Record 4.5 Million Americans Quit Jobs in November as Great Resignation Marches On

Robins Kaplan LLP

Robins Kaplan LLP

4.5 million Americans—a new record—voluntarily left their jobs in November, continuing a trend that marked much of 2021 thanks to “strong employer demand” that’s allowing some workers to “pursue better opportunities.” While spawning the “Great Resignation” label and spreading across industries, the job-hopping has been largely focused in lower paying hospitality and retail sectors - NYTimes and Bloomberg and WSJ

The FAA and carriers Verizon and AT&T have reached an agreement over the telecoms’ planned 5G rollout that had raised concerns over potential clashes with “equipment pilots use to land in poor weather.” Under the deal, the companies will wait an extra two weeks to launch the planned hi-speed service - NYTimes and WSJ

A fintech boom in London—home of some of the world’s most “old-fashioned banks”—has ushered in the age of electronic money institutions (or EMIs), and with them fears that the door has been thrown wide open to “dirty money” - Bloomberg

Toyota outsold General Motors last year in the U.S., “the first year in recorded history that a foreign automaker had outsold American manufacturers.” The victory for the Japanese automaker came as its U.S. rivals saw production and sales figures drop due to a global computer chip shortage that hit them harder than Toyota - NYTimes and WSJ

Goldman Sachs sees cryptos continuing to take a bite out of the gold market in the coming year, suggesting that the “often touted price prediction of a $100,000” value for bitcoin could be a possibility—potentially even in the next 5 years - Bloomberg

The IRS made some waves in the normally staid banking industry this week in its final rules “meant to ease the transition away from the Libor benchmark rate” by jettisoning “a provision from the proposed regulations requiring the fair market value of a contract modified to transition away from . . . Libor to be substantially equivalent before and after the change was made” – Law360

On the heels of baseball card mainstay Topps’ loss of its licensing agreement with Major League Baseball and the MLBPA to Fanatics in August, Topps announced on Tuesday that it’s selling its sports card business to Fanatics—the “multibillion-dollar, 10-year-old company whose licensing business was built on sports fandom, technology and networking” - NYTimes

Wells Fargo’s Chief Risk Officer, Amanda Norton, will leave the bank at the mid-point of 2022. CEO Charles Scharf promised to name her replacement in the coming weeks - WSJ

The Blackberry is dead.  Long live the . . . .  Nahhhh. It’s actually done this time - Bloomberg

Stay safe, and get boosted,


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