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<br />As individuals, families and businesses, we are highly dependent on banks. Financial transactions are affected during <keyword id="1004673" type="PERSON" weightage="20" keywordseo="Bank-holidays">bank holidays</keyword>. Hence knowing bank holidays in advance and planning our financial transactions in advance can save a lot of hassles, disruptions and inconveniences. In addition to Sundays, banks are closed on the second and fourth Saturdays. Here is a list of bank holidays in India for the month of November.<br /><strong><br />List Bank Holidays in the month of </strong><strong>November 2019 </strong><br /><strong><br />Common bank holidays across the country</strong><br /><br />The Sundays of the month fall on November 3, 2019, November 10, 2019, November 17, 2019 and November 24, 2019. Hence banks will remain closed across the country on all these four Sundays. On second and fourth Saturdays, all public sector banks are closed. There are five Saturdays in November 2019 and the banks will not work on November 9, 2019 (second Saturday) and November 23, 2019 (fourth Saturday). The banks will work on fifth Saturday, November 30, 2019. <br /><br /><strong>Read also: <br /></strong>
  
  
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<br /><br /><strong>November 2019 region-wise holidays for banks in India</strong><br /><br /><table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#ffc000;padding:3.75pt 3.75pt 3.75pt 3.75pt;overflow:hidden;overflow-wrap:break-word;">Date<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#ffc000;padding:0.75pt 0.75pt 0.75pt 0.75pt;overflow:hidden;overflow-wrap:break-word;">Description<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#ffc000;padding:3.75pt 3.75pt 3.75pt 3.75pt;overflow:hidden;overflow-wrap:break-word;">Applicable to states<br /><br /></td></tr><tr><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#f9f9f9;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">1 November 2019 (Friday) <br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#f9f9f9;padding:0.75pt 0.75pt 0.75pt 0.75pt;overflow:hidden;overflow-wrap:break-word;">Puducherry Liberation Day<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#f9f9f9;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">Puducherry<br /><br /></td></tr><tr><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;padding:0.75pt 0.75pt 0.75pt 0.75pt;overflow:hidden;overflow-wrap:break-word;">Haryana Day<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">Haryana<br /><br /></td></tr><tr><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#f9f9f9;padding:0.75pt 0.75pt 0.75pt 0.75pt;overflow:hidden;overflow-wrap:break-word;">Kannada Rajyothsava<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#f9f9f9;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">Karnataka<br /><br /></td></tr><tr><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;padding:0.75pt 0.75pt 0.75pt 0.75pt;overflow:hidden;overflow-wrap:break-word;">Kut<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">Manipur<br /><br /></td></tr><tr><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#f9f9f9;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">2 November 2019 (Saturday)<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#f9f9f9;padding:0.75pt 0.75pt 0.75pt 0.75pt;overflow:hidden;overflow-wrap:break-word;">Chhath Puja<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#f9f9f9;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">Jharkhand, Bihar<br /><br /></td></tr><tr><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">3 November 2019 (Sunday)<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;padding:0.75pt 0.75pt 0.75pt 0.75pt;overflow:hidden;overflow-wrap:break-word;">Chhath Puja Holiday<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">Bihar<br /><br /></td></tr><tr><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#f9f9f9;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">8 November 2019 (Friday)<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#f9f9f9;padding:0.75pt 0.75pt 0.75pt 0.75pt;overflow:hidden;overflow-wrap:break-word;">Wangala Festival<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#f9f9f9;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">Meghalaya<br /><br /></td></tr><tr><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">10 November 2019 (Sunday)<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;padding:0.75pt 0.75pt 0.75pt 0.75pt;overflow:hidden;overflow-wrap:break-word;">Eid e Milad<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">National holiday except in states including Goa, Chandigarh, Bihar, Assam, Sikkim, Punjab, Himachal Pradesh, Arunachal Pradesh, West Bengal, Mizoram, Meghalaya, Manipur, Andaman and Nicobar Islands.<br /><br /></td></tr><tr><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#f9f9f9;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">12 November 2019 (Tuesday)<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#f9f9f9;padding:0.75pt 0.75pt 0.75pt 0.75pt;overflow:hidden;overflow-wrap:break-word;">Karthika Purnima<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#f9f9f9;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">Telangana, Odisha<br /><br /></td></tr><tr><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;padding:0.75pt 0.75pt 0.75pt 0.75pt;overflow:hidden;overflow-wrap:break-word;">Guru Nanak Jayanti<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">National holiday excepting in states including Odisha, Mizoram, Meghalaya, Andhra Pradesh, Tamil Nadu, Sikkim, Manipur, Kerala, Karnataka, Goa, Tripura, Puducherry, Daman and Diu, Bihar.<br /><br /></td></tr><tr><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#f9f9f9;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">15 November 2019 (Friday)<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#f9f9f9;padding:0.75pt 0.75pt 0.75pt 0.75pt;overflow:hidden;overflow-wrap:break-word;">Friday Following Eid e Milad<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#f9f9f9;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">Jammu and Kashmir<br /><br /></td></tr><tr><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;padding:0.75pt 0.75pt 0.75pt 0.75pt;overflow:hidden;overflow-wrap:break-word;">Kanakadasa Jayanti<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">Karnataka<br /><br /></td></tr><tr><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#f9f9f9;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">16 November 2019 (Saturday)<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#f9f9f9;padding:0.75pt 0.75pt 0.75pt 0.75pt;overflow:hidden;overflow-wrap:break-word;">Sahidi Diwas S Kartar Singh Sarabha Ji<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#f9f9f9;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">Punjab<br /><br /></td></tr><tr><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">23 November 2019 (Saturday)<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;padding:0.75pt 0.75pt 0.75pt 0.75pt;overflow:hidden;overflow-wrap:break-word;">Seng Kut Snem<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">Meghalaya<br /><br /></td></tr><tr><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#f9f9f9;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">24 November 2019 (Sunday)<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#f9f9f9;padding:0.75pt 0.75pt 0.75pt 0.75pt;overflow:hidden;overflow-wrap:break-word;">Sri Guru Teg Bahadur Ji’s Martyrdom Day<br /><br /></td><td style="border-left:solid #dddddd 0.75pt;border-right:solid #dddddd 0.75pt;border-bottom:solid #dddddd 0.75pt;border-top:solid #dddddd 0.75pt;vertical-align:middle;background-color:#f9f9f9;padding:3.75pt 7.5pt 3.75pt 7.5pt;overflow:hidden;overflow-wrap:break-word;">Punjab<br /><br /></td></tr></tbody></table><br /><strong>Read also: </strong><br />
  
