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Ryanair cuts more than 250 office staff across Europe

Ryanair has cut more than 250 staff in offices in Dublin, London, Madrid and Wroclaw, Poland, Europe's largest low-cost airline said on Friday......»»

Category: topSource: reutersMay 15th, 2020

A Google engineer says survivors of the mass layoffs cried in meetings the day around 12,000 of their colleagues were culled

Another engineer told Insider the layoffs meant Google was "just another big company" and the things that made it feel special were "gone." Thousands of US-based Google employees woke up to an email on January 20 saying they'd been laid off.Tsering Topgyal/AP Photo A Google engineer said survivors of the recent mass layoffs cried in meetings the day of the cull. Two engineers told Insider some remaining staff were worried about further job cuts. Google is now "just another big company," one said. Some Google employees who survived the recent cull of around 12,000 staff cried during meetings the day layoffs were announced, a serving employee told Insider.In video calls that day, "some of the folks were sobbing, they were drying their eyes," the employee, an engineer for Google on the East Coast, said.On January 20, Sundar Pichai, CEO of Google parent Alphabet, announced layoffs equating to about 6% of the company's global workforce. Pichai told remaining staff they could work from home that day to process the "difficult news."The East Coast engineer, who has worked at Google for more than 10 years, requested anonymity to protect his employment but his identity is known to Insider.He said that when surviving staff ask each other how they're doing, some joke they're alright because they still have their jobs. People nod to each other with a shared sense of understanding when passing each other in the office, he said: "It's not the typical nonverbal interaction there used to be before. Now it's a meaningful nod."'Just another big company'An engineer on the West Coast who's been with Google for more than 10 years told Insider surviving staff were "angry and sad.""We truly did believe that Google was something different," he said. He spoke on condition of anonymity to protect his employment but his identity is known to Insider."This is just another big company," he said. "Now, anything that used to feel special or like you really were a part of a mission — not just a big money-making machine — that feeling is I think gone."Both engineers said some remaining employees were worried about further cuts.The East Coast engineer said Google employees were often headhunted but didn't leave because of the perks and sense of job security — but perks had been gradually been "stripped down" and the layoffs meant employment didn't feel as secure any more, he said."Now what is left to distinguish this company from any other company, any other recruiter that contacts us with a good offer?" he added.Laid-off Google staff in the US woke up on January 20 to an email saying they'd been cut, though some found out through messages from concerned colleagues.Nicholas Whitaker, who worked in Google's people development team before being laid off, told Insider he saw messages from colleagues that morning asking if he was okay and thought there'd been a shooting or a natural disaster.As access to company systems was cut off on January 20, laid-off staff were forced to reach out to colleagues by other means to say goodbye.The West Coast engineer said surviving staff were given no information about who'd been let go, aside from a "cannot connect" message on Google's internal communication system if they tried to contact them.Several laid-off staff told Insider they'd been overwhelmed by offers of help from current and former staff, such as offers to share résumés. Xoogler, a community of former Google staff, has organized mental-health and immigration-advice sessions. Whitaker said he was offering free meditation and mindfulness sessions."I miss my colleagues," Jarrod Ahalt, a laid-off security engineer, told Insider. "We've been trying to support each other as best as we can."Google didn't respond to Insider's request for comment.Were you recently laid off by Google or another tech company? Contact this reporter at gdean@insider.com.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJan 27th, 2023

Google let go of 31 massage therapists at its California offices amid mass layoffs

The decision to let go of its massage therapists comes as Google eliminates office perks as part of its cost-cutting measures. 27 massage therapists were laid off from Google's Mountain View office, pictured above.Tayfun Coskun/Anadolu Agency via Getty Images Google laid off 31 massage therapists in California, according to state filings.  The massage therapists were among the 12,000 employees Google let go last Friday.  Google has eliminated a number employee perks in recent months as it cuts costs. The Google employees who managed to avoid mass layoffs last week may have to continue doing their jobs without on-site massages.Out of the 12,000 employees Google let go last Friday, 31 of them were massage therapists based in California, according to WARN (Worker Adjustment and Retraining Notification) notices that Google filed with California on January 20.Twenty-seven massage therapists were let go from Google's Mountain View office, the filings show. Two more were based in Los Angeles, and one each in San Bruno and Irvine.The WARN filings present the breadth of Google's layoffs. Staff in California who have lost their jobs include members of the company's corporate counsel, a diversity specialist, recruiting specialists, and dozens of directors across various divisions. The CEO of Google's parent company Alphabet, Sundar Pichai, told staff he took "full responsibility" for the layoffs. "The fact that these changes will impact the lives of Googlers weighs heavily on me, and I take full responsibility for the decisions that led us here," Pichai wrote in a memo e-mailed to his staff last Friday. Google didn't respond to Insider's request for comment before publication. Google, which is known for its generous staff perks, gave employees free massages based on their performance.The decision to let go of a number of massage therapists comes as the company makes moves to eliminate other office perks as part of its cost-cutting measures.In recent months, Google curbed its spending on employee travel, restricting it to "business critical" trips only and not allowing travel for social events or offsite team meetings.Zac Bowling, a Google engineer who was laid off on Friday, told Insider that the perks had become "less interesting" over his eight years at the company.Google isn't the only tech titan trimming its perks. Meta — which cut tens of thousands of jobs late last year — reduced a health and wellness benefits by $1,000, removed free on-site laundry, and put an end to a Lyft subsidy program worth $200 a month.And Twitter, which has laid off thousands of workers since Elon Musk took over in October, has stopped paying for home internet and WiFi costs, training and development programs, and Camp Twitter, a company-wide group event.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJan 25th, 2023

