Business

Netflix said on Wednesday it will lay off roughly 6% of its employees, or roughly 1,000 workers, according to a memo obtained by CNBC. The job cuts will largely impact the product, tech, legal and HR teams. “Our mission – to entertain the world – is ambitious, and delivering on it requires us to be

Jamie Dimon, CEO of JP Morgan, and Mark Zuckerberg, CEO of Meta. Getty Images JPMorgan Chase won’t allow outside artificial intelligence agents to access customer accounts and operate on their behalf, CEO Jamie Dimon said Tuesday, citing risks to the company and its customers as tech firms including Meta release autonomous assistants. “We’re not going

Automakers could see a financial tail wind that runs in the billions of dollars after the U.S. lowered fuel economy standards and stopped issuing fines for violations of those rules, according to an auto analyst. The National Highway Traffic Safety Administration in late September sharply reduced fuel economy targets for light-duty vehicles to an average

BEIJING — Equity investors are skeptical of Chinese companies’ rapid expansion overseas, according to Goldman Sachs. The “market wants to look for profitable expansions,” Trina Chen, co-head of Greater China equity research at Goldman Sachs Research, said on a podcast that the investment bank published Tuesday. Sluggish consumer demand in China has pushed many companies,

A Southwest Airlines Boeing 737 airplane departs from San Diego International Airport on May 27, 2026. Kevin Carter | Getty Images News | Getty Images Goodbye, A-List and A-List Preferred. Southwest Airlines is scrapping its two-tier loyalty program starting next year and instead rolling out silver, gold and platinum levels that are similar to what

Investors may want to rethink their bond allocation and opt for managed futures exposure. DBi’s Andrew Beer suggests the popular hedge fund strategy could deliver a modern twist to traditional 60/40 portfolios.  “[Bonds have] been dead money for the entire decade,” the firm’s co-founder and managing member told CNBC’s “ETF Edge” this week. “I fell

The Porsche Mission S concept car. Courtesy Porsche Porsche on Thursday revealed a concept car called Mission S that signals a new design direction and flagship model for the famed German sports carmaker. The debut of the sleek midengine vehicle is part of a turnaround plan revealed last week by the Volkswagen-controlled brand that includes

Guests during the Bending Spoons initial public offering (IPO) at the Nasdaq MarketSite in New York, US, on Wednesday, July 1, 2026. Michael Nagle | Bloomberg | Getty Images At the time of its Nasdaq debut in July, Bending Spoons was a little-known holding company out of Italy that owned older internet names like AOL,

A shopper carries a Nike bag in San Francisco, Dec. 17, 2025. David Paul Morris | Bloomberg | Getty Images Nike is making a big bet on India. The retailer, which has been struggling to revive its business and regain momentum under CEO Elliott Hill, is hoping the world’s most populous country can help it

Harvard University’s endowment grew 27.1% in fiscal year 2026, its strongest return in five years, the school said in its annual financial report released on Thursday.  The endowment, which beat the S&P 500’s 22.3% total return in the same period by 4.8 percentage points, now totals nearly $68 billion. The outperformance came amid actions by

Peter Rice, seen here on May 3, 2017, was head of Disney’s TV entertainment business in 2020. He was one of several executives passed over for the CEO job in favor of Chapek. David Paul Morris | Bloomberg | Getty Images Netflix is shaking up its C-suite in an effort to fix its engagement woes.

BANGKOK – U.S. officials pressed Beijing on market access issues for Mastercard Inc and Citigroup Inc during at least two bilateral meetings with Chinese counterparts in Bangkok this week, according to a U.S. Treasury official.  The Treasury delegation, led by Deputy Secretary Francis Brooke, held bilateral meetings with officials from the People’s Bank of China

A view of a KFC restaurant in Vallejo, California. Justin Sullivan | Getty Images KFC’s U.S. restaurants will ditch PepsiCo and switch to Coca-Cola beverages next year, marking the first time in decades that the Yum Brands chain has changed its drink supplier, the restaurant company said Thursday. Some of KFC’s international markets serve Coke

Children and adults receive vaccinations at the Jiangbei Community Health Service Center on September 15, 2026 in Huizhou, Guangdong province of China. Vcg | Visual China Group | Getty Images BEIJING — High healthcare costs are a big factor driving people in China to save, rather than spend, their money, the International Monetary Fund pointed

A JetBlue Airbus A321 lands at Los Angeles International Airport on March 7, 2026 in Los Angeles, California. Kevin Carter | Getty Images JetBlue‘s new domestic first class, BlueFirst, is now available for booking on flights across more than 30 routes, the airline said Thursday. This option will be available on domestic flights that are

European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, on Feb. 1, 2023 Yves Herman | Reuters BEIJING — China intends to keep exporting rare earths to Europe regardless of whether a U.S. trade deal with Beijing gets extended past January. The world’s second-largest economy is willing to continue approving rare earth

Bank of America has hired an army of external contractors to help it patch software vulnerabilities exposed by advanced artificial intelligence models including Anthropic’s Mythos, the bank’s CEO, Brian Moynihan, told CNBC on Wednesday. In an interview after the bank’s third-quarter earnings release, Moynihan said that earlier this year the company rushed to bolster a

Bank of America on Wednesday posted a sharp profit decline after being hit with a $1.2 billion penalty by U.S. regulators, while revenue also disappointed after trading operations generated about $750 million less than expected. Shares of the bank fell almost 5% on Wednesday. Here’s what the company reported: Earnings per share: 91 cents, may

Merck CEO Rob Davis told CNBC on Wednesday that he expects the company’s breakthrough cancer vaccine with Moderna to get faster to manufacture over time. Shortening the current six-week timeline could potentially help the companies reach more patients. “We are going to drive for improvement, but right now the focus really is, let’s make sure we

Morgan Stanley posted third-quarter results that beat expectations on blockbuster results in its equities trading franchise. Here’s what the company reported: Earnings per share: $3.03 vs. $2.91 LSEG estimate Revenue: $20.34 billion vs. $19.95 billion LSEG estimate The company said profit climbed 6.5% to $4.91 billion, or $3.03 a share. Revenue rose 12% to $20.34