Shares in PacWest are down by over 70% since banking crisis began in March. PacWest suffered from deposit flight earlier this year, as the regional banking crisis spooked customers into withdrawing funds. 500-the Inner Mongolia Mengdian Huaneng Thermal Power company, with revenues of $3.4 billion-may be less familiar. But overall, the list provides an interesting snapshot of the world’s second-largest economy.īanc of California will merge with troubled regional lender PacWest Bancorp, creating a new bank with $36 billion in assets led by Banc of California CEO Jared Wolff. 1, State Grid, the government-owned electric utility that had $530 billion in revenues last year-already rank high on the Fortune Global 500 list (out in its latest iteration next week). Separately, Fortune yesterday released the inaugural Fortune China 500 list. Some companies on it-like No. will lead to a drop in jobs, but rather that those jobs, and the mix of activities they involve, will change dramatically. “Just under 12 million workers may need to find new occupations by 2030,” the report says. The idea is to start preparing now, beefing up training programs both inside and across companies. The biggest change is for STEM professionals, where automation potential by 2030 jumps from 14% of work hours to 30% of work hours. Similar big jumps occur for education and training work, creative and arts management work, and business and legal automation. The study does not conclude that generative A.I.
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