Tag: Bank of America News

Goldman Sachs Lays Off 3,200 Employees and Cuts Salaries

Goldman Sachs Layoffs
Market News: Goldman Sachs layoffs exceed more than 3,000 employees.

Goldman Sachs said on Jan. 17 it had laid off around 3,200 employees as part of a headcount reduction, per Reuters.

The bank said its board had awarded Chief Executive David Solomon compensation of $25 million for his work in 2022, compared with $35 million the previous year.

This comes to a reduction of approximately one third.

Morgan Stanley also paid less to Chief Executive James Gorman, though only by 10%. 

Bank of America, one of the largest banks in the U.S. and one of is preparing to trim its workforce in an effort to cut expenses over fears of a looming recession.  

Recession 2023

bank of america
Bank of America recession news | Goldman Sachs lays off 3,200 people.

Bank of America said in December it is expecting a recession to hit the U.S by the first quarter of 2023.

There is a major slowdown happening says CEO Brian Moynihan.

Economists are now expecting a volatile market to persist in 2023.

A recession may be coming in the first quarter of 2023, according to forecasts by Bank of America (BofA) economists.

“A recession is very likely in the U.S.,” BoFa wrote in its Year Ahead 2023 report. The bank points out that this recession can last through the third quarter of 2023.

There’s no official definition of a recession, but many economists define it as a period of two consecutive quarters of negative economic growth or gross domestic product (GDP) decline – a drop that’s already been seen in 2022, says FOX Business.

More than half or 56% of Americans believe the country is in a recession, according to a recent poll by YouGovAmerica and The Economist. 

“There is a slowdown happening, there is no question about it. We are expecting a fairly weak economy throughout the entire year,” said Wells Fargo CEO Charlie Scharf.

Additional source(s): Reuters.

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Bank of America Expects a Recession by Q1 of 2023

Market News: Bank of America and Wells Fargo CEO expect a recession in 2023.
Market News: Bank of America and Wells Fargo CEO expect a recession in 2023.

Bank of America is expecting a recession to hit the U.S by the first quarter of 2023.

There is a major slowdown happening says CEO Brian Moynihan.

Economists are now expecting a volatile market to persist in 2023.

A recession may be coming in the first quarter of 2023, according to forecasts by Bank of America (BofA) economists.

“A recession is very likely in the U.S.,” BoFa wrote in its Year Ahead 2023 report. The bank points out that this recession can last through the third quarter of 2023.

There’s no official definition of a recession, but many economists define it as a period of two consecutive quarters of negative economic growth or gross domestic product (GDP) decline – a drop that’s already been seen in 2022, says FOX Business.

But many Americans already believe the U.S. is already in a recession.

More than half or 56% of Americans believe the country is in a recession, according to a recent poll by YouGovAmerica and The Economist. 

Here’s the latest market news.

Join the newsletter to receive market news and updates straight to your inbox.

Major Slowdown in Economy Points Towards a Recession

Recession News: Bank of America expects a recession in 2023.
Recession News: Bank of America expects a recession in 2023.

While retail payments surged 11% so far this year to nearly $4 trillion, that increase obscures a slowdown that began in recent weeks: November spending rose just 5%, Bank of America’s CEO Brian Moynihan said.

Even Wells Fargo CEO Charlie Scharf is saying, “there is a slowdown happening, there is no question about it. We are expecting a fairly weak economy throughout the entire year.”

American consumers are tapping the brakes on spending as the Federal Reserve’s interest rate increases reverberate throughout the economy, according to the CEOs of two of the largest American banks.

After two years of pandemic-fueled, double-digit growth in Bank of America card volume, the rate of growth is slowing.

Still, the downturn isn’t being felt equally across all retail customers and businesses, Wells Fargo’s CEO said.

Both Wells Fargo and Bank of America CEOs expect a recession by Q1 of 2023 and expect some sort of light at the end of the tunnel by Q4.

The implications of a recession end up affecting majority of the U.S. economy as corporations and businesses struggle to yield market capital in slow-growth conditions.

Wages are affected, unemployment skyrockets, and the banks get left with massive debt when Americans can no longer afford to pay their credit card bills or mortgages.

Do you think we will officially enter a recession in the beginning of 2023?

Leave your thoughts below.

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Source(s): FOX Business, CNBC.


How Can the Average American Pivot in a Recession?

Recession

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