One of China’s biggest online education companies said it laid off 60,000 workers last year as it grappled with the Chinese governments’ severe crackdown on the sector, according to Bloomberg. Yu Minhong, the founder of New Oriental Education & Technology Group, revealed the size of the layoffs in a Chinese social media post, according to Bloomberg. He also said that the company’s revenue...
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Fintech’s Big Wakeup Call
Fintechs were supposed to transform banking by making it dead simple for users to open savings accounts or pay their bills. But a series of recent high-profile setbacks with both fintechs and the traditional banking sector is setting off alarm bells. This month’s series of bank collapses has shined a spotlight on the health of small banks, typically a behind-the-scenes partner of...
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The Instant Oral History of the Silicon Valley Bank Collapse
On a cosmic level, the collapse of Silicon Valley Bank was a mere blip. The murmurs about trouble began last Wednesday, the panic spread via group texts and Twitter threads on Thursday, the bank went under on Friday, the government got its act together on Saturday, and on Sunday every current and former customer of SVB could breathe a cautious sigh of relief.
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