The major global banks cut their staff by more than 60,000 during the year, making 2023 one of the most redundant fiscal years in the sector since the great global financial crisis, according to data compiled by the Financial Times.

According to the reference newspaper in the City, some 20 of the world’s largest banks will cut at least 61,905 jobs by 2023, down from the more than 140,000 jobs cut by the same lenders during the 2007-08 global financial crisis, but still one of the biggest job adjustments in the sector.

In previous years with large job losses in banking, such as 2015 and 2019, the paper notes that these largely responded to cuts between European institutions in response to historically low interest rates, but in 2023 about half of the accounting adjustment came from Wall Street lenders.

In this sense, investment banks suffered for the second year in a row a fall in their commissions due to the fall in public agreements and quotes, which led Wall Street to try to protect profit margins by cutting staff, in addition to the impact related to the acquisition of Credit Suisse by UBS, which has so far resulted in at least 13,000 fewer jobs.

Also, in many cases, lenders are reversing post-pandemic hiring, when repressed demand for transactions sparked a talent war among investment banks.

K. Tovar

With information from international media

(Reference image source: Louis Droege, Unsplash)

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La entrada 2023 was marked by layoffs in global banking apareció primero en Bitfinance.

The bankruptcy of Silicon Valley Bank affects not only empires in the technology sector. Actress Sharon Stone claimed at a charity event on Thursday that half of her fortune was trapped in SVB.

During a fundraiser for cancer and HIV patients, Stone showed her shock at the loss of her money due to the failure of Silicon Valley Bank. She was totally emotional, and indicated that in these difficult times, more courage is required to make donations.

A piece of information provided by the Daily Mail indicates that the fortune of the actress would be around 61 million dollars. This is a considerable loss in her coffers.

The banking crisis in the United States is already sweeping through Europe and Asia, causing greater vulnerability on the global stage and nervousness among investors and savers.

M.Pine

With information from national and international media

(Reference image source: Ringo Chiu/SOPA Images via ZUMA Press Wire/dpa)

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La entrada Sharon Stone claims she lost half her fortune to SVB bankruptcy apareció primero en Bitfinance.

US President Joe Biden sent a reassuring message to the country’s population about the safety of the US banking system. In a brief speech to the media, the president stressed that customer deposits at Silicon Valley Bank and Signature Bank are insured and will be available when needed.

This comes after regulators announced a plan to protect the SVB’s deposits after its collapse and the closure of another bank, Signature Bank, under the same parameters.

Biden indicated that he will seek to advance stronger regulation to avoid future bank failures, and affirmed that the money to protect deposits will come from the fees that banks pay for deposit insurance. In addition, the president announced that shareholders will not be protected in the event that the Federal Deposit Insurance Corporation (FDIC) takes over the bank.

In this sense, Biden declared that investors take a risk knowing that they can lose their money, which is a characteristic of capitalism.

California-based Silicon Valley Bank had previously announced it would seek a capital increase to deal with financial difficulties that led it to divest about $21 billion worth of investments, resulting in a loss of about $1.8 billion. millions.

However, many clients withdrew their funds following this announcement, leading to the bank’s lack of liquidity and its subsequent closure by regulators. This caused a drop in the company’s stock price and affected the banking sector not only in the United States, but also in other countries.

K. Tovar

Source: Descifrado

(Reference image source: file)

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La entrada Biden assures that the US banking system is safe apareció primero en Bitfinance.

The most recent report from the UK Office for National Statistics puts the number of companies that have filed for bankruptcy between April and June at 5,629. The figure far exceeds that recorded for the same quarter between 2015 and 2019, when the pandemic appeared.

The high costs of services, including gas and electricity, affect this decision of certain companies to declare insolvency, according to the ONS. The bureau adds rising prices for raw materials as well as disruptions to supply chains.

During the time that the Covid-19 pandemic has lasted, the British government has been implementing packages of financial support measures not only for companies but also for citizens.

However, in the case of companies with a workforce of less than 50 workers, the hardships have increased. It is estimated that among the most affected sectors is manufacturing, construction and hotels.

In August, according to a survey carried out by the ONS, at least 11 % of companies indicated that they perceived a risk, between moderate and low, of falling into bankruptcy.

M.Pino

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Source: swissinfo

La entrada UK business failures on the rise apareció primero en Bitfinance.

The price of Bitcoin, the main cryptocurrency in the market, remains low. This situation directly affects the financial status of El Salvador, a Central American country that adopted crypto in September 2021.

The negative streak in the price of Bitcoin leaves deep scars in the economy of the country led by Nayib Bukele, who has remained absolutely silent since last June. Not so, the IMF and agencies such as Moody’s, which expose possible scenarios for El Salvador in the face of the payment of commitments that expire in 2023.

Kristalina Georgieva, president of the IMF, has warned since the beginning of the adoption of Bitcoin in El Salvador, about “the risks associated with it and its impact on the integrity and financial stability of the country, even recommending its elimination as a currency official”.

On the other hand, S&P Global Ratings has downgraded the country’s short-term sovereign credit rating from ‘B’ to ‘C’. And the Moody’s agency did the same, taking the rating up to Caa3.

The future looks bleak for El Salvador. Nayib Bukele remains silent and the population, surrounded by Bitcoin ATMs, expresses concern about a possible default that would drag them into the global crypto winter.

M.Pino

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Source: elespanol

La entrada Drop in the price of Bitcoin affects the economy of El Salvador apareció primero en Bitfinance.

The central banks of the world are increasing their gold reserves, and at the same time lowering the amount of dollars in recent decades.

Recent data from the World Gold Council reveals that gold reserves in 2021 reached their highest value in 31 years.

Central banks around the world are turning their backs on the dollar and opting instead of the dollar for gold reserves, which have not stopped growing in recent decades.

Central banks have increased their reserves of the precious metal by more than 4,500 tonnes in the last decade. In September alone, reserves amounted to some 36,000 tonnes, the highest since 1990 and 15% more than in the previous decade.

All this process of holding gold began to take place in 2009, until that date banks and public institutions used to sell to increase their reserve assets in dollars.

K. Tovar

Source: Globovision

La entrada Banks of the world increase their gold reserves apareció primero en Bitfinance.