6 Steps to Safely Switch Careers

Tassii | Getty Images

If you’ve been in the same industry for a while now but have been nursing a feeling that it isn’t your true calling, you’re not alone. The average American changes careers five-to-seven times in their lifetime, and 30 percent change jobs or careers every 12 months. This sort of frequent disruption might not be ideal for long-term stability, but a change now and then can be ideal in the pursuit of living your best life.

With the pandemic in full swing, many industries are having a tough time staying afloat. Perhaps your industry is one of them, and to look out for your future and the future of your family, you may be thinking it’s time to pivot your career.

Related: 7 Sure Signs Now Is the Time for a Career Change

Whatever your situation may be, making a career change can be a scary leap. But when you’re prepared, you can handle anything. Here are six tips for preparing for a career change and starting down a more authentic path.

1. Don’t immediately quit your job

It’s one thing to strike while the momentum’s hot and quite another to remove your safety net precisely when you need it. If you’re fortunate enough to be employed, maintain that income while you plan the perfect exit by staying at your current job while searching for a new one.

Some people believe that quitting a job without any other prospects is the kick in the butt necessary to get serious about getting hired, but that’s too risky right now. While it may make you feel nostalgic for your college days, it’s no fun living off of ramen noodles and peanut butter and jelly sandwiches as an adult.

2. Research the industry you’re interested in

What it takes to get your foot in the door in a new industry depends on the industry. Some jobs are going to require specific certifications or even another degree. Research what the expectations are so you’ve got a realistic chance of succeeding.

Related: Have a Business Idea? 6 Ways to Research Your Industry

Another key area of research is the salary. Check statistics around the average salary base of the role you’re considering to get an idea of whether it’s financially realistic for maintaining your lifestyle or if you’ll need to budget for a pay cut.

3. Find a mentor in the field

Finding a success story in the field you’re pursuing can inspire you to keep going even when it seems difficult. Tracking someone’s career trajectory will also give you a blueprint that you can use to plan your route.

Find a thought leader in the field and find out as much as you can about their professional experience. Maybe they’re a guest contributor and write for credible publications about the industry you’re interested in. If so, read the content they’re creating and check out their company website. We’re all different and have our unique paths to follow, but this approach will give you a real-world look at what it takes to succeed.

 4. Complete the necessary coursework

If you need classes for industry-specific knowledge or to qualify for jobs in the field you’re interested in, you’re going to have juggle coursework with your existing work schedule. It’s not easy, but it’s a necessary balance you’ll have to find. Look for night classes, weekend classes, workshops, and other learning opportunities that will allow you to learn what you need to without adding full-time school on top of full-time work. And if you have to go full-time, take solace in the fact that many people have done it before you and succeeded.

Related: How Online Learning will Change the Education System post Covid-19

If you have a spouse or partner that is willing to carry the bulk of your financial load, make sure you plan and prepare for a reduced household income.

5. Freshen up your resumé

If you’re switching careers, your current resumé isn’t likely to reflect the right skills and experience you’ll need for your desired role. But every job you have, whether it’s related to your preferred one or not, teaches you skills that prepare you to take on new challenges.

Get creative with your resumé, reworking it to show how your current skills will make you a star in your new career. Then, have someone you trust to review your resumé to see if there’s anything you’re missing.

6. Search for available jobs

Most of the career change process involves searching for and applying for jobs. Don’t settle for job postings that don’t sound like they’ll be an excellent fit for your strengths or won’t align with what you want. Consider pay and benefit options so you can be as selective as possible. If you apply for every job in the field you want to be in, you could land a position that isn’t a great fit and you’ll be back at square one.

Related: Are You Looking to Make a Career Switch?

Once you find a job to apply for, give your resumé another once-over to ensure the skills you’re highlighting align with the skills the job posters are looking for. Don’t be discouraged if it takes a while to build momentum in your search. The right opportunity is out there; you just have to keep applying.

What if I want to start my own business?

