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Twitter lays off at least 50 in cost cuts: The Information – Al Jazeera English

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Latest round of layoffs affects multiple engineering teams, report says.

Elon Musk’s Twitter has laid off dozens of employees in what is at least the eighth round of job cuts since Musk took over the social network in late October, the Information reported.

The job cuts on Saturday affected multiple engineering teams, including those supporting advertising technology, the main Twitter app, as well as technical infrastructure to keep Twitter’s systems up and running, the report in the US technology-focused publication said early on Sunday, citing people with direct knowledge of the matter.

Twitter did not immediately respond to a request for comment.

In early November, Twitter laid off about 3,700 employees in a cost-cutting measure by Musk, who acquired the company for $44bn.

The Information reported that the latest job cuts aim to offset a plunge in revenue following Musk’s takeover and further whittle down a staff that had shrunk by at least 70 percent to roughly 2,000.

Musk in November said that the service was experiencing a “massive drop in revenue” as advertisers pulled spending amid concerns about content moderation.

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TD Bank announces new co-heads of U.S. commercial banking business

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Toronto-Dominion Bank has named new co-heads of its U.S. commercial banking business.

TD says Andy Bregenzer and Jill Gateman will jointly lead the operations.

The bank says the appointments follow the announcement earlier this year of Chris Giamo’s retirement.

Bregenzer will focus on leading all aspects of the regional commercial bank, including small business.

Gateman will lead TD’s national commercial banking effort in the U.S., including middle market, sponsor-backed finance and TD’s other specialty lending lines of business.

TD, which is working to resolve investigations into failures in its anti-money laundering program in the U.S., announced last week that chief executive Bharat Masrani would retire next year and be replaced by Raymond Chun.

This report by The Canadian Press was first published Sept. 26, 2024.

Companies in this story: (TSX:TD)

The Canadian Press. All rights reserved.

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Payments tech company Lightspeed Commerce conducting strategic review of business

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MONTREAL – Lightspeed Commerce Inc. says it is conducting a review of its business and operations including talks relating to a range of potential strategic alternatives.

The Montreal-based payments technology company made the comments after reports concerning a potential transaction involving the company.

Lightspeed says it periodically undertakes a review of its business and operations with a view of realizing its full potential.

A strategic review is often seen by investors as a prelude to a sale by a company.

Lightspeed says its board of directors is committed to acting in the best interests of the company and its stakeholders.

Company founder Dax Dasilva returned to the role of chief executive officer earlier this year and has been working to return the company to profitability.

This report by The Canadian Press was first published Sept. 26, 2024.

Companies in this story: (TSX:LSPD)

The Canadian Press. All rights reserved.

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National Bank receives Competition Bureau clearance for deal to buy CWB

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MONTREAL – National Bank of Canada says it has cleared a key regulatory hurdle in its proposed acquisition of Canadian Western Bank.

The Montreal-based bank says it has received the Competition Bureau’s clearance for the deal.

The transaction still requires approval by the Office of the Superintendent of Financial Institutions and the minister of finance.

Canadian Western shareholders voted to approve the deal earlier this month.

National Bank announced an all-stock deal to buy Canadian Western earlier this year in a proposal that valued the Edmonton-based bank at about $5 billion.

It has said its acquisition of Canadian Western will significantly expand its western footprint and create a stronger national competitor.

This report by The Canadian Press was first published Sept. 26, 2024.

Companies in this story: (TSX:NA, TSX:CWB)

The Canadian Press. All rights reserved.

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