Quick Reads

HR TECHNOLOGY LRN acquires Thomson Reuters' Compliance Learning business unit

Ethics and compliance management platform LRN has acquired Compliance Learning, the online training arm of Thomson Reuters that focuses on risk, compliance, and regulatory training, for an undisclosed sum. The acquisition makes LRN the largest global provider of ethics and compliance learning solutions, with an operating presence on all continents. It also increases LRN's strategic presence in Asia Pacific markets, including the financial services powerhouses of Singapore and Hong Kong, as well as Japan and Australia. This deal is one of the large but rare acquisitions by LRN, which last made such an investment in September 2020 when it acquired Ireland-based Interactive Services.

HR SaaS platform Cobee raises $41.5M in Octopus Venture-led Series B funding

Cobee, an HR SaaS platform that manages staff well-being and employee benefits, has raised $41.5M in a Series B funding round led by Octopus Ventures and Notion Capital. Previous backers Balderton Capital, Speedinvest and Dila Capital also participated in the investment round. The latest capital will allow Cobee to create new product offerings while further developing its current business in Spain and Portugal as well as expanding in LATAM, especially Mexico.

JOBS & LAYOFFS Goldman Sachs planning to lay off 4,000 staff next year

Goldman Sachs is apparently drawing up a layoff plan which may see as many as 3,900 employees sent packing from January. According to various reports, up to 8% of the bank's 49,000 global workforce may be laid off in an urgent move to scale up the bank's profitability amid economic headwinds. Reports suggest that pressure is mounting on Goldman, which has lagged behind peers such as Morgan Stanley for years, to ramp up margins to improve the bank’s stock market valuation. Chief Executive David Solomon hinted at the coming cuts at the bank’s financial services conference earlier in December, saying that there are continued “headwinds on our expense lines, particularly in the near term,”and that “certain expense mitigation plans” have been set in motion.

Cisco lays off over 4,000 employees

Cisco Systems Inc. is in the process of laying off 4,000 employees, or 5% of its workforce, in a follow-up to last month's announcement that it will be shedding jobs. The layoffs, billed as a 'rebalancing' act intended to support the 'rightsizing' of certain businesses, are paired with the shuttering of an undisclosed number of its office facilities around the world which the company says are unused or under-utilised. At the same time, Cisco recently announced revenue of $13.6 billion for the quarter just ended, amounting to 6% growth and surpassing its initial projections.

Morgan Stanley lays off 1,600 employees

Morgan Stanley is laying off nearly 1600 workers, or 2% of its global workforce, as part of cost-cutting measures and restructuring plans. The layoffs will impact Morgan Stanley’s 82,000 employees across all divisions. This reverses its earlier commitment to pause layoffs during the pandemic, and is the first time since 2019 the bank has carried out large-scale layoffs.

EMPLOYEE ENGAGEMENT 'Quiet quitting' boosts engagement: Survey

A new survey by US credit company LendingTree has found that 40% of employees who 'quiet quit', or consciously stopped taking on extra work without remuneration, have become more engaged at work than before. 57% said their work-life balance has improved, with that number spiking to 65% for parents with children under the age of 18. At the same time,

Job loss fear grips one in four staff, triggers drug abuse: Survey

As layoff season kicks off, a recent survey by Perceptyx shows that 25% all employees are experiencing bouts of anxiety, low energy, and sleep disruptions, while 23% of employees at companies that recently laid off employees are becoming more aggressive with family and co-workers. The anxiety level is higher among men than women, and much higher among parents of young children. Industry-wise, tech employees are experiencing the highest anx95% of self-identified 'quiet quitters' still fill at least their full quota of working hours, and 36% actually work more than their required hours. 42% don't even use their full paid time off. However, 56% of 'quiet quitters' are actively searching for a new role - double the number of non-'quiet quitters' doing so. 26% also don't feel secure in their current roles.

iety (84%) while retail and service employees experience the least (55%). The study also finds negative coping behaviours among employees, with one in 10 saying they have increased drinking or drug use and are exercising less as a result of layoff news.

46% of employees would not recommend their profession to their children

Nearly 46 per cent of employees globally would not recommend their company nor their profession to their children or a young person they care about. The number shoots to 66% in India. According to a survey by the Workforce Institute at UKG, 38% “wouldn’t wish my job on my worst enemy.” The report finds that the global workforce is burned out, and that overtime is straining the employ-

SKILLS Human skills feature among top 5 most in-demand job criteria

Communication, customer focus, leadership, attention to detail and collaboration are the top five human skills that today’s employers look for the most in Southeast Asia’s major job markets such as Singapore, Thailand, Indonesia, the Philippines, and Malaysia, according to Pearson’s Skills Outlook. While technical capabilities remain essentially crucial for many roles, employers highly prize human skills such as collaboration, communication, and leadership. Cross-border and intraregional collaboration is a common part of job scopes, especially in multinational corporations. Collaboration skills as well as cultural and social intelligence help employees thrive in such situations. According to the report, businesses are looking for employees who can stay relevant and versatile, and those that fail to upskill will get left behind by the more prepared and adaptable.

ee-employer relationship, with employees who work overtime more than twice a week even less likely to recommend their jobs. On the other hand, 88% of employees say that with purpose and trust, they would look forward to work.

