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Goldman Sachs CEO is summoning workers back to the office by June 14

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Goldman Sachs CEO is summoning workers back to the office by June 14


A trader works at the Goldman Sachs stall on the floor of the New York Stock Exchange.

Brendan McDermid | Reuters

Goldman Sachs told workers in the U.S. and the United Kingdom on Tuesday that the bank wants them ready to return to the office by mid-June as Covid-19 cases in those nations decline.

Goldman CEO David Solomon wrote in a message viewed by CNBC that, “in the US, we ask those who have not yet done so to make plans to be in a position to return to the office by Monday, June 14,” a move that makes the New York firm one of Wall Street’s first major banks to recall wide swaths of employees.

The bank wants its British employees to be prepared to return to physical locations by June 21. News of Goldman’s plans to bring workers back was reported earlier by Bloomberg News.

The message, which was co-signed by chief operating officer John Waldron and chief financial officer Stephen Scherr, noted that each of Goldman’s teams will have specific instructions to return to work as conditions and capacity shift.

“While each community is at a different stage of managing through the pandemic, we continue to be encouraged by the rollout of vaccines in a number of jurisdictions, as well as by the effectiveness of the health and safety protocols we have put in place across Goldman Sachs campuses to protect our people,” the executives wrote.

“We know from experience that our culture of collaboration, innovation and apprenticeship thrives when our people come together, and we look forward to having more of our colleagues back in the office so that they can experience that once again on a regular basis,” they added.

Goldman declined to comment on this story.

JPMorgan Chase, the nation’s biggest bank, has already told its U.S. workers that they should begin getting used to returning this month with the goal of having half of employees rotating through the office by July.

“We want people back to work and my view is that sometime in September, October it will look just like it did before,” JPMorgan CEO Jamie Dimon said Tuesday during The Wall Street Journal CEO Council. “And everyone is going to be happy with it, and yes, the commute, you know people don’t like commuting, but so what.”

“I’m about to cancel all my Zoom meetings,” he added. “I’m done with it.”

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Exclusive-ValueAct takes stake in 7-Eleven owner, says changes could boost share price By Reuters

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Exclusive-ValueAct takes stake in 7-Eleven owner, says changes could boost share price By Reuters



© Reuters. FILE PHOTO: A man uses a mobile phone outside a 7-Eleven convenience store in Tokyo, Japan December 6, 2017. REUTERS/Toru Hanai

By Svea Herbst-Bayliss

(Reuters) -Activist investor ValueAct Capital has amassed a $1.53 billion stake in Seven & i Holdings and would like the Japanese owner of the 7-Eleven convenience store chain to consider changes, including a potential break-up.

ValueAct told its investors on Wednesday in a letter seen by Reuters that it built a 4.4% stake in Seven & i and believes that the sum of its parts is worth much more than its current market value.

The hedge fund said the 7-Eleven business could be worth more than double what its parent is currently valued at if the company restructures itself to focus on the convenience stores or if 7-Eleven is spun out.

The new stake in Seven & i marks a return to Japan for ValueAct, where shareholder activism is gaining traction and the firm has considerable experience, having made an investment in Nintendo last year and having previously bet on Olympus Corp and JSR Corp.

Seven & i last year spent $21 billion to buy the Speedway convenience stores.

7-Eleven’s convenience stores are a consistent, high-return business, while Seven & i’s other retail and financial assets, such as real estate have not contributed to cash flow of late even though they are backed by valuable assets, the investment firm noted.

“We invested in Seven & i Holdings at an estimated P/E ratio of 11 times, while global peers trade at 15 times to 25 times,” ValueAct said in the letter.

The company’s shares that are traded in the United States climbed 4% on a day the broader market is down. Seven & i did not immediately respond to a request seeking comment.

ValueAct declined to comment. The investment firm, run by Mason Morfit, is up 18% since January after returning 12.5% last year, an investor in the firm said.

ValueAct underscored the role 7-Eleven could play for Japan in the letter, arguing it could become what McDonald’s Corp (NYSE:) and Starbucks Corp (NASDAQ:) are to the United States, what Inditex (MC:) is to Spain and Aldi is to Germany.

But work is necessary to achieve these goals, ValueAct said noting that 7-Eleven would need to speed up its global digitalization strategy. In the United States it could focus more on food, which can be quickly tailored to tastes, and cut corporate costs.

Over the last months, ValueAct has engaged with Seven & i’s board directors and management and is optimistic that it can continue to build trust and alignment with the company, it said in the letter.

The letter reflects ValueAct’s style of collaborating with management by making suggestions instead of dictating terms to management and the board.

Over decades ValueAct has distinguished itself from other activist investors. While rivals often publicly demand board seats and push management to accept their plans quickly, ValueAct prefers to work behind the scenes, making few public statements or releasing detailed plans for change.

In the letter ValueAct also said that this new investment echoes the firm’s previous investments in Japan.

“The challenges and opportunities facing Seven & i—strategy, organizational design, digitalization and ESG—are very familiar to us,” the letter said. ValueAct has helped facilitate sales of businesses at Olympus and JSR.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Volvo Cars looking to list on Nasdaq Stockholm this year By Reuters

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Volvo Cars looking to list on Nasdaq Stockholm this year By Reuters



© Reuters. FILE PHOTO: A long exposure picture shows cars of Swedish automobile manufacturer Volvo displayed in front of a showroom of Stierli Automobile AG company in St. Erhard, Switzerland April 11, 2019. REUTERS/Arnd Wiegmann

STOCKHOLM (Reuters) – Swedish automaker Volvo Cars said on Wednesday it is considering listing on the Nasdaq Stockholm stock exchange this year.

The company, which is owned by China’s Geely Holding Group, also said it extended Chief Executive Hakan Samuelsson’s contract to the end of 2022.

Geely’s Hong Kong-listed unit Geely Automobile and Volvo Cars scrapped a merger plan in February.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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BP climate resolution supported by a fifth of shareholder votes By Reuters

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BP climate resolution supported by a fifth of shareholder votes By Reuters



© Reuters. FILE PHOTO: The logo of BP is seen at a petrol station in Kloten, Switzerland October 3, 2017. REUTERS/Arnd Wiegmann/File Photo

LONDON (Reuters) – A resolution from a climate activist group asking BP (NYSE:) to set tougher climate targets was rejected at the company’s annual general meeting on Wednesday but gained support from more than a fifth of shareholders voting at the meeting, a filing showed.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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