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View all search resultsWhile most US companies are scaling back payouts after a decade in which the amount of money paid to investors through buybacks and dividends more than tripled, some are maintaining their policies despite the economic pain.
Some of the key highlights of the bill, a draft of which has been obtained by The Jakarta Post, cover issues related to foreign workers, wages, work hours, redundancy and social security. A one-off extra payment as a “token of appreciation” for workers, which the government calls a “sweetener”, is also introduced in the bill.
The latest cuts mostly in high-paid roles are part of a fresh cost-cutting drive by new boss Noel Quinn as the banking titan struggles to adjust to falling interest rates, Brexit and the long-running trade war, the Financial Times reported.
The lender announced the job losses on Sunday as part of a restructuring plan that will ultimately cost 7.4 billion euros ($8.31 billion) and see it undo years of work aimed at making its investment bank a major force on Wall Street.
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