Bank of America out in the US announced today it's gonna cut 30,000 jobs over 3 years. Citibank announced last month that it was gonna shed 52,000 jobs. HSBC is dropping 1,100 people from its payroll. Nomura is saying goodbye to 1,000; Credit Suisse 5,300; JP Morgan 9,200. At home, we all know about DBS shedding 900 people and NOL 150 staff in heartless moves before Xmas and CNY.
That's about 100,000 people. Or Clementi New Town.
The big question is who's employing? And what are these people gonna do?
Here's the other thing. The employed folks are supposed to keep spending to keep the economy running. Well that's gonna make things interesting. Did you know people are actually putting cash into the US government debt system at ZERO return? Sort of like hiding cash under the mattress. That means people would rather get nothing for their savings than put any money with a bank, any bank.
Isn't it amazing the world's ended up this way? Haha.
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