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Analysis Ranks Singapore, Berlin And London As The Top Locations For A Career In Fintech

Fluro has conducted an analysis to reveal which cities are leading the way in the fintech industry, as well as the top cities for a career in this sector November 2022: With the global fintech market set to reach a worth of $310 billion by the end of 2022, both businesses and consumers around the […] Fluro has conducted an analysis to reveal which cities are leading the way in the fintech industry, as well as the top cities for a career in this sector November 2022: With the global fintech market set to reach a worth of $310 billion by the end of 2022, both businesses and consumers around the world are tapping into this booming industry. But where exactly is leading the way and which locations are best for a career in this sector? if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2022 hedge fund letters, conferences and more   Find A Qualified Financial Advisor Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals, get started now. To reveal which city is the best for a career in fintech, Fluro has analysed 50 global financial hubs looking at the number of job opportunities, salaries, cost of living and quality of life. The study also examines these locations to find out where is the leading fintech hub. Singapore Named The Best City To Start A Career In Fintech, With Over 3,000 Fintech Jobs Available While Singapore came fourth on our list of fintech hubs, it has been crowned the best city for those looking to launch a career in this industry. There are 3,211 fintech job opportunities at an annual salary of £54,312 on average. The cost of living (before rent) is an estimated £840 per month. The top five cities for careers in fintech: Rank City Percentage of STEM Graduates in Country (%) Number of Fintech Job Opportunities Average Salary (£) Cost of Living (£) Quality of Life Score 1 Singapore 69.3% 3,211 £54,312 £839.97 158.34 2 Berlin 71% 1,148 £55,462 £775.82 169.95 3 London 46.8% 3,441 £62,175 £916.10 131.91 4 Frankfurt 71% 474 £63,289 £815.85 174.72 5 Tokyo 37.5% 2,897 £35,177 £842.05 166.17 Berlin places second, with a slightly higher average salary of £55,462, as well as a lower cost of living (£776) and better quality of life score (169.95 vs 158.34 in Singapore). There is plenty of talent to fill the 1,148 fintech job opportunities available in Berlin, with Germany having the highest percentage of STEM graduates (71%). London also ranks as the third best city to start a career in this sector. It has the most fintech career opportunities at 3,441 jobs, which is not surprising given the high number of fintech companies based here. San Francisco Is The Fintech Capital Of The World, With Over £200 Billion Of Funding The study also looked at other metrics to find out the overall fintech business hubs of the world, looking at the number of fintech companies, funding amounts, number of investors and unicorn firms. San Francisco leads the way with the highest amount of available funding at nearly £204 billion, as well as 4,326 investors and 46 fintech unicorns, beating every other city analysed. The top five fintech hubs include: Rank City Number of Fintech Companies Total Funding Amount (£) Number of Fintech Investors Number of Fintech Events Number of Fintech Unicorns 1 San Francisco 897 £203,971,253,283.16 4,326 41 46 2 New York 1,515 £122,154,498,085.60 3,521 49 35 3 London 1,866 £138,741,987,588.56 2,260 52 25 4 Singapore 612 £28,697,088,475.55 1,730 8 0 5 Stockholm 135 £117,666,066,176.33 410 3 1 New York ranks in second place and actually beats San Francisco when it comes to the number of fintech companies, with 1,515 registered. However, its total funding amount of £122 billion, 3,521 investors and 35 unicorns fall just short of the top spot. London takes third, boasting the greatest number of fintech companies at 1,866 (with 25 of them being unicorns). The capital also has more funding available than New York at just shy of £140 billion, making it second only to San Francisco. Plus, London is home to 52 fintech events – more than either New York (49) or San Francisco (41). With the number of fintech companies and investors multiplying rapidly, we look forward to finding out what the next decade has in store for the fintech world. Nick Harding, CEO of Fluro, commented on the findings: “The growth of the fintech market has accelerated over the past 10 years, largely due to technological breakthroughs, and it’s great to see hubs of expertise emerge across the globe for both businesses and individuals looking to work in this industry. Fintech companies have filled the gap left by traditional institutions that struggled to keep up with changing consumer behaviour. Efficient, timely and personalised services are more important than ever in the financial services space to secure a positive customer experience. As the industry continues to grow across the globe, now might be the time for businesses, consumers and future talent to get on board with digital finance.” About Fluro Fluro is an innovative embedded-lending platform with a track record of delivering positive change for customers. Pioneering real rates, which are now used by 10% of working-age people in the UK every year and are available to over 15 million British consumers via 20+ industry partners......»»

Category: blogSource: valuewalkNov 23rd, 2022

Goldman Sachs just announced its newest partner class. From trading to investment banking, here"s the businesses that got the most, and least, love.

We broke down how different business units are represented in Goldman's new partnership class. From IB to asset management, here's how they stack up. Hiya! It's Dan DeFrancesco checking in from NYC. It's been a long week for many of us, but we're almost there.On tap today we've got the latest on the FTX-Binance drama, Elon's plans for turning Twitter into a fintech, and how to navigate your next job interview. But first, the picks are in for one of the most exclusive clubs on Wall Street.If this was forwarded to you, sign up here. Download Insider's app here.David Solomon is the CEO of Goldman Sachs.Matt Winkelmeyer/Getty Images1. Welcome to the good life at Goldman.One of the most prestigious banks on Wall Street has opened its books for a select few. Goldman Sachs announced its latest partner class on Wednesday, a once-every-two-years tradition identifying the cream of the crop at a firm that prides itself on only hiring the cream of the crop.Roughly 1% of Goldman's employees reach partner status, and the perks are commensurate with the exclusivity of the title. (More on that here.) This is the third partnership class picked under CEO David Solomon and also his largest, with 80 new partners named. If you are interested in learning more about some of the new partners, we profiled five of the most interesting ones here.When I wrote about the upcoming class a few weeks ago, I asked Insider's chief finance correspondent Dakin Campbell about what to expect. Dakin — the foremost expert on Goldman Sachs (my words, not his) — astutely predicted this class would likely be Solomon's largest as the bank looks to restock its ranks.Since being an editor is all about relying on people who are much smarter than you, I decided to go back to the well again and ask Dakin for some top-of-mind thoughts.Sales and trading: 27 partners (34% of total class)The takeaway: In many ways, this should come as no surprise. Trading has always been one of Goldman's crown jewels. However, as Dakin pointed out to me, it's worth noting that Goldman has made a big push to rely less on trading under Solomon. This class, however, is evidence of how difficult a task that is. Investment banking: 21 partners (26% of total class)The takeaway: The second largest contingent of this class comes from investment banking, which is also somewhat expected. Setting aside this year, IB is traditionally a gold mine for the bank. It's only natural people in that business get rewarded. But with 60% of the class coming from IB and trading, and the context of Goldman's decision to consolidate those businesses into one group, it paints a picture of how powerful that one unit will be at the bank going forward, Dakin noted.Asset management: 17 partners (21% of total class)The takeaway: Perhaps the biggest surprise of the bunch, Dakin noted, as it's a larger number than some might expect. While not as sexy as investment banking or trading, asset management still generates plenty of revenue for the bank, and oftentimes with a lot less headaches. In 2021, Goldman saw $14.92 billion in net revenue from the division along with a 28% return on average common equity, which trailed only the investment bank. Consumer and wealth management: 6 partners (8% of total class)The takeaway: Goldman's consumer business was the biggest casualty of the recent reorganization, as the group was folded into a unit that includes wealth and asset management. As Dakin reported over the summer, Goldman's ambitions of becoming your friendly neighborhood bank have not panned out as they hoped. As a result, you wouldn't expect to see a large swath of new partners emerge from the group, Dakin said.Engineering, research, back-office (aka the non-revenue drivers): 9 partners (11% of total class)The takeaway: While not an official division or unit within the bank, I thought it was worthwhile to break this group out. One of the key sticking points under Solomon about the partnership has been rewarding revenue producers, as Dakin has previously reported. As critical as back- and middle-office roles can be, particularly those in tech, it's difficult to establish how much money they're driving into the firm. Still, with the exodus of tech talent from Marcus last year and the importance the firm has always put on engineering, it's interesting to see such a small cohort rewarded.Click here to see the 80 people who just joined one of Wall Street's most exclusive clubs.And check out our mini profiles of five of the new partners that have had interesting career paths.In other news:Liverpool's Mohamed Salah.Getty/Justin Taller2. Walmart is pitching its own employees on the digital bank it backs. One is now being advertised to the retail giant's staffers, according to a leaked memo viewed by Insider. Here's how they're trying to sell employees on it.  3. That FTX-Binance deal isn't happening. Binance has called it quits on acquiring the troubled crypto exchange. Meanwhile, Binance's CEO Changpeng "CZ" Zhao has said a takeover of FTX would not be a "win for us," but there is no denying that Sam Bankman-Fried's cratering wealth now positions CZ as the top person in crypto. 4. Things are getting bad in real estate. Redfin, a real estate brokerage, announced its second round of layoffs this year, cutting 13% of its employees. Read the full memo announcing the news. We've also got a rundown of the layoffs across the real-estate industry.5. If you thought your job was tough, at least you're not an ad exec at Twitter. Meet Robin Wheeler, the person tasked with leading Twitter's global ad sales team. 6. Elon is going back to his roots. The billionaire, who was part of the PayPal Mafia all those years ago, hinted at some future plans in the space that including a high-yield savings account. 7. Massive layoffs hit Meta. The social-media giant cut 11,000 employees, or 13% of its staff, in a move that has been looming for months. Here's some analysis on how it all went so wrong.  8. Here's who is in the market for Liverpool FC. One of the world's biggest soccer clubs is expected to cost as much as $4.6 billion, and a private-equity firm is reportedly interested. Here's who could buy the club. 9. When they ask, "Do you have any more questions?" here's how you should respond. We mapped out the best questions to ask at the end of a job interview. Here's hoping you don't need to use it, but just in case. 10. There's a lot to worry about in the world right now, here's one thing to put your mind at ease. A doctor that specializes in men's sexual health says there is no "normal" amount of sex you should be having. Here's why.Keep updated with the latest business news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief. Listen here.Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.  Read the original article on Business Insider.....»»

Category: smallbizSource: nytNov 10th, 2022

California"s Vanished Dream, By The Numbers

California's Vanished Dream, By The Numbers Authored by Joel Kotkin via RealClear Investigations, Even today amid a mounting exodus among those who can afford it, and with its appeal diminished to businesses and newcomers, California, legendary state of American dreams, continues to inspire optimism among progressive boosters. Laura Tyson, the longtime Democratic economist now at the University of California at Berkeley, praises the state for creating “the way forward” to a more enlightened “market capitalism.” Like-minded analysts tout Silicon Valley’s massive wealth generation as evidence of progressivism’s promise. The Los Angeles Times suggested approvingly that the Biden administration’s goal is to “make America California again.” And, despite dark prospects in November’s midterm elections, the President and his party still seem intent on proving it. But most Californians, according to recent surveys, see things differently. They point to rising poverty and inequality, believe the state is in recession and that it is headed in the wrong direction. Parting with the state’s cheerleaders, the New York Times’ Ezra Klein, a reliable progressive and native Californian, says the Golden State’s failures are “making liberals squirm.” Reality may well be worse than even Klein admits. In a new report for Chapman University, my colleagues and I find California in a state of existential crisis, losing both its middle-aged and middle class, while its poor population faces dimming prospects. Despite the state’s myriad advantages, research shows it plagued by economic immobility and inequality, crushing housing and energy costs, and a failing education system. Worse than just a case of progressive policies creating regressive outcomes, it appears California is descending into something resembling modern-day feudalism, with the poor and weak trapped by policies subsidized by taxes paid by the rich and powerful. California may conjure images of Rodeo Drive and Malibu mansions in the public imagination, but today the state suffers the highest cost-adjusted poverty rate in the U.S. The poor and near-poor constitute over one third – well over 10 million – of the state’s residents according to the Public Policy Institute of California. Los Angeles, by far the state’s largest metropolitan area, and once a magnet for middle class aspirations, has one of the highest poverty rates among major U.S. cities. A United Way of California analysis shows that over 30 percent of residents lack sufficient income to cover basic living costs even after accounting for public-assistance programs; this includes half of Latino and 40 percent of black residents. Some two-thirds of noncitizen Latinos live at or below the poverty line. While many Californians are fleeing, some are decidedly less bearish. “In California, there is this idea of ‘Oh, we care about the poor,’ but on this metric, we are literally the worst,” Stanford’s University’s Mark Duggan, principal author of an economic comparison of California with Texas, told the San Francisco Chronicle. The state’s poverty and associated dysfunction are on full display in leading cities like Los Angeles and San Francisco, where a large underclass now inhabits the streets – the once-iconic locales having become poster children for urban dysfunction. Beyond massive homeless camps, crime has become so bad that the LAPD has warned tourists it can no longer protect them. San Francisco, meanwhile, suffers the highest property crime rate in the country. Businesses like Walgreens have shut down numerous Bay Area locations due to “rampant burglaries.” Homelessness and crime increasingly dominate the state’s political discourse, particularly in these two deep blue bastions. California also faces growing inequality. By the Gini index, a measure of the distribution of income across a population, California has the third-highest inequality behind New York and Louisiana, and has experienced the fifth largest expansion of inequality since 2010, according to American Community Survey data. California also suffers the widest gap between middle- and upper-middle-income earners of any state. In leading cities, homeless encampments line streets such as San Francisco's Golden Gate Avenue. AP Once among the most egalitarian regions in the country, Silicon Valley has become among the most segregated places in the country. CityLab has described the technology hub as “a region of segregated innovation,” a trend becoming more pronounced, according to recent research. Silicon Valley now boasts its own underclass of those who clean its buildings and provide food service. Nearly 30 percent of its residents rely on public or private financial assistance. Similarly, according to the Brookings Institution, San Francisco, the technology industry’s most important urban center, has experienced the most rapid growth in inequality among the nation’s large cities in the last decade. The California Budget and Policy Center has named the city first in California for economic inequality; the average income of the top one percent of households in the city averages $3.6 million, forty-four times the average income of the bottom 99 percent, which stands at $81,094 in a city and state with a high cost of living. The situation is worse elsewhere in the state. Over the past decade more than 80 percent of California jobs paid under the median income, and most under $40,000 annually, a poverty wage in California. Worse yet, as demonstrated in our analysis, California lags all peer competitors – Texas, Arizona, Tennessee, Nevada, Washington and Colorado – in creating high wage jobs in fields like business and professional services, as even tech growth begins to shift elsewhere. The biggest losers in California have been those industries that historically provided the best opportunities for working-class people – manufacturing, construction, energy – as well as agriculture, the state’s historic economic powerhouse. On a per capita basis, California builds only a fraction of the housing compared to its main rivals, while corporate new investment, suggests a new Hoover Institution study, has shriveled to a rate one-tenth Texas and one-sixteenth that of Ohio. The state’s climate change policies, however well-intentioned, have had a particularly devastating impact on manufacturing. California’s “renewable energy” push has generated high energy prices and the nation’s least-reliable power grid, crippling an industry reliant on fossil fuels and a stable electric supply. The state fell to 44th in the country in manufacturing sector employment growth last year; its industrial new job creation has lagged competitors such as Nevada, Kentucky, Michigan and Florida. Even without adjusting for costs, no California metro ranks in the U.S. top ten in terms of offering well-paying blue-collar jobs, notes The New York Times. But four – Ventura, Los Angeles, San Jose, and San Diego – sit among the bottom ten. Under California’s green agenda, electricity has skyrocketed while its grid has become less stable. Foundation for Research on Equal Opportunity As the environmentalist Breakthrough Institute summarizes it, the state’s climate agenda has created a “new Green Jim Crow era” keeping more people, particularly minorities, in poverty. Housing policy has also hurt most those who can least afford it. California’s state planning policies aim to reduce urban sprawl – the shift to locales where costs are lower and the state is gaining migrants. The heavily minority Inland Empire, which has little political influence, now has more people than the San Francisco metropolitan area, which dominates state politics, but the former is unable to reverse any of these policies. Despite expectations by planners that limiting suburban growth would reduce prices for the masses and greenhouse emissions by encouraging density, studies in Vancouver, Canada and several other locations have shown the opposite; they associate densification with higher land and housing prices. California has the highest urban density of any state, yet suffers the second highest housing costs and rents of any state except Hawaii. On this issue, some media coverage appears to have been influenced by the pro-density preferences of tech titans like Mark Zuckerberg. Striving, largely minority middle- and working-class families bear the brunt of such policies. According to a recent American Enterprise Institute survey, California is home to six of the nation’s worst markets for first-time homebuyers. It would take more than 100 years for the median-income household to save for a mortgage on a median-priced home in San Francisco, Los Angeles or San Jose. The state now ranks 49th in homeownership rate, producing far less new housing than competitive regions like Arizona, Texas or Florida. A recent study by economist John Husing found not one unionized construction worker can afford a median-priced home in any coastal California county. Unable to buy their own home, many working class families find themselves paying extraordinarily high rents, with more than half of all renters shelling out in excess of 30% of household income, the traditional definition of an outsized housing burden. Nearly four in ten California households meet or exceed this level. Not surprisingly, one quarter are contemplating a move elsewhere. High rents and house prices, along with low wages, also have produced the nation’s highest level of overcrowding. Nor has densification brought the purported environmental benefits cited by California’s champions at Brookings and in the Biden Administration; the pro-density Terner Center projects that if California’s cities followed the density guidelines, at best the state would see a 1% reduction in emissions. Manifest Education Failures Historically education was seen – particularly among traditional liberals – as critical to upward mobility for poor and working-class people. Yet for decades the state’s schools have underperformed national norms, particularly for poor students. Since 1998, California has ranked, on average, 46th in 8th-grade reading and mathematics subject-area performance on the National Assessment for Educational Progress (NAEP), the only comparable assessment between states nationwide. This includes comparisons with demographically similar states like Texas, which spends less money per student. Today, almost three of five California high schoolers are not prepared for either college or a career; the percentages are far higher for Latinos, African Americans, and the economically disadvantaged. Among the 50 states, California ranked 49th in the performance of poor, largely minority, students. San Francisco, the epicenter of California’s woke culture, and site of the recent recall of several far-left school board members, suffers the worst scores for African Americans of any county in the state. These students are often unprepared for college. At California State University – where ethnic studies programs are now mandated – the need for remedial courses or 40 percent of freshmen demonstrates a low level of preparedness in such basic skills as reading comprehension, writing and mathematics. Some educators have decided to eliminate this problem by eliminating remedial classes. California’s model curriculum, which focuses on how to “build new possibilities for post-imperial life that promotes collective narratives of transformative resistance,” may only exacerbate these problems by inculcating attitudes antithetical to those necessary to succeed in a highly competitive capitalist economy. Many California educators from the highest reaches of academia down to the grade school level champion “equity” in education over developing hard math skills and fostering excellence. Even basic life skills such as being on time are eschewed: The San Diego Unified School District will no longer count such scruples as turning in work on time in grading and evaluation. It may reduce the penalties for cheating. This is justified as a way of redressing racial issues, as many of the malefactors (like most California students) are from disadvantaged minority groups. Most Californians support charter schools, including nearly half of all Democrats, and three chapters of the Southern California NAACP – San Diego, San Bernardino and Riverside. The state’s powerful teachers unions, and the Democrats they back, oppose such education alternatives. Tech titans, once focused on improving schools, now seem less engaged. This may make sense given the extent to which tech relies on global talent rather than recruiting locally. In 2018, three-quarters of the tech workforce in the Bay Area was foreign-born, a majority on short-term non-immigrant visas. The answer to many of the problems plaguing California’s struggling lower classes has been to throw more of the upper class’s money at them. Michael Bernick, a former director of the state’s Employment Development Department, says “The culture for much of California, driven by state politics, is one of benefits (and now guaranteed income), not a jobs strategy or expectation.” California is unlikely to be devoting the state’s surplus –driven largely by stock and property gains among the wealth – as Texas and other states do, to attracting businesses. Instead, as Bernick suggests, the preference has been to boost the welfare state, as it did in initiating record-setting stimulus payments during the pandemic. It is now contemplating handing out debit cards to cope with high energy prices created by the state’s environmental policies. California’s technology industry consists of staunch funders of the states’ progressive Democrats. They may themselves be obsessed workaholics and living testaments to entrepreneurial capitalism, but Greg Ferenstein, who interviewed 147 digital company founders, says most believe that “an increasingly greater share of economic wealth will be generated by a smaller slice of very talented or original people. Everyone else will increasingly subsist on some combination of part-time entrepreneurial ’gig work ‘and government aid.” Many prominent business people, including those who made their fortunes in California such as Zuckerberg, Pierre Omidyar, Elon Musk, and Sam Altman, founder of the Y Combinator, have embraced the notion of a "guaranteed wage," that would cover most critical bills. Democratic Presidential candidate Andrew Yang’s campaign was built around this concept. In the interim, people are fleeing the state. Demographer Wendell Cox notes that since 2000, California has lost 2.6 million net domestic migrants, more than the current populations of San Diego, San Francisco and Anaheim combined. In 2020, California accounted for 28 percent of all net domestic outmigration in the nation, about 50 percent more than its share of the US population. California’s population growth has fallen below the national average for the first time, and the state appears to have even possibly lost population the last two years. The pandemic seems to have accelerated this movement. Last year California was home to three of the five large regions over one million with the highest percentage population loss – San Francisco, San Jose and Los Angeles. Both San Francisco and Los Angeles school districts face large decreases in enrollment; the LA district, the state’s largest, projects a 20% cut in this decade. This outmigration trend cannot be dismissed as “white flight.” An analysis of minority population flows shows that Latinos and African Americans are settling increasingly west of the Sierra, particularly in the south, Texas, and parts of the Midwest. Similarly, the foreign-born population – so critical to the state’s economy – has declined in Los Angeles over the past decade, and stagnated in the Bay Area while swelling in places like Dallas-Ft. Worth, Austin, Houston, Nashville and even midwestern cities like Columbus, Des Moines and Indianapolis. Simply put, California is in danger of losing its youthful mojo. Many of those leaving, according to IRS data, come from young, middle and working class families. When these people leave, birthrates plummet. Los Angeles and San Francisco rank last and second-to-last in birthrates among the 53 U.S. major metropolitan areas. Among California's big metros, only Riverside/San Bernardino exceeds the national average in women aged between 15 and 50 with births. California’s total fertility rate, long above the national average, is now the nation’s 10th lowest. Los Angeles County alone has lost three quarters of a million people under 25 over the past twenty years. California today is as old as the rest of the country and aging 50 percent faster than the national norm. It is rapidly replacing the surfboard with a walker. *  *  * Joel Kotkin is a Presidential Fellow in Urban Futures at Chapman University in Orange, Calif. Tyler Durden Fri, 04/15/2022 - 22:15.....»»

