JP Morgan Chase and Bank of America have continued to add staff as the economy softens, even after the ranks of the five biggest US lenders swelled by 100,000 since the start of 2020.
The chief financial officers of the two biggest US banks said they would hire selectively despite waning economic growth.
JP Morgan's chief financial officer Jeremy Barnum said the bank is still hiring and "in growth mode" in a call with journalists to discuss the bank's fourth-quarter earnings.
The bank's headcount will probably rise modestly, although "there will be different adjustments at different times, and we're seeing that all across the company", Mr Barnum said.
Bank of America also continues to hire, particularly in wealth management, while also remaining disciplined on its expenses, chief financial officer Alastair Borthwick told reporters on Friday.
Its workforce swelled to 216,823 at the end of 2022 compared with 208,248 a year earlier.
"We don't have any plans for mass layoffs," he said.
Citigroup's chief financial officer Mark Mason told an earnings briefing "we're actively hiring to execute against our strategy. But we're also repacing where that makes sense in light of the environment that we're in".
The banking giants stood by their hiring plans even as other lenders cut staffing in investment banking and mortgages.
The projections came after Goldman Sachs became the first major bank to commence large layoffs this year, letting go of more than 3,000 employees in its biggest round of job cuts since the 2008 financial crisis.
BNY Mellon plans to cut about 3 per cent of its workforce this year, a source said on Friday.
Among the five of the top six banks, JP Morgan, Bank of America, Citigroup, Goldman Sachs and Morgan Stanley added more than 100,000 jobs from the first quarter of 2020, based on their fourth and third quarter figures.
Wells Fargo bucked the trend, reducing its headcount by nearly 21,000 in the same period.
Goldman had hired 10,600 people since the start of the pandemic, including staff for Marcus, its consumer banking unit that was scaled back in October after losing money.
"It is a safe bet to say more banks might follow as they struggle to make the math work from a bonus perspective and adjust to lower deal volumes," said Natalie Machicao, vice president at executive search company Sheffield Haworth in New York.
"Other banks are making cuts, with equity capital markets and leveraged finance more deeply affected than coverage or M&A," she said, noting that the trims were happening on an individual basis or smaller scale rather than a large reduction in force.
Goldman's cost cuts reflect its reliance on investment banking and trading, which accounted for about 65 per cent of its revenue in the third quarter of 2022, as the deal-making drought eroded profits.
That compares with Morgan Stanley, where the comparable businesses made up 45 per cent of its revenue in the same period.
Dante DeAntonio, a director of economic research at Moody's, said employment in finance and insurance plateaued in the fourth quarter and started to decline in December.
That masked a weaker trend in the credit intermediation or banking, which has declined modestly over the past six months after staying flat for most of 2021 and early 2022, he said.
"We expect payrolls to remain flat to slightly down throughout this year with the most risk coming from the residential and commercial lending divisions within these institutions," Mr DeAntonio said.
"In some sense, the tide has already turned."
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AL%20BOOM
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Bio
Born in Dibba, Sharjah in 1972.
He is the eldest among 11 brothers and sisters.
He was educated in Sharjah schools and is a graduate of UAE University in Al Ain.
He has written poetry for 30 years and has had work published in local newspapers.
He likes all kinds of adventure movies that relate to his work.
His dream is a safe and preserved environment for all humankind.
His favourite book is The Quran, and 'Maze of Innovation and Creativity', written by his brother.
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
RESULTS
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UAE currency: the story behind the money in your pockets
RESULTS
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Dunki
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The%20specs
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KILLING OF QASSEM SULEIMANI
Key recommendations
- Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier.
- Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
- Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
- More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.
Killing of Qassem Suleimani
Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
Read more about the coronavirus
More on animal trafficking
Virtual banks explained
What is a virtual bank?
The Hong Kong Monetary Authority defines it as a bank that delivers services through the internet or other electronic channels instead of physical branches. That means not only facilitating payments but accepting deposits and making loans, just like traditional ones. Other terms used interchangeably include digital or digital-only banks or neobanks. By contrast, so-called digital wallets or e-wallets such as Apple Pay, PayPal or Google Pay usually serve as intermediaries between a consumer’s traditional account or credit card and a merchant, usually via a smartphone or computer.
What’s the draw in Asia?
Hundreds of millions of people under-served by traditional institutions, for one thing. In China, India and elsewhere, digital wallets such as Alipay, WeChat Pay and Paytm have already become ubiquitous, offering millions of people an easy way to store and spend their money via mobile phone. Indonesia, Vietnam and the Philippines are also among the world’s biggest under-banked countries; together they have almost half a billion people.
Is Hong Kong short of banks?
No, but the city is among the most cash-reliant major economies, leaving room for newcomers to disrupt the entrenched industry. Ant Financial, an Alibaba Group Holding affiliate that runs Alipay and MYBank, and Tencent Holdings, the company behind WeBank and WeChat Pay, are among the owners of the eight ventures licensed to create virtual banks in Hong Kong, with operations expected to start as early as the end of the year.
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
