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September 10th - According to Reuters, sources familiar with the matter revealed that several European governments plan to push the EU to activate a rare trade defense tool to protect the chemical and plastics industries. The EU is reportedly tightening its trade stance as its industrial base, including the crisis-stricken chemical sector, is increasingly threatened by imports, while also facing partial closures of many US markets due to tariffs imposed by the Trump administration. Three sources said that France, Italy, and possibly Germany—the EUs three largest economies—plan to submit broad import quota requests, known as "safeguards," within weeks. The requests will focus on the polymer resin PET (widely used in packaging) and the chemicals epoxy resin and fiberglass. The EU currently has more than 150 trade measures in place, most of which impose tariffs on narrowly defined products to combat dumping or unfair subsidies, but only one set of safeguards targets ferroalloys, with a separate system of import restrictions on steel.On September 10th, it was reported that the 2026 Moutai Liquor Production Technology Analysis Conference was held at the Moutai Conference Center on September 9th. The conference comprehensively analyzed and summarized the production technology work in 2026, utilizing scientific methods and experiential achievements to continuously optimize and improve process standards, and guide the smooth progress of subsequent production technology work. Chen Hua, Secretary of the Party Committee and Chairman of Moutai Group, stated that it is necessary to strengthen the support system and accumulate solid momentum for the inheritance and development of brewing techniques. Exploring production processes is a long-term project, and the inheritance and development of Moutai liquor brewing techniques requires sustained effort and comprehensive support. This includes systematically and precisely cultivating talent to build a deep reserve of technical personnel; strengthening assessment and incentives to activate the intrinsic motivation of the technical team; and establishing a data system to solidify a strong foundation for long-term scientific research.International Atomic Energy Agency Director General Grossi: Evidence of Iranian activities at the Ghoshul Mountains has been found.International Atomic Energy Agency Director General Grossi: Inspections in Iran will not resume anytime soon.International Atomic Energy Agency Director General Grossi: We are losing "continuous understanding" of Irans nuclear activities.

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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