“LARGEST BANK CUTS”: Big Banks Just Cut 20,000 Jobs!

This is a Red Alert folks! 🚨🚨🚨

Can you read the tea leaves?

Can you see the signs?

Something VERY bad is coming….

In fact, I just warned you about it yesterday, and it looks like our reporting was ahead of the curve yet again!

Read this for more on that warning (and what you can do about it):

WARNING: When The Dollar Collapses, YOUR LIFE Will COMPLETELY Change…

Now today the confirmation....

It's going to be UGLY.

Big Money always knows what's coming next, and when the Big Banks just trim a RECORD 20,000 jobs all at once, you can be sure a massive Recession or even Depression is around the corner!

Watch this from CNBC:

FIVE OF THE LARGEST BANKS CUT OFF 20,000 jobs COMBINED!!!#crypto pic.twitter.com/xkMXHjix7N

— KINGVALEX (@VALELORDX) October 31, 2023

From the Financial Post:

The Bank of Nova Scotia says it’s cutting about three per cent of its global workforce because of changes to its operations and customers’ preferences, as well as ongoing efforts to streamline operations.

The reductions amount to about 2,700 jobs, based on the Canadian bank’s total staff of 91,013 employees as of July 31.

The restructuring charge, severance provisions and a writedown on an investment in a Chinese bank will amount to a $590 million, or 49 cents a share, hit to earnings in the fourth quarter, the bank said in a statement on Oct. 18.

The restructuring charges also include the cost of exiting real estate and other contracts.

The bank announced impairment charges of $280 million, after taxes, related to the bank’s investment in Bank of Xi’an Co. Ltd., whose market value has remained below Scotiabank’s carrying value for a prolonged period, as well as impairment of certain intangible assets including software.

Royal Bank of Canada analyst Darko Mihelic said the charges should not come as a surprise following a review of Scotiabank’s strategic direction.

Big #banks are quietly cutting thousands of employees, and more #layoffs are coming https://t.co/WppBMUqZ38 #jobs pic.twitter.com/NF3laySwgB

— SET Training (@StanleyEpstein) October 21, 2023

Five of top Six banks made the cuts:

5 of the 6 largest banks cut 20,000 workers this year.
That’s Bidenomics. High paying jobs cut, low paying part-time jobs added.

Big banks are quietly cutting thousands of employees, and more layoffs are coming https://t.co/rqShIrxWfO

— MB (@detroitbliss) October 20, 2023

Here are more details, from CNBC:

The largest American banks have been quietly laying off workers all year — and some of the deepest cuts are yet to come.

Even as the economy has surprised forecasters with its resilience, lenders have cut headcount or announced plans to do so, with the key exception being JPMorgan Chase
, the biggest and most profitable U.S. bank.

Pressured by the impact of higher interest rates on the mortgage business, Wall Street deal-making and funding costs, the next five largest U.S. banks have cut a combined 20,000 positions so far this year, according to company filings.

The moves come after a two-year hiring boom during the Covid pandemic, fueled by a surge in Wall Street activity. That subsided after the Federal Reserve began raising interest rates last year to cool an overheated economy, and banks found themselves suddenly overstaffed for an environment in which fewer consumers sought out mortgages and fewer corporations issued debt or bought competitors.

“Banks are cutting costs where they can because things are really uncertain next year,” Chris Marinac, research director at Janney Montgomery Scott, said in a phone interview.

Job losses in the financial industry could pressure the broader U.S. labor market in 2024. Faced with rising defaults on corporate and consumer loans, lenders are poised to make deeper cuts next year, said Marinac.

“They need to find levers to keep earnings from falling further and to free up money for provisions as more loans go bad,” he said. “By the time we roll into January, you’ll hear a lot of companies talking about this.”

Deepest cuts

Banks disclose total headcount numbers every quarter. While the aggregate figures mask the hiring and firing going on beneath the surface, they are informative.

The deepest reductions have been at Wells Fargo
and Goldman Sachs
, institutions that are wrestling with revenue declines in key businesses. They each have cut roughly 5% of their workforce so far this year.

At Wells Fargo, job cuts came after the bank announced a strategic shift away from the mortgage business in January. And even though the bank cut 50,000 employees in the past three years as part of CEO Charlie Scharf’s cost-cutting plan, the firm isn’t done shrinking headcount, executives said Friday.

There are “very few parts of the company” that will be spared from cuts, said CFO Mike Santomassimo.

