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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Zenefits Shows Harsh Reality Behind Trump's Effort to Create More U.S. Jobs
Zenefits, the maker of human resources software, is laying off almost half of its U.S. workforce – 430 employees. At the same time, the company is building engineering teams in Vancouver and Bangalore.
That should not endear the start-up company to Donald Trump, even though outgoing CEO David Sacks is good friends with Trump adviser Peter Thiel - they co-founded PayPal and Thiel is a Zenefits board member.
A company spokesperson said that Zenefits is not eliminating U.S. jobs to hire elsewhere, but is restructuring the company so that "once we can hire again, we'll hire where we have operations in the U.S., Vancouver and Bangalore."
It turns out that Trump's demand that companies "buy American and hire American" is an expensive proposition, one that's too costly for emerging start-ups. Zenefits was among the many Bay Area software businesses that raised a ton of cash at sky-high valuations in recent years before being forced to downsize. The company is now about a third of the size it was a year ago.