Category: worldSource: nytApr 15th, 2022

The Anatomy Of Big Pharma"s Political Reach

The Anatomy Of Big Pharma's Political Reach Authored by Rebecca Strong via Medium.com, They keep telling us to “trust the science.” But who paid for it? After graduating from Columbia University with a chemical engineering degree, my grandfather went on to work for Pfizer for almost two decades, culminating his career as the company’s Global Director of New Products. I was rather proud of this fact growing up — it felt as if this father figure, who raised me for several years during my childhood, had somehow played a role in saving lives. But in recent years, my perspective on Pfizer — and other companies in its class — has shifted. Blame it on the insidious big pharma corruption laid bare by whistleblowers in recent years. Blame it on the endless string of big pharma lawsuits revealing fraud, deception, and cover-ups. Blame it on the fact that I witnessed some of their most profitable drugs ruin the lives of those I love most. All I know is, that pride I once felt has been overshadowed by a sticky skepticism I just can’t seem to shake. In 1973, my grandpa and his colleagues celebrated as Pfizer crossed a milestone: the one-billion-dollar sales mark. These days, Pfizer rakes in $81 billion a year, making it the 28th most valuable company in the world. Johnson & Johnson ranks 15th, with $93.77 billion. To put things into perspective, that makes said companies wealthier than most countries in the world. And thanks to those astronomical profit margins, the Pharmaceuticals and Health Products industry is able to spend more on lobbying than any other industry in America. While big pharma lobbying can take several different forms, these companies tend to target their contributions to senior legislators in Congress — you know, the ones they need to keep in their corner, because they have the power to draft healthcare laws. Pfizer has outspent its peers in six of the last eight election cycles, coughing up almost $9.7 million. During the 2016 election, pharmaceutical companies gave more than $7 million to 97 senators at an average of $75,000 per member. They also contributed $6.3 million to president Joe Biden’s 2020 campaign. The question is: what did big pharma get in return? When you've got 1,500 Big Pharma lobbyists on Capitol Hill for 535 members of Congress, it's not too hard to figure out why prescription drug prices in this country are, on average, 256% HIGHER than in other major countries. — Bernie Sanders (@BernieSanders) February 3, 2022 ALEC’s Off-the-Record Sway To truly grasp big pharma’s power, you need to understand how The American Legislative Exchange Council (ALEC) works. ALEC, which was founded in 1973 by conservative activists working on Ronald Reagan’s campaign, is a super secretive pay-to-play operation where corporate lobbyists — including in the pharma sector — hold confidential meetings about “model” bills. A large portion of these bills is eventually approved and become law. A rundown of ALEC’s greatest hits will tell you everything you need to know about the council’s motives and priorities. In 1995, ALEC promoted a bill that restricts consumers’ rights to sue for damages resulting from taking a particular medication. They also endorsed the Statute of Limitation Reduction Act, which put a time limit on when someone could sue after a medication-induced injury or death. Over the years, ALEC has promoted many other pharma-friendly bills that would: weaken FDA oversight of new drugs and therapies, limit FDA authority over drug advertising, and oppose regulations on financial incentives for doctors to prescribe specific drugs. But what makes these ALEC collaborations feel particularly problematic is that there’s little transparency — all of this happens behind closed doors. Congressional leaders and other committee members involved in ALEC aren’t required to publish any records of their meetings and other communications with pharma lobbyists, and the roster of ALEC members is completely confidential. All we know is that in 2020, more than two-thirds of Congress — 72 senators and 302 House of Representatives members — cashed a campaign check from a pharma company. Big Pharma Funding Research The public typically relies on an endorsement from government agencies to help them decide whether or not a new drug, vaccine, or medical device is safe and effective. And those agencies, like the FDA, count on clinical research. As already established, big pharma is notorious for getting its hooks into influential government officials. Here’s another sobering truth: The majority of scientific research is paid for by — wait for it — the pharmaceutical companies. When the New England Journal of Medicine (NEJM) published 73 studies of new drugs over the course of a single year, they found that a staggering 82% of them had been funded by the pharmaceutical company selling the product, 68% had authors who were employees of that company, and 50% had lead researchers who accepted money from a drug company. According to 2013 research conducted at the University of Arizona College of Law, even when pharma companies aren’t directly funding the research, company stockholders, consultants, directors, and officers are almost always involved in conducting them. A 2017 report by the peer-reviewed journal The BMJ also showed that about half of medical journal editors receive payments from drug companies, with the average payment per editor hovering around $28,000. But these statistics are only accurate if researchers and editors are transparent about payments from pharma. And a 2022 investigative analysis of two of the most influential medical journals found that 81% of study authors failed to disclose millions in payments from drug companies, as they’re required to do. Unfortunately, this trend shows no sign of slowing down. The number of clinical trials funded by the pharmaceutical industry has been climbing every year since 2006, according to a John Hopkins University report, while independent studies have been harder to find. And there are some serious consequences to these conflicts of interest. Take Avandia, for instance, a diabetes drug produced by GlaxoSmithCline (GSK). Avandia was eventually linked to a dramatically increased risk of heart attacks and heart failure. And a BMJ report revealed that almost 90% of scientists who initially wrote glowing articles about Avandia had financial ties to GSK. But here’s the unnerving part: if the pharmaceutical industry is successfully biasing the science, then that means the physicians who rely on the science are biased in their prescribing decisions. Photo credit: UN Women Europe & Central Asia Where the lines get really blurry is with “ghostwriting.” Big pharma execs know citizens are way more likely to trust a report written by a board-certified doctor than one of their representatives. That’s why they pay physicians to list their names as authors — even though the MDs had little to no involvement in the research, and the report was actually written by the drug company. This practice started in the ’50s and ’60s when tobacco execs were clamoring to prove that cigarettes didn’t cause cancer (spoiler alert: they do!), so they commissioned doctors to slap their name on papers undermining the risks of smoking. It’s still a pretty common tactic today: more than one in 10 articles published in the NEJM was co-written by a ghostwriter. While a very small percentage of medical journals have clear policies against ghostwriting, it’s still technically legal —despite the fact that the consequences can be deadly. Case in point: in the late ’90s and early 2000s, Merck paid for 73 ghostwritten articles to play up the benefits of its arthritis drug Vioxx. It was later revealed that Merck failed to report all of the heart attacks experienced by trial participants. In fact, a study published in the NEJM revealed that an estimated 160,000 Americans experienced heart attacks or strokes from taking Vioxx. That research was conducted by Dr. David Graham, Associate Director of the FDA’s Office of Drug Safety, who understandably concluded the drug was not safe. But the FDA’s Office of New Drugs, which not only was responsible for initially approving Vioxx but also regulating it, tried to sweep his findings under the rug. "I was pressured to change my conclusions and recommendations, and basically threatened that if I did not change them, I would not be permitted to present the paper at the conference," he wrote in his 2004 U.S. Senate testimony on Vioxx. "One Drug Safety manager recommended that I should be barred from presenting the poster at the meeting." Eventually, the FDA issued a public health advisory about Vioxx and Merck withdrew this product. But it was a little late for repercussions — 38,000 of those Vioxx-takers who suffered heart attacks had already died. Graham called this a “profound regulatory failure,” adding that scientific standards the FDA apply to drug safety “guarantee that unsafe and deadly drugs will remain on the U.S. market.” This should come as no surprise, but research has also repeatedly shown that a paper written by a pharmaceutical company is more likely to emphasize the benefits of a drug, vaccine, or device while downplaying the dangers. (If you want to understand more about this practice, a former ghostwriter outlines all the ethical reasons why she quit this job in a PLOS Medicine report.) While adverse drug effects appear in 95% of clinical research, only 46% of published reports disclose them. Of course, all of this often ends up misleading doctors into thinking a drug is safer than it actually is. Big Pharma Influence On Doctors Pharmaceutical companies aren’t just paying medical journal editors and authors to make their products look good, either. There’s a long, sordid history of pharmaceutical companies incentivizing doctors to prescribe their products through financial rewards. For instance, Pfizer and AstraZeneca doled out a combined $100 million to doctors in 2018, with some earning anywhere from $6 million to $29 million in a year. And research has shown this strategy works: when doctors accept these gifts and payments, they’re significantly more likely to prescribe those companies’ drugs. Novartis comes to mind — the company famously spent over $100 million paying for doctors’ extravagant meals, golf outings, and more, all while also providing a generous kickback program that made them richer every time they prescribed certain blood pressure and diabetes meds. Side note: the Open Payments portal contains a nifty little database where you can find out if any of your own doctors received money from drug companies. Knowing that my mother was put on a laundry list of meds after a near-fatal car accident, I was curious — so I did a quick search for her providers. While her PCP only banked a modest amount from Pfizer and AstraZeneca, her previous psychiatrist — who prescribed a cocktail of contraindicated medications without treating her in person — collected quadruple-digit payments from pharmaceutical companies. And her pain care specialist, who prescribed her jaw-dropping doses of opioid pain medication for more than 20 years (far longer than the 5-day safety guideline), was raking in thousands from Purdue Pharma, AKA the opioid crisis’ kingpin. Purdue is now infamous for its wildly aggressive OxyContin campaign in the ’90s. At the time, the company billed it as a non-addictive wonder drug for pain sufferers. Internal emails show Pursue sales representatives were instructed to “sell, sell, sell” OxyContin, and the more they were able to push, the more they were rewarded with promotions and bonuses. With the stakes so high, these reps stopped at nothing to get doctors on board — even going so far as to send boxes of doughnuts spelling out “OxyContin” to unconvinced physicians. Purdue had stumbled upon the perfect system for generating tons of profit — off of other people’s pain. Documentation later proved that not only was Purdue aware it was highly addictive and that many people were abusing it, but that they also encouraged doctors to continue prescribing increasingly higher doses of it (and sent them on lavish luxury vacations for some motivation). In testimony to Congress, Purdue exec Paul Goldenheim played dumb about OxyContin addiction and overdose rates, but emails that were later exposed showed that he requested his colleagues remove all mentions of addiction from their correspondence about the drug. Even after it was proven in court that Purdue fraudulently marketed OxyContin while concealing its addictive nature, no one from the company spent a single day behind bars. Instead, the company got a slap on the wrist and a $600 million fine for a misdemeanor, the equivalent of a speeding ticket compared to the $9 billion they made off OxyContin up until 2006. Meanwhile, thanks to Purdue’s recklessness, more than 247,000 people died from prescription opioid overdoses between 1999 and 2009. And that’s not even factoring in all the people who died of heroin overdoses once OxyContin was no longer attainable to them. The NIH reports that 80% of people who use heroin started by misusing prescription opioids. Former sales rep Carol Panara told me in an interview that when she looks back on her time at Purdue, it all feels like a “bad dream.” Panara started working for Purdue in 2008, one year after the company pled guilty to “misbranding” charges for OxyContin. At this point, Purdue was “regrouping and expanding,” says Panara, and to that end, had developed a clever new approach for making money off OxyContin: sales reps were now targeting general practitioners and family doctors, rather than just pain management specialists. On top of that, Purdue soon introduced three new strengths for OxyContin: 15, 30, and 60 milligrams, creating smaller increments Panara believes were aimed at making doctors feel more comfortable increasing their patients’ dosages. According to Panara, there were internal company rankings for sales reps based on the number of prescriptions for each OxyContin dosing strength in their territory. “They were sneaky about it,” she said. “Their plan was to go in and sell these doctors on the idea of starting with 10 milligrams, which is very low, knowing full well that once they get started down that path — that’s all they need. Because eventually, they’re going to build a tolerance and need a higher dose.” Occasionally, doctors expressed concerns about a patient becoming addicted, but Purdue had already developed a way around that. Sales reps like Panara were taught to reassure those doctors that someone in pain might experience addiction-like symptoms called “pseudoaddiction,” but that didn’t mean they were truly addicted. There is no scientific evidence whatsoever to support that this concept is legit, of course. But the most disturbing part? Reps were trained to tell doctors that “pseudoaddiction” signaled the patient’s pain wasn’t being managed well enough, and the solution was simply to prescribe a higher dose of OxyContin. Panara finally quit Purdue in 2013. One of the breaking points was when two pharmacies in her territory were robbed at gunpoint specifically for OxyContin. In 2020, Purdue pled guilty to three criminal charges in an $8.3 billion deal, but the company is now under court protection after filing for bankruptcy. Despite all the damage that’s been done, the FDA’s policies for approving opioids remain essentially unchanged. Photo credit: Jennifer Durban Purdue probably wouldn’t have been able to pull this off if it weren’t for an FDA examiner named Curtis Wright, and his assistant Douglas Kramer. While Purdue was pursuing Wright’s stamp of approval on OxyContin, Wright took an outright sketchy approach to their application, instructing the company to mail documents to his home office rather than the FDA, and enlisting Purdue employees to help him review trials about the safety of the drug. The Food, Drug, and Cosmetic Act requires that the FDA have access to at least two randomized controlled trials before deeming a drug as safe and effective, but in the case of OxyContin, it got approved with data from just one measly two-week study — in osteoarthritis patients, no less. When both Wright and Kramer left the FDA, they went on to work for none other than (drumroll, please) Purdue, with Wright earning three times his FDA salary. By the way — this is just one example of the FDA’s notoriously incestuous relationship with big pharma, often referred to as “the revolving door”. In fact, a 2018 Science report revealed that 11 out of 16 FDA reviewers ended up at the same companies they had been regulating products for. While doing an independent investigation, “Empire of Pain” author and New Yorker columnist Patrick Radden Keefe tried to gain access to documentation of Wright’s communications with Purdue during the OxyContin approval process. “The FDA came back and said, ‘Oh, it’s the weirdest thing, but we don’t have anything. It’s all either been lost or destroyed,’” Keefe told Fortune in an interview. “But it’s not just the FDA. It’s Congress, it’s the Department of Justice, it’s big parts of the medical establishment … the sheer amount of money involved, I think, has meant that a lot of the checks that should be in place in society to not just achieve justice, but also to protect us as consumers, were not there because they had been co-opted.” Big pharma may be to blame for creating the opioids that caused this public health catastrophe, but the FDA deserves just as much scrutiny — because its countless failures also played a part in enabling it. And many of those more recent fails happened under the supervision of Dr. Janet Woodcock. Woodcock was named FDA’s acting commissioner mere hours after Joe Biden was inaugurated as president. She would have been a logical choice, being an FDA vet of 35 years, but then again it’s impossible to forget that she played a starring role in the FDA’s perpetuating the opioid epidemic. She’s also known for overruling her own scientific advisors when they vote against approving a drug. Not only did Woodcock approve OxyContin for children as young as 11 years old, but she also gave the green light to several other highly controversial extended-release opioid pain drugs without sufficient evidence of safety or efficacy. One of those was Zohydro: in 2011, the FDA’s advisory committee voted 11:2 against approving it due to safety concerns about inappropriate use, but Woodcock went ahead and pushed it through, anyway. Under Woodcock’s supervision, the FDA also approved Opana, which is twice as powerful as OxyContin — only to then beg the drug maker to take it off the market 10 years later due to “abuse and manipulation.” And then there was Dsuvia, a potent painkiller 1,000 times stronger than morphine and 10 times more powerful than fentanyl. According to a head of one of the FDA’s advisory committees, the U.S. military had helped to develop this particular drug, and Woodcock said there was “pressure from the Pentagon” to push it through approvals. The FBI, members of congress, public health advocates, and patient safety experts alike called this decision into question, pointing out that with hundreds of opioids already on the market there’s no need for another — particularly one that comes with such high risks. Most recently, Woodcock served as the therapeutics lead for Operation Warp Speed, overseeing COVID-19 vaccine development. Big Pharma Lawsuits, Scandals, and Cover-Ups While the OxyContin craze is undoubtedly one of the highest-profile examples of big pharma’s deception, there are dozens of other stories like this. Here are a few standouts: In the 1980s, Bayer continued selling blood clotting products to third-world countries even though they were fully aware those products had been contaminated with HIV. The reason? The “financial investment in the product was considered too high to destroy the inventory.” Predictably, about 20,000 of the hemophiliacs who were infused with these tainted products then tested positive for HIV and eventually developed AIDS, and many later died of it. In 2004, Johnson & Johnson was slapped with a series of lawsuits for illegally promoting off-label use of their heartburn drug Propulsid for children despite internal company emails confirming major safety concerns (as in, deaths during the drug trials). Documentation from the lawsuits showed that dozens of studies sponsored by Johnson & Johnson highlighting the risks of this drug were never published. The FDA estimates that GSK’s Avandia caused 83,000 heart attacks between 1999 and 2007. Internal documents from GSK prove that when they began studying the effects of the drug as early as 1999, they discovered it caused a higher risk of heart attacks than a similar drug it was meant to replace. Rather than publish these findings, they spent a decade illegally concealing them (and meanwhile, banking $3.2 billion annually for this drug by 2006). Finally, a 2007 New England Journal of Medicine study linked Avandia to a 43% increased risk of heart attacks, and a 64% increased risk of death from heart disease. Avandia is still FDA approved and available in the U.S. In 2009, Pfizer was forced to pay $2.3 billion, the largest healthcare fraud settlement in history at that time, for paying illegal kickbacks to doctors and promoting off-label uses of its drugs. Specifically, a former employee revealed that Pfizer reps were encouraged and incentivized to sell Bextra and 12 other drugs for conditions they were never FDA approved for, and at doses up to eight times what’s recommended. “I was expected to increase profits at all costs, even when sales meant endangering lives,” the whistleblower said. When it was discovered that AstraZeneca was promoting the antipsychotic medication Seroquel for uses that were not approved by the FDA as safe and effective, the company was hit with a $520 million fine in 2010. For years, AstraZeneca had been encouraging psychiatrists and other physicians to prescribe Seroquel for a vast range of seemingly unrelated off-label conditions, including Alzheimer’s disease, anger management, ADHD, dementia, post-traumatic stress disorder, and sleeplessness. AstraZeneca also violated the federal Anti-Kickback Statute by paying doctors to spread the word about these unapproved uses of Seroquel via promotional lectures and while traveling to resort locations. In 2012, GSK paid a $3 billion fine for bribing doctors by flying them and their spouses to five-star resorts, and for illegally promoting drugs for off-label uses. What’s worse — GSK withheld clinical trial results that showed its antidepressant Paxil not only doesn’t work for adolescents and children but more alarmingly, that it can increase the likelihood of suicidal thoughts in this group. A 1998 GSK internal memo revealed that the company intentionally concealed this data to minimize any “potential negative commercial impact.” In 2021, an ex-AstraZeneca sales rep sued her former employer, claiming they fired her for refusing to promote drugs for uses that weren’t FDA-approved. The employee alleges that on multiple occasions, she expressed concerns to her boss about “misleading” information that didn’t have enough support from medical research, and off-label promotions of certain drugs. Her supervisor reportedly not only ignored these concerns but pressured her to approve statements she didn’t agree with and threatened to remove her from regional and national positions if she didn’t comply. According to the plaintiff, she missed out on a raise and a bonus because she refused to break the law. At the top of 2022, a panel of the D.C. Court of Appeals reinstated a lawsuit against Pfizer, AstraZeneca, Johnson & Johnson, Roche, and GE Healthcare, which claims they helped finance terrorist attacks against U.S. service members and other Americans in Iraq. The suit alleges that from 2005–2011, these companies regularly offered bribes (including free drugs and medical devices) totaling millions of dollars annually to Iraq’s Ministry of Health in order to secure drug contracts. These corrupt payments then allegedly funded weapons and training for the Mahdi Army, which until 2008, was largely considered one of the most dangerous groups in Iraq. Another especially worrisome factor is that pharmaceutical companies are conducting an ever-increasing number of clinical trials in third-world countries, where people may be less educated, and there are also far fewer safety regulations. Pfizer’s 1996 experimental trials with Trovan on Nigerian children with meningitis — without informed consent — is just one nauseating example. When a former medical director in Pfizer’s central research division warned the company both before and after the study that their methods in this trial were “improper and unsafe,” he was promptly fired. Families of the Nigerian children who died or were left blind, brain damaged, or paralyzed after the study sued Pfizer, and the company ultimately settled out of court. In 1998, the FDA approved Trovan only for adults. The drug was later banned from European markets due to reports of fatal liver disease and restricted to strictly emergency care in the U.S. Pfizer still denies any wrongdoing. “Nurse prepares to vaccinate children” by World Bank Photo Collection is licensed under CC BY-NC-ND 2.0 But all that is just the tip of the iceberg. If you’d like to dive a little further down the rabbit hole — and I’ll warn you, it’s a deep one — a quick Google search for “big pharma lawsuits” will reveal the industry’s dark track record of bribery, dishonesty, and fraud. In fact, big pharma happens to be the biggest defrauder of the federal government when it comes to the False Claims Act, otherwise known as the “Lincoln Law.” During our interview, Panara told me she has friends still working for big pharma who would be willing to speak out about crooked activity they’ve observed, but are too afraid of being blacklisted by the industry. A newly proposed update to the False Claims Act would help to protect and support whistleblowers in their efforts to hold pharmaceutical companies liable, by helping to prevent that kind of retaliation and making it harder for the companies charged to dismiss these cases. It should come as no surprise that Pfizer, AstraZeneca, Merck, and a flock of other big pharma firms are currently lobbying to block the update. Naturally, they wouldn’t want to make it any easier for ex-employees to expose their wrongdoings, potentially costing them billions more in fines. Something to keep in mind: these are the same people who produced, marketed, and are profiting from the COVID-19 vaccines. The same people who manipulate research, pay off decision-makers to push their drugs, cover up negative research results to avoid financial losses, and knowingly put innocent citizens in harm’s way. The same people who told America: “Take as much OxyContin as you want around the clock! It’s very safe and not addictive!” (while laughing all the way to the bank). So, ask yourself this: if a partner, friend, or family member repeatedly lied to you — and not just little white lies, but big ones that put your health and safety at risk — would you continue to trust them? Backing the Big Four: Big Pharma and the FDA, WHO, NIH, CDC I know what you’re thinking. Big pharma is amoral and the FDA’s devastating slips are a dime a dozen — old news. But what about agencies and organizations like the National Institutes of Health (NIH), World Health Organization (WHO), and Centers for Disease Control & Prevention (CDC)? Don’t they have an obligation to provide unbiased guidance to protect citizens? Don’t worry, I’m getting there. The WHO’s guidance is undeniably influential across the globe. For most of this organization’s history, dating back to 1948, it could not receive donations from pharmaceutical companies — only member states. But that changed in 2005 when the WHO updated its financial policy to permit private money into its system. Since then, the WHO has accepted many financial contributions from big pharma. In fact, it’s only 20% financed by member states today, with a whopping 80% of financing coming from private donors. For instance, The Bill and Melinda Gates Foundation (BMGF) is now one of its main contributors, providing up to 13% of its funds — about $250–300 million a year. Nowadays, the BMGF provides more donations to the WHO than the entire United States. Dr. Arata Kochi, former head of WHO’s malaria program, expressed concerns to director-general Dr. Margaret Chan in 2007 that taking the BMGF’s money could have “far-reaching, largely unintended consequences” including “stifling a diversity of views among scientists.” “The big concerns are that the Gates Foundation isn’t fully transparent and accountable,” Lawrence Gostin, director of WHO’s Collaborating Center on National and Global Health Law, told Devex in an interview. “By wielding such influence, it could steer WHO priorities … It would enable a single rich philanthropist to set the global health agenda.” Photo credit: National Institutes of Health Take a peek at the WHO’s list of donors and you’ll find a few other familiar names like AstraZeneca, Bayer, Pfizer, Johnson & Johnson, and Merck. The NIH has the same problem, it seems. Science journalist Paul Thacker, who previously examined financial links between physicians and pharma companies as a lead investigator of the United States Senate Committee, wrote in The Washington Post that this agency “often ignored” very “obvious” conflicts of interest. He also claimed that “its industry ties go back decades.” In 2018, it was discovered that a $100 million alcohol consumption study run by NIH scientists was funded mostly by beer and liquor companies. Emails proved that NIH researchers were in frequent contact with those companies while designing the study — which, here’s a shocker — were aimed at highlighting the benefits and not the risks of moderate drinking. So, the NIH ultimately had to squash the trial. And then there’s the CDC. It used to be that this agency couldn’t take contributions from pharmaceutical companies, but in 1992 they found a loophole: new legislation passed by Congress allowed them to accept private funding through a nonprofit called the CDC Foundation. From 2014 through 2018 alone, the CDC Foundation received $79.6 million from corporations like Pfizer, Biogen, and Merck. Of course, if a pharmaceutical company wants to get a drug, vaccine, or other product approved, they really need to cozy up to the FDA. That explains why in 2017, pharma companies paid for a whopping 75% of the FDA’s scientific review budgets, up from 27% in 1993. It wasn’t always like this. But in 1992, an act of Congress changed the FDA’s funding stream, enlisting pharma companies to pay “user fees,” which help the FDA speed up the approval process for their drugs. A 2018 Science investigation found that 40 out of 107 physician advisors on the FDA’s committees received more than $10,000 from big pharma companies trying to get their drugs approved, with some banking up to $1 million or more. The FDA claims it has a well-functioning system to identify and prevent these possible conflicts of interest. Unfortunately, their system only works for spotting payments before advisory panels meet, and the Science investigation showed many FDA panel members get their payments after the fact. It’s a little like “you scratch my back now, and I’ll scratch your back once I get what I want” — drug companies promise FDA employees a future bonus contingent on whether things go their way. Here’s why this dynamic proves problematic: a 2000 investigation revealed that when the FDA approved the rotavirus vaccine in 1998, it didn’t exactly do its due diligence. That probably had something to do with the fact that committee members had financial ties to the manufacturer, Merck — many owned tens of thousands of dollars of stock in the company, or even held patents on the vaccine itself. Later, the Adverse Event Reporting System revealed that the vaccine was causing serious bowel obstructions in some children, and it was finally pulled from the U.S. market in October 1999. Then, in June of 2021, the FDA overruled concerns raised by its very own scientific advisory committee to approve Biogen’s Alzheimer’s drug Aduhelm — a move widely criticized by physicians. The drug not only showed very little efficacy but also potentially serious side effects like brain bleeding and swelling, in clinical trials. Dr. Aaron Kesselheim, a Harvard Medical School professor who was on the FDA’s scientific advisory committee, called it the “worst drug approval” in recent history, and noted that meetings between the FDA and Biogen had a “strange dynamic” suggesting an unusually close relationship. Dr. Michael Carome, director of Public Citizen’s Health Research Group, told CNN that he believes the FDA started working in “inappropriately close collaboration with Biogen” back in 2019. “They were not objective, unbiased regulators,” he added in the CNN interview. “It seems as if the decision was preordained.” That brings me to perhaps the biggest conflict of interest yet: Dr. Anthony Fauci’s NIAID is just one of many institutes that comprises the NIH — and the NIH owns half the patent for the Moderna vaccine — as well as thousands more pharma patents to boot. The NIAID is poised to earn millions of dollars from Moderna’s vaccine revenue, with individual officials also receiving up to $150,000 annually. Operation Warp Speed In December of 2020, Pfizer became the first company to receive an emergency use authorization (EUA) from the FDA for a COVID-19 vaccine. EUAs — which allow the distribution of an unapproved drug or other product during a declared public health emergency — are actually a pretty new thing: the first one was issued in 2005 so military personnel could get an anthrax vaccine. To get a full FDA approval, there needs to be substantial evidence that the product is safe and effective. But for an EUA, the FDA just needs to determine that it may be effective. Since EUAs are granted so quickly, the FDA doesn’t have enough time to gather all the information they’d usually need to approve a drug or vaccine. “Operation Warp Speed Vaccine Event” by The White House is licensed under CC PDM 1.0 Pfizer CEO and chairman Albert Bourla has said his company was “operating at the speed of science” to bring a vaccine to market. However, a 2021 report in The BMJ revealed that this speed might have come at the expense of “data integrity and patient safety.” Brook Jackson, regional director for the Ventavia Research Group, which carried out these trials, told The BMJ that her former company “falsified data, unblinded patients, and employed inadequately trained vaccinators” in Pfizer’s pivotal phase 3 trial. Just some of the other concerning events witnessed included: adverse events not being reported correctly or at all, lack of reporting on protocol deviations, informed consent errors, and mislabeling of lab specimens. An audio recording of Ventavia employees from September 2020 revealed that they were so overwhelmed by issues arising during the study that they became unable to “quantify the types and number of errors” when assessing quality control. One Ventavia employee told The BMJ she’d never once seen a research environment as disorderly as Ventavia’s Pfizer vaccine trial, while another called it a “crazy mess.” Over the course of her two-decades-long career, Jackson has worked on hundreds of clinical trials, and two of her areas of expertise happen to be immunology and infectious diseases. She told me that from her first day on the Pfizer trial in September of 2020, she discovered “such egregious misconduct” that she recommended they stop enrolling participants into the study to do an internal audit. “To my complete shock and horror, Ventavia agreed to pause enrollment but then devised a plan to conceal what I found and to keep ICON and Pfizer in the dark,” Jackson said during our interview. “The site was in full clean-up mode. When missing data points were discovered the information was fabricated, including forged signatures on the informed consent forms.” A screenshot Jackson shared with me shows she was invited to a meeting titled “COVID 1001 Clean up Call” on Sept. 21, 2020. She refused to participate in the call. Jackson repeatedly warned her superiors about patient safety concerns and data integrity issues. “I knew that the entire world was counting on clinical researchers to develop a safe and effective vaccine and I did not want to be a part of that failure by not reporting what I saw,” she told me. When her employer failed to act, Jackson filed a complaint with the FDA on Sept. 25, and Ventavia fired her hours later that same day under the pretense that she was “not a good fit.” After reviewing her concerns over the phone, she claims the FDA never followed up or inspected the Ventavia site. Ten weeks later, the FDA authorized the EUA for the vaccine. Meanwhile, Pfizer hired Ventavia to handle the research for four more vaccine clinical trials, including one involving children and young adults, one for pregnant women, and another for the booster. Not only that, but Ventavia handled the clinical trials for Moderna, Johnson & Johnson, and Novavax. Jackson is currently pursuing a False Claims Act lawsuit against Pfizer and Ventavia Research Group. Last year, Pfizer banked nearly $37 billion from its COVID vaccine, making it one of the most lucrative products in global history. Its overall revenues doubled in 2021 to reach $81.3 billion, and it’s slated to reach a record-breaking $98-$102 billion this year. “Corporations like Pfizer should never have been put in charge of a global vaccination rollout, because it was inevitable they would make life-and-death decisions based on what’s in the short-term interest of their shareholders,” writes Nick Dearden, director of Global Justice Now. As previously mentioned, it’s super common for pharmaceutical companies to fund the research on their own products. Here’s why that’s scary. One 1999 meta-analysis showed that industry-funded research is eight times less likely to achieve unfavorable results compared to independent trials. In other words, if a pharmaceutical company wants to prove that a medication, supplement, vaccine, or device is safe and effective, they’ll find a way. With that in mind, I recently examined the 2020 study on Pfizer’s COVID vaccine to see if there were any conflicts of interest. Lo and behold, the lengthy attached disclosure form shows that of the 29 authors, 18 are employees of Pfizer and hold stock in the company, one received a research grant from Pfizer during the study, and two reported being paid “personal fees” by Pfizer. In another 2021 study on the Pfizer vaccine, seven of the 15 authors are employees of and hold stock in Pfizer. The other eight authors received financial support from Pfizer during the study. Photo credit: Prasesh Shiwakoti (Lomash) via Unsplash As of the day I’m writing this, about 64% of Americans are fully vaccinated, and 76% have gotten at least one dose. The FDA has repeatedly promised “full transparency” when it comes to these vaccines. Yet in December of 2021, the FDA asked for permission to wait 75 years before releasing information pertaining to Pfizer’s COVID-19 vaccine, including safety data, effectiveness data, and adverse reaction reports. That means no one would see this information until the year 2096 — conveniently, after many of us have departed this crazy world. To recap: the FDA only needed 10 weeks to review the 329,000 pages worth of data before approving the EUA for the vaccine — but apparently, they need three-quarters of a century to publicize it. In response to the FDA’s ludicrous request, PHMPT — a group of over 200 medical and public health experts from Harvard, Yale, Brown, UCLA, and other institutions — filed a lawsuit under the Freedom of Information Act demanding that the FDA produce this data sooner. And their efforts paid off: U.S. District Judge Mark T. Pittman issued an order for the FDA to produce 12,000 pages by Jan. 31, and then at least 55,000 pages per month thereafter. In his statement to the FDA, Pittman quoted the late John F. Kennedy: “A nation that is afraid to let its people judge the truth and falsehood in an open market is a nation that is afraid of its people.” As for why the FDA wanted to keep this data hidden, the first batch of documentation revealed that there were more than 1,200 vaccine-related deaths in just the first 90 days after the Pfizer vaccine was introduced. Of 32 pregnancies with a known outcome, 28 resulted in fetal death. The CDC also recently unveiled data showing a total of 1,088,560 reports of adverse events from COVID vaccines were submitted between Dec. 14, 2020, and Jan. 28, 2022. That data included 23,149 reports of deaths and 183,311 reports of serious injuries. There were 4,993 reported adverse events in pregnant women after getting vaccinated, including 1,597 reports of miscarriage or premature birth. A 2022 study published in JAMA, meanwhile, revealed that there have been more than 1,900 reported cases of myocarditis — or inflammation of the heart muscle — mostly in people 30 and under, within 7 days of getting the vaccine. In those cases, 96% of people were hospitalized. “It is understandable that the FDA does not want independent scientists to review the documents it relied upon to license Pfizer’s vaccine given that it is not as effective as the FDA originally claimed, does not prevent transmission, does not prevent against certain emerging variants, can cause serious heart inflammation in younger individuals, and has numerous other undisputed safety issues,” writes Aaron Siri, the attorney representing PHMPT in its lawsuit against the FDA. Siri told me in an email that his office phone has been ringing off the hook in recent months. “We are overwhelmed by inquiries from individuals calling about an injury from a COVID-19 vaccine,” he said. By the way — it’s worth noting that adverse effects caused by COVID-19 vaccinations are still not covered by the National Vaccine Injury Compensation Program. Companies like Pfizer, Moderna, and Johnson & Johnson are protected under the Public Readiness and Emergency Preparedness (PREP) Act, which grants them total immunity from liability with their vaccines. And no matter what happens to you, you can’t sue the FDA for authorizing the EUA, or your employer for requiring you to get it, either. Billions of taxpayer dollars went to fund the research and development of these vaccines, and in Moderna’s case, licensing its vaccine was made possible entirely by public funds. But apparently, that still warrants citizens no insurance. Should something go wrong, you’re basically on your own. Pfizer and Moderna COVID-19 vaccine business model: government gives them billions, gives them immunity for any injuries or if doesn't work, promotes their products for free, and mandates their products. Sounds crazy? Yes, but it is our current reality. — Aaron Siri (@AaronSiriSG) February 2, 2022 The Hypocrisy of “Misinformation” I find it interesting that “misinformation” has become such a pervasive term lately, but more alarmingly, that it’s become an excuse for blatant censorship on social media and in journalism. It’s impossible not to wonder what’s driving this movement to control the narrative. In a world where we still very clearly don’t have all the answers, why shouldn’t we be open to exploring all the possibilities? And while we’re on the subject, what about all of the COVID-related untruths that have been spread by our leaders and officials? Why should they get a free pass? Photo credit: @upgradeur_life, www.instagram.com/upgradeur_life Fauci, President Biden, and the CDC’s Rochelle Walensky all promised us with total confidence the vaccine would prevent us from getting or spreading COVID, something we now know is a myth. (In fact, the CDC recently had to change its very definition of “vaccine ” to promise “protection” from a disease rather than “immunity”— an important distinction). At one point, the New York State Department of Health (NYS DOH) and former Governor Andrew Cuomo prepared a social media campaign with misleading messaging that the vaccine was “approved by the FDA” and “went through the same rigorous approval process that all vaccines go through,” when in reality the FDA only authorized the vaccines under an EUA, and the vaccines were still undergoing clinical trials. While the NYS DOH eventually responded to pressures to remove these false claims, a few weeks later the Department posted on Facebook that “no serious side effects related to the vaccines have been reported,” when in actuality, roughly 16,000 reports of adverse events and over 3,000 reports of serious adverse events related to a COVID-19 vaccination had been reported in the first two months of use. One would think we’d hold the people in power to the same level of accountability — if not more — than an average citizen. So, in the interest of avoiding hypocrisy, should we “cancel” all these experts and leaders for their “misinformation,” too? Vaccine-hesitant people have been fired from their jobs, refused from restaurants, denied the right to travel and see their families, banned from social media channels, and blatantly shamed and villainized in the media. Some have even lost custody of their children. These people are frequently labeled “anti-vax,” which is misleading given that many (like the NBA’s Jonathan Isaac) have made it repeatedly clear they are not against all vaccines, but simply making a personal choice not to get this one. (As such, I’ll suggest switching to a more accurate label: “pro-choice.”) Fauci has repeatedly said federally mandating the vaccine would not be “appropriate” or “enforceable” and doing so would be “encroaching upon a person’s freedom to make their own choice.” So it’s remarkable that still, some individual employers and U.S. states, like my beloved Massachusetts, have taken it upon themselves to enforce some of these mandates, anyway. Meanwhile, a Feb. 7 bulletin posted by the U.S. Department of Homeland Security indicates that if you spread information that undermines public trust in a government institution (like the CDC or FDA), you could be considered a terrorist. In case you were wondering about the current state of free speech. The definition of institutional oppression is “the systematic mistreatment of people within a social identity group, supported and enforced by the society and its institutions, solely based on the person’s membership in the social identity group.” It is defined as occurring when established laws and practices “systematically reflect and produce inequities based on one’s membership in targeted social identity groups.” Sound familiar? As you continue to watch the persecution of the unvaccinated unfold, remember this. Historically, when society has oppressed a particular group of people whether due to their gender, race, social class, religious beliefs, or sexuality, it’s always been because they pose some kind of threat to the status quo. The same is true for today’s unvaccinated. Since we know the vaccine doesn’t prevent the spread of COVID, however, this much is clear: the unvaccinated don’t pose a threat to the health and safety of their fellow citizens — but rather, to the bottom line of powerful pharmaceutical giants and the many global organizations they finance. And with more than $100 billion on the line in 2021 alone, I can understand the motivation to silence them. The unvaccinated have been called selfish. Stupid. Fauci has said it’s “almost inexplicable” that they are still resisting. But is it? What if these people aren’t crazy or uncaring, but rather have — unsurprisingly so — lost their faith in the agencies that are supposed to protect them? Can you blame them? Citizens are being bullied into getting a vaccine that was created, evaluated, and authorized in under a year, with no access to the bulk of the safety data for said vaccine, and no rights whatsoever to pursue legal action if they experience adverse effects from it. What these people need right now is to know they can depend on their fellow citizens to respect their choices, not fuel the segregation by launching a full-fledged witch hunt. Instead, for some inexplicable reason I imagine stems from fear, many continue rallying around big pharma rather than each other. A 2022 Heartland Institute and Rasmussen Reports survey of Democratic voters found that 59% of respondents support a government policy requiring unvaccinated individuals to remain confined in their home at all times, 55% support handing a fine to anyone who won’t get the vaccine, and 48% think the government should flat out imprison people who publicly question the efficacy of the vaccines on social media, TV, or online in digital publications. Even Orwell couldn’t make this stuff up. Photo credit: DJ Paine on Unsplash Let me be very clear. While there are a lot of bad actors out there — there are also a lot of well-meaning people in the science and medical industries, too. I’m lucky enough to know some of them. There are doctors who fend off pharma reps’ influence and take an extremely cautious approach to prescribing. Medical journal authors who fiercely pursue transparency and truth — as is evident in “The Influence of Money on Medical Science,” a report by the first female editor of JAMA. Pharmacists, like Dan Schneider, who refuse to fill prescriptions they deem risky or irresponsible. Whistleblowers, like Graham and Jackson, who tenaciously call attention to safety issues for pharma products in the approval pipeline. And I’m certain there are many people in the pharmaceutical industry, like Panara and my grandfather, who pursued this field with the goal of helping others, not just earning a six- or seven-figure salary. We need more of these people. Sadly, it seems they are outliers who exist in a corrupt, deep-rooted system of quid-pro-quo relationships. They can only do so much. I’m not here to tell you whether or not you should get the vaccine or booster doses. What you put in your body is not for me — or anyone else — to decide. It’s not a simple choice, but rather one that may depend on your physical condition, medical history, age, religious beliefs, and level of risk tolerance. My grandfather passed away in 2008, and lately, I find myself missing him more than ever, wishing I could talk to him about the pandemic and hear what he makes of all this madness. I don’t really know how he’d feel about the COVID vaccine, or whether he would have gotten it or encouraged me to. What I do know is that he’d listen to my concerns, and he’d carefully consider them. He would remind me my feelings are valid. His eyes would light up and he’d grin with amusement as I fervidly expressed my frustration. He’d tell me to keep pushing forward, digging deeper, asking questions. In his endearing Bronx accent, he used to always say: “go get ‘em, kid.” If I stop typing for a moment and listen hard enough, I can almost hear him saying it now. People keep saying “trust the science.” But when trust is broken, it must be earned back. And as long as our legislative system, public health agencies, physicians, and research journals keep accepting pharmaceutical money (with strings attached) — and our justice system keeps letting these companies off the hook when their negligence causes harm, there’s no reason for big pharma to change. They’re holding the bag, and money is power. I have a dream that one day, we’ll live in a world where we are armed with all the thorough, unbiased data necessary to make informed decisions about our health. Alas, we’re not even close. What that means is that it’s up to you to educate yourself as much as possible, and remain ever-vigilant in evaluating information before forming an opinion. You can start by reading clinical trials yourself, rather than relying on the media to translate them for you. Scroll to the bottom of every single study to the “conflicts of interest” section and find out who funded it. Look at how many subjects were involved. Confirm whether or not blinding was used to eliminate bias. You may also choose to follow Public Citizen’s Health Research Group’s rule whenever possible: that means avoiding a new drug until five years after an FDA approval (not an EUA, an actual approval) — when there’s enough data on the long-term safety and effectiveness to establish that the benefits outweigh the risks. When it comes to the news, you can seek out independent, nonprofit outlets, which are less likely to be biased due to pharma funding. And most importantly, when it appears an organization is making concerted efforts to conceal information from you — like the FDA recently did with the COVID vaccine — it’s time to ask yourself: why? What are they trying to hide? In the 2019 film “Dark Waters” — which is based on the true story of one of the greatest corporate cover-ups in American history — Mark Ruffalo as attorney Rob Bilott says: “The system is rigged. They want us to think it’ll protect us, but that’s a lie. We protect us. We do. Nobody else. Not the companies. Not the scientists. Not the government. Us.” Words to live by. Tyler Durden Sat, 04/09/2022 - 22:30.....»»