  
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<br /><strong>Why knowing bank holidays is important?</strong><br /><br />During public holidays and exclusive bank holidays, banks remain closed and people can only depend on ATMs for withdrawing money. For your financial transactions, you can only depend on the online mode. Hence plan your activities after considering the bank holidays and make your life and business comfortable. Depending on your state in India, you can make your custom list of bank holidays and plan your bank dealings accordingly.<br /><br /><strong><br />See also </strong><br /><a href="https://businessinsider.in/entertainment/news/five-netflix-shows-you-shouldnt-watch-while-eating/articleshow/71818230.cms">Five Netflix shows you shouldn’t watch while eating</a><br /><br /><a href="https://www.businessinsider.in/business/news/tata-motors-jaguar-land-rover-q2-earnings-bring-good-news-for-auto-industry/articleshow/71802900.cms">Not just Tata Motors, a lot of other companies are excited by Jaguar Land Rover numbers</a><br /><br /><a href="https://www.businessinsider.in/thelife/personalities/news/meet-pallonji-mistry-indias-oldest-billionaire-who-lost-2-8-billion-in-a-year/articleshow/71818930.cms">Meet Pallonji Mistry, India’s oldest billionaire who lost $2.8 billion in a year</a><br /><br />

November 2019 bank holidays: Complete list of holidays to plan your month better

<p><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div></p><ul class="summary-list"><li><strong>Michael Gove discussed holding a bank holiday on November 1, the day after the UK is scheduled to leave the EU, to mitigate the financial chaos of a no-deal Brexit, according to reports.</strong></li><li>Gove, who Boris Johnson put in charge of no-deal preparations, said the government would consider the idea in a meeting with business leaders on Thursday.</li><li>A bank holiday would mean financial markets remained closed for 24 hours after the UK left the EU, which could soften the short-term impact and disruption on Britain's economy.</li><li>Johnson has committed to taking the UK out of the EU on October 31 with or without a deal.</li><li>Downing Street sources last night insisted Gove's suggestion was not government policy.</li></ul><p>Government minister Michael Gove reportedly considered declaring a bank holiday on November 1, the day after the United Kingdom is due to leave the European Union, to reduce the financial chaos caused by a no-deal Brexit..</p><p>The Chancellor of the Duchy of Lancaster, who is in charge of no-deal Brexit preparations, told business leaders he was considering the plan, according to reports on Friday from <a href="https://www.thetimes.co.uk/article/michael-goves-big-idea-why-not-keep-banks-closed-day-after-brexit-xrjhdll5l">The Times</a> and <a href="https://news.sky.com/story/gove-to-taxman-help-businesses-if-we-leave-without-a-deal-11780396">Sky News</a>.</p><p>According to two sources, Gove said: "I don't know if this is a good idea at all.</p><p>"Tell me if it isn't. What about a bank holiday?"</p><p><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div></p><p>Boris Johnson, who became prime minister in July, has committed to taking the UK out of the EU on October 31 with or without a deal, despite warnings the country - particularly business - is not fully prepared for such an outcome.</p><p>A bank holiday would mean financial markets remained closed for 24 hours after the UK left the EU, which could soften the short-term impact and disruption on Britain's economy.</p><p>Downing Street sources last night insisted Gove's suggestion was not government policy, the Times reported.</p><p><strong>Read more: <a href="https://www.businessinsider.com/remainer-mps-plot-to-drag-queen-into-brexit-crisis-2019-8?r=US&amp;IR=T" target="_blank" rel="noopener">Remainer MPs could ask the Queen to sack Boris Johnson if he loses a no-confidence vote</a></strong></p><p><strong>Read more: <a href="https://www.businessinsider.com/larry-summers-us-will-exploit-uk-in-post-brexit-trade-talks-2019-8?r=US&amp;IR=T" target="_blank" rel="noopener">'Britain has no leverage. Britain is desperate. Britain has nothing else': Trump will exploit the UK in trade talks, former US treasury secretary says</a></strong></p><p>One of the business representatives present in the meeting reportedly welcomed the idea, especially because France already has a bank holiday on the same day.</p><p>Others allegedly said the proposal would not protect Britain's financial markets because international markets would still respond negatively to a no-deal exit.</p><p>A Downing Street spokesperson told the Times: "Business round tables are an important forum to allow business to suggest and discuss ideas. While we welcome open discussion, a bank holiday on November 1 is not government policy and will not happen."</p><h2>Johnson eyes a general election the day after Brexit</h2><p><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div></p><p>The report comes as Labour Party leader Jeremy Corbyn <a href="https://www.businessinsider.com/corbyn-johnson-plotting-abuse-of-power-to-force-no-deal-brexit-2019-8?r=US&amp;IR=T" target="_blank" rel="noopener">called on the United Kingdom's most senior civil servant to intervene</a> to prevent Boris Johnson from forcing a no-deal Brexit in the middle of a general election campaign.</p><p>Corbyn wrote to Mark Sedwill, the cabinet secretary, on Thursday, accusing the prime minister of planning an "unprecedented, unconstitutional and anti-democratic abuse of power," after it was reported that Johnson could hold a general election the day after Brexit. The UK is set to leave the European Union on October 31.</p><p>The opposition leader's letter comes amid speculation that MPs could stage a vote of no-confidence in Johnson before October 31 as a means of trying to stop a no-deal Brexit, which would trigger a general election if successful.</p><p>"Forcing through no deal against a decision of parliament, and denying the choice to the voters in a general election already underway, would be an unprecedented, unconstitutional and anti-democratic abuse of power by a prime minister elected, not by the public, but by a small number of unrepresentative Conservative party members," he wrote.</p><p>"I am therefore writing to seek your urgent clarification on the proper application of 'purdah' rules in such a scenario and the constitutional implications of failing to abide by those rules."</p><p>Downing Street has repeatedly refused to rule out delaying an election until the few days after Brexit on October 31, even if MPs trigger one beforehand by voting to oust Johnson in a bid to stop a no-deal exit.</p><p class="tagline">Our Brexit Insider Facebook group is the best place for up-to-date news and analysis about Britain's departure from the EU, direct from Business Insider's political reporters. Join <a href="https://www.facebook.com/groups/267178180471848/">here.</a></p>

