Plus, President Biden declares state of emergency in California over storms.
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Disney CEO Bob Iger has asked hybrid employees to return to the company’s corporate offices four days a week starting March 1. The announcement comes less than two months after Iger returned to the CEO role. More: - In an email to employees, Iger noted the importance of in-person collaboration, stressing the importance of connecting, observing, and creating with co-workers.
- Other large companies have embraced more flexible employee working arrangements, requiring just two or three in-office days.
- Iger has been changing Disney’s organizational structure and has kept the company’s hiring freeze implemented by his predecessor.
- Iger resumed the role of Disney CEO in November after the board fired Bob Chapek.
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New York State Comptroller Thomas DiNapoli has asked Southwest how it plans to prevent another systems failure that caused more than 16,000 flight cancelations over the holiday period. DiNapoli oversees New York state's pension system. More: - DiNapoli said Southwest's operations failure resulted in profound customer dissatisfaction and regulatory scrutiny and is expected to cost the airline a significant amount of money.
- In a letter addressed to Southwest CEO Bob Jordan, DiNapoli asked how the airline plans to rebuild public trust and its employees' trust.
- As of September, New York's state pension system owned about $17.6M worth of Southwest shares.
- Last week Southwest said it expects to post a loss for its Q4 due to the meltdown of its system last month following the winter storm.
- The airline estimates cancellations from Dec. 21 through 31 would reduce its Q4 pretax income by $725M to $825M.
- Southwest is expected to report its Q4 earnings on Jan. 26.
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According to sources, Goldman Sachs plans to lay off 3,200 employees, or 6.5% of its workforce, starting this week. Late last year, it was reported the investment bank was planning to lay off around 4,000 workers. More: - The job cuts will impact various units of the firm, including its consumer business, trading operations, and investment banking.
- Goldman had about 49,100 employees globally as of October 2022.
- The bank still plans to hire analysts and other junior roles as needed.
- The investment bank is set to report its Q4 financial results on Jan. 17.
- Goldman’s layoffs come months after Barclays, Citigroup, and Morgan Stanley announced smaller job cuts at their respective firms.
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Canada has agreed to buy 88 F-35 fighter jets from U.S. defense company Lockheed Martin for C$19B ($14.2B). The first jets are expected to be delivered in 2026. The entire fleet will be operational between 2032 and 2034. More: - Canadian Defense Minister Anita Anand said the purchase was the largest investment in the Royal Canadian Air Force in 30 years.
- Canada had held a competitive process between Lockheed, Boeing, and Sweden’s SAAB; Lockheed emerged as the winner.
- Officials estimate the total cost over the lifetime of the jets is C$70B ($52.3B). The jets are expected to last until 2070.
- Canada was part of a consortium that helped Lockheed Martin develop its F-35 jet.
- Canada is paying the same amount for the aircraft as the U.S. and other participants.
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Former McDonald's CEO Steve Easterbrook has settled with the SEC over allegations of making false and misleading statements to investors regarding his dismissal from the fast-food restaurant. Easterbrook was fired in November 2019 over his sexual relationship with employees. More: - Easterbrook agreed to pay a $400,000 fine without admitting or denying the charges.
- He is also barred from serving as an officer or director of a public company for five years.
- Easterbrook served as McDonald's CEO from 2015 until he was dismissed in 2019.
- McDonald's had said Easterbrook violated the company's policy on personal conduct.
- The SEC also charged McDonald's for initially treating Easterbrook's termination as without cause.
- The company and the regulator have settled. McDonald's was not fined.
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British-Swedish pharmaceutical giant AstraZeneca is buying U.S. biotech firm CinCor for $1.8B. AstraZeneca is paying $26 a share for CinCor, which represents a 121% premium on the company’s Friday close price. More: - The AstraZeneca-CinCor deal was the largest announced on Monday as the 41st JPMorgan Healthcare Conference kicked off in San Francisco.
- The annual conference is the largest gathering of the who’s who within the pharmaceutical, biotech, and healthcare sectors.
- As part of the deal, AstraZeneca will receive the cash and other securities on CinCor’s balance sheet, worth about $522M.
- CinCor shares plunged in November after a phase 2 trial for its blood pressure treatment, baxdrostat, failed to show significant improvement in hypertensive patients.
- The company is planning a phase 3 trial.
- AstraZeneca will pay CinCor shareholders an additional $10 per share if and when baxdrostat is submitted for regulatory approval.
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 |  | Vanessa Omeokachie is a writer for Inside.com; she writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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