Economic data remains mixed at best, with some companies faring the challenging macro environment better than others.
But this week, several big-name CEOs sounded the alarm about the economy. 😧
First off, at a banking conference, we had executives from major U.S. and global banks sharing their thoughts.
Jamie Dimon grabbed headlines after suggesting an economic hurricane was on the horizon. 🌀
At the same conference, Goldman Sachs COO John Waldron appeared to agree, “This is among if not the most complex, dynamic environment I’ve ever seen in my career. We’ve obviously been through lots of cycles, but the confluence of the number of shocks to the system, to me is unprecedented.“
Citigroup CEO Jane Fraser also expressed concerns about the global economy but suggested Europe was more likely to dip into a recession than the U.S.
Meanwhile, Bank of America CEO Brian Moynihan offered a more optimistic view, downplaying Dimon’s hurricane comments. 👎
Everyone seems to agree that the Federal Reserve has a tough job taming inflation without completely cratering the economy. However, whether or not it will be successful remains a hotly debated topic.
Meanwhile, Elon Musk is skipping the talk altogether and getting busy this week.
He’s joining the growing number of firms pausing hiring and laying off staff, this time cutting 10% of Tesla’s workforce. The leaked email also shows musk citing his “super bad feeling” about the economy as the reason. 🤢
This comes after his comments earlier in the week suggested he welcomes a global recession because “It has been raining money on fools for too long. Some bankruptcies need to happen.“
We’ll have to see whether these defensive moves pay off or if the more optimistic view of the economy reigns supreme. ❓