If changing jobs means starting your own business, then you will also need to put together a business plan to put your thoughts into actionable steps and determine what you want to achieve.

Make sure you research the market to understand any potential risks involved — there’s always a risk when starting your own business. And accurately identify the possible business mistakes you could make. You can never prepare enough, so take the time to look into what starting your own business entails. It will ensure that the decisions you make are the right ones.

Embarking on a new journey is filled with fear, uncertainty, and excitement. But as long as you’re prepared, your path will be a little less bumpy and a little more worth it. Best of luck. You got this!

By: Jonathan Herrick

Source: 6 Steps to Safely Switch Careers

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Microsoft in Advanced Talks to Increase Investment in OpenAI

Microsoft previously invested $1 billion in OpenAI.Photo:Mike Segar/REUTERS 

Microsoft Corp. MSFT 1.26% is in advanced talks for a new round of funding in OpenAI, according to a person familiar with the matter, as the software giant seeks to further incorporate artificial intelligence into its products.

No deal has been reached between the two sides and the funding amount could vary as negotiations evolve, the person said. The companies have held talks in recent weeks, according to people familiar with the matter. Microsoft invested $1 billion in OpenAI in 2019.

The new cash could help bankroll the tremendous computing power OpenAI needs to run its various artificial intelligence products on Azure, Microsoft’s cloud computing service.

The startup already uses Azure as its exclusive cloud partner and has agreed to give priority to Microsoft when bringing new technologies to market.Everything is now a tech thing. Columnist Joanna Stern is your guide, giving analysis and answering your questions about our always-connected world.

OpenAI earlier this year launched Dall-E 2, a project that allowed users to generate art from strings of text and showed the fast advances being made in that segment of AI technology. Last week, Microsoft announced it was integrating Dall-E 2 with various products including Microsoft Design, a new graphic design app, and the image creator for search app Bing.

Alphabet Inc.’s Google and Microsoft have each developed its own image-generating models—but have been slower to release them to the public, in part because of ethical concerns.

A newer set of startups have moved more quickly. In August, artificial intelligence startup Stability AI released its own text-to-image generator to the public. It then raised $101 million in new funding from investors including Lightspeed Venture Partners and Coatue Management.

OpenAI, led by the technology investor Sam Altman, began as a nonprofit in 2015 with $1 billion in pledges from Tesla Inc. CEO Elon Musk, LinkedIn co-founder Reid Hoffman and other backers.

In 2019, OpenAI created a for-profit company and raised the $1 billion from Microsoft, citing greater computing and staffing needs. OpenAI said it would cap profits at the company, diverting the remainder to the nonprofit group.

Much of OpenAI’s research is focused on the potential impacts of artificial general intelligence, the idea that AI systems could one day become better than humans at performing some of the most important tasks.

Some researchers have cautioned that recent advances in AI contribute to unwarranted hype around the technology, and many applications are fraught with ethical issues.

OpenAI said more than 1.5 million users created over 2 million images a day using Dall-E 2 after it was released to the public this month. The technology can turn text descriptions like “an Andy Warhol style painting of a bunny rabbit wearing sunglasses” into realistic images and artworks.

OpenAI has also developed programs to automatically generate text or computer code from written language samples, which are used by companies including Salesforce Inc. CRM 0.02% and Intel Corp. INTC 0.76%

By: Berber Jin and Miles Kruppa

Source: Microsoft in Advanced Talks to Increase Investment in OpenAI – WSJ


Criticism of Microsoft has followed various aspects of its products and business practices. Frequently criticized are the ease of use, robustness, and security of the company’s software. They’ve also been criticized for the use of permatemp employees (employees employed for years as “temporary,” and therefore without medical benefits), the use of forced retention tactics, which means that employees would be sued if they tried to leave.[246]

Historically, Microsoft has also been accused of overworking employees, in many cases, leading to burnout within just a few years of joining the company. The company is often referred to as a “Velvet Sweatshop”, a term which originated in a 1989 Seattle Times article,[247] and later became used to describe the company by some of Microsoft’s own employees.[248] This characterization is derived from the perception that Microsoft provides nearly everything for its employees in a convenient place, but in turn overworks them to a point where it would be bad for their (possibly long-term) health.

