ReportWire

Tag: job cuts

  • Washington Editorial Board Branded Sports Betting ‘Terrible Bet

    Posted on: February 6, 2026, 12:38h. 

    Last updated on: February 6, 2026, 04:58h.

    • A 2024 op-ed from the Washington Post scolded legal sports betting
    • About a third of the newspaper’s staff was let go this week in Washington

    The Washington Post continues to make headlines after the daily newspaper based in the nation’s capital laid off a third of its staff on Wednesday.

    Washington Post sports betting editorial
    The Washington Post headquarters in One Franklin Square in Washington, DC. The Washington Post opined in 2024 that the liberalization of sports betting was a bad bet for the country. (Image: Shutterstock)

    Among the biggest WaPo job casualties was the sports department, which is being entirely shuttered. Notable former Post sports journalists include John Feinstein, Michael Wilborn and Tony Kornheiser, who would go on to create and host ESPN’s “Pardon the Interruption,” and Christine Brennan, the first woman to cover the Washington Commanders, then the Redskins, in 1985.

    DC has struggled to be a true “sports town” compared to other East Coast cities like Baltimore, Philadelphia, New York, and Boston. The capital’s transient, politically-obsessed, government-focused population has been critiqued for being too occupied with those matters to care and support their local teams.

    “For decades, however, the Post treated sports as a vital part of life in the District. Whatever the rest of the country thought about Washington’s teams and fans, there was no better place to read about sports than the nation’s capital,” wrote Associated Press reporter Noah Trister.

    Scott Van Pelt, whose sportscasting career began in DC at FOX5, and today hosts “SportsCenter at Night” from Washington, also chimed in on the Post job cuts.

    “Growing up reading the Post, I didn’t realize it wasn’t like this in other cities. I didn’t know how lucky we were to enjoy giants of their craft like Kornheiser, Wilbon, Boswell, Kindred & Feinstein,” SVP wrote on X.

    Washington Post Sports Betting Coverage

    The Washington Post’s sports section is being remembered fondly by the people who worked in the department. But when it came to the legalization of sports betting across the country, an opportunity made possible by a May 2018 decision in the US Supreme Court, the Post was no fan.

    In a December 2024 opinion, the Washington Post Editorial Board concluded that legalizing sports betting was a “terrible bet.” The op-ed, one of many where the WaPo editors wrote against the landmark SCOTUS decision, held that legal sports betting has delivered societal harms to vulnerable people.

    When easy access to addictive substances or experiences, such as gambling, increases, so does addiction. Unsurprisingly, then, problem gambling and addiction are rising, along with associated financial distress, bankruptcies, foreclosures, job losses, and suicides,” the Dec. 2024 editorial read.

    The WaPo editors blamed the sportsbooks for the problems caused.

    “Legalized sports betting was supposed to enable gambling companies to identify and weed out problem bettors. Instead, the opposite has happened: High rollers who lose are targeted and courted as VIPs, showered with quick credit and other perks, and encouraged to gamble more — to ‘chase’ their losses, in industry parlance. Those who actually win big get limits imposed on how much they can bet,” the op-ed continued.

    Sports Betting Landscape

    Today, sports betting is legal in 39 states and the District of Columbia. In the nation’s capital, bettors can place legal sports bets online and in person.

    Anyone aged 18 and older can make a sports bet in DC.

    Devin O’Connor

    Source link

  • Laid‑off Washington Post staff rally outside DC headquarters after massive cuts – WTOP News

    One day after the Washington Post laid off roughly a third of its newsroom, former staff and supporters gathered outside the paper’s Downtown D.C. headquarters to protest the cuts.

    The rally is organized by the Post News Guild and the Post Tech Guild l unions. The crowd listens as journalists and tech workers describe the impact of losing hundreds of colleagues.
    a man speaks into a microphone in front of a group of people
    D.C. communities reporter Michael Brice-Saddler tells the rally the Metro section staff can no longer adequately serve the region.
    (WTOP/Mike Murillo )

    WTOP/Mike Murillo

    The rally is organized by the Post News Guild and the Post Tech Guild l unions.
    The rally is organized by the Post News Guild and the Post Tech Guild l unions. The crowd listens as journalists and tech workers describe the impact of losing hundreds of colleagues.
    Protesters outside of the Washington Post office demonstrate following a mass layoff, Thursday, Feb. 5, 2026, in Washington. (AP Photo/Allison Robbert)
    Protesters outside of the Washington Post office demonstrate following a mass layoff, Thursday, Feb. 5, 2026, in Washington.
    (AP Photo/Allison Robbert)

    AP Photo/Allison Robbert

    Protesters outside of the Washington Post office take flyers following a mass layoff, Thursday, Feb. 5, 2026, in Washington. (AP Photo/Allison Robbert)
    Protesters outside of the Washington Post office take flyers following a mass layoff, Thursday, Feb. 5, 2026, in Washington.
    (AP Photo/Allison Robbert)

    AP Photo/Allison Robbert

    This page contains a video which is being blocked by your ad blocker.
    In order to view the video you must disable your ad blocker.

    Laid‑off Washington Post staff rally outside DC headquarters after massive cuts

    One day after the Washington Post laid off roughly a third of its newsroom, former staff and supporters gathered outside the paper’s Downtown D.C. headquarters to protest the cuts.

