The business of remaking Abercrombie & Fitch Co. is costly. The company’s first-quarter loss was dragged down by a series of charges aimed at revitalizing the company by dialing back its sex-infused image, creating a friendlier shopping experience and offering clothes that are more in sync with today’s trends.
J.P. Morgan has begun layoffs that are expected to total more than 5,000 by next year, people familiar with the matter said. This latest phase of cuts started earlier this year and would eliminate at least 2% of the bank’s workforce.
Tom Hayes, the former UBS trader accused of being the ringleader of a global interest-rate-rigging conspiracy, received a helping hand from his boss, according to evidence presented at his London trial on Thursday.