What in the world is going on with corporations today? How does one draw the line between capitalism and greed? Whatever happened to the theory that when employee hard work contributes in a positive way to the corporate bottom-line, everyone prospers? These are some issues addressed by Sally Kohn writing for The Guardian, a British […]
Most of us who have been around since the Space Age began grew up in a middle class home with a Dad who worked, a Mom who stayed home to take care of the house and kids and at least one dog. There was that “corporate ladder” to climb with the promise of raises and […]
UBS will slash bonuses and eliminate more positions as a result of the now estimated $2.3 billion trading loss it has called “unauthorized,” according to observers. Apparently, the positions that resulted in the $2.3 billion loss were normal in size and appeared to be hedged, but the hedges were “fictitious positions.” As a result, there […]
Unemployment is due to remain at 9 to 10% and the nation’s poor continue to increase. Incomes across the board have declined over the last several years but the poor show a greater loss than the rich. As Hope Yen points out in an article for the Associated Press, the statistics behind this phenomenon are […]
The chasm of disparity between rich and poor is wider now than ever subjecting our economy to violent swings between boom and bust. The richest 5% of Americans now account for 37% of consumer purchases according to Moody’s Analytics. The solution is not a mere matter of income redistribution but more like tuning up the […]
Bank of America is considering eliminating 40,000 positions as a first wave of cuts to occur over a period of years, partly through attrition and hiring slowdowns. According to Dan Fitzpatrick’s Wall Street Journal article entitled “BofA Cutbacks May Hit 40,000,” the reductions are expected to come largely from the consumer side of the bank.
Wall Street banks are targeting their mid-level, middle-age employees for termination in an effort to reduce costs in this down market, according to “Mid-Career Workers Squeezed Off of the Street.” Approximately 113,000 employees (nearly half of those aged 35 to 54) at U.S. investment banks and brokerages have been terminated since 2008, according to the […]
UBS AG said it will lay off more than 5% of its employees, according to Neil Maclucas’s Wall Street Journal article entitled “UBS to Cut 3,500 Jobs.” Forty-five percent of the cuts will come from investment banking and thirty-five percent will come from the wealth-management and Swiss bank unit. The high proportion of cuts at […]
If you think you know the full story about the unemployment problem, think again. The media has yet to really put the extent of the problem into perspective. To be fair, some of the blame must go to the methods of measurement and political distortions that cloud conventional logic. Where are our “job creators”? The […]
Bank of America will cut 3,500 jobs this quarter and at least 10,000 this year, in addition to the 2,500 jobs cut earlier this year, according to an InvestmentNews article entitled “BofA to slash 10,000 jobs: Reports.” The jobs cuts are reportedly in addition to BofA’s Project New BAC, which is another cost-cutting program. In […]