    Former transportation reporter Rachel Weiner, who spent 15 years at the Post, told the large crowd she was struggling with the loss of her job and what it meant for the community.

    “Yeah, I’m sad about it obviously,” she said. “It is really disappointing having worked to cover as much as possible in this region because it’s also important. The Post has just decided it doesn’t matter to them.”

    Weiner said this round of cuts was handled differently from past layoffs.

    “They did something they haven’t done in previous layoffs and buyouts, which is you lock us out of the building and the systems immediately and not let us finish anything we were working on,” Weiner said.

    The rally was organized by the Post News Guild and the Post Tech Guild unions. The crowd listened as journalists and tech workers described the impact of losing hundreds of colleagues.

    D.C. communities reporter Michael Brice-Saddler told the rally the Metro section staff could no longer adequately serve the region.

    “How is the Metro desk supposed to earn the community’s trust if you keep taking resources away from the Metro section of this paper?” he said.

    The newspaper also eliminated its entire sports department.

    Speaking for her colleagues, former sports reporter Molly Hensley‑Clancy said the loss of the desk was both “heartbreaking” and “senseless.”

    “There’s nothing as riveting as sports, and there’s nothing that brings all of America together like sports,” she said.

    She continued, “There is simply is no Washington Post without sports.”

    Former enterprise reporter Marissa J. Lang, who was also laid off, said the full impact of losing so many journalists will ripple far beyond the newsroom.

    “I don’t think we know yet the impact of losing 300 journalists who hold power to account,” she told the crowd. “I know that the region and the country and the world is a worse place today for having lost all of these incredible reporters.”

    The rally also drew former staff who were not part of this week’s layoffs but came to support their colleagues. Among them was Kathryn Tolbert, who worked at the paper for 27 years before retiring a few years ago.

    “It’s heartbreaking the way the heart and soul of the paper are being torn apart,” Tolbert said. “This feels different in a really fundamental way.”

    Get breaking news and daily headlines delivered to your email inbox by signing up here.

    © 2026 WTOP. All Rights Reserved. This website is not intended for users located within the European Economic Area.

    Mike Murillo

    Source link

  • Five stories defined the defined the DC-area in 2025 – WTOP News

    #1: Federal layoffs and job cuts

    Back in January, President Donald Trump tapped billionaire Elon Musk to lead what was called the Department of Government Efficiency, or DOGE. The stated goal was to cut fraud, waste and abuse by downsizing the federal workforce.

    DOGE’s efforts led hundreds of thousands of federal workers to leave their jobs through layoffs, firings or the “deferred resignation” program.

    “When we look January to June, there’s been a huge drop in federal employment in the region. It’s down 4.5%,” said Tracy Hadden Loh, a fellow with the Brookings Institution.

    Loh and Terry Clower, the director of the Schar School’s Center for Regional Analysis at George Mason University, said there are still a lot of unknowns since detailed local third quarter labor data likely won’t be released until next month.

    “The DOGE cuts and the actions of the Trump administration have hit the region very quickly,” Clower said.

    WTOP’s Kate Ryan reports on the impact DOGE has had on the local economy.

    Read the full story here.

    #2: Midair crash near DCA

    The midair collision near Reagan National Airport on Jan. 29 involving an American Airlines passenger jet and a U.S. Army Black Hawk helicopter killed all 64 aboard the jet, and the three-person chopper crew.

    The National Transportation Safety Board concluded the crash was caused by a combination of altitude misreporting, the D.C. area’s congested airspace and communication failures. The chopper’s altimeter was underreporting the helicopter’s altitude, so the crew believed they were flying at the appropriate level, which put the chopper directly in the approach path of the jet.

    The FAA permanently banned nonessential helicopter flights in critical DCA airspace, with exceptions only for medevac, law enforcement, presidential or urgent missions.

    WTOP’s Neal Augenstein reports on how the crash changed D.C.’s airspace.

    Read the full story here on Tuesday.

    #3: Federal government shutdown

    There have been a growing number of government shutdowns in recent years, but none has lasted longer than the one that dragged on for 43 days in the fall of 2025.

    The shutdown had a major impact, causing more than a million federal employees to work without pay, millions of Americans to lose their food assistance when SNAP benefits ran out and widespread disruptions in air travel.

    The U.S. House was also out of session during the duration of the shutdown, bringing all legislative action to a halt.

    The government shutdown, while decried by Republicans and Democrats, was used by both parties to try to achieve their policy goals — a method that usually fails.

    Democrats pressed to get subsidies extended for the Affordable Care Act that would prevent insurance premiums from soaring for millions of Americans in January.

    Ultimately, Senate Majority Leader and South Dakota Sen. John Thune agreed to a vote on extending the subsidies, which failed in the Senate.

    The subsidies are set to expire on Dec. 31, and Congress potentially faces another shutdown showdown when federal funds run out on Jan. 30.

    WTOP’s Mitchell Miller reports on how the 2025 federal government shutdown opened the doors for potentially more in the future.

    Read the full story on Wednesday.

    #4: Washington Commanders stadium deal

    D.C. scored big this year. After months of tense negotiations, the D.C. Council voted to bring the Washington Commanders back home with a new stadium at the former RFK Stadium site.

    The first vote in August passed 9-3, and after some last-minute drama, the final vote in September sealed the deal.

    “Washington, D.C., residents are winning,” said Council member Kenyan McDuffie.

