Patrick Crosby looks at how Georgia Banks are performing in 2016 and which local manufacturers employ the most workers.
Banks are back in the news these days and unfortunately it’s not the best of times. Wells Fargo is under fire for surreptitious sales practices in which millions of dummy bank accounts were set up in customer’s names.
Besides likely searching for a new job, Wells Fargo Chairman and CEO John Stumpf will also have to give up $41 million in outstanding unvested equity. And it appears everyone that benefited from the bank’s little scheme will have pay back those bonuses as the bank invokes the corporate ‘clawback’ rule. They better not have spent it all at once or kept the receipts.
The Wall Street Journal (WSJ) reports economist estimate the Institute for Supply Management’s manufacturing index increased to 49.7 percent in September. Even though that’s up from 49.4 percent in August, it’s still below the 50 level that separates expansion from contraction.
According to the journal, there have been six times over the past 30 years when the ISM sat at or below the 50 mark for four consecutive months. In each instance, job growth slowed in the year that followed.