FTX spillover continues to spread as 2 more crypto exchanges initiate layoffs

As Sam Bankman-Fried's crypto saga carries on, crypto exchanges OSL and Amber have slashed costs and initiated plans for layoffs. Sam Bankman-Fried.Tom Williams/Getty Images FTX's collapse has rocked the digital asset sector, and two more crypto exchanges have started cost-cutting measures.  The crypto exchanges Amber Group and OSL will move to reduce operating expenses via staff cuts, according to the South China Morning Post. Amber is "anticipating and preparing itself for an extremely conservative position, so that it can go the long mile." FTX's downfall continues to reverberate through the digital asset sector, with two more crypto exchanges moving to cut costs and reduce staff.OSL and Amber Group will both reduce operating expenses in light of damages to the cryptocurrency market, the South China Morning Post reported Thursday. A subsidiary of Hong Kong-listed BC Technology Group, OSL told the SCMP that it will cut costs by about 33% "in response to current market conditions," and that the process will include a reduction in headcount. As for Amber, which is now based in Singapore and was founded in Hong Kong, the company will slash jobs in its IT, risk management, and compliance departments, after cutting its entire internal audit team, the SCMP reported. At the same time, Amber has been delaying payables to third-party vendors and shuttered an office in Hong Kong's downtown district for a more affordable location. This comes despite Amber completing a $300 million funding round in December, Crunchbase data shows. In a message to the SCMP, Amber said that it's "anticipating and preparing itself for an extremely conservative position, so that it can go the long mile, even if it means having to go back to core business fundamentals during this period."Other crypto exchanges have also announced steep staff reductions recently, including Coinbase and Crypto.com, while Binance said it plans to grow its headcount.Meanwhile, crypto lender Genesis will significantly reduce its workforce amid expectations it will file for bankruptcy, after FTX helped induce a liquidity squeeze.And crypto-friendly bank Silvergate Capital reported a $1 billion fourth-quarter loss this week, as the FTX crash sparked a run at the end of 2022 when customers pulled $8.1 billion in deposits.Read the original article on Business Insider.....»»

Category: dealsSource: nytJan 19th, 2023

How Warner Bros. Discovery layoffs, content cuts, and reorganization shocked Hollywood and fired up Wall Street

