In March 2008, Bear Stearns, a global investment bank, failed. It took a $29 billion loan (which was later repaid in full) from the New York Fed to get JP Morgan Chase to buy it. About 8,000 Bear Stearns workers were laid off, along with about 4,000 JP Morgan Chase employees. But this wasn't even the main event, which occurred in September 2008.
In July 2019, Deutsche Bank (which is bigger than Bear Stearns was) announced it would close its investment banking business, laid off 18,000 workers, in an effort to cut billions in expenses. Of course, this is an anomaly in the booming economy and not an indicator of more trouble ahead.
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