Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Job Cuts Hit 77,770 In February 2023; Highest YTD Since 2009
- In the shortest month of the year, U.S.-based employers announced 77,770 job cuts in February
- It is 410% higher than the 15,245 cuts announced in the same month last year, according to a report released
- February’s total is the highest for the month since 2009, when 186,350 cuts were recorded. So far this year, employers announced plans to cut 180,713 jobs, up 427% from the 34,309 cuts announced in the first two months of 2022. It is the highest January-February total since 2009 when a total of 428,099 job cuts were announced in January and February.
Read the original article by clicking here.
Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Disney to lay off 7,000 workers, cut $5.5 billion worth of costs in latest reshuffle
- Disney (DIS) will lay off 7,000 workers as the company seeks to slash $5.5 billion in costs. As a result, the media giant plans to restructure the organization into three core business segments: Disney Entertainment, ESPN, and Disney Parks, Experiences and Products.
- “While this is necessary to address the challenges we’re facing today, I do not make this decision lightly…
Read the original article by clicking here.
Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Over 100K job cuts announced in January: analysis
- Last month was the worst January for job cuts since the Great Recession in 2009
- U.S. companies announced roughly 103,000 job cuts in January
- Around 40 percent of last month’s job reductions came in the tech industry, where Google parent company Alphabet, Amazon, Microsoft and Salesforce announced plans to lay off thousands of workers. Many of the companies said they grew too quickly in recent years and must cut costs
- Retailers announced 13,000 job cuts, the second most of any industry
- The real estate industry cut 2,200 jobs, while construction companies cut roughly 1,100 jobs.
- The firings come as companies gear up for an expected economic slowdown driven by the Federal Reserve’s interest rate hikes.
Read the original article by clicking here.
Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Boeing to slash 2,000 jobs to ‘simplify’ corporate structure, reportedly outsource some jobs overseas
- Boeing is planning to slash around 2,000 jobs this year, primarily in finance and human resources, to simplify its corporate structure.
- The Seattle Times reports that around one-third of those jobs will be outsourced to Tata Consulting Services in India.
- “Over time, some of our corporate functions have grown quite large,” Mike Friedman, a Boeing spokesperson, told The Times. “And with that growth tends to come bureaucracy or disparate systems that are inefficient.”
Read the original article by clicking here.
Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Banks Trim Pandemic-Fueled Headcount
- The past few months have seen banks that include Goldman Sachs, Morgan Stanley and Credit Suisse slash more than 15,000 jobs. Industry experts said they expect other banks to make similar moves.
- Lee Thacker, owner of financial services headhunting firm Silvermine Partners, said “The job cuts that are coming are going to be super brutal,”… “It’s a reset because they over-hired over the past two to three years.”
- Last week also saw the news that Bank of America was freezing much of its hiring as it prepares for a possible recession.
- PYMNTS noted late last year that several investment banks had cut staff in Europe, including Citi, Deutsche Bank, and Credit Suisse, as deal-making stalled and markets stagnated
- The banks’ job cuts are happening as a storm of layoffs hit a number of other businesses. Google parent Alphabet announced Friday (Jan. 20) that it was cutting 12,000 jobs across the company’s product areas, functions and regions.
- Tech companies reduced their headcounts by more than 153,000 last year, with Meta slashing 11,000 jobs and Amazon cutting 10,000.
Read the original article by clicking here.
Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Tech stocks headed for ‘bloodbath’ in 2023, more ‘job threats’ expected
- Amid wave of industry layoffs, mega cap tech like Amazon, Microsoft, Apple, and Alphabet extend losses into New Year
- In an interview with FOX Business on Friday, Eric Schiffer, CEO of the private equity firm, The Patriarch Organization, said: “Because tech is so oversold, there might be potential exits for a limited short-term bear rally, but there is a danger facing shareholders.”
- “Shareholders should brace themselves for a deeper brutal tech bloodbath driven by the Fed and its ‘Terminator’ like mission to raise rates and wipe out inflation,” he warned. “Many tech companies will enact job carnage in the first quarter, with Salesforce and Amazon just the start.”
Read the original article by clicking here.
Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Goldman Sachs is cutting up to 3,200 employees this week as Wall Street girds for tough year
- The global investment bank is letting go of as many as 3,200 employees starting Wednesday, according to a person with knowledge of the firm’s plans.
- That amounts to 6.5% of the 49,100 employees Goldman had in October, which is below the 8% reported last month as the upper end of possible cuts.
- Other investment banks are adopting a “wait and see” attitude: If revenues are tracking below estimates in February and March, the industry could cut more workers, said a person familiar with a leading Wall Street firm’s processes.
Read the original article by clicking here.
Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Job cuts surge 127% in November as companies brace for economic downturn
- Companies announced 76,835 job cuts in November, led by the technology sector, the analysis showed. That is 417% higher than the same time one year ago.
- So far this year, employers announced plans to cut more than 320,000 jobs, a 6% increase from the nearly 303,000 cuts announced in the equivalent time period last year. About 80,000 of the cuts this year stem from the technology sector.
Read the original article by clicking here.
Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Job cuts surge 127% in November as companies brace for economic downturn
- Employers announced plans to cut 320,000 jobs this year, analysis shows
- Companies announced 76,835 job cuts in November, led by the technology sector, the analysis showed. That is 417% higher than the same time one year ago.
- Amazon, Apple, DoorDash, Meta, Morgan Stanley, Lyft and Twitter are among the companies either implementing hiring freezes or letting workers go as the Federal Reserve moves to raise interest rates at the fastest pace in decades in order to combat inflation.
Read the original article by clicking here.
Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Roku to cut 200 jobs, citing Challenged Economy
- Roku is the latest technology and media player to slash jobs, revealing in a securities filing Thursday that it plans to reduce its workforce by about 5 percent, or about 200 jobs.
- The company said the plan, which was approved Thursday, was meant to “slow down the company’s 2023 operating expense growth rate due to current economic conditions.”
Read the original article by clicking here.
