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The new CEO of Silicon Valley Bank held an all-hands meeting on Wednesday and sought to reassure employees that the bank was not planning on closing its doors, according to two people who listened in on the call. Tim Mayopoulous, who the Federal Deposit Insurance Corporation appointed as chief executive after it took control of the bank on Friday, told employees that the bank had resumed many of its usual business activities. “We are open for business , making new loans, processing payments and offering all the solutions we’ve been known for,” Mayopoulus said, according to one person who was on the call. The people who spoke with NBC News requested anonymity, citing a lack of clearance to speak publicly and concerns about professional repercussions. The future of Silicon Valley Bank has remained in doubt since the FDIC shut it down on Friday. The bank reopened Monday, though it could still be acquired. Federal regulators said Sunday that it would guarantee all deposits at the bank, ...

New legislation working its way through Congress could improve retirement security for U.S. workers. The plan is part of a government spending bill, and it includes a provision that would automatic ally enroll eligible employees into their company's retirement plan. The hallmark of the legislation, called the Secure Act 2.0, would see companies enrolling workers in a 401(k) retirement plan, deducting at least 3% — but no more than 10% — of an employee's pretax earnings, which would be deposited into the 401(k) account. Employees could always opt out of the program. The legislation would also allow employers to factor in employees who make student loan payments when considering 401(k) contributions. And it would provide tax incentives for small businesses — the vast majority of firms in the U.S. — to begin offering 401(k) plans by increasing the tax write-offs available to those businesses for offering access to a retirement plan. "It will deliver billions in additional...

In this article GS Follow your favorite stocks CREATE FREE ACCOUNT David Solomon, chief executive officer of Goldman Sachs Group Inc., during a Bloomberg Television at the Goldman Sachs Financial Services Conference in New York, US, on Tuesday, Dec. 6, 2022.  Michael Nagle | Bloomberg | Getty Images Goldman Sachs , the storied investment bank, plans on cutting up to 8% of its employees as it girds for a tougher environment next year, according to a person with knowledge of the situation. The layoffs will impact every division of the New York-based bank and will likely happen in January, according to the person, who declined to be identified speaking about personnel decisions. That's ahead of an upcoming conference for Goldman shareholders in which management is expected to present performance targets. The bank's planning is ongoing, and the round could be smaller than that, the person added. Goldman Sachs CEO David Solomon indicated that he was looking to rein in expenses at...

Hundreds of journalists and other employees at The New York Times began a 24-hour walkout Thursday in what would be the first strike of its kind at the news paper in more than 40 years . Newsroom employees and other members of The NewsGuild of New York say they are fed up with bargaining that has dragged on since their last contract expired in March 2021. The union announced last week that more than 1,100 employees would stage a 24-hour work stoppage starting at 12:01 a.m. Thursday unless the two sides reach a contract deal. The NewsGuild tweeted Thursday morning that workers, “are now officially on work stoppage, the first of this scale at the company in 4 decades. It’s never an easy decision to refuse to do work you love, but our members are willing to do what it takes to win a better newsroom for all.” Negotiations took place Tuesday and some of Wednesday, but the sides remained far apart on issues including wage increases and remote-work policies. On Wednesday evening the u...

SAN FRANCISCO — On Wednesday, Facebook parent company Meta laid off 11,000 people. It didn't take long for many of them to discuss the cuts and their plans going forward on social media. NBC News reviewed 28 posts about the layoffs that appeared to be from former employees of Meta. Some said they were immediately looking for new jobs in the battered tech industry, while others said they would take time first to travel or write. The outgoing employees announced some of their plans within hours of the job cuts at Facebook, Instagram, WhatsApp and other divisions of Meta. NBC News has not confirmed if the end of their employment is related to these layoffs . Alex Leavitt, a senior researcher at Meta who uses plural pronouns, said they might write a book after a trip overseas. Their profiles on LinkedIn and Twitter said they assisted in leading research on hate speech, misinformation and trust, in addition to other issues like the impact of Covid-19. They did not respond to a reque...