Michael Gove suggested closing British banks the day after Brexit to prevent financial chaos

<p class="headline-regular financial-disclaimer">Our experts answer readers' banking questions and write unbiased product reviews (<a href="https://www.businessinsider.com/personal-finance/personal-finance-editorial-standards#rating-banking-products" class="not-content-link" target="_blank">here's how we assess banking products</a>). In some cases, we receive a commission from <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank">our partners</a>; however, our opinions are our own. Terms apply to offers listed on this page.</p><ul class="summary-list"><li>Most banks follow the Federal Reserve System's holiday schedule.</li><li>If you're part of an online bank, transactions aren't processed on holidays.</li></ul><p>Once a holiday weekend comes around, everything can become a frantic rush — family gatherings, last-minute shopping trips, ever-changing holiday decorations. It's easy to lose track of which days your bank is closed, but you also don't want it to affect your day off if you need to access money in one of your bank accounts.</p><p>We've included a list of holidays when most banks close, plus alternatives for accessing cash if you need money quickly. We also maintain a list of the <a href="https://www.businessinsider.com/personal-finance/best-banks">best banks</a> in the U.S. </p><h2>Are banks open on New Year's Eve?</h2><p>Most financial institutions will be closed on New Year's Eve because it falls on a Sunday this year. If a bank or credit union is regularly open on a Sunday, branches may be open for limited banking hours since New Year's Eve isn't a federal holiday. Contact your local branch for specific hours.</p><h2>Are banks open on New Year's Day?</h2><p>Financial institutions will be closed on Monday, January 1, because it's a federal holiday. Brick-and-mortar banks and credit unions will close their branches on New Year's Day. If you use an online bank, your transactions may be delayed until the next business day. Most institutions will reopen with regular banking hours on Tuesday, January 2.</p><h2>When are banks closed? </h2><p>Financial institutions close on federal holidays. Most have a holiday list on their website to let you know and prepare ahead of time.</p><p>Some brick-and-mortar <a href="https://www.businessinsider.com/personal-finance/best-national-banks" rel="noopener">national banks</a> have a list in the FAQ section of the website.</p><p>Others, like <a href="https://www.td.com/us/en/about-us/holiday-schedule" target="_blank" rel="noopener">TD Bank</a> and <a href="https://www.regions.com/about-regions/bank-holidays" target="_blank" rel="noopener">Regions Bank</a>, have separate pages with bank holiday schedules. During these holidays, brick-and-mortar banks will close all of their branches or modify their branch hours. Customer service hours may also vary depending on where you bank.</p><p><strong>Quick tip:</strong> If a bank doesn't have a holiday schedule on its website, your best bet will be to call your nearest branch to know which holidays it's observing. </p><p>Online banks usually don't have physical branch locations, but you still may be affected. When an online bank observes a holiday, transactions may be delayed until the next day.</p><p>Customer service availability will usually stay the same with online banks, but there are some exceptions. <a href="https://www.businessinsider.com/personal-finance/capital-one-bank-review" rel="noopener">Capital One 360</a> offers customer service support for all holidays except the Fourth of July, Thanksgiving Day, Christmas Day, and New Year's Day.</p><p>Most financial institutions follow the <a href="https://www.federalreserve.gov/aboutthefed/k8.htm" target="_blank" rel="noopener">Federal Reserve System's holiday schedule</a>. Here is the holiday schedule for 2024. </p><table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px; text-align: center;"><strong>Holiday</strong></td><td style="width: 16.6667%; text-align: center; height: 21px;"><strong>2024</strong></td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">New Year's Day</td><td style="width: 16.6667%; height: 21px;">January 1</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Martin Luther King, Jr. Day</td><td style="width: 16.6667%; height: 21px;">January 15</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Washington's Birthday (Presidents' Day)</td><td style="width: 16.6667%; height: 21px;">February 19</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Memorial Day</td><td style="width: 16.6667%; height: 21px;">May 27</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Juneteenth</td><td style="width: 16.6667%; height: 21px;">June 19</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Fourth of July</td><td style="width: 16.6667%; height: 21px;">July 4</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Labor Day</td><td style="width: 16.6667%; height: 21px;">September 2</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Columbus Day</td><td style="width: 16.6667%; height: 21px;">October 14</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Veterans Day</td><td style="width: 16.6667%; height: 21px;">November 11</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Thanksgiving Day</td><td style="width: 16.6667%; height: 21px;">November 28</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Christmas Day</td><td style="width: 16.6667%; height: 21px;">December 25</td></tr></tbody></table><p>If a holiday falls on a Saturday, the bank will still be open on a Friday. But if a holiday occurs on a Sunday, the bank will be closed the following Monday.</p><p><a href="https://www.businessinsider.com/personal-finance/is-the-stock-market-open-today">The stock market is open</a> on most of the same days as banks, with a few exceptions.</p><h2>Do transactions go through on bank holidays? </h2><p>Most banking transactions don't process on bank holidays, regardless of whether you use an online or brick-and-mortar bank. </p><p><a href="https://www.businessinsider.com/personal-finance/ally-bank-review" rel="noopener">Ally Bank</a>, for instance, doesn't let you make any money-related transactions on federal holidays. The online banking platform Chime also has a <a href="https://help.chime.com/hc/en-us/articles/10017608952727" target="_blank" rel="noopener">list of holidays when it can't process direct deposits</a>. </p><p>Transactions at brick-and-mortar banks like Chase, Wells Fargo, and Bank of America won't be processed until the next business day. Business days are weekdays when branches are in operation.</p><p>So, instead of hinging on a lagging <a href="https://www.businessinsider.com/personal-finance/direct-deposit" rel="noopener">direct deposit</a>, you may want to come up with a backup plan in case the transaction gets delayed.</p><h2>Where can I get cash when banks are closed? </h2><p>Branches are closed on federal holidays, but ATMs aren't. If you have a debit or ATM card, you can still use a machine to take out cash during the holidays.</p><p>If you're out of town, you can also use a debit card to get cash back at a store if you don't have any free ATMs nearby. That way, you don't have to pay an out-of-network <a href="https://www.businessinsider.com/personal-finance/bank-atm-fees" rel="noopener">ATM fee</a> if your bank doesn't reimburse charges.</p><h2>How can I cash a personal check when banks are closed? </h2><p>If you receive a personal check during the holidays, there are a few roundabout ways access to your money quickly.</p><p>You can cash the check out at a store if you need money in a pinch.</p><p>Some ATMs let you cash or deposit checks, but you may already need to have those funds in your account. If your bank's ATM network doesn't let you make check transactions, you can deposit the check using your bank's online or mobile features, then cash your check out using an ATM.</p><p>Funds likely won't be available right away, so this alternative works best if you prefer to have money safe in your account and don't mind waiting a day or two.</p>

