Food Banks Warn Of “Spike In Emergency Food Needs”, Citi, Wells Mass Layoffs After Revenues Crushed
- Silver Report Uncut
Food banks were overwhelmed across the country through April and May, the problem is demand is coming in much stronger now that we are 39 days past the financial cliff. The extra unemployment benefits helped a lot of households despite the high instances of unemployment fraud we saw with all the excess liquidity. A major food bank called Feeding America from Wisconsin was warning that though the food supply chain has improved slightly sin9ce the beginning of this crisis there are still inadequacies in the current system when faced with this unprecedented surge in emergency food bank demand. Citi has just announced an end to the embargo on job cuts and Wells Fargo has joined them in the mass layoffs as revenue continues to collapse at these systemically important financial institutions. Citi shares collapse 5% on the news the bank plans to have flat or declining revenues through 2021 Wells Fargo has announced it will also begin cutting staff once again despite the promise made by the big banks not to have any significant downsizing throughout this crisis.