Weekly Market Update - 19 September 2022

Wealth Wipeout

Mark Zuckerberg’s pivot into the metaverse has cost him dearly in the real world. Even in a rough year for just about every US tech titan, the wealth erased from the CEO of Meta stands out. His fortune has been cut by more than half, dropping $71 billion this year, the most among the ultra-rich tracked by the Bloomberg Billionaires Index. Since changing the name of his company from Facebook to Meta in late 2021 it’s been largely downhill.

Source: Bloomberg

Interest Rates

A host of central banks around the world are set to continue raising borrowing costs this week, led by the Federal Reserve, which is expected to launch a rapid-fire attack on inflation, doubling down on its commitment to bring consumer prices under control. Monetary authorities in Japan, Sweden, Switzerland, Norway and the UK will also review their benchmarks, while in the emerging markets, Philippines, Indonesia, Taiwan and Turkey will be among those that assess whether their lending rates are in tune with the rest of the world.

Source: Bloomberg

Paid Sabbaticals

Bank of America is starting a paid sabbatical program to reward long-term employees, starting with four weeks off for those who have spent 15 years with the company. Beginning next year, the bank will offer time off to let employees “reinvest in their priorities in life,” according to a memo seen by Bloomberg News. Employees can take two sabbaticals over the course of their career. Paid sabbaticals are rare in the banking world, but Wall Street is grappling with employee burnout, and fighting to retain talent. Recent research showed half of US workers could be described as “quiet quitters” — those who fulfil workplace duties but are psychologically detached from their work.

Source: Bloomberg