U.S. banks had a terrible 2023 in what has been dubbed a financial crisis. Five multi-billion dollar U.S. banks failed. It sent shockwaves through global banking, as many have ties to America. When the crisis spilled over into the international community, many foreign businesses were negatively impacted.

When the crisis first surfaced in America, banks in Canada, England, Japan, Switzerland and the E.U. swiftly intervened to mitigate the damage to the world's banking system. Due to the developments regarding the failed U.S. banks, which spread worldwide to select businesses and financial institutions, global banks shed 60,000 jobs this year.

This week the Financial Times reported, "Banks shed 60,000 jobs in one of worst years for cuts since financial crisis. Trend set to continue over coming year amid subdued dealmaking and listing activity."

In America, banks such as Chase have been putting restrictions on customers. It is being done to prevent a run on the bank. Many Chase ATMs have not been working at various times of the day and on a regular basis, especially to customers seeking to withdraw cash. Chase is being very selective regarding honoring overdrafts. Though they tell customers they have an overdraft, some have been finding out the hard way they don't when items are not paid, only to be told after the fact it is at Chase's discretion what they pay.

Chase Bank is also taking longer to pay customers' credit card payments to other banks who issued the credit cards. Chase Bank is doing this by holding the money in the account longer than the credit card payment due date, which creates late fees from credit card companies, lowered credit limits and negative credit bureau reporting.

Chase Bank has also been closing customer accounts without notice, after internally deeming them high risk. This dodgy conduct has resulted in people being unable to pay their bills, as it takes Chase several weeks and sometimes months to send a check to the customers for the equivalent of what was in their accounts when Chase Bank suddenly closed it. In those several weeks and months, Chase can wash your money and making more cash off it, without permitting you to access it. This is free money to play with for Chase for weeks and months, while you go without your hard earned cash.

The Biden administration has ushered in a time of severe financial hardship to America. Inflation has made food, gas, mortgages, rent and car notes unaffordable. The banking system has also taken a hit thanks to Biden's incompetence. This are not improving under Biden, only getting worse. Biden does not deserve to be President. Biden and former President Barack Obama are destroying America.

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Why Banks Are Suddenly Closing Down Customer Accounts

Nov. 5, 2023 - Surprised individuals and small-business owners can’t pay rent or make payroll, and no one ever explains what they did wrong. The reasons vary, but the scene that plays out is almost always the same. Bank customers get a letter in the mail saying their institution is closing all of their checking and savings accounts. Their debit and credit cards are shuttered, too. The explanation, if there is one, usually lacks any useful detail.

Or maybe the customers don’t see the letter, or never get one at all. Instead, they discover that their accounts no longer work while they’re at the grocery store, rental car counter or A.T.M. When they call their bank, frantic, representatives show concern at first. “Oh, no, so sorry,” they say. “We’ll do whatever we can to fix this.”
But then comes the telltale pause and shift in tone. “Per your account agreement, we can close your account for any reason at any time,” the script often goes.

These situations are what banks refer to as “exiting” or “de-risking.” This isn’t your standard boot for people who have bounced too many checks. Instead, a vast security apparatus has kicked into gear, starting with regulators in Washington and trickling down to bank security managers and branch staff eyeballing customers. The goal is to crack down on fraud, terrorism, money laundering, human trafficking and other crimes...

https://www.nytimes.com

Banks shed 60,000 jobs in one of worst years for cuts since financial crisis

Global banks eliminated more than 60,000 jobs in 2023, marking one of the heaviest years for cuts since the financial crisis and reversing much of their hiring as they emerged from the Covid-19 pandemic.

Investment banks suffered a second consecutive year of plummeting fees as dealmaking and public listings dried up, leaving Wall Street trying to protect profit margins by reducing headcount. Elsewhere, the takeover of Credit Suisse by UBS has already resulted in at least 13,000 fewer roles at the combined bank, with further big redundancy rounds expected in the year ahead.

“There is no stability, no investment, no growth in most banks — and there are likely to be more job cuts,” said Lee Thacker, owner of financial services headhunting firm Silvermine Partners, adding: “There are some very nice gifts being sent to bosses at the moment.”

Twenty of the world’s biggest banks cut at least 61,905 jobs in 2023, according to Financial Times calculations. That compares with more than 140,000 jobs slashed by the same lenders during the global financial crisis of 2007-08...

https://www.msn.com