Author: Stephen Nellis

Polygon Labs, a cryptocurrency firm specializing in enhancing accessibility to the digital coin Ethereum, recently announced its intention to reduce its global workforce by 19%, equating to approximately 60 positions. This decision marks the company’s second round of layoffs as it navigates the ever-volatile landscape of digital assets, despite the nascent signs of recovery in the industry. The cryptocurrency market had been subjected to severe turbulence, which culminated in a massive industry-wide downturn, erasing trillions of dollars from its valuation. In response to these challenges, Polygon Labs had previously laid off 100 employees in February of the preceding year. As…

Swiss banking powerhouse UBS has unveiled plans to kickstart a share buyback program worth up to $1 billion in the latter half of 2024, London Insider reported. This announcement follows the bank’s surprising performance in the fourth quarter of the fiscal year 2023, where it posted a net loss of $279 million. Remarkably, this figure outperformed the market’s expectations of a $372 million loss. This marks the second consecutive quarter of losses for UBS, primarily attributed to the significant costs associated with integrating its domestic rival, Credit Suisse. UBS’s acquisition of Credit Suisse was finalized in the previous year, a…