    Demolition of the old RFK Stadium is already underway, and the site will be cleared for construction by fall 2026. The new roofed stadium is expected to open in 2030, marking the largest private investment in city history.

    WTOP’s Mike Murillo reports on what to expect with the development of a new sports stadium in the nation’s capital.

    Read the full story here on Thursday.

    #5: Federal law enforcement surge in DC

    President Donald Trump activated hundreds of National Guard members and described a plan for federal oversight of D.C.’s police department on Aug. 11.

    While city leaders touted significant drops in violent crime before the effort, Trump said the plan would, in part, be “getting rid of the slums.” He also criticized the maintenance of city streets and parks, highlighting graffiti and potholes.

    The crime emergency ended after 30 days, after Congress declined to extend it. White House data described drops in violent crime categories.

    D.C. Mayor Muriel Bowser signed an executive order outlining the city’s path for federal collaboration after the emergency declaration ended in the fall, but signs of the surge remain. As of early December, there were over 2,700 National Guard troops assigned to patrol the city, according to data from the Joint Task Force.

    During the week of Thanksgiving, West Virginia National Guard members Staff Sgt. Andrew Wolfe and Specialist Sarah Beckstrom were shot near Farragut Square. Beckstrom died in the shooting, and Wolfe was critically injured. In the days after, D.C. police teamed up with Guard members to patrol city streets.

    There’s an ongoing court battle over whether the military presence in D.C. is legal, and whether the deployment can continue. Guard members are reportedly expected to remain in D.C. through at least February.

    WTOP’s Scott Gelman reports on the August federal law enforcement surge and how the takeover of the District’s police force still echoes months later.

    Read the full story here on Friday.

    WTOP’s Ciara Wells, Kate Ryan, Neal Augenstein, Mitchell Miller, Mike Murillo and Scott Gelman contributed to this report.

    Get breaking news and daily headlines delivered to your email inbox by signing up here.

    © 2025 WTOP. All Rights Reserved. This website is not intended for users located within the European Economic Area.

    Ciara Wells

    Source link

  • Amazon to Cut as Much as 9% of White Collar Workforce: Report

    Amazon plans to cut as many as 30,000 corporate jobs starting Tuesday morning, according to a new report from Reuters that cites three unnamed people familiar with the matter.

    Amazon has 1.5 million employees globally (1.2 million in the U.S.), but about 350,000 of those are corporate positions, according to Reuters. Cutting 30,000 corporate jobs represents almost 9% of Amazon’s total corporate positions.

    The Reuters report cited overhiring from the pandemic as the impetus of the cuts, but not everyone seems convinced by that argument, given the fact that companies have had plenty of time to tinker with their staffing since the onset of covid in 2020. The last massive job cuts at Amazon saw 27,000 people let go in late 2022.

    Analysts on CNBC debated what was behind the news on Monday, with two other likely culprits: the rise of AI and President Donald Trump’s extreme tariffs. There was strong debate for and against the case that the reported job cuts were coming due to AI, but nobody seems to really know yet. Amazon didn’t immediately respond to Gizmodo’s questions about the Reuters report emailed Monday.

    The case of tariffs is easier to make, given the fact that President Trump has been so erratic in implementing them, slapping foreign goods with historically high import taxes. Just this weekend, Trump announced an additional 10% tariff on Canada because he was upset about an ad purchased on U.S. airwaves by the premier of Ontario that featured old footage of President Ronald Reagan warning against tariffs. Trump claimed the ad was AI-generated, which isn’t true.

    The New York Times reported last week that Amazon has ambitious plans for robotics that will help it grow without expanding its workforce. The goal is to automate 75% of Amazon’s operations, according to the report, which could mean that it won’t have to hire 600,000 new workers it would’ve otherwise needed by 2033.

    Automation has always caused job losses over the past century, whether it’s physical machines in factories or software that can improve the efficiency of white collar workers. But the hype around AI has created a new cycle in the 2020s that has everyone holding their breath. Will generative artificial intelligence prove to be a massive job killer, or will workers adapt to other positions, and things will become more efficient?

    Nobody knows where it will go, obviously, even as many people predict that the AI bubble is about to burst. Anyone who knows how things will play out (and has some money to burn) has the potential to earn some big bucks in the weeks and months ahead. Some big names are reporting earnings this week, including Amazon (Thursday), Alphabet (Wednesday), and Microsoft (Wednesday).

    Wall Street liked the news on Monday that Amazon was cutting jobs, as it often does. The stock closed up 1.25%. The DOW, S&P 500, and NASDAQ all closed at record highs.

    Matt Novak

    Source link

  • South Bay tech company, East Bay oil titan prep fresh job cutbacks

    South Bay tech company Bill.com and East Bay energy giant Chevron have revealed plans for new rounds of job cuts that are poised to displace well over 100 workers in the Bay Area, filings with the state government show.

    The layoffs are a reminder that job cuts in the tech industry have yet to run their course, as a wide range of tech companies continue to reveal their plans to trim staffing levels in the region.

    Bill.com logo on the tech company’s office building at 6220 America Center Drive in north San Jose. (Google Maps)

    Chevron, which has moved its headquarters from San Ramon to Houston in another example of the corporate exodus from California to Texas, revealed prior layoffs that erased 600 jobs in the Bay Area.

    According to WARN notices the companies sent to the state Employment Development Department, the layoffs include:

    — Bill is cutting 84 jobs in North San Jose at the company’s headquarters complex. These layoffs are expected to take effect on Dec. 15, the WARN letter to the EDD shows.

