Most Asian stocks slid on Thursday as investors weighed the economic impact of Trump’s second presidency , particularly his promise of increased tariffs . In response, the dollar climbed , adding over 1% on Wednesday. Major indices fell in China, Australia, and South Korea , while Japan showed mixed results. This followed a record surge in the S&P 500, which climbed 2.5% on Wednesday, marking its best post-election day ever, with the Nasdaq 100 up by 2.7% . Many expect the Federal Reserve (Fed) to cut interest rates today, a move closely watched by global markets. US stock gains largely reflect expectations of Trump’s pro-business agenda , centered on tax cuts and lighter regulations , which could potentially bolster corporate profits. However, Treasury yields jumped 16 basis points as Trump’s fiscal and tariff plans are predicted to fuel inflation, complicating the Fed’s efforts to reduce borrowing costs. In China, the CSI 300 Index fell by 1% , marking its second consecutive d
Intesa Sanpaolo SpA, Italy’s largest bank, announced plans to cut 9,000 jobs by 2027 as part of a broader artificial intelligence (AI) and digitalization strategy, which will also see the hiring of 3,500 younger employees. The move highlights how AI is reshaping the workforce in the financial industry.
The bank expects to save €500 million (US$539 million or RM2.35 billion) annually through this restructuring. The changes are aimed at accelerating a "generational shift" to create a more resilient business model in the face of digital and AI advancements.
Of the planned job cuts, 7,000 will come from Italy and 2,000 from international divisions. 4,000 departures will be through retirements or access to the Solidarity Fund, with charges of €350 million net of tax expected in Q4.
Intesa's CEO Carlo Messina has committed to boosting profitability through cost reductions, counting on insurance, asset, and wealth management to help offset declining interest rates. 1,500 of the new hires will focus on customer advisory roles, especially in wealth management.
The bank also struck an agreement with unions to support professional upskilling and reskilling through a major digital skills training program, preparing workers for the evolving demands of the financial sector. This announcement follows a similar move by BPER Banca SpA, signaling a trend among banks using AI to improve efficiency and reduce costs.
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