“We still have additional opportunities to reduce headcount,” he told analysts. “Attrition has remained low, which will likely result in additional severance expense for actions in 2024.”

But there is good news!

If you're affected by this or know someone who is, I might be able to help you.

Because guess who's NOT laying people off?

Guess who is in HIRING mode?

Me!

Noah!

Your humble correspondent!

We're growing faster than I can keep up with.

Maybe I can help you?

If you've been impacted by layoffs, or just got fired....or....if you have a job but it doesn't pay enough, then this is for "YOU".

The layoffs are really getting bad out there.

You may not work at any of those places....

In fact, odds are you probably don't!

But the layoffs start there and then spiral across the country.

And I know many of you reading this have ALREADY been laid off or fired from your job.

Many more are to come.

So....that's why I'm publishing this.

Can I help you?

Very possibly....yes!

In fact, I tell you this because this is MY story.

And deep down it's probably your story too.

You see, it doesn't even have to be a layoff.

It may just be that you're very unhappy with where you're at in life.

Unhappy with your job...

Unhappy with your future prospects....

Not crazy about doing what you're doing for the next 30 years and getting a cheap watch as a gift when you retire.

Oh I have a feeling that my story is going to resonate with you.

You see, I believe deep down we all know we were created ON purpose and FOR a purpose.

A God-given purpose.

Something we were created to do in this world better than anyone else.

Sound crazy?

I don't think so.

I think every single one of us has greatness inside of us...and a calling to live the life God created for us!

Not to live someone else's life.

Definitely not to live a life for your boss or for your job!

How sad is that?

It reminds me of one of my favorite memes:

But as always, there is TRUTH in comedy.

It's what makes comedy funny, because we can all relate to the underlying truth.

So here's where it gets really personal.

I didn't learn that until I was in my 40's.

I wish I'd learned it earlier.

And I'm telling you because maybe I can help YOU learn it earlier in life.

When I started this mission of the WLTReport back in 2015, I was finally doing MY thing.

Not living for someone else...

Not just punching a clock...

Not just moving papers around into a folder in a beige office for 40, 50 or 60 hours a week.

No.

I was finally doing what God created ME to do...and I was changing the world (in my own little way) at the same time.

If you've never been in that position, I can't quite describe it to you but it's magical.

Suddenly, you don't need coffee or extra motivation to get through the day.

Suddenly, when you're living out YOUR purpose you have all this natural energy and "work" doesn't seem like work.

You go from watching and waiting for the clock to hit 5:00 so you can go home to wondering "where did that day go, I could use another 12 hours!"

People ask me all the time how I get so much done around here and they're fearful I'm going to "burn out"...

Nothing could be farther from the case.

And to quote my friend Christopher Greene, "I'd much rather BURN out than RUST out."

Let that one sink in a bit.

I believe in this so much and I believe I can help a lot of people who are reading this so much that I actually recorded this video.

This is me, totally from the heart.

Please enjoy (and then if anything in this video resonates with you, scroll down and I will tell you how I might be able to help you too):

I Had a Job, Once...
👇 pic.twitter.com/fINRaHEOcO

— DailyNoah.com (@DailyNoahNews) April 8, 2023

Backup here on Rumble:

Now, if ANYTHING I said in that video gave you that little shock of adrenaline or that gut feeling that connected with your soul, I want you to keep reading...

I want to be very clear upfront about a couple of things.

One, I'm not trying to sell you anything.

And two, I'm not telling you to quit your job or make any drastic change.

I'm just a guy who finally found how to live for the passion God placed inside of me, and if I can help some other people along the way I want to do it.

Fair?

Ok.

So in addition to my mission here at WLTReport, I've also been working on this second mission that I started talking about last month.

It's like Mission x Mission for me...Mission Squared!

And I've got about 100 people in my "Inner Circle" who have jumped aboard and are doing it with me and they're absolutely loving it.

The truth is I've been blown away in the past few weeks by the comparison of what we're doing with this new mission and everything else happening in the world right now.

I'm sure you've seen all the headlines.

As I type this, banks are failing...

Banks are being shut down...

Bank Runs are threatening to spread across America...

Big companies are doing mass layoffs...

Tens of thousands at a time, Wave 1, Wave 2, Wave 3, they just keep coming!

All the big names are doing it and no one seems immune: Google, Amazon, Facebook, Walmart, McDonalds, Wells Fargo it's everywhere!