This big announcement by the American Tech Company created an outcry. | Who defrauded America's biggest bank?

This big announcement by the American Tech Company created an outcry.

After Facebook and Amazon, the sword of retrenchment is hanging on the employees of big companies. Yes, the company we are talking about is the world's renowned company Microsoft. Microsoft is also facing the brunt of the global recession and has announced massive layoffs. What is the full news? We are going to tell you in this report. 

American giant Microsoft has announced the biggest layoff ever. Microsoft says that it is going to lay off 10,000 employees soon. In continuous losses, the company has taken this big decision. With this big announcement, the movement in the tech market has intensified. Earlier, other big companies including Twitter, Facebook, and Amazon had fired many employees in the last month itself. 

Now Microsoft has also made this big announcement. Talking about the reason for this, in fact at this time the whole world is in danger of recession. It has already been predicted that there are chances of a big recession this year. In such a situation, many big companies are already talking about laying off people. For this reason, Microsoft is also ready to make these cuts. 

For layoff, the company's CEO Satya Nadella said that this time is very challenging for everyone. We will try our best to do this process with full transparency. He also emphasized that some people are being retrenched, but whatever the important project, or vision for the company, hiring will continue. 

Satya Nadella said this in one of his letters, in which many things were written on the present condition of the company and future estimates. The company's CEO Satya Nadella even said that now companies should do more work with fewer employees. This statement of him is enough to tell that further retrenchment is possible.

 

Nadella has also informed me that all the people who will be fired should get full respect. Every necessary facility should be provided, it will be taken care of. It is being told that all the Microsoft employees of America will be given health care service for six months. On the retrenchment decision, it was even said that this industry does not forgive anyone if necessary changes are not made with time.

 

This is the biggest announcement made by any big company regarding layoffs in 2023. Earlier, Amazon had announced the layoff of more than 18,000 employees. On Facebook, the company also announced the layoff of 11,000 employees and Elon Musk has also laid off many employees from Twitter. Big exports and institutions have already pointed to the slowdown.

 

The business of these companies runs in India as well, so India is also not untouched by this recession. It will have some impact on India as well. It has to be seen whether the situation will be even more difficult in the coming days or whether there will be some light of relief from somewhere. 

Who defrauded America's biggest bank?

A big fraud has happened with the American bank JP Morgan. This fraud has happened because of the financial planning website frank. JP Morgan is a big name in terms of assets. This is the biggest bank in the world's most powerful country i.e. America. Now you will get all the information about who defrauded such a big bank in this report of ours.

 

JP Morgan was defrauded by a financial website Frank. This website was bought by JP Morgan in the year 2021 for ₹1450 crores. It was a startup website that was created in the year 2017. Its job was to help college students get education loans. Now find out what happened and how it happened.

 

When Frank founder Charlie Javis and chief growth officer Olivier were negotiating a ₹1450 crore deal with JP Morgan, both of them told JP Morgan that more than 4.2 million students had created accounts on their startup website. But when the investigation was done, this figure was found to be wrong. There were only 3 lakh users on the website instead of 42 lakhs.

 

As soon as JP Morgan came to know about the fraud, the company filed a case against Frank's founder Charlie Javis in the Delaware court. Now, what did JP Morgan allege in this matter? JP Morgan alleged that Javis lied about the website's success. Javis has also faked details of the user's name, address, birthday, and other personal information. 

There were also complaints that Javis initially refused to share customer information, citing confidentiality. But when the company insisted, Javis shared the data of millions of fake users. JP Morgan also told that the help of a data science professor was taken to create a fake account. This professor teaches in a college in New York and for this work, he has charged more than Rs 14 lakh. 

Now on the other hand, what allegations has Charlie Davis, the founder of Frank, made about JP Morgan? Charlie Javis's lawyer has denied all the allegations and Javis has also filed a case against JP Morgan a few days back. Javis alleged that JP Morgan Bank wrongfully terminated him from his job in November 2022 so that he would not have to pay ₹228 crores. 

Now, only time will tell how much truth is there in those claims. But after this prank, JP Morgan has currently closed this website. Now know about Joe JP Morgan. JP Morgan is an American multinational financial services company. Its headquarter is in New York City, it is the largest bank in America and if we talk about market capitalization then it is also the largest bank in the world. 

JP Morgan deals with bank mergers and acquisitions. This bank has a long history. Let me tell you, about its foundation, this bank, formed in 1871, was established by John Pierpont Morgan. But in the year 1895, the name of the bank was changed to JP Morgan. Do tell by commenting how you liked the information.