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Jobs News: Morgan Stanley to Cut 3% of Workforce Across All Business Lines (Bloomberg)
Morgan Stanley is cutting about 3% of its workforce, with the global cull impacting employees in its investment banking and trading businesses, as well as its wealth and asset management operations.
The dismissals affected both front and back-office workers, according to a person familiar with the matter who asked not to be identified citing private information. The cuts are tied to individual performance as well as a change in business priorities and location strategies, the person said.
Sounding the Alarm: Goldman Sachs CEO David Solomon Just Issued a Rare Complaint from Wall Street: There Isn’t Enough Fear (Quartz)
He said he was “actually surprised” that the market’s reaction to what’s happening in the Middle East has been “more benign” than expected — and warned that the harsher “cumulative effect” can take “a couple of weeks” before investors price the crisis like they really mean it.
On the Record: Former Goldman CEO Lloyd Blankfein on AI, Politics, and His New Book (Bloomberg Television)
Goldman Sachs’s former CEO Lloyd Blankfein, who recently published a memoir, 'Streetwise', sits down with David Gura, host of The Big Take Podcast and Bloomberg This Weekend, to talk about what he learned running the bank during the global financial crisis, life in retirement – including swimming every day – and how he thinks companies – and executives – should and shouldn’t engage with politics.
Quote of the Day: "Life is 10% what happens to you and 90% how you respond to it." (Associated Press)
Legendary college football coach Lou Holtz — a one-of-a-kind iconoclast in a profession brimming with originals — died yesterday at 89.
Voter Enthusiasm in Texas: Democratic Turnout in Texas Primaries Reaches Record Levels, in Latest Sign of Party Enthusiasm (CNN)
While more votes are still to be counted, more than 2.2 million votes have already been tallied in the Democratic primary for US Senate, a competitive race won by state Rep. James Talarico over US Rep. Jasmine Crockett. That’s the most in a midterm primary for the party since at least 1970, second only to the 2008 presidential race.
Enthusiasm Gap in North Carolina: NC Primary Results Point to Democratic Energy (WCNC Charlotte)
Tariffs Latest: US Treasury Secretary Bessent Says Trump’s Tariff Hike to 15% Likely This Week (Bloomberg)
Donald Trump last month put a 10% universal levy in place after the Supreme Court invalidated most of his previous tariff regime. Secretary Scott Bessent noted the authority for the new duties only allows for the measure to last 150 days. During that time, he said that US trade authorities will be looking at using other legislation to resurrect the tariff regime that had been in place prior to the high court’s ruling.
“It’s my strong belief that the tariff rates will back to their old rate within five months,” Bessent said. “They are very slow moving, but they are more robust,” he said of the so-called sections 301 and 232 tariffs that are planned to replace the invalidated IEEPA duties.
US stock futures erased gains after Bessent’s comment on the higher tariff.
Vox Populi: Prediction Markets Roll Out New War Bets Beyond Washington’s Reach (Bloomberg)
Bettor Beware: Bettors Wagered $54 Million on Khamenei’s Death. Now They’re Not Getting Paid. (Washington Post)
China's Next Growth Engine: President Xi Eyes Consumers to Lead New Era for China’s Unbalanced Economy (Bloomberg)
With overcapacity cutting prices, a property slump eroding wealth and US President Donald Trump’s protectionist push going global, the old growth model is challenged like never before. To power the next leg of expansion, President Xi Jinping must convince his nation of savers to spend more on healthcare, tourism and other services as the middle class swells to 800 million people.
Currently stuck at an estimated 41% of GDP, Bloomberg Economics forecasts consumption will grow to make up 46% of the economy by 2030.
🔊 Dive Deeper: The Daily Read Podcast just dropped—and it’s packed with an AI-powered breakdown of today’s biggest headlines. We go beyond the scroll with the key takeaways, smart context, and the “why it matters” behind each story, so you can stay ahead in less time. Listen now on Spotify or
Apple Podcasts.
NYC Icon News: On the Trendy Tram, You Can Hear a Subway Voice (New York Times)
In a tram car about to cross the East River, 250 feet up, a familiar voice tells passengers to stay away from the doors — and to hold onto the handrails.
It’s the voice of the “stand clear of the closing doors, please” guy from the subway, Bloomberg's Charlie Pellett, who has done voice-overs for the Metropolitan Transportation Authority since the late 1990s. He became the voice of the tram on Monday after a new sound system was installed last week.
Uplifting Video of the Day: This High School In Queens Is Training Students for Healthcare Careers (Bloomberg Philanthropies)
From the classroom to hands-on learning, students at Northwell School of Health Sciences in New York are already stepping into their future.
In 2024, Bloomberg Philanthropies announced the creation of high schools around the nation that will directly graduate students into high-demand healthcare jobs with family-sustaining wages. This first-of-its-kind initiative pairs public education systems and hospitals to create innovative high schools.
Click the photo below to learn more about how this school — supported by Bloomberg Philanthropies' initiative to expand healthcare high schools nationwide — is giving students a clear path to stable, in-demand careers. And read more in this recent
Wall Street Journal article
about how the program is preparing a new generation for high-quality jobs.
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