Category: personnelSource: nytApr 9th, 2022

Chipotle wants to hire 15,000 restaurant workers as it plans double in size to 7,000 restaurants in the coming years

A new hiring campaign will feature six employees who have risen the ranks from restaurant crew member to management. Chipotle wants to hire 15,00 workers in the coming months.Thomson Reuters Chipotle said Thursday that it wants to hire 15,000 employees during its upcoming busy season. The chain is known for worker perks such as bonus programs for crew members and debt-free degrees.  The new campaign features six employees who have risen the ranks from restaurant crew member to management. Chipotle plans to hire 15,000 workers as it approaches its busiest time of the year and prepares to double its size to 7,000 locations.  To attract applicants, Chipotle said in a press release Thursday that it is launching a campaign featuring six employees who have climbed the ladder from restaurant crew members to management.Hourly wages depend on the location of the restaurant. A crew member in Denver can make between $14.50 to $16 an hour. According to the company's website, the pay range for an apprentice general manager in the same state is $18.25 to $20.30, depending on skill level. Hiring and retaining employees has been a years-long battle for the restaurant industry.Chipotle said campaigns showing the "transparent career progression" of current workers, as well as highlighting company perks, are part of its latest campaign.  Last year, the company made 22,000 internal promotions. Over 90% of management hires made in the previous year were selected from existing employees.  The fast-casual chain, which employs 100,000 people, said it needs more workers to staff its more than 3,100 restaurants from March to May, its busy season. The company said aggressive hiring is also required as it plans to double its store count of 3,100 stores in the coming years. "Our restaurant teams are the core of this organization, and with a goal of more than doubling our footprint to 7,000 locations in North America, we are targeting employees today to serve as our leaders of tomorrow," Scott Boatwright, chief restaurant officer, said in a statement. "We will continue bringing in new crew to support Chipotle's aggressive growth plans while simultaneously promoting and upskilling those currently in role."One of the company's last big hiring pushes came in May 2021, when it sought to hire 20,000 workers. At the time, restaurants struggled to fill jobs after the easing of coronavirus restrictions. Chipotle had raised the average hourly wage by $2 an hour. The new range shifted from $11 to $18 an hour for US crew members and managers. Today, the average US hourly wage is above $16, Chipotle told Insider. Chipotle is widely known for its perks, such as bonus programs for crew members, debt-free degrees, and tuition reimbursement. Other chains that offer college tuition perks include Starbucks and Noodles & Company. The company is also testing kitchen automation that allows employees to work on more complex tasks. Last year, Chipotle rolled out a pilot program of Chippy, a tortilla-chip-making robot by Miso Robotics. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJan 26th, 2023

The 8 fastest-growing jobs in the US

LinkedIn's annual list of fast-growing jobs arrives amid a tight job market and uncertain economy as workers continue switching jobs at a quick pace. Truck driver was one of the jobs considered "on the rise" in the US according to a new list from LinkedIn.Nikola Stojadinovic/Getty Images LinkedIn has published its annual "Jobs on the Rise" report for the US, highlighting hot fields. The list arrives amid a tight job market but also at a time of economic uncertainty. Head of revenue operations took the top spot, followed by human resources analytics manager. Looking for a hot new job for the new year? How does "head of revenue operations," sound? Or what about "sales enablement specialist?" Or even "truck driver?"These roles are among the fastest-growing in the US, according to LinkedIn's newly published 2023 Jobs on the Rise list. LinkedIn's list, which the networking platform compiled using job-growth rates from the start of January 2018 to the end of July 2022, is based on its data from members. Andrew McCaskill, a LinkedIn career expert, told Insider that the pandemic gave people new perspectives on their professional lives. "People now think of their jobs as vehicles, not the destination," he said. "They want the job that's in front of them to get them where they want to be long term."That's why jobseekers are getting more strategic and looking for roles that have momentum and are in demand in the job market. Indeed, many of the jobs on this list have grown directly because of the pandemic's effect on the economy and the workplace, according to McCaskill.For instance, HR functions, including "human resources analytics manager," and "employee experience manager," occupy three of the top eight spots. "A lot of jobs on this list are ones that help companies do more with less," he said. "HR is indispensable as employers are trying to meet the demands of their workers."Below are the titles that made the top of the US list with information from the new report. The salary range for each title, when available, comes from LinkedIn.8. Growth marketing managerLuis Alvarez/Getty ImagesGrowth marketing managers are responsible for analyzing data to drive revenue by, for instance, increasing market share or improving customer acquisition and retention, said LinkedIn.This job has a remote-work availability of about 48%, per the report, making it an attractive job for those who want to work outside of an office. New York City is one top city hiring for this role, as are San Francisco and Los Angeles.The pay for this role varies from $60,000 to $132,000, according to the report.7. Advanced practice providerSolStock/Getty ImagesThe healthcare industry has been hard hit by staffing shortages as workers like nurses are feeling burned out. Some have ended up quitting. While the industry deals with hiring woes and retention issues, advanced practice provider is one fast-growing job in the healthcare industry. For those looking to change roles but remain in the industry, this job could be one that they already have the experience and skills for. The report notes that intensive care nurses, family nurse practitioners, and emergency room nurses were the top roles workers transitioned from for this kind of job.6. Sales enablement specialistMaskot/Getty ImagesOne growing sales job over the last five years is sales enablement specialist, which has a salary range of $50,000 to $157,000.According to LinkedIn, this fast-growing job helps sales teams by not only improving processes but also by providing tools and trainings.Job seekers looking to land this kind of role typically need a few years of experience. According to job site ZipRecruiter, although a job candidate for this role might sometimes need a bachelor's degree to apply for a company, the site states that "a high school diploma or GED certificate and at least one year of sales experience" is needed for this job.The job may also be of interest to those who prioritize remote work in their search as the LinkedIn report notes that this has a remote-job availability of about 48%.5. Employee experience manager10'000 Hours/Getty ImagesThe Great Resignation shows little signs of slowing. Since early 2021, workers have been quitting and changing jobs at record levels, making for an exceptionally tight job market. With employees looking to leave their workplaces for different reasons, companies need to think about how they can retain talent as well as recruit in the year ahead.Enter the employee experience manager."Companies don't want to lose the talent they've worked so hard to hire, so they're putting a lot of effort into helping their employees function at the highest level as they pivot from remote to hybrid," McCaskill said. The new list from LinkedIn notes that this job entails overseeing supporting employee engagement, well-being, and development and training.4. Truck driverTruck driver was one of the jobs considered "on the rise" in the US according to a new list from LinkedIn.Nikola Stojadinovic/Getty ImagesWhile some of the top growing jobs are various kinds of managers, the No. 4 spot is truck driver. "Transportation, logistics, and everything around supply chains have been big themes of this pandemic," McCaskill said.According to the LinkedIn findings, two Texas cities are considered top locations hiring for this job: Dallas and Houston. According to May 2021 estimates from the Bureau of Labor Statistics, the median annual pay for heavy and tractor-trailer truck drivers was $48,310.Projection data from the Bureau of Labor Statistics also predicts an increase in employment from 2021 to 2031 of 4%. BLS states that the demand for this job "should rise as households and businesses increase their spending and their demand for goods."3. Diversity and inclusion managerLuis Alvarez/Getty ImagesDiversity and inclusion manager took the No. 3 spot on the list."DEI work has become even more important so that the employee experience is universal and inclusive for everyone," McCaskill said. "Workers have a lot of options and they want to be at places where they feel valued."The salary ranges from $60,000 to $145,000, according to the LinkedIn data and this job typically needs a few years of experience — a median of three to five years. This job, per LinkedIn, has seen more than 50% growth over the last five years.2. Human resources analytics managercourtneyk/Getty ImagesHuman resources analytics manager has seen massive growth from January 2018 through July 2022, growing by almost 60%. People in this job are responsible for compiling, analyzing, and communicating all HR-related metrics, and statistics within a company, such as job performance, turnover, and worker demographics, said LinkedIn.Growth in this role is attributable to employers' need to better understand their workforces and make smarter decisions when it comes to recruitment, retention, and legal compliance, according to McCaskill."They also want to make sure people feel like they can come to work, be themselves and fit in, and make an impact," he said.According to the LinkedIn report, this salary range is $41,600 to $122,000. This job tends to require various analytical knowledge. For instance, the report notes the statistics programming language R as one common skill.1. Head of revenue operationsgilaxia/Getty ImagesThe No. 1 fastest-growing job this year was head of revenue operations, which McCaskill said is a clear indication that "money matters." This job, LinkedIn found, has seen 80% growth over the last five years — from January 2018 through July 2022.For this top role, job seekers might need to have analytical skills; the report says that data analysis is one common skill needed for this job. The job also typically needs several years of experience. According to the report, the median years of prior experience is five to six years.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJan 18th, 2023

How China planted an FBI mole who was discovered only after gutting the CIA"s vast spy network

Over the past decade, more than a dozen Chinese agents recruited by the CIA have been killed or imprisoned. An alleged spy in the FBI may be to blame. The FBI building in Washington, DC.Celal Gunes/Getty Images The following is an excerpt from "SPYFAIL: Foreign Spies, Moles, Saboteurs, and the Collapse of America's Counterintelligence" by James Bamford. An alleged spy within the FBI may be largely responsible for unraveling the CIA's Chinese spy network. The FBI's website carries a stark warning. "The counterintelligence and economic espionage efforts emanating from the government of China," it says, "are a grave threat to the economic well-being and democratic values of the United States. Confronting this threat is the FBI's top counterintelligence priority." But far worse is the threat to the lives of scores of courageous Chinese agents who have volunteered to spy for the U.S. within their own country. Over the past decade, more than a dozen agents recruited by the CIA have been killed or imprisoned.And it now turns out that it was an alleged Chinese spy within the FBI's own counterintelligence division who may have been largely responsible. A spy whose activities went undetected for upwards of two decades, until his quiet arrest in 2020. Currently in a Hawaiian jail, his little-known case is wrapped in layers of secrecy as he awaits trail. Now in his new book, "SPYFAIL: Foreign Spies, Moles, Saboteurs and the Collapse of America's Counterintelligence," author James Bamford peels back many of those hidden layers.THE RENDEZVOUS"Spy Fail" by James Bamford.Twelve BooksIn the spring of 2001, Chinese intelligence was on a very big roll. On April 1, a Navy EP-3 electronic spy plane, operated by the National Security Agency and on patrol along the Chinese coast, was forced to make an emergency landing on China's Hainan Island. After evacuating the crew, Chinese intelligence agents went to work extracting some of the agency's most secret espionage and cryptologic equipment, along with piles of documents classified above top secret.  An enormous windfall, the hardware, software, and documents gave Chinese intelligence critical insight into the NSA's targets in their country, and the methods used to spy on them.  And less than a week earlier, Chinese intelligence came upon another intelligence bonanza when two former CIA clandestine officers, one born in Shanghai and the other in Hong Kong, agreed to change sides.At the time, four years after the handover from Britain to China, much of Hong Kong remained a world of neon and noise. But now a great many of the tourists haggling over Rolex watches, checking into the Peninsula, and packing Lan Kwai Fong and other nightlife districts had a decidedly Mandarin accent. "Five years ago, everyone looked down on you if you spoke Mandarin," said a Beijing executive living in Hong Kong. "Now, they know we're the big bosses with the money."Despite predictions that the former colony would turn into a gray vista of hunched workers and nameless noodle shops, travelers from mainland China had become the principal source of visitors to Hong Kong. They were even spending more per capita than their American and Japanese counterparts. And March 2001 was an especially busy time. As soon as the Hong Kong Arts Festival ended, the Hong Kong International Film Festival began.Deep in the shadows, the city had also become a major crossroads for Eastern and Western spies. "Hong Kong is a place where foreign intelligence agencies conduct a lot of activity," admitted Li Gang, the deputy director of Beijing's Liaison Office in the city. As the arts crowd checked out of their rooms and the film fans checked in, two former American spies quietly slipped into another hotel for a discreet rendezvous with their Chinese counterparts. They were brothers who had both worked as clandestine CIA officers in China, and now they were about to switch sides.Alexander Yuk Ching Ma and his older brother David were both veterans of the CIA's clandestine operations division. David was born in Shanghai in 1935, a time of smoky jazz clubs, bustling casinos, and opium dens. The Pudong District, on the eastern bank of the Huangpu River, became the country's major financial hub, and decades later it would also become its high-tech eavesdropping hub.In 1961, at the age of twenty-six, David moved to Los Angeles, became a naturalized U.S. citizen, and six years later joined the CIA in an entry-level capacity, possibly as a translator. But in the late 1960s the United States was in the middle of its desperate war with North Vietnam, which was aided by China. As a result, a throng of new recruits were continuously making their way to Camp Perry, known as "The Farm," the CIA's boot camp for spies, near Williamsburg, Virginia.The problem was, nearly all had the physical appearance of cheering fans at a Notre Dame football game. Few would blend into a crowd on a street in Asia. Also, very few spoke Chinese or Vietnamese, especially with any fluency. That was good for David, and in 1971 he was promoted to the officer ranks within the CIA's clandestine service. Entrusted with the identities of many of the agency's human sources in China and elsewhere, as well as its system of covert communications (known as "covcom"), he spent years in the Far East.People do Tai Chi exercises in Hong Kong's Happy Valley district in February 2001.Dustin Shum/South China Morning Post via Getty ImagesIn 1983, David resigned after it was determined that he was inappropriately using his government position to assist Chinese nationals in obtaining entry into the United States. But months before, as if taking his place, his thirty-year-old brother Alex had joined up and also became a clandestine officer. He was born in Hong Kong and, like David, lived for a time in Shanghai. Both also graduated from the University of Hawaii at Manoa. Following extensive training at The Farm, he was also provided with the identities of the agency's networks of spies, the various covcom details, and was sent to the Far East. Seven years later he left the agency, and around 1995 he moved to China, there oddly being no restrictions on former spies moving to their target nations. Therefore, little is known about his activities there.David, however, ran into serious legal and financial trouble. In 1998, while living in Los Angeles, he pled guilty to two counts of defrauding a lending institution. In December he began serving a five-month sentence at Taft Correctional Institution, a low-security federal prison near Bakersfield, California, followed by five years of probation and $145,623 in restitution — money he didn't have. Then in 2000, his brother Alex returned from China, telling Customs and Border Protection officers that he was an "importer and exporter" and was carrying $9,000 in U.S. currency. Not long after, both brothers turned up in Shanghai.For three days, beginning on March 24, 2001, Alex and David allegedly met secretly in a hotel room with at least five officials from China's Ministry of State Security (MSS) and passed on highly classified information. According to government charges, details included the covers used by CIA officers and CIA activities in China; cryptographic information used in classified and sensitive CIA communications and reports; information concerning CIA officer identities as well as those of CIA human assets in China; the CIA's use of operational tradecraft; and CIA secure communications practices — that is, covcom details. The brothers were then handed $50,000 in cash.Afterward, as laid out in the indictment, both Alex and David returned to California, but they kept in touch with their handlers. Alex eventually agreed to become a mole for China's intelligence service within the FBI, and on the day after Christmas 2002, he applied for the position of special agent. By then, however, he was about forty-nine years old and was informed that he was over the age limit.But in 2004 he was nevertheless hired as a Chinese translator since he spoke several Chinese dialects. In many ways, this was an even better position for a spy since he would have access to a very broad range of information, including intercepted Chinese conversations. The day before he started his new job, he called a suspected accomplice, possibly David, to give him the good news that he would now be working full-time for "the other side."By then the FBI was reeling from another extremely damaging, and extremely embarrassing, counterintelligence disaster involving China. In 2003 it was discovered that the bureau's key U.S.-based China asset, Katrina Leung, was, like Alex, a double agent working for China. Worse, she was simultaneously sleeping with two of the FBI's top China agents. Among them was her longtime handler, through whom she had been passing false information for more than a decade, information that often was quickly passed on to the White House.Assigned to the Honolulu FBI office, Alex and his wife moved into a $600,000 condominium on Hawaii Kai Drive, a short walk to the ocean on the southeastern corner of Oahu. Strongly built, with a broad natural grin, Alex wore squarish glasses above puffy cheeks that seemed to glow when he smiled, which was often. Over at least the next six years and possibly much longer, he took over the role of FBI mole where Robert Hanssen, who spied for Russia for more than two decades, left off, except for a different spymaster. It was as though no lessons had ever been learned by the bureau.The method was simple. Attracting no suspicion, Ma would gather up piles of highly secret materials and simply walk out the door with them, just as Hanssen had done for decades. Some he photographed with a digital camera, others he downloaded from his computer onto a flash drive, while still others he copied onto CD-ROM discs. Some dealt with guided missiles and weapon systems, and others revealed the identity of confidential sources, putting their lives at risk.FBI agents remove evidence from Robert Hanssen's home in Vienna, Virginia on February 20, 2001.Alex Wong/NewsmakersIn addition, Ma had extensive knowledge of the CIA's highly secret covcom techniques by which CIA officers communicated with their sources. Every few months, once he had accumulated a load of secrets, he would call his handlers. They would then book him a hotel room in Shanghai, pick him up at the airport, and take him into town, where he would hand over his secrets and be debriefed by agents of the Shanghai State Security Bureau (SSSB).The SSSB was the regional office of the Ministry of State Security, China's equivalent of both the CIA and FBI. Headquartered in Beijing at Xiyuan (Western Garden), next to the vast ensemble of lakes, gardens, and palaces of the Summer Palace, its logo still displays the hammer and sickle of the Communist Party. At the time, it was run by Minister of State Security Xu Yongyue, a stern-faced senior party official from Zhenping County, the jade capital of China, in the province of Henan. And in charge of the SSSB was Cai Xumin, who received a very significant promotion to vice minister of the MSS in 2004, likely due to his recruitment of Ma.Following the rendezvous and document drops in Shanghai, Ma would simply fly back to Honolulu. At one point a curious U.S. customs official pulled him aside for a secondary search and discovered he was carrying $20,000 in cash and a shiny new set of golf clubs. But no questions were raised, no actions were taken, and later that day Ma sent an email to his SSSB handler with an attachment containing additional classified information. Other money paid to him by the MSS was regularly deposited in a bank account in Hong Kong.David Ma also secretly remained in the loop. Living in Arcadia, a wealthy Los Angeles bedroom community, he established himself as a consultant on immigration rights for the many Asian immigrants in the nearby communities, such as Alhambra and Monterey Park. Familiar with their needs and fluent in various Chinese dialects, including Mandarin, Cantonese, Shanghai, and Chaozhou, he opened several businesses. They included the Chinese American Civil Rights Organization and AsiAmerica Immigration & Consultancy, Inc.Ironically, in 2005 he was quoted in a Los Angeles Times article about Chinese espionage. As China's economy continued to boom, he said, he could understand the temptation of some Chinese Americans who wanted to do business there to help the government any way they could. "I'm not saying all of them are spies," he said. "But for some of them it is outright greed because they need to do business with [the Chinese government]. It's just like barter or exchange."Because of his businesses, David became very well known within the Chinese communities in Los Angeles, which was ideal for the SSSB and MSS. Critical for them was discovering community members who had become confidential informants on China for the CIA and FBI. In February 2006, Alex Ma, China's mole in the FBI, sent David photos he received from his handlers of five suspected human sources. Accompanying the pictures was a photo of five dogs sitting on a park bench, which was a coded way of asking him to supply the identity of the sources. Shortly thereafter, David sent Alex an email identifying two of the informants. And a memory card belonging to Alex had pictures of the five sources along with a list of five names.Shanghai's Pudong district in August 2006.Athanasios Gioumpasis/Getty ImagesA few months later, Alex arranged for his wife, Amy Ma, who was also born in Hong Kong, to fly to Shanghai to meet with his handlers and to deliver an encrypted laptop computer to them. An email message soon came back thanking him for sending his wife and delivering "the present." Over the years, without suspicion, Alex continued to fly back and forth to Shanghai every few months with stashes of secrets. And in June 2008, his handler phoned him to say that his "company" would have a lot of work orders in the coming year.In May 2010, a few months after another clandestine rendezvous to hand over documents to his handler, Alex received a phone call from an MSS officer apologizing for not seeing him during a recent visit to China and extending an invitation to meet in Shanghai in the future. He also asked Alex to get in touch with David and see if he would be willing to discuss their "business venture." About the same time, the MSS was also bringing on board another veteran CIA clandestine officer, one who had just reapplied to the agency, possibly to become a mole. Known as Zhen Cheng Li in China, he was Jerry Chun Shing Lee to his colleagues at Langley.Born in Hong Kong like Alex, Lee grew up in Hawaii and became a naturalized U.S. citizen. At seventeen, in 1982, he joined the U.S. Army, serving for four years but remaining in the reserves. A few years later he enrolled at Hawaii Pacific University, graduating in 1992 with a degree in international business management. A year later he earned a master's degree in human resource management and shortly thereafter joined the CIA as a case officer in the clandestine service. Over the following fourteen years, he was dispatched on numerous overseas assignments, including to China, where he, like Alex and David Ma, had access to the agency's clandestine networks, both human and covcom.By July 2007, Lee had become frustrated by his lack of advancement at the CIA. "He was quite critical about the organization and his time there; the fact that he didn't get credit, he didn't get promoted, he didn't get the assignments he deserved," said one of his associates. As a result, Lee resigned and moved to Hong Kong, taking a job with Japan Tobacco International ( JTI). Employing about forty thousand people around the world, the company sells 120 brands of cigarettes, including both Camel and Winston outside the United States.But a key problem for the company was tobacco smugglers and counterfeiters. Asian crime syndicates were exporting tons of counterfeit cigarettes out of China with the help of corrupt officials. To combat the syndicates, the company had established a Brand Integrity Unit under a veteran CIA officer, David Reynolds, who had worked at the agency from 1988 to 2002. Afterward he was assigned as a U.S. consular officer in Guangzhou for two years. Lee claimed that his last job at the CIA was the agency's official liaison in Beijing to Chinese intelligence, the MSS, and he was hired by Reynolds.Now, with an office on the forty-second floor of Tower 1 in Times Square, the city's flashy, upscale shopping and restaurant complex at Causeway Bay, Lee could see all of Hong Kong spread out below him. But adjusting to private industry was difficult and he soon ran into problems. Company officials began to suspect that he was alerting corrupt Chinese officials about the firm's investigations and the pending raids and arrests by law enforcement. "Several of the shipments of counterfeits purchased as part of the investiga-tions were seized by the Chinese authorities or simply disappeared, and one of our contract investigators was arrested and imprisoned in China," said a manager.All evidence pointed toward Lee, and as a result, executives at JTI alerted the FBI, but apparently no action was ever taken. Lee was finally fired in mid- 2009, and soon afterward a Chinese official warned the company that he was not only continuing to share information with MSS officers, but was also actively working with them. And once again JTI officials passed the information to the FBI. "I certainly reported it to the appropriate authorities," said a company supervisor. It was good information, but once again it seemed to go nowhere within the bureau. At about the same time, Lee hooked up with a potential business partner, Barry Cheung Kam-lun, a former Hong Kong police officer who, Lee knew, had close ties to the MSS. And on April 26 the two traveled across the Hong Kong border to neighboring Shenzhen for a private dinner with MSS officers.Shenzhen, China.Liao Xun/Getty ImagesIt was time for the official pitch. After excusing Barry, the intelligence officers and Lee reached an agreement that he would begin passing secrets to them and act as their spy. In exchange, they handed him a briefcase full of cash, $100,000, along with an agreement to take care of him "for life." It would be the first of hundreds of thousands of dollars he would receive, and within a few weeks he began receiving his taskings, key among them apparently becoming a mole in the CIA, as Alex Ma had done in the FBI. That same month, he applied for reemployment with the CIA. But given his less than illustrious career and departure from the agency, it went nowhere.Instead, possibly as a cover, Lee and Barry Cheung Kam-lun established their own company, FTM International, to enter the "Big Tobacco" wars and conduct their own brand integrity investigations. After investing nearly $400,000, they set up shop in the down-market Wan Chai area, renting space in Dannies House. Unlike JTI's soaring skyscraper in Times Square, Lee's new office was in a tired thirteen-story orange high-rise with battered air-conditioning units stuck out the windows like giant steel bird feeders.But two years later, fed up with Hong Kong and having run out of secrets to sell, Lee decided to move his family back to Virginia, where he had been offered a potential job by the CIA. It had been secretly created to lure him back to the United States, and in August 2012, during a three-day stopover in Hawaii, agents conducted a black bag job on his hotel room. What they found was damning. Inside a small, clear plastic travel pack was a forty-nine-page datebook and a twenty-one-page address book, both of which contained top secret handwritten operational notes from his CIA days. Most critically, they included the true names of secret human sources as well as the dates and operational locations of the meetings. Another clandestine search was conducted on his hotel room in Fairfax, Virginia, soon after he arrived, and the information remained in his possession.But inexplicably, rather than Lee being arrested, the decision was made to simply question him repeatedly over the following year. Finally, after the fifth interview in June 2013, with the questions becoming more and more revealing of what the bureau knew, Lee fled with his family back to China-controlled Hong Kong. Once more he was out of reach, and once more the FBI had bungled it.Over the next few years, Lee did security work for the cosmetics company Estée Lauder and the auction house Christie's. Then in January 2018, apparently believing the danger had blown over, he boarded a Cathay Pacific flight to New York's John F. Kennedy International Airport. It was a serious mistake. His name had been flagged on the airline's manifest and he was arrested as soon as he landed. After first vowing to fight the espionage charges, in May 2019 he agreed to plead guilty and was sentenced to nineteen years in prison.Around the same time, the FBI finally discovered the Chinese mole who had bored his way into the organization sixteen years earlier. In August 2020, an agent posing as an MSS officer approached Alex Ma in Honolulu and snared him in a sting operation. To convince Ma of his bona fides, he showed him a video of the meeting between him, David, and the SSSB agents at the time they signed on as spies in 2001. The pretend MSS officer then offered Ma $2,000 in cash as a "small token" of appreciation for Ma's assistance to China. Ma offered to continue working for the MSS and stated that he wanted "the motherland" to succeed. Shortly afterward he was arrested on charges of espionage and is currently awaiting trial. With regard to David, then eighty-five years old, the decision was made not to arrest him due to his advanced stage of Alzheimer's disease.James Bamford, winner of the National Magazine Award for Reporting, is the bestselling author of "The Puzzle Palace," "Body of Secrets," and other books on intelligence. His most recent book, from which this excerpt was taken, is "SPYFAIL: Foreign Spies, Moles, Saboteurs and the Collapse of America's Counterintelligence," which will be released on January 17.Excerpted from "SPYFAIL: Foreign Spies, Moles, Saboteurs, and the Collapse of America's Counterintelligence." ©2022 James Bamford and reprinted by permission from Twelve Books/Hachette Book Group.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJan 17th, 2023

Amazon Hires More Alumni From Ivy League Universities Than Any Other Major Tech Company

