Business Update -14 June 2023
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Barclays CEO in bid to stem US talent flight
Barclays Chief Executive C.S. Venkatakrishnan held a virtual town hall to address management changes leading to bankers leaving for rival firms. Roughly two dozen U.S. investment bankers have left Barclays for firms like Citigroup, UBS, and Jefferies Financial Group.
Amazon’s return-to-office policy is hugely unpopular with employees, poll says
A recent poll of Amazon employees found that the company’s return-to-office policy is hugely unpopular. When Glassdoor asked Amazon employees “Do you support Amazon’s return-to-office policy?” a significant 78% of them answered “no.” Only 22% answered “yes.”
Americans have nearly $1 trillion in credit card debt
Americans have a staggering amount of credit card debt, totaling nearly $1 trillion, averaging to about $5,700 per person. High interest rates and inflation are adding to the problem. Credit card debt is a major financial burden for many Americans, and can have long-term consequences.
Debt ceiling deal done? Here’s what’s next for bond ETF investors
The debt ceiling agreement has helped ease macro-level concerns but could pose new challenges for bond exchange-traded fund (ETF) investors.
Fed Is Set to Pause and Assess the Effect of Rate Hikes
The Federal Reserve has decided to pause its interest rate hikes and assess the effects of the previous hikes. This decision was made in order to assess the impact of the rate hikes on the economy and to determine if further hikes are necessary.
Wage growth slowing sharply in US, Indeed says
According to Indeed, wage growth in the US is slowing rapidly. The wage tracker – based on salaries for job advertisements listed on Indeed – showed that salaries were up 5.3% in May compared with the same time one year ago. That is a marked drop from January 2022, when wages were up about 9.3%, suggesting that employers are facing less competition for new hires. Based on the current trajectory, wage growth will likely return to its pre-pandemic range of about 3% to 4% late this year or early in 2024.
FAA delays flights for 5 major US airports so far, as Canada wildfire smoke impacts visibility
The FAA has delayed flights at five major US airports due to smoke from Canadian wildfires impacting visibility. The airports affected are in Seattle, Portland, San Francisco, Oakland, and San Jose. The delays are expected to last until visibility improves.
FDC data analysis shows bank impersonation if the most reported text message scam
The FTC ranks the top five types of text message scam reported in 2022, with examples of each showing the ways that scammers craft messages designed to deceive consumers. Fake bank security messages, often supposedly from large banks like Bank of America and Wells Fargo, were the most common type. These texts are designed to create a sense of urgency, and those who respond are connected to a fake bank representative.
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