Are banks open today? Here's a list of U.S. bank holidays for 2024

Mumbai, Jan 31 () Bank employee unions went on a two-day strike on Friday to press for wage revision and other demands, hitting services like cash deposits, withdrawals and cheque clearances across the country.
<p> All India Bank Employees' Association claimed that around 31 lakh cheques amounting to Rs 23,000 crore remained uncleared across the country on the first day of the strike. 
</p><p> Various bank branches were closed in many parts of the country affecting services like cash deposit, withdrawal, cheque clearances, instrument issuance and loan disbursement. 
</p><p> ATMs of many banks across major parts of the country went dry, causing trouble to people on the last day of the month. 
</p><p>  "In the clearing grids in Mumbai, Chennai and Delhi, about 31 lakh cheques worth about Rs 23,000 crore could not be cleared due to the strike," All India Bank Employees' Association (AIBEA) general secretary C H Venkatachalam said.
</p><p> Close to 10 lakh bank employees and officers of various public sector banks, some old generation private banks and a few foreign banks are on a two-day strike, starting Friday, after the negotiation on wage revision under 11th bipartite settlement failed, unions said. 
</p><p> However, private sector lenders like ICICI Bank and HDFC Bank were operational.
</p><p> On Saturday, bank branches will continue to remain closed, adding to woes of the public on the salary day.
</p><p> With this strike, banks would be closed for three days including Sunday. Banks will open only on Monday, February 3. 
</p><p> The strike call has been given by the United Forum of Bank Unions (UFBU), an umbrella body of nine bank unions, including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW).
</p><p> UFBU decided to go on strike after its discussion with Indian Banks Association (IBA) on wage revision failed in the recent round of negotiations held on Thursday.
</p><p> During discussions, the IBA on Thursday improved their offer to 12.5 per cent, but this was not acceptable, the unions said. 
</p><p> "The bank managements and IBA did not come forward to settle the demands with a reasonable increase in salary looking to inflation and heavy workload on the employees," UFBU said.
</p><p> However, the IBA in a statement said despite the revised offer of up to 19 per cent hike, including performance linked incentive, made by it during the meeting on Thursday, the unions decided to go ahead with the all-India bank strike.
</p><p> Wage revision for employees of public sector banks is pending since November 2017.
</p><p> In the past wage settlement, which was for the period November 1, 2012, to October 31, 2017, employees got a hike of 15 per cent.
IBA also rejected the unions demand for five-day banking saying, "It is known to all that the economy of the country is going through testing times. Banks being the principal players in economic development, cannot afford to provide lesser number of working days for banking activities."
</p><p> The banking lobby said the country already has one of the highest numbers of public holidays and adding 26 more holidays would create more problems for the public.
</p> "IBA is claiming five-day banking is not possible due to the tough economic situation in the country. Then how RBI, Department of Financial Services (DFS), NCLT, Central Vigilance Commission (CVC) and other central and state departments are working for five days in a week? Are these institutions not worried about the economic slowdown?" asked a section of agitating bankers.  HV  MR
MR

