Business Update – January 11, 2023
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Layoffs ahead for Goldman Sachs
According to a person familiar with the matter, Goldman Sachs will lay off as many as 3,200 employees this week. The bank has been hit by a slump in global activity.
Investors weigh their chances against further rate hikes
Money market bets are showing 77% odds of a 25-basis point hike in the Fed’s February policy meeting, but investors may be profit-taking ahead of the CPI report due Thursday.
Mortgage rates approach 4-month lows
Mortgage rates improved this week with the bond market making serious gains. As a result, the average lender is slightly better versus last Friday, coming almost perfectly in line with the lows seen on December 15th.
Telling indicator points to a recession
The Treasury yield curve is a notorious predictor of recession, and on the 2 and 10-year notes, it’s at its deepest inversion in over 40 years. The indicator preceded the downturns of 1990, 2001, and 2008.
Tech layoffs continue into 2023
Silicon Valley marked the second half of last year with hiring freezes, layoffs, and other cost-cutting measures. Unfortunately, tech layoffs may go from bad to worse this year.
SBF acquires high-profile defense attorneys
FTX founder Sam Bankman-Fried is turning to powerful attorneys for his day in court. Known for their meticulous and persistent approach to building a defense, they have worked on cases involving drug lord ‘El Chapo’ and convicted sex trafficker Ghislaine Maxwell
Disney CEO Bob Iger calls employees back to the office
In a memo to employees, Iger emphasized the value of working together in person and will require that they come in 4 days a week. He feels that being together in person allows employees to connect, observe, and create with peers and grow professionally by learning from leaders and mentors.
Is it time to buy Tesla?
After a nosedive over the past few months, economists say that the stock is oversold. As a result, many wonder if Tesla has bottomed out – and if it could fall further.
Bed, Bath & Beyond – a look back
The retailer is rumored to be inching toward bankruptcy. Yahoo! Finance reflects on its adventurous and chaotic 50-year journey from simple beginnings to becoming a national retail titan.
Would you like to drive a giant hot dog for a living?
Kraft Heinz is looking for “creative souls” to drive one of its Oscar Mayer Wienermobiles full-time, touring America to attend high-profile events and coordinate press on its behalf.
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