Core Insights - Cetera is actively expanding its recruitment efforts by adding a new team of financial specialists and plans to recruit more advisors, despite a recent small workforce reduction in non-advisor teams [1][5]. Recruitment and Team Expansion - The new team, led by cousins Matthew and Christopher Callero, is joining Cetera's tax and accounting channel with approximately $265 million in assets under administration, operating under the name Callero Capital Management [2]. - The Callero team consists of eight members previously associated with Woodbury Financial Services, and they chose Cetera for its back-office support and growth-oriented approach, particularly in recruiting advisors [3]. Strategic Focus and Future Plans - Matthew Callero emphasized the firm's commitment to welcoming additional producing advisors who align with their client-first philosophy, highlighting a focus on succession solutions for retiring advisors over the next 3 to 5 years [4]. - Cetera specializes in retirement planning for individuals, families, and business owners, indicating a targeted market approach [4]. Workforce Adjustments - A spokesperson for Cetera confirmed a small workforce reduction aimed at aligning resources and streamlining operations, with minimal impact on field-facing employees and no effect on Regional Growth Teams [5][7]. - The company has previously made layoffs that were not advisor-facing, indicating a strategic focus on operational efficiency [5]. Recent Acquisitions - Cetera has made several acquisitions, including the $1.2 billion acquisition of Avantax in 2023, which may have led to duplicative roles within the organization [6]. - The acquisition of Securian Financial Group's retail wealth business also added over 1,000 financial professionals and 30 independent firms to Cetera's portfolio [6].

Core Viewpoint - Hydro is initiating a process to cut annual costs by NOK 1 billion, which includes reducing its workforce by 750 positions to strengthen long-term resilience and adapt to changing business requirements [1][2]. Cost Reduction Measures - The company plans to reduce its capital expenditure estimate for 2025 from NOK 15 billion to NOK 13.5 billion as part of its improvement program [2]. - The cost-cutting measures will include reducing travel and consultancy costs, alongside workforce adjustments [1][2]. Workforce Adjustments - Hydro will reduce approximately 750 white-collar positions, with 600 full-time equivalents (FTEs) expected to be cut by the end of 2025 and an additional 150 to be identified through efficiency initiatives from 2026 onwards [3][5]. - The workforce adjustments will primarily affect white-collar roles, including staff and support functions, engineering, commercial, supply chain, and IT, while blue-collar positions will remain unaffected [5]. Commitment to Transparency - The company is committed to conducting the transition with transparency and care, ensuring collaboration with employee representatives throughout the process [4][6]. - Hydro's approach is guided by its values of care, courage, and collaboration [4]. Long-term Value Delivery - By implementing these measures, Hydro aims to enhance its ability to navigate uncertainty and continue delivering long-term value to customers, employees, and stakeholders [6].