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Wages are set to rise by an average of 1.4% in the coming year, with the banking and insurance sector seeing a modest increase of 1.5%, down from 1.8% last year. Many bankers are likely to be disappointed, as substantial pay rises are not expected amid industry consolidation and the impact of falling interest rates. Job changes no longer guarantee significant salary increases, particularly for those leaving or being laid off from institutions like Credit Suisse.
Salaries in the banking sector are set to rise by an average of 1.5% in 2025, following a 1.8% increase last year, reflecting a modest growth compared to other industries like IT and pharmaceuticals. Many bankers may face disappointment as significant pay hikes are unlikely, with institutions focusing on consolidation amid falling interest rates and lower revenues. The initial wave of job changes post-Credit Suisse's collapse has passed, leaving those considering resignations or facing layoffs with tougher prospects and potential salary reductions.
A recent decline in South Korean bank stocks, driven by political turmoil, presents a buying opportunity, according to JPMorgan analysts. The gauge for Korean bank stocks dropped by over 9% in two days, with KB Financial Group falling 9.2% and Shinhan and Hana Financial Groups losing more than 4%.
SBI Cards faces challenging quarters ahead but is poised for recovery amid calls for rate cuts and significant reforms in India's financial sector. The recent passage of a crucial Banking Law Amendment Bill signals potential shifts in the landscape, impacting the banking industry.
Emmanuel Macron is seeking a new prime minister after his government fell due to a no-confidence vote, driven by a coalition of the far right and left over a budget dispute. The new leader will need to navigate a deeply divided parliament to pass a budget aimed at reducing the deficit from 6.1% to 5% of economic output by 2025, following the failed €60 billion budget plan of former Prime Minister Michel Barnier. Macron is expected to address the nation at 8 p.m. on Thursday.
The budget bill is set to be discussed in the House on December 16, featuring proposals such as a €3 billion allocation for the Strait of Messina bridge, an Irpef tax cut, and a bonus for children's extracurricular activities. Tensions within the majority are rising, particularly over the Irpef cuts and the allocation of resources, with various parties pushing for amendments while the Ministry of Economy monitors compliance with funding requirements. Additionally, changes to the oversight of public contribution recipients are anticipated, reflecting broader concerns about fiscal management.
The International Monetary Fund's internal watchdog has criticized the organization's approach to granting large loans to distressed countries like Argentina and Egypt. An evaluation covering two decades of lending under the Exceptional Access Policy has led to a set of recommendations, with discussions scheduled for the executive board meeting on Thursday.
JPMorgan Chase & Co. has secured a sponsorship deal for Arsenal FC’s exclusive Diamond Club at the Emirates Stadium, marking the first time this ultra-luxury VIP lounge has had a sponsor. The Diamond Club caters to affluent fans who invest tens of thousands of pounds each season for a premium matchday experience.
Zuger Kantonalbank has appointed Martina Bonati as the new Head of Private and Corporate Clients, filling a vacancy on the Executive Board. Bonati, who has been with the bank for eight years and previously worked at Credit Suisse, succeeds Daniela Hausheer, who will depart in June 2025.
President-elect Donald Trump has appointed finance professor Michael Faulkender as deputy Treasury secretary. Faulkender, known for his role in a key pandemic relief program, is expected to support Treasury Secretary Nominee Scott Bessent in advancing the America First Agenda and fostering significant economic growth for all Americans.
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04:54 05.12.2024
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