The Stack: HSBC Rescues SVB UK in £1 Deal; Meta to Cut Workforce by 10,000

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This week: HSBC deal saves SVB’s UK operations, Meta announces new wave of job cuts…

Another dramatic week in ad tech began with fallout from Silicon Valley Bank’s collapse. The US and UK governments scrambled to protect investors’ funds, with HSBC taking over the lender’s UK operations in a £1 deal. More trouble for tech came as Meta announced plans to cut 10,000 jobs under Mark Zuckerberg’s “year of efficiency”, while fellow social media giant TikTok faced a US-wide ban unless its Chinese owners sold their stakes in the company.

It wasn’t a week of doom and gloom for all, however, with e-commerce giant ASOS launching new retail media formats and OpenAI releasing a follow-up to its overwhelmingly popular ChatGPT, GPT-4.

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