Bank employees unions go on 2-day strike; troubles likely on salary day

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/apple">Apple</a> slashed its revenue estimate for its all-important holiday quarter on Wednesday, blaming weak iPhone demand in China.&#xa0;</li><li>The stock got crushed in after-hours trading, opening over 8% lower on Thursday.</li><li><a href="https://www.businessinsider.com/category/goldman-sachs">Goldman Sachs</a> analyst Rod Hall made several prescient calls about Apple stock back in November, including warning that demand for new iPhones was "deteriorating."&#xa0;</li><li>Now he's the most bearish analyst covering Apple on the street.&#xa0;</li></ul><p>Apple CEO Tim Cook <a href="https://www.apple.com/newsroom/2019/01/letter-from-tim-cook-to-apple-investors/">delivered a bombshell on Wednesday</a>, revealing that iPhone sales were down, and that revenue in the holiday quarter would be <a href="https://www.businessinsider.com/apple-warns-holiday-quarter-was-a-huge-miss-2019-1">at least $4 billion</a> less than it previously said.&#xa0;</p><p>The surprise announcement was a bad sign for the stock, and analysts from Bank of American, Morgan Stanley, JP Morgan, and other major banks <a href="https://www.businessinsider.com/apple-profit-warning-how-wall-street-reacted-2019-1">rushed to downgrade</a> their ratings for the stock.</p><p>The bank with the lowest current target price for Apple stock is Goldman Sachs, according to Bloomberg data, whose analyst Rod Hall downgraded the stock and placed on it a price target of $140.</p><p>It's a bold call, but Hall and his team have been making bold calls on Apple since November, when Goldman downgraded Apple not once, but twice. And the commentary it provided now seems prescient after Wednesday's shock.&#xa0;</p><p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>On November 12, when Apple was trading at about $194, Goldman <a href="https://www.businessinsider.com/aapl-stock-price-goldman-sachs-warns-iphone-demand-deteriorating-2018-11?utm_source=twitter&amp;utm_medium=referral&amp;utm_content=topbar&amp;utm_term=desktop&amp;referrer=twitter">cut</a> its price target from $222 to $209. On November 20, Goldman <a href="https://www.businessinsider.com/apple-stock-price-goldman-sachs-downgrade-iphone-xr-price-2018-11?">slashed</a> it again, down to $182. "We are concerned that end demand for new iPhone models is deteriorating," Hall wrote at the time, warning that Apple may have "miscalculated" its iPhone strategy.&#xa0;<p>A week later, Goldman laid out an argument that seems to track Cook's January 2 letter pretty closely.&#xa0;</p><p style="padding-left: 40px;">We flagged this risk in our October 15th Apple preview due to rapid smartphone demand deterioration in China. This now seems to be playing out but there are a few additional twists that we see as important. In addition to weakness in demand for Apple's products in China and other emerging markets it also looks like the balance of price and features in the iPhone XR may not have been well-received by users outside of the US. Historically, a disproportionately large chunk of December quarter demand tends to come in the two-week period beginning a week before Christmas day so it is possible that things change though we do not believe this is likely. Our estimates remain at the lower end of Apple's guidance range at this point as we believe the company likely included this more negative scenario in its provided range.</p><p>Even Apple fans are noticing. "One analyst who definitely got it right, though, was Rod Hall at Goldman Sachs. His research note downgrading Apple back on November 20 looks remarkably prescient today," the influential Apple blogger John Gruber <a href="https://daringfireball.net/">wrote</a> on Thursday.&#xa0;</p><p>So what does Hall see for Apple stock going forward? He declined to comment beyond his published research, but in a note distributed on Thursday he and his team warned of "further downside" to 2019 revenue and compared Apple to Nokia in 2007.&#xa0;</p><p>"We have been flagging China demand issues since late September and Apple's guidance cut confirms our view. We do not expect the situation to get better in March and would remain cautious on the region," Hall wrote in the note.</p><p>He's now the most bearish Apple analyst at a major bank, having slashed his target price for the stock nearly 37% since November. As investors wonder if Apple has hit the bottom, Goldman is laying out the bear case - and it's been right a lot recently.&#xa0;</p><p class="tagline">Get the latest Goldman Sachs stock price<a href="http://markets.businessinsider.com/stock/GS-Quote"> here.</a></p><div></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/spacex-blue-origin-virgin-galactic-space-tourism-2018-9">How SpaceX, Blue Origin, and Virgin Galactic plan on taking you to space</a></h3>        <div>                    </div>    </div>