    — Chevron is eliminating 100 jobs in San Ramon, an East Bay city where the energy giant had once based its headquarters, according to the WARN letter. These most recent cutbacks are due to occur on Oct. 23. Chevron is also cutting 75 jobs in the Kern County city of Bakersfield.

    Bill and Chevron both stated that the layoffs would be permanent.

    “We are providing severance pay, medical continuation coverage, access to education and training resources, and outplacement assistance,” Henry Perea, Chevron’s manager of state government affairs, wrote in the WARN letter to the EDD.

     

    George Avalos

    Source link

  • Paramount Skydance to Cut 2,000 US Jobs Starting Week of October 27

    Paramount Skydance will begin mass layoffs the week of October 27, eliminating around 2,000 U.S. jobs as part of a $2 billion cost-cutting plan under new CEO David Ellison, Variety reported on Saturday.

    The layoffs follow the $8.4 billion merger between Skydance Media and Paramount Global, which closed in August.

    Additional international job cuts are expected, with the company aiming to disclose full details in its third quarter earnings report on November 10, the report added.

    Variety had reported on August 22 that Paramount was looking to cut between 2,000 and 3,000 jobs by early November.

    As of December 2024, Paramount had nearly 18,600 full- and part-time employees, and 3,500 project-based staff.

    Paramount Skydance did not immediately respond to a Reuters request for comment. Reuters could not immediately verify the report.

    Reporting by Rajveer Singh Pardesi in Bengaluru; Editing by Jan Harvey and Marguerita Choy

    Kayla Webster

    Source link

  • Small Business Hiring Remains Steady Amid Initial Signs of Wider Job Cuts

    Entrepreneurs wanting a clearer view of where the economy is heading may want to consult a crystal ball once they’ve checked the usual, but often conflicting indicators. Because even as a new study suggests their fellow small business owners continue hiring at a modest yet sustained pace, other data reflects larger companies may have now started cutting headcount amid stagnating labor market conditions.

    If the clashing information isn’t confusing enough, the government shutdown won’t make it any easier for business owners to figure out how the economy is faring. The Bureau of Labor Statistics (BLS) has said it will not produce its usual monthly jobs report scheduled for October 3, as federal agencies significantly scale back activities until Congress can come to an agreement on their funding. That means observers will instead have to rely on other data for clues on whether the anemic hiring rates by companies since May continued into September. The other statistics available don’t suggest an uptick in that activity occurred, however.

    Making sense of the economy’s state is even more difficult in light of upwardly revised data in late September that showed GDP grew by an impressive 3.8 percent in second quarter of 2025. That makes continued weak company hiring more difficult to understand, especially as businesses head toward the typically robust year-end season.

    On the comparatively positive side, payroll and human resources service provider Paychex released its monthly analysis of Main Street companies Monday, finding small businesses hired slightly fewer people in August compared to July. Despite that, the 99.52 point reading of its index remained relatively strong, and was paired with data showing entrepreneurs limited their annualized rate of wage increases in August to 2.68 percent. That marked their eleventh straight month of holding salary growth to under 3 percent.

    “Stable job growth, wage inflation continues below 3 percent, and there’s really no signs of recession,” Paychex CEO John Gibson told CNBC this week. “We continue to see strong demand for our solutions — which are all indicating to me that small businesses are resilient in this economy.”

    But other indicators suggest larger companies may no longer be as hearty in “this economy.”

    On Tuesday, the BLS released its monthly Job Openings and Labor Turnover Survey (JOLTS) for August, showing similar low rates of hiring, layoffs, and employee quitting that have persisted in recent months. That’s largely been attributed to company leaders holding current headcounts steady until they get a better idea of how hard import tariffs will dent their bottom lines — and whether continued warnings from economists of a looming recession play out.

    That wariness limited job creation to just 22,000 positions in August, and an average of just 26,750 new posts since May. But even as those cautious, wait-and-see strategies avert the mass layoffs that businesses often carry out in expectation of the economy slowing, analysis by job posting platform Indeed warns that passiveness takes a toll over time.

    “August’s layoff rate of 1.1 percent, a hires rate of 3.2 percent, and 7.2 million job openings continued the low-firing, low-hiring trend that defines today’s economy,” Indeed’s Hiring Lab report said of the latest JOLTS numbers. “But frozen isn’t the same as stable. A stagnant labor market may look calm on the surface, but beneath that stillness is a lack of dynamism… That is why measures like job openings, layoffs, and quits are critical metrics to watch, because they capture the flows that define the labor market’s health.”

    Meaning, recent official data doesn’t reflect sparkling health — while statistics from private companies offer an even more troubling diagnosis.

    Job figures released Wednesday by payroll service company ADP offered more reason to be concerned about the strength of both labor markets and the broader economy. Its analysis indicated U.S. employers cut headcounts by a net 32,000 positions in September. That followed its earlier estimate that 43,000 jobs were eliminated in August, even as businesses began seeing initial government data showing Q2 GDP expansion.

    “Despite the strong economic growth we saw in the second quarter, this month’s release further validates what we’ve been seeing in the labor market, that U.S. employers have been cautious with hiring,” said ADP chief economist Nela Richardson of the findings.

