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Department of Education Grants

Goldman Sachs is planning to cut up to 8% of its employees in January.

By Department of Education Grants

According to a person with knowledge of the situation, Goldman Sachs, the storied investment bank, plans on cutting up to 8% of its employees as it girds for a tougher environment next year. The layoffs will impact every division of the bank and will likely happen in January, according to the person who declined to be identified as speaking about personnel decisions. That’s ahead of an upcoming conference for Goldman shareholders in which management is expected to present performance targets. The New York-based investment bank typically pays bonuses in January, and it’s possible the layoffs could be a way to preserve bonus dollars for remaining employees. Read More

Retail sales fell 0.6% in November as consumers feel the pressure from inflation

By Department of Education Grants

Despite a muted level of inflation, consumers pulled back on their spending in November, according to data released Thursday by the Commerce Department. Retail sales declined by 0.6% for the month, exceeding the Dow Jones estimate of a 0.3% decline. The number is not adjusted for inflation as gauged by the Labor Department’s consumer price index, which increased by 0.1% in November and was below expectations. Measures that exclude autos and both autos and gas sales showed 0.2% declines. Stocks fell sharply following a mostly disappointing round of economic data released Thursday morning. The Dow Jones Industrial Average was off nearly 500 points in early trading. Read More

Credit Suisse Shares Pare Losses After Earlier Plunging As Much As 10%

By Department of Education Grants

Following a big market rally on Monday, Credit Suisse shares recovered their losses and ended the day down around 1%. In the wake of a report in the Financial Times that the Swiss bank’s executives are in discussions with its major investors to assuage their concerns over the lender’s finances, the company’s shares dropped as much as 10%. One executive in the talks told the publication that teams at the bank were actively engaging with its top clients and counterparties over the weekend, adding that they were receiving “messages of support” from top investors. Shares ended the trading session down around 1%. Read More

Ftx Is In Discussions To Raise Up To $1 Billion At An Estimated Valuation Of $32 Billion, In Line With Its Previous Round

By Department of Education Grants

According to sources with knowledge of the discussions, Sam Bankman-Fried’s crypto conglomerate FTX is currently in talks with investors to raise up to $1 billion in new capital, which would keep the company’s valuation at approximately $32 billion. Negotiations are ongoing, and the terms may change, according to the sources who requested anonymity, as the discussions are confidential. After FTX’s last capital raise in January, Coindesk previously reported on an upcoming investment at a flat valuation. Existing investors include Singapore’s Temasek, SoftBank’s Vision Fund 2, and Tiger Global. An FTX spokesperson declined to comment. Read More

President Joe Biden to nominate Michael Barr as Fed bank regulator in second attempt to fill the post

By Department of Education Grants

President Joe Biden will nominate former Treasury Department official, Michael Barr, to be the Federal Reserve’s top regulator in charge of big banks. Barr is the White House’s frontrunner for the top regulatory job. If appointed, the financial law author perhaps becomes the most powerful U.S. bank regulator: the Fed Vice chair supervision. Read More

Learning Textured Hair Should be Mandatory in Beauty School

By Department of Education Grants

In most cosmetology schools around the country, it is not mandatory to learn how to style natural, textured, African American hair. The way that black people maintain their hair is different from white people. In the wrong hands, the results could be disastrous. Some stylists have to go to separate schools to learn how to take care of and style hair outside of their culture, which is unacceptable in the United States. Read More