As reported by several news outlets,[249][250] an Irish subsidiary of Microsoft based in the Republic of Ireland declared £220 bn in profits but paid no corporation tax for the year 2020. This is due to the company being tax resident in Bermuda as mentioned in the accounts for ‘Microsoft Round Island One’, a subsidiary that collects licence fees from the use of Microsoft software worldwide.

Dame Margaret Hodge, a Labour MP in the UK said, “It is unsurprising – yet still shocking – that massively wealthy global corporations openly, unashamedly and blatantly refuse to pay tax on the profits they make in the countries where they undertake business”.[250]

In 2020, ProPublica reported that the company had diverted more than $39 billion in U.S. profits to Puerto Rico using a mechanism structured to make it seem as if the company was unprofitable on paper. As a result, the company paid a tax rate on those profits of “nearly 0%.” When the Internal Revenue Service audited these transactions, ProPublica reported that Microsoft aggressively fought back, including successfully lobbying Congress to change the law to make it harder for the agency to conduct audits of large corporations.

“Embrace, extend, and extinguish” (EEE),[253] also known as “embrace, extend, and exterminate”,[254] is a phrase that the U.S. Department of Justice found[255] that was used internally by Microsoft[256] to describe its strategy for entering product categories involving widely used standards, extending those standards with proprietary capabilities, and then using those differences to strongly disadvantage competitors. Microsoft is frequently accused of using anticompetitive tactics and abusing its monopolistic power.

People who use their products and services often end up becoming dependent on them, a process known as vendor lock-in. Microsoft was the first company to participate in the PRISM surveillance program, according to leaked NSA documents obtained by The Guardian[257] and The Washington Post[258] in June 2013, and acknowledged by government officials following the leak.[259]

The program authorizes the government to secretly access data of non-US citizens hosted by American companies without a warrant. Microsoft has denied participation in such a program. Jesse Jackson believes Microsoft should hire more minorities and women. In 2015, he praised Microsoft for appointing two women to its board of directors


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The CEO’s Role Is Changing. What It Takes To Get The Top Job Now

gradyreese/Getty Images

Recruiters, leadership experts and board directors say the path to the top job, and the skills needed to succeed in it, has changed.

The mission of a CEO used to be fairly straightforward. Set the vision and strategy of your company and make sure the right people are in the right roles. Be sensitive to the needs of employees, customers, suppliers and others in your orbit but make shareholders your top priority. Above all else, grow as fast and as big as you can.

But as the world has changed, so have the demands of the CEO job— and the skills needed to succeed in it. Between the pandemic and polarization, climate change and cancel culture, the role has evolved in ways that few would have imagined a few years ago. CEO contenders lack a clear grasp on how the jobs they’re pursuing will change while those at the helm can offer only limited guidance.

What many CEOs increasingly realize is that the change has to start from within. Dick Patton, who co-leads the global CEO practice for recruitment firm Egon Zehnder, detected a mood of deep reflection among the 972 global CEOs they surveyed in a study last year. Nearly 80% of CEO participants said they needed to transform themselves as well as their organizations, and be more adaptive and self-aware.

Part of what’s fueling a new mindset is the recognition that trust and transparency have become vital to business success. Stephen Miles, an executive coach and founder of the Miles Group, argues that the CEO has gone from being the leader who runs the company to the person who must also promote the company’s purpose, impact and credentials as an employer of choice. In short, they must defend the company’s license to operate.

That requires “more influence-building, team-building, people-related skills,” says Miles, not to mention the courage to initiate change on weak signals and be open about their own struggles to connect with people. Emotional intelligence becomes more critical as the demands for CEOs to engage in political hot-button topics mount.

