A Record Plunge, Goldman goes from Bad to Worse and Landlord Problems

<p>Goldman Sachs is preparing for its third round of layoffs since September as Wall Street firms adjust to a slump in deals activity. The company is expected to trim fewer than 250 jobs in the coming weeks. Goldman Sachs, led by CEO David Solomon, was among the first major Wall Street firms to trim jobs in September, cutting a few hundred positions. It then slashed more jobs in January, releasing about 3,200 employees. Morgan Stanley announced about 3,000 job cuts this month, and JPMorgan Chase cut about 500 jobs. However, Goldman is more tied to the ups and downs of Wall Street than its rivals. Its combined 16% drop in first-quarter trading and advisory revenue contributed to a disappointing start to the year.</p><p>In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.</p><p><br></p><p>They discuss a report from Refinitiv's FedWatch, indicating that U.S. rate futures on Wednesday priced in a pause in interest rate hikes by the Federal Reserve at next month's monetary policy meeting, a massive turnaround from indications of a 25 basis-point increase earlier in the session.</p><p><br></p><p>Chris and Saied look at a report from payroll processing firm ADP, showing that the U.S. labor market posted another month of surprising strength in May as companies added jobs at a pace well above expectations.</p><p><br></p><p>They also offer some thoughts on the tumble the stock market took on Wednesday, as the Dow Jones Industrial Average fell 0.4%, or 150 points, by 3:15 p.m. ET, while the S&amp;P 500 and the tech-heavy Nasdaq slid 0.5% apiece.</p><p><br></p><p>Join Chris and Saied for this fascinating and informative conversation.</p><p><br></p><p>Enjoy!</p><p><br></p><p><strong>What You’ll Learn in this Show:</strong></p><ul><li>The concept of market capitalization.</li><li>Why inversion typically precedes a recessionary economy.</li><li>Why the data is showing that employment is headed in the wrong direction.</li><li>And so much more..