    Some observers note that ADP’s reports are based on payroll data of 26 million people employed by its customer companies. That provides it a large, but still partial snapshot of the private sector — and involves no public hiring that BLS statistics include.

    But with BLS cancelling publication of its own data for September amid the government shutdown, ADP is offering one of the only insights on the labor market’s health for the foreseeable future. Meanwhile, it’s unclear just how reliable economists and stock markets will view the official agency’s stats over time.

    Although President Donald Trump withdrew his nomination this week of the activist conservative economist he’d tapped to take over BLS — despite his past calls for the agency to cease producing its monthly jobs report and other critical data — the agency’s future remains in limbo. The credibility of its data may also increasingly be called into doubt.

    Trump fired the previous BLS director after the agency significantly revised earlier employment statistics downward, appearing to indicate his policies were undermining job creation. In making the move, Trump claimed the lower numbers were “phony” in a social media post, and called them intentionally “RIGGED in order to make the Republicans, and ME, look bad.”

    That accusation — along with Trump’s effort to fire Federal Reserve board members and pressure chairman Jerome Powell into making large interest rate cuts — has led some critics fear he might install a new BLS leader with orders to produce statistics tailored to flatter his economic stewardship. If so, that would make it even harder for business leaders to assess labor markets and the economy than it is now.

    Bruce Crumley

    Source link

  • Ally cuts bank jobs after hiring pause, says economy forces ‘difficult choice.’

    Ally cuts bank jobs after hiring pause, says economy forces ‘difficult choice.’

    Ally Financial, a banking company with a large workforce in Charlotte, announced Monday it’s planning to cut about 5% of its employees.

    The Detroit-based business operates its Ally corporate center in Charlotte at 601 S. Tryon St. — inside a 26-story office building between uptown and South End in Charlotte. Ally has 11,700 employees, including 2,700 in Charlotte.

    The cuts were first reported by national outlets Monday.

    It’s unclear how many positions will be cut in Charlotte. Peter Gilchrist, a spokesman for Ally, said impacts were not limited to any specific department or location.

    Courtesy of Crescent Communities

    “Despite a challenging macroenvironment, we remain relentlessly focused on serving our customers and all stakeholders by making the tough, yet necessary, decisions to guide our business into the future,” Gilchrist stated. “After taking steps over the past year to pause hiring and manage staffing expenses through natural attrition, we have made the difficult choice to selectively reduce our workforce.”

    Gilchrist said Ally is committed to supporting affected employees and will be offering a severance package and career support. The company will continue to hire employees in critical areas of the business, he said. Employees impacted will be able to apply for openings.

    “We remain confident in our long-term strategy, with a strong balance sheet and nimble, scalable businesses that are poised for future growth,” Gilchrist added.

    Ally provides a variety of services such as banking, investing, home loans and auto finance. Ally has been in the Charlotte market since 2009.

    Banking cuts continue

    Ally’s cuts add to multiple banks with a Charlotte presence that are doing the same because of economic conditions.

    In September, San Francisco-based Wells Fargo said additional layoffs and a decrease in office space are expected for the company. The State reported Monday that Wells Fargo will lay off up to 525 employees in Columbia and close an office space by June 30, 2024.

    Wells Fargo’s largest employment hub is in Charlotte with 27,000 workers in the city.

    Truist is also planning $750 million in layoffs and other cuts to reduce expenses.

    Related stories from Charlotte Observer

    Chase Jordan is a business reporter for The Charlotte Observer, and has nearly a decade of experience covering news in North Carolina. Prior to joining the Observer, he was a growth and development reporter for the Wilmington StarNews. The Kansas City native is a graduate of Bethune-Cookman University.

    Source link

  • Wells Fargo says it plans more job cuts a day after Truist disclosed major layoffs plan

    Wells Fargo says it plans more job cuts a day after Truist disclosed major layoffs plan

    A top Wells Fargo official said to expect more layoffs at the bank and a decrease in office space as the bank looks to continue to reduce expenses.

    The comments by Chief Financial Officer Michael Santomassimo at a Barclays Global Financial Services Conference on Tuesday came a day after Charlotte-based Truist said at the same meeting it is planning $750 million in “sizable” layoffs and other cuts to reduce expenses.

    Wells Fargo is based in San Francisco but has its largest employment hub in Charlotte, with about 27,000 workers here and more than 247,000 worldwide.

    “We continue to believe we’ve got a lot more to do to make the company as efficient as it should be,” Santomassimo said at the conference.

    He did not detail the extent of the coming layoffs.

    Santomassimo said employee totals have decreased every quarter since the third quarter of 2020. “Now I’m not suggesting it’s going to be down every quarter forever, right. But I do think that there’s more to do,” he said.

    Wells Fargo expects more layoffs and a decrease in office space as the bank looks to continue to reduce expenses.
    Wells Fargo expects more layoffs and a decrease in office space as the bank looks to continue to reduce expenses. Joshua Komer jkomer@charlotteobserver.com

    Where will Wells Fargo job cuts come from?

    There is no one specific business line that will be the focus of the layoffs, according to Santomassimo.

    “It really just is business by business, group by group,” he said, “making sure we come in every day, every quarter and have a plan to continue to incrementally get better and better.”

    Santomassimo also said that attrition rates at the bank have slowed noticeably since last fall. “And so that’s why you see us having to use severance more than what we’ve had to do over the last couple of years,” he said.

