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Data from Statista. Sometimes Statista provides full data w/o subscribing, sometimes not. So here's the data it presented me:Between the end of 2019 and its peak headcount in 2022, the company nearly doubled in size to some 87,000 employees.
that it had cash - cross check that with SVB and why startups were pulling cash out of their bank accounts. Their cash spigots were drying up.The [Meta] hiring sustained its ambitious (and in some cases seemingly ill-fated) projects like its big bet on the metaverse. ...
[T]he deep cuts ... reflect a deeper shift in thinking about the metrics that matter in a tech sector that has long been able to make up its own rules.
During the pandemic, as tech CEOs accelerated their empire building, a massive and growing headcount somehow became equated with a company’s overall health — a sign that it had cash, clout and big ambitions.
Never said any of that, merely pointed out as the article did that the Volcker cure for inflation wasn't all that, and had definite negative consequences. Nor can it be said that only one group of people wants lower rates. Most poor people in the U.S. have little to no savings to collect interest on, and actually have more variable-rate credit card debt that increases their burden as rates rise:https://bankrate.com/banking/savings/emergency-savings-report/#over-1-in-3But the chance for an average saver to get a safe return of 5-6% on their money will raise Maggie Thatcher from the dead, legitimize neocolonial revanchism, bring back the Cold War order, destroy unions that no longer exist, and, wait for it, throw people out of work.
Ultimately, rate cuts are economically stimulative while raising rates constricts. There needs to be consideration on both sides of the consequences. And you yourself by acknowledging labor has little power today compared to the 1970s have pointed out the reason we shouldn't perhaps be too fixated on raising rates too high.Over a third (36 percent) of people have more credit card debt than emergency savings, the highest percentage in 12 years of Bankrate asking this survey question. In comparison, 22 percent of people had more credit card debt in January 2022, while 28 percent of people had more credit card debt in January 2020, before COVID-19 began to affect the U.S.
https://cnbc.com/2023/03/14/stock-market-today-live-updates.htmlIn recent days, a crisis in the financial sector has centered around regional banks as Silicon Valley Bank and Signature Bank collapsed, both casualties of poor management in the face of eight interest rate hikes by the Federal Reserve in the last 12 months. Wednesday morning attention turned to the big banks with shares of Credit Suisse hitting an all-time low.
Saudi National Bank, Credit Suisse’s largest investor, said Wednesday it could not provide any more funding, according to a Reuters report. This comes after the Swiss lender said Tuesday it had found “certain material weaknesses in our internal control over financial reporting” for the years 2021 and 2022.
As Credit Suisse dragged down the European Bank sector, U.S. big bank shares declined in sympathy. Citigroup and Wells Fargo shed 3%, while Goldman Sachs and Bank of America fell 2%. The Financial Select Sector SPDR Fund lost 2.9% in premarket trading, giving up its 2% pop on Tuesday.
Regional Banks, whose rebounded helped lift sentiment for the broader market on Tuesday, fell back into the red again. The SPDR S&P Regional Banking ETF (KRE) was down 3% in the premarket, led by losses in Old National Bancorp, Zions Bancorp and Fifth Third Bancorp. To be sure, shares of First Republic Bank were clinging to gains.
Credit Suisse on Tuesday published its annual report for 2022 saying the bank had identified "material weaknesses" in controls over financial reporting and not yet stemmed customer outflows.
Switzerland's second-biggest bank is seeking to recover from a string of scandals that have undermined the confidence of investors and clients. Customer outflows in the fourth quarter rose to more than 110 billion Swiss francs ($120 billion).https://reuters.com/business/finance/credit-suisse-shares-drop-fresh-record-low-cds-widen-2023-03-15/
Oakmark funds sold their remaining shares last week.
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