Human Times

North American Edition

26th October 2026

THE HOT STORY

Entry-level jobs at U.S. banks decline as senior employment continues to grow

Entry-level employment at U.S. banks has fallen by nearly 5% since 2022, while mid- and senior-level positions have continued to grow, according to a report from labor-market analytics firm Revelio Labs. The decline has been particularly pronounced in commercial and retail banking, compared with investment banking and capital markets. Data from major institutions, including JPMorgan Chase, Bank of America, and Citigroup, indicate a shift toward more experienced employees, although Goldman Sachs has expanded hiring across all seniority levels. The report highlights banking's exposure to artificial intelligence and the potential impact of automation on junior roles, without establishing AI as the cause of the decline. However, Bank of America and JPMorgan have challenged aspects of the findings, emphasizing their continued commitment to recruiting early-career employees.

Bloomberg

ECONOMY

U.S. business activity slows in October

U.S. business activity slowed modestly in October, although resilient demand and supply chain disruptions continued to fuel inflationary pressures. S&P Global's preliminary Composite Purchasing Managers' Index declined to 57.6 from a five-year high of 58.4 in September, remaining comfortably above the 50 threshold indicating expansion. New orders rose to 58.2, their highest level since March 2022, while the output prices index climbed to 59.8, its highest reading since August 2022. Supply bottlenecks intensified, allowing businesses to pass higher costs on to customers. Manufacturing employment reached its highest level since March 2012 as companies expanded capacity to meet demand. Economists expect the Federal Reserve to maintain interest rates at its next meeting before potentially raising borrowing costs again in December, amid concerns about persistent inflation.

Bloomberg

TAX

U.S. federal income and payroll tax bills rose 5% in 2025

Americans paid approximately $4.6trn in federal individual income and payroll taxes in 2025, a 5% increase from the previous year, according to the latest IRS data. The number of tax returns rose 1% to 162.8m, while the average tax payment per return increased to $28,356. Massachusetts recorded the highest state average at $44,436, followed by Minnesota at $38,023, Washington at $36,985, and New York at $36,177. West Virginia had the lowest average at $11,362, while Washington, D.C., exceeded all states at $106,417. The figures cover individual income taxes, Social Security payroll taxes, and Medicare-related contributions. The findings come amid concerns about the $40tn national debt and potential federal tax reforms aimed at supporting government finances, Social Security, and Medicare.

Think Advisor

CORPORATE

Audi boss rebuked over appearance alongside Trump

The chairwoman of Germany’s IG Metall labor union has condemned Audi CEO Gernot Döllner’s appearance alongside Donald Trump at a Georgia campaign rally at which the U.S. President announced the German automaker’s $4bn plan for a factory near Macon. Döllner thanked Trump for his support and described the project as a “fantastic opportunity” for Audi and the U.S. Christiane Benner said: “The way Gernot Döllner presented himself and Audi in the U.S. is highly embarrassing, politically unacceptable and unworthy of the company and, above all, its employees.” Trump unveiled Audi's U.S. factory plan with less than two weeks to go until Election Day on Nov. 3.

Bloomberg

HIRING

HD Hyundai U.S. shipyard to create 3,000 jobs

South Korea's HD Hyundai is partnering with American construction company Kiewit to build an advanced U.S. shipyard next year. The facility is expected to begin operating in 2029 and create about 3,000 domestic jobs. The two companies will explore opportunities in both commercial ships and military support vessels.

Reuters

STRATEGY

American Express raises outlook despite job cuts

American Express has raised its 2026 profit forecast while announcing plans to cut approximately 3,500 jobs, representing 5% of its global workforce. The company expects adjusted annual earnings of $17.60 to $17.90 per share, following stronger-than-expected third-quarter results. Adjusted quarterly earnings reached $4.68 per share, exceeding analysts' forecasts of $4.48, while revenue rose 9% to $20.1bn. Cardholder spending increased 8% to $454bn, supported by affluent customers, with travel and entertainment expenditure climbing 10%. However, operating expenses rose 9% to $14.5bn, reflecting increased marketing investment and card benefits. CEO Stephen Squeri said restructuring would improve efficiency despite continued business momentum.