NEWSMAKER OF THE MONTH

The crypto meltdown of 2022

FTX implosion: A setback, but not the end for the crypto market

By Mastufa Ahmed

The story of Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, has been one of dizzying heights and devastating lows. Just a few short years ago, Bankman-Fried was hailed as a rising star in the world of digital assets, and his exchange FTX, was a go-to destination for professional traders. As the value of Bitcoin soared, Bankman-Fried's wealth followed suit, reaching stratospheric levels.

However, the glittering success of Bankman-Fried and FTX was shortlived, as the exchange filed for bankruptcy and Bankman-Fried was arrested on charges of fraud, sending shockwaves through the cryptocurrency industry and causing a loss of investor confidence. Outflows have been reported across exchanges, and the value of Bitcoin has plummeted from over $67,000 in November to around $17,000, where it has remained for the past month.

The collapse of FTX and the subsequent criminal investigation are just the latest in a series of controversies that have chipped away at investor confidence in digital assets. In addition to rising interest rates and inflation, the failure of stablecoin Terra has further eroded trust in the asset class.

As a result, calls for regulatory intervention have grown louder, as consumers demand greater protection in an industry that has largely operated without oversight. These events have cast a shadow over the future of cryptocurrency, leaving investors and industry experts to wonder what the future holds in store.

Governments in the United States, European Union, and United Kingdom are taking steps to address the issue, but it remains to be seen whether these efforts will be enough to restore confidence in the volatile world of cryptocurrencies.

Is there a silver lining?

The collapse of FTX had impacted some of the trading firm's products and customers, increasing the need to quickly raise additional capital. Crypto trading firm Amber Group has raised a $300 million Series C round as a reaction to the collapse of crypto exchange FTX. While only about 10% of Amber Group's trading capital was with FTX at the time of its collapse, the trading firm tweeted on Friday that certain products "would have experienced significant drawdowns as an aftermath of the FTX default" unless they found a way to better safeguard customers. The trading firm had reportedly laid off 300 employees, restricted employee benefits, ditched expansion plans, and terminated a $25 million sponsorship deal with Chelsea Football Club, following the FTX collapse.

The market downturn combined with concerns about the security of customer assets has prompted a number of other companies, including Bybit, to reduce their employee counts.

For many Asian cryptocurrency groups, the period following the FTX collapse has been equally turbulent. Hong Kong exchange AAX has had to halt withdrawals, and Singaporean lender Amber has been forced to put expansion plans on hold. Hong Kong-based Genesis Block, which was part-owned by FTX offshoot Alameda Ventures, has had to shut down its trading portal and stop accepting deposits. As investors and industry experts try to navigate the choppy waters in the wake of the FTX collapse, over a million FTX customers and creditors are left wondering if they'll be able to recover their losses.

In an effort to quell the fears of its users, the CEO of Binance, Changpeng "CZ" Zhao, took to Twitter to downplay reports of heavy outflows from the exchange as "business as usual" and to reassure customers that their funds on the platform are fully backed.

Despite the recent collapse of Sam Bankman-Fried's FTX exchange, plummeting digital asset prices, and signs of distress within the industry, experts believe that the cryptocurrency market has the potential to bounce back. Last week, Hong Kong launched its first cryptocurrency exchange-traded funds (ETFs), following through on its commitment to establish the city as a regional digital asset hub rivalling Singapore. This rollout is a crucial component of Hong Kong's plan to become a hub for cryptocurrency and illustrates the enduring potential of this volatile market.

SUZLON GROUP HIRES RAJENDRA MEHTA AS CHRO, INDIA AND SOUTH ASIA Renewable energy solutions provider Suzlon Group has appointed Rajendra Mehta as group Chief Human Resource Officer for India and South Asia. He comes with 27 years' experience in developing and executing strategic human resources agenda of organisations. In his most recent role, he served Welspun Group as president and Group CHRO. He also worked with Synergy Capital as an executive director, DHFL, Zee Entertainment Enterprises Limited, DCM Shriram Consolidated Limited, VNL, Bennett Coleman and Co. Ltd, Allied Deals – London and Latin America, Larsen & Toubro Limited, and KEC International Ltd in HR leadership roles.