According to our study, Amazon.com, Inc. (NASDAQ:AMZN) has more employees (18,661) that graduated from a prestigious Ivy League university than any other of the most valuable tech companies in our analysis. Accenture Plc (NYSE:ACN) comes in second place, with 14,397 graduates from Ivy League universities working there. Microsoft Corp (NASDAQ:MSFT) and Huawei ranked as two […] According to our study, Amazon.com, Inc. (NASDAQ:AMZN) has more employees (18,661) that graduated from a prestigious Ivy League university than any other of the most valuable tech companies in our analysis. Accenture Plc (NYSE:ACN) comes in second place, with 14,397 graduates from Ivy League universities working there. Microsoft Corp (NASDAQ:MSFT) and Huawei ranked as two of the least elitist tech giants in their hiring practices with only 3,300 and 2,624 alumni from Ivy League colleges, respectively. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q4 2022 hedge fund letters, conferences and more   Ranking Company Number of Ivy League alumni 1 Amazon 18,661 2 Accenture 14,397 3 IBM 12,471 4 Google 9,637 5 Apple 7,880 6 Oracle 5,160 7 SAP 3,576 8 Cisco 3,486 9 Microsoft 3,300 10 Huawei 2,624 The World's Biggest Tech Companies Are Most Likely To Hire University Of Washington Graduates Graduates of the University of Washington are more likely than graduates from any other US university to work at one of the world's biggest tech companies. We counted 16,343 graduates on LinkedIn who are now working at one of the world's most valuable tech companies. Ranking University Number of alumni 1 University of Washington 16,343 2 University of California, Berkeley 15,307 3 Stanford University 13,570 4 University of Southern California 11,240 5 University of Texas at Austin 11,220 6 Georgia Institute of Technology 10,295 7 University of California, Los Angeles 10,149 8 University of Illinois at Urbana-Champaign 9,024 9 Carnegie Mellon University 8,885 10 Massachusetts Institute of Technology 8,338 Which US Colleges The 'Big Five' Are Most Likely To Hire From University of Washington graduates are the top choice for Amazon and Microsoft. In fact, University of Washington alumni have a 264% greater chance of being hired by Microsoft than the 2nd best university, Georgia Institute of Technology. Stanford University alumni are the most likely to get hired by Google and Apple. Facebook predominately hire University of California--Berkeley alumni (1,102 alumni). Amazon Amazon is most likely to hire University of Washington graduates over any other US college with 4,540 alumni currently working there. University of Southern California alumni ranked as the 2nd most likely to get hired by Amazon (2,085 alumni), and the University of California - LA ranked in 3rd place (1,786 alumni). Ranking College Number of alumni 1 University of Washington 4,540 2 University of Southern California 2,085 3 University of California-Los Angeles 1,786 4 Georgia Institute of Technology 1,681 5 University of California-Berkeley 1,573 Apple Stanford University alumni are Apple's top choice with 2,322 of Stanford's graduates now working for them. In close second with 2,216 alumni is the University of California - Berkeley and in 3rd place, the University of Texas - Austin (1,540 alumni). Ranking College Number of alumni 1 Stanford University 2,322 2 University of California--Berkeley 2,216 3 University of Texas--Austin 1,540 4 University of California--Los Angeles 1,485 5 University of Southern California 1,433 Facebook Facebook is most likely to hire Berkeley alumni with 1,102 alumni now working for the tech giant. Stanford University graduates came in 2nd place (997 alumni) and Carnegie Mellon University in 3rd place (757). Ranking College Number of alumni 1 University of California--Berkeley 1,102 2 Stanford University 997 3 Carnegie Mellon University 757 4 University of California--Los Angeles 651 5 University of Washington 630 Google Stanford University alumni are also most likely to get hired by Google than any other US college with an impressive 3,990 alumni now working at Google. Ranking College Number of alumni 1 Stanford University 3,990 2 University of California--Berkeley 3,923 3 Carnegie Mellon University 2,668 4 University of California--Los Angeles 2,052 5 University of Southern California 2,031 Microsoft Microsoft is more like hire University of Washington alumni than any other US college graduates with a whopping 6,251 alumni now working for them. In fact, University of Washington alumni have a 264% greater chance of being hired by Microsoft than the 2nd best university, Georgia Institute of Technology which has 1,719 alumni now working for Microsoft. Ranking College Number of alumni 1 University of Washington 6,251 2 Georgia Institute of Technology 1,719 3 University of Southern California 1,213 4 University of Illinois--Urbana-Champaign 1,212 5 Washington State University 1,167 Which States Are Most Likely To Produce Alumni For The World's Biggest Tech Companies? California's universities have the most alumni working at tech companies California reigned in the number one position, with a colossal 73,617 alumni now working for a tech giant. New York ranks in second place with 43,162 alumni and Massachusetts in third place with 34,499 alumni. Ranking State Number of alumni 1 California 73,617 2 New York 43,162 3 Massachusetts 34,499 4 Illinois 23,767 5 Texas 23,149 6 Washington 22,893 7 Pennsylvania 20,938 8 Georgia 14,572 9 Florida 13,608 10 Indiana 13,167 The top university per state in the top list that has the most alumni working at tech giants The university in California where graduates are most likely to get hired by a tech company is the University of California, Berkeley (15,307 alumni). Below you can find which university in each state in the top list has the most alumni working for tech companies. Only 43 states are included in the table as our analysis only looked at the top 100 public and private colleges in the US. State Top University Number of Alumni Alabama Auburn University 1272 Arizona University of Arizona 4034 Arkansas University of Arkansas 806 California University of California--Berkeley 15307 Colorado University of Colorado--Boulder 3706 Connecticut Yale University 2217 Delaware University of Delaware 1298 District of Columbia George Washington University 2981 Florida University of Florida 5985 Georgia Georgia Institute of Technology 10295 Hawaii University of Hawaii--Manoa 893 Idaho University of Idaho 666 Illinois University of Illinois--Urbana-Champaign 9024 Indiana Purdue University--West Lafayette 6611 Iowa Iowa State University 1728 Kansas University of Kansas 1483 Kentucky University of Kentucky 2160 Louisiana Tulane University 580 Maine University of Maine 295 Maryland University of Maryland--College Park 5528 Massachusetts Massachusetts Institute of Technology 8338 Michigan Michigan State University 3562 Minnesota University of Minnesota--Twin Cities 3687 Mississippi Mississippi State University 603 Missouri Washington University in St. Louis 1499 Nebraska University of Nebraska--Lincoln 1088 New Hampshire Dartmouth College 1434 New Jersey Princeton University 2267 New York Cornell University 8082 North Carolina Duke University 3396 Ohio Ohio State University--Columbus 4010 Oklahoma University of Oklahoma 1320 Oregon Oregon State University 2519 Pennsylvania Carnegie Mellon University 8885 Rhode Island Brown University 2139 South Carolina Clemson University 1434 Tennessee Vanderbilt University 1481 Texas University of Texas--Austin 11220 Utah Brigham Young University--Provo 3064 Vermont University of Vermont 670 Virginia Virginia Tech 3752 Washington University of Washington 16343 Wisconsin University of Wisconsin--Madison 4715 Q&A With Carrus.io We spoke to Misha Yurchenko at Carrus.io to find out more about the hiring process at tech companies. Carrus.io is a platform that connects job seekers to career and interview coaches experienced in hiring for tech companies such as Facebook, Amazon, and Google. Q: In the hiring process, is it likely that a Big Tech company would show a preference for a graduate of a prestigious university, for example those in the Russell Group or Ivy League, over an applicant that has attended a non-prestigious university? A: This still happens, but your alma mater is a lot less of a priority than it was 10 years ago. There's a huge push for diversity and inclusion at most tech companies right now; they have quotas to meet. Market research company Link Humans created this ranking and summary of some of the top tech companies and their diversity initiatives. There's still a long way to go, but I think we'll continue to see the floodgates opening for people from all sorts of different backgrounds. Q: Is elitism more or less likely to exist in the hiring process or the career progression of big tech companies vs the most prestigious companies in other industries, such as finance or media? A: It can go both ways and the lines aren't always so clear. We actually find a lot of elitism in traditional industries outside of tech that are ingrained in old ways of thinking (think Mad Men-esque workplaces). I worked in the recruitment industry, for example, which isn't always the most welcoming towards women. Tech companies can definitely fall into their own traps and groupthink, too, but generally do a better job, partly because they face more external and internal pressure to be inclusive. All that said, most companies nowadays are actually evolving to have a strong tech focus and pulling people from tech to join their companies. For example, the New York Times has more focus on digital and mobile than offline. Starbucks sells coffee, but they're actually turning into a huge data company. Home Depot hired over 1,000 tech professionals with the goal to move most sales online and revamp their retail experience. There are tons of examples like this of ongoing digital transformation that will very likely bring a big shift in the culture of these companies!.....»»

Category: blogSource: valuewalkJan 9th, 2023

I"m the senior director of a $5 billion data company — here"s how a mix of programming and leadership courses skyrocketed my career since college

I've taken 25 online courses in everything from machine learning to management. Focusing on different strengths helped me advance faster in my career. When you buy through our links, Insider may earn an affiliate commission. Learn more.Mike Crabtree I'm the senior director of a $5 billion data company; before that, I was a manager at Ford. I took 25 online courses and earned certificates from Coursera, edX, and LinkedIn Learning. Focusing on hard skills like data analysis as well as management helped me move up in my career. This as-told-to story is based on a conversation with Mike Crabtree, the Senior Director of Data Operations & Engineering at Driven Brands Inc and former Manager of Data Engineering at Ford. The following has been edited for length and clarity.My job history is very colorful and all over the place: I've worked as a Kmart cashier, fishmonger, Ragu factory worker, and Geek Squad member. I've cleaned fish in the blink of an eye and oversaw the machines that chop the broccoli and chicken for Bertolli frozen meals. While these jobs were valuable experiences, at one point, I realized that if I wanted to break out of the cycle of poverty, I had to put in the work. I started by getting my undergraduate degree in computer information systems at the University of Louisville, studying what I felt were employable skills.But what really put my career on a rocket ship was taking online courses from platforms like Coursera, edX, and LinkedIn Learning. I've earned over 20 professional certificates in topics from data analysis and machine learning to strategic management and international leadership, which helped me eventually land a management position at Ford and a senior director role at Driven Brands Inc, a $5 billion renevue data company.Rachel Mendelson/InsiderI can't stress enough how much continual online learning has helped me advance my career. I was able to learn from professors at the best institutions, including MIT, Harvard, Stanford, Columbia, and the University of Pennsylvania.While I'm planning on starting my MBA at the University of Michigan in May, I've probably spent as much time (if not more) learning from these courses for a much lower combined cost than the average college degree.  For anyone looking for a big career jump, here are four lessons I learned from taking online courses — and how to make the most of online learning. Unlike in college, I could focus solely on the meat of what I needed to learn.Codecademy; iStock; Gilbert Espinoza/InsiderWhen you go through a traditional undergraduate college experience, there's a fair amount of baseline, foundational classes you have to get through before you reach the core of what you're majoring in. It might not be until your second or even third year that you really get to the meat of what will help you most in your career.I knew I wanted to be as marketable as humanly possible after graduating, so I started taking online classes while I was getting my degree. Courses like MIT's Introduction to Computer Science and Programming Using Python and Introduction to Computational Thinking and Data Science helped me dive right into what I needed to know early on, and I kept building from there.Later on, I was able to take more challenging courses, like Stanford's popular Machine Learning specialization and a data science program from Johns Hopkins.Taking management courses helped me advance much faster.My goal was always to get into data and analytics before using it as a springboard for landing a management role. To learn how to be a better boss, I took supplementary courses in everything from inclusive leadership to strategic communication.I have a hypothesis that most successful leaders that are going to take companies to the future have a mix of all the skill sets — that beyond writing SQL queries, it's critical thinking that will help them make better business decisions.Asking for feedback led to me to connections to top-level experts.Dr. Andrew Ng, the DeepLearning.AI founder who leads the Stanford Machine Learning course on Coursera.CourseraWith online learning, you get what you put in. While you can take some online courses without ever (or rarely) interacting with the faculty itself, I highly encourage taking advantage of that feature if it's available. One of the biggest surprises for me was how involved the instructors are in these online courses — it would always throw me through a loop when I'd send out an email complaining about a homework assignment and get a response from an actual professor. When I had several questions about the algorithms for gradient descent in my Machine Learning program, Dr. Andrew Ng and his team responded and helped.When you're from an impoverished background like I am, it's easy to have this mindset that the teachers at top institutions are in their ivory towers and we'll never hope to reach them. But because online courses are so accessible, they presented a much smaller gap to cross in making connections that otherwise would not have been afforded to me. My certificates showed my personality and work ethic to employers.Mike CrabtreeWhile many of the courses on edX and Coursera are free, paying for them earns you a certificate of completion you can display on your LinkedIn page. Beyond showing off your dedication to personal growth — always a plus with employers — it can also help you stand out. Most technical professionals run into the risk of being pigeonholed as "the IT guy" or "the data person." Having a range of courses on your page shows you can do more than your job title suggests — I also took some courses in entrepreneurship and business analytics as well as management and programming.The bottom lineOn vacation with my wife — something I can afford to do with the career I have now.Mike CrabtreeBecause of taking online courses, my career advanced very quickly in a short amount of time. I jumped from being a business analytics intern to landing a data scientist role at Ford, where I became a lead data scientist and eventual manager of the data engineering team.Now, I run the entire data platform — the data, the teams, the infrastructure, you name it — for a company with more than 4,000 retail locations across several different business segments. I even went full circle and taught an online course myself through DataCamp, keeping in mind what I loved most about all the ones I took.Read the original article on Business Insider.....»»

Category: personnelSource: nytJan 7th, 2023

Goldman Sachs plans to cut thousands of workers. Here are the other major US companies that have made cuts in 2022, from Amazon to Twitter.

Goldman Sachs has become the latest major company with plans to slash its headcount as business growth slows and costs increase. Goldman Sachs CEO David Solomon has made no bones of his desire to get staffers back to the office.Michael Kovac / Getty Images A wave of layoffs has swept across American businesses in 2022. The cuts stem from slower business growth, paired with rising labor costs. The layoffs span across industries, from mortgage lending to digital-payment processing. Goldman Sachs is the latest company to plan a major round of layoffs. The investment banking giant is set to lay off up to 8% of its staff as soon as January, according to a person familiar with the cuts. Goldman's planned headcount reduction follows similar cuts from Citi and Morgan Stanley.The banks join a growing number of American businesses that have picked up the pace of firing in 2022. Last month, Amazon announced plans to lay off as many as 10,000 workers across divisions, including devices, retail, and human resources. Peloton has laid off thousands of employees this year. Twitter slashed 50% of its workforce.Even traditionally layoff-resistant companies like Netflix have made cuts, and now companies that saw a pandemic-era boom, like Shopify, are cutting hundreds of jobs.The reason, broadly, is twofold: business growth is slowing while labor costs are increasing. The combination is causing American companies across a variety of industries to slash headcount.Here are some of the most notable examples so far: Stellantis: approximately 1,350 factory workersWorker at the Stellantis plant in Belvidere, Illinois in 2012.Scott Olson/Getty ImagesStellantis, which makes Jeep, Chrysler, and Dodge cars, confirmed that it plans to idle an assembly plant in Belvidere, Illinois, starting in February 2023, resulting in permanent layoffs for roughly 1,350 workers. The company attributed the layoffs to the "increasing cost related to the electrification of the automotive market." Headspace Health: 4% of workersHeadspaceHeadspace Health, which makes a popular meditation app, is the latest internet startup to cut workers amid a stalling economy, laying off 50 workers earlier this month. Calm, a competitor to Headspace, had layoffs earlier this year, as well. Goldman Sachs: reportedly 4,000 employeesDanny Moloshok/ReutersGoldman Sachs has laid plans to fire up to 8% of its staff after the new year, according to a person familiar with the cuts. The layoffs were initially reported by Semafor, which said that 4,000 workers' jobs might be on the line. Goldman's headcount was 49,100 as of September, according to a report by Insider. Morgan Stanley: about 1,600 workersMorgan Stanley CEO James GormanSAUL LOEB / Getty ImagesMorgan Stanley cut 2% of its more than 81,000 employees, according to a report by CNBC. It follows similar cuts from other banks like Goldman Sachs and Citigroup. The practice of big banks' trimming headcounts after performance reviews was put on hold during the Covid-19 pandemic, but many companies have recently reinstated the practice. According to CNBC, banks typically trim 1% to 5% of the weakest performers before bonuses are paid out.CNN: hundreds of staffersCNN CEO Chris LichtMatt Winkelmeyer/GA/The Hollywood Reporter via Getty ImagesCNN's new CEO Chris Licht announced a huge layoff plan that would affect "hundreds" of the company's 3,000 employees, according to a report by Insider. Licht described the layoffs as a "gut punch" to the company. Paid on-air contributors were notified first, and full-time employees were told the next day. Licht had initially pledged that there would be no layoffs when taking the role of CNN's CEO in April 2022, but later changed course.Buzzfeed: 12% of employeesBuzzfeed CEO Jonah PerettiLucy Nicholson/ReutersThe digital media company cut about 180 workers, citing "challenging macroeconomic conditions," according to an SEC filing. "In order for BuzzFeed to weather an economic downturn that I believe will extend well into 2023, we must adapt, invest in our strategy to serve our audience best, and readjust our cost structure," CEO Jonah Peretti wrote in a memo to staffers seen by Variety.PepsiCo: "hundreds" of workersPepsi CEO Ramon LaguartaFabrice Coffrini/AFP via Getty ImagesPepsi is paying off workers in its US snacks and beverage division, according to a report by the Wall Street Journal.  The report didn't provide an exact headcount reduction at Pepsi, but the cuts reportedly affect workers in Purchase, NY, Chicago, and Plano, TX. According to a memo seen by the Journal, the cuts are meant "to simplify the organization so we can operate more efficiently."Carvana: another 1,500 peopleErnest Garcia III, CEO of online car dealer Carvana.Brendan McDermid/ReutersCarvana plans to lay off 1,500 people, or about 8% of its workforce. The cuts will mainly impact Carvana's corporate and tech departments, CNBC reported."Today is a difficult day. The world around us has continued to get tougher and to do what is best for the business, we have to make some painful choices to adapt," CEO Ernest Garcia III wrote in an email to employees obtained by CNBC.It's the second round of layoffs for Cavana this year. In May, the online car dealer cut 12% of its staff, or about 2,500 employees, according to a regulatory filing. Amazon: as many as 10,000 employeesAmazon CEO Andy Jassy.Jerod Harris/Getty Images for Vox MediaAmazon is planning to cut roughly 10,000 tech and corporate roles, The New York Times first reported. The cuts, which would be equivalent to about 3% of Amazon's corporate workforce, would be the largest in company history. This comes after Amazon abandoned multiple projects this year in an effort to cut costs, which led to at least 560 layoffs. The employees worked on some of Amazon's physical store concepts and its shuttered telehealth unit, as well as other divisions like robotics and online education. The company also laid off workers in two of its warehouses in Maryland in October. DoorDash: about 1,250 employeesA booze delivery from DoorDash.DoorDashDoorDash is laying off an estimated 1,250 employees, or 6% of its global workforce, to reduce operating costs after a period of mounting losses. The food delivery company grew rapidly during the pandemic, but has struggled against rising competition in the sector and the looming economic recession. "While our business continues to grow fast, given how quickly we hired, our operating expenses — if left unabated — would continue to outgrow our revenue," DoorDash CEO Tony Xu wrote in a letter to staff on Nov. 30, per Bloomberg.H&M GroupAnn Matica/InsiderThe H&M Group announced on Nov. 30 it will cut 1,500 positions as part of a global effort "to reduce costs and further improve efficiency in the business."An H&M spokesperson told Insider the impacted roles are largely within the company's tech organization in Sweden, noting stores are not part of the terminations. The spokesperson said the layoffs also include some staffers in "central functions, both employees and consultants."In a press release, the company said the reductions will help reduce "administrative and overhead costs" by 2 billion Swedish Krona, the equivalent of nearly $200 million."The cost and efficiency program that we have initiated involves reviewing our organization and we are very mindful of the fact that colleagues will be affected by this," H&M Group CEO Helena Helmersson said in a statement. "We will support our colleagues in finding the best possible solution for their next step."EdelmanRichard Edelman, President and CEO of the public relations company Edelman.Eric Gaillard/ReutersEdelman, the global public relations firm, is slashing 130 jobs as it conducts a "strategic review" of the company, as first reported by Politico.In an email sent to employees on Nov. 30, CEO Richard Edelman wrote that the cuts where "necessary amid current headwinds" and part of a larger effort that also involves a hiring freeze and reduced spending on travel and events. "Employees impacted by this reduction have been contacted and will be provided with information and resources to support their transition," Edeman wrote in the email reviewed by Politico. Juul: about 400 peopleAssociated PressE-cigarette company Juul plans to lay off about a third of its workforce, or roughly 400 people. The cuts come amid broader cost-saving measures for Juul, including a fresh infusion of cash to help it avoid filing for bankruptcy. The company also plans to reduce its operating budget by as much as 40%, the Wall Street Journal reported. Coinbase: about 1,000 employees, plus another 60 peopleCoinbase CEO Brian Armstrong.Patrick T. Fallon / Getty ImagesCrypto exchange platform Coinbase will cut another 60 jobs, The Information reported. The cuts come after Coinbase previously reduced its staff by 18% "to ensure we stay healthy during this economic downturn." That same day, over 1,000 employees were notified they'd been laid off when they were unable to log into their work email accounts — the company said in a regulatory filing at the time that its workforce would be reduced to about 5,000 employees by the end of the second quarter of 2022.Redfin: 13% of its staffRedfin CEO Glenn KelmanRedfinReal-estate firm Redfin plans to lay off 862 employees, or about 13% of its workforce. The company plans to shut down its home-flipping business, RedfinNow, which will result in 264 staffers getting cut, the company said in a financial filing.Another 218 employees' roles will be eliminated, but the workers are being offered a new job within the company, Redfin said. This is the second round of layoffs for Redfin this year. The company cut 6% of its workforce in June, or about 470 employees. Meta: more than 11,000 employeesMark Zuckerberg.Stephen Lam/ReutersMeta plans to cut more than 11,000 employees, or about 13% of its workforce. "I want to take accountability for these decisions and for how we got here," CEO Mark Zuckerberg wrote in a blog post. "I know this is tough for everyone, and I'm especially sorry to those impacted."The company plans to reduce headcount across divisions — including its metaverse division, Reality Labs — but said that some teams, like recruiting, would be more impacted than others. Salesforce: as many as 2,500 employeesSalesforce founder Marc Benioff.NICHOLAS KAMM/AFP via Getty ImagesSalesforce plans to cut thousands of jobs ahead of Thanksgiving, Protocol reported.It's unclear when the layoffs will begin or which divisions will be impacted, though as many as 2,500 workers could be impacted, according to Protocol. Twitter: about 50% of its workforceTwitter Losing Its Most Active Users(Photo by STR/NurPhoto via Getty Images)An estimated 3,700 Twitter employees, or about 50% of the company's workforce, woke up to emails saying that they had been laid off on Nov. 4, shortly after new owner Elon Musk took over the social platform. Terminated employees were notified in blunt emails that Twitter was "conducting a workforce reduction to help improve the health of the company" and offered severance.Though staffers had been previously warned about a pending "workforce reduction," several employees were immediately locked out of their laptops and company systems before they were notified they were terminated, Insider reported. Musk tweeted after the mass layoffs that he had "no choice when the company is losing over $4M/day." Gap: about 500 jobsPeople pass by the Gap clothing retail store in Manhattan.Reuters/Eduardo MunozGap will cut 5% of its corporate workforce, or about 500 employees, The Wall Street Journal reported. "We've let our operating costs increase at a faster rate than our sales, and in turn our profitability," Gap's interim CEO, Bob Martin, wrote in a memo to employees obtained by The Journal. The layoffs will reportedly impact employees in a wide range of departments and will mainly take place at Gap's offices in San Francisco, New York, and Asia.Snap: 20% of employeesRichard Drew/APSnap planned to lay off about 20% of its employees beginning in late August, The Verge reported.The cuts to Snap's 6,400-person workforce will be concentrated in divisions like Zenly, a social mapping app Snap acquired in 2017, as well as a team working on ways for developers to build apps inside Snapchat. Snap's hardware division will also see cuts, weeks after the company announced it was canceling its Pixy drone camera, The Verge reports. A spokesperson for Snap declined to comment.Wayfair: about 870 employeesPavlo Gonchar/SOPA Images/LightRocket via Getty ImagesFurniture and home goods company, Wayfair, said it would layoff about 870 employees — 5% of its global workforce — the Wall Street Journal reported. The layoffs represent about 10% of Wayfair's corporate team, the company said, and will cost between $30 million and $40 million for severance and benefits for laid-off employees.The layoffs are part of Wayfair's efforts to manage expenses and investments, it said. The company said it's also making cuts to third-party labor costs.After the company announced the layoffs, Wayfair shares fell almost 10% in premarket trading, the WSJ reported.Robinhood: more than 1,000 people in 2022Robinhood CEO Vlad Tenev.AP/David MartinDuring the pandemic, so-called "meme stocks" from GameStop and AMC exploded. Much of that explosion in stock value was driven by accessible trading platforms like Robinhood.And while new users piled in during the pandemic, Robinhood hired rapidly. Between 2020 and 2021, Robinhood staff grew dramatically: from 700 people to around 3,800, according to CEO Vlad Tenev. But that growth was apparently too much and too fast, and Robinhood was forced to slash headcount by 9% — more than 300 people altogether — in April. Then, in August, the company announced it would cut another 800 jobs, or about 23% of its staff.In the message to employees, CEO Vlad Tenev said that the earlier round of layoffs "did not go far enough" to bring down costs amid record inflation and the crypto market crash, which has reduced trading activity on the platform, he said. Peloton: over 4,600 peopleScott Heins/Getty ImagesIn early October, Peloton announced its fourth set of layoffs, bringing the total loss in headcount at the company to more than 4,600 this year. CEO Barry McCarthy called it "the final phase of the company's transformation journey." In February, Peloton fired over 2,800 people and announced its former CEO, John Foley, would depart amid an ongoing downturn in the company's business.Its second round of layoffs hit Taiwan-based employees in July, and a third wave of employees got cut in August.Peloton was once a pandemic darling, but the fading popularity of at-home fitness and mishandling of its logistics operation has put a strain on the business. The company's current chief exec Barry McCarthy has taken several measures in an attempt to revive the business. Shopify: about 1,000 workersShopify CEO Tobi Lutke.Reuters/Lucas JacksonShopify laid off roughly 1,000 employees, equivalent to 10% of its workforce worldwide.In a memo to employees, CEO Tobi Lutke said that the company — which makes the tech that powers businesses' online stores — had bet big on the pandemic-era e-commerce boom. "It's now clear that bet didn't pay off. Ultimately, placing this bet was my call to make and I got this wrong," Lutke wrote in the letter, which was posted on the company's website. 7-Eleven: 880 jobsPaul Sakuma/APConvenience store chain 7-Eleven cut 880 corporate jobs in Ohio and Texas in 2022 in the wake of the company's 2020 purchase of rival Speedway.A 7-Eleven spokesperson told Insider that the company has been assessing its new corporate structure and undergoing an "integration process" that led to the cuts, which took place at its support centers and field-support operations in Irving, Texas, and Enon, Ohio. Vimeo: 6% of its workforceAnjali Sud, CEO of Vimeo.AP Photo/Mark LennihanVideo-hosting platform Vimeo cut 6% of its staff in July."We are making this decision in order to ensure we come out of this economic downturn a stronger company," Vimeo CEO Anijali Sud wrote in a blog post. "Our people are what makes Vimeo great, and losing any of them is a personal failure that I feel deeply. But after assessing the challenging market conditions and uncertainty ahead, I believe this is the responsible action to take."Tesla: more than 200 employeesTesla CEO Elon Musk.Yasin Ozturk/Getty ImagesTesla laid off 229 people in late June, according to WARN filings. The layoffs primarily impacted employees in its Autopilot division. Tesla also closed an entire office in San Mateo, California, and moved some of the office's workers to another location, Bloomberg reported.In an interview in June, Elon Musk said he planned to cut between 3% and 3.5% of Tesla's workforce, including 10% of salaried staff. Insider reported that some ex-employees confirmed they had been laid off, though the total number is not known.  Rivian: around 6% of its workforceRivian CEO RJ Scaringe and a Rivian truck.Kevin Dietsch/Getty ImagesElectric car-maker Rivian confirmed in July that it would cut around 800 employees, or about 6% of its 14,000-person workforce, as it worked to cut costs. The layoffs came less than a year after Rivian went public in the largest IPO of 2021.Gopuff: 10% of its staffA delivery driver is shown picking up a Gopuff bagHannah YoonDelivery startup Gopuff laid off 10% of its staff, Insider reported in July."As a business, during these uncertain times, we owe it to our investors and customers to accelerate our timeline to profitability. As such, we have decided to confront the current moment by making difficult decisions about our core business," cofounders Rafael Ilishayev and Yakir Gola wrote in an email to employees. The latest round of layoffs come after Gopuff cut 3% of its workforce, or more than 400 workers, in March. Re/Max: 17% of its workforceAn "Open House" sign is seen outside of a house for sale.Tim Boyle/Getty ImagesReal estate firm Re/Max will lay off 17% of its workforce by the end of the year, the company announced.The cuts will primarily affect employees in the technology division, the result of a "shift in strategy" as it partners with a third-party technology vendor, Re/Max said.  Microsoft: less than 1% of employeesMicrosoft CEO Satya Nadella.Stephen Brashear/Getty ImagesMicrosoft announced in July that it was cutting a "small number" of employees across several groups, including consulting and customer and partner solutions, a company spokesperson told Bloomberg.JPMorgan: over 1,000 workersAmr Alfiky/ReutersIn June, JPMorgan confirmed that it would lay off over 1,000 employees in its home-lending department. The cuts came amid slowing demand for mortgages and refinances. "Our staffing decision this week was a result of cyclical changes in the mortgage market," a JPMorgan spokesperson said in a statement to Insider at the time. "We were able to proactively move many impacted employees to new roles within the firm and are working to help the remaining affected employees find new employment within Chase and externally."Netflix: about 500 peopleNetflix Co-CEO Reed Hastings.Getty Images LatamNetflix has seen 4 rounds of layoffs this year, totaling around 500 workers. The company laid off around 450 people this summer - with one round of layoffs affecting 150 workers in May, and another round affecting 300 in June. Before that, in April, the company laid off 25 marketing employees from its new fan site, Tudum. Most recently, Netflix downsized its animation department, announcing it would lay off 30 employees.  The company may be seeing a turnaround in its financials, though. The streaming company reported losing 200,000 subscribers in the first quarter and nearly 1 million in the second. However, in mid-October, Netflix added 2.4 million subscribers, reversing its decline. Compass: 450 employeesA house for sale marketed by the real-estate brokerage Compass.Smith Collection/Gado/Getty ImagesReal estate brokerage Compass cut about 10% of its workforce, or 450 employees, the company announced in a regulatory filing. The cuts were part of a series of new cost-cutting measures that include pausing expansion, consolidating offices, and halting mergers and acquisitions, Bloomberg reported.Reef: about 750 peopleEmployees unload at a Reef location.Pat Greenhouse/The Boston Globe via Getty ImagesGhost-kitchens company Reef Technology laid off 5% of its global workforce in May.The SoftBank-backed startup cut about 750 employees as it worked toward profitability amid a challenging economic environment, CEO Ari Ojalvo wrote in a memo to staff obtained by Insider.The layoffs come months after Reef said it would pause operations on some of its "underperforming" locations. Current and former employees told Insider that Reef had closed one-third of its kitchens and focused on its partnerships with major chains like Wendy's and Buffalo Wild Wings.Better: about 4,000 peopleVishal Garg is the founder and CEO of Better.com. He was responsible for laying off hundreds of people right before the holidays in 2021.Better.comStarting in late 2021 and continuing through the first several months of 2022, mortgage startup Better.com laid off approximately 4,000 people.The first wave started right before the holiday season in 2021, when CEO Vishal Garg laid off "hundreds" of people.Garg told employees during a Zoom call that the company "lost $100 million last quarter," which he said, "was my mistake." He then said the layoffs shouldn't have happened right before the holiday, but, "three months ago." Better followed up with another 3,000 layoffs in March, and began accepting voluntary layoffs in some departments.Noom: 495 peopleSaeju Jeong, cofounder & CEO of Noom.Sam Barnes/Sportsfile for Web Summit via Getty ImagesIn April, the weight-loss app maker Noom laid off hundreds of coaches, Insider reported — part of a bigger-picture pivot for the company toward more video-based coaching.The company, through its app of the same name, pairs dieting with personal coaches to achieve weight loss for users. Interactions with those coaches were often through text, which users critiqued as "canned advice." Some coaches told Insider they were responsible for giving advice to hundreds of users at any given time.Going forward, Noom said it would focus on offering users scheduled video calls with coaches.Thrasio: up to 20% of staff, sources sayThrasio founder and CEO Carlos Cashman.ThrasioThrasio, the company known for creating the Amazon aggregator market, laid off an unknown number of people in May. Additionally, the company's CEO and founder, Carlos Cashman, stepped down from leadership. In a memo sent to employees, Thrasio leadership said the layoffs were due to the company's "hypergrowth" in acquiring companies."At times we have been acquiring a new company almost every week," the memo said, "and running hard to build the infrastructure to support this growth."Two sources told Insider at the time that the layoffs would impact up to 20% of Thrasio's staff.Wells Fargo: an unknown number of people in mortgage lendingREUTERS/ Shannon StapletonAs mortgage revenues fell at Wells Fargo in the first quarter of 2022, the company began laying off employees in mortgage-related positions, Insider reported in late April.Loan processors and underwriters, among other positions, were reportedly affected by the layoffs. Wells Fargo representatives declined to say how many people were impacted by the cuts, but did confirm the layoffs in an emailed statement."We are carrying out displacements in a transparent and thoughtful manner and providing assistance, such as severance and career counseling. Additionally, we are committed to retaining as many employees as possible and will do everything we can to help them identify other opportunities within Wells Fargo," a Wells Fargo spokesperson said in a statement provided to Insider at the time.Canopy Growth: 250 peopleMaster Grower Ryan Douglas smells a marijuana plant in Smiths Falls, Ontario, on February 20, 2014.Blair Gable/ReutersOne of the world's largest publicly traded cannabis companies, Canopy Growth, slashed 250 jobs in Canada earlier this year as it faces increasing competition in the burgeoning cannabis market.Layoffs were among several cost-cutting measures that Canopy Growth is taking "to ensure the size and scale of our operations reflect current market realities and will support the long-term sustainability of our company," Canopy Growth CEO David Klein said in a statement at the time.Food52: about 20 peopleCofounder and CEO of Food52, Amanda Hesser.Food52After raising $80 million from investing firm The Chernin Group last December, the content-creation team at food publication and retailer Food52 was suddenly laid off in early April.About 20 of the company's 200 employees were let go in the layoffs, which came as a major surprise to those affected."Everyone on the team and my immediate boss were gut-punched," one of these employees told Insider. "We all had gotten raises and bonuses just a month prior."Two of the employees who were laid off said Food52 executives told them the company was "pivoting to commerce," and away from the type of content that was created by the affected employees: recipes and other instructional cooking content.Cameo: 87 peopleCameo operates a service where users can pay celebrities to record personalized audio or video clips.CameoVideo app Cameo laid off 87 people in early May."Today has been a brutal day at the office," CEO Steven Galanis wrote on Twitter. "I made the painful decision to let go of 87 beloved members of the Cameo Fameo."Galanis described the layoffs as a "course correction" in a statement to Variety. The cuts followed a staffing boom during the pandemic, when the company grew from around 100 employees before 2020 to about 400 in 2022. PayPal: 83 peoplePayPal headquarters in San Jose, California, on February 2, 2022.Justin Sullivan/Getty ImagesIn April, PayPal quietly laid off 83 people, according to a regulatory filing. The company employed more than 30,000 people worldwide, over a third of whom are based in the US. The cuts appear to be tied to the company downsizing its presence in the San Francisco Bay Area, according to TechCrunch.Gorillas: 'nearly 300' peopleGorillas CEO Kagan Sumer.GorillasGerman grocery-delivery company Gorillas announced layoffs of "nearly 300" people around the world in May. The layoffs, the company said, were part of a larger "shift to long-term profitability," which meant trimming staff as Gorillas focuses on its five "core" markets: Germany, France, the Netherlands, the UK, and the US.Impacted employees, who were mostly corporate staff, were shocked by the sudden layoffs."It's not a secret that the company hasn't been doing well, but I didn't expect to wake up and lose my job," a Berlin-based employee who was laid off by Gorillas told Insider. "My managers weren't even aware or consulted. It's not the laying off that hurts, it's the way it's been done."Hello Fresh: about 600 peopleA HelloFresh meal kit in a box.HelloFreshThe Germany-based meal kit company announced it planned to close a Richmond, California, warehouse and eliminate 611 workers' roles by December 11. HelloFresh saw a spike in sales early in the pandemic as more people were forced to cook at home, but sales have faded lately. The company's stock is down more than 70% so far this year — and meal kit rival Blue Apron has seen a similar plunge in its share price. "The lease for HelloFresh's production facility in Richmond is expiring at the beginning of 2023 and after an extensive analysis of our production network, HelloFresh has decided not to extend the lease," a spokesperson said in a statement to Insider.Blue Apron: 10% of workforceA sample meal from Blue ApronBlue ApronShortly after HelloFresh announced layoffs, Blue Apron followed suit, with plans to cut 10% of its workforce in an effort "to both reduce expenses and streamline decision-making and organizational structure," the company said in a press release. "As such, to create a more nimble, focused organization and to better align internal resources with strategic priorities, Blue Apron is streamlining its personnel this week," Blue Apron said in its Dec. 8 statement, noting the reductions will cost the company $1.2 million, namely in severance payments. The meal-kit company has struggled against growing competition in the sector, as well as decreased demand for its products after a pandemic boom petered out as Americans resumed dining at restaurants. Walmart: at least 1,700Walmart CEO Doug McMillonDrew Angerer/Getty ImagesWalmart announced layoffs in its corporate division, as well as at one of its fulfillment centers. In mid-October, the retail giant filed a Worker Adjustment and Retraining Notification, or WARN notice in Georgia, announcing its plans to let go of nearly 1,500 workers. The company said it plans to turn a fulfillment center in the Atlanta area to support third-party sellers for Walmart. Earlier this year, the Wall Street Journal reported that Walmart planned to cut around 200 corporate jobs amid a company restructuring effort. Walmart's sales growth — which exploded during the height of the pandemic — has leveled off recently. In the second quarter of 2022, Walmart's e-commerce sales grew by 12% year-over-year, compared to 97% growth in the second quarter of 2020. Oracle: at least 60, but potentially much moreLarry Ellison, the founder of Oracle.Robert Galbraith/ReutersThe scope of Oracle's layoffs this year remains murky.In July, Insider reported that Oracle's advertising division quietly had two rounds of layoffs, totaling a loss of 60 workers. In August and October, Insider reported that Oracle held two rounds of layoffs that included the company's marketing, customer experience, and cloud divisions.Insider estimates the August round of layoffs potentially affected thousands of jobs across the world. What is clear is that the number of employees laid off is higher than the company has publicly let on. In an SEC filing, Oracle said it expects to incur $519 million in restructuring costs "primarily related to employee severance" through August 2023. Nordstrom: 222 workersJeff Greenberg/Contributor/Universal Images Group Editorial via GettyIn September, Nordstrom filed a WARN notice in Iowa announcing that it planned to cut 222 employees at a distribution center in Cedar Rapids. The layoffs were set to be completed by October 18, according to the filing. Despite rising inflation, Nordstrom is still growing its bottom line. The company reported that its revenue grew by 12% year-over-year in the second quarter, and the company said it's focused on boosting e-commerce sales. Credit Suisse: 2,700 peopleUlrich Körner, chief executive of Credit Suissevia ReutersThe embattled investment bank announced in late October that it plans to "radically restructure" and cut 5% of its headcount, or 2,700 workers. The company said it plans to reduce its headcount by 9,000 workers in the next 3 years. Credit Suisse has been hit with several catastrophes in recent years, including a $5 billion blow from the collapse of Archegos Capital Management last year. VF Corp: 300 workersStreet style brand Supreme is owned by VF Corp.Edward Berthelot/Getty ImagesVF Corp, which owns various retail brands like The North Face, Vans, and Supreme, confirmed to Insider it told employees about plans to lay off 300 employees and eliminate 300 open positions in early September. VF Corp reported a 4% decline in revenue for its second quarter, attributing the slowdown to a covid-related disruption in China and broader macroeconomic headwinds. Gannett: 3% of its US workforceGannett announced widespread layoffs this year.Associated PRessGannett, the largest newspaper chain in the US, reportedly laid off 3% of its US-based workforce or about 400 employees.Poynter reported that CEO Mike Reed informed staff of the layoffs — as well as Gannett's plan to eliminate 400 open positions — at a companywide Q&A in August. Poynter reports that the layoffs started one week after the company reported weak quarterly results. The company, which owns USA Today, along with local newspapers in 46 states, reported a net loss of nearly $54 million in the second quarter. Ford: about 3,000 workersFord CEO Jim FarleyJEFF KOWALSKY / Contributor / GettyFord plans to lay off roughly 3,000 salaried and contract workers as part of a restructuring and shifting focus toward producing electric vehicles. The automaker has estimated that electric cars require 30% less labor than conventional vehicles. Ben Gilbert contributed to an earlier version of this article.United Furniture IndustriesUnited Furniture Industries/FacebookUnited Furniture Industries, one of the largest furniture companies in the country, laid off 2,700 employees on Nov. 21.The company cited "unforeseen business circumstances" in emails and texts sent to staffers overnight just a few days before Thanksgiving, according to local reports. In a follow-up email, fired staffers were told "all benefits will be terminated immediately without provision of COBRA," leaving them without health insurance. The terminations impacted "all employees" at the company's facilities in Verona, Mississippi; Victorville, California; and Winston-Salem, North Carolina. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderDec 26th, 2022