Here's everything to know to get caught up on the merger of WarnerMedia and Discovery, including what challenges lie ahead and how WBD CEO David Zaslav plans to tackle them. Warner Bros. Discovery CEO David Zaslav attends the 2022 Time100 gala in New York City.Dimitrios Kambouris/Getty Images for TIME Warner Bros. Discovery formed in 2022, combining a rich array of properties from HBO to CNN. The mega-merger faces challenges including huge debt and rising content costs amid economic headwinds. CEO David Zaslav has slashed content and staff. Read about how his strategy's working and what's ahead. David Zaslav has been enjoying a stock runup after Wall Street analysts expressed increased optimism about Warner Bros. Discovery, with much cost-cutting behind it and growth ahead as it plans to launch a new streaming service.AT&T's WarnerMedia merged with Discovery in 2022 in a $43 billion deal, creating a content behemoth combining Warner's HBO, CNN, and famed Warner Bros. film studio with Discovery's lifestyle and reality fare. The promise was to create a media powerhouse with a new streaming giant that could compete with Netflix and Disney.But the threat of a recession, inflation, a declining ad market, and toughening streaming market have made CEO Zaslav and his team's job of merging the companies — and slashing WBD's debt load of about $50 billion — significantly harder.As the company looks to wring $3 billion-plus in synergies from its units, management has axed creative projects and headcount. Zaslav is facing strategy headaches at CNN, the task of launching a new streamer, and growing competition for top sports rights — all the while batting away rumors of a sale to Comcast and a stock price that's fallen more than 50% since the deal closed, before a jump in January.Here's everything to know to get caught up on the merger, challenges ahead, and how Zaslav plans to tackle them.New leadership to tackle integration challenges and synergiesZaslav quickly assembled a team of Discovery vets who've been together for decades to help him integrate and lead the new company. As part of the merger, top WarnerMedia leaders left, starting with WarnerMedia CEO Jason Kilar and including most of his deputies like WarnerMedia Studios and Networks Group CEO Ann Sarnoff and HBO Max General Manager Andy Forssell.The new team set out to evaluate every property in search of cost savings and ways to juice ad revenue and viewership across the organization.Read more: David Zaslav is about to shake up Hollywood as the new Discovery-WarnerMedia chief. Insiders describe an aggressive deal-maker and demanding boss.Meet the 6 key executives helping CEO David Zaslav integrate Discovery and WarnerMedia, building the new company into a streaming powerWarner Bros. Discovery streaming chief JB Perrette is driving the integration of HBO Max and Discovery+. Here's what insiders say about his low-key leadership style.How Warner Bros. Discovery CEO will tackle his top 3 challenges: streaming integration, rebuilding CNN, and finding a new leader for DC ComicsWarner Bros. Discovery overplayed its hand with hiked ad rates, insiders say, and advertisers are 'nervous' about layoffs that 'cut to the bone'Layoffs and culture clashes as 40,000 employees combineOnce the deal closed, Zaslav and his team faced the gargantuan task of integrating two companies with 40,000 employees globally. Waves of layoffs followed as he and his management team sought to find a promised $3 billion in "synergies," a figure they later increased to $3.5 billion.One of Zaslav's earliest and most dramatic moves was to shutter CNN's streaming service, CNN+, just weeks after it launched, eliminating hundreds of jobs. Buyouts and layoffs on ad sales teams followed.WBD also axed most of HBO Max's non-scripted division and TBS/TNT's scripted teams, and pulled back on CNN's originals.Read more:WarnerMedia-Discovery merger is expected to create $3 billion in savings — here are some of the jobs at risk21 streaming and media free agents on the market after Warner Bros. Discovery layoffsWarner Bros. Discovery insiders fear post-merger structure will chip away at past diversity efforts and innovation: 'Are we going to lose this advantage?'Warner Bros. Discovery touts its huge reality TV portfolio but insiders predict staff cuts and 'intense pressure' to trim unscripted budgets at HBO and HBO MaxWarner Bros. Discovery cost-cutting measures rankle CNN staffers as layoffs across divisions loomA new content strategy that could tarnish crown jewel HBOWBD also looked for savings and revenue by shifting its content strategy ahead of combining HBO Max and Discovery+ into a mega streaming service to launch this spring. The hope is that the new streamer will reduce churn, cut costs, and grow subscriptions by maximizing the content and features of both brands. It's a tricky job that must be executed without disrupting the user experience. There are also questions about how to brand the new service and get consumers to pay more; HBO Max is already at the high end of the streaming market, now at $16 a month for the ad-free version.WBD shocked entertainment insiders by canceling high-profile projects like "Batgirl" and yanking episodes of shows including "Sesame Street" from HBO Max, and it has made other moves that concerned Hollywood creatives. Changes to WBD's crown jewel, HBO, and its programming have been seen by some stakeholders as a threat to the brand's prestige.Read more:Netflix, HBO Max, and more streamers are scrapping original kids series and battling for more IP-based hits like 'CoComelon' in a 'bummer year for animation'Warner Bros. Discovery nearly axed the TV writers workshop known as its own 'farm team,' then rushed to announce a new plan amid Hollywood backlashHBO drama reruns could be headed to TNT or TBS as Warner Bros. Discovery eyes a shakeup of its cable channelsHBO Max could stay as the name for Warner Bros. Discovery's upcoming streamerHBO layoffs, cuts, and 'ill will' over show cancellations have damaged its reputation among TV creatorsRebuilding CNN after hundreds of staff cuts2022 was a year of sweeping layoffs and organizational changes at CNN. Zaslav surprised onlookers in picking Chris Licht, who was a longtime acquaintance but who had never run a news enterprise of CNN's size, and tasking him to overhaul the network. Following in the footsteps of the popular Jeff Zucker, Licht has had a tough start. He's made a series of cost-cutting moves, including hundreds of layoffs. He's also made sweeping programming changes and tried to position the network as less partisan, leading to some head-scratching and confusion about what the strategy is.Read more:CNN CEO Chris Licht is facing an increasingly angry newsroom as more layoffs loom, plans are murky, and staff have lost confidence after 'horrible programming decisions'20 top CNN execs who are on the market after Warner Bros. Discovery layoffs and the shutdown of CNN+ in 2022CNN's new streaming service is shutting down just weeks after its pricey launch, 'a combination of the wrong strategy and wrong capital allocation''Hubris. Nothing more.' Insiders blame Jeff Zucker and Jason Kilar for the rapid demise of CNN+ as Warner Bros. Discovery leadership looks forward.DC Comics, box office battle, and sports rightsZaslav has sought to improve relations with Hollywood and theater owners, but the cancellation of big projects, while delighting Wall Street, has sowed distrust among the creative set. He's found new leadership for DC Comics — James Gunn and Peter Safran — ending a long search, but the unit faces roadblocks, with many different parties in the mix, each with their own vision. WBD wants to remain a big player in sports, so Zaslav will be battling rivals for ever-costlier sports rights, starting with the NBA. To succeed, he'll also have to balance investing in WBD's streaming business without hurting the linear TV business. Read more:CEO David Zaslav is setting priorities for Warner Bros. Discovery, with plans to marshal streaming power, preserve legacy businesses, and shake up cultureDC's movie and TV division has finally found its own version of Marvel's Kevin FeigeWarner Bros. Discovery looks to max out its massive sports portfolio with a possible TV push for Bleacher ReportWarner Bros. Discovery salaries revealed: Pay data shows how much the company recently offered for jobs at HBO and more, despite waves of layoffs and cutsRead the original article on Business Insider.....»»