“You have to anticipate whether someone will have the instincts and the intestinal fortitude,” says Jane Stevenson, a vice chair at Korn Ferry who leads its global CEO succession practice. “The expectation of CEOs to take a stand—and to know when to take the stand and when to be quiet—is huge. It’s always been about who the person is. Now it’s who the person is, squared.”

A Need For Bolder Boards

Boards are starting—slowly—to think more broadly about the skills and profile needed to succeed as a CEO in this environment. Experience in operating and running a business is still essential—but a wider range of resumes and roles is under consideration. Diversity candidates are in higher demand, as are traits such as agility, resilience and political judgment.

“Boards are bucking conventional wisdom a bit more,” says Tim Conti, managing partner of executive search firm ON Partners. “The best boards recognize a CEO is just one member of an executive team, and if complemented properly, can come from a lot of new backgrounds.”

That doesn’t mean directors are rushing to take risks. CEO turnover dropped during the pandemic, as many boards put a premium on stability and familiarity to get through the crisis. While CEO openings among Fortune 500 and S&P 500 companies have picked up, most of those slots are filled through internal promotions, according to the latest Crist Kolder Volatility Report of America’s Leading Companies. Only 18.9% of new CEO hires through July were external candidates, versus 30.7% in 2019.

That could indicate more robust succession planning and leadership development—or a lack of imagination at a time when companies need it most. Jim Citrin, who leads Spencer Stuart’s CEO practice, argues that many boards are being too conservative at a time when they need the courage to make bold choices. “Some of the best-performing CEOs were not the obvious choices,” says Citrin.

“Boards basically define success as an internal promotion; failure as having to go outside. In this moment of change and dramatic stakes, all of us need to be creative and courageous.” While the usual route to the CEO’s office is through the president’s or COO’s job, that is not always the best path. A recent report from Spencer Stuart found that over the past 20 years, 85 percent of S&P 500 CEOs have come from one of four “last mile” roles: chief operating officer, a division-level CEO role, chief financial officer and “leapfrog” leaders who held executive jobs another rung or two from the top.

The most successful CEOs were those promoted from a few levels down; the least were CEOs who came from the CFO function. While the latter group knew how to turn a profit, the study found they weren’t as strong at driving top-line growth.

“Some of the best-performing CEOs were not the obvious choices … In this moment of change and dramatic stakes, all of us need to be creative and courageous.”

Jim Citrin, Spencer Stuart

The message is not to discount the value of leading the finance function but rather to supplement it with other responsibilities and C-suite roles. Bonnie Gwin, co-managing partner of the global CEO and board practice at Heidrick & Struggles, says there is demand “for CFOs who are strategic and have played really strategic thought partner roles with their CEO.”

There’s a growing appreciation for experience in other C-suite roles, too. A stint as a chief marketing officer or chief customer officer can be essential for running consumer-facing companies. The chief product officer is also gaining ground as a stepping stone to the CEO job, according to Mark Oppenheimer, CEO of Modern Executive Solutions, as it often “brings together sales, product, strategy and operational responsibilities.” Jeff Christian, who leads the search firm Christian & Timbers, agrees, adding that “product people are becoming the next generation CEOs.”

Perhaps the most common resume builder that indicates a CEO could be destined for the corner office is experience on a high-profile public board of directors. “Getting on some of these major boards is a very interesting corollary to someone getting CEO calls,” says Jana Rich, founder and CEO of the San Francisco-based Rich Talent Group. “You’re networked in a different way. You’re getting incredible exposure to people in the boardroom.”

A Premium—But Limited Progress—On Diversity

Whatever their background, one promising sign is that new CEOs are more likely to be women or people of color. Of the 682 CEOs tracked in the Crist Kolder report, 7.3% were women as of July 31 – up from 6.9% last year and 1.9% in 2010. Heidrick & Struggles took an even broader look at 1,095 CEOs in 24 countries and found women accounted for 13% of new CEOs during the first half of last year, about double from six months earlier.

