Bank run - Bank layoffs - Black Swan...
Citigroup begins layoffs as part of CEO Jane Fraser’s corporate overhaul... Citigroup will soon begin layoffs in CEO Jane Fraser’s corporate overhaul, CNBC has learned. Employees affected by the cuts will be informed starting Wednesday, with new dismissals announced daily through early next week, according to people with knowledge of the situation. Those impacted will include chiefs of staff, managing directors and some lower level employees, said the people.
ARK launches new crypto-focused ETFs in 21Shares partnership: CNBC Crypto World...
BRICS Nations Eye New Currency as Potential SafeGuard Against Sanctions... At a recent conclave in Cape Town, foreign ministers from the BRICS nations initiated discussions with the New Development Bank (NDB), a financial institution established by the bloc. The aim was to explore the feasibility of a shared currency that could potentially provide a shield against the implications of sanctions for its member nations, such as those currently impacting Russia. This diplomatic meeting brought together representatives from Brazil, Russia, India, China, and South Africa to strategize ways for enhancing the bloc’s global influence and to present a formidable challenge to the U.S. While the talks didn’t culminate in concrete decisions, the concept of deploying alternative currencies emerged as a salient discussion point. South Africa’s Minister of International Relations, Naledi Pandor, articulated the bloc’s aspiration to “ensure that we do not become victims to sanctions that have secondary effects on countries that have no involvement in issues that have led to those unilateral sanctions”. Pandor didn’t directly reference Russia, but the implications of sanctions imposed on the country due to its invasion of Ukraine led by President Vladimir Putin were unmistakable.
DIFC Champions Dubai as a Global Crypto Hub with Approval of XRP Under its Virtual Assets Regime... Ripple, the leader in enterprise blockchain and crypto solutions, today announced that the Dubai Financial Services Authority (DFSA) has approved the digital asset XRP for use within the Dubai International Financial Centre (DIFC). Licensed virtual asset firms within the DIFC will now be able to incorporate XRP into their virtual asset services. Since the DFSA opened up external applications, XRP is the first virtual asset to be approved by the regime. XRP joins BTC, ETH and LTC as the assets previously approved under the DFSA’s virtual assets regime. XRP now stands to benefit from legal and regulatory clarity in the DIFC, and will be available for use by institutions located in the DIFC to accelerate faster, more efficient global value exchange.
Bitcoin Whales Unload About $2,220,000,000 in BTC in Just One Week: Crypto Analyst... A closely followed trader says that deep-pocketed crypto holders have unloaded tens of thousands of Bitcoin (BTC) in just seven days. Trader and on-chain sleuth Ali Martinez says that Bitcoin whales have been selling off their Bitcoin stacks as BTC hit a new 2023 high of about $38,000.
Alarming signs as the global food import bill set to rise to nearly US$2 trillion due to higher prices... The world food import bill is estimated to rise to US$1.94 trillion in 2022, higher than previously expected, according to a new report released today by the Food and Agriculture Organization of the United Nations (FAO). The new forecast presented in FAO’s Food Outlook would mark an all-time high and a 10-percent increase over the record level of 2021, although the pace of the increase is expected to slow down in response to higher world food prices and depreciating currencies against the United States dollar. Both weigh on the purchasing power of importing countries and, subsequently, on the volumes of imported food.
BOOM! The Transition to Gold-Backed US Note – The Secret Plan to Replace the US Dollar with Gold-Backed Currency in 2024: QFS Gold Backed Digital Currency... In a groundbreaking development that is poised to reshape the global financial landscape, January 1, 2024, is marked as the date when the traditional fiat US Dollar will undergo a historic transformation. The US Dollar, as we know it, is set to be replaced by the gold/asset-backed US Note, establishing a one-to-one parity with all other global currencies backed by tangible assets. Brace yourselves for the imminent monetary revolution that will send shockwaves through the world economy!
What Is A Quantum Financial System (QFS) Blockchain? The Quantum Financial System: Understanding the Next Generation Blockchain Technology... The world of finance is constantly evolving, and with each new development, the need for a secure and efficient financial system becomes more pressing. The recent advent of blockchain technology has been a game-changer in the financial industry, offering new possibilities for secure transactions and record-keeping. However, as with any new technology, there are still many challenges to be addressed. That’s why the introduction of the Quantum Financial System (QFS) is a major step forward in the world of finance.
