(ZeroHedge) Just days after JPMorgan revealed it would fire another 5,000 by the end of the year in a “scalpel” headcount reduction, overnight the world’s favorite drug money laundering bank HSBC unleashed the “machete” and announced it would cut almost 50,000 workers, or one in five bankers, a move which would shrink the investment bank division by one-third. The reason: the same why US corporations are laying off tens of thousands so they can fund record stock buybacks and enrich their shareholders – to boost profits so that more money can be channeled in the form of dividends.
If you get the sense that things are picking up in terms of pace, you’re not alone. And we just learned that the ECB/EU will fine member nations who do not pass the now-mandatory Bail-In legislation… in the next two months.
WE HAVE BEEN WARNED
~Those who abuse Liberty, sentence themselves to Death!