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Company insolvencies rise 32% in December

Accountancy Today

There were 1,964 company insolvencies in December 2022, up 32% compared with December 2021 (1,489) and 76% higher than the number registered three years previously, according to the latest figures from the Insolvency Service. IVA numbers also ranged from around 6,300 to 7,800 per month over the past year.

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LendingClub Lays Off 460 In Restructuring Plan

PYMNTS

Recent numbers from CNBC have the total amount of Americans without jobs sitting at 14 percent, with Michigan and Pennsylvania taking it particularly hard, seeing one out of every five workers now out of a job. economy could see a shrinkage of around 10 percent, he said.

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IEAF Call for Papers: Insolvency Law in Times of Crisis

Corporate Finance Lab

Accordingly, proposals are invited that do more than just outline a topic of interest in respect of any given jurisdiction, but seek to understand, analyze and critique the fundamentals of insolvency and restructuring systems in ways that are relevant across jurisdictions and across fields of academic inquiry.

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Sizzle Fizzle: Virus May Weaken China’s Economic Growth

PYMNTS

McDonald’s has halted operations in a number of cities amid the outbreak. As reported by the Economist Intelligence Unit and relayed in the South China Morning Post , the Wuhan virus could hit China’s economic growth by 50 basis points to a full percentage point. And there’s another impact as a result of the virus.

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Industry Experts Say Bank Job Cuts Are Coming

PYMNTS

and Canadian banks are all but certain to cut personnel costs as the COVID-19 shock gives way to more long-term economic problems, even though the CEOs of some banks pledged this past spring to not lay off employees, per sources as reported by Reuters on Friday (Aug. and we might see an increase in restructuring.”. and Wells Fargo.

Banking 108
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HSBC To Eliminate As Many As 300 UK Commercial Banking Jobs

PYMNTS

HSBC will be restructuring its commercial banking business in Britain which will result in 300 job cuts, according to Reuters. The cuts come as part of Europe's largest bank's larger restructuring effort from earlier this year, with HSBC looking to cut costs worldwide as the ability to boost revenues becomes more difficult.

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List of Layoff Announcements So Far in 2023

The Finance Weekly

While 2023 has just started, the economic turbulence that has carried over from 2022 is as strong as ever. CEO Marc Benioff took some level of responsibility in a statement: “As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we’re now facing, and I take responsibility for that.”.

Economics 105