Racial diversity is a slower climb, although Indian-born leaders continue to ascend to CEO roles, most recently at companies like Starbucks and FedEx. When it comes to the skills in demand for CEOs, some measures of potential remain constant. After studying data from thousands of CEO assessments, Elena Botelho, a partner at leadership advisory ghSMART, distilled the core behaviors for success to the acronym DARE – decisive, adaptable, reliable and engaging for impact.

While the framework is unchanged, Botelho says “adaptability became really paramount” amid the pandemic, which is less about the ability to spot a shift than to immediately respond to it. Resilience is critical. For current CEOs, the exhaustion of the last two years is real, despite it being a job where the median pay was a record-high $14.5 million last year for S&P 500 CEOs, according to an Equilar/Associated Press study.

The rinse-and-repeat series of crises and the dizzying rate of technological change is shifting how CEOs lead, how quickly they’re ready to pass the baton, and what their ambitions may be. While the current generation of CEO-ready leaders has arguably lived through more booms, busts and industry-shattering innovations than the people who came before them, many still feel unprepared. Faced with the prospect of added stress and scrutiny, some recruiters say a lot of candidates also want the job less and less.

They can earn millions through other C-suite roles without the constant scrutiny and stress. Still, for as long as there have been ambitious people, there have been people ambitious to lead. Increasingly, the brass ring is likely to go to those who are ambitious to learn. As Matthew Smith, an executive coach and former chief learning officer at McKinsey puts it: “Leaders who adapt and pivot with speed in the face of opportunities will outperform those who are over-reliant on the skills and habits that got them to the top.”

I am an assistant managing editor at Forbes, overseeing our editorial team that runs the C-suite communities, careers, ForbesWomen, 30 Under 30, and related coverage.

I am a Senior Editor at Forbes, leading our coverage of the workplace, careers and leadership issues. Before joining Forbes, I wrote for the Washington Post for more than a decade covering

Source: The CEO’s Role Is Changing. What It Takes To Get The Top Job Now

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Crypto Links With Banks Pose Threat To Financial Stability, Says ECB

The crypto industry’s deepening ties to banks and asset managers will pose a risk to financial stability, the European Central Bank has warned, in the latest sign of how central banks and governments are stepping up their scrutiny of the market. The ECB said on Tuesday it had undertaken “a deep dive into cryptoasset leverage and crypto lending” and found evidence that these activities were becoming more risky, complex and interconnected with traditional institutions.

Investors have been able to handle the €1.3tn fall in the market capitalisation of unbacked cryptoassets since November 2021 without any financial stability risks being incurred,” the ECB said. “However, at this rate, a point will be reached where unbacked cryptoassets represent a risk to financial stability.” The first such warning from the ECB, published as part of its twice-yearly financial stability review, followed similar messages from US and UK authorities, which have been unnerved by a series of recent failures in the crypto market.

Bitcoin, the world’s flagship cryptocurrency, has halved in value since November and recently fell below $30,000 for the first time since last summer. The market’s most important stablecoin, tether, momentarily lost its peg to the US dollar, while its rival terraUSD all but collapsed. The crypto market itself has boomed in size in recent years, with major platforms like Binance and FTX offering a wide array of complex financial products.

The world’s biggest crypto exchanges processed almost $700bn in spot trading last month and $1.1tn in bitcoin futures, according to data collated by The Block Crypto. Recommended Gillian Tett The Goldilocks crisis may have arrived for crypto The ECB said trading volumes for cryptoassets “have at times been comparable with or even surpassed those of the New York Stock Exchange or euro area sovereign bond quarterly trading volumes”.

At the same time, some crypto exchanges are offering loans to customers to allow them to increase their exposures by as much as 125 times their initial investment, it said. But “significant informational and data shortcomings persist”, which meant “the full extent of possible contagion channels with the traditional financial system cannot be fully ascertained”. ECB president Christine Lagarde said on Dutch television at the weekend that a crypto token was “worth nothing, it is based on nothing, there is no underlying asset to act as an anchor of safety”.

