EUR/USD 1.17747
0.156%
Gold 3334.89
0.269%
Oil 65.635
-1.022%
USD/JPY 144.562
-0.237%
GBP/USD 1.36511
-0.031%
GBP/JPY 197.337
-0.256%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
According to sources, OPEC+ is considering increasing oil production by about 550,000 barrels per day in August, up from 411,000 barrels per day in July, June and May.July 5th news, on July 4th local time, American entrepreneur Elon Musk once again posted a vote on the establishment of a new party "American Party" on the social platform. So far, more than 1.08 million accounts have participated in the vote, of which 64.4% chose "yes" and 35.6% chose "no". On July 4th local time, US President Trump signed the "Big and Beautiful" tax and spending bill into effect. On June 30th local time, Musk posted dozens of posts in a row, saying that those lawmakers who supported the bill should be ashamed, and said that if the bill passed, the "American Party" would be established the next day.On July 5, the U.S. Air Force decided to suspend its plan to test hypersonic rocket cargo transportation. This is reportedly a joint project with Musks company SpaceX. The U.S. Air Force promised to conduct an environmental review of the project. However, due to opposition from environmental groups, the publication of the preliminary report was delayed.Ukrainian General Staff: We shelled the Borisoglebsk airport in Voronezh, Russia, and hit a bomb depot and a training aircraft.The Met Office has warned that Britain could face its third heatwave in just four weeks, possibly in mid-July, after two extreme heat waves in June marked the hottest month on record.

As Goldman Sachs looms, JPMorgan and BofA are being careful about layoffs

Aria Thomas

Sep 14, 2022 10:34

1.png


When compared to Goldman Sachs, where hundreds of layoffs could start as early as this month, JPMorgan Chase and Bank of America (NYSE:BAC), the two largest U.S. banks by assets, expressed caution regarding job losses.


In contrast, "in some environments like this, it is possible to hire some very, very elite bankers who were previously unavailable to you," JPMorgan (NYSE:JPM) president and COO Daniel Pinto warned investors on Tuesday. "You need to be extremely careful when you have a bit of a slump to start reducing bankers here and there because you will impair the opportunity for growth moving forward."


According to a source with knowledge of the matter, Goldman Sachs Group Inc (NYSE:GS) plans to start laying off employees as soon as this month after delaying them for two years because of the pandemic. At the end of the second quarter, Goldman had 47,000 employees, up 15% from the previous year.


Financial professionals on Wall Street are starting to worry about possible job layoffs in the coming months. As the Federal Reserve hiked interest rates to fight inflation and the likelihood of a recession rose, markets for negotiating agreements dried up.


Lance Roberts, chief investment strategist and economist at RIA Advisors, claims that JPMorgan's approach to its employees is driven by the company's upbeat outlook.


Roberts stated that "we will see if JPMorgan is true in their more optimistic estimates" and added that "if history is any indication, the prognosis is more dismal with a risk of heavy rain."


The CEO of Bank of America said on Monday that despite a decline in investment banking, the company is content with the number of employees it now has.


In an interview with Fox News, Moynihan declared, "We're fine with our headcount." If people leave to work for rival companies, we might not be able to fill every vacancy, but overall I think we're doing okay.


Bank President Pinto stated that due to "far increased" attrition in the first half of the year, JPMorgan had to make wage modifications. He claims that even though attrition is still high, it is becoming more common. Over 278,000 people were employed by the bank at the end of the second quarter, a rise of 7% from the previous quarter.


Nobody at Citigroup (NYSE:C) would comment on the job cuts.


Ken Moelis, the CEO of Moelis (NYSE:MC) & Co., told Reuters in July that the investment bank has a strong pipeline of possible new hires and plans to quickly grow its workforce.


The boutique investment bank on Tuesday appointed Igor Sokolovsky, formerly of Guggenheim Securities, as a managing director in New York. On healthcare mergers and acquisitions, he will concentrate.


Large banks "get the word right around Labor Day to look at your headcount in a bad year," according to Moelis at the time. "That's how the cycle runs," they added.

Suggestion