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Japanese Chief Cabinet Secretary Minoru Kihara: The specific details of monetary policy will be decided by the Bank of Japan.On July 10, Foreign Ministry Spokesperson Mao Ning held a regular press conference. A foreign journalist asked about the 10th anniversary of the Permanent Court of Arbitrations ruling on the South China Sea arbitration case, which determined that Chinas maritime claims in the South China Sea are inconsistent with international law. The Philippines stated today that it will continue to push for a "Code of Conduct in the South China Sea" and will use the arbitration ruling as an unshakable foundation. What is Chinas comment on this? Mao Ning stated that China has repeatedly clarified that the so-called "ruling" is illegal, invalid, and has no binding force. China does not accept or recognize it, and we will not accept any claims based on this ruling. She emphasized that formulating a "Code of Conduct in the South China Sea" is an important measure to implement the Declaration on the Conduct of Parties in the South China Sea and an important consensus between China and ASEAN countries. China is always committed to accelerating consultations with ASEAN countries to strive for an early conclusion of the Code and jointly maintain peace and stability in the South China Sea. The so-called "ruling" has nothing to do with the Code, and the Philippines should not use the so-called "ruling" to create obstacles to the conclusion of the Code.July 10th - At a press conference held by the Ministry of Culture and Tourism on July 10th regarding the crackdown on forced shopping in the tourism market, it was announced that the Ministry has strengthened cooperation with public security, market supervision, and cyberspace administration departments to further intensify case investigations. In the first half of 2026, the number of cases filed increased by 49.3% year-on-year, with cases involving forced shopping increasing by 86.9% year-on-year. This has created a more powerful deterrent against illegal and irregular activities that harm the legitimate rights and interests of tourists and affect the fair competition market order.July 10th Futures News: On July 10th, the Shanghai Futures Exchanges energy and chemical warehouse receipts and changes are as follows: 1. Pulp futures warehouse receipts: 297,216 tons, an increase of 3,428 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 1,557 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,640 tons, unchanged compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 33... 6. Petroleum asphalt futures warehouse receipts: 9,310 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 12,970 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 2,961,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.July 10 – A spokesperson for the Ministry of Foreign Affairs announced that, at the invitation of Wang Yi, member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs, Solomon Islands Minister of Foreign Affairs and Foreign Trade Honipwela will pay an official visit to China from July 10 to 15.

As Goldman Sachs looms, JPMorgan and BofA are being careful about layoffs

Aria Thomas

Sep 14, 2022 10:34

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When compared to Goldman Sachs, where hundreds of layoffs could start as early as this month, JPMorgan Chase and Bank of America (NYSE:BAC), the two largest U.S. banks by assets, expressed caution regarding job losses.


In contrast, "in some environments like this, it is possible to hire some very, very elite bankers who were previously unavailable to you," JPMorgan (NYSE:JPM) president and COO Daniel Pinto warned investors on Tuesday. "You need to be extremely careful when you have a bit of a slump to start reducing bankers here and there because you will impair the opportunity for growth moving forward."


According to a source with knowledge of the matter, Goldman Sachs Group Inc (NYSE:GS) plans to start laying off employees as soon as this month after delaying them for two years because of the pandemic. At the end of the second quarter, Goldman had 47,000 employees, up 15% from the previous year.


Financial professionals on Wall Street are starting to worry about possible job layoffs in the coming months. As the Federal Reserve hiked interest rates to fight inflation and the likelihood of a recession rose, markets for negotiating agreements dried up.


Lance Roberts, chief investment strategist and economist at RIA Advisors, claims that JPMorgan's approach to its employees is driven by the company's upbeat outlook.


Roberts stated that "we will see if JPMorgan is true in their more optimistic estimates" and added that "if history is any indication, the prognosis is more dismal with a risk of heavy rain."


The CEO of Bank of America said on Monday that despite a decline in investment banking, the company is content with the number of employees it now has.


In an interview with Fox News, Moynihan declared, "We're fine with our headcount." If people leave to work for rival companies, we might not be able to fill every vacancy, but overall I think we're doing okay.


Bank President Pinto stated that due to "far increased" attrition in the first half of the year, JPMorgan had to make wage modifications. He claims that even though attrition is still high, it is becoming more common. Over 278,000 people were employed by the bank at the end of the second quarter, a rise of 7% from the previous quarter.


Nobody at Citigroup (NYSE:C) would comment on the job cuts.


Ken Moelis, the CEO of Moelis (NYSE:MC) & Co., told Reuters in July that the investment bank has a strong pipeline of possible new hires and plans to quickly grow its workforce.


The boutique investment bank on Tuesday appointed Igor Sokolovsky, formerly of Guggenheim Securities, as a managing director in New York. On healthcare mergers and acquisitions, he will concentrate.


Large banks "get the word right around Labor Day to look at your headcount in a bad year," according to Moelis at the time. "That's how the cycle runs," they added.

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