CEO’S CORNER A Banking Crisis?

Panic spread through the banking industry last weekend after the Federal Deposit Insurance Corporation intervened to take over Silicon Valley Bank and Signature Bank. This sparked government interventions to support other struggling financial institutions. The fourteenth-largest bank in the United States, First Republic Bank, found itself on the verge of failure on Thursday. Eleven of the top banks in the nation pooled their resources to pump $30 billion into the bank. The agreement between Jamie Dimon, the CEO of JPMorgan Chase, and Treasury Secretary Janet L. Yellen—whose bank rescued a number of competitors during the 2008 financial crisis—led to the infusion. But, the White House would like to avoid parallels, despite the fact that some see echoes of 2008 in this banking crisis. Despite the Federal Reserve's broad operations, President Biden is reluctant to use the phrase "bailout" in order to protect client accounts and assets and boost trust in the nation's banks.

More Tech Job Losses

As it pares down after a recruiting boom that increased during the pandemic, Meta stated this week that it would people, or 13 percent of its workforce. The recent mass layoff at Meta is the second in recent months. The business let go 11,000 employees in various divisions and areas in November. Since then, Meta has disclosed that it will take a $4.2 billion restructuring charge for the fourth quarter and expects to incur an additional $1 billion in restructuring expenditures in 2023 to cover its intentions to close certain office space. leases, rework a few data center projects, and pay compensation to fired workers. Amazon, Alphabet, Microsoft, and Salesforce have all started to make similar costcutting initiatives as the internet industry's boom times come to an end.

Presented By Kennedy Lucas Publishings LC

Inflation is still persistent. Statistics made public on Tuesday revealed that annual inflation has moderated a little bit, with the Consumer Price Index increasing 6% annually through February, down from 6.4% in January. But underneath the report's surface, there are more alarming indications: Analysts' forecasts were exceeded, and core inflation—which excludes volatile food and fuel prices— rose by 0.5 percent from the previous month, the largest monthly increase since September. the app's Chinese owner, ByteDance, to sell