America"s lack of boardroom diversity isn"t just a PR problem, it"s a business problem that will make companies more vulnerable in a downturn

McKinsey research found that companies with the most diversity among executives were significantly more likely to outperform peers with the least. CEOs report to corporate boards, and research indicates that the makeup of those boards matters.nadia_bormotova/Getty Images Most corporate boards don't represent the US population and lack diversity, research shows. But companies with more diversity among the executive ranks have been found to outperform peers. Bessie Watts of Vista Equity Partners, a large investment firm, is working to diversify more boards. Behind almost every Fortune 500 CEO is a group of powerful people calling the shots: the executive board. And the makeup of those boards matters. Their worldviews and personal backgrounds shape the actions of the heads of companies, who report to boards.But despite an increase in the racial diversity of directors on corporate boards over the past few years, most boards still aren't representative of America's population. Instead, they're mostly male and mostly white.Of 5,403 board members at Fortune 500 companies, 69% were male and 78.5% were white, according to analysis by Mogul, a recruitment platform that seeks to place executives from underrepresented backgrounds. More than a dozen companies had no board members of color, according to the report, which relied on 2021 data.America's economy is missing out as a result, and that matters as the country faces a potential economic downturn, where every dollar matters. McKinsey research in 2020 finding that companies with diverse leadership performed better than their peers. But some business leaders are working to diversify boards, among them Bessie Watts, the director of the external-board-of-directors program at Vista Equity Partners, a global investment firm.Along with a few partner organizations, Watts launched a program in August to help companies interview and select more board members from underrepresented backgrounds."If you look across public and private boards, and all boards in general, we're not where we want to be," Watts told Insider. "The reality is I am a Black woman. That is my existence. I want to see boards that represent the census."Bessie Watts of Vista Equity Partners is working on a program to increase the pipeline of board members from underrepresented backgrounds.Courtesy of Bessie WattsWatts is working with the National Association of Corporate Directors, whose members consist of more than 23,000 board directors, and the Society of Human Resource Management. The initiative gives people from underrepresented backgrounds access to 12 months of resources to prepare them for board service, educating them on business-leadership practices, CEO selection, and corporate governance.In 2021, she helped appoint 33 board members at Vista Equity Partners' portfolio companies. She said the firm was on track to meet or exceed that number for 2022 and hoped to soon help support hundreds of board candidates."If we don't continue to diversify the board pipeline, we'll just sort of have the same 20 people or so just continuing to be board-appointed," Watts said. "I'm sure they're wonderful, but I think we can widen the pool."Board members from different backgrounds bring unique perspectivesThe move to diversify boards has been gaining traction over the past few years. In his widely read annual letter to shareholders, Larry Fink, the CEO and chairman of BlackRock, the world's largest money manager, in 2018 highlighted the importance of board diversity."Boards with a diverse mix of genders, ethnicities, career experiences, and ways of thinking are less likely to succumb to groupthink or miss new threats to a company's business model," Fink wrote. "And they are better able to identify opportunities that promote long-term growth."The conversation continued to grow in 2019, when a group of more than 180 top CEOs came together to declare the purpose of a corporation was to, in part, embrace diversity. Nationwide protests after George Floyd's murder in 2020 fueled even more research and conversation on the topic.In 2021, the Securities and Exchange Commission approved Nasdaq's rule mandating that all companies that list on Nasdaq have at least two directors who are women or people of color, or explain why they don't.The McKinsey analysis, which looked at 2019 data, found that when it came to profitability, the quartile of companies in its sample with the most gender diversity in leadership were 25% more likely to outperform companies in the bottom quartile of gender diversity. Companies in the quartile with the most ethnic diversity at the top were 36% more likely to outperform their peers in the bottom quartile for ethnic diversity, per the same analysis.And according to findings from a 2021 analysis published in the The Academy of Management, companies with more women in leadership were more open to change and more interested in developing research and development within their companies, two strategies that could benefit many businesses.More CEOs are embracing not just the moral case for board diversity, but the business case, as well, Watts said."We're working with all different types of CEOs from varying backgrounds and experiences. And what I have just seen is a lot of excitement and enthusiasm around our program," Watts said. "We're able to meet and help support board members with valuable new insight."Read the original article on Business Insider.....»»

Category: topSource: businessinsiderDec 14th, 2022

Lack of diversity in America"s boardrooms is holding companies back. But there"s a growing movement to fix the problem.

McKinsey research found that companies with the most diversity among executives were significantly more likely to outperform peers with the least. CEOs report to corporate boards, and research indicates that the makeup of those boards matters.nadia_bormotova/Getty Images Most corporate boards don't represent the US population and lack diversity, research shows. But companies with more diversity among the executive ranks have been found to outperform peers. Bessie Watts of Vista Equity Partners, a large investment firm, is working to diversify more boards. Behind almost every Fortune 500 CEO is a group of powerful people calling the shots: the executive board. And the makeup of those boards matters. Their worldviews and personal backgrounds shape the actions of the heads of companies, who report to boards.But despite an increase in the racial diversity of directors on corporate boards over the past few years, most boards still aren't representative of America's population. Instead, they're mostly male and mostly white.Of 5,403 board members at Fortune 500 companies, 69% were male and 78.5% were white, according to analysis by Mogul, a recruitment platform that seeks to place executives from underrepresented backgrounds. More than a dozen companies had no board members of color, according to the report, which relied on 2021 data.America's economy is missing out as a result, with McKinsey research in 2020 finding that companies with diverse leadership performed better than their peers. But some business leaders are working to diversify boards, among them Bessie Watts, the director of the external-board-of-directors program at Vista Equity Partners, a global investment firm.Along with a few partner organizations, Watts launched a program in August to help companies interview and select more board members from underrepresented backgrounds."If you look across public and private boards, and all boards in general, we're not where we want to be," Watts told Insider. "The reality is I am a Black woman. That is my existence. I want to see boards that represent the census."Bessie Watts of Vista Equity Partners is working on a program to increase the pipeline of board members from underrepresented backgrounds.Courtesy of Bessie WattsWatts is working with the National Association of Corporate Directors, whose members consist of more than 23,000 board directors, and the Society of Human Resource Management. The initiative gives people from underrepresented backgrounds access to 12 months of resources to prepare them for board service, educating them on business-leadership practices, CEO selection, and corporate governance.In 2021, she helped appoint 33 board members at Vista Equity Partners' portfolio companies. She said the firm was on track to meet or exceed that number for 2022 and hoped to soon help support hundreds of board candidates."If we don't continue to diversify the board pipeline, we'll just sort of have the same 20 people or so just continuing to be board-appointed," Watts said. "I'm sure they're wonderful, but I think we can widen the pool."Board members from different backgrounds bring unique perspectivesThe move to diversify boards has been gaining traction over the past few years. In his widely read annual letter to shareholders, Larry Fink, the CEO and chairman of BlackRock, the world's largest money manager, in 2018 highlighted the importance of board diversity."Boards with a diverse mix of genders, ethnicities, career experiences, and ways of thinking are less likely to succumb to groupthink or miss new threats to a company's business model," Fink wrote. "And they are better able to identify opportunities that promote long-term growth."The conversation continued to grow in 2019, when a group of more than 180 top CEOs came together to declare the purpose of a corporation was to, in part, embrace diversity. Nationwide protests after George Floyd's murder in 2020 fueled even more research and conversation on the topic.In 2021, the Securities and Exchange Commission approved Nasdaq's rule mandating that all companies that list on Nasdaq have at least two directors who are women or people of color, or explain why they don't.The McKinsey analysis, which looked at 2019 data, found that when it came to profitability, the quartile of companies in its sample with the most gender diversity in leadership were 25% more likely to outperform companies in the bottom quartile of gender diversity. Companies in the quartile with the most ethnic diversity at the top were 36% more likely to outperform their peers in the bottom quartile for ethnic diversity, per the same analysis.And according to findings from a 2021 analysis published in the The Academy of Management, companies with more women in leadership were more open to change and more interested in developing research and development within their companies, two strategies that could benefit many businesses.More CEOs are embracing not just the moral case for board diversity, but the business case, as well, Watts said."We're working with all different types of CEOs from varying backgrounds and experiences. And what I have just seen is a lot of excitement and enthusiasm around our program," Watts said. "We're able to meet and help support board members with valuable new insight."Read the original article on Business Insider.....»»

Category: personnelSource: nytDec 14th, 2022

DoorDash is reportedly cutting 6% of its global workforce. Here are the other major US companies that have made cuts so far, from Amazon to Twitter.

DoorDash has become the latest major company to start slashing its headcount as business growth slows and costs increase. A booze delivery from DoorDash.DoorDash A wave of layoffs has swept across American business in 2022. The cuts stem from slower business growth, paired with rising labor costs. The layoffs span across industries, from mortgage lending to digital-payment processing. DoorDash is the latest major company to slash its headcount in 2022. The company is gutting 6% of its global workforce to slash operating costs and offset mounting losses, Bloomberg reported. While DoorDash experienced a significant boom during the pandemic as Americans flocked to takeout meals, it has struggled to keep up against growing competition and slowed economic growth. It's one of countless major American businesses that have picked up the pace of firing in 2022: Earlier this month, Amazon announced plans to lay off as many as 10,000 workers across divisions, including devices, retail, and human resources. Peloton has laid off thousands of employees this year. Twitter slashed 50% of its workforce.Even traditionally layoff-resistant companies like Netflix have made cuts, and now companies that saw a pandemic-era boom, like Shopify, are cutting hundreds of jobs.The reason, broadly, is twofold: business growth is slowing, while labor costs are increasing. The combination is causing American companies across a variety of industries to slash headcount.Here are some of the most notable examples so far: Carvana: another 1,500 peopleErnest Garcia III, CEO of online car dealer Carvana.Brendan McDermid/ReutersCarvana plans to lay off 1,500 people, or about 8% of its workforce. The cuts will mainly impact Carvana's corporate and tech departments, CNBC reported."Today is a difficult day. The world around us has continued to get tougher and to do what is best for the business, we have to make some painful choices to adapt," CEO Ernest Garcia III wrote in an email to employees obtained by CNBC.It's the second round of layoffs for Cavana this year. In May, the online car dealer cut 12% of its staff, or about 2,500 employees, according to a regulatory filing. Amazon: as many as 10,000 employeesAmazon CEO Andy Jassy.Jerod Harris/Getty Images for Vox MediaAmazon is planning to cut roughly 10,000 tech and corporate roles, The New York Times first reported. The cuts, which would be equivalent to about 3% of Amazon's corporate workforce, would be the largest in company history. This comes after Amazon abandoned multiple projects this year in an effort to cut costs, which led to at least 560 layoffs. The employees worked on some of Amazon's physical store concepts and its shuttered telehealth unit, as well as other divisions like robotics and online education. The company also laid off workers in two of its warehouses in Maryland in October. DoorDash: about 1,250 employeesA booze delivery from DoorDash.DoorDashDoorDash is laying off an estimated 1,250 employees, or 6% of its global workforce, to reduce operating costs after a period of mounting losses. The food delivery company grew rapidly during the pandemic, but has struggled against rising competition in the sector and the looming economic recession. "While our business continues to grow fast, given how quickly we hired, our operating expenses — if left unabated — would continue to outgrow our revenue," DoorDash CEO Tony Xu wrote in a letter to staff on Nov. 30, per Bloomberg.Juul: about 400 peopleAssociated PressE-cigarette company Juul plans to lay off about a third of its workforce, or roughly 400 people. The cuts come amid broader cost-saving measures for Juul, including a fresh infusion of cash to help it avoid filing for bankruptcy. The company also plans to reduce its operating budget by as much as 40%, the Wall Street Journal reported. Coinbase: about 1,000 employees, plus another 60 peopleCoinbase CEO Brian Armstrong.Patrick T. Fallon / Getty ImagesCrypto exchange platform Coinbase will cut another 60 jobs, The Information reported. The cuts come after Coinbase previously reduced its staff by 18% "to ensure we stay healthy during this economic downturn." That same day, over 1,000 employees were notified they'd been laid off when they were unable to log into their work email accounts — the company said in a regulatory filing at the time that its workforce would be reduced to about 5,000 employees by the end of the second quarter of 2022.Redfin: 13% of its staffRedfin CEO Glenn KelmanRedfinReal-estate firm Redfin plans to lay off 862 employees, or about 13% of its workforce. The company plans to shut down its home-flipping business, RedfinNow, which will result in 264 staffers getting cut, the company said in a financial filing.Another 218 employees' roles will be eliminated, but the workers are being offered a new job within the company, Redfin said. This is the second round of layoffs for Redfin this year. The company cut 6% of its workforce in June, or about 470 employees. Meta: more than 11,000 employeesMark Zuckerberg.Stephen Lam/ReutersMeta plans to cut more than 11,000 employees, or about 13% of its workforce. "I want to take accountability for these decisions and for how we got here," CEO Mark Zuckerberg wrote in a blog post. "I know this is tough for everyone, and I'm especially sorry to those impacted."The company plans to reduce headcount across divisions — including its metaverse division, Reality Labs — but said that some teams, like recruiting, would be more impacted than others. Salesforce: as many as 2,500 employeesSalesforce founder Marc Benioff.NICHOLAS KAMM/AFP via Getty ImagesSalesforce plans to cut thousands of jobs ahead of Thanksgiving, Protocol reported.It's unclear when the layoffs will begin or which divisions will be impacted, though as many as 2,500 workers could be impacted, according to Protocol. Twitter: about 50% of its workforceTwitter Losing Its Most Active Users(Photo by STR/NurPhoto via Getty Images)An estimated 3,700 Twitter employees, or about 50% of the company's workforce, woke up to emails saying that they had been laid off on Nov. 4, shortly after new owner Elon Musk took over the social platform. Terminated employees were notified in blunt emails that Twitter was "conducting a workforce reduction to help improve the health of the company" and offered severance.Though staffers had been previously warned about a pending "workforce reduction," several employees were immediately locked out of their laptops and company systems before they were notified they were terminated, Insider reported. Musk tweeted after the mass layoffs that he had "no choice when the company is losing over $4M/day." Gap: about 500 jobsPeople pass by the Gap clothing retail store in Manhattan.Reuters/Eduardo MunozGap will cut 5% of its corporate workforce, or about 500 employees, The Wall Street Journal reported. "We've let our operating costs increase at a faster rate than our sales, and in turn our profitability," Gap's interim CEO, Bob Martin, wrote in a memo to employees obtained by The Journal. The layoffs will reportedly impact employees in a wide range of departments and will mainly take place at Gap's offices in San Francisco, New York, and Asia.Snap: 20% of employeesRichard Drew/APSnap planned to lay off about 20% of its employees beginning in late August, The Verge reported.The cuts to Snap's 6,400-person workforce will be concentrated in divisions like Zenly, a social mapping app Snap acquired in 2017, as well as a team working on ways for developers to build apps inside Snapchat. Snap's hardware division will also see cuts, weeks after the company announced it was canceling its Pixy drone camera, The Verge reports. A spokesperson for Snap declined to comment.Wayfair: about 870 employeesPavlo Gonchar/SOPA Images/LightRocket via Getty ImagesFurniture and home goods company, Wayfair, said it would layoff about 870 employees — 5% of its global workforce — the Wall Street Journal reported. The layoffs represent about 10% of Wayfair's corporate team, the company said, and will cost between $30 million and $40 million for severance and benefits for laid-off employees.The layoffs are part of Wayfair's efforts to manage expenses and investments, it said. The company said it's also making cuts to third-party labor costs.After the company announced the layoffs, Wayfair shares fell almost 10% in premarket trading, the WSJ reported.Robinhood: more than 1,000 people in 2022Robinhood CEO Vlad Tenev.AP/David MartinDuring the pandemic, so-called "meme stocks" from GameStop and AMC exploded. Much of that explosion in stock value was driven by accessible trading platforms like Robinhood.And while new users piled in during the pandemic, Robinhood hired rapidly. Between 2020 and 2021, Robinhood staff grew dramatically: from 700 people to around 3,800, according to CEO Vlad Tenev. But that growth was apparently too much and too fast, and Robinhood was forced to slash headcount by 9% — more than 300 people altogether — in April. Then, in August, the company announced it would cut another 800 jobs, or about 23% of its staff.In the message to employees, CEO Vlad Tenev said that the earlier round of layoffs "did not go far enough" to bring down costs amid record inflation and the crypto market crash, which has reduced trading activity on the platform, he said. Peloton: over 4,600 peopleScott Heins/Getty ImagesIn early October, Peloton announced its fourth set of layoffs, bringing the total loss in headcount at the company to more than 4,600 this year. CEO Barry McCarthy called it "the final phase of the company's transformation journey." In February, Peloton fired over 2,800 people and announced its former CEO, John Foley, would depart amid an ongoing downturn in the company's business.Its second round of layoffs hit Taiwan-based employees in July, and a third wave of employees got cut in August.Peloton was once a pandemic darling, but the fading popularity of at-home fitness and mishandling of its logistics operation has put a strain on the business. The company's current chief exec Barry McCarthy has taken several measures in an attempt to revive the business. Shopify: about 1,000 workersShopify CEO Tobi Lutke.Reuters/Lucas JacksonShopify laid off roughly 1,000 employees, equivalent to 10% of its workforce worldwide.In a memo to employees, CEO Tobi Lutke said that the company — which makes the tech that powers businesses' online stores — had bet big on the pandemic-era e-commerce boom. "It's now clear that bet didn't pay off. Ultimately, placing this bet was my call to make and I got this wrong," Lutke wrote in the letter, which was posted on the company's website. 7-Eleven: 880 jobsPaul Sakuma/APConvenience store chain 7-Eleven cut 880 corporate jobs in Ohio and Texas in 2022 in the wake of the company's 2020 purchase of rival Speedway.A 7-Eleven spokesperson told Insider that the company has been assessing its new corporate structure and undergoing an "integration process" that led to the cuts, which took place at its support centers and field-support operations in Irving, Texas, and Enon, Ohio. Vimeo: 6% of its workforceAnjali Sud, CEO of Vimeo.AP Photo/Mark LennihanVideo-hosting platform Vimeo cut 6% of its staff in July."We are making this decision in order to ensure we come out of this economic downturn a stronger company," Vimeo CEO Anijali Sud wrote in a blog post. "Our people are what makes Vimeo great, and losing any of them is a personal failure that I feel deeply. But after assessing the challenging market conditions and uncertainty ahead, I believe this is the responsible action to take."Tesla: more than 200 employeesTesla CEO Elon Musk.Yasin Ozturk/Getty ImagesTesla laid off 229 people in late June, according to WARN filings. The layoffs primarily impacted employees in its Autopilot division. Tesla also closed an entire office in San Mateo, California, and moved some of the office's workers to another location, Bloomberg reported.In an interview in June, Elon Musk said he planned to cut between 3% and 3.5% of Tesla's workforce, including 10% of salaried staff. Insider reported that some ex-employees confirmed they had been laid off, though the total number is not known.  Rivian: around 6% of its workforceRivian CEO RJ Scaringe and a Rivian truck.Kevin Dietsch/Getty ImagesElectric car-maker Rivian confirmed in July that it would cut around 800 employees, or about 6% of its 14,000-person workforce, as it worked to cut costs. The layoffs came less than a year after Rivian went public in the largest IPO of 2021.Gopuff: 10% of its staffA delivery driver is shown picking up a Gopuff bagHannah YoonDelivery startup Gopuff laid off 10% of its staff, Insider reported in July."As a business, during these uncertain times, we owe it to our investors and customers to accelerate our timeline to profitability. As such, we have decided to confront the current moment by making difficult decisions about our core business," cofounders Rafael Ilishayev and Yakir Gola wrote in an email to employees. The latest round of layoffs come after Gopuff cut 3% of its workforce, or more than 400 workers, in March. Re/Max: 17% of its workforceAn "Open House" sign is seen outside of a house for sale.Tim Boyle/Getty ImagesReal estate firm Re/Max will lay off 17% of its workforce by the end of the year, the company announced.The cuts will primarily affect employees in the technology division, the result of a "shift in strategy" as it partners with a third-party technology vendor, Re/Max said.  Microsoft: less than 1% of employeesMicrosoft CEO Satya Nadella.Stephen Brashear/Getty ImagesMicrosoft announced in July that it was cutting a "small number" of employees across several groups, including consulting and customer and partner solutions, a company spokesperson told Bloomberg.JPMorgan: over 1,000 workersAmr Alfiky/ReutersIn June, JPMorgan confirmed that it would lay off over 1,000 employees in its home-lending department. The cuts came amid slowing demand for mortgages and refinances. "Our staffing decision this week was a result of cyclical changes in the mortgage market," a JPMorgan spokesperson said in a statement to Insider at the time. "We were able to proactively move many impacted employees to new roles within the firm and are working to help the remaining affected employees find new employment within Chase and externally."Netflix: about 500 peopleNetflix Co-CEO Reed Hastings.Getty Images LatamNetflix has seen 4 rounds of layoffs this year, totaling around 500 workers. The company laid off around 450 people this summer - with one round of layoffs affecting 150 workers in May, and another round affecting 300 in June. Before that, in April, the company laid off 25 marketing employees from its new fan site, Tudum. Most recently, Netflix downsized its animation department, announcing it would lay off 30 employees.  The company may be seeing a turnaround in its financials, though. The streaming company reported losing 200,000 subscribers in the first quarter and nearly 1 million in the second. However, in mid-October, Netflix added 2.4 million subscribers, reversing its decline. Compass: 450 employeesA house for sale marketed by the real-estate brokerage Compass.Smith Collection/Gado/Getty ImagesReal estate brokerage Compass cut about 10% of its workforce, or 450 employees, the company announced in a regulatory filing. The cuts were part of a series of new cost-cutting measures that include pausing expansion, consolidating offices, and halting mergers and acquisitions, Bloomberg reported.Reef: about 750 peopleEmployees unload at a Reef location.Pat Greenhouse/The Boston Globe via Getty ImagesGhost-kitchens company Reef Technology laid off 5% of its global workforce in May.The SoftBank-backed startup cut about 750 employees as it worked toward profitability amid a challenging economic environment, CEO Ari Ojalvo wrote in a memo to staff obtained by Insider.The layoffs come months after Reef said it would pause operations on some of its "underperforming" locations. Current and former employees told Insider that Reef had closed one-third of its kitchens and focused on its partnerships with major chains like Wendy's and Buffalo Wild Wings.Better: about 4,000 peopleVishal Garg is the founder and CEO of Better.com. He was responsible for laying off hundreds of people right before the holidays in 2021.Better.comStarting in late 2021 and continuing through the first several months of 2022, mortgage startup Better.com laid off approximately 4,000 people.The first wave started right before the holiday season in 2021, when CEO Vishal Garg laid off "hundreds" of people.Garg told employees during a Zoom call that the company "lost $100 million last quarter," which he said, "was my mistake." He then said the layoffs shouldn't have happened right before the holiday, but, "three months ago." Better followed up with another 3,000 layoffs in March, and began accepting voluntary layoffs in some departments.Noom: 495 peopleSaeju Jeong, cofounder & CEO of Noom.Sam Barnes/Sportsfile for Web Summit via Getty ImagesIn April, the weight-loss app maker Noom laid off hundreds of coaches, Insider reported — part of a bigger-picture pivot for the company toward more video-based coaching.The company, through its app of the same name, pairs dieting with personal coaches to achieve weight loss for users. Interactions with those coaches were often through text, which users critiqued as "canned advice." Some coaches told Insider they were responsible for giving advice to hundreds of users at any given time.Going forward, Noom said it would focus on offering users scheduled video calls with coaches.Thrasio: up to 20% of staff, sources sayThrasio founder and CEO Carlos Cashman.ThrasioThrasio, the company known for creating the Amazon aggregator market, laid off an unknown number of people in May. Additionally, the company's CEO and founder, Carlos Cashman, stepped down from leadership. In a memo sent to employees, Thrasio leadership said the layoffs were due to the company's "hypergrowth" in acquiring companies."At times we have been acquiring a new company almost every week," the memo said, "and running hard to build the infrastructure to support this growth."Two sources told Insider at the time that the layoffs would impact up to 20% of Thrasio's staff.Wells Fargo: an unknown number of people in mortgage lendingREUTERS/ Shannon StapletonAs mortgage revenues fell at Wells Fargo in the first quarter of 2022, the company began laying off employees in mortgage-related positions, Insider reported in late April.Loan processors and underwriters, among other positions, were reportedly affected by the layoffs. Wells Fargo representatives declined to say how many people were impacted by the cuts, but did confirm the layoffs in an emailed statement."We are carrying out displacements in a transparent and thoughtful manner and providing assistance, such as severance and career counseling. Additionally, we are committed to retaining as many employees as possible and will do everything we can to help them identify other opportunities within Wells Fargo," a Wells Fargo spokesperson said in a statement provided to Insider at the time.Canopy Growth: 250 peopleMaster Grower Ryan Douglas smells a marijuana plant in Smiths Falls, Ontario, on February 20, 2014.Blair Gable/ReutersOne of the world's largest publicly traded cannabis companies, Canopy Growth, slashed 250 jobs in Canada earlier this year as it faces increasing competition in the burgeoning cannabis market.Layoffs were among several cost-cutting measures that Canopy Growth is taking "to ensure the size and scale of our operations reflect current market realities and will support the long-term sustainability of our company," Canopy Growth CEO David Klein said in a statement at the time.Food52: about 20 peopleCofounder and CEO of Food52, Amanda Hesser.Food52After raising $80 million from investing firm The Chernin Group last December, the content-creation team at food publication and retailer Food52 was suddenly laid off in early April.About 20 of the company's 200 employees were let go in the layoffs, which came as a major surprise to those affected."Everyone on the team and my immediate boss were gut-punched," one of these employees told Insider. "We all had gotten raises and bonuses just a month prior."Two of the employees who were laid off said Food52 executives told them the company was "pivoting to commerce," and away from the type of content that was created by the affected employees: recipes and other instructional cooking content.Cameo: 87 peopleCameo operates a service where users can pay celebrities to record personalized audio or video clips.CameoVideo app Cameo laid off 87 people in early May."Today has been a brutal day at the office," CEO Steven Galanis wrote on Twitter. "I made the painful decision to let go of 87 beloved members of the Cameo Fameo."Galanis described the layoffs as a "course correction" in a statement to Variety. The cuts followed a staffing boom during the pandemic, when the company grew from around 100 employees before 2020 to about 400 in 2022. PayPal: 83 peoplePayPal headquarters in San Jose, California, on February 2, 2022.Justin Sullivan/Getty ImagesIn April, PayPal quietly laid off 83 people, according to a regulatory filing. The company employed more than 30,000 people worldwide, over a third of whom are based in the US. The cuts appear to be tied to the company downsizing its presence in the San Francisco Bay Area, according to TechCrunch.Gorillas: 'nearly 300' peopleGorillas CEO Kagan Sumer.GorillasGerman grocery-delivery company Gorillas announced layoffs of "nearly 300" people around the world in May. The layoffs, the company said, were part of a larger "shift to long-term profitability," which meant trimming staff as Gorillas focuses on its five "core" markets: Germany, France, the Netherlands, the UK, and the US.Impacted employees, who were mostly corporate staff, were shocked by the sudden layoffs."It's not a secret that the company hasn't been doing well, but I didn't expect to wake up and lose my job," a Berlin-based employee who was laid off by Gorillas told Insider. "My managers weren't even aware or consulted. It's not the laying off that hurts, it's the way it's been done."Hello Fresh: about 600 peopleA HelloFresh meal kit in a box.HelloFreshThe Germany-based meal kit company announced it planned to close a Richmond, California, warehouse and eliminate 611 workers' roles by December 11. HelloFresh saw a spike in sales early in the pandemic as more people were forced to cook at home, but sales have faded lately. The company's stock is down more than 70% so far this year — and meal kit rival Blue Apron has seen a similar plunge in its share price. "The lease for HelloFresh's production facility in Richmond is expiring at the beginning of 2023 and after an extensive analysis of our production network, HelloFresh has decided not to extend the lease," a spokesperson said in a statement to Insider.Walmart: at least 1,700Walmart CEO Doug McMillonDrew Angerer/Getty ImagesWalmart announced layoffs in its corporate division, as well as at one of its fulfillment centers. In mid-October, the retail giant filed a Worker Adjustment and Retraining Notification, or WARN notice in Georgia, announcing its plans to let go of nearly 1,500 workers. The company said it plans to turn a fulfillment center in the Atlanta area to support third-party sellers for Walmart. Earlier this year, the Wall Street Journal reported that Walmart planned to cut around 200 corporate jobs amid a company restructuring effort. Walmart's sales growth — which exploded during the height of the pandemic — has leveled off recently. In the second quarter of 2022, Walmart's e-commerce sales grew by 12% year-over-year, compared to 97% growth in the second quarter of 2020. Oracle: at least 60, but potentially much moreLarry Ellison, the founder of Oracle.Robert Galbraith/ReutersThe scope of Oracle's layoffs this year remains murky.In July, Insider reported that Oracle's advertising division quietly had two rounds of layoffs, totaling a loss of 60 workers. In August and October, Insider reported that Oracle held two rounds of layoffs that included the company's marketing, customer experience, and cloud divisions.Insider estimates the August round of layoffs potentially affected thousands of jobs across the world. What is clear is that the number of employees laid off is higher than the company has publicly let on. In an SEC filing, Oracle said it expects to incur $519 million in restructuring costs "primarily related to employee severance" through August 2023. Nordstrom: 222 workersJeff Greenberg/Contributor/Universal Images Group Editorial via GettyIn September, Nordstrom filed a WARN notice in Iowa announcing that it planned to cut 222 employees at a distribution center in Cedar Rapids. The layoffs were set to be completed by October 18, according to the filing. Despite rising inflation, Nordstrom is still growing its bottom line. The company reported that its revenue grew by 12% year-over-year in the second quarter, and the company said it's focused on boosting e-commerce sales. Credit Suisse: 2,700 peopleUlrich Körner, chief executive of Credit Suissevia ReutersThe embattled investment bank announced in late October that it plans to "radically restructure" and cut 5% of its headcount, or 2,700 workers. The company said it plans to reduce its headcount by 9,000 workers in the next 3 years. Credit Suisse has been hit with several catastrophes in recent years, including a $5 billion blow from the collapse of Archegos Capital Management last year. VF Corp: 300 workersStreet style brand Supreme is owned by VF Corp.Edward Berthelot/Getty ImagesVF Corp, which owns various retail brands like The North Face, Vans, and Supreme, confirmed to Insider it told employees about plans to lay off 300 employees and eliminate 300 open positions in early September. VF Corp reported a 4% decline in revenue for its second quarter, attributing the slowdown to a covid-related disruption in China and broader macroeconomic headwinds. Gannett: 3% of its US workforceGannett announced widespread layoffs this year.Associated PRessGannett, the largest newspaper chain in the US, reportedly laid off 3% of its US-based workforce or about 400 employees.Poynter reported that CEO Mike Reed informed staff of the layoffs — as well as Gannett's plan to eliminate 400 open positions — at a companywide Q&A in August. Poynter reports that the layoffs started one week after the company reported weak quarterly results. The company, which owns USA Today, along with local newspapers in 46 states, reported a net loss of nearly $54 million in the second quarter. Ford: about 3,000 workersFord CEO Jim FarleyJEFF KOWALSKY / Contributor / GettyFord plans to lay off roughly 3,000 salaried and contract workers as part of a restructuring and shifting focus toward producing electric vehicles. The automaker has estimated that electric cars require 30% less labor than conventional vehicles. Ben Gilbert contributed to an earlier version of this article.United Furniture IndustriesUnited Furniture Industries/FacebookUnited Furniture Industries, one of the largest furniture companies in the country, laid off 2,700 employees on Nov. 21.The company cited "unforeseen business circumstances" in emails and texts sent to staffers overnight just a few days before Thanksgiving, according to local reports. In a follow-up email, fired staffers were told "all benefits will be terminated immediately without provision of COBRA," leaving them without health insurance. The terminations impacted "all employees" at the company's facilities in Verona, Mississippi; Victorville, California; and Winston-Salem, North Carolina. Read the original article on Business Insider.....»»

