Revelations 13:14 “…by the signs that it is allowed to work in the presence of the beast it deceives those who dwell on earth…”
Important Takeaways:
- IBM To Stop Hiring For Roles That Can Be Replaced By AI; Nearly 8,000 Workers To Be Replaced By Automation
- Consider that just last week, Dropbox said it would lay off 16% of the company, some 500 employees as the company sought to build out its AI division.
- But while Dropbox’s layoffs were lateral, and meant to open up space for more AI linked hires, in the case of IBM, it is AI itself that is making workers redundant.
- As Bloomberg reports, IBM CEO Arvind Krishna said the company expects to pause hiring for roles it thinks could be replaced with artificial intelligence in the coming years. As a result, hiring in back-office functions — such as human resources — will be suspended or slowed, Krishna said in an interview. These non-customer-facing roles amount to roughly 26,000 workers, Krishna said. “I could easily see 30% of that getting replaced by AI and automation over a five-year period.” That would mean roughly 7,800 jobs lost.
- Enter AI: new “productivity and efficiency” steps – read replacing workers with algos – are expected to drive $2 billion a year in savings by the end of 2024, Chief Financial Officer James Kavanaugh said on the day of earnings.
- Helping the company’s imminent transition to an AI-staffed corporation will be the coming recession. Until late 2022, Krishna said he believed the US could avoid a recession. Now, he sees the potential for a “shallow and short” recession toward the end of this year, although it remains unclear just how one can determine that a recession will be “shallow and short”.
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Revelations 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”
Important Takeaways:
- David’s Bridal filed for bankruptcy protection days after the company announced it would lay off more than 9,200 employees across the nation.
- The wedding retailer said in a press release Monday that its stores would remain open and fulfill orders without delay as the company looks to sell all or some of its assets. Its online platforms will also remain available to help with customers’ wedding planning needs.
- David’s Bridal started as a small bridal salon in Florida in 1950. The chain now has about 300 locations across the country.
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Revelations 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”
Important Takeaways:
- Former Home Depot CEO issues grim warning over US bankruptcies: ‘It’s different than anything I’ve seen’
- Former Home Depot CEO Bob Nardelli issued a grim warning over the U.S.’s “very complex” economy, cautioning consumers that middle market companies are under “tremendous pressure.”
- “I think we’re going to see a lot of bankruptcies. Like Bed, Bath and Beyond. We got Walmart not only laying people off, but closing stores. We got Accenture laying people off. We got Amazon closing distribution centers. So I think there’s a tremendous-mixed message,” Nardelli said during an appearance on “Cavuto: Coast to Coast.”
- The former CEO continued, saying that the “complexity” of the U.S. economy is “different than anything I have seen in my 52 years.”
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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:
- Woke PayPal to Lay Off 2,000 Employees
- Engadget reports that the leading online payment provider, PayPal, recently announced that it will lay off about 2,000 employees, or approximately seven percent of its workforce.
- The layoffs are anticipated to take place over the coming weeks and will have varying effects on different segments of the business. The company says the layoffs are in response to a difficult macroeconomic environment that has prompted similar responses from other technology giants like Google and Microsoft.
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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:
- Wells Fargo Cuts Hundreds More Mortgage Employees on Industry Slowdown
- Wells Fargo & Co. cut hundreds more mortgage employees Thursday, the latest in a series of reductions across the industry after higher interest rates brought the pandemic-era home-lending boom to halt.
- The firm is not alone: Rival JPMorgan Chase & Co. cut hundreds of home-lending staff and reassigned hundreds more in June, with further reductions since.
- The latest wave comes amid ongoing Federal Reserve rate hikes to tame persistent inflation, pushing mortgage rates toward their highest levels in two decades. Refinancings have dried up and some potential homebuyers have been sidelined in the process.
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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:
- BuzzFeed is axing 12% of its workforce, or around 180 staffers, in a bid to cut costs as the digital media company faces headwinds including an ad-spending pullback and the completion of its integration of Complex Media.
- The company said the layoffs are “intended to reduce the company’s costs” in response to factors including “challenging macroeconomic 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:
- 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:
- Portland foundry Columbia Steel to close after 121 years, lay off workers
- Columbia Steel Casting Co., a Portland metal casting company that dates back more than a century, told state regulators Wednesday it plans to shut down operations at its North Portland foundry and lay off most of its workforce.
- The company said 225 employees, many represented by three different unions, would be laid off beginning in October. The filing indicated the closure would be permanent, though a letter to employees indicated that the company was in talks with “various companies” about buying the foundry and maintaining operations.
- CEO Martha Cox told employees that the company had faced fierce competition from overseas competitors, some of them subsidized by their governments. She said state and local environmental regulations had also put the company at a disadvantage to those competitors.
- The fallout from the COVID-19 pandemic had exacerbated the company’s issues, Cox said in the letter, with hang-ups in the global supply chain disrupting shipments to a key customer and travel restrictions putting a damper on sales.
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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:
- Walmart cuts 200 corporate employees, says it will continue hiring in ‘key areas’
- Walmart let go of almost 200 corporate employees on Wednesday amid the economic downturn and rising inflation, according to a person familiar with the development. The company said in a statement that these layoffs are a part of updating its structure.
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(Reuters) – Parsley Energy will lay off most of its Austin, Texas workforce as part of its sale to Pioneer Natural Resources, according to a notice to the Texas Workforce Commission posted on Friday.
Pioneer Natural Resources is buying Parsley in a deal valued around $4.5 billion, part of a wave of consolidation among U.S. shale producers slammed by pandemic-driven collapse in oil demand.
The Parsley layoffs include 234 workers, though some of those employees will be offered jobs with Pioneer in Las Colinas, Texas or Midland, Texas, a letter to the state agency said. The layoff data is expected to be Feb. 8.
(Reporting by Jennifer Hiller; editing by Diane Craft)