15 Signs A Terrifying Housing Crash Is About To Burst! - Epic Economist... This is shaping up to be the most dramatic housing crash we have ever seen. Mortgage rates haven’t been this high in over 23 years. Meanwhile, in October, sales dropped to the lowest level since the Great Recession. Now, the number of home listings is rapidly rising, and sellers are having to slash their prices to be able to strike a deal. The market already hit a turning point, and new data suggests that it’s all downhill from here.
💥🚨🚨🚨MAJOR ANNOUNCEMENT FROM THE BANK OF ENGLAND: FIRST OF ITS KIND SYSTEM WIDE 10 DAY STRESS TEST COMMENCED NOVEMBER 10th (11/10-11/20) THAT INVOLVES PENSIONS, HEDGE FUNDS ETC. + GEOPOLITICAL SHOCKS IN MARKETS + U.S TREASURY🚨🚨🚨...
US stocks slip after Moody’s lowers debt rating outlook... Stocks on Wall Street ticked lower Monday as traders digested the recent decision by ratings agency Moody’s to cut the US debt rating outlook citing large debts and political gridlock. On Friday, Moody’s downgraded its outlook on US debt to “negative” from “stable,” ahead of crucial budget negotiations in Congress to avert a government shutdown on November 17. “Moody’s expects that the US’s fiscal deficits will remain very large, significantly weakening debt affordability,” the agency said in a statement. It is the only major agency to maintain its rating for US sovereign debt at its highest level. Around 10 minutes into trading, the Dow Jones Industrial Average slipped 0.2 percent to 34,228.81.
Bank failure: Citizens Bank collapses after 94 years... The bank failure of Citizens Bank, a Sac City institution for 94 years, has been confirmed by the Federal Deposit Insurance Corp, attributing the cause to significant non-local loan losses. At the end of the third quarter, the bank’s ledger showed $65,558,000 in assets against $58,930,000 in total deposits, culminating in the institution’s cessation of operations on November 3, the FDIC’s announcement detailed. The regulatory body emphasized that there is no mandated warning period for the closing of a bank.
Cyberattack hits Mr. Cooper, blocks millions of mortgage payments ... Mortgage servicing provider Mr. Cooper Group shut down multiple systems after it determined a threat actor accessed certain technology systems on Oct. 31, according to a Thursday filing with the Securities and Exchange Commission. The company initiated precautionary containment measures in response to the cyberattack, a move that’s temporarily halting recurring payments and leading customers to make one-time loan payments online, via phone, email or third parties. The status of customers’ loans were last updated Oct. 31. Mr. Cooper is the third-largest mortgage servicer in the U.S. with more than 4.3 million customers, according to the company.
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Fed F**kery Turns Massive $33BN Bank Deposit Outflow Into $51BN Inflow... Bank stocks soared this week (along with everything else) despite another jump to a new record high for bank's usage of The Fed's emergency funding facility, and the massive deposit run the prior week. Probably better not to show Bill Gross this chart...
Why Banks Are Suddenly Closing Down Customer Accounts... The reasons vary, but the scene that plays out is almost always the same. Bank customers get a letter in the mail saying their institution is closing all of their checking and savings accounts. Their debit and credit cards are shuttered, too. The explanation, if there is one, usually lacks any useful detail. Or maybe the customers don’t see the letter, or never get one at all. Instead, they discover that their accounts no longer work while they’re at the grocery store, rental car counter or A.T.M. When they call their bank, frantic, representatives show concern at first. “Oh, no, so sorry,” they say. “We’ll do whatever we can to fix this.” But then comes the telltale pause and shift in tone. “Per your account agreement, we can close your account for any reason at any time,” the script often goes. These situations are what banks refer to as “exiting” or “de-risking.” This isn’t your standard boot for people who have bounced too many checks. Instead, a vast security apparatus has kicked into gear, starting with regulators in Washington and trickling down to bank security managers and branch staff eyeballing customers. The goal is to crack down on fraud, terrorism, money laundering, human trafficking and other crimes.