Category: dealsSource: nytJan 13th, 2023

Twitter Tells Singapore Staff to Clear Desks, Work From Home

Singapore serves as Twitter’s Asia-Pacific headquarters Workers at Twitter Inc.’s Singapore office were told to empty out their desks and vacate the premises, said people familiar with the situation, as Elon Musk continues to pare expenses around the globe. Twitter staff were informed via email Wednesday that they had until 5 p.m. to leave the CapitaGreen building and resume their duties remotely from Thursday, one of the people said, asking not to be named discussing private information. Singapore-based staffers have now been reassigned as remote workers in Twitter’s internal system until further notice, the person added. Read More: Amid Musk’s Chaotic Reign at Twitter, Our Digital History Is at Risk [time-brightcove not-tgx=”true”] Singapore serves as Twitter’s Asia-Pacific headquarters, a region that was hit hard by deep and abrupt job cuts when new owner Musk took over the San Francisco-based firm. The company this month also let go of Nur Azhar Bin Ayob, who had been the head of site integrity for the region and a relatively recent hire. Representatives for Twitter didn’t immediately respond to requests for comment. A spokesperson for CapitaLand, the owner of its Singapore offices, said Twitter remains a tenant at CapitaGreen without elaborating. Read More: Twitter Is Collapsing, and Nothing Can Replace It Musk’s cost-cutting efforts have included not paying rent on its global headquarters, and it was sued over that issue last month by the landlord of its San Francisco offices. Casey Newton of Platformer first tweeted about the Singapore office clearout, adding that the reason for it was failure to pay rent on the facility. —With assistance from Nurin Sofia.....»»

Category: topSource: timeJan 12th, 2023

Embattled crypto group DCG is reportedly under investigation by US prosecutors over money transfers at lending arm Genesis

