Domain Daily: Wall Street Reckoning

The Dose

  • Banks Look to Downsize

  • NFL Media Rights

  • Flights Are Grounded

Bankers' Jobs in Jeopardy

According to CNBC, Wall Street's biggest banks are about to begin a round of layoffs.

The Point: With markets sagging due to rising inflation and interest rates, Wall Street has seen a steep decline in demand for advisory services. Mergers and acquisition activity has dropped 30% this year, while U.S. IPOs are down 91% from last year. It's a jarring pivot from just a few months ago. At the beginning of the year, banks were still aggressively hiring. CNBC says that all the majors added more than 10% to their workforces since 2020. This matters, even if you don't work in finance. These are high-paying jobs that provide people with high levels of disposable income. When they disappear, that unleashes a significant ripple effect throughout the entire economy.

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The NFL is Running Out the Clock on Sunday Ticket Deal

The NFL will have a new partner for its flagship Sunday Ticket package starting in 2023. But the league is taking its time to decide between offers from Disney, Apple, and Amazon.

The Point: CNBC says that Disney, Apple, and Amazon submitted their offers weeks ago. Now they're waiting while the NFL decides who to team up with. DirectTV has held the rights to the service since it started in 1994. But the package has historically been a money loser for the satellite provider. The current suitors all have the cash on hand to use the package as a loss leader (a product sold at a loss to attract customers). However, each also seems keen to offer the servicer as a standalone offering, in contrast to how DirectTV required people to subscribe to their broader package to access Sunday Ticket. That could open up the potential customer base and turn the rights into a profitable enterprise.

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Return to Travel Hits a Snag

On Sunday, airlines scrapped 868 flights. That marked the fifth straight day in which more than 500 flights were canceled.

The Point: This was supposed to be the summer we all got back to traveling. Instead, airlines are struggling to get planes off the ground. There's plenty of blame to go around. Airlines, the FAA, and TSA are all short-staffed. Regardless of who's at fault, people are becoming discouraged. And it's only expected to get worse as the July 4th holiday approaches. If the problem isn't solved soon, expect people to curtail long-distance travel plans for trips closer to home. The wounds inflicted on airlines from the pandemic were just starting to heal. Anything that impedes the rebound could shock the industry again.

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*The content team responsible for the above content uses primary and secondary sources they believe to be accurate, which includes but is not limited to Bloomberg, The Wall Street Journal, Financial Times, and CNBC, among others. 

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