    Wells Fargo has reduced its employee totals by about 40,000 people over the past couple years, Santomassimo said.

    Wells Fargo office space

    Shrinking its real estate portfolio also will help the bank cut expenses.

    “We had too much real estate before COVID,” Santomassimo said. “And so we’ve been methodically sort of working through that portfolio over the last few years, and we still have more to do there.”

    Office workers working from home since the pandemic has had a major impact on commercial real estate. In Charlotte, for instance, a Charlotte Observer analysis in June found that 1 in 5 uptown office floors is vacant now amid record high vacancy rates.

    There is “systematic stress” in the office space portfolio, Santomassimo said. “I personally spent a lot of time going through property by property about where we are, how are we managing it, what are the risks, how are we getting ahead of it.”

    One Wells Fargo Center in uptown. Wells Fargo employees have been moving out of the building as the bank consolidates its office space.
    One Wells Fargo Center in uptown. Wells Fargo employees have been moving out of the building as the bank consolidates its office space. Arthur H. Trickett-Wile atrickett-wile@charlotteobserver

    Wells Fargo stunned the Charlotte office market in January when it said it would be moving all workers from two of its uptown Charlotte towers. That includes leaving its iconic longtime home at 301 South College St., the site of its 1980s-era building that resembles a jukebox.

    Then in April, the bank detailed plans for a $500 million upgrade at its largest local campus, in northeast Charlotte.

    This story was originally published September 13, 2023, 8:52 AM.

    Related stories from Charlotte Observer

    Award-winning journalist Adam Bell has worked for The Charlotte Observer since 1999 in a variety of reporting and editing roles. He currently is the business editor and the arts editor. The Philly native and U.Va. grad also is a big fan of cheesesteaks and showtunes.
    Support my work with a digital subscription

    Source link

  • Truist bank discloses plans for ‘sizable’ layoffs as part of $750 million in cuts

    Truist bank discloses plans for ‘sizable’ layoffs as part of $750 million in cuts

    Charlotte-based Truist bank warned at an investors conference this week that it will make “sizable reductions” in its workforce as part of $750 million in companywide cuts in expenses.

    Truist did not disclose the number of people who would be laid off, but said the actions would happen between the third quarter of this year and the first quarter of 2024. CEO Bill Rogers delivered the presentation at a Barclays Global Financial Services Conference Monday.

    The job cuts would result in about $300 million in savings, according to the bank.

    Rogers also detailed plans to consolidate the leadership team to have fewer layers of management. In 2019, Atlanta-based SunTrust and Winston-Salem-based BB&T merged in a $66 billion deal to form Truist, and chose Charlotte for the new bank’s headquarters city.

    The changes have multiple goals, Truist said, including: simplify the business; accelerate franchise growth; lower growth of expenses; improve its capital position; and align compensation to shareholder return.

    As of last year, Truist had more than 3,000 workers in the Charlotte area, part of more than 50,000 employees companywide.

    “As we continue to transform Truist to focus on our strengths and drive long-term growth and profitability, we’re hiring in some areas and rightsizing in others through natural attrition and planned staffing reductions,” Truist said in a statement to The Charlotte Observer on Tuesday.

    The bank did not respond directly to any questions about its layoff plans.

    Truist had assets of $555 billion as of June 30, making it the seventh largest U.S. bank by asset total.

    Trusit bank said it will make sizable jobs cuts and other changes as part of $750 million in expense cuts.
    Trusit bank said it will make sizable jobs cuts and other changes as part of $750 million in expense cuts. DAVID T. FOSTER III

    This story was originally published September 12, 2023, 10:56 AM.

    Related stories from Charlotte Observer

    Source link

  • Disney Will Layoff 7,000 Employees to Save $5 Billion in Costs

    Disney Will Layoff 7,000 Employees to Save $5 Billion in Costs

    The mouse is about to clean house.

    That was the message heard loud and clear at Disney CEO Bob Iger’s first earnings report since he came out of retirement to head up the global entertainment company.

    In a bombshell call with analysts, Iger announced a sweeping corporate restructuring that will result in nearly 7,000 layoffs to save $5.5 billion in costs. The job cuts make up roughly 3.6% of Disney’s global workforce.

    “While this is necessary to address the challenges we’re facing today, I do not make this decision lightly,” said Iger. “I have enormous respect and appreciation for the talent and dedication of our employees worldwide, and I’m mindful of the personal impact of these changes.”

    Related: Bob Iger Returns as Disney CEO and Bob Chapek Steps Down, Effective Immediately

    A course correction comes at a cost

    The House of Mouse is the latest U.S. company to initiate major job cuts, following in the footsteps of Google, Amazon, Facebook, and Zoom.

    Iger said Disney wants to reanimate its film and TV business while cutting costs in “non-content” operations, such as marketing, labor, and technology.

    “We must return creativity to the center of the company, increase accountability, improve results and ensure the quality of our content and experiences,” Iger said.

    Iger said that the company would reorganize into three segments: an entertainment unit encompassing film, TV, and streaming, a sports-focused ESPN unit, and Disney parks, experiences, and products.

    He emphasized that the company’s streaming services, which include Disney+, ESPN+, and Hulu, will remain its ” #1 priority”. But he added that “we’re not going to abandon the linear or the traditional platforms while they can still be a benefit to us and our shareholders.”

