On a day which started with gentle if persistent rain, before clearing for near ideal links conditions, but with the wind shifting direction and the R&A attempting to protect the links with rarely seen flag placements, there were many who contrived to go low, with Smith’s 64 the low round and with the cut-mark eventually settling on level-par 144. If the poignancy of Woods’s finish, including a slow walk over the Swilcan Bridge brought tears to many an eye, including his own, those with their eyes on the historic title will want to fashion that old killer’s instinct of his which once upon a time had invoked fear into one and all.ĭoes Smith have that hard edge? We’ll see, for among those numbered among his closest pursuers emerged a mix of young guns and old hands perhaps most notably of all Rory McIlroy, who added a 68 to his opening 66 for 134 to be close enough to have genuine ambitions of claiming a fifth career Major title and first since his 2014 US PGA. Bloomberg News reported Monday that Apple ( AAPL) plans to slow hiring and curb spending next year across certain divisions to "be more careful during uncertain times.”Īlexandra Semenova is a reporter for Yahoo Finance.The air in the grey town dripped with sentimentality, but of cordite too for, on a day when Tiger Woods strode his favoured fairways for perhaps the last time of an honoured career, those with grand designs on this 150th Open on the Old Course manoeuvred into position for a battle royale, with Australian Cameron Smith’s midway total of 13-under-par 131 a record low through 36-holes. The bank is expected to lay off or reassign more than 1,000 employees, Bloomberg News reported last month.Īnd among other industries, namely tech and real estate, hiring pauses and job cuts have already been notable. JPMorgan has already begun cutting jobs in its home-lending division as rising mortgage rates and inflation drive a slowdown in the housing market.
Meanwhile, Bank of America saw its profit fall 34%, dragged down by a decline in investment banking revenue amid slower dealmaking activity. The bank temporarily suspended share buybacks and set aside an additional $428 million in credit reserves to cover sour loans, pointing to a “ modest deterioration in the economic outlook.” Morgan Stanley also revealed results that missed analyst expectations, dragged down primarily by a slump in investment banking revenue due to volatile market conditions.Ĭitigroup ( C) was a bright spot in recent bank earnings, reporting an 11% jump in revenue for the period to $19.64 billion. JPMorgan kicked off a lackluster season for bank earnings on Thursday when it reported a wider-than-expected drop in profit of 28% during the second quarter to $8.6 billion, or $2.76 per share. Attendees predicted Wall Street could see its workforce slashed by at least 10%, with job cuts likely to begin later this year. The New York Post reported Sunday that at a recent luncheon attended by executives from banking heavyweights including JPMorgan ( JPM) and Morgan Stanley ( MS), conversation was centered around hiring freezes and layoffs.
Bank profits have also fallen sharply from a year earlier as institutions set aside funds for potential loan losses. Goldman’s announcement comes amid growing speculation Wall Street is preparing to lay off workers as higher interest rates, market volatility, and signs of recession permeate the industry. Still, investment banking revenue fell 41% to $2.14 billion during the period. Goldman impressed investors on Monday with a smaller-than-expected 48% drop in second-quarter profit, with a slowdown in its underwriting business partially offset by strength in fixed income trading. David Solomon, Chairman and CEO of Goldman Sachs, speaks at the 2022 Milken Institute Global Conference, in Beverly Hills, California, U.S., May 2, 2022.
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