The SEC and DOJ are probing Digital Currency Group over money flows between the crypto conglomerate and Genesis' lending arm, according to Bloomberg. The SEC and DOJ are investigating crypto giant Digital Currency Group.(Photo by Jakub Porzycki/NurPhoto via Getty Images) Crypto giant Digital Currency Group is under investigation by the SEC and DOJ, according to Bloomberg.  The probe examines money flows between DCG and Genesis' troubled lending arm.  Pressure is growing on DCG following the implosion of FTX that's left it exposed to liquidity issues.  Crypto conglomerate Digital Currency Group is under investigation by US prosecutors over money transfers at its brokerage subsidiary Genesis, Bloomberg has reported. The Securities and Exchange Commission and the US Department of Justice's Eastern District of New York office are looking into financial transfers between DCG and Genesis' crypto-lending unit, called Genesis Global Capital, it said.The US authorities are also probing what investors were told about those transactions, Bloomberg said in its report late Friday, citing people familiar with the matter.The crypto group, which said last week its borrowing and lending business needs more time to sort out its rocky financial situation, defended its practices and said it wasn't aware of any New York probe."DCG has a strong culture of integrity and has always conducted its business lawfully. We have no knowledge of or reason to believe that there is any Eastern District of New York investigation into DCG," the company told Bloomberg. Pressure is piling up on DCG following the implosion of Sam Bankman-Fried's FTX crypto empire. The Genesis parent closed down its wealth management unit last week, citing a "crypto winter" and significant headwinds to the industry.But in November, Genesis Global Capital halted customer withdrawals after FTX's collapse triggered a flood of outflows, draining the firm's liquidity. Genesis' derivatives business had $175 million locked in FTX trading accounts.Brokerage Genesis also faces major losses as a result of loans it made to Three Arrows Capital, and it has filed a claim for $1.2 billion against the failed crypto hedge fund, Coindesk reported in July.Amid the liquidity issues and citing "unprecedented industry challenges," Genesis last week slashed 30% of its workforce in another round of staff cuts. Meanwhile, DCG is embroiled in a public battle with crypto platform Gemini after its co-founder Cameron Winklevoss said the crypto giant owes its customers nearly $1 billion. Winklevoss accused DCG's CEO Barry Silbert of stalling on working out a way to pay back customers of Gemini's Earn interest-bearing account program. DCG and the US authorities did not respond to Insider's request for comment. Read the original article on Business Insider.....»»

Category: smallbizSource: nytJan 9th, 2023

A Malodorous Musk: Twitter employees beg for toilet paper and report a wafting stench on Slack as Elon Musk cuts back on office facilities staff

Since the tech billionaire took over Twitter two months ago, he has continuously cut costs wherever possible, including in cleaning and support staff. Billionaire Elon Musk at the 2022 Met Gala.Noam Galai/GC Images Elon Musk has continually cut costs since taking over Twitter.  The company's office in New York is without maintenance staff, leaving bathrooms uncleaned. IT support employees are also gone, creating gaps in basic needs like computer chargers. Elon Musk's drastic cost cutting at Twitter has some unexpected consequences for employees, including smelly bathrooms and no toilet paper.Over the last three days, staff in Twitter's office in the Chelsea neighborhood of New York City have been seeing the effects of the billionaire's decision to not renegotiate the contracts of facilities maintenance workers who handled in-office supplies and cleaning. Odors from uncleaned bathrooms and several clogged toilets are creeping into hallways and work spaces, according to two people familiar with the stinky situation and messages seen by Insider.Toilet paper is nowhere to be found in the office, said these people, who asked not to be identified discussing noxious topics. Meanwhile, Musk still requires nearly everyone to work in the office five days a week.There have been several requests on Slack and by email from employees for someone at the company to rectify the deteriorating bathroom situation, the people familiar said. As of Thursday afternoon, no one had received a response. A spokesperson for Twitter did not reply to a request for comment.In recent weeks, Musk has been reducing Twitter expenses more than many remaining employees expected, purportedly in an effort to save the company. Several health and wellness benefits have been cut or taken away, free food and office snacks are limited, and office space in San Francisco continues to serve as sleeping quarters and shower space to cut down on hotel costs, while other offices are closed. Even one of Twitter's three main data servers in the US was abruptly shut down last week to save money, three people familiar with the move said.  One worker in the New York office said the lack of basic office necessities like toilet paper was "just bad" and further affecting already low morale at the company. Another employee admitted that if no toilet paper is provided by the company by Thursday, workers will likely be forced to bring their own rolls from home, as colleagues briefly had to do in Twitter's San Francisco headquarters, as noted in a recent New York Times report. A new facilities team was brought in to that office last month, two people familiar with the company said, something that has yet to be afforded to workers in New York.Another issue that has cropped up due to Musk's cost cutting is the lack of an internal IT support team. Nearly all of the employees who would help colleagues on issues with work computers and software were either laid off, fired, or have resigned in Musk's two months of ownership. Remaining staff are left with little to no recourse for common issues ranging from broken computer chargers to accidentally being locked out of internal systems required to do their jobs, the two people familiar said.It's frustrating for employees who run into issues, but also a source of anxiety as it can prevent people from working for periods of time. Performance reviews now occur "basically all the time," one employee said, and high productivity continues to be the main metric for good performance.   In order to resolve issues, the main course of action is Twitter employees asking for help on one of the few remaining public group channels on Slack, most of which have been shut down (including the channel previously used to discuss health and safety concerns on Twitter). Requests are simply going out in hope that someone in leadership will notice, one of the people said, considering employees do not know who they should be addressing any of their questions or needs to.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJan 5th, 2023