This analyst called Apple's bombshell holiday quarter miss way back in November

<p class="headline-regular financial-disclaimer">Our experts answer readers' investing questions and write unbiased product reviews (<a href="https://www.businessinsider.com/personal-finance/investing-rating-methodology" class="not-content-link" target="_blank">here's how we assess investing products</a>). Paid non-client promotion: In some cases, we receive a commission from <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank">our partners</a>. Our opinions are always our own.</p><ul class="summary-list"><li>The stock and bond markets close on major holidays, and both have early closures on certain days.</li><li>While stock market holidays also apply to the bond market, the bond market's early closures differ.</li></ul><p>Though all investors should check on their portfolio's performance, it's especially important to do so if you're an active, self-directed trader. Since the markets can be full of twists and turns, you'll want to make sure your investment strategy is working in your favor.</p><p>If there's a stock you're thinking of adding to your portfolio, or if you're looking to sell an asset at a set price during a certain date, you'll need to familiarize yourself with the holidays and early closures of the major US <a href="https://www.businessinsider.com/personal-finance/stock-exchange" rel="noopener">stock exchanges</a> so you won't get caught off guard when those times come.</p><p>We've included a list of holidays that the <a href="https://www.businessinsider.com/personal-finance/what-is-the-stock-market">stock market</a> and bond market are closed, as well as a list of days each market has early closures.</p><h2>Is the stock market open on New Year's Eve?</h2><p>The stock market will be closed on both New Year's Eve and New Year's Day. The markets will be closed on Sunday, December 31 since it is a weekend. Markets will also be closed on Monday, January 1, 2024, for New Year's Day. Regular trading hours will resume the following day. </p><p>The bond market will also be closed on December 31, 2023, and January 1, 2024, for New Year's. It closed at 2 p.m. ET on December 29, 2023, and will reopen with regular trading hours starting Tuesday, January 2, 2024. </p><h2>What time does the stock market open?</h2><p>The stock market's regular trading hours are weekdays from 9:30 a.m. to 4 p.m. ET. However, the market will close as early as 1 p.m. ET on the day before or after certain holidays. </p><p>Plus, you may be able to trade during pre-market hours (4 to 9:30 a.m. ET) depending on your <a href="https://www.businessinsider.com/personal-finance/best-online-brokerage">brokerage</a> or investment platform. The same goes for after-hours trading. This is available from 4 to 8 p.m. ET.</p><p>But the available hours may vary depending on your broker. For instance, <a href="https://www.businessinsider.com/personal-finance/sofi-invest-review">SoFi Invest</a> only offers pre-market trading from 9 to 9:30 a.m. ET, but it provides extended hours of trading from 4 to 8 p.m.</p><h2>Stock market holidays 2023</h2><table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr><td style="width: 33.3333%;">Holiday</td><td style="width: 33.3333%;">2023</td></tr><tr><td style="width: 33.3333%;">New Year's Day</td><td style="width: 33.3333%;">January 2, 2023</td></tr><tr><td style="width: 33.3333%;">Martin Luther King, Jr. day</td><td style="width: 33.3333%;">January 16, 2023</td></tr><tr><td style="width: 33.3333%;">Presidents' Day</td><td style="width: 33.3333%;">February 20, 2023</td></tr><tr><td style="width: 33.3333%;">Good Friday</td><td style="width: 33.3333%;">April 7, 2023</td></tr><tr><td style="width: 33.3333%;">Memorial Day</td><td style="width: 33.3333%;">May 29, 2023</td></tr><tr><td style="width: 33.3333%;">Juneteenth Holiday</td><td style="width: 33.3333%;">June 19, 2023</td></tr><tr><td style="width: 33.3333%;">Independence Day</td><td style="width: 33.3333%;">July 4, 2023</td></tr><tr><td style="width: 33.3333%;">Labor Day</td><td style="width: 33.3333%;">September 4, 2023</td></tr><tr><td style="width: 33.3333%;">Thanksgiving Day</td><td style="width: 33.3333%;">November 23, 2023</td></tr><tr><td style="width: 33.3333%;">Black Friday (closes early at 1p.m. ET)</td><td style="width: 33.3333%;">November 24, 2023</td></tr><tr><td style="width: 33.3333%;">Christmas Day</td><td style="width: 33.3333%;">December 25, 2023</td></tr></tbody></table><h2>Bond market holidays 2023</h2><p>There are slight variations with trading hours and holidays/early closures when it comes to the <a href="https://www.businessinsider.com/personal-finance/what-is-a-bond">bond market</a>. Its pre-market trading hours take place from 4 to 8 a.m. ET, its regular hours are from 8 a.m. to 5 p.m. ET, and its extended trading hours occur from 5 to 8 p.m. ET. </p><p>Below, we've also listed its holidays and early closure dates for 2023:</p><table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr><td style="width: 50%;">Holiday</td><td style="width: 50%;">2023</td></tr><tr><td style="width: 50%;">New Year's Day</td><td style="width: 50%;">January 2, 2023</td></tr><tr><td style="width: 50%;">Martin Luther King, Jr. day</td><td style="width: 50%;">January 16, 2023</td></tr><tr><td style="width: 50%;">Presidents' Day</td><td style="width: 50%;">February 20, 2023</td></tr><tr><td style="width: 50%;">Holy Thursday (closes at 2 p.m. ET)</td><td style="width: 50%;">April 6, 2023</td></tr><tr><td style="width: 50%;">Good Friday</td><td style="width: 50%;">April 7, 2023</td></tr><tr><td style="width: 50%;">Day before Memorial Day (closes at 2 p.m. ET)</td><td style="width: 50%;">May 26, 2023</td></tr><tr><td style="width: 50%;">Memorial Day</td><td style="width: 50%;">May 29, 2023</td></tr><tr><td style="width: 50%;">Juneteenth Holiday</td><td style="width: 50%;">June 19, 2023</td></tr><tr><td style="width: 50%;">Day before Independence Day (closes at 2 p.m. ET)</td><td style="width: 50%;">July 3, 2023</td></tr><tr><td style="width: 50%;">Independence Day</td><td style="width: 50%;">July 4, 2023</td></tr><tr><td style="width: 50%;">Labor Day</td><td style="width: 50%;">September 4, 2023</td></tr><tr><td style="width: 50%;">Indigenous Peoples' Day/Columbus Day</td><td style="width: 50%;">October 9, 2023</td></tr><tr><td style="width: 50%;">Veterans Day</td><td style="width: 50%;">November 10, 2023</td></tr><tr><td style="width: 50%;">Thanksgiving Day</td><td style="width: 50%;">November 23, 2023</td></tr><tr><td style="width: 50%;">Black Friday (closes at 2 p.m. ET)</td><td style="width: 50%;">November 24, 2023</td></tr><tr><td style="width: 50%;">Christmas Eve (closes at 2 p.m. ET)</td><td style="width: 50%;">December 22, 2023</td></tr><tr><td style="width: 50%;">Christmas Day</td><td style="width: 50%;">December 25, 2023</td></tr><tr><td style="width: 50%;">New Year's Eve (closes at 2 p.m. ET)</td><td style="width: 50%;">December 29, 2023</td></tr></tbody></table><h2>Can you still use your account while the stock market is closed?</h2><p>Unless you're using international stock exchanges or electric communication networks, you probably won't be able to trade during the weekend or on holidays when the market is closed. However, you can still perform basic functions in your account.</p><p>You can check balances, monitor your portfolio's performance, or initiate deposits or withdrawals. Keep in mind, though, that you won't be able to place any orders until the market reopens. Plus, the rate at which fund deposits or withdrawals are complete depends on your brokerage's hours.</p><p><a href="https://www.businessinsider.com/personal-finance/when-are-banks-closed-us-bank-holidays">Banks are open</a> the same days as the stock and bond markets, with a few exceptions.</p>

Is the stock market open today?

