Discover CEO sounds warnings on white collar job loss
You can’t separate coronavirus crisis and economy: Hilsenrath
The Wall Street Journal global economics editor Jon Hilsenrath on the coronavirus pandemic’s impact on the economy.
Discover Financial Services Chief Executive Officer Roger Hochschild is sounding the alarm about the growing loss of white collar jobs.
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“I’m really worried about unemployment,” Hochschild said in an interview with Bloomberg Television. “I do feel like it’s spreading more toward white-collared jobs. A lot of companies are reacting to the environment and cutting back.”
He manages one of the union’s financial services covering checking and savings accounts, personal loans, home equity loans, student loans and credit cards
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The highest number of Americans filed for unemployment since August last week — about 898,000. In June, the Federal Reserve reported that only 13% of white collar workers — usually seen as household incomes above $100,000 – had experienced job loss. However, those figures are likely to change given the recent massive layoff announcements by the likes of Ford, United Airlines and Wells Fargo.
|F||FORD MOTOR COMPANY||7.62||+0.05||+0.66%|
|UAL||UNITED AIRLINES HLDG.||34.25||-1.36||-3.82%|
|WFC||WELLS FARGO & COMPANY||22.95||-0.30||-1.29%|
The grim figures on layoffs, furloughs and salary cuts point to a U.S. economy that is tumbling into what appears to be a calamitous recession, the worst in decades.