A global bank with one of the world´s largest cash reserves is considering reducing its staff by half in an effort to meet tougher financial regulation.
Vanguard is the worlds largest logistics and logistics technology provider.
Its global headquarters are located in Shanghai, with headquarters in Amsterdam and London, and it has global headquarters in Dublin.
Virtuoso’s new chief executive, Andrew Beal, said the bank is considering cutting 1,200 positions worldwide, with the majority in the US and Canada.
In a statement, Vanguard said: The global workforce is in a challenging environment and we believe that we have the right strategy for meeting our regulatory objectives.
We believe this will enable us to better meet our customers needs and improve the profitability of our business.
We believe that, in light of the regulatory challenges, we should reduce our workforce by half and will continue to review our staffing needs and the financial position of our employees.
As a result, we have decided to make significant investments in our staff and our operations.
Vanguard will invest $3.4 billion in its workforce over the next five years to support a more efficient business, which will enable it to continue to serve its customers.
This investment will provide additional cash to us, which we plan to use to hire the best people to support our businesses growth, including more than 300 new hires.
We will also be able to leverage the capital we have in our balance sheet to strengthen our balance sheets, reduce our expenses and increase our flexibility.
Vanguard said it is investing in its financial health to help us attract, retain and grow our workforce.
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