Author Topic: Recession 2019/2020 Mega-thread (putteth all thy strange eruption in h're)  (Read 59866 times)

rcjordan

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Re: Recession 2019/2020 Mega-thread (putteth all thy strange eruption in h're)
« Reply #270 on: February 18, 2020, 02:16:51 PM »
Big one.

'Quinn warned there would be "meaningful" workforce reductions in the bank's home market of the United Kingdom. Other cuts to jobs and costs will come from a simplification of the bank's organizational structure and from the effect of technology and digitization on the business.'

'The bank plans to reduce its global headcount by roughly 15% to 200,000 over the next three years, a company spokesperson said, although the precise figures have not been finalized.
HSBC will also ditch $100 billion in assets, shrink its investment bank and close a third of its US branches as it shifts resources to the Middle East and Asia, where it already makes most of its profits. The changes are expected to cost $7.2 billion by 2022.'

HSBC plans to cut 35,000 jobs as profit drops 33%
https://www.cnn.com/2020/02/18/business/hsbc-results-2019-announcement/index.html

Mackin USA

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Re: Recession 2019/2020 Mega-thread (putteth all thy strange eruption in h're)
« Reply #271 on: February 18, 2020, 02:51:53 PM »
They will close 76 branches in the USA.

I'm not sure that I have ever seen one.

https://en.wikipedia.org/wiki/HSBC_Bank_USA
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rcjordan

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Re: Recession 2019/2020 Mega-thread (putteth all thy strange eruption in h're)
« Reply #272 on: February 18, 2020, 03:19:41 PM »
>I'm not sure that I have ever seen one.

Same here.  Must be Yankee/Cali-only.  Which may explain their problem in the US.  I live in a small town, but it's the business hub of dozens of outlying rural communities. We have too many banks, but there has been some down-sizing over the last decade.

Oh, and don't forget ....DON'T BANK ONLINE!  hhh

Mackin USA

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Re: Recession 2019/2020 Mega-thread (putteth all thy strange eruption in h're)
« Reply #273 on: February 18, 2020, 07:11:20 PM »
Macy's Downgraded To Junk; Stock Tumbles

S&P Global Ratings
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rcjordan

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littleman

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Re: Recession 2019/2020 Mega-thread (putteth all thy strange eruption in h're)
« Reply #276 on: February 22, 2020, 11:11:10 PM »
The Glub, Glub, Glub Of Recession Circling The Drain

Quote
In short, manufacturing remains in recession; corporate profits remain in recession; freight remains deep in recession; Carmageddon remains in recession; and the Retail Apocalypse remains a recession for brick-and-mortar stores, while employment - the last holdout - is now also turning downward.

Anecdotal:  The Mrs & I went out to dinner last night and there were a lot less people out downtown than there was six month ago.  We were speculating that its coronavirus making people stay in.

rcjordan

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ergophobe

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Re: Recession 2019/2020 Mega-thread (putteth all thy strange eruption in h're)
« Reply #278 on: February 26, 2020, 05:24:33 PM »
>>virus fears

SFO just declared a state of emergency despite no confirmed cases. In Russia, they are monitoring and putting restrictions on Chinese.

All of this is going to throw some cold water on global trade and eventually even local trade.

rcjordan

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Re: Recession 2019/2020 Mega-thread (putteth all thy strange eruption in h're)
« Reply #279 on: February 26, 2020, 07:17:37 PM »
> state of emergency

Saw a headline that London did the same.

Mackin USA

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Re: Recession 2019/2020 Mega-thread (putteth all thy strange eruption in h're)
« Reply #280 on: February 27, 2020, 11:03:27 AM »
Saudi Arabia suspends pilgrimages to Mecca over coronavirus
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littleman

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Re: Recession 2019/2020 Mega-thread (putteth all thy strange eruption in h're)
« Reply #281 on: February 27, 2020, 03:53:08 PM »
So, with CV I think we went fro recession speculation to now speculating on how bad it's going to get.   We haven't had a disruptive force like this in decades. 

ergophobe

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Re: Recession 2019/2020 Mega-thread (putteth all thy strange eruption in h're)
« Reply #282 on: February 28, 2020, 03:47:22 AM »
>>decades

Do you think it's bigger than the complete shutdown of air traffic and then launching two wars in 2001?

But yes, that's the only thing I can think of in a long time that seems this disruptive to the economy.

littleman

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Re: Recession 2019/2020 Mega-thread (putteth all thy strange eruption in h're)
« Reply #283 on: February 28, 2020, 05:20:28 PM »
>Do you think it's bigger than the complete shutdown of air traffic and then launching two wars in 2001?

Probably yes, this is a global crisis with massive economic disruption basically everywhere. 

rcjordan

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Re: Recession 2019/2020 Mega-thread (putteth all thy strange eruption in h're)
« Reply #284 on: February 29, 2020, 07:25:25 PM »
Companies are canceling U.S. domestic travel over coronavirus fears
https://www.msn.com/en-us/news/us/companies-are-canceling-us-domestic-travel-over-coronavirus-fears/ar-BB10xnbr

Coronavirus prompts United Airlines to offer pilots a month for flight cuts
https://www.cnbc.com/2020/02/29/coronavirus-prompts-united-airlines-to-offer-pilots-a-month-for-flight-cuts.html

The travel industry, a linchpin of the global economy, is suffering its worst shock since 9/11
https://www.cnn.com/2020/02/29/business/travel-industry-coronavirus-economic-impact/index.html

« Last Edit: February 29, 2020, 10:57:19 PM by rcjordan »