Category: dealsSource: nytNov 30th, 2022

Is Miami a strong city for tech workers? Here"s how it ranks

If you think you know the best U.S. cities for technology workers — think again. In fact, locations such as San Francisco and Los Angeles rank near the bottom of an analysis of 50 cities with tech sectors, according to a study from Edwize, an online education website. The analysis looked at factors such as broadband internet speed, population, average salaries, available job openings and rent costs to determine the best metros for people employed in the technology industry. "It's a bit of a….....»»

Category: topSource: bizjournalsNov 28th, 2022

Amazon will reportedly lay off 10,000 workers. Here are the other major US companies that have made cuts so far, from Meta to Twitter.

Amazon reportedly will be the next company to start slashing its headcount as business growth slows and costs increase. Elaine Thompson/AP A wave of layoffs has swept across American business in 2022. The cuts stem from slower business growth, paired with rising labor costs. The layoffs span across industries, from mortgage lending to digital-payment processing. Amazon could be the next tech firm to slash its headcount in 2022. The e-commerce giant plans to lay off as many as 10,000 workers across divisions, including devices, retail, and human resources, The New York Times reported. It's one of countless major American businesses that have picked up the pace of firing in 2022: Peloton has laid off thousands of employees this year. Twitter slashed 50% of its workforce. Even traditionally layoff-resistant companies like Netflix have made cuts, and now companies that saw a pandemic-era boom, like Shopify, are cutting hundreds of jobs.The reason, broadly, is twofold: business growth is slowing, while labor costs are increasing. The combination is causing American companies across a variety of industries to slash headcount.Here are some of the most notable examples so far: Amazon: as many as 10,000 employeesAmazon CEO Andy Jassy.Jerod Harris/Getty Images for Vox MediaAmazon is planning to cut roughly 10,000 tech and corporate roles, The New York Times reported. The cuts, which would be equivalent to about 3% of Amazon's corporate workforce, would be the largest in company history. This comes after Amazon abandoned multiple projects this year in an effort to cut costs, which led to at least 560 layoffs. The employees worked on some of Amazon's physical store concepts and its shuttered telehealth unit, as well as other divisions like robotics and online education. The company also laid off workers in two of its warehouses in Maryland in October. Juul: about 400 peopleAssociated PressE-cigarette company Juul plans to lay off about a third of its workforce, or roughly 400 people. The cuts come amid broader cost-saving measures for Juul, including a fresh infusion of cash to help it avoid filing for bankruptcy. The company also plans to reduce its operating budget by as much as 40%, the Wall Street Journal reported. Coinbase: about 1,000 employees, plus another 60 peopleCoinbase CEO Brian Armstrong.Patrick T. Fallon / Getty ImagesCrypto exchange platform Coinbase will cut another 60 jobs, The Information reported. The cuts come after Coinbase previously reduced its staff by 18% "to ensure we stay healthy during this economic downturn." That same day, over 1,000 employees were notified they'd been laid off when they were unable to log into their work email accounts — the company said in a regulatory filing at the time that its workforce would be reduced to about 5,000 employees by the end of the second quarter of 2022.Redfin: 13% of its staffRedfin CEO Glenn KelmanRedfinReal-estate firm Redfin plans to lay off 862 employees, or about 13% of its workforce. The company plans to shut down its home-flipping business, RedfinNow, which will result in 264 staffers getting cut, the company said in a financial filing.Another 218 employees' roles will be eliminated, but the workers are being offered a new job within the company, Redfin said. This is the second round of layoffs for Redfin this year. The company cut 6% of its workforce in June, or about 470 employees. Meta: more than 11,000 employeesMark Zuckerberg.Stephen Lam/ReutersMeta plans to cut more than 11,000 employees, or about 13% of its workforce. "I want to take accountability for these decisions and for how we got here," CEO Mark Zuckerberg wrote in a blog post. "I know this is tough for everyone, and I'm especially sorry to those impacted."The company plans to reduce headcount across divisions — including its metaverse division, Reality Labs — but said that some teams, like recruiting, would be more impacted than others. Salesforce: as many as 2,500 employeesSalesforce founder Marc Benioff.NICHOLAS KAMM/AFP via Getty ImagesSalesforce plans to cut thousands of jobs ahead of Thanksgiving, Protocol reported.It's unclear when the layoffs will begin or which divisions will be impacted, though as many as 2,500 workers could be impacted, according to Protocol. Twitter: about 50% of its workforceTwitter Losing Its Most Active Users(Photo by STR/NurPhoto via Getty Images)An estimated 3,700 Twitter employees, or about 50% of the company's workforce, woke up to emails saying that they had been laid off on Nov. 4, shortly after new owner Elon Musk took over the social platform. Terminated employees were notified in blunt emails that Twitter was "conducting a workforce reduction to help improve the health of the company" and offered severance.Though staffers had been previously warned about a pending "workforce reduction," several employees were immediately locked out of their laptops and company systems before they were notified they were terminated, Insider reported. Musk tweeted after the mass layoffs that he had "no choice when the company is losing over $4M/day." Gap: about 500 jobsPeople pass by the Gap clothing retail store in Manhattan.Reuters/Eduardo MunozGap will cut 5% of its corporate workforce, or about 500 employees, The Wall Street Journal reported. "We've let our operating costs increase at a faster rate than our sales, and in turn our profitability," Gap's interim CEO, Bob Martin, wrote in a memo to employees obtained by The Journal. The layoffs will reportedly impact employees in a wide range of departments and will mainly take place at Gap's offices in San Francisco, New York, and Asia.Snap: 20% of employeesRichard Drew/APSnap planned to lay off about 20% of its employees beginning in late August, The Verge reported.The cuts to Snap's 6,400-person workforce will be concentrated in divisions like Zenly, a social mapping app Snap acquired in 2017, as well as a team working on ways for developers to build apps inside Snapchat. Snap's hardware division will also see cuts, weeks after the company announced it was canceling its Pixy drone camera, The Verge reports. A spokesperson for Snap declined to comment.Wayfair: about 870 employeesPavlo Gonchar/SOPA Images/LightRocket via Getty ImagesFurniture and home goods company, Wayfair, said it would layoff about 870 employees — 5% of its global workforce — the Wall Street Journal reported. The layoffs represent about 10% of Wayfair's corporate team, the company said, and will cost between $30 million and $40 million for severance and benefits for laid-off employees.The layoffs are part of Wayfair's efforts to manage expenses and investments, it said. The company said it's also making cuts to third-party labor costs.After the company announced the layoffs, Wayfair shares fell almost 10% in premarket trading, the WSJ reported.Robinhood: more than 1,000 people in 2022Robinhood CEO Vlad Tenev.AP/David MartinDuring the pandemic, so-called "meme stocks" from GameStop and AMC exploded. Much of that explosion in stock value was driven by accessible trading platforms like Robinhood.And while new users piled in during the pandemic, Robinhood hired rapidly. Between 2020 and 2021, Robinhood staff grew dramatically: from 700 people to around 3,800, according to CEO Vlad Tenev. But that growth was apparently too much and too fast, and Robinhood was forced to slash headcount by 9% — more than 300 people altogether — in April. Then, in August, the company announced it would cut another 800 jobs, or about 23% of its staff.In the message to employees, CEO Vlad Tenev said that the earlier round of layoffs "did not go far enough" to bring down costs amid record inflation and the crypto market crash, which has reduced trading activity on the platform, he said. Peloton: over 4,600 peopleScott Heins/Getty ImagesIn early October, Peloton announced its fourth set of layoffs, bringing the total loss in headcount at the company to more than 4,600 this year. CEO Barry McCarthy called it "the final phase of the company's transformation journey." In February, Peloton fired over 2,800 people and announced its former CEO, John Foley, would depart amid an ongoing downturn in the company's business.Its second round of layoffs hit Taiwan-based employees in July, and a third wave of employees got cut in August.Peloton was once a pandemic darling, but the fading popularity of at-home fitness and mishandling of its logistics operation has put a strain on the business. The company's current chief exec Barry McCarthy has taken several measures in an attempt to revive the business. Shopify: about 1,000 workersShopify CEO Tobi Lutke.Reuters/Lucas JacksonShopify laid off roughly 1,000 employees, equivalent to 10% of its workforce worldwide.In a memo to employees, CEO Tobi Lutke said that the company — which makes the tech that powers businesses' online stores — had bet big on the pandemic-era e-commerce boom. "It's now clear that bet didn't pay off. Ultimately, placing this bet was my call to make and I got this wrong," Lutke wrote in the letter, which was posted on the company's website. 7-Eleven: 880 jobsPaul Sakuma/APConvenience store chain 7-Eleven cut 880 corporate jobs in Ohio and Texas in 2022 in the wake of the company's 2020 purchase of rival Speedway.A 7-Eleven spokesperson told Insider that the company has been assessing its new corporate structure and undergoing an "integration process" that led to the cuts, which took place at its support centers and field-support operations in Irving, Texas, and Enon, Ohio. Vimeo: 6% of its workforceAnjali Sud, CEO of Vimeo.AP Photo/Mark LennihanVideo-hosting platform Vimeo cut 6% of its staff in July."We are making this decision in order to ensure we come out of this economic downturn a stronger company," Vimeo CEO Anijali Sud wrote in a blog post. "Our people are what makes Vimeo great, and losing any of them is a personal failure that I feel deeply. But after assessing the challenging market conditions and uncertainty ahead, I believe this is the responsible action to take."Tesla: more than 200 employeesTesla CEO Elon Musk.Yasin Ozturk/Getty ImagesTesla laid off 229 people in late June, according to WARN filings. The layoffs primarily impacted employees in its Autopilot division. Tesla also closed an entire office in San Mateo, California, and moved some of the office's workers to another location, Bloomberg reported.In an interview in June, Elon Musk said he planned to cut between 3% and 3.5% of Tesla's workforce, including 10% of salaried staff. Insider reported that some ex-employees confirmed they had been laid off, though the total number is not known.  Rivian: around 6% of its workforceRivian CEO RJ Scaringe and a Rivian truck.Kevin Dietsch/Getty ImagesElectric car-maker Rivian confirmed in July that it would cut around 800 employees, or about 6% of its 14,000-person workforce, as it worked to cut costs. The layoffs came less than a year after Rivian went public in the largest IPO of 2021.Gopuff: 10% of its staffA delivery driver is shown picking up a Gopuff bagHannah YoonDelivery startup Gopuff laid off 10% of its staff, Insider reported in July."As a business, during these uncertain times, we owe it to our investors and customers to accelerate our timeline to profitability. As such, we have decided to confront the current moment by making difficult decisions about our core business," cofounders Rafael Ilishayev and Yakir Gola wrote in an email to employees. The latest round of layoffs come after Gopuff cut 3% of its workforce, or more than 400 workers, in March. Re/Max: 17% of its workforceAn "Open House" sign is seen outside of a house for sale.Tim Boyle/Getty ImagesReal estate firm Re/Max will lay off 17% of its workforce by the end of the year, the company announced.The cuts will primarily affect employees in the technology division, the result of a "shift in strategy" as it partners with a third-party technology vendor, Re/Max said.  Microsoft: less than 1% of employeesMicrosoft CEO Satya Nadella.Stephen Brashear/Getty ImagesMicrosoft announced in July that it was cutting a "small number" of employees across several groups, including consulting and customer and partner solutions, a company spokesperson told Bloomberg.JPMorgan: over 1,000 workersAmr Alfiky/ReutersIn June, JPMorgan confirmed that it would lay off over 1,000 employees in its home-lending department. The cuts came amid slowing demand for mortgages and refinances. "Our staffing decision this week was a result of cyclical changes in the mortgage market," a JPMorgan spokesperson said in a statement to Insider at the time. "We were able to proactively move many impacted employees to new roles within the firm and are working to help the remaining affected employees find new employment within Chase and externally."Netflix: about 500 peopleNetflix Co-CEO Reed Hastings.Getty Images LatamNetflix has seen 4 rounds of layoffs this year, totaling around 500 workers. The company laid off around 450 people this summer - with one round of layoffs affecting 150 workers in May, and another round affecting 300 in June. Before that, in April, the company laid off 25 marketing employees from its new fan site, Tudum. Most recently, Netflix downsized its animation department, announcing it would lay off 30 employees.  The company may be seeing a turnaround in its financials, though. The streaming company reported losing 200,000 subscribers in the first quarter and nearly 1 million in the second. However, in mid-October, Netflix added 2.4 million subscribers, reversing its decline. Compass: 450 employeesA house for sale marketed by the real-estate brokerage Compass.Smith Collection/Gado/Getty ImagesReal estate brokerage Compass cut about 10% of its workforce, or 450 employees, the company announced in a regulatory filing. The cuts were part of a series of new cost-cutting measures that include pausing expansion, consolidating offices, and halting mergers and acquisitions, Bloomberg reported.Carvana: about 2,500 peopleErnest Garcia III, CEO of online car dealer Carvana.Brendan McDermid/ReutersIn May, Carvana cut 12% of its staff, or about 2,500 employees, the online car dealer announced in a regulatory filing. In an email to employees, CEO Ernest Garcia III said that the company has overestimated growth amid a challenging time in the auto industry.By cutting staff, Carvana aims to find "a better balance between its sales volumes and staffing levels," the company said in the SEC filing. Carvana was founded by Garcia in 2012 as a subsidiary of his father's company, DriveTime Automotive. Carvana's service allows customers to buy cars online, which are delivered to customers' doors or picked up at a Carvana vending machine. Both father and son saw their fortunes skyrocket during the pandemic as demand for used cars hit new highs. Carvana said in its SEC filing that executives would forego their salaries for the rest of 2022 to help cover employee severance pay.Reef: about 750 peopleEmployees unload at a Reef location.Pat Greenhouse/The Boston Globe via Getty ImagesGhost-kitchens company Reef Technology laid off 5% of its global workforce in May.The SoftBank-backed startup cut about 750 employees as it worked toward profitability amid a challenging economic environment, CEO Ari Ojalvo wrote in a memo to staff obtained by Insider.The layoffs come months after Reef said it would pause operations on some of its "underperforming" locations. Current and former employees told Insider that Reef had closed one-third of its kitchens and focused on its partnerships with major chains like Wendy's and Buffalo Wild Wings.Better: about 4,000 peopleVishal Garg is the founder and CEO of Better.com. He was responsible for laying off hundreds of people right before the holidays in 2021.Better.comStarting in late 2021 and continuing through the first several months of 2022, mortgage startup Better.com laid off approximately 4,000 people.The first wave started right before the holiday season in 2021, when CEO Vishal Garg laid off "hundreds" of people.Garg told employees during a Zoom call that the company "lost $100 million last quarter," which he said, "was my mistake." He then said the layoffs shouldn't have happened right before the holiday, but, "three months ago." Better followed up with another 3,000 layoffs in March, and began accepting voluntary layoffs in some departments.Noom: 495 peopleSaeju Jeong, cofounder & CEO of Noom.Sam Barnes/Sportsfile for Web Summit via Getty ImagesIn April, the weight-loss app maker Noom laid off hundreds of coaches, Insider reported — part of a bigger-picture pivot for the company toward more video-based coaching.The company, through its app of the same name, pairs dieting with personal coaches to achieve weight loss for users. Interactions with those coaches were often through text, which users critiqued as "canned advice." Some coaches told Insider they were responsible for giving advice to hundreds of users at any given time.Going forward, Noom said it would focus on offering users scheduled video calls with coaches.Thrasio: up to 20% of staff, sources sayThrasio founder and CEO Carlos Cashman.ThrasioThrasio, the company known for creating the Amazon aggregator market, laid off an unknown number of people in May. Additionally, the company's CEO and founder, Carlos Cashman, stepped down from leadership. In a memo sent to employees, Thrasio leadership said the layoffs were due to the company's "hypergrowth" in acquiring companies."At times we have been acquiring a new company almost every week," the memo said, "and running hard to build the infrastructure to support this growth."Two sources told Insider at the time that the layoffs would impact up to 20% of Thrasio's staff.Wells Fargo: an unknown number of people in mortgage lendingREUTERS/ Shannon StapletonAs mortgage revenues fell at Wells Fargo in the first quarter of 2022, the company began laying off employees in mortgage-related positions, Insider reported in late April.Loan processors and underwriters, among other positions, were reportedly affected by the layoffs. Wells Fargo representatives declined to say how many people were impacted by the cuts, but did confirm the layoffs in an emailed statement."We are carrying out displacements in a transparent and thoughtful manner and providing assistance, such as severance and career counseling. Additionally, we are committed to retaining as many employees as possible and will do everything we can to help them identify other opportunities within Wells Fargo," a Wells Fargo spokesperson said in a statement provided to Insider at the time.Canopy Growth: 250 peopleMaster Grower Ryan Douglas smells a marijuana plant in Smiths Falls, Ontario, on February 20, 2014.Blair Gable/ReutersOne of the world's largest publicly traded cannabis companies, Canopy Growth, slashed 250 jobs in Canada earlier this year as it faces increasing competition in the burgeoning cannabis market.Layoffs were among several cost-cutting measures that Canopy Growth is taking "to ensure the size and scale of our operations reflect current market realities and will support the long-term sustainability of our company," Canopy Growth CEO David Klein said in a statement at the time.Food52: about 20 peopleCofounder and CEO of Food52, Amanda Hesser.Food52After raising $80 million from investing firm The Chernin Group last December, the content-creation team at food publication and retailer Food52 was suddenly laid off in early April.About 20 of the company's 200 employees were let go in the layoffs, which came as a major surprise to those affected."Everyone on the team and my immediate boss were gut-punched," one of these employees told Insider. "We all had gotten raises and bonuses just a month prior."Two of the employees who were laid off said Food52 executives told them the company was "pivoting to commerce," and away from the type of content that was created by the affected employees: recipes and other instructional cooking content.Cameo: 87 peopleCameo operates a service where users can pay celebrities to record personalized audio or video clips.CameoVideo app Cameo laid off 87 people in early May."Today has been a brutal day at the office," CEO Steven Galanis wrote on Twitter. "I made the painful decision to let go of 87 beloved members of the Cameo Fameo."Galanis described the layoffs as a "course correction" in a statement to Variety. The cuts followed a staffing boom during the pandemic, when the company grew from around 100 employees before 2020 to about 400 in 2022. PayPal: 83 peoplePayPal headquarters in San Jose, California, on February 2, 2022.Justin Sullivan/Getty ImagesIn April, PayPal quietly laid off 83 people, according to a regulatory filing. The company employed more than 30,000 people worldwide, over a third of whom are based in the US. The cuts appear to be tied to the company downsizing its presence in the San Francisco Bay Area, according to TechCrunch.Gorillas: 'nearly 300' peopleGorillas CEO Kagan Sumer.GorillasGerman grocery-delivery company Gorillas announced layoffs of "nearly 300" people around the world in May. The layoffs, the company said, were part of a larger "shift to long-term profitability," which meant trimming staff as Gorillas focuses on its five "core" markets: Germany, France, the Netherlands, the UK, and the US.Impacted employees, who were mostly corporate staff, were shocked by the sudden layoffs."It's not a secret that the company hasn't been doing well, but I didn't expect to wake up and lose my job," a Berlin-based employee who was laid off by Gorillas told Insider. "My managers weren't even aware or consulted. It's not the laying off that hurts, it's the way it's been done."Hello Fresh: about 600 peopleA HelloFresh meal kit in a box.HelloFreshThe Germany-based meal kit company announced it planned to close a Richmond, California, warehouse and eliminate 611 workers' roles by December 11. HelloFresh saw a spike in sales early in the pandemic as more people were forced to cook at home, but sales have faded lately. The company's stock is down more than 70% so far this year — and meal kit rival Blue Apron has seen a similar plunge in its share price. "The lease for HelloFresh's production facility in Richmond is expiring at the beginning of 2023 and after an extensive analysis of our production network, HelloFresh has decided not to extend the lease," a spokesperson said in a statement to Insider.Walmart: at least 1,700Walmart CEO Doug McMillonDrew Angerer/Getty ImagesWalmart announced layoffs in its corporate division, as well as at one of its fulfillment centers. In mid-October, the retail giant filed a Worker Adjustment and Retraining Notification, or WARN notice in Georgia, announcing its plans to let go of nearly 1,500 workers. The company said it plans to turn a fulfillment center in the Atlanta area to support third-party sellers for Walmart. Earlier this year, the Wall Street Journal reported that Walmart planned to cut around 200 corporate jobs amid a company restructuring effort. Walmart's sales growth — which exploded during the height of the pandemic — has leveled off recently. In the second quarter of 2022, Walmart's e-commerce sales grew by 12% year-over-year, compared to 97% growth in the second quarter of 2020. Oracle: at least 60, but potentially much moreLarry Ellison, the founder of Oracle.Robert Galbraith/ReutersThe scope of Oracle's layoffs this year remains murky.In July, Insider reported that Oracle's advertising division quietly had two rounds of layoffs, totaling a loss of 60 workers. In August and October, Insider reported that Oracle held two rounds of layoffs that included the company's marketing, customer experience, and cloud divisions.Insider estimates the August round of layoffs potentially affected thousands of jobs across the world. What is clear is that the number of employees laid off is higher than the company has publicly let on. In an SEC filing, Oracle said it expects to incur $519 million in restructuring costs "primarily related to employee severance" through August 2023. Nordstrom: 222 workersJeff Greenberg/Contributor/Universal Images Group Editorial via GettyIn September, Nordstrom filed a WARN notice in Iowa announcing that it planned to cut 222 employees at a distribution center in Cedar Rapids. The layoffs were set to be completed by October 18, according to the filing. Despite rising inflation, Nordstrom is still growing its bottom line. The company reported that its revenue grew by 12% year-over-year in the second quarter, and the company said it's focused on boosting e-commerce sales. Credit Suisse: 2,700 peopleUlrich Körner, chief executive of Credit Suissevia ReutersThe embattled investment bank announced in late October that it plans to "radically restructure" and cut 5% of its headcount, or 2,700 workers. The company said it plans to reduce its headcount by 9,000 workers in the next 3 years. Credit Suisse has been hit with several catastrophes in recent years, including a $5 billion blow from the collapse of Archegos Capital Management last year. VF Corp: 300 workersStreet style brand Supreme is owned by VF Corp.Edward Berthelot/Getty ImagesVF Corp, which owns various retail brands like The North Face, Vans, and Supreme, confirmed to Insider it told employees about plans to lay off 300 employees and eliminate 300 open positions in early September. VF Corp reported a 4% decline in revenue for its second quarter, attributing the slowdown to a covid-related disruption in China and broader macroeconomic headwinds. Gannett: 3% of its US workforceGannett announced widespread layoffs this year.Associated PRessGannett, the largest newspaper chain in the US, reportedly laid off 3% of its US-based workforce or about 400 employees.Poynter reported that CEO Mike Reed informed staff of the layoffs — as well as Gannett's plan to eliminate 400 open positions — at a companywide Q&A in August. Poynter reports that the layoffs started one week after the company reported weak quarterly results. The company, which owns USA Today, along with local newspapers in 46 states, reported a net loss of nearly $54 million in the second quarter. Ford: about 3,000 workersFord CEO Jim FarleyJEFF KOWALSKY / Contributor / GettyFord plans to lay off roughly 3,000 salaried and contract workers as part of a restructuring and shifting focus toward producing electric vehicles. The automaker has estimated that electric cars require 30% less labor than conventional vehicles. Ben Gilbert contributed to an earlier version of this article.Read the original article on Business Insider.....»»

