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:
- CEO FIRES 90 PERCENT OF SUPPORT STAFF, SAYING AI OUTPERFORMS THEM
- Suumit Shah, a 31-year-old CEO of an e-commerce platform called Dukaan based in India, is getting torn to shreds online for firing 90 percent of the company’s customer support staff after arguing that an AI chatbot had outperformed them.
- “We had to layoff [sic] 90 percent of our support team because of this AI chatbot,” he tweeted. “Tough? Yes. Necessary? Absolutely.”
- In a lengthy Twitter thread laden with screenshots from action movies such as “iRobot” and “Limitless,” Shah argued that response times plummeted from over two hours to less than two minutes thanks to the AI chatbot.
- Shah, however, told Insider that he had no choice — though he did say he regretted posting about the layoffs on social media.
- “Over time, everybody will start doing this,” he said. “It’s not just us. Maybe I’m just too straightforward to have put it on Twitter.”
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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:
- Goldman Sachs to chop 250 more workers after ‘David’s Demolition Day,’ sources say
- Goldman Sachs plans to make another round of job cuts — its third in less than a year — as dealmaking profits continue to tank, sources told The Post on Tuesday.
- The David Solomon-led investment bank will cull an additional 250 workers on the heels of 3,200 being fired in January in what staff had dubbed “David’s Demolition Day,” an insider said.
- The latest layoffs could come in the next few weeks and the cuts will hit employees at every level including managing directors and other senior executives, according to the Wall Street Journal.
- In September, the Wall Street giant — which had 45,000 employees — had pink-slipped 1% to 5% of its under-performers.
- A Goldman Sachs spokesperson declined to comment.
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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:
- Disney plans layoffs for thousands next week, report says
- Walt Disney Co. announced it would trim its payroll by some 7,000 jobs in February
- Bloomberg, citing people familiar with the plans said the company would cut about 15% of the staff in its entertainment division.
- The cuts will include those in TV, film, theme parks and on corporate teams, in every region where Disney operates.
- Disney Entertainment, a unit created in a restructuring this year, would also be impacted, the report said.
- The move was part of major restructuring aimed at saving the company billions and was announced by CEO Bob Iger during the first-quarter earnings call.
- Disney said then that it plans to save $5.5 billion in its overhaul, cutting $1.5 billion in operating costs and another $3 billion from reductions in non-sports content — including the job cuts.
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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:
- #1 We were warned that a great commercial real estate crisis would be coming, and now it is here.
- With recent stress in the regional banking sector, sentiment in US commercial real estate (CRE) – and especially the office sector – has turned negative as investors prepare for potential spillover effects (with JPM, Morgan Stanley, and Goldman Sachs all joining the gloom parade), especially as high-profile defaults continue to make headlines as borrowers face higher debt service costs and refinancing becomes much harder ahead of a $400 billion CRE debt maturities this year alone…
- #2 We were warned that there would be widespread layoffs as economic conditions in the United States deteriorated. Sadly, that is now happening all around us. For example, on Monday accounting firm Ernst & Young announced that they will be laying off thousands of highly paid workers…
- #3 We were warned that the largest corporate debt bubble in the history of the world would eventually burst, and now corporations are beginning to default on their debts at a rate that should deeply alarm all of us…
- #4 We were warned that we would witness a dramatic surge in bankruptcies in 2023, and that is precisely what is happening…
- Bankruptcy filings across the United States rose for the third straight month in March in all major industries. A total of 42,368 new bankruptcies were filed last month, according to data from Epiq Bankruptcy, a provider of U.S. bankruptcy court data, technology, and services.
- #5 We were warned that the rest of the world would eventually start rejecting the U.S. dollar, and now “de-dollarization” is happening at a “stunning” pace…
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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:
- McDonald’s temporarily shuts US offices, prepares layoff notices: report
- McDonald’s Corp is temporarily closing its U.S. offices this week as it prepares to inform corporate employees about layoffs undertaken by the fast food giant as part of a broader company restructuring, the Wall Street Journal reported.
- “During the week of April 3, we will communicate key decisions related to roles and staffing levels across the organization,” the company said in the message viewed by The Wall Street Journal.
- “[W]e will evaluate roles and staffing levels in parts of the organization and there will be difficult discussions and decisions ahead,” the CEO wrote
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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 laying off hundreds of US workers at five e-commerce fulfillment centers
- About 200 workers at Pedricktown, New Jersey, and hundreds of others at Fort Worth, Texas; Chino, California; Davenport, Florida; and Bethlehem, Pennsylvania were let go due to a reduction or elimination in evening and weekend shifts, the spokesperson said.
- The layoffs at Walmart, a retail bellwether because of its size, could be a harbinger of further turmoil in the U.S. economy, which many economists predict could enter recession this year.
- Fears of an upcoming recession have already led retailers to announce 17,456 job cuts so far in 2023, compared with 761 in the same period last 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:
- Dell to lay off more than 6,500 employees
- Dell has about 133,000 employees, the company told CNN. At that level, the 5% cut would represent more than 6,500 employees.
- The computing giant cited the “challenging global economic environment” for the cuts.
- “What we know is market conditions continue to erode with an uncertain future,” Clarke told employees. “The steps we’ve taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough. We now have to make additional decisions to prepare for the road ahead.”
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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:
- 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.”
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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:
- More than 25,000 tech workers have been laid off in 2023
- According to the data tracking website, more than 101 tech companies around the world have laid off 25,436 employees so far in 2023. Most of the layoffs have taken place in the United States, accounting for 22,400 employees fired.
- The number of workers being laid off from tech companies is a trend that is continuing since 2022, when 154,336 workers were fired from over 1,000 tech companies around the world, according to the data.
- The companies with the highest number of layoffs between November 2022 and January 2023 include Meta, Amazon, and Salesforce, according to the data.
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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:
- Crypto Firm Genesis Is Preparing to File for Bankruptcy
- Genesis Global Capital is laying the groundwork for a bankruptcy filing as soon as this week, according to people with knowledge of the situation.
- The cryptocurrency lending unit of Digital Currency Group has been in confidential negotiations with various creditor groups amid a liquidity crunch. It has warned that it may need to file for bankruptcy if it fails to raise cash, Bloomberg previously reported.
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