Fabio Panetta, an ECB executive, recently likened the sector to a “Ponzi scheme” and called for a regulatory clampdown to avoid a “lawless frenzy of risk-taking”. Links between eurozone banks and crypto assets “have been limited so far”, the ECB said in its report on Tuesday. The central bank said some international and eurozone banks are “already trading and clearing regulated crypto derivatives, even if they do not hold an underlying cryptoasset inventory”.

It added that large payment networks had “stepped up their support of cryptoasset services” and institutional investors were “now also investing in bitcoin and cryptoassets more generally”. Noting that German institutional investment funds have been allowed to put up to a fifth of their holdings into crypto assets since last year, it said such investments had been aided by the availability of crypto-based derivatives and securities listed on exchanges.

Recommended Behind the Money podcast20 min listen A crypto vibe shift? The ECB also cited risks from decentralised finance, or DeFi, in which cryptocurrency-based software programs offer financial services without the use of intermediaries such as banks. “Crypto credit on DeFi platforms grew by a factor of 14 in 2021, while the total value locked was hovering at around €70bn until very recently, on a par with small domestic peripheral European banks,” it said.

Rehypothecation, in which collateral for a loan can be repledged against another loan, increased the chances of leverage limits being breached. As many as one in 10 EU households “may own cryptoassets”, though most had less than €5,000 invested in the sector, according to a recent ECB survey. Similarly, a Fed survey released on Monday found 12 per cent of US adults held or used cryptocurrencies in 2021. The EU is finalizing legislation, called markets in crypto assets, but the ECB said it would not come into force until 2024 at the earliest.

“Given the speed of crypto developments and the increasing risks, it is important to bring cryptoassets into the regulatory perimeter and under supervision as a matter of urgency,” it said.

Source: Crypto links with banks pose threat to financial stability, says ECB | Financial Times

Critics by Kate Rooney

Financial services firms added three times as many crypto jobs last year than in 2015, according to recent data from LinkedIn. In the first half of 2021, that pace jumped by 40%. Banks on a crypto hiring spree included Deutsche Bank, Wells Fargo, Citigroup, Capital One, Barclays, Credit Suisse, UBS, Bank of America and BNY Mellon.

The crypto boom on Wall Street coincides with more funding and hiring in the start-up world. Crypto and blockchain companies raised a record $25 billion last year, an eightfold increase from a year earlier, according to CB Insights data.

Farooq said that even with the start-up boom, JPMorgan has seen “limited attrition.” Those leaving have been people “wanting to start their own company versus wanting to leave and go do something similar.”

However, JPMorgan did lose one of its highest-profile crypto deputies last year. Christine Moy is on garden leave after departing her role as managing director and global head of crypto and metaverse at Onyx. She has yet to announce her next move.

“After over a half-decade laying the foundations for blockchain-based infrastructure across financial markets and cross-border payments, creating new businesses that have already scaled into the $USD billions at J.P. Morgan, I am looking to challenge myself further by finding new opportunities to create value and drive impact for the Web3/crypto ecosystem from a new angle,” Moy told CNBC in an email.

Other top crypto executives who left Wall Street recently expressed some frustration at how long it takes to get projects moving within a large financial institution. Mary Catherine Lader, chief operating officer at Uniswap Labs, left her job as a managing director at BlackRock last year. Her foray into crypto started as a side project within the asset management company.

“It certainly wasn’t my primary job,” Lader said. “It was kind of a hobby, as it is for so many people on Wall Street, and it definitely wasn’t something that at the time I was thinking about, because it was early stages of adoption.”

Justin Schmidt, former head of digital asset markets at Goldman Sachs, made a similar career change last year. He joined institutional crypto trading platform Talos and described the risk in a similar way, calling the decision “multidimensional.”