KOTAK MAHINDRA BANK ELEVATES CHETAN SAVLA AS CHIEF HUMAN RESOURCES OFFICER Kotak Mahindra Bank has announced the elevation of Chetan Savla to the position of Chief Human Resources Officer (CHRO) and Head Sustainability. Savla, a postgraduate from IIM Ahmedabad, has spent over 28 years with the Kotak group. He has worked in multiple business segments for Kotak, including investment banking and wholesale banking, as well as leading the group's strategy division. In April 2021, he took charge of the functions of priority sector lending, ESG, CSR, and financial inclusion under the common umbrella of sustainability.

L’ORÉAL APPOINTS RASIKA MAL-

HOTRA AS HR DIRECTOR – INDIA

Beauty giant L’Oréal has appointed Rasika Malhotra as human resources (HR) director for India. Malhotra brings over two decades of diverse experience across international geographies and domains of manufacturing, oil & gas, consumer products, FMCG, B2B, and technology. She has solid experience in business partnering and strategy, organisation development, talent management, driving change, HR transformation, cultural integration, and diversity and inclusion.

APOLLO INTELLIGENCE APPOINTS REY LADO AS CHIEF PEOPLE OFFICER Apollo Intelligence, a provider of real-time global data and insights to the healthcare and life science industries, has appointed Rey Lado as its Chief People Officer, a newly created role. Lado was previously VP of human resources for Ciox Health, supporting over 2,500 employees throughout the US in operations, sales, and administrative functions. Prior to Ciox, he served as the talent and organisational development leader for Cox Automotive, a global vehicle remarketing services and digital marketing and software company. He also held organisational effectiveness roles of increasing responsibilities with UPS, Accenture, and Delta Airlines.

HERO VIRED APPOINTS SAMRA RAHMAN AS HEAD, PEOPLE AND CULTURE Edtech company Hero Vired has announced the appointment of Samra Rahman as its head, people, and culture. She was formerly the chief human resource officer at Centum Learning. Her notable achievement has been building Digiminds Career Solutions (EQVIP) from scratch under the Bharti Group banner to bridge the existing gap between the 'avail-

able' and 'employable' talent pool. In the past she has been associated with companies such as HCL Technologies, IBM, and Tata Teleservices.

DENTSU ONBOARDS UNMESH PAWAR AS CHIEF PEOPLE OFFICER Dentsu has appointed Unmesh Pawar as chief people officer (CPO) for India and South Asia. In his new role, Unmesh will be responsible for building distinctive talent expertise across the Indian and South Asia markets. He will report to Luke Speers, Chief People Officer, Dentsu APAC, and Peter Huijboom, interim CEO, Dentsu India. With over 25 years of experience, Unmesh has also worked with companies like KPMG India, Accenture, among others. Before joining Dentsu, he was advisor, mentor and angel investor at Neev Angels, founded by him.

CRUX HIRES FORMER CORNERSTONE HR LEAD AS CHIEF PEOPLE OFFICER Data integration startup Crux has hired Tina Figueroa as its first Chief People Officer, responsible for leading all aspects of the HR function. She joins Crux from data science firm Deep Labs, where she was Chief People Officer. Before that, she was Chief People Officer of SaaS data analytics firm Appriss, where she built the global people team and managed it through Equifax's acquisition of Appriss; Chief People Officer of fintech company Kyriba; Chief People Officer of mobile advertising platform AdColony. From 2010 to 2013, she was Vice President, Talent (People) and Administration at Cornerstone onDemand, where she was the first HR executive reporting to founder and then-CEO Adam Miller. CITIBANK MALAYSIA APPOINTS TOOBA MODASSIR AS CHRO Citibank Malaysia has appointed Tooba Modassir as its Chief Human Resources Officer. Tooba, who has been working with Citibank for over 14 years, will be based in Kuala Lumpur. She is skilled in HR business partnering, performance and talent management, diversity and inclusion, learning and development, leadership training, and talent acquisition. She started her career with Wipro Technologies in 2006.

WHO NAMES JEREMY FARRAR AS CHIEF SCIENTIST The World Health Organization (WHO) has announced that Jeremy Farrar will become its new chief scientist. Currently director of the Wellcome Trust, Farrar will join WHO in the second quarter of 2023, replacing Soumya Swaminathan. He is a clinician scientist who, before joining Wellcome in 2013, spent 17 years as director of the clinical research unit at the Hospital for Tropical Diseases in Vietnam where his research interests were in global health with a focus on emerging infectious diseases.

CHUBB HIRES MARGARET PELOSO AS GLOBAL CLIMATE OFFICER Chubb has appointed Margaret Peloso as Global Climate Officer, a newly created role effective January 16, 2023. She will have responsibility for Chubb's climate-related strategies, including business and public policy initiatives, and will also act as the Executive Director of the Chubb Charitable Foundation. Earlier, Peloso was integrally associated with Vinson & Elkins. She served as the law firm's lead sustainability partner with responsibility for integrating sustainability and environmental, social, and governance (ESG) factors across its portfolio.