    Wall Street reacts

    While Disney employees can’t be happy about the news, Wall Street liked what they heard, as Disney shares surged 6% in after-market trading. After tanking in 2022, stock prices have increased 26 percent this year.

    Iger shared quarterly P&L numbers that were better than many analysts expected.

    Disney’s streaming subscribers were down only 1%, from 164 million to 162 million. But ESPN+ and Hulu subscriber numbers were up 2%. Disney’s theme parks brought in $2.1 billion in profit, up 36 percent from last year.

    The reorg marks a new chapter for Iger, who first became Disney CEO in 2005 and retired in 2020, only to return in 2022.

    Jonathan Small

    Source link

  • Tech industry job cuts come rapidly and in big numbers | Long Island Business News

    Tech industry job cuts come rapidly and in big numbers | Long Island Business News

    In just the past month there have been nearly 50,000 job cuts across the technology sector. Large and small tech companies went on a hiring spree in over the past several years due to a demand for their products, software and services surged with millions of people working remotely. However, even with all of the layoffs announced in recent weeks, most tech companies are still vastly larger than they were three years ago. Here’s a look at some of the companies that have announced layoffs so far.

    August 2022

    Snap: The parent company of social media platform Snapchat said that it was letting go of 20% of its staff. Snap’s staff has grown to more than 5,600 employees in recent years and the company said at the time that even after laying off more than 1,000 people, its staff would be larger than it was a year earlier.

    Robinhood: The company, whose app helped bring a new generation of investors to the market, announced that it would reduce headcount by about 23%, or approximately 780 people. An earlier round of layoffs last year cut 9% of its workforce.

    November 2022

    Twitter: About half of the social media platform’s staff of 7,500 was let go after it was acquired by the billionaire CEO of Tesla, Elon Musk.

    Lyft: The ride-hailing service said it was cutting 13% of its workforce, almost 700 employees.

    Meta: The parent company of Facebook laid off 11,000 people, about 13% of its workforce.

    January 2023

    Amazon: The e-commerce company said it must cut about 18,000 positions. That’s just a fraction of its 1.5 million-strong global workforce.

    Salesforce: The company lays off 10% of its workforce, about 8,000 employees.

    Coinbase: The cryptocurrency trading platform cuts approximately 20% of its workforce, or about 950 jobs, in a second round of layoffs in less than a year.

    Microsoft: The software company said it will cut about 10,000 jobs, almost 5% of its workforce.

    Google: The search engine giant becomes the most recent in the industry to say it must adjust, saying 12,000 workers, or about 6% of its workforce, would be let go.

    The Associated Press

    Source link

  • 400 fired and counting: FIS’ India arm conducts mass layoffs in Pune

    400 fired and counting: FIS’ India arm conducts mass layoffs in Pune

    The India arm of Fidelity National Information Services’ (FIS), an American multinational corporation working in the fintech space, has conducted a mass lay off round and has handed pink slips to over 400 employees in Pune.

    “I was sent termination letter out of the blue today, they have asked me to stay at home till  December 30, which will be my last date. I have been asked to not report to work,” an employee who was terminated from the company told Business Today.

    Similar termination letters have been sent to over 400 people working in Pune so far. More employees would be terminated in the near future, people aware of the matter told Business Today. The company also has offices in Bengaluru and Gurugram.

    Business Today reached out to the firm via an e-mail for a comment but the company hasn’t responded by the time of publication of this story.

    The terminated employees are entitled to severance as well. The termination letter noted, “You will be entitled to receive a severance compensation calculated at the rate of one (01) month of your base salary for every completed year of continuous service (subject to a maximum limit of twelve (12) months) with FIS and the same shall be paid to you within five (5) working days from the Separation Date.”

    The termination letter sent to erstwhile employees also stated: “You (employees) agree to unconditionally and irrevocably discharge and release FIS, its subsidiaries and affiliates, its directors, employees, legal representatives, successors and / or assigns, of and from all claims, cause of action, charges, debts, dues, sums of money, demands, or otherwise, known, or unknown, in law or equity, accrued or unaccrued, contingent or non-contingent, arising at any time up to and including the Separation Date.”

    It is worth noting that the IT and fintech company has been going through a rough patch financially. The fintech company’s stock has tanked nearly 45 per cent year-to-date, lower than the S&P 500’s 17 per cent decline during the same period. 

    The company’s newly appointed CEO, Stephanie Ferris, had plans to make drastic cost cuts to appease investors, Bloomberg reported. The company also reportedly targeted $500 million in cost savings through its enterprise transformation program.
     

    Source link

  • Musk says ‘so hard to get a legal work visa’ as techies grapple with H-1B woes and layoffs

    Musk says ‘so hard to get a legal work visa’ as techies grapple with H-1B woes and layoffs

    Indian techies working in US on H-1B visa found support from billionaire Elon Musk on Monday. In his response to a tweet about hordes of illegal immigrants coming to Texas from Mexico, Musk tweeted, “Seems bizarre that it’s so easy enter illegally, but so hard to get a legal work visa.”

    Musk’s tweet should be music to the ears of Indian techies who are grappling with layoffs and H-1B visa woes. Lately, there have been media reports of the sacked Indian techies, on a work visa, facing deportation if they don’t find a new job within 60 days.

    Companies all over the world have fired around 38,000 employees in just the first half of this month. As per data accessed by Business Today from layoffs.fyi, a data aggregator, 37,866 people have been terminated from their jobs across the world as of November 16. 

