Ejecutiva Magazine


Banking: Technological efficiencies will result in the biggest reduction in headcount across the U.S. banking industry in its history, with an estimated 200,000 job cuts over the next decade.

Year 1, Edition: 195 Miami, Monday, October 7th 2019

Politics:At least one additional whistleblower with firsthand knowledge of the circumstances around President Trump’s July call with his Ukrainian counterpart has come forward, according to lawyers representing both the individual and the CIA officer whose initial complaint helped spark an impeachment inquiry (The Wall Street Journal). Sen. Mitt Romney on Friday denounced President Donald Trump for calling on China and Ukraine to investigate 2020 political rival Joe Biden, saying the president’s request is “wrong and appalling.” The Utah Republican’s statement marks the strongest condemnation of the president from any Republican senator. Most members of the GOP have responded to the president’s China request with silence (NBC News).
Sen. Bernie Sanders returned to his home in Burlington, Vermont, on Saturday as he recovers from a heart attack. He was treated for what his campaign described at the time as a blockage in one artery. But a statement from Sanders’ doctors released through the campaign on Friday said Sanders “was diagnosed with a myocardial infarction,” a medical term for a heart attack (NBC News).
USA: The White House issued a presidential proclamation requiring many future immigrant visa applicants to show they can afford health care, a move that could make it harder for poor migrants to enter the U.S. The action, which is set to take effect in 30 days (The Washington Post).
Talks for a new four-year labor contract between General Motors and its striking workers took a “turn for the worse” on Sunday after the United Auto Workers rejected the largest U.S. automaker’s latest offer but the two sides were still talking. The GM strike began on Sept. 16 with its 48,000 UAW members seeking higher pay, greater job security, a bigger share of the automaker’s profit and protection of healthcare benefits (HuffPost.com).
Four people were killed and five others wounded after a suspect entered a bar in Kansas City, Kansas, early Sunday and started shooting, police said. The four people who died were all Hispanic males, who ranged in age from mid-20s to late-50s (NBC News). Four homeless men were killed — and a fifth seriously injured — around Manhattan’s Chinatown neighborhood when someone struck their heads with metal, apparently while they were sleeping, New York City police said Saturday (CNN). Randy Rodriguez Santos, 24, was charged with four counts of murder (NBC News).
Banking:Technological efficiencies will result in the biggest reduction in headcount across the U.S. banking industry in its history, with an estimated 200,000 job cuts over the next decade, Wells Fargo & Co. said in a report. The $150 billion annually that the country’s finance firms are spending on tech — more than any other industry — will lead to lower costs, with employee compensation accounting for half of all bank expenses, said Mike Mayo, a senior analyst at Wells Fargo Securities LLC (Bloomberg).
Economy: September’s closely watched jobs report revealed further cracks in the economy, with just 136,000 jobs added last month, missing economist expectations of 145,000 for the month. The unemployment rate hit a new low of 3.5 percent, and the annual wage growth fell to 2.9 percent, according to the government’s monthly labor market snapshot (The Washington Post). The jobless rate for Hispanics hit a record low of 3.9% in September, while African Americans maintained its lowest rate ever, 5.5% (CNBC).
The Commerce Department said Friday that the gap between what the United buys and what it sells abroad rose 1.6% to $54.9 billion from $54 billion in July. The deficit had fallen in June and July. But it is still up for the year despite President Donald Trump’s attempts to push it down by imposing taxes on imports and waging a trade war with China. Exports blipped up 0.2% in August to $207.9 billion. Imports increased 0.5% to $262.8 billion on a big increase in shipments of cellphones, which are scheduled to be hit with new tariffs in December as part of the standoff with China (AP).
Wall Street. Stocks closed higher on Friday as the latest U.S. jobs report hit the sweet spot with Wall Street traders. The Dow Jones Industrial Average climbed 1.4%. The S&P 500 advanced 1.4%. The Nasdaq Composite also gained 1.4% (CNBC).
Asian markets: Asian markets were subdued in early trading Monday, as important parts of the region were closed for public holidays. Japan’s Nikkei 225 lost 0.3%, while South Korea’s Kospi fell 0.1%. Markets in Hong Kong and Shanghai were closed for holidays (CNN Business).
CEO Corner: “It’s not whether you get knocked down, it’s whether you get up” (Vince Lombardi/ CNBC).

World: The White House announced late Sunday that Turkey will soon move forward with its planned military operation in northeast Syria in an area where U.S. troops have been deployed and operating with Kurdish-led forces. The U.S. will not be involved in the operation, the White House said. President Trump spoke with Turkey’s President Tayyip Erdogan by telephone. U.S. troops will be moved from the area (Fox News).
The working-level talks between the United States and North Korea in Stockholm, Sweden, have concluded for the time being, US and North Korean officials said Saturday. Painting different pictures of the meeting, US officials said they “had good discussion” while North Korea’s top negotiator blamed the ended talks on Washington. “The break-up of the negotiation without any outcome is totally due to the fact that the US would not give up their old viewpoint and attitude,” Kim Myong Gil, North Korea’s top negotiator, said (CNN).

Latin America/ Region: The International Labor Organization of the United Nations asked the Venezuelan regime to cease “all acts of violence, threats, persecution, stigmatization, intimidation or any other form of aggression against employers ‘and workers’ organizations not related to the Government.” This request has come at the request of 33 businessmen, all of them members of the International Labor Conference (Infobae).

Companies & Business: PayPal is withdrawing from the group of companies Facebook assembled to launch a global cryptocurrency-based payments network. The San Jose-based payments company “made the decision to forgo further participation” in the Libra Association, the group backing the libra cryptocurrency, a spokesman said in an email. PayPal’s announcement comes days after The Wall Street Journal reported that Visa Inc., Mastercard Inc., and other financial partners that had agreed to back libra are reconsidering their involvement following a backlash from U.S. and European government officials (The Wall Street Journal).
HP said it would cut between 7,000 and 9,000 jobs by the end of fiscal 2022. A portion of those employees are expected to accept voluntary buyouts. HP has about 55,000 employees worldwide, according to FactSet. The layoffs are part of a broader restructuring plan that’s expected to help the company save $1 billion a year by the end of fiscal 2022, the company said (CNBC).

Karen Blanco

Karen Blanco

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