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According to EuroPravda, the Czech president stated that the goal of supplying Ukraine with 1.8 million rounds of large-caliber ammunition this year has been achieved.Iranian media reported that 18 crew members of a foreign oil tanker seized in the Gulf of Oman have been detained on suspicion of transporting "smuggled fuel."On December 13th, Han Wenxiu, Deputy Director of the Central Financial and Economic Affairs Commission and Director of the Central Rural Work Leading Group Office, stated that to ensure the success of next years economic work, it is essential to adhere to the principle of seeking progress while maintaining stability, improving quality and efficiency, strengthening counter-cyclical and cross-cyclical adjustments, and effectively enhancing the efficiency of macroeconomic governance. Since the Politburo meeting on September 26th last year, a series of policies and measures have been introduced and implemented, and additional policies will be introduced and implemented next year based on changes in the situation. It is crucial to leverage the integrated effect of existing and new policies to promote steady and positive economic growth. The market economy is largely an expectation economy; therefore, it is necessary to improve the expectation management mechanism, conduct effective economic publicity and public opinion guidance, respond promptly to market concerns, and effectively boost social confidence.On December 13th, it was reported that an EU official stated on the 12th that Ukraines accession to the EU before 2027 is "absolutely impossible." According to reports, a European diplomat said that Ukraines accession to the EU before 2027 is "extremely difficult," and it is unclear whether EU leaders support this plan. Hungarian Prime Minister Viktor Orbán stated on the 8th that the EUs admission of Ukraine would be tantamount to declaring war on Russia, and that the EU is preparing for war with 2030 as the target date.On December 13, Venezuelan President Maduro stated that the United States usual tactics of lying, coercion, extortion, and threats are "completely ineffective" and "will never work" against Venezuela, following the recent seizure of an oil tanker in waters near Venezuela and the announcement of new sanctions.

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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