Salesforce (CRM) to Slash Operating Costs, Reduce Staff by 10%

Salesforce (CRM) aims to reduce expenses on its operations and boost margins by laying off around 10% of its current workers. Salesforce CRM announced to lay off approximately 10% of its total global workforce, exit real estate and shutdown office spaces in certain markets as part of its broader Restructuring Plan to help the company improve its profitability.Filing with the Securities and Exchange Commission (SEC) in Jan 4, the company revealed that the Restructuring Plan has been designed to “reduce operating costs, improve operating margins, and continue advancing the Company’s ongoing commitment to profitable growth.”Notably, computer software companies like Salesforce were among the strong beneficiaries of the pandemic-induced demand boom for cloud-based services from businesses looking to operate amid lockdowns. Salesforce hired aggressively in the last two years to capitalize on the opportunity.However, with the reopening of economies, the demand for such services has started to moderate, slowing the growth rate of Salesforce. Additionally, growing global slowdown concerns amid the current macroeconomic challenges and geopolitical tensions have led the enterprise to push back its IT spending plans.Salesforce Inc. Price and Consensus  Salesforce Inc. price-consensus-chart | Salesforce Inc. QuoteWe believe that the aforementioned issues have triggered such a move by Salesforce to focus more on margins.Salesforce’s current restructuring plan will include $1.0-$1.4 billion in charges for employee transition, severance payments, employee benefits and share-based compensation, as well as $450-$650 million in exit charges related to the office space reductions. The San Francisco-based company expects to incur $1.4-$2.1 billion in charges over its restructuring plan, of which $800 million to $1.0 billion is expected to be completed by the end of fourth-quarter fiscal 2023.The Customer Relationship Management software leader expects the majority of employee-restructuring related process to be completed by the end of fiscal 2024 and the real estate restructuring related process to be closed by the end of fiscal 2026. However, the estimated period might get extended due to different local laws and consultation requirements in various jurisdictions in which Salesforce operates.In the third quarter of 2023, CRM’s non-GAAP income from operations stood at $1.78 million compared with$1.36 million in third-quarter 2022. For fiscal 2023, the company expects non-GAAP operating margin of 20.7%.Third-quarter revenues were $7.84 billion, indicating a 14% year-over-year rise. An aggressive sales strategy drove the top line at the cost of its profitability as the gross margins remained flat at 73% in third-quarter fiscal 2023. As of Jan 31, 2022, the company’s employee count was 73,541 compared to 56,606 as of Jan 31, 2021.Salesforce's fourth-quarter fiscal 2023 revenue guidance of $7.932-$8.032 billion (mid-point $7.982 billion) includes a $250-million negative impact of unfavorable currency exchange rates. For fiscal 2023, the company expects the stronger U.S. dollar against other major currencies to have a $900-million negative impact on total revenues, which is estimated to be $30.9-$31 billion. Salesforce reduced the year-over-year operating cash flow growth projection to 16% from the earlier stated 16-17%.In the post-pandemic era, tech giants, such as Amazon AMZN, Twitter, Netflix NFLX and Uber Technologies UBER have also sacked staff, witnessing a slump in demand for their products.Recently, Amazon revealed that it intends to lay off more than 18,000 positions to reduce operating costs starting from Jan 18. Since November 2022, the company has already axed about 10,000 employees. As of Sep 30, 2022, AMZN’s employee count was 1.54 million compared with 1.47 million as of Sep 30, 2021.In July, Twitter declared the layoff of 30% of workers from its human resource department to cut costs. The restructuring of the talent acquisition workforce was in response to the shifting business requirements of the company.In June, Netflix sacked 300 employees in the second round of job cuts after losing subscribers for the first time in more than a decade. The reduction was about 4% of the streaming giant’s workforce and mostly affected U.S. employees. This came after the company cut 150 jobs in May.Before that, in May, Uber reportedly reduced its spending and slowed down hiring due to a seismic shift in investor sentiment, through a reduction in staff. In order to better serve its shareholders and their long-term interests, the company aimed to make its business model leaner by cutting down expenses on marketing and incentive.Currently, Salesforce has a Zacks Rank #2 (Buy), while Netflix and Uber carry a Zacks Rank #3 (Hold). Amazon has a Zacks Rank #5 (Strong Sell). Shares of CRM, AMZN, NFLX and UBER have plunged 38.7%, 48.2%, 45.5% and 40.1%, respectively, in the past year.You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Amazon.com, Inc. (AMZN): Free Stock Analysis Report Salesforce Inc. (CRM): Free Stock Analysis Report Netflix, Inc. (NFLX): Free Stock Analysis Report Uber Technologies, Inc. (UBER): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research.....»»

