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Today's Top Stories

  • Goldman Sachs reinstates hiring cuts, kicking off Wall Street layoff season
  • Peloton co-founder and ex-CEO steps down from chairman of the board
  • EthereumPOW announces plans to launch hardfork after Ethereum merge

Econ Bytes

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Goldman Sachs to Kick off Wall Street Layoff Season

 

Goldman Sachs will be cutting several hundred jobs this month- the first major Wall Street firm to rein in expenses amid a drawback in deal volume. Historically, the bank has had a tradition of annual employee culls. Targeting around the bottom 1% to 5% of lower performers, Goldman is projected to cut several hundred workers. Although it won't be the only bank to go lean (pre-pandemic saw Wall Street firms laying off bottom performers after Labor day), Goldman's announcement signals a changing tide on Wall Street

 

Tech Bytes

TechCrunch

 

Peloton’s Co-founder and Former CEO Rides Into the Sunset

 

Resigning as the executive chairman of the board, Peloton co-founder and former CEO John Foley is making waves. Obviously, Peloton has been going through some changes as of late, adjusting prices and cutting jobs. As for Foley, despite stepping down from the CEO position in February, he's now leaving the company for good. In addition to Foley, Peloton's chief legal officer, Hisao Kushi, also announced his resignation. Current CEO Barry McCarthy thanked the departing execs in a memo to staff, but things aren't looking too positive.

 

Notable Decliners

  • Twitter (TWTR) -1.7%
  • AMD (AMD) -0.09%
  • KLAC (KLA) -0.03%
 

Earnings

  • Monday: Oracle
  • Tuesday: N/A
  • Wednesday: N/A
  • Thursday: Adobe
  • Friday: N/A

Crypto Bytes

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Ethereum Fork EthereumPOW Announces Post-Merge Launch Plans

 

EthereumPoW, a proof-of-work splinter from the Ethereum Blockchain, has announced plans to launch a hardfork soon after the Ethereum Merge on September 15th. On Twitter, @EthereumPoW announced "ETHW mainnet will happen within 24 hours after the merge." For those unaware, Ethereum's merge to poof-of-stake is causing a rift in the broader Ethereum community. In fact, Multiple exchanges have already shown interest in the forked ETHW. To prevent duplicate blocks on both ETH and ETHW, the mainnet of ETHW will use padding to ensure a unique chainID is present. Despite any added support, however, critics of ETHW have questioned the motives of the hardfork.

 

Notable Gainers

  • Ravencoin (RVN) +24.70%
  • Golem (GLM) +16.75%
  • Hedera (HBAR) +8.22%
  • Solana (SOL) +7.87%
  • The Graph (GRT) +5.28%

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