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.
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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.”
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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.
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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.
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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.
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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.”
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Gannett announces layoffs in its news division, citing a ‘news cost base’ that is too high
- Gannett, the owner of USA TODAY and local news operations in 45 states, announced Thursday another round of job cuts in the company’s news division after a third-quarter loss and an earlier series of cost-cutting measures.
- The company, which plans to cut 6% of its estimated 3,440 staff in the news division, will notify affected employees on Dec. 1 and 2.
- Earlier this month, Gannett announced a third-quarter net loss of $54.1 million as revenues fell. The latest quarterly loss compared with a net income of $14.7 million in the same period a year earlier. Gannett also forecast a total net loss of $60 million to $70 million for the year.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Amazon CEO says more job cuts coming next year
- Amazon CEO Andy Jassy said in a note to employees on Thursday that the company is cutting jobs, and the downsizing will continue into next year.
- “I’ve been in this role now for about a year and a half, and without a doubt, this is the most difficult decision we’ve made during that time (and, we’ve had to make some very tough calls over the past couple of years, particularly during the heart of the pandemic),” he wrote. “We are working to support those who are affected and trying to help them find new roles on teams that have a need; and in cases where that’s not possible, we are offering packages that include a separation payment, transitional health insurance benefits, and external job placement support.”
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Wall Street Journal: Meta is planning significant layoffs
- The job cuts are expected to impact thousands of workers and could begin as early as this week, the Journal reported
- Meta has a headcount of more than 87,000, according to a September SEC filing.
- Once boasting a market capitalization of more than $1 trillion last year, Meta is now valued at about $250 billion.
- Last week, rideshare company Lyft said it was axing 13% of employees, and payment-processing firm Stripe said it was cutting 14% of its staff. The same day, e-commerce giant Amazon said it was implementing a pause on corporate hiring.
- Twitter made sweeping cuts across the company
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Revelations 18:23 ‘For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- 50% of employers expect job cuts, survey finds. Here’s how to prepare for a potential layoff
- 50% of firms anticipate a reduction in overall headcount in the next 6 to 12 months, according to a PwC survey.
- Best Buy, Ford Motor, HBO Max, Peloton, Shopify, Re/Max, Walmart and Wayfair are among the firms that have announced layoffs in recent weeks.
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