This time last month stock markets were starting an end-of-year rally, cheerfully regarding the US Federal Reserve’s small increase in interest rates as evidence of the underlying strength of the global economy. Now, says William White, former chief economist of the Bank for International Settlements, the situation is as bad as in 2007, the onset of the banking crash.
Another day, another massive set of job cuts.
The shape of things to come ?
Deutsche Bank has warned investors it expects to report a €6.7bn (£5.15bn) loss for the fourth quarter of 2015.
Growing concern in the City about Britain’s possible exit from the European Union has been underlined by the fact that the Wall Street firm Goldman Sachs had pumped a significant sum into the campaign for staying in.
Fears that the global economy could be heading for a repeat of the 2008 financial crash have sent shockwaves through financial markets – prompting a rush to safe havens by investors.
The FTSE 100 officially entered bear market territory yesterday for the first time since 2009, as the New Year sell-off sent panic through trading floors and stoked fears of a broader economic slowdown.
Shifting more operations to lower cost cities like Mumbai and Budapest.
Other firms may follow.
'That revenue pool for the industry has been shrinking'.
Goldman Sachs reported a higher second-quarter profit on Tuesday, as it benefited from a sharp decline in expenses and more activity in some parts of the fixed-income markets, but most of its businesses came under pressure.
Pacific Investment Management Co. hired Danielle Luk from Credit Suisse as a portfolio manager and Tiffany Wilding from Tudor Investment Corp. as economist.
Evidence that the UK economy has so far withstood the shock of Brexit has been provided by a Bank of England report that shows no general slowing in activity since the referendum.