Thursday newspaper round-up: Wilko, Revolut, Russian economy

Wilko plans to cut more than 400 jobs, including assistant store managers, retail supervisors, head office managers and call centre workers, in the troubled retailer’s latest effort to control costs. The value household and garden products retailer has told staff it plans to reduce hours for team supervisors in 150 of its 401 stores, leading to the equivalent of about 150 full-time equivalent job losses, after a fall in sales. – Guardian

Revolut is facing a crackdown on cryptocurrency investing as ministers prepare to take action over on an unregulated trading strategy offered by the banking app. Treasury documents suggest that “staking”, in which investors deposit their holdings of crypto in the hope of earning double-digit returns, could face new controls from the City watchdog. – Telegraph

A chatbot named Harvey is helping hundreds of lawyers at Allen & Overy to draft contracts and write memos to clients, the firm has announced as the legal sector explores new ways to boost productivity using artificial intelligence. The City legal practice said that Harvey is available to about 3,500 employees. The chatbot has answered about 40,000 legal queries since November. – The Times

Russia’s economy is expected to return to growth next year, according to new forecasts, despite international sanctions over the invasion of Ukraine. The latest projections from the European Bank for Reconstruction and Development (EBRD) predict that Russia’s economy will grow by 1 per cent in 2024 after a 3 per cent decline in GDP this year. – The Times