporate Workers

Walmart is cutting hundreds of corporate roles in a restructuring effort, according to people familiar with the matter, a week after the retail giant warned of falling profits. The retailer began notifying employees in its Bentonville, Ark., headquarters and other corporate offices of the restructuring, which affects various departments including merchandising, global technology and real-estate … Read more

Citigroup’s Profit Falls as It Preps for Potential Loan Losses

Preparations for potential bad loans in a recession pushed Citigroup second quarter profit down 27%, offsetting a boom in business from global companies trying to position themselves for rising interest rates. Results from the nation’s big banks are showing that consumers and businesses remained healthy in the second quarter. But the banks are also flashing … Read more

Renault Says Sales Fell 30% Following Withdrawal From Russia Market

PARIS — Sales at Renault SA fell sharply after the French auto maker withdrew from Russia, its second-largest market, in response to the country’s invasion of Ukraine and the wave of sanctions that followed. The car maker, which is considering a wide-ranging restructuring, saw its global sales fall by almost 30% over the first six … Read more

Mortgage Market Tumult Pushes Pimco-Backed Home Lender Into Chapter 11

Residential lender First Guaranty Mortgage Corp. filed for bankruptcy, citing worsening conditions in the mortgage market as home sales slow and fewer home borrowers refinance due to rising interest rates and tight housing supply. First Guaranty cut 471 jobs, nearly 80% of its workforce, and ceased loan originations ahead of Thursday’s chapter 11 filing. The … Read more

Emerging Fintech Market Leader Prime Trust Raises Over $ 100M in Series B Funding to Expand into New Offerings

FIS, Fin Capital, Mercato Partners and Kraken Ventures Among the Leading Investors to Accelerate Investment in Wealth and New Technologies LAS VEGAS, June 22, 2022 / PRNewswire / – Prime Trusta leading provider of financial infrastructure for fintech and digital asset innovators, today announced that it has raised over $ 100 million in its Series … Read more

Mallinckrodt Bondholders to Finance Bankruptcy Exit After Market Snub

Drugmaker Mallinckrodt PLC has obtained support among unsecured bondholders to fund its exit from chapter 11 after a chilly reception from the leveraged credit market. The Ireland-based company had been struggling to complete a financing deal needed to emerge from bankruptcy and has been working with Morgan Stanley to find investors. A $ 900 million … Read more

Pension Funds Chase Returns in Private-Market Debt

Retirement funds are clamoring to invest in private-market loans, hungry for an asset that can beat public markets while at the same time throwing off cash to help pay benefits. Two of the nation’s three largest pension funds — those serving public workers in New York and California — have added private-credit allocation targets in … Read more