Over 300 Theranos workers to be laid off
NEW YORK • Theranos said it will lay off about 340 workers, or about 43 per cent of its full-time employees, as it closes its clinical labs and Theranos Wellness centres, signalling a withdrawal from the consumer blood-testing business.
The move impacts workers in Arizona, California and Pennsylvania. Theranos, which employs around 790 people full-time, ran into trouble after reports suggesting its blood-testing devices were flawed and inaccurate.
Credit Suisse fined over mislabelled client funds
NEW YORK • Credit Suisse Group agreed to pay a US$90 million (S$123.4 million) penalty to settle Securities and Exchange Commission (SEC) claims that the lender did not adequately disclose what drove decisions to reclassify assets in its private bank.
Decisions to label some client funds as assets under management were influenced by efforts to meet targets, contradicting the bank's disclosures that it followed "established rules and policies", the SEC said.