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CEOs Predict Growth In Deal Making, Revenue And Profits In 2024, Study Finds
CEOs are optimistic about their ability to drive revenue growth and profitability in 2024, with the deployment of artificial intelligence, laser focus on cost efficiencies and pragmatism about the unpredictable nature of the global economy, geopolitical risks and potential problems, according to Big Four management consulting, accounting and auditing firm EY’s recent CEO Outlook Pulse survey.
The report offers visibility into what may happen in 2024 relative to mergers and acquisitions, deal making, revenue and profits. The management consulting giant surveyed 1,200 global CEOs across 21 countries with additional insights from 300 investment executives from the private equity sector. These finance professionals possess a unique perspective on what may happen with respect to acquiring, restructuring and revitalizing businesses.
One of the biggest takeaways is the bullishness with regard to 2024 M&A activities. The chief executives anticipate a resurgence of “megadeals.” The study reveals that CEOs are accelerating business transformation within the context of a relatively low-growth environment.
In a wide-ranging interview with Andrea Guerzoni, EY global vice chair of strategy and transactions, the executive said, “There is a sea change in mood among CEOs.” He continued, “Even though they expect continued stagnation of the global economy, this hasn’t dampened their drive for profitability. CEOs are choosing to respond proactively to the headwinds of today’s uncertain world and are on the hunt for opportunities to drive efficiencies and transform their business for growth.”
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Citi To Monitor How Often Private Bankers Make Client Calls
Citi is starting to require its private bankers to document client calls to boost its underperforming wealth management division, people familiar with the matter told the Financial Times.
Private bankers must connect at least once every 90 days and submit call reports detailing every conversation with clients, the sources said.
The new performance metrics come from a bank that adopted a more flexible approach to remote work than many of its peers. But it also, at times, has enforced its share of hard stops — especially as it is trimming its headcount.
Some Citi employees have expressed their disappointment with the latest requirement, saying it was not a productive use of their time, sources familiar with the matter told the outlet.
Nike To Cut More Than 1,500 Jobs
Nike is cutting 2% of its current workforce, or more than 1,500 jobs, as part of a broader restructuring, the company said late Thursday.
The Beaverton, Oregon-based sneaker giant said it wants to better use its capital to invest in its growth areas, such as running, women’s and the Jordan brand.
“This is how we will reignite our growth,” CEO John Donahoe said in a memo obtained by CNBC.
“This is a painful reality and not one that I take lightly,” he added. “We are not currently performing at our best, and I ultimately hold myself and my leadership team accountable.”
Nike said the layoffs will take place in two phases. The company will start the first round this week, and finish the second by the end of its fiscal fourth quarter, which typically concludes at the end of May.
Mark Zuckerberg Explains Why Tech Companies Are Conducting Layoffs Right Now
Mark Zuckerberg has a theory for why tech layoffs aren't slowing down: Companies are realizing that, while painful, there are benefits to being "leaner."
Zuckerberg said that companies are no longer shrinking their employee size simply because of overhiring — they're now realizing there can be benefits to being leaner.
While a lot of tech companies were reluctant to make cuts at first, they realized it didn't spell the end, Zuckerberg said.
"It was obviously really tough, we parted with a lot of talented people we cared about," Zuckerberg said in the interview, speaking specifically about Meta's past layoffs. "But in some ways actually becoming leaner kind of makes the company more effective."
Deutsche Bank Bans Staff from Working Mondays And Fridays At Home
Deutsche Bank AG’s decision to ban staff from working at home Friday and the following Monday—a common practice at firms that come to the office three days a week—has drawn a new line in the sand in the ongoing tussle between bosses and workers.
The German banking giant said the move was designed to “spread our presence more evenly across the week,” Deutsche Bank Chief Executive Officer Christian Sewing and Chief Operating Officer Rebecca Short said in a memo. The company will also require its managing directors to come in at least four days a week as of June, while all other staff need to be in three days. The mandate “will ensure consistency across the bank,” a spokesman for the bank said.
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