“The changes we’ve recently made are the result of the broader rate environment and consistent with the response of other lenders in the industry,” a Wells Fargo spokesman told CNBC in a statement, adding that the bank “regularly” adjusts staffing levels to align with market conditions.
“Layoffs are not yet rising—and the bar to letting people go probably is higher than in previous cycles, given how much trouble firms had rehiring people after the initial Covid shock—but that likely will change over the next couple months," says Shepherdson.Home improvement giants Home Depot and Lowe’s are sure to give an update on how the housing market downturn has impacted business when they report earnings next Tuesday and Wednesday, respectively.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Confidence in US housing market hits a new low: Fannie MaeRising mortgage rates and high home prices have brought consumer confidence in the U.S. housing market to the lowest level in over a decade, according to Fannie Mae. With many homes in the $500,000 range today and interest at 7% or higher, that is $35,000 a year just for interest excluding taxes, utilities, and paying the principal. Depending on the area, that easily could be $4,000+ a month in payments. Very few Americans can afford that!
Source: FoxBusiness - 🏆 458. / 53 Read more »
'The housing market will get smaller in 2023': Redfin lays off 13% of staffReal-estate brokerage Redfin was laying off 13% of staff, CEO Glenn Kelman said. The headcount at the company has fallen by 27% since April, when 8% of staff were let go. Folks!, everything is just fine. The inflation…you know the thing, is gonna help us along the way. Don’t jump! Needed cool off
Source: MarketWatch - 🏆 3. / 97 Read more »
Shiba Inu’s Market Cap Slips Below $6 Billion Amid Market BloodbathShiba Inu is struggling to buck the broader bearish trend, with its value now slipping below $6 billion That's not much compared to other currencies.
Source: Utoday_en - 🏆 295. / 63 Read more »
Crypto Market Liquidations Hit $300 Million in Last 12 Hours, Bull Market Canceled?$FTT and $ETH are the two biggest liquidation providers on the market today, thanks to the FTX situation
Source: Utoday_en - 🏆 295. / 63 Read more »