Credit Suisse’s $77M corruption fine

Credit Suisse is the latest Wall Street bank in trouble with U.S. authorities over Chinese hiring, reports The New York Times. The firm has been fined $77 million by the Justice Department and the SEC in a settlement over claims it hired the relatives of influential Chinese officials in order to curry favor and win business in the region. In 2016, authorities fined JPMorgan Chase $264 million over its hiring practices in China.

Where does Walmart stand?

Walmart, the world’s largest retailer and largest private employer, is increasingly weighing in on political issues like immigration, reports The Wall Street Journal. Previously, U.S. CEOs and boards didn’t have to weigh in on such topics, but that’s changing, says associate professor Lawrence Parnell at George Washington University’s Graduate School of Political Management. Walmart’s chief marketing officer Tony Rogers told reporters last month that around 72% of Walmart shoppers want the company to “take a stand on important social issues” and 85% want them to “make it clear what values you stand for.” Walmart is “embracing public positions” in some instances to improve its reputation with customers and attract new clientele as it competes with Amazon, says the Journal.

Walmart
From Wikipedia, the free encyclopedia

Walmart Inc. (formerly branded as Wal-Mart Stores, Inc.) is an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores. Headquartered in Bentonville, Arkansas, the company was founded by Sam Walton in 1962 and incorporated on October 31, 1969. It also owns and operates Sam’s Club retail warehouses. As of January 31, 2018, Walmart has 11,718 stores and clubs in 28 countries, operating under 59 different names. The company operates under the name Walmart in the United States and Canada, as Walmart de México y Centroamérica in Mexico and Central America, as Asda in the United Kingdom, as the Seiyu Group in Japan, and as Best Price in India. It has wholly owned operations in Argentina, Chile, Brazil, and Canada.

Walmart is the world’s largest company by revenue – approximately US$486 billion according to Fortune Global 500 list in 2017 – as well as the largest private employer in the world with 2.3 million employees. It is a publicly traded family-owned business, as the company is controlled by the Walton family. Sam Walton’s heirs own over 50 percent of Walmart through their holding company, Walton Enterprises, and through their individual holdings. Walmart was the largest U.S. grocery retailer in 2016, and 62.3 percent of Walmart’s US$478.614 billion sales came from U.S. operations.

The company was listed on the New York Stock Exchange in 1972. By 1988, Walmart was the most profitable retailer in the U.S., and by October 1989, it had become the largest in terms of revenue. Originally geographically limited to the South and lower Midwest, by the early 1990s, the company had stores from coast to coast: Sam’s Club opened in New Jersey in November 1989 and the first California outlet opened in Lancaster in July 1990. A Walmart in York, Pennsylvania opened in October 1990: the first main store in the Northeast.

Walmart’s investments outside North America have seen mixed results: its operations in the United Kingdom, South America, and China are highly successful, whereas ventures in Germany and South Korea failed.