The White House weighs two nominations for the Fed. The Biden administration is considering naming Adriana Kugler, the U.S. executive director of the World Bank, as the first Latina member of the central bank’s board of governors; it may also seek to make Philip Jefferson the Fed’s second Black vice chairman. Both would effectively fill roles formerly held by Lael Brainard, who became Biden’s top economic adviser in February.
Vice is preparing for bankruptcy. DealBook’s Lauren Hirsch and The Times’s Ben Mullin broke the news that the struggling digital media outlet could file for Chapter 11 in the coming weeks. While five companies have expressed interest in buying Vice, a sale is regarded as increasingly unlikely.
EY concedes its breakup plan is dead. Leaders of the firm, commonly known as Ernst & Young, told employees recently that they’re no longer working on a proposal to split its auditing and consulting arms, despite publicly committing to an eventual divide, according to The Wall Street Journal. Though EY’s 13,000 partners largely backed the idea, the firm’s U.S. arm bitterly opposed the move.
Corporate America weighs further shrinking its work force. Morgan Stanley is planning to cut 3,000 jobs this quarter, largely from its banking and trading arms, according to Bloomberg. Meanwhile, IBM will pause hiring in back-office roles — departments like human resources — that it thinks could be replaced with A.I. in the coming years.
A streaming-driven strike
Keyboards across Hollywood will go silent on Tuesday, after the unions representing movie and TV writers called a strike for the first time in 15 years. The immediate fallout: Late-night and variety shows will go dark immediately.