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Market turmoil is last straw for asset managersState Street will slash its payroll by 6 percent. Both the selloff in stocks and outflows hit the company’s AUM in the fourth quarter. The investment industry is already reeling from fee pressure and turning to technology as the solution. That will mean plenty more pink slips.
Source: Breakingviews - 🏆 470. / 51 Read more »
Asset managers brace for more job cuts amid market turbulenceTurmoil on financial markets is expected to deepen layoffs and accelerate acquis... Here comes the next crash.... The recession has begun, and nothing kicks up automation like a recession. As businesses lay off workers and cut salaries to please the shareholders it will make things worse by decreasing consumer spending. The cycle will continue as spending dries up and more are laid off. Media fed fear
Source: Reuters - 🏆 2. / 97 Read more »
U.S. Supreme Court To Hear Key Income Tax Issue For $120 Billion Trust IndustryCan one state tax a trust located in another state? Hundreds of millions of dollars of annual state tax revenue hang in the balance. Tax tax and tax some more!!! While politicians are living large spending our money on steak dinners and high dollar motel rooms!!! Laws need to be passed for that!! Not more taxing!!!! Less foolish spending by greedy, power hungry politicians
Source: Forbes - 🏆 394. / 53 Read more »