    Seems bizarre that it’s so easy enter illegally, but so hard to get a legal work visa

    — Elon Musk (@elonmusk) November 21, 2022 “>

    Meta, the parent company of the social networking site Facebook, has had the largest downsizing round so far. On November 9, 11,000 employees were terminated from the company. Amazon sacked 10,000 people on November 16. Microblogging site Twitter laid off 3,700 people on November 4. 

    Amazon.com Inc said on Thursday there would be more role reductions as its annual planning process extends into next year and leaders continue to make adjustments.

    “Those decisions will be shared with impacted employees and organizations early in 2023”, said Andy Jassy, who became the company’s Chief Executive Officer in 2021, in a letter to Amazon employees.
     

    Source link

  • ‘Come back home’: Dream11 founder tells laid off Indian techies in the US

    ‘Come back home’: Dream11 founder tells laid off Indian techies in the US

    Harsh Jain, Co-founder and CEO of Dream11, one of India’s rare profitable unicorns, has made a clarion call for US-based Indian techies to return home amidst mass layoffs at leading companies in the Silicon Valley.

    “With all the 2022 tech layoffs in the US, please spread the word to remind Indians to come back home (especially those with visa issues) to help Indian Tech realize our hyper-growth potential in the next decade,” Jain wrote in a LinkedIn post on Monday. 

    Crunchbase estimates suggest that over 52,000 techies have been laid off by US companies in 2022 so far, in what has been an economic bloodbath in the country. Mass firings have happened at Twitter, Stripe, Salesforce, Lyft, Spotify, Peloton, Netflix, Robinhood, Instacart, Udacity, Booking.com, Zillow, Loom, Beyond Meat, and several others.

    What caused the funding crunch and resulting layoffs?

    Crunchbase explained, “The public markets have been hit hard in 2022, and that’s trickled down to the private markets. Inflation concerns, rising interest rates, and geopolitical issues have all contributed to a roller-coaster stock market. Start-ups — especially those that benefited from a pandemic boom that’s starting to cool — are feeling the pressure too. Valuations, particularly at the late stage, have started to dip, and start-ups say it’s much more difficult to raise new funding in this environment.”

    Even though several Indian start-ups, especially in edtech, have had to resort to mass layoffs this year, Mumbai-based Dream Sports Group, currently valued at $8 billion, continues to be profitable, with a cumulative user base of over 150 million across its group companies. These include Dream11, Rario, FanCode, DreamPay, DreamSetGo, and more. 

    Dream11 launched on the Google Play Store on October 9 after Google allowed the official listing of real-money gaming apps. By November 2, it climbed to the top of the gaming charts on the Play Store.

    Jain added in his post, “We have 10 kickass portfolio companies in Fantasy Sports, NFTs, Sports OTT, FinTech, Sports Experiences etc that are constantly looking for great talent, especially with leadership experience in Design, Product & Tech. If you or someone you know fits the above, feel free to reach out to us.”

    He also shared an email id (indiareturns@dreamsports.group) for laid off Indian techies in the US to reach out to.

    Source link

  • ‘Come back home’: Dream11 founder tells laid off Indian techies in the US

    ‘Come back home’: Dream11 founder tells laid off Indian techies in the US

    Harsh Jain, Co-founder and CEO of Dream11, one of India’s rare profitable unicorns, has made a clarion call for US-based Indian techies to return home amidst mass layoffs at leading companies in the Silicon Valley.

    “With all the 2022 tech layoffs in the US, please spread the word to remind Indians to come back home (especially those with visa issues) to help Indian Tech realize our hyper-growth potential in the next decade,” Jain wrote in a LinkedIn post on Monday. 

    Crunchbase estimates suggest that over 52,000 techies have been laid off by US companies in 2022 so far, in what has been an economic bloodbath in the country. Mass firings have happened at Twitter, Stripe, Salesforce, Lyft, Spotify, Peloton, Netflix, Robinhood, Instacart, Udacity, Booking.com, Zillow, Loom, Beyond Meat, and several others.

    What caused the funding crunch and resulting layoffs?

    Crunchbase explained, “The public markets have been hit hard in 2022, and that’s trickled down to the private markets. Inflation concerns, rising interest rates, and geopolitical issues have all contributed to a roller-coaster stock market. Start-ups — especially those that benefited from a pandemic boom that’s starting to cool — are feeling the pressure too. Valuations, particularly at the late stage, have started to dip, and start-ups say it’s much more difficult to raise new funding in this environment.”

    Even though several Indian start-ups, especially in edtech, have had to resort to mass layoffs this year, Mumbai-based Dream Sports Group, currently valued at $8 billion, continues to be profitable, with a cumulative user base of over 150 million across its group companies. These include Dream11, Rario, FanCode, DreamPay, DreamSetGo, and more. 

    Dream11 launched on the Google Play Store on October 9 after Google allowed the official listing of real-money gaming apps. By November 2, it climbed to the top of the gaming charts on the Play Store.

    Jain added in his post, “We have 10 kickass portfolio companies in Fantasy Sports, NFTs, Sports OTT, FinTech, Sports Experiences etc that are constantly looking for great talent, especially with leadership experience in Design, Product & Tech. If you or someone you know fits the above, feel free to reach out to us.”

    He also shared an email id (indiareturns@dreamsports.group) for laid off Indian techies in the US to reach out to.

    Source link