CNBC

Reuters

The Wall Street Journal

LEGAL

Federal rulings preserve student loan forgiveness

The Trump administration has dropped two appeals challenging federal court rulings that blocked proposed changes to the Public Service Loan Forgiveness (PSLF) program, which provides student debt relief to eligible public-sector and nonprofit employees after ten years of qualifying payments. The administration had sought to give Education Secretary Linda McMahon authority to exclude employers deemed to have a "substantial illegal purpose," potentially affecting organizations supporting undocumented immigrants and transgender youth. Federal judges in Massachusetts and Washington blocked the changes, finding that the rules exceeded the Education Department's authority and raised constitutional concerns over free speech. The Justice Department has now withdrawn both appeals without explanation, leaving the rulings in place. Advocacy groups have welcomed the decision, which preserves existing protections for a program that has forgiven student loans for more than 1m Americans.

ABC News

Washington Post

INTERNATIONAL

Volkswagen workers threaten strike action

Workers at Volkswagen are threatening strike action in the new year unless management reverses the recent termination of almost all wage deals with German employees, in a move which put long-standing labor standards including working hours and holiday pay up for renegotiation. "We are giving the company until the end of October to withdraw this notice of termination," said IG Metall's chief negotiator Thorsten Groeger, who added: "Otherwise a massive process will be set in motion which, let me make this clear, will pave the way for industrial action at Volkswagen." Arne Meiswinkel, an executive at Europe's top automaker, said after talks on Friday: "The economic situation has deteriorated dramatically since the collective bargaining agreement for the future was concluded in 2024. This creates an urgent need for action."

Reuters

Saudi Aramco HQ staff asked to work from home

Saudi Aramco evacuated its headquarters in Dhahran on Thursday following an alarm, and has asked employees to work remotely. Sources said the reason for the alarm wasn’t immediately known and it wasn’t clear how long staff would be asked to work away from headquarters. The kingdom is on alert after recent attacks from Yemen’s Houthis, including lethal strikes on the oil giant's operations. Bloomberg notes that the U.S. State Department has ordered non-emergency personnel and their families to leave Saudi Arabia because of the growing threat from Houthi attacks.

Bloomberg

KPMG Australia extends government work suspension

KPMG Australia has agreed to extend its suspension from bidding for new federal government contracts until February 28th 2027, following an independent review that identified serious failures in its handling of whistleblower allegations and longstanding governance weaknesses. Commissioned by Australia's Department of Finance, the review found that KPMG mishandled allegations of confidential client information being misused to secure audit contracts, prioritizing legal and organizational risks over investigating potential misconduct. It also highlighted persistent cultural problems, including excessive emphasis on financial returns, inconsistent ethical leadership, and inadequate protections for employees reporting misconduct. Although the review stopped short of recommending a permanent government contracting ban, it called for independent verification of meaningful reforms before KPMG could resume bidding.

Politico

Reuters

Child labor affects 3.5 million children in Mexico

The 2025 National Survey of Child Labor (ENTI) in Mexico reveals that 3.5 million children and adolescents, or 12.6% of those aged five to 17, are engaged in child labor, with particularly high rates among Indigenous minors and those not attending school. Mauricio Rodríguez, head of sociodemographic statistics at INEGI, Mexico's national statistics agency, said: “A child's work counts as hazardous depends not only on the job itself but also on the conditions under which it is performed.” The survey highlights that 1.7 million children are involved in excessive household chores, while 1.6 million perform age-inappropriate work, with over one million engaged in dangerous activities.

El Pais

OTHER

Bolsonaro launches bid to annul election loss

Flávio Bolsonaro has called for the annulment of Brazil’s presidential runoff after losing the election to President Luiz Inácio Lula da Silva. He has criticised the Supreme Court for mandating a last-minute extension of voting hours on Sunday. “It is impossible to recognize the election outcome given the circumstances in which all of this took place,” the eldest son of former President Jair Bolsonaro said, adding: “We will pursue legal action and seek to have the election annulled.”

Bloomberg

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