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January 12 - The State Council Information Office will hold a press conference at 10:00 AM on Wednesday, January 14, 2026, where Wang Jun, Deputy Director of the General Administration of Customs, will introduce the import and export situation for the whole of 2025 and answer questions from reporters.On January 12th, Saul Eslake, former chief economist at Bank of America Merrill Lynch Australia, pointed out that the Trump administrations continued attacks on the Federal Reserves independence are one of the reasons for the decline in short-term interest rates while long-term bond yields are rising. Recent attacks on Powell will continue to impact global long-term interest rates, and Australia will also be affected—meaning that the countrys government debt burden may face further upward pressure.January 12th - The State Council Information Office will hold a regular policy briefing at 10:00 AM on Tuesday, January 13th, 2026. Zhou Haibing, Vice Chairman of the National Development and Reform Commission, Li Gao, Vice Minister of the Ministry of Ecology and Environment, and relevant officials from the Ministry of Industry and Information Technology, the Ministry of Housing and Urban-Rural Development, and the Ministry of Agriculture and Rural Affairs will introduce the relevant situation of the "Comprehensive Action Plan for Solid Waste Management" and answer questions from reporters.AI application concept stocks in Hong Kong continued to strengthen, with Zhipu (02513.HK) rising more than 23%, MINIMAX-WP (00100.HK) rising more than 21%, and Meitu (01357.HK), Weimob Group (02013.HK) and others following suit.On January 12, Trump denied involvement in the Justice Departments subpoena of the Federal Reserve. Speaking about Fed Chairman Powell, he said, "I have no idea about it, but hes clearly not doing well at the Fed, and hes not good at managing construction projects." Trump stated that the Justice Department subpoena was unrelated to interest rates: "No, I would never even consider putting pressure on him that way. What should really be putting pressure on him is the fact that interest rates are too high; thats the only pressure hes under." He added, "Hes hurt a lot of people, and I think the public is putting pressure on him."

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

Aria Thomas

Sep 14, 2022 10:34

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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.

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