Category: dealsSource: nytNov 14th, 2022

A wave of layoffs is sweeping the US. Here are the major companies that have announced cuts so far, from Meta to Redfin.

Meta is the latest company to start slashing its headcount as business growth slows and costs increase. Drew Angerer/Getty Images A wave of layoffs has swept across American business in 2022. The cuts stem from slower business growth, paired with rising labor costs. The layoffs span across industries, from mortgage lending to digital-payment processing. Meta is the latest tech firm to slash its headcount. Facebook's parent company plans to cut 13% of its workforce in sweeping layoffs across divisions, CEO Mark Zuckerberg wrote in a blog post Wednesday. It's one of countless major American businesses that have picked up the pace of firing in 2022: Peloton has laid off thousands of employees this year. Twitter slashed 50% of its workforce. Even traditionally layoff-resistant companies like Netflix have made cuts, and now companies that saw a pandemic-era boom, like Shopify, are cutting hundreds of jobs.The reason, broadly, is twofold: business growth is slowing, while labor costs are increasing. The combination is causing American companies across a variety of industries to slash headcount.Here are some of the most notable examples so far: Juul: About 400 peopleAssociated PressE-cigarette company Juul plans to lay off about a third of its workforce, or roughly 400 people. The cuts come amid broader cost-saving measures for Juul, including a fresh infusion of cash to help it avoid filing for bankruptcy. The company also plans to reduce its operating budget by as much as 40%, the Wall Street Journal reported. Coinbase: About 60 peopleCoinbase CEO Brian Armstrong.Patrick T. Fallon / Getty ImagesCrypto exchange platform Coinbase will cut another 60 jobs, The Information reported. The cuts come after Coinbase previously reduced its staff by 18% "to ensure we stay healthy during this economic downturn." That same day, over 1,000 employees were notified they'd been laid off when they were unable to log into their work email accounts — the company said in a regulatory filing at the time that its workforce would be reduced to about 5,000 employees by the end of the second quarter of 2022.Redfin: 13% of its staffRedfin CEO Glenn KelmanRedfinReal-estate firm Redfin plans to lay off 862 employees, or about 13% of its workforce. The company plans to shut down its home-flipping business, RedfinNow, which will result in 264 staffers getting cut, the company said in a financial filing.Another 218 employees' roles will be eliminated, but the workers are being offered a new job within the company, Redfin said. This is the second round of layoffs for Redfin this year. The company cut 6% of its workforce in June, or about 470 employees. Meta: More than 11,000 employeesMark Zuckerberg.Stephen Lam/ReutersMeta plans to cut more than 11,000 employees, or about 13% of its workforce. "I want to take accountability for these decisions and for how we got here," CEO Mark Zuckerberg wrote in a blog post. "I know this is tough for everyone, and I'm especially sorry to those impacted."The company plans to reduce headcount across divisions — including its metaverse division, Reality Labs — but said that some teams, like recruiting, would be more impacted than others. Salesforce: As many as 2,500 employeesSalesforce founder Marc Benioff.NICHOLAS KAMM/AFP via Getty ImagesSalesforce plans to cut thousands of jobs ahead of Thanksgiving, Protocol reported.It's unclear when the layoffs will begin or which divisions will be impacted, though as many as 2,500 workers could be impacted, according to Protocol. Twitter: About 50% of its workforceTwitter Losing Its Most Active Users(Photo by STR/NurPhoto via Getty Images)An estimated 3,700 Twitter employees, or about 50% of the company's workforce, woke up to emails saying that they had been laid off on Nov. 4, shortly after new owner Elon Musk took over the social platform. Terminated employees were notified in blunt emails that Twitter was "conducting a workforce reduction to help improve the health of the company" and offered severance.Though staffers had been previously warned about a pending "workforce reduction," several employees were immediately locked out of their laptops and company systems before they were notified they were terminated, Insider reported. Musk tweeted after the mass layoffs that he had "no choice when the company is losing over $4M/day." Gap: About 500 jobsPeople pass by the Gap clothing retail store in Manhattan.Reuters/Eduardo MunozGap will cut 5% of its corporate workforce, or about 500 employees, The Wall Street Journal reported. "We've let our operating costs increase at a faster rate than our sales, and in turn our profitability," Gap's interim CEO, Bob Martin, wrote in a memo to employees obtained by The Journal. The layoffs will reportedly impact employees in a wide range of departments and will mainly take place at Gap's offices in San Francisco, New York, and Asia.Snap: 20% of employeesRichard Drew/APSnap planned to lay off about 20% of its employees beginning in late August, The Verge reported.The cuts to Snap's 6,400-person workforce will be concentrated in divisions like Zenly, a social mapping app Snap acquired in 2017, as well as a team working on ways for developers to build apps inside Snapchat. Snap's hardware division will also see cuts, weeks after the company announced it was canceling its Pixy drone camera, The Verge reports. A spokesperson for Snap declined to comment.Wayfair: About 870 employeesPavlo Gonchar/SOPA Images/LightRocket via Getty ImagesFurniture and home goods company, Wayfair, said it would layoff about 870 employees — 5% of its global workforce — the Wall Street Journal reported. The layoffs represent about 10% of Wayfair's corporate team, the company said, and will cost between $30 million and $40 million for severance and benefits for laid-off employees.The layoffs are part of Wayfair's efforts to manage expenses and investments, it said. The company said it's also making cuts to third-party labor costs.After the company announced the layoffs, Wayfair shares fell almost 10% in premarket trading, the WSJ reported.Robinhood: More than 1,000 people in 2022Robinhood CEO Vlad Tenev.AP/David MartinDuring the pandemic, so-called "meme stocks" from GameStop and AMC exploded. Much of that explosion in stock value was driven by accessible trading platforms like Robinhood.And while new users piled in during the pandemic, Robinhood hired rapidly. Between 2020 and 2021, Robinhood staff grew dramatically: from 700 people to around 3,800, according to CEO Vlad Tenev. But that growth was apparently too much and too fast, and Robinhood was forced to slash headcount by 9% — more than 300 people altogether — in April. Then, in August, the company announced it would cut another 800 jobs, or about 23% of its staff.In the message to employees, CEO Vlad Tenev said that the earlier round of layoffs "did not go far enough" to bring down costs amid record inflation and the crypto market crash, which has reduced trading activity on the platform, he said. Peloton: Over 4,600 peopleScott Heins/Getty ImagesIn early October, Peloton announced its fourth set of layoffs, bringing the total loss in headcount at the company to more than 4,600 this year. CEO Barry McCarthy called it "the final phase of the company's transformation journey." In February, Peloton fired over 2,800 people and announced its former CEO, John Foley, would depart amid an ongoing downturn in the company's business.Its second round of layoffs hit Taiwan-based employees in July, and a third wave of employees got cut in August.Peloton was once a pandemic darling, but the fading popularity of at-home fitness and mishandling of its logistics operation has put a strain on the business. The company's current chief exec Barry McCarthy has taken several measures in an attempt to revive the business. Shopify: About 1,000 workersShopify CEO Tobi Lutke.Reuters/Lucas JacksonShopify laid off roughly 1,000 employees, equivalent to 10% of its workforce worldwide.In a memo to employees, CEO Tobi Lutke said that the company — which makes the tech that powers businesses' online stores — had bet big on the pandemic-era e-commerce boom. "It's now clear that bet didn't pay off. Ultimately, placing this bet was my call to make and I got this wrong," Lutke wrote in the letter, which was posted on the company's website. 7-Eleven: 880 jobsPaul Sakuma/APConvenience store chain 7-Eleven cut 880 corporate jobs in Ohio and Texas in 2022 in the wake of the company's 2020 purchase of rival Speedway.A 7-Eleven spokesperson told Insider that the company has been assessing its new corporate structure and undergoing an "integration process" that led to the cuts, which took place at its support centers and field-support operations in Irving, Texas, and Enon, Ohio. Vimeo: 6% of its workforceAnjali Sud, CEO of Vimeo.AP Photo/Mark LennihanVideo-hosting platform Vimeo cut 6% of its staff in July."We are making this decision in order to ensure we come out of this economic downturn a stronger company," Vimeo CEO Anijali Sud wrote in a blog post. "Our people are what makes Vimeo great, and losing any of them is a personal failure that I feel deeply. But after assessing the challenging market conditions and uncertainty ahead, I believe this is the responsible action to take."Tesla: More than 200 employeesTesla CEO Elon Musk.Yasin Ozturk/Getty ImagesTesla laid off 229 people in late June, according to WARN filings. The layoffs primarily impacted employees in its Autopilot division. Tesla also closed an entire office in San Mateo, California, and moved some of the office's workers to another location, Bloomberg reported.In an interview in June, Elon Musk said he planned to cut between 3% and 3.5% of Tesla's workforce, including 10% of salaried staff. Insider reported that some ex-employees confirmed they had been laid off, though the total number is not known.  Rivian: Around 6% of its workforceRivian CEO RJ Scaringe and a Rivian truck.Kevin Dietsch/Getty ImagesElectric car-maker Rivian confirmed in July that it would cut around 800 employees, or about 6% of its 14,000-person workforce, as it worked to cut costs. The layoffs came less than a year after Rivian went public in the largest IPO of 2021.Gopuff: 10% of its staffA delivery driver is shown picking up a Gopuff bagHannah YoonDelivery startup Gopuff laid off 10% of its staff, Insider reported in July."As a business, during these uncertain times, we owe it to our investors and customers to accelerate our timeline to profitability. As such, we have decided to confront the current moment by making difficult decisions about our core business," cofounders Rafael Ilishayev and Yakir Gola wrote in an email to employees. The latest round of layoffs come after Gopuff cut 3% of its workforce, or more than 400 workers, in March. Re/Max: 17% of its workforceAn "Open House" sign is seen outside of a house for sale.Tim Boyle/Getty ImagesReal estate firm Re/Max will lay off 17% of its workforce by the end of the year, the company announced.The cuts will primarily affect employees in the technology division, the result of a "shift in strategy" as it partners with a third-party technology vendor, Re/Max said.  Microsoft: Less than 1% of employeesMicrosoft CEO Satya Nadella.Stephen Brashear/Getty ImagesMicrosoft announced in July that it was cutting a "small number" of employees across several groups, including consulting and customer and partner solutions, a company spokesperson told Bloomberg.JPMorgan: Over 1,000 workersAmr Alfiky/ReutersIn June, JPMorgan confirmed that it would lay off over 1,000 employees in its home-lending department. The cuts came amid slowing demand for mortgages and refinances. "Our staffing decision this week was a result of cyclical changes in the mortgage market," a JPMorgan spokesperson said in a statement to Insider at the time. "We were able to proactively move many impacted employees to new roles within the firm and are working to help the remaining affected employees find new employment within Chase and externally."Netflix: About 500 peopleNetflix Co-CEO Reed Hastings.Getty Images LatamNetflix has seen 4 rounds of layoffs this year, totaling around 500 workers. The company laid off around 450 people this summer - with one round of layoffs affecting 150 workers in May, and another round affecting 300 in June. Before that, in April, the company laid off 25 marketing employees from its new fan site, Tudum. Most recently, Netflix downsized its animation department, announcing it would lay off 30 employees.  The company may be seeing a turnaround in its financials, though. The streaming company reported losing 200,000 subscribers in the first quarter and nearly 1 million in the second. However, in mid-October, Netflix added 2.4 million subscribers, reversing its decline. Compass: 450 employeesA house for sale marketed by the real-estate brokerage Compass.Smith Collection/Gado/Getty ImagesReal estate brokerage Compass cut about 10% of its workforce, or 450 employees, the company announced in a regulatory filing. The cuts were part of a series of new cost-cutting measures that include pausing expansion, consolidating offices, and halting mergers and acquisitions, Bloomberg reported.Carvana: About 2,500 peopleErnest Garcia III, CEO of online car dealer Carvana.Brendan McDermid/ReutersIn May, Carvana cut 12% of its staff, or about 2,500 employees, the online car dealer announced in a regulatory filing. In an email to employees, CEO Ernest Garcia III said that the company has overestimated growth amid a challenging time in the auto industry.By cutting staff, Carvana aims to find "a better balance between its sales volumes and staffing levels," the company said in the SEC filing. Carvana was founded by Garcia in 2012 as a subsidiary of his father's company, DriveTime Automotive. Carvana's service allows customers to buy cars online, which are delivered to customers' doors or picked up at a Carvana vending machine. Both father and son saw their fortunes skyrocket during the pandemic as demand for used cars hit new highs. Carvana said in its SEC filing that executives would forego their salaries for the rest of 2022 to help cover employee severance pay.Reef: About 750 peopleEmployees unload at a Reef location.Pat Greenhouse/The Boston Globe via Getty ImagesGhost-kitchens company Reef Technology laid off 5% of its global workforce in May.The SoftBank-backed startup cut about 750 employees as it worked toward profitability amid a challenging economic environment, CEO Ari Ojalvo wrote in a memo to staff obtained by Insider.The layoffs come months after Reef said it would pause operations on some of its "underperforming" locations. Current and former employees told Insider that Reef had closed one-third of its kitchens and focused on its partnerships with major chains like Wendy's and Buffalo Wild Wings.Better: About 4,000 peopleVishal Garg is the founder and CEO of Better.com. He was responsible for laying off hundreds of people right before the holidays in 2021.Better.comStarting in late 2021 and continuing through the first several months of 2022, mortgage startup Better.com laid off approximately 4,000 people.The first wave started right before the holiday season in 2021, when CEO Vishal Garg laid off "hundreds" of people.Garg told employees during a Zoom call that the company "lost $100 million last quarter," which he said, "was my mistake." He then said the layoffs shouldn't have happened right before the holiday, but, "three months ago." Better followed up with another 3,000 layoffs in March, and began accepting voluntary layoffs in some departments.Noom: 495 peopleSaeju Jeong, cofounder & CEO of Noom.Sam Barnes/Sportsfile for Web Summit via Getty ImagesIn April, the weight-loss app maker Noom laid off hundreds of coaches, Insider reported — part of a bigger-picture pivot for the company toward more video-based coaching.The company, through its app of the same name, pairs dieting with personal coaches to achieve weight loss for users. Interactions with those coaches were often through text, which users critiqued as "canned advice." Some coaches told Insider they were responsible for giving advice to hundreds of users at any given time.Going forward, Noom said it would focus on offering users scheduled video calls with coaches.Thrasio: Up to 20% of staff, sources sayThrasio founder and CEO Carlos Cashman.ThrasioThrasio, the company known for creating the Amazon aggregator market, laid off an unknown number of people in May. Additionally, the company's CEO and founder, Carlos Cashman, stepped down from leadership. In a memo sent to employees, Thrasio leadership said the layoffs were due to the company's "hypergrowth" in acquiring companies."At times we have been acquiring a new company almost every week," the memo said, "and running hard to build the infrastructure to support this growth."Two sources told Insider at the time that the layoffs would impact up to 20% of Thrasio's staff.Wells Fargo: Unknown number of people in mortgage lendingREUTERS/ Shannon StapletonAs mortgage revenues fell at Wells Fargo in the first quarter of 2022, the company began laying off employees in mortgage-related positions, Insider reported in late April.Loan processors and underwriters, among other positions, were reportedly affected by the layoffs. Wells Fargo representatives declined to say how many people were impacted by the cuts, but did confirm the layoffs in an emailed statement."We are carrying out displacements in a transparent and thoughtful manner and providing assistance, such as severance and career counseling. Additionally, we are committed to retaining as many employees as possible and will do everything we can to help them identify other opportunities within Wells Fargo," a Wells Fargo spokesperson said in a statement provided to Insider at the time.Canopy Growth: 250 peopleMaster Grower Ryan Douglas smells a marijuana plant in Smiths Falls, Ontario, on February 20, 2014.Blair Gable/ReutersOne of the world's largest publicly traded cannabis companies, Canopy Growth, slashed 250 jobs in Canada earlier this year as it faces increasing competition in the burgeoning cannabis market.Layoffs were among several cost-cutting measures that Canopy Growth is taking "to ensure the size and scale of our operations reflect current market realities and will support the long-term sustainability of our company," Canopy Growth CEO David Klein said in a statement at the time.Food52: About 20 peopleCofounder and CEO of Food52, Amanda Hesser.Food52After raising $80 million from investing firm The Chernin Group last December, the content-creation team at food publication and retailer Food52 was suddenly laid off in early April.About 20 of the company's 200 employees were let go in the layoffs, which came as a major surprise to those affected."Everyone on the team and my immediate boss were gut-punched," one of these employees told Insider. "We all had gotten raises and bonuses just a month prior."Two of the employees who were laid off said Food52 executives told them the company was "pivoting to commerce," and away from the type of content that was created by the affected employees: recipes and other instructional cooking content.Cameo: 87 peopleCameo operates a service where users can pay celebrities to record personalized audio or video clips.CameoVideo app Cameo laid off 87 people in early May."Today has been a brutal day at the office," CEO Steven Galanis wrote on Twitter. "I made the painful decision to let go of 87 beloved members of the Cameo Fameo."Galanis described the layoffs as a "course correction" in a statement to Variety. The cuts followed a staffing boom during the pandemic, when the company grew from around 100 employees before 2020 to about 400 in 2022. PayPal: 83 peoplePayPal headquarters in San Jose, California, on February 2, 2022.Justin Sullivan/Getty ImagesIn April, PayPal quietly laid off 83 people, according to a regulatory filing. The company employed more than 30,000 people worldwide, over a third of whom are based in the US. The cuts appear to be tied to the company downsizing its presence in the San Francisco Bay Area, according to TechCrunch.Gorillas: 'Nearly 300' peopleGorillas CEO Kagan Sumer.GorillasGerman grocery-delivery company Gorillas announced layoffs of "nearly 300" people around the world in May. The layoffs, the company said, were part of a larger "shift to long-term profitability," which meant trimming staff as Gorillas focuses on its five "core" markets: Germany, France, the Netherlands, the UK, and the US.Impacted employees, who were mostly corporate staff, were shocked by the sudden layoffs."It's not a secret that the company hasn't been doing well, but I didn't expect to wake up and lose my job," a Berlin-based employee who was laid off by Gorillas told Insider. "My managers weren't even aware or consulted. It's not the laying off that hurts, it's the way it's been done."Hello Fresh: about 600 peopleA HelloFresh meal kit in a box.HelloFreshThe Germany-based meal kit company announced it planned to close a Richmond, California, warehouse and eliminate 611 workers' roles by December 11. HelloFresh saw a spike in sales early in the pandemic as more people were forced to cook at home, but sales have faded lately. The company's stock is down more than 70% so far this year — and meal kit rival Blue Apron has seen a similar plunge in its share price. "The lease for HelloFresh's production facility in Richmond is expiring at the beginning of 2023 and after an extensive analysis of our production network, HelloFresh has decided not to extend the lease," a spokesperson said in a statement to Insider.Walmart: at least 1,700Walmart CEO Doug McMillonDrew Angerer/Getty ImagesWalmart announced layoffs in its corporate division, as well as at one of its fulfillment centers. In mid-October, the retail giant filed a Worker Adjustment and Retraining Notification, or WARN notice in Georgia, announcing its plans to let go of nearly 1,500 workers. The company said it plans to turn a fulfillment center in the Atlanta area to support third-party sellers for Walmart. Earlier this year, the Wall Street Journal reported that Walmart planned to cut around 200 corporate jobs amid a company restructuring effort. Walmart's sales growth — which exploded during the height of the pandemic — has leveled off recently. In the second quarter of 2022, Walmart's e-commerce sales grew by 12% year-over-year, compared to 97% growth in the second quarter of 2020. Oracle: at least 60, but potentially much moreLarry Ellison, the founder of Oracle.Robert Galbraith/ReutersThe scope of Oracle's layoffs this year remains murky.In July, Insider reported that Oracle's advertising division quietly had two rounds of layoffs, totaling a loss of 60 workers. In August and October, Insider reported that Oracle held two rounds of layoffs that included the company's marketing, customer experience, and cloud divisions.Insider estimates the August round of layoffs potentially affected thousands of jobs across the world. What is clear is that the number of employees laid off is higher than the company has publicly let on. In an SEC filing, Oracle said it expects to incur $519 million in restructuring costs "primarily related to employee severance" through August 2023. Nordstrom: 222Jeff Greenberg/Contributor/Universal Images Group Editorial via GettyIn September, Nordstrom filed a WARN notice in Iowa announcing that it planned to cut 222 employees at a distribution center in Cedar Rapids. The layoffs were set to be completed by October 18, according to the filing. Despite rising inflation, Nordstrom is still growing its bottom line. The company reported that its revenue grew by 12% year-over-year in the second quarter, and the company said it's focused on boosting e-commerce sales. Amazon: at least 560, likely moreAmazon CEO Andy JassyJerod Harris/Getty Images for Vox MediaAmazon abandoned multiple projects this year in an effort to cut costs, which led to at least 560 layoffs.In April, the company shuttered physical-store concepts like Amazon 4-star, Amazon Books, and some pop-up stores. The company said it laid off 51 employees in New York due to those store closures. This summer, Amazon filed a WARN notice in Maryland that it would lay off 353 workers from two Amazon warehouses, effective October 25. In September, Amazon announced it shut down its telehealth unit and lay off 159 employees.Amazon also ditched several robotics ventures, blue-sky research initiatives, and an online educational business this year. For some of those projects, Amazon gave workers a choice to leave with a severance package or find another position within the company. It's unclear how many of those workers were laid off. Amazon shaved its headcount by 99,000 people in the second quarter, and the e-commerce giant is clearly taking steps to shrink its workforce, though Insider cannot confirm that headcount shrunk solely due to layoffs. Credit Suisse: 2,700 peopleUlrich Körner, chief executive of Credit Suissevia ReutersThe embattled investment bank announced in late October that it plans to "radically restructure" and cut 5% of its headcount, or 2,700 workers. The company said it plans to reduce its headcount by 9,000 workers in the next 3 years. Credit Suisse has been hit with several catastrophes in recent years, including a $5 billion blow from the collapse of Archegos Capital Management last year. VF Corp: 300 workersStreet style brand Supreme is owned by VF Corp.Edward Berthelot/Getty ImagesVF Corp, which owns various retail brands like The North Face, Vans, and Supreme, confirmed to Insider it told employees about plans to lay off 300 employees and eliminate 300 open positions in early September. VF Corp reported a 4% decline in revenue for its second quarter, attributing the slowdown to a covid-related disruption in China and broader macroeconomic headwinds. Gannett: 3% of its US workforceGannett announced widespread layoffs this year.Associated PRessGannett, the largest newspaper chain in the US, reportedly laid off 3% of its US-based workforce or about 400 employees.Poynter reported that CEO Mike Reed informed staff of the layoffs — as well as Gannett's plan to eliminate 400 open positions — at a companywide Q&A in August. Poynter reports that the layoffs started one week after the company reported weak quarterly results. The company, which owns USA Today, along with local newspapers in 46 states, reported a net loss of nearly $54 million in the second quarter. Ford: about 3,000 workersFord CEO Jim FarleyJEFF KOWALSKY / Contributor / GettyFord plans to lay off roughly 3,000 salaried and contract workers as part of a restructuring and shifting focus toward producing electric vehicles. The automaker has estimated that electric cars require 30% less labor than conventional vehicles. Ben Gilbert contributed to an earlier version of this article.Read the original article on Business Insider.....»»

Category: worldSource: nytNov 11th, 2022

SNDL Acquires Cannabis Grower Zenabis Global: More To Come

Discusses the latest transaction and other recent acquisitions by SNDL in recent months SNDL (NASDAQ:SNDL) today announced to investors that they had successfully acquired the Zenabis (TSE:ZENA) business as per an approval order from the Québec Superior Court. The latest transaction is just one of many occurring in recent months as part of the Cannabis […] Discusses the latest transaction and other recent acquisitions by SNDL in recent months SNDL (NASDAQ:SNDL) today announced to investors that they had successfully acquired the Zenabis (TSE:ZENA) business as per an approval order from the Québec Superior Court. The latest transaction is just one of many occurring in recent months as part of the Cannabis industry consolidation following its initial peak and saturation which drove flower prices and profit margins lower for producers in recent years. .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2022 hedge fund letters, conferences and more iFrameResize({ log: false, checkOrigin: false }, '#icb_widget') Find A Qualified Financial Advisor Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals, get started now. SNDL's Bid Agreement To Acquire Zenabis SNDL initially announced that they had entered into a bid agreement to investors back in June and the process has taken several months to complete. The bid and agreement relates back to a SPAC acquisition SNDL made back in December 2020 where they acquired almost CAD$60 million in senior secured debt. As part of the acquisition, SNDL will obtain a 380,000 square-foot indoor growing facility in Atholville, New Brunswick which has EU GMP certification and is Zenabis’s core asset. The facility has an annual dried flower production capacity of 46,000 kilograms and extraction capacity of 15,000 kilograms per anum.  The deal will also include a non-core asset of a 255,000 square foot industrial facility in Stellarton, Nova Scotia which is currently under non-binding discussions of sale by SNDL. As part of the transaction, SNDL acquired more than 22 million grams of cannabis inventory which will reduce near-term cultivation requirements and will be sold through wholesale transactions, via international export, branded product sales and through retail store sales. The Zenabis transaction is only one of several recent acquisitions by SNDL.  At the end of August, SNDL announced another bid agreement to acquire Suprette Inc’s assets under the Creditors Arrangement Act of Canada. The transaction, if successful, will provide the rights to six retail locations within Toronto and Ottawa and will provide IP rights to sell certain white-label products under the Superette brand. Also during August, SNDL told investors that it would be acquiring Canadian cannabis producer, ‘The Valens Company’ (CA:VLNS) in an all stock transaction. SNDL offered VLNS shareholders 0.334 SNDL shares per VLNS share held. The Valens board unanimously approved the transaction. SNDL’s shares over 2022 have suffered strong declines as industry-wide headwinds plagued the North American Cannabis sector. The stock is trading -61% lower over the year and now has a market capitalisation marginally below $600 million. Despite the weakening share price, management continues to take advantage of the circumstances in order to strengthen the group and build a growing brand as they work towards generating almost $1 billion in revenue during 2023.  At Canaccord Genuity, analyst Shaan Mir became more bullish on the stock recently and upgraded his recommendation to ‘speculative buy’ from ‘hold’ following the company’s last result.  Mir noted at the time the company was trading with a market cap that was the same size as cash balance levels which provided the company with flexibility to fund further M&A or pursue other balance sheet strengthening activities. Mir lowered his target price from $5 to $4.25 on revised discount rates used in the forecasting. On average SNDL has a consensus ‘overweight’ rating and average $4 target price across the street. Fintel’s platform analysis of the underlying options market for SNDL suggests that investors have remained bullish during the last 6 months. This has been explained by the put/call ratio staying at a ratio slightly above 0 between 0.10-0.15.  The put/call ratio is determined by analysing all put and call interest in the market for a stock over time with values towards 0 indicating stronger bullish sentiment as it means call open interest carries greater weight than interest.  SNDL has risen 11 ranks in popularity this week and is currently the 72nd most held security by retail investors that have linked their portfolio for free with the Fintel platform. Article by Ben Ward, Fintel.....»»

Category: blogSource: valuewalkNov 2nd, 2022

A wave of layoffs is sweeping the US. Here are the major companies that have announced cuts so far, from Twitter to Peloton.

