Hiring hiccups: Seasonal retail hiring is expected to drop to its lowest level since the 2009 recession, according to a report from Challenger, Gray & Christmas. The firm projects retailers will add fewer than 500,000 workers in the final quarter of 2025, an 8% decline from last year and the smallest seasonal gain in 16 years. Read more from CNBC.
New offerings: JPMorgan Chase is expanding services for clients with $1-5 million in assets, adding Private Client bankers to 53 branches in affluent regions of New York, Connecticut, Florida and Texas. The segment, launched after acquiring First Republic in 2023, targets single-digit millionaires, distinct from Chase’s mass-affluent and ultrawealthy offerings. Read more from Bloomberg. A subscription may be required.
Starting next year: Starting in 2026, workers 50 and older earning more than $145,000 must put 401(k) catch-up contributions into after-tax Roth accounts, per new IRS rules tied to a 2022 law. The change shifts taxes to high-earning years, ensuring withdrawals are tax-free later, marking the tax code’s first mandated Roth savings requirement. Read more from The Wall Street Journal.