“Inherently, you’re taking a brand risk — Goldman is one of the storied institutions of Wall Street,” Schmidt said. “You are also taking a risk by staying someplace more traditional, and I very firmly believe that this is a generational change and there’s a generational opportunity here…..

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ECB Warns House Price Correction Looms As Interest Rates Rise

Eurozone property prices are set to correct as interest rates begin to rise in response to higher inflation, posing greater risks for low-income households, the Bank has warned. Central European.

A reversal in the region’s housing markets was one of the main risks identified by the ECB’s biannual financial stability review, which also warned that Russia’s invasion of Ukraine meant more companies were likely to default due to weaker growth, higher inflation and rising borrowing costs. .

Anticipating that asset prices could fall further if economic growth continues to weaken or if inflation rises faster than expected, the ECB said a sharp rise in rates could cause a “reversal” in oil prices. real estate in the euro zone, which it said were already overvalued by around 15%, relative to overall economic output and rents.

The central bank is preparing to raise its deposit rate in July for the first time in a decade and markets are expecting four quarter-point hikes this year, which it says “could challenge the valuations of riskier assets, such as equities”.

Mortgage rates in the eurozone have already been rising since the start of the year. The ECB’s composite indicator of the cost of borrowing to buy a home rose from a low of 1.3% last September to 1.47% in March.

“A sharp rise in real interest rates could induce house price corrections in the near term, with the current low level of interest rates making a substantial reversal in house prices more likely,” the statement said. ECB.

House prices rose nearly 10% in the euro zone last year, the fastest rate in more than two decades, according to data from Eurostat, the statistics office of the European Commission. They could fall between 0.83 and 1.17% for every 0.1 percentage point increase in mortgage rates, after adjusting for inflation, the ECB calculated.

The Bundesbank recently warned that German banks were becoming too complacent about the risk of borrower default and the possibility of rising interest rates, increasing the amount of capital lenders must put up as collateral for their mortgages.

“We think the German real estate market should peak in the next two years, probably around 2024, although it could be much earlier if we have an interest rate shock,” said Jochen Möbert, an analyst at Deutsche Bank Research. .

Rising interest rates will likely prompt institutional investors to shift money they have put into real estate into the German bond market, Möbert said, predicting that would likely happen when Bund yields rise from 1 % currently at between 2 and 4%. .

“Rental yields are below 4% in German cities on average and in metropolises they are lower, in some cases they are even 2.5%, so once the risk-free rates reach this level, it would be logical to go back to the Bunds,” he added.

The central bank said a switch to fixed-rate mortgages would shield many households from the immediate impact of rising borrowing costs.

Wealthier households could also cushion the blow by saving less or tapping into extra savings accumulated during the coronavirus pandemic, he said. However, he warned that this would leave lower-income households “more exposed to the inflationary shock”.

The ECB said its recent “vulnerability analysis” of the banking sector had shown it was “resilient to the macroeconomic ramifications of the war in Ukraine”.

Banks accounting for more than three-quarters of the sector’s assets would maintain a Tier 1 capital ratio above 9% in its “worst case scenario”, in which the eurozone economy shrinks over the next three years, it said. said the central bank.

Rising interest rates should increase banks’ credit margins in the short term. But Luis de Guindos, vice-president of the ECB, warned that “in the medium term, the situation could be different”.

De Guindos said banks’ profit margins could be eroded by a “duration gap” between rising short-term funding costs for banks and their longer-term loans, such as mortgages, which hold rates down. down for many years.

He admitted that the ECB had been “too pessimistic” in its 2020 warning that the fallout from the pandemic could lead to a €1.4 billion increase in non-performing loans for banks, which did not unfold. materialized as bankruptcies have instead fallen thanks to massive state support.

However, he said rising inflation and rising borrowing costs could cause some companies that have already been weakened during the pandemic to default. “Perhaps the insolvencies that didn’t happen during the pandemic could, at least in part, happen now,” he added.

ECB warns that a correction of prices real estate profile with rise of interest rates

Source: ECB warns house price correction looms as interest rates rise

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