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Chaiwat Subprasom/Reuters</span></p><p class="caption">The inside of an abandoned department store in China.</p></div><p></p></div></div>In their forecasts for 2016, a lot of analysts and economists have relied on one cheery narrative to counteract the negativity in global markets.</p><p>The story goes that despite the oil price crash, China's troubles, and American manufacturing's possible recession, the American consumer is <a href="http://www.businessinsider.com/consumers-drive-the-us-economy-2015-9">strong enough to prop up the economy</a>.</p><p>Based on recent data, said Michelle Meyer from Bank of America Merrill Lynch, the story may not be as sunny as once believed.</p><p>"Taking into account the cross currents for December, we conclude that the consumer ended 2015 on a somewhat sluggish note," said Meyer in a note to clients Tuesday. "While we continue to look for a healthy job market to drive spending, we cannot help but be left feeling cautious."</p><p>Meyer, a US economist for BAML, does mention some of the prevailing positive sentiment. Employment numbers and wages are up, which would indicate the ability to spend more, but the higher incomes didn't translate to spending.</p><p>"Accounting for the December weakness, we find that holiday sales based on the BAC data were only up 1.1% yoy in 2015," wrote Meyer.</p><p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Bank of America Merrill Lynch</span></p></div><p></p></div></div></p><p>"This is the slowest pace of holiday sales since 2011, based on the BAC data, suggesting that the consumer was cautious this year despite a supportive economic backdrop."</p><p><span>Meyer based her assessment on spending data received from Bank of America-branded debit and credit cards, and used the two-month average of November and December to capture all of holiday sales.</span></p><p>This "sluggish" assessment is important because t<span>he strength of the US consumer is massive, even on a global scale. By some measures, demand from the American consumer sector is </span><a href="http://www.businessinsider.com/bulls-excited-us-consumers-despite-china-2015-9">larger than China's entire economy</a><span>. So good news for consumers in the US is good news for the world, and vice versa.</span></p><p><span>This had been the central part of the bull's thesis on the global economy for a while now. Fundstrat's Tom Lee <a href="http://www.businessinsider.com/bulls-excited-us-consumers-despite-china-2015-9">said in September</a> that, "one could argue there is more upside surprises to the US consumer than downside to China at the moment."</span></p><p><span><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Gluskin Sheff, FundStrat Global</span></p></div><p></p></div></div></span></p><p><span>Additionally, in the face of a <a href="http://www.businessinsider.com/manufacturing-is-not-in-a-recession-2016-1">disastrous manufacturing sector</a> in the US, Doug Porter from BMO Capital <a href="http://www.businessinsider.com/consumers-drive-the-us-economy-2015-9">pointed out</a> the relative size of the consumer-based economy and the manufacturing-based one.</span></p><p>"Despite the conflicting noises, just note that GDP is likely to grow 2.6% this year, its best year since 2006. The US consumer remains a powerful force," he wrote.</p><p><span>Meyer's report, however, seems to fall into a softening of the narrative. Some data regarding consumer spending and <a href="http://www.businessinsider.com/retail-sales-october-2015-11">retail sales</a> have been up and down in recent months, and analysts are <a href="http://www.businessinsider.com/nordstrom-has-analysts-worried-about-us-economy-2015-11">starting to let doubt creep</a> in about the outlook.</span></p><p><span>In Meyer's case, while she still says the economics favor a strong spending environment, she's not as convinced.</span></p><p><span>"Although it is hard to find a strong correlation with holiday sales and the next year's consumer spending behavior, we believe that the sluggish holiday shopping season in 2015 suggests caution about the consumer outlook this year," she wrote.</span></p><p>The shine seems to be coming off one of the brightest economic stories.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/a-pyramid-on-ceres-baffles-nasa-2016-1">NASA scientists are baffled by a mysterious pyramid structure they found in space</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="t4ODYxMDE6W2094u9FSKZagVraSWGpAe" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The bright spot of the world economy is looking 'sluggish'

<p><div class="KonaFilter image-container float_right"><div class="image on-image"><p class="source">Margin Call screenshot</p></div><p></p></div>Planned <keyword id="6357067" type="EVENT" weightage="60" keywordseo="layoffs">layoffs</keyword> by U.S. companies plunged 20.6% year-over-year to 45,314 in November. This is according to a recent survey by <a href="http://www.challengergray.com/press/press-releases/2013-november-job-cut-report-over-45k-job-cuts-retail-aerospacedefense-lead">Challenger Gray &amp; Christmas</a>.</p>
<p>This number is down marginally from the 45,730 announced in October.</p>
<p>"The retail industry saw the heaviest job cutting in November, with 9,998 announced layoffs during the month," wrote the firm. "While the spike in retail cuts heading into the holiday sales season might be cause for alarm, the majority of the planned cuts were related to the closure of remaining Blockbuster video rental stores, as well as the sell-off and closure of a grocery store chain in Chicago."</p>
<p>"Many of the recent cuts have been concentrated in the mortgage lending business, as banks shed many of the extra workers added to handle the flood of foreclosures and loan refinancing in the wake of the recession," said John Challenger. "Recent increases in lending rates and home prices are also lowering demand for new mortgages, thus further reducing the need for additional workers."</p>
<p>Here's a breakdown of job cuts by industries.</p>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><a href="http://www.challengergray.com/press/press-releases/2013-november-job-cut-report-over-45k-job-cuts-retail-aerospacedefense-lead">Challenger Gray &amp; Christmas</a></p></div><p></p></div></div></p>

