Fed signals pause on rate cuts, hedge funds vie for talent in Asia, and UK bank customers ‘cut off’: This Week in Finance

Welcome to This Week in Finance, your weekly roundup of the conversations trending among financial professionals on LinkedIn. Click Subscribe above to be notified of each edition. This week:

Fed to pause after cutting rates

The Federal Reserve administered its third quarter-point cut to interest rates this year amid a slowdown in business investment, while indicating the move would be the last for now. Policy makers lowered their target rate to between 1.5% and 1.75%, a benchmark underpinning everything from credit cards to mortgages. In a shift from prior statements, the central bank said that it would monitor data before moving again. ?? Here's what people are saying.

Brexit will cost ￡70bn by 2029: Report

Boris Johnson’s Brexit deal will cost the UK economy nearly ￡70 billion in the next decade, the National Institute of Economic and Social Research predicted. A new study by the independent think-tank said Johnson's deal would shave off 3.5% in GDP in the next 10 years. It also said the free trade deal with the EU would be slightly worse for the economy than that proposed by Theresa May last year. Johnson's plan, however, wouldn't be as bad for the UK economy as a no-deal Brexit, which would see GDP shrink by an estimated 5.6% by 2029. ?? Here's what people are saying.

The bright spot in finance hiring

Big hedge funds in Asia are poaching talent and dangling fat paychecks amid a war for talent, Bloomberg reported. Firms including Point72 and Balyasny are rapidly expanding in the region, but hires with "first hand of investing in Asia" are in short supply. Since banks have been shrinking trading desks — the usual source of hiring — hedge funds are also developing their own training programs. The hiring boom in hedge funds comes as banks such as MUFG and Deutsche Bank recently slashed jobs on the continent. ?? Here's what people are saying.

HSBC to ‘remodel’ as losses mount

HSBC announced fresh plans to “remodel” its businesses due to a steep slump in its American and European units. Protests in Hong Kong and the trade spat between the U.S. and China have taken a toll on the global banking giant, it said, prompting the need for “significant” restructuring efforts that go beyond previous plans. Europe’s largest lender is now likely getting ready to make cuts in headcount, reported Bloomberg. HSBC could cut up to 10,000 jobs, according to the Financial Times. ?? Here's what people are saying.

UK slams banks for IT failures

UK lawmakers condemned banks for the "unacceptable" amount of IT failures and customer disruption in recent years. A new Treasury Committee report said customers are being left "cashless and cut off" and suggested that tougher regulation may have to be introduced to prevent future online banking crashes. The report suggested that banks should be made to pay additional financial levies to the nation's three major regulators as the latter don't have enough staff to manage the swelling volume of IT outages. ?? Here's what people are saying.

Aramco IPO to debut in December

Aramco’s shares will start trading on the Saudi stock market on Dec. 11, Al Arabiya sources said. Pricing is slated to be announced on Nov. 17, with shares subscription scheduled to start on Dec. 4. The Saudi oil giant earned $68 billion in the first nine months of 2019, which exceeds the 2018 net income of Apple. Aramco is the world's most profitable company. ?? Here's what people are saying.

—With Cate Chapman, Lauren Lee, Yunita Ong, Riva Gold, Emily Spaven, and Lynn Chouman.

Don't miss each edition of This Week in Finance: Click Subscribe above or below to be notified.