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European Edition
14th February 2025
 
THE HOT STORY
JP Morgan struggles to house its 14,000 London staff
The Daily Telegraph reports that JP Morgan is running out of desk space at its Canary Wharf headquarters in East London as the investment bank pushes its 22,000 UK employees to return to the office five days a week. The lender currently lacks the space there to accommodate all staff, despite a company-wide order to end home working, the Telegraph understands. London staff have been advised that they do not have to return to the office until additional desk space is ready. Meanwhile, in the US, JPMorgan CEO Jamie Dimon has this week rejected employee calls to soften the bank's five-day return-to-office policy. Some workers have voiced their concerns on internal platforms, and around 950 have signed a petition against the policy. In a town hall meeting on Wednesday, Dimon said: "Don't waste time on it. I don't care how many people sign that . . . petition," as he underscored his commitment to in-person work despite employee dissatisfaction. In-office mandates will not be left up to managers, Dimon said. "There is no chance that I will leave it up to managers . . . Zero chance. The abuse that took place is extraordinary." He emphasised the need for increased efficiency, demanding a 10% improvement across departments, and criticised the excessive bureaucracy within the bank. Dimon said some employees did not pay attention during Zoom meetings, which reduced their efficiency and creativity.
STRATEGY
Porsche to cut 1,900 jobs
Porsche plans to reduce its workforce by 1,900 jobs by 2029 due to stagnant demand for its EVs. The cuts will primarily affect the Zuffenhausen factory and a research centre in Stuttgart. The company has reported profit margins expected to be between 10% and 12% this year, significantly lower than the long-term target of 20%. Porsche attributed the job cuts to "the delayed ramp-up of electromobility [and] the challenging geopolitical and economic conditions." As part of an agreement with union IG Metall, layoffs are not permitted until 2030, leading Porsche to offer voluntary redundancy packages instead.
WORKFORCE
Retail strike in Finland looms
Finland's Service Union United PAM has announced a potential strike, set to commence next week if mediation fails. The logistics strike in the retail sector is scheduled to begin next Monday, with a store strike starting on Wednesday. Risto Kalliorinne, PAM's organisational director, advised that "it's probably not a good idea to leave shopping until the last minute," because shortages and store closures may occur. Approximately 70,000 employees across 3,000 sites, including major retailers like S-Group and Lidl, are expected to participate. PAM is also engaged in a labour dispute in the ski resort sector. It has imposed a ban on overtime and shift changes for ski resort workers since early February.
French game developers call first industry-wide strike
French video game workers have initiated a historic sector-wide strike, the first of its kind, in response to poor working conditions and impending job cuts. The unprecedented action reflects growing discontent among game developers, who are demanding better treatment and job security.
CORPORATE
Unilever chooses Amsterdam as primary listing for its ice cream business
Unilever, the maker of Ben & Jerry's, has chosen Amsterdam as the primary listing for its ice cream business, following a disappointing full-year earnings report. The company also warned of a slower start to 2025 due to subdued market growth. Unilever reported fourth-quarter underlying sales growth of 4%, compared with a 4.1% forecast by analysts in a company-compiled poll. The ice cream business, which includes five of the world's top 10 brands, will have secondary listings in London and New York. The decision to list in Amsterdam is a blow to British finance minister Rachel Reeves, who met executives from Unilever last September.
TECHNOLOGY
Machine learning is 'biggest shift of our lifetimes, Google boss says
At the AI Action Summit in Paris, Google CEO Sundar Pichai told attendees that although the shift towards machine learning was still in its early days, "it will be the biggest of our lifetimes - a fundamental rewiring of technology and an accelerant of human ingenuity." He cited the recent development of DeepSeek, a Chinese AI start-up, as a catalyst for the shift towards machine learning. Pichai also said that Google plans to spend $75bn on capital projects this year, primarily on AI.
Europe's AI investment skyrockets
European Commission President Ursula von der Leyen announced a significant investment of an additional €50bn to enhance the continent's artificial intelligence (AI) ambitions during the AI Action Summit in Paris. This funding is part of the European AI Champions Initiative, which has already committed €150bn from various stakeholders. Companies involved in the initiative include Airbus, ASML, Siemens, Infineon, Philips, Mistral, and Volkswagen.
REGULATION
UK regulator to delete year-old emails
The Financial Conduct Authority (FCA), the UK's financial services regulator, is to automatically delete emails that remain in staff inboxes for more than 12 months unless they are deemed important and saved in its data repositories. The new policy, the City watchdog says, “reduces the legal and reputational risk we face.” Law firms have questioned the policy, with Charlotte Hill, a partner at Charles Russell Speechlys, saying the FCA’s plan “is very much at odds with what it expects the industry to do.” She notes that the regulator has strict rules on record keeping requirements for the firms it regulates, “with at least five years for investment companies, three years for others and indefinitely for pension transfer firms.” Harvey Knight, a partner at Withers, said: “It appears to be one rule for the regulator and another for the regulated.”
INTERNATIONAL
Latino workers risk being left behind due to a lack of digital skills
A study from the UCLA Latino Policy Institute indicates that Latinos in the US are overrepresented in fields at risk of automation such as agriculture, construction, retail and food services. “This report sheds light on a critical but often overlooked reality: Automation is not just a technological issue but an equity issue,” observed Misael Galdámez, co-author of the report, “On the Frontlines: Automation Risks for Latino Workers in California.” Galdámez added: “Latino workers are on the frontline of automation risk, facing barriers like limited English proficiency, low digital access and educational gaps.”
AI anxiety grips Australian finance workers
Many workers in Australia's finance sector have expressed their concerns over the unregulated use of artificial intelligence in their workplaces. A survey by the Finance Sector Union revealed that over two-thirds of finance workers are worried about job security due to AI's increasing role in monitoring performance. Nicole McPherson, the union's national assistant secretary, said: "Finance workers understand that technological change from AI is inevitable and they want to be part of the future of finance." However, she said the lack of consultation and training regarding AI has left many feeling excluded and anxious. The survey found that three in four workers had not discussed AI with their employers, and nearly two-thirds had received no training.
 


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