Planned Layoffs By US Companies Fell In November

<p><div class="KonaFilter image-container float_right"><div class="image on-image"><p class="source"><span><a href="http://www.flickr.com/photos/kylelane66/">kyleboy66 / Flickr, CC</a></span></p></div><p></p></div>BOSTON/NEW YORK (Reuters) - The hackers who attacked Target Corp and compromised up to 40 million credit cards and debit cards also managed to steal encrypted personal identification numbers (PINs), according to a senior payments executive familiar with the situation.</p>
<p>One major U.S. bank fears that the thieves would be able to crack the encryption code and make fraudulent withdrawals from consumer bank accounts, said the executive, who spoke on the condition of anonymity because the data breach is still under investigation.</p>
<p>Target spokeswoman Molly Snyder said "no unencrypted PIN data was accessed" and there was no evidence that PIN data has been "compromised." She confirmed that some "encrypted data" was stolen, but declined to say if that included encrypted PINs.</p>
<p>"We continue to have no reason to believe that PIN data, whether encrypted or unencrypted, was compromised. And we have not been made aware of any such issue in communications with financial institutions to date," Snyder said by email. "We are very early in an ongoing forensic and criminal investigation."</p>
<p>The No. 3 U.S. retailer said last week that hackers stole data from as many as 40 million cards used at Target stores during the first three weeks of the holiday shopping season, making it the second-largest data breach in U.S. retail history.</p>
<p>Target has not said how its systems were compromised, though it described the operation as "sophisticated." The U.S. Secret Service and the Justice Department are investigating. Officials with both agencies have declined comment on the investigations.</p>
<p>The attack could end up costing hundreds of millions of dollars, but it is unclear so far who will bear the expense.</p>
<p>While bank customers are typically not liable for losses because of fraudulent activity on their credit and debit cards, JPMorgan Chase &amp; Co and Santander Bank said they have lowered limits on how much cash customers can take out of teller machines and spend at stores.</p>
<p>The unprecedented move has led to complaints from consumer advocates about the inconvenience it caused from the late November Thanksgiving holiday into the run-up to Christmas. But sorting out account activity after a fraudulent withdrawal could take a lot more time and be worse for customers.</p>
<p>JPMorgan has said it was able to reduce inconvenience by giving customers new debit cards printed quickly at many of its branches, and by keeping branches open for extended hours. A Santander spokeswoman was not available for comment on Tuesday.</p>
<p>Security experts said it is highly unusual for banks to reduce caps on withdrawals, and the move likely reflects worries that PINs have fallen into criminal hands, even if they are encrypted.</p>
<p>"That's a really extreme measure to take," said Avivah Litan, a Gartner analyst who specializes in cyber security and fraud detection. "They definitely found something in the data that showed there was something happening with cash withdrawals."</p>
<h3>BREAKING THE CODE</h3>
<p>While the use of encryption codes may prevent amateur hackers from obtaining the digital keys to customer bank deposits, the concern is the coding cannot stop the kind of sophisticated cyber criminal who was able to infiltrate Target for three weeks.</p>
<p>Daniel Clemens, CEO of Packet Ninjas, a cyber security consulting firm, said banks were prudent to lower debit card limits because they will not know for sure if Target's PIN encryption was infallible until the investigation is completed.</p>
<p>As an example of potential vulnerabilities in PIN encryption, Clemens said he once worked for a retailer who hired his firm to hack into its network to find security vulnerabilities. He was able to access the closely guarded digital "key" used to unscramble encrypted PINs, which he said surprised his client, who thought the data was secure.</p>
<p>In other cases, hackers can get PINs by using a tool known as a "RAM scraper," which captures the PINs while they are temporarily stored in memory, Clemens said.</p>
<p>The attack on Target began on November 27, the day before the Thanksgiving holiday and continued until December 15. Banks that issue debit and credit cards learned about the breach on December 18, and Target publicly disclosed the loss of personal account data on December 19.</p>
<p>On December 21, JPMorgan, the largest U.S. bank, alerted 2 million of its debit cardholders that it was lowering the daily limits on ATM withdrawals to $100 and capping store purchases with their cards at $500.</p>
<p>On Monday, the bank partly eased the limits it had imposed on Saturday, setting them at $250 a day for ATM withdrawals and $1,000 a day for purchases. (The usual debit card daily limits are $200 to $500 for cash withdrawals and $500 for purchases, a bank spokeswoman said last week.)</p>
<p>On Monday, Santander - a unit of Spain's Banco Santander - followed suit, lowering the daily limits on cash withdrawals and purchases on Santander and Sovereign branded debit and credit cards of customers who used them at Target when the breach occurred. Santander did not disclose the new limits, but said it was monitoring the accounts and issuing new cards to customers who were affected.</p>
<p>The largest breach against a U.S. retailer, uncovered in 2007 at TJX Cos Inc, led to the theft of data from more than 90 million credit cards over about 18 months.</p>
<p>(Reporting by Jim Finkle in Boston and David Henry in New York, Additional reporting by Dhanya Skariachan in New York; Writing by Paritosh Bansal, Editing by Tiffany Wu and Grant McCool)</p>

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