Financial Buzz - News week 8

$20 Trillion Shake-Up, Instacart's Rollercoaster, Gold Moves, and Bankers' Cha-Cha

February 27, 2024

Buckle up for a quick ride through the financial rollercoaster – it's time for the lowdown:

🏢 The $20 Trillion Office Property Shake-Up:

  • People aren't rushing back to the office.

  • Shopping centers and city shops are emptier than a ghost town.

  • The $20 trillion US commercial real estate market is feeling the aftershocks.

  • Transactions are picking up, but at deep discounts causing lenders worldwide to break into a cold sweat. Manhattan office building debt is at a 50% discount, prime LA office towers are selling for 45% less, and the FDIC is giving loans a 40% discount. Over $1 trillion in commercial real estate loans are maturing by next year, leaving banks scratching their heads.

🛒 Instacart's Economic Rollercoaster:

  • Instacart bids farewell to 250 delivery drivers (7% of its workforce) due to Californians feeling the pinch.

  • Revenue takes a nosedive, forcing Instacart to make tough layoffs.

Check out the full scoop here.

🌟 Bonus Round: Gold Moves in Zimbabwe and Kazakhstan:

  • Kazakhstan grabs 6 tonnes of gold, turning oil into... gold!

  • Zimbabwe mandates mine managers to pay taxes and royalties in gold.

💸 Euro Digital :

  • The aim? Total control, Orwell-style. The WEF openly admits that CBDC digital currency strengthens government control. "We can program the currency to determine what can be bought and what cannot." They are literally telling us what they're up to.

💸 Inflation Woes: Banker Bonuses Soar While Economy Cries Foul:

  • Mega-bankers doing the cha-cha with salaries amidst soaring inflation.

  • Charlie Scharf, Wells Fargo, pulls an 18% raise. James Gorman of Morgan Stanley opts for a 17% raise. Jamie Dimon of JP Morgan Chase goes for a 5% raise. Richard Fairbank of Capital One Financial inches up by 1.5%. Brian Moynihan, Bank of America, takes a slight dip with a 3% decrease. David Solomon of Goldman Sachs dances his way to a whopping 24% compensation increase, even as the bank's turnover takes a hit.

  • They're cashing in an average of $30 million a year, shedding a tear over the inflation they helped create by printing money! [Full story here and here].

It's a Wall Street soap opera, and we're here to spill the financial tea!

Got thoughts, questions, or just want to share your take on these financial whirlwinds?

Hit reply and spill the beans! 🗣️ Let's make finance a conversation.

Cheers to staying financially savvy!