Category: topSource: zacksJan 5th, 2023

Here are 55 real-estate companies that laid people off this year as high mortgage rates and a softening economy ravaged the industry in 2022

Tough economic conditions are taking a toll on big public companies and tiny startups alike. See how these firms, from Compass to Zillow, have coped. A Redfin sign in front of a house for sale.Sundry Photography/Shutterstock CBRE, JLL, and Ribbon are the latest real-estate firms to lay off employees. The layoffs have impacted more than 13,000 workers and come as demand for mortgages has reached its lowest level since 1997. Insider rounded up 55 of the firms who have cut staff amid a cooling housing market. 2022 was a tough year for the real estate industry as many companies were forced to lay off staff because high mortgage rates depressed homebuying demand.Deals that were once profitable for the industry and home purchases that had been affordable for everyday people have been getting slammed by or because of the higher borrowing costs.The aggressive interest-rate hikes by the Federal Reserve and a looming recession have resulted in layoffs galore across the real-estate world, whose stormy seas have triggered worry elsewhere in the economy. The cutbacks are sobering for an industry that just a year ago was flying high with home-price appreciation, increasing rents and plentiful funding for proptechs. The downsizing began in the mortgage industry with Better's Zoom layoffs at the end of last year. That abrupt move came amid expectations for a big slowdown in 2022, and residential brokerages like Compass, Redfin, and Side followed suit as transaction volumes skid.With signs of distress spreading through the office market and among homebuilders, and rate hikes anticipated into 2023, layoffs are mounting. The Mortgage Bankers Association — the industry's largest trade group — anticipates an attrition rate as high as 30%, according to a spokesperson.Indeed, more industry jobs are likely on the line with demand for mortgages now its lowest level since 1997, per the MBA. Some of the latest and notable casualties came from real estate marketplace giant Zillow, consumer lender Finance of America, and international vacation rental company Vacasa.Insider is keeping track of where job cuts are taking place in the residential and proptech sectors, including at companies that have wielded an axe more than once. The companies with layoffs are listed below in alphabetical order.Do you know of other real estate tech or mortgage-related layoffs? Were you affected by them? email anicoll@insider.com or rdavis@insider.com.Amerifirst Home MortgageA couple signing mortgage documents.Getty ImagesPortage, Michigan-based Amerifirst Home Mortgage plans to layoff 59 employees in early 2023 as rising mortgage rates continue to depress homebuying demand, MiBiz reported. "Rising interest rates have impacted the nation's home mortgage industry including Amerifirst," Mark Jones, the company's CEO, told MiBiz in a statement. "Unfortunately, the resulting slowdown forced our company to scale back operations and reduce our workforce."Just days after the layoff announcement, Amerifirst revealed that it is being acquired by Union Home Mortgage, Crain's Detroit reported.AnywellA coworking space.Dowell/Getty ImagesIsraeli proptech startup Anywell, a company that creates hybrid workspaces, announced in August that it will lay off 50% of its workforce in a restructuring. The move impacted 11 employees, primarily from Anywell's operational staff. Anywell's latest round of layoffs came just five months after it raised $10 million in a Series B round. A total of 14 employees have left the company since March. The company added that it plans to focus on software-based solutions.Apartment ListA New York City apartment complex.Getty ImagesApartment listing services are facing mounting economic pressure.Mathew Woods, CEO of ApartmentList.com, announced on LinkedIn on August 31 that the company was laying off 29 people, or approximately 10% of its workforce. Woods said the company was "reacting to market conditions."BetterBetter employees at the company headquarters in New York City.BetterThe online mortgage lender Better started laying people off earlier than most of the companies on this list.In December, CEO Vishal Garg cut 900 employees via Zoom meeting, a move that made headlines around the world. Before the layoffs, Better employed about 9,000 people, 7,000 of whom were hired since the start of the pandemic.The company has since announced another wave of layoffs, cutting 3,000 more employees in March. Insider reported some employees found out they were being laid off when their bank statements received direct deposits for severance payments or when they abruptly lost access to their work computers.The company, which has said it still plans to go public this year, announced voluntary buyouts for employees in some positions and departments in April. Garg, Better, and the blank-check company trying to take the mortgage company public have received formal inquiries from the Securities and Exchange Commission about their business operations and the company's former chief operating officer's claims about corporate malfeasance.BlendNima Ghamsari, the founder and CEO of Blend.BlendBlend, the publicly traded mortgage-tech company that builds software for major mortgage lenders, laid off 200 people, or 10% of the company, in April, according to a filing with the Securities and Exchange Commission first reported by HousingWire.The