BlackRock (BLK), the world’s largest asset manager, will lay off about 500 employees — or roughly 3% of its workforce — according to an internal email seen by Yahoo Finance. The investment giant joins a growing number of Wall Street firms trimming their headcount after last year’s market rout and as Corporate America ramps up hiring freezes and job cuts. “This week, after meaningful headcount growth in recent years, we are making some changes to the size and shape of our workforce,” CEO… Source link
Read More »Airbnb CEO bets on tailwind from economic downturn, says shift in behavior ‘similar to 2008’
Airbnb (ABNB) is betting that a continued economic downturn will provide a tailwind for the travel company to expand its pool of hosts, looking to earn some extra income. In fact, CEO Brian Chesky said he’s already seeing a shift in behavior on the platform, reminiscent of the Great Recession when the company was first founded. “I think this is going to be in some ways similar to 2008,” said Chesky, speaking to Yahoo Finance Live (video above). “A lot of people that weren’t considering… Source link
Read More »How a housing downturn could lead to a recession
The housing market is starting to show signs of a slowdown. If the trend persists, the U.S could see an impact in other sectors of the economy — starting with big-ticket items that go into furnishing a new home. “The housing market is very much a leading indicator of the economy because of the knock on effects through the various sectors, like consumption of durable goods,” Eric Basmajian, founder of EPB Macro Research, told Yahoo Finance. He predicts durable goods such as large appliances… Source link
Read More »Can the Fed avoid negative interest rates in the next downturn?
The Federal Reserve managed to avoid turning to negative interest rates through the pandemic-induced recession of 2020. But if the economy faces another downturn, will the central bank be backed into short-term borrowing rates below zero? In a UBS survey of almost 30 central banks around the world, 21% of respondents said they could see the Fed turning to negative interest rates if needed. The concern: With U.S. short-term rates yet again backed up at near-zero, a Fed that may be slower to… Source link
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