James Gorman, Morgan Stanley’s CEO for the past 12 years, has sold $48 million worth of his hoard of Morgan stock so far this year, bringing the total he has cashed in to $78 million. Ted Pick, who will take over for Gorman in January, has sold $30 million worth of his shares, according to the Financial Times.
The Bank of England (BoE) raised its base interest rate for the 14th time in as many meetings, setting it at 5.25 percent, its highest in 15 years.
In the first six months of this year, London-based Barclays bank set aside £896 million, or about $1.2 billion, to cover loans likely to turn sour, the bank disclosed on 27 July. The amount is more than double that in the first half of 2022.
The troubled PacWest Bancorp, which wobbled in the wake of the mid-March failure of Signature and Silicon Valley banks, has been sold to Banc of California, a smaller competitor, in a stock swap.
July 13, 2023, JP Morgan Chase Bank informed me they are closing all of my business accounts, along with the personal accounts of my CEO, my CFO and their respective spouses and children
With a recession still likely, gold’s price will break through $2,000 later this year and set new records in 2024 as the U.S. Federal Reserve begins cutting interest rates in next year’s second quarter, analysts at megabank JPMorgan Chase predicted.
Once again, the Bank of Canada (BoC) raised its key interest rate by a quarter point, moving it from 4.75 to 5.0 percent in the wake of second-quarter consumer spending that was stronger than predicted.
HSBC, Europe’s largest bank, announced on 26 June it will leave its self-named Canary Wharf headquarters and move its 8,000 staff members to smaller digs in “The City,” the London district equivalent to New York’s Wall Street.
It’s plain and simple. Across the globe, there are more and more forecasts for rising interest rates and more fears of recession. In this 44 of our job-cut report, the biggest job cuts are from the UBS banksters who are ready to fire some 35,000 Credit Suisse employees following its emergency takeover of the bank.
More banks will merge this year as their costs rise, operating margins shrink, and other institutions offer higher interest rates to depositors, U.S. treasury secretary Janet Yellen said at last week’s conference in Paris on global debt and climate issues.