Bloomberg Evening Briefing: Wells Fargo an the Price of High Interest Rates – Bloomberg

Bloomberg Surveillance: Early Edition with Anna Edwards, Matt Miller & Kailey Leinz live from London, Berlin and New York, bringing insight on global markets and the top business stories of the day.
Bloomberg Daybreak, anchored from New York, Boston, Washington DC and San Francisco provides listeners with everything they need to know. Hear the latest economic, business and market news, as well as global, national, and local news.
A 19-year-old who helped trigger the fidget spinner craze is hunting down his next big entrepreneurial win. Then there’s the young philanthropist who created his own community pantry, providing care packages for people in need. Finally, meet the couple behind the sports tech company whose products merge aspects of science, training and rehabilitation to serve professionals and everday athletes.
London’s Grandest Suite Will Look Directly at Buckingham Palace
Chinese Developers Plan Bonds Protected by Derivatives in Crunch
South African Policy Rate Seen Topping 8% Amid Leadership Crisis
Lagarde Leads Chorus Warning That Inflation Must Be Anchored
ECB’s Lagarde Sees Need to Ensure Inflation Returns to Goal
It Took Two Tries to Quit Finance. Now She’s Selling Harleys to Commuters
This British Hotel Offers a Butler to Help You Pick Out Books
Tesla Expands Vehicle Lineup With Delivery of ‘Badass’ Big Rig
It Took Two Tries to Quit Finance. Now She’s Selling Harleys to Commuters
Windhorst to Get Stake in 777 Football Arm in Hertha BSC Deal
Kenya’s President Suspends Four Electoral Commission Officials
Brexit ‘Landing Zone’ Possible in Next Few Weeks, Ireland Says
Secretive Wine Billionaire’s ‘Old-Style’ Habits Blur Succession
Mortgage Rates Extend Slide, Giving Homebuyers Some Relief
An Appalachian Group Is Forging a More Community-Led Approach to Giving
Elton John to Play Glastonbury as Epic Tour Draws to Close
This Japan World Cup Team Does More Than Tidy Up
South African Woes Go Deeper Than Ramaphosa’s Sofa
Long Covid Doesn’t Explain This Many Quitters in the UK
Ryanair, EasyJet Scale Back in Germany Over Airport Fees
Inside Sam Bankman-Fried’s Bahamian Penthouse After FTX’s Fall
Forget Zoom Calls, Remote Work Startups Want to Build a Virtual Office
Australian Parliament Rape Trial Called Off Over Health Concerns
NJ Moves to Require Some Insurance Companies to Cover Abortions
Electric Drying Racks Are Flying Off Shelves in the UK
Drought-Parched California Cities to Get Little Relief Next Year
Victims of a Forgotten War, Syrians Build a New Aleppo Next Door
Bikeshare Roars Back From the Pandemic
Beverly Hills Cop Was California’s Highest-Paid Municipal Worker
Crypto Feels the Wrath of FTX’s Demise Through Bankruptcies (Podcast)
Bankman-Fried’s Latest Crypto Advice Rings Hollow After FTX Failures
Here Are the Key Takeaways From Bankman-Fried’s DealBook Summit
Get caught up.

Subscriber Benefit
Sign In
A measure of US inflation that Federal Reserve Chair Jerome Powell seems to consider an important signpost showed a slowdown last month, the latest good news for a central bank that still hopes to negotiate a soft landing for the economy. But in financial circles, the Fed may be in the minority as the clamor of recession prognosticators returns yet again to a fever pitch. And the rate hikes Powell has been wielding like a broadsword are increasingly causing collateral damage. On Thursday, Wells Fargo fired hundreds more of its mortgage employees, the latest in a series of terminations across the industry as high rates bring home-lending to a grinding halt. Another big financial name is engaging in mass firings, too, albeit for different reasons. Credit Suisse, following years of scandals and management missteps, is terminating at least one third of its debt sales employees globally as part of its latest restructuring—one that seeks to eliminate thousands of jobs while drastically downsizing its investment banking and trading business. 
Taiwan Semiconductor Manufacturing will make more advanced microchips at its new $12 billion plant in Arizona, set to open in 2024, after US customers such as Apple pushed the company to do so. Tensions with China have turbocharged US efforts to bring more manufacturing to its shores—especially semiconductors critical to both consumer and defense industries. The Biden administration’s Chips and Science Act, passed this year, offers $50 billion in incentives for companies looking to create semiconductors in America.


Leave a Comment