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European Edition
6th June 2025
 
THE HOT STORY
Dutch banks push for office return
Big Dutch banks are implementing new guidelines to increase office attendance after years of promoting remote work. ING has proposed that staff work in the office at least two days a week, with one of those days on Monday, Wednesday, or Friday. ABN Amro has also mandated a similar requirement. Employees are concerned about overcrowding and potential violations of collective labour agreements. A spokesman for ING said: “The physical presence of staff improves collaboration, strengthens connection with the company, stimulates creativity and helps new employees to settle in.” Meanwhile, Rabobank is experimenting with incentives to encourage more balanced attendance without enforcing strict mandates.
CYBERSECURITY
Google warns that cyber thieves are targeting companies' Salesforce data
Google's Threat Intelligence Group has warned that a hacking group has been impersonating IT personnel to break into companies’ Salesforce tools, using the access for data theft and extortion. The hackers use voice calls to trick employees into visiting a purported Salesforce connected app setup page and unwittingly install a modified version of Salesforce's Data Loader tool. Technical infrastructure linked to the campaign shares characteristics with suspected ties to the loosely organised ecosystem known as “The Com,” known for small, disparate groups engaging in cybercriminal and sometimes violent activity. A Salesforce spokesperson said “there’s no indication the issue described stems from any vulnerability inherent in our platform.” The spokesperson said the voice calls used to trick employees “are targeted social engineering scams designed to exploit gaps in individual users’ cybersecurity awareness and best practices.”
Microsoft offers European governments a free cybersecurity programme
Microsoft is offering to boost European governments' cybersecurity for free. The tech giant said its cybersecurity programme, launched on Wednesday, will bolster governments' defences against cyber threats, including those enhanced by artificial intelligence. "If we can bring more to Europe of what we have developed in the United States, that will strengthen cybersecurity protection for more European institutions," Microsoft President Brad Smith told Reuters, adding "Our goal needs to be to keep AI advancing as a defensive tool faster than it advances as an offensive weapon." 
STRATEGY
Procter & Gamble to slash 7,000 jobs
Procter and Gamble is set to reduce its workforce by 7,000 jobs over the next two years, representing 6% of the company's total staff, in response to declining consumer sentiment and tariff uncertainties. The cuts will predominantly affect non-manufacturing roles. The Ohio-based company, which employs 108,000 people globally, is also considering selling off certain brands and exiting specific markets. P&G's chief executive, Jon Moeller, highlighting the potential for price increases due to tariffs, said: "This is not a new approach, rather an intentional acceleration of the current strategy . . . to win in the increasingly challenging environment in which we compete."
Brookfield commits $9.9bn to Swedish AI hub
Brookfield Asset Management (BAM) will invest up to 95bn Swedish crowns ($9.9bn) in a new AI-focused data centre in Strangnas, Sweden. The investment underscores a broader European trend driven by increased AI demand and data localisation requirements. Sweden’s reliable energy supply, connectivity, and infrastructure have attracted major tech players, including Microsoft and Alphabet. BAM’s Swedish project will span 10–15 years and is expected to create over 1,000 permanent jobs and 2,000 construction-related roles. This follows BAM’s earlier €20bn commitment to AI projects in France. Should conditions be met, BAM will purchase the land for 525m crowns. The site’s proximity to Stockholm and key university towns positions it strategically within Sweden’s growing AI infrastructure landscape.
WORKFORCE
French dockers block military shipment to Israel
French dock workers at the port of Fos-sur-Mer outside Marseille are blocking the shipment of military materials destined for Israel in response to the ongoing violence against Palestinians in Gaza. The CGT trade union condemned the shipment, asserting its opposition to "participate in the ongoing genocide orchestrated by the Israeli government." CGT secretary general Sophie Binet stressed that the French government needed to halt all arms deliveries to Israel, saying: "It is unacceptable that CGT dockers should be the ones forced to uphold the fundamental principles of international law."
TECHNOLOGY
AI boosts market abuse detection
Germany's financial regulator, BaFin, is leveraging artificial intelligence to enhance its ability to detect market abuse and suspicious trading patterns. BaFin President Mark Branson said: "The chances of being caught in market abuse trading have never been so high," as he highlighted the increased accuracy of BaFin's alert and market analysis system since the introduction of AI last year.
ECONOMY
ECB cuts rates amid trade tensions
The European Central Bank (ECB) has reduced its main interest rate to 2%, the lowest since 2022, amid concerns over inflation and economic growth due to President Trump's tariff threats. The governing council's decision to cut the eurozone's deposit rate by 0.25 percentage points marks the eighth reduction since June last year. Christine Lagarde, the ECB president, said that the current monetary policy is in a "good place" but warned of the uncertain inflation path due to global trade volatility. Frederik Ducrozet, head of macroeconomic research at Pictet Wealth Management, noted that the ECB's future decisions will hinge on upcoming trade negotiations between the EU and the US.
INTERNATIONAL
US Supreme Court makes 'reverse' discrimination suits easier
 The US Supreme Court has made it easier for people from majority backgrounds to pursue claims alleging workplace "reverse" discrimination, reviving an Ohio woman's lawsuit claiming she was illegally denied a promotion and demoted because she is heterosexual. Marlean Ames said that despite working for the Ohio Department of Youth Services for more than 20 years, she was denied a promotion and then demoted. The decision effectively lowers the burden of proof required for people who are members of a majority group - such as white or heterosexual people - to make discrimination claims. US court precedent covering some states, including Ohio, had required that members of majority groups show additional "background circumstances" to prove their case or evidence showing a pattern of discrimination. The court has now ruled that the standard of evidence for a discrimination claim should be the same, regardless of a person's identity.
Gen Z employees struggle to communicate with older colleagues
More than two-thirds (68%) of Gen Z employees say they have difficulty communicating with older colleagues, according to a study by Korn Ferry. Vijay Gandhi, Regional Director for Europe, the Middle East, and Africa (EMEA) at Korn Ferry Digital, said there are two reasons for this communication gap: Gen Z's digital-first communication style and the enduring impact of the pandemic on Gen Z mental health. “While older colleagues may view [digital-first communication] as being less social, that's a misconception,” Gandhi told Khaleej Times. “Gen Z is very social - just in a different way. They are less familiar with traditional communication methods like face-to-face meetings or phone calls, which are still common in many workplaces . . .  This disconnect can create friction in environments where in-person collaboration, casual conversations at the coffee machine, or phone-based discussions are still the norm,” Gandhi explained.
Citi to shed 3,500 tech jobs in China
Citigroup is to cut about 3,500 jobs at two of its technology centres in China as the bank seeks to reduce and simplify its global tech operations to improve risk and data management. The reduction of staff at the China Citi Solution Centres in Shanghai and Dalian is expected to be completed by the start of the fourth quarter this year, the bank said. Citigroup said some of the roles would be moved to technology centres elsewhere. "Citi continues to pursue the establishment of a wholly owned securities and futures company in China," Marc Luet, banking head of Japan, Asia North and Australia, said. Citi will have around 2,000 staff in China after the tech job cuts, a source said.
 


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