Elon Musk has reportedly ordered layoffs at Twitter. The move comes amid rising firings across industries as business growth slows and costs increase. Chesnot/Getty Images A wave of layoffs has swept across American business in 2022. The cuts stem from slower business growth, paired with rising labor costs. The layoffs span across industries, from mortgage lending to digital-payment processing. Twitter is the latest high-profile company to get hit with layoffs this year after its new owner, Elon Musk, reportedly ordered a 25% headcount reduction. Major American businesses have picked up the pace of firing in 2022.Peloton has laid off thousands of employees this year. Real estate firm Re/Max slashed 17% of its workforce. Even traditionally layoff-resistant companies like Netflix have made cuts, and now companies that saw a pandemic-era boom, like Shopify, are cutting hundreds of jobs.The reason, broadly, is twofold: business growth is slowing, while labor costs are increasing. The combination is causing American companies across a variety of industries to slash headcount.Here are some of the most notable examples so far: Gap: About 500 jobsPeople pass by the Gap clothing retail store in Manhattan.Reuters/Eduardo MunozGap will cut 5% of its corporate workforce, or about 500 employees, The Wall Street Journal reported. "We've let our operating costs increase at a faster rate than our sales, and in turn our profitability," Gap's interim CEO, Bob Martin, wrote in a memo to employees obtained by The Journal. The layoffs will reportedly impact employees in a wide range of departments and will mainly take place at Gap's offices in San Francisco, New York, and Asia.Snap: 20% of employeesRichard Drew/APSnap planned to lay off about 20% of its employees beginning in late August, The Verge reported.The cuts to Snap's 6,400-person workforce will be concentrated in divisions like Zenly, a social mapping app Snap acquired in 2017, as well as a team working on ways for developers to build apps inside Snapchat. Snap's hardware division will also see cuts, weeks after the company announced it was canceling its Pixy drone camera, The Verge reports. A spokesperson for Snap declined to comment.Wayfair: About 870 employeesPavlo Gonchar/SOPA Images/LightRocket via Getty ImagesFurniture and home goods company, Wayfair, said it would layoff about 870 employees — 5% of its global workforce — the Wall Street Journal reported. The layoffs represent about 10% of Wayfair's corporate team, the company said, and will cost between $30 million and $40 million for severance and benefits for laid-off employees.The layoffs are part of Wayfair's efforts to manage expenses and investments, it said. The company said it's also making cuts to third-party labor costs.After the company announced the layoffs, Wayfair shares fell almost 10% in premarket trading, the WSJ reported.Robinhood: More than 1,000 people in 2022Robinhood CEO Vlad Tenev.AP/David MartinDuring the pandemic, so-called "meme stocks" from GameStop and AMC exploded. Much of that explosion in stock value was driven by accessible trading platforms like Robinhood.And while new users piled in during the pandemic, Robinhood hired rapidly. Between 2020 and 2021, Robinhood staff grew dramatically: from 700 people to around 3,800, according to CEO Vlad Tenev. But that growth was apparently too much and too fast, and Robinhood was forced to slash headcount by 9% — more than 300 people altogether — in April. Then, in August, the company announced it would cut another 800 jobs, or about 23% of its staff.In the message to employees, CEO Vlad Tenev said that the earlier round of layoffs "did not go far enough" to bring down costs amid record inflation and the crypto market crash, which has reduced trading activity on the platform, he said. Peloton: Over 4,600 peopleScott Heins/Getty ImagesIn early October, Peloton announced its fourth set of layoffs, bringing the total loss in headcount at the company to more than 4,600 this year. CEO Barry McCarthy called it "the final phase of the company's transformation journey." In February, Peloton fired over 2,800 people and announced its former CEO, John Foley, would depart amid an ongoing downturn in the company's business.Its second round of layoffs hit Taiwan-based employees in July, and a third wave of employees got cut in August.Peloton was once a pandemic darling, but the fading popularity of at-home fitness and mishandling of its logistics operation has put a strain on the business. The company's current chief exec Barry McCarthy has taken several measures in an attempt to revive the business. Shopify: About 1,000 workersShopify CEO Tobi Lutke.Reuters/Lucas JacksonShopify laid off roughly 1,000 employees, equivalent to 10% of its workforce worldwide.In a memo to employees, CEO Tobi Lutke said that the company — which makes the tech that powers businesses' online stores — had bet big on the pandemic-era e-commerce boom. "It's now clear that bet didn't pay off. Ultimately, placing this bet was my call to make and I got this wrong," Lutke wrote in the letter, which was posted on the company's website. 7-Eleven: 880 jobsPaul Sakuma/APConvenience store chain 7-Eleven cut 880 corporate jobs in Ohio and Texas in 2022 in the wake of the company's 2020 purchase of rival Speedway.A 7-Eleven spokesperson told Insider that the company has been assessing its new corporate structure and undergoing an "integration process" that led to the cuts, which took place at its support centers and field-support operations in Irving, Texas, and Enon, Ohio. Vimeo: 6% of its workforceAnjali Sud, CEO of Vimeo.AP Photo/Mark LennihanVideo-hosting platform Vimeo cut 6% of its staff in July."We are making this decision in order to ensure we come out of this economic downturn a stronger company," Vimeo CEO Anijali Sud wrote in a blog post. "Our people are what makes Vimeo great, and losing any of them is a personal failure that I feel deeply. But after assessing the challenging market conditions and uncertainty ahead, I believe this is the responsible action to take."Tesla: more than 200 employeesTesla CEO Elon Musk.Yasin Ozturk/Getty ImagesTesla laid off 229 people in late June, according to WARN filings. The layoffs primarily impacted employees in its Autopilot division. Tesla also closed an entire office in San Mateo, California, and moved some of the office's workers to another location, Bloomberg reported.In an interview in June, Elon Musk said he planned to cut between 3% and 3.5% of Tesla's workforce, including 10% of salaried staff. Insider reported that some ex-employees confirmed they had been laid off, though the total number is not known.  Rivian: Around 6% of its workforceRivian CEO RJ Scaringe and a Rivian truck.Kevin Dietsch/Getty ImagesElectric car-maker Rivian confirmed in July that it would cut around 800 employees, or about 6% of its 14,000-person workforce, as it worked to cut costs. The layoffs came less than a year after Rivian went public in the largest IPO of 2021.Gopuff: 10% of its staffA delivery driver is shown picking up a Gopuff bagHannah YoonDelivery startup Gopuff laid off 10% of its staff, Insider reported in July."As a business, during these uncertain times, we owe it to our investors and customers to accelerate our timeline to profitability. As such, we have decided to confront the current moment by making difficult decisions about our core business," cofounders Rafael Ilishayev and Yakir Gola wrote in an email to employees. The latest round of layoffs come after Gopuff cut 3% of its workforce, or more than 400 workers, in March. Re/Max: 17% of its workforceAn "Open House" sign is seen outside of a house for sale.Tim Boyle/Getty ImagesReal estate firm Re/Max will lay off 17% of its workforce by the end of the year, the company announced.The cuts will primarily affect employees in the technology division, the result of a "shift in strategy" as it partners with a third-party technology vendor, Re/Max said.  Microsoft: Less than 1% of employeesMicrosoft CEO Satya Nadella.Stephen Brashear/Getty ImagesMicrosoft announced in July that it was cutting a "small number" of employees across several groups, including consulting and customer and partner solutions, a company spokesperson told Bloomberg.JPMorgan: Over 1,000 workersAmr Alfiky/ReutersIn June, JPMorgan confirmed that it would lay off over 1,000 employees in its home-lending department. The cuts came amid slowing demand for mortgages and refinances. "Our staffing decision this week was a result of cyclical changes in the mortgage market," a JPMorgan spokesperson said in a statement to Insider at the time. "We were able to proactively move many impacted employees to new roles within the firm and are working to help the remaining affected employees find new employment within Chase and externally."Netflix: About 500 peopleNetflix Co-CEO Reed Hastings.Getty Images LatamNetflix has seen 4 rounds of layoffs this year, totaling around 500 workers. The company laid off around 450 people this summer - with one round of layoffs affecting 150 workers in May, and another round affecting 300 in June. Before that, in April, the company laid off 25 marketing employees from its new fan site, Tudum. Most recently, Netflix downsized its animation department, announcing it would lay off 30 employees.  The company may be seeing a turnaround in its financials, though. The streaming company reported losing 200,000 subscribers in the first quarter and nearly 1 million in the second. However, in mid-October, Netflix added 2.4 million subscribers, reversing its decline. Compass: 450 employeesA house for sale marketed by the real-estate brokerage Compass.Smith Collection/Gado/Getty ImagesReal estate brokerage Compass cut about 10% of its workforce, or 450 employees, the company announced in a regulatory filing. The cuts were part of a series of new cost-cutting measures that include pausing expansion, consolidating offices, and halting mergers and acquisitions, Bloomberg reported.Redfin: About 6% of total employeesRedfin CEO Glenn Kelman.RedfinReal estate brokerage Redfin conducted layoffs in June, a sign that the hot pandemic-era housing market had begung cooling off due to rising interest rates.CEO Glenn Kelman wrote in a blog post that about 6% of the company's total workforce would be cut, which equates to 470 employees, according to a regulatory filing. "I said we wouldn't lay people off unless we had to. We have to," Kelman wrote. "Mortgage rates increased faster than at any point in history. We could be facing years, not months, of fewer home sales, and Redfin still plans to thrive."Coinbase: About 18% of its workforceCoinbase CEO Brian Armstrong.Patrick T. Fallon / Getty ImagesCrypto exchange platform Coinbase announced it would reduce its staff by 18% "to ensure we stay healthy during this economic downturn." That same day, over 1,000 employees were notified they'd been laid off when they were unable to log into their work email accounts — the company said in a regulatory filing that its workforce will be reduced to about 5,000 employees by the end of the second quarter of 2022.The layoffs come amid a crypto crash that has resulted in traders losing roughly $2 trillion since November, NBC News reported.Coinbase CEO Brian Armstrong wrote in a blog post that the layoffs are the result of the company growing too quickly, changing economic conditions, and the need to keep costs low during a downturn. Carvana: About 2,500 peopleErnest Garcia III, CEO of online car dealer Carvana.Brendan McDermid/ReutersIn May, Carvana cut 12% of its staff, or about 2,500 employees, the online car dealer announced in a regulatory filing. In an email to employees, CEO Ernest Garcia III said that the company has overestimated growth amid a challenging time in the auto industry.By cutting staff, Carvana aims to find "a better balance between its sales volumes and staffing levels," the company said in the SEC filing. Carvana was founded by Garcia in 2012 as a subsidiary of his father's company, DriveTime Automotive. Carvana's service allows customers buy cars online, which are delivered to customers' doors or picked up at a Carvana vending machine. Both father and son saw their fortunes skyrocket during the pandemic as demand for used cars hit new highs. Carvana said in its SEC filing that executives would forego their salaries for the rest of 2022 to help cover employee severance pay.Reef: About 750 peopleEmployees unload at a Reef location.Pat Greenhouse/The Boston Globe via Getty ImagesGhost-kitchens company Reef Technology laid off 5% of its global workforce in May.The SoftBank-backed startup cut about 750 employees as it worked toward profitability amid a challenging economic environment, CEO Ari Ojalvo wrote in a memo to staff obtained by Insider.The layoffs come months after Reef said it would pause operations on some of its "underperforming" locations. Current and former employees told Insider that Reef had closed one-third of its kitchens and focused on its partnerships with major chains like Wendy's and Buffalo Wild Wings.Better: About 4,000 peopleVishal Garg is the founder and CEO of Better.com. He was responsible for laying off hundreds of people right before the holidays in 2021.Better.comStarting in late 2021 and continuing through the first several months of 2022, mortgage startup Better.com laid off approximately 4,000 people.The first wave started right before the holiday season in 2021, when CEO Vishal Garg laid off "hundreds" of people.Garg told employees during a Zoom call that the company, "lost $100 million last quarter," which he said, "was my mistake." He then said the layoffs shouldn't have happened right before the holiday, but, "three months ago." Better followed up with another 3,000 layoffs in March, and began accepting voluntary layoffs in some departments.Noom: 495 peopleSaeju Jeong, cofounder & CEO of Noom.Sam Barnes/Sportsfile for Web Summit via Getty ImagesIn April, the weight-loss app maker Noom laid off hundreds of coaches, Insider reported — part of a bigger-picture pivot for the company toward more video-based coaching.The company, through its app of the same name, pairs dieting with personal coaches to achieve weight loss for users. Interactions with those coaches were often through text, which users critiqued as "canned advice." Some coaches told Insider they were responsible for giving advice to hundreds of users at any given time.Going forward, Noom said it would focus on offering users scheduled video calls with coaches.Thrasio: Up to 20% of staff, sources sayThrasio founder and CEO Carlos Cashman.ThrasioThrasio, the company known for creating the Amazon aggregator market, is laid off an unknown number of people in May. Additionally, the company's CEO and founder, Carlos Cashman, stepped down from leadership. In a memo sent to employees, Thrasio leadership said the layoffs were due to the company's "hypergrowth" in acquiring companies."At times we have been acquiring a new company almost every week," the memo said, "and running hard to build the infrastructure to support this growth."Two sources told Insider at the time that the layoffs would impact up to 20% of Thrasio's staff.Wells Fargo: Unknown number of people in mortgage lendingREUTERS/ Shannon StapletonAs mortgage revenues fell at Wells Fargo in the first quarter of 2022, the company began laying off employees in mortgage-related positions, Insider reported in late April.Loan processors and underwriters, among other positions, were reportedly affected by the layoffs. Wells Fargo representatives declined to say how many people were impacted by the cuts, but did confirm the layoffs in an emailed statement."We are carrying out displacements in a transparent and thoughtful manner and providing assistance, such as severance and career counseling. Additionally, we are committed to retaining as many employees as possible and will do everything we can to help them identify other opportunities within Wells Fargo," a Wells Fargo spokesperson said in a statement provided to Insider at the time.Canopy Growth: 250 peopleMaster Grower Ryan Douglas smells a marijuana plant in Smith's Falls, Ontario, on February 20, 2014.Blair Gable/ReutersOne of the world's largest publicly traded cannabis companies, Canopy Growth, slashed 250 jobs in Canada earlier this year as it faces increasing competition in the burgeoning cannabis market.Layoffs were among several cost-cutting measures that Canopy Growth is taking "to ensure the size and scale of our operations reflect current market realities and will support the long-term sustainability of our company," Canopy Growth CEO David Klein said in a statement at the time.Food52: About 20 peopleCofounder and CEO of Food52, Amanda Hesser.Food52After raising $80 million from investing firm The Chernin Group last December, the content-creation team at food publication and retailer Food52 was suddenly laid off in early April.About 20 of the company's 200 employees were let go in the layoffs, which came as a major surprise to those affected."Everyone on the team and my immediate boss were gut-punched," one of these employees told Insider. "We all had gotten raises and bonuses just a month prior."Two of the employees who were laid off said Food52 executives told them the company was "pivoting to commerce," and away from the type of content that was created by the affected employees: recipes and other instructional cooking content.Cameo: 87 peopleCameo operates a service where users can pay celebrities to record personalized audio or video clips.CameoVideo app Cameo laid off 87 people in early May."Today has been a brutal day at the office," CEO Steven Galanis wrote on Twitter. "I made the painful decision to let go of 87 beloved members of the Cameo Fameo."Galanis described the layoffs as a "course correction" in a statement to Variety. The cuts followed a staffing boom during the pandemic, when the company grew from around 100 employees before 2020 to about 400 in 2022. PayPal: 83 peoplePayPal headquarters in San Jose, California, on February 2, 2022.Justin Sullivan/Getty ImagesIn April, PayPal quietly laid off 83 people, according to a regulatory filing. The company employed more than 30,000 people worldwide, over a third of whom are based in the US. The cuts appear to be tied to the company downsizing its presence in the San Francisco Bay Area, according to TechCrunch.Gorillas: 'Nearly 300' peopleGorillas CEO Kagan Sumer.GorillasGerman grocery-delivery company Gorillas announced layoffs of "nearly 300" people around the world in May. The layoffs, the company said, were part of a larger "shift to long-term profitability," which meant trimming staff as Gorillas focuses on its five "core" markets: Germany, France, the Netherlands, the UK, and the US.Impacted employees, who were mostly corporate staff, were shocked by the sudden layoffs."It's not a secret that the company hasn't been doing well, but I didn't expect to wake up and lose my job," a Berlin-based employee who was laid off by Gorillas told Insider. "My managers weren't even aware or consulted. It's not the laying off that hurts, it's the way it's been done."Hello Fresh: about 600 peopleA HelloFresh meal kit in a box.HelloFreshThe Germany-based meal kit company announced it planned to close a Richmond, California, warehouse and eliminate 611 workers' roles by December 11. HelloFresh saw a spike in sales early in the pandemic as more people were forced to cook at home, but sales have faded lately. The company's stock is down more than 70% so far this year — and meal kit rival Blue Apron has seen a similar plunge in its share price. "The lease for HelloFresh's production facility in Richmond is expiring at the beginning of 2023 and after an extensive analysis of our production network, HelloFresh has decided not to extend the lease," a spokesperson said in a statement to Insider.Walmart: at least 1,700Walmart CEO Doug McMillonDrew Angerer/Getty ImagesWalmart announced layoffs in its corporate division, as well as at one of its fulfillment centers. In mid-October, the retail giant filed a Worker Adjustment and Retraining Notification, or WARN notice in Georgia, announcing its plans to let go of nearly 1,500 workers. The company said it plans to turn a fulfillment center in the Atlanta area to support third-party sellers for Walmart. Earlier this year, the Wall Street Journal reported that Walmart planned to cut around 200 corporate jobs amid a company restructuring effort. Walmart's sales growth — which exploded during the height of the pandemic — has leveled off recently. In the second quarter of 2022, Walmart's e-commerce sales grew by 12% year-over-year, compared to 97% growth in the second quarter of 2020. Oracle: at least 60, but potentially much moreLarry Ellison, the founder of Oracle.Robert Galbraith/ReutersThe scope of Oracle's layoffs this year remains murky.In July, Insider reported that Oracle's advertising division quietly had two rounds of layoffs, totaling a loss of 60 workers. In August and October, Insider reported that Oracle held two rounds of layoffs that included the company's marketing, customer experience, and cloud divisions.Insider estimates the August round of layoffs potentially affected thousands of jobs across the world. What is clear is that the number of employees laid off is higher than the company has publicly let on. In an SEC filing, Oracle said it expects to incur $519 million in restructuring costs "primarily related to employee severance" through August 2023. Nordstrom: 222Jeff Greenberg/Contributor/Universal Images Group Editorial via GettyIn September, Nordstrom filed a WARN notice in Iowa announcing that it planned to cut 222 employees at a distribution center in Cedar Rapids. The layoffs were set to be completed by October 18, according to the filing. Despite rising inflation, Nordstrom is still growing its bottom line. The company reported that its revenue grew by 12% year-over-year in the second quarter, and the company said it's focused on boosting e-commerce sales. Amazon: at least 560, likely moreAmazon CEO Andy JassyJerod Harris/Getty Images for Vox MediaAmazon abandoned multiple projects this year in an effort to cut costs, which led to at least 560 layoffs.In April, the company shuttered physical-store concepts like Amazon 4-star, Amazon Books, and some pop-up stores. The company said it laid off 51 employees in New York due to those store closures. This summer, Amazon filed a WARN notice in Maryland that it would lay off 353 workers from two Amazon warehouses, effective October 25. In September, Amazon announced it shut down its telehealth unit and lay off 159 employees.Amazon also ditched several robotics ventures, blue-sky research initiatives, and an online educational business this year. For some of those projects, Amazon gave workers a choice to leave with a severance package or find another position within the company. It's unclear how many of those workers were laid off. Amazon shaved its headcount by 99,000 people in the second quarter, and the e-commerce giant is clearly taking steps to shrink its workforce, though Insider cannot confirm that headcount shrunk solely due to layoffs. Credit Suisse: 2,700 peopleUlrich Körner, chief executive of Credit Suissevia ReutersThe embattled investment bank announced in late October that it plans to "radically restructure" and cut 5% of its headcount, or 2,700 workers. The company said it plans to reduce its headcount by 9,000 workers in the next 3 years. Credit Suisse has been hit with several catastrophes in recent years, including a $5 billion blow from the collapse of Archegos Capital Management last year. VF Corp: 300 workersStreet style brand Supreme is owned by VF Corp.Edward Berthelot/Getty ImagesVF Corp, which owns various retail brands like The North Face, Vans, and Supreme, confirmed to Insider it told employees about plans to lay off 300 employees and eliminate 300 open positions in early September. VF Corp reported a 4% decline in revenue for its second quarter, attributing the slowdown to a covid-related disruption in China and broader macroeconomic headwinds. Gannett: 3% of its US workforceGannett announced widespread layoffs this year.Associated PRessGannett, the largest newspaper chain in the US, reportedly laid off 3% of its US-based workforce or about 400 employees.Poynter reported that CEO Mike Reed informed staff of the layoffs — as well as Gannett's plan to eliminate 400 open positions — at a companywide Q&A in August. Poynter reports that the layoffs started one week after the company reported weak quarterly results. The company, which owns USA Today, along with local newspapers in 46 states, reported a net loss of nearly $54 million in the second quarter. Ford: about 3,000 workersFord CEO Jim FarleyJEFF KOWALSKY / Contributor / GettyFord plans to lay off roughly 3,000 salaried and contract workers as part of a restructuring and shifting focus toward producing electric vehicles. The automaker has estimated that electric cars require 30% less labor than conventional vehicles. Ben Gilbert contributed to an earlier version of this article.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 1st, 2022

The UK’s Biggest Unicorn Companies In Terms Of Valuation

Darktrace, The Hut Group, Deliveroo, Oxford Nanopore, Wise…. these are all examples of UK ‘unicorn’ companies that have gone live on the London Stock Exchange in recent years. By definition, a unicorn company is a privately held company with a valuation of over $1bn (around £880m) by market investors. The term was originally coined in […] Darktrace, The Hut Group, Deliveroo, Oxford Nanopore, Wise…. these are all examples of UK ‘unicorn’ companies that have gone live on the London Stock Exchange in recent years. By definition, a unicorn company is a privately held company with a valuation of over $1bn (around £880m) by market investors. The term was originally coined in 2013 by venture capitalist Aileen Lee to describe successful US software businesses, although this has since expanded to encompass all industries on a global level. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2022 hedge fund letters, conferences and more   Find A Qualified Financial Advisor Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals, get started now. Share trading provider CMC Markets (click to learn more) has conducted research into some of the UK’s biggest unicorns by estimated valuation, according to data from Reuters and The Financial Times. The company has also gathered data to see how many average monthly searches each business earns on Google to see if there is a positive correlation between customer interest and market cap. Search volume data is taken from website analysis tool Ahrefs. The UK's Biggest Unicorn Companies So, let’s take a look at the data and analyse it in further detail below. Company Valuation Average Monthly Searches Checkout.com £35.5bn ($40bn) 2,300 Revolut £29.29bn ($33bn) 107,000 Hopin £6.92bn ($7.8bn) 8,400 OneTrust £4.53bn ($5.1bn) 6,000 Monzo £4bn ($4.5bn) 212,000 CMR Surgical £2.66bn ($3bn) 3,800 Starling Bank £2.5bn ($2.82bn) 151,000 BrewDog £1.88bn ($2.18bn) 34,000 Zilch £1.77bn ($2bn) 244,000 Gymshark £1.2bn ($1.35bn) 611,000 Checkout.com The company with the largest estimated valuation in the UK is digital payments processor Checkout.com with a market cap of £35.5bn. Despite this, it has the lowest number of monthly Google searches, suggesting that the company is relatively under the radar with its services. It operates an end-to-end platform based on cloud technology, offering global payments services, card and bank payouts, fraud detection and authentication services. Revolut Not far behind Checkout.com is Revolut, a neo-bank that has managed to raise capital from Softbank and Tiger Global Management in recent years, bringing its estimated valuation to over £29bn. The company has more than 20 million personal users and 950,000 business users across 200 countries around the world, providing currency exchange and transfer services, as well as foreign exchange, cryptocurrency and stock trading. Hopin One of the newest companies on this list, events technology platform Hopin was founded in 2019 and has managed to achieve unicorn status in less than three years. Its success can be somewhat attributed to the Covid-19 pandemic, when businesses were forced to run virtually due to regional lockdowns, leading to a spike in demand for video conferencing software. Compared to Zoom and Microsoft, Hopin may appear relatively unknown, but the company still has a high valuation of £6.92bn. OneTrust With joint headquarters in Atlanta, US and London, UK, this cybersecurity business joined the unicorn list in 2019. Its platform connects privacy, GRC, ethics and ESG data together so that companies of all sizes can collaborate and stay vigilant in the face of cyberthreats. Before reaching a $1bn valuation, OneTrust made several business acquisitions to expand its customer base and product offering, which is a useful tactic for start-ups. Monzo The company with the fifth highest valuation of £4bn is Monzo, another British neo-bank. The business offers personal and business current accounts, savings accounts, cash ISAs, overdrafts and loans with over 6 million customers in the UK. Monzo has an average monthly search volume of 212,000 on Google as one of the most popular digital banks across the country. CMR Surgical CMR Surgical is one of the biggest MedTech start-ups in the UK with an estimated market cap of £2.66bn. The company operates Versius, a robotic surgery system that blends technology and healthcare together to create high-quality medical devices. Its headquarters are settled in the tech cluster of Cambridge despite generating publicity across other hubs in the US and China. Starling Bank Similar to Revolut and Monzo, Starling Bank is the third online bank on this list of unicorn companies. The digital challenger bank offers personal, business and joint accounts, as well as child and teen options, and a variety of lending products. Despite having a much lower valuation than Revolut of £2.5bn and only 2.7 million customers in comparison, Starling Bank has a higher volume of 151,000 searches per month on Google. BrewDog Based in Aberdeen, this multinational brewery and pub chain is still privately owned with an estimated market cap of £1.88bn, although investors can get involved with BrewDog shares through its ‘Equity for Punks Tomorrow’ scheme. The company has seen a rather turbulent couple of years due to the Covid-19 pandemic, postponing its IPO originally planned for 2021 and fluctuating in valuation around the billion-pound figure. Zilch Zilch became the fastest ever British unicorn in 2021 after securing investments from Goldman Sachs and DMG Ventures, valuing it at £1.77bn. It reached this status within a record-breaking 14 months after its first Series A funding round. Zilch acts as a virtual credit card where users can checkout and pay later in thousands of stores worldwide. It faces steep competition within the buy-now-pay-later (BNPL) market from international competitors such as Klarna, Afterpay and Zip. Gymshark Interestingly, although Gymshark has the highest average search volume of more than half a million searches on Google for the brand, it has the lowest valuation of the 10 unicorns at £1.2bn, showing there is no clear correlation between the two values. The company had never raised equity before reaching unicorn status in 2020, showing the contrast between industries on this list, where fintech unicorns appear more actively involved in raising capital for the business. CMC’s chief market analyst Michael Hewson comments on the results, “given that London is one of the biggest hubs in the world for finance and technology, it’s no surprise to see so many highly valued unicorns on this list. The UK is constantly progressing in the world of start-ups and has created rivals for major US players like Stripe, Databricks and Chime”. In fact, according to data from Tipalti, the UK currently ranks in 4th position for the number of unicorns worldwide, after the US, China and India......»»

Category: blogSource: valuewalkOct 25th, 2022

Forbes Global Properties Welcomes EQTY to Exclusively Represent California’s Orange County and Greater Palm Springs

Forbes Global Properties, a curated consumer marketplace of luxury homes and an invitation-only membership network of top real estate firms, is proud to welcome luxury residential specialists EQTY to its prestigious ranks. The exclusive Forbes Global Properties representative of California’s Orange County and Greater Palm Springs Desert communities, EQTY combines one of... The post Forbes Global Properties Welcomes EQTY to Exclusively Represent California’s Orange County and Greater Palm Springs appeared first on Real Estate Weekly. Forbes Global Properties, a curated consumer marketplace of luxury homes and an invitation-only membership network of top real estate firms, is proud to welcome luxury residential specialists EQTY to its prestigious ranks. The exclusive Forbes Global Properties representative of California’s Orange County and Greater Palm Springs Desert communities, EQTY combines one of the country’s top-performing residential real estate teams and results-driven leaders with industry-leading technology and proprietary data to deliver unparalleled client-centered service. Established in 2022, EQTY was founded and is led by Chairman Mike S. Shapiro, Agent Tara Shapiro, and President and Chief Financial Officer Karen Weinberg. Mike brings a wealth of experience to EQTY as an accomplished entrepreneur, investor, speaker, corporate coach, and Forbes book author whose results-oriented methods help individuals and organizations alike leverage insights for stellar results. His acclaimed system is based on skills he developed as a market maker and trader with the Chicago Board of Options Exchange, where he learned to use information to predict behaviors, leverage opportunities and achieve game-changing results. He parlayed his method into the real estate industry in 2008 when he purchased a nearly bankrupt firm in coastal Orange County and grew it into one of the world’s largest Sotheby’s International Realty brokerages, with 1,200 agents and annual sales exceeding US $7 billion. Mike is a frequent and featured industry speaker, most recently appearing at the National Association of Realtors’ iOi Summit discussing the inherent correlation between real estate and Wall Street. He is also a co-founder and managing director with Plunk, a Seattle-based real estate, financial services technology startup. Recognized in 2021 as the #1 Individual Agent in Newport Beach, #21 Individual Agent in California, and #54 Individual Agent in the U.S. by volume by Real Trends, Tara skillfully brings together buyers and sellers of distinguished properties throughout Orange County. Her name is synonymous with coastal Newport Beach luxury real estate, and clients appreciate her educated perspective on the nuances of buying and selling within this unique market. Drawing from a successful career that has delved into financial, consumer goods, entertainment, technology, and residential real estate, Karen has a proven track record of positively disrupting industries, streamlining operations, and maximizing profits. Alongside Mike, Karen put her operational, branding, marketing, analytical skills, and financial savvy to work and was responsible for the growth and success of a revitalized coastal Orange County brokerage, increasing annual sales from US $200 million to more than US $7 billion. The exclusive worldwide residential real estate partner of Forbes, Forbes Global Properties provides branding and marketing services to the world’s premier property firms and is now represented by more than 12,600 agents across 19 countries in approximately 400 locations. EQTY joins this network of top brokerages with proven records of success in luxury property sales and exceptional client service. “It is my privilege to welcome EQTY to our global community of respected luxury property experts,” said Michael Jalbert, CEO of Forbes Global Properties. “Mike, Tara, and Karen have assembled a dynamic team of local experts in these prized Californian luxury markets, whose intimate market knowledge and data-backed approach will be appreciated by our audience of global luxury home buyers.” As a member of this exclusive network, EQTY will benefit from Forbes’ engaged audience of more than 140 million to connect, inspire, and inform affluent potential homebuyers and sellers about the finest properties for sale. Homes will be presented across Forbes and Forbes Global Properties print, digital, and social media channels with expert commentary, timely market data, and top-tier editorial. EQTY’s prime residential listings will also be showcased on forbesglobalproperties.com, a curated collection of high-value homes for sale worldwide. The post Forbes Global Properties Welcomes EQTY to Exclusively Represent California’s Orange County and Greater Palm Springs appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyOct 12th, 2022

You can now edit and unsend text messages on an iPhone. Here"s how.

This week, iOS 16 became available for iPhone owners to download — giving them the ability to edit and unsend iMessages. Here's how it works. Wishing you all a happy Friday Eve, I'm your host, Jordan Parker Erb. May your Thursday be as sunny and warm as it's projected to be in New York today.And to my readers in the UK and across Europe, be forewarned: Today's the day Amazon is increasing its Prime membership prices. Here's what you'll want to know.Also, the Ethereum blockchain completed its long-awaited Merge upgrade early this morning, cofounder Vitalik Buterin said in a Twitter post. Now, let's get to the rest of the news. If this was forwarded to you, sign up here. Download Insider's app here.Apple1. It's here: iPhone users can now edit and unsend their texts. On Monday, Apple's fall software update, iOS 16, became available for users to download. Insider reporter Katie Canales took the feature for a test drive — and is convinced it's one of Apple's neatest software updates to date.By holding down on a text, you'll have the option to "Undo Send" or "Edit" your message. If you're messaging with someone who hasn't downloaded the update, however, they will get two texts: the original and the edited version. If you unsend a message, the recipient may still see the original message on devices where the software hasn't been updated.Keep in mind, the new features won't work if you're communicating with Android users and their green-colored bubbles — adding more fuel to the ongoing drama between Google and Apple. Overall, though, Katie found it was an exciting new feature to have in the Apple toolbox — so much so that she said it might be the coolest thing the company has done in a long time.Everything you'll need to know about unsending texts.In other news:Prime Video, Netflix, and Spotify are three popular subscription services.Silas Stein/picture alliance via Getty Images2. Netflix laid off 30 animation studio workers. In an email to staff Wednesday, the company said it'd be letting go about 2% of its animation unit. Since the start of the year, Netflix has cut more than 450 staffers, plus 70 animation contractors. More on the latest Netflix cuts. Plus, read the memo sent to staff. 3. A package that exploded on Northeastern University's campus had a note criticizing Mark Zuckerberg attached. CNN reported the package — which was one of two — included a note that criticized the Facebook founder, and the relationship between academics and the advancement of virtual reality. One university worker was injured. What we know so far.4. Want cereal in the office? Collect donations. According to a former Amazon employee, one of the company's managers took away a team's cereal privilege to save money — and asked staff to donate cereal instead. Everything else the employee shared.5. Startup founder salaries have been upended in the market downturn. New data suggests that founders in locations like the Bay Area and Los Angeles have recently seen their salaries dip, perhaps in part because of a tough VC funding environment and macroeconomic uncertainty. How the downturn has affected founders.6. Google will be forced to pay more than $4 billion to the European Union. The tech giant just lost its appeal in its court battle over claims of Android's anticompetitive behavior. Get the full rundown here.7. A startup that lets workers access their wages as they earn them just raised $10 million in fresh funds. Rosaly, a French salary advance fintech startup, wants to become a platform for employee financial wellbeing. Take a look at the pitch deck they used to woo investors, and explore our library of successful pitch decks.  8. A new chart shows the tech companies with the most expensive stock compensation. Amazon and Google are leading the trend of public tech companies diluting their stockholders as a compensation strategy to woo talent to their companies, Insider's analysis found. See where other firms fall.Odds and ends:Avoid oily snacks.Getty Images9. Google's newest product is… potato chips? Ahead of the release of its new Pixel 7 phone in Japan, Google just revived one of its weirdest marketing ploys: releasing limited-edition potato chips in flavors like Snow Cheese and Obsidian Pepper. Check out Google's potato chips.10. Video shows a food-delivery robot meandering through a crime scene. Posted online this week, the footage shows the robot crossing underneath police tape in Los Angeles and into a crime scene. Watch the little courier scooting through the scene. What we're watching today:Amazon is set to increase the price of its Prime membership in the UK.NASA will provide highlights of Perseverance rover's exploration of Mars, a year and a half after it first touched down. 25 years ago, the Google.com domain name was registered. Tokyo Game Show, an entertainment and gaming event, kicks off today. Keep updated with the latest tech news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.Curated by Jordan Parker Erb in New York. (Feedback or tips? Email jerb@insider.com or tweet @jordanparkererb.) Edited by Hallam Bullock (tweet @hallam_bullock) in London.Read the original article on Business Insider.....»»

Category: smallbizSource: nytSep 15th, 2022