company had been signaling it had hard times ahead since the end of last year, as declining loans were forecast to hit the company just as hard as its clients, who are the ones actually lending.BungalowThe Biden administration unveiled a plan to tackle the affordable housing crisis in May.E. Jason Wambsgans/Chicago Tribune/Tribune News Service via Getty ImagesBungalow, a company that turns traditional single-family homes and apartments into coliving spaces for roommates, laid off 75 people, or 35% of its workforce, in June, according to Layoffs Tracker and posts by former employees on LinkedIn.The company raised $75 million last year from a mix of investors, led by Deer Park Road Management, with Coatue, Khosla Ventures, Founders Fund, and Atomic also investing. The round valued the company at $600 million.CBREiStockCommercial real estate behemoth CBRE conducted a round of layoffs in mid-December, although it is unclear how many workers have been impacted, according to LinkedIn posts from former employees.The move comes just months after the company announced it would cut more than $400 million in costs during its Q3 earnings call in October, real estate publication The Real Deal reported.Clear CapitalThe Good Brigade/GettyClear Capital, a real estate appraisal technology company, laid off 27% of its workforce on October 14, according to Layoffs Tracker and LinkedIn posts from former employees. The layoffs will impact 378 employees – about 27% of the company's workforce as rising interest rates result in a significant decrease in volume from its customers."Clear Capital is restructuring all company divisions to reduce expenses and support our future business strategy amidst today's housing market reality," CEO Duane Andrews told Insider.CompassA Compass sign in front of a home.Smith Collection/Gado/Getty ImagesThe residential brokerage Compass announced it laid off 10% of its workforce — about 450 employees — in June as residential transactions slowed down. The layoffs did not include real-estate agents, who are independent contractors and not directly employed by the company.Compass, which went public in April 2021 at roughly $20 a share, is down almost 80% over the past two years and trading below $5 a share. The company also plans to combine some offices and pause its plans to expand and acquire other companies.A laid-off employee talked to Insider's Zoe Rosenberg about their experience."My lingering thought is that whatever the impacts of the IPO and the impacts of our rapid expansion across the country, the impacts of the market on our futures — is just that those impacts didn't seem to be handled appropriately, or in the best manner for the associates' longevity with the company," they said.ConveneConveneConvene, a hospitality and co-working company based in Manhattan, laid off 54  employees on December 10, according to commercial real estate publication Bisnow. "Like many companies, we've had to reassess the organizational structure of Convene to best position the business for future growth in an increasingly challenging and dynamic macro environment," the company's CEO Ryan Simonetti wrote in a LinkedIn post about the layoffs. "Unfortunately, this meant making the incredibly tough decision to say goodbye to a number of Convene team members this week."Divvy HomesDivvy Homes is a rent-to-own company headquartered in San Francisco.xeni4ka/Getty ImagesDivvy Homes, a rent-to-own real estate company, in September laid off 40 employees, representing more than 12% of its workforce, according to Layoff Tracker.The San Francisco-based company has raised more than $1.5 billion since it was founded in 2017 and is backed by large investment firms such as Andreessen Horowitz and Tiger Global Management."Although we recognized these macroeconomic challenges in late summer 2022 and took steps to substantially reduce our cost structure in response, it unfortunately was not enough," Kyle Zink, Divvy's VP of Marketing, told Insider."Realistically, the macro environment is likely to remain volatile and challenging for the foreseeable future. As a result, we needed to adjust headcount to reflect the new reality today," Zink continued.Finance of America MortgageA couple signing mortgage documents.Getty ImagesFinance of America Mortgage, a multichannel mortgage lender headquartered in Plano, Texas, laid off hundreds of employees between the second and third quarters of 2022, HousingWire reported in August. The layoffs impacted employees in the US and in the Philippines where workers performed back office tasks such as appraisal checklists, according to HousingWire. "The discontinuation of the forward mortgage originations segment will allow FOA to optimize its resources and prioritize businesses that have a distinct market opportunity and greater growth potential," FOA Interim CEO Graham Fleming said in a press release.First Guaranty Mortgage Corp.A couple signing a mortgage document.Getty ImagesFirst Guaranty Mortgage Corp., a Plano, Texas, lender, laid off 80% of its employees, The Dallas Morning News, and paused making new loans in late June, fueling speculation that the company was going to go bankrupt. The company was backed by the major asset manager Pimco.Just a few days after cutting 471 employees, the company filed for Chapter 11 bankruptcy protection, with more than $473 million in debt. The company, which originated $11 billion in mortgages last year, had projected it could originate only $5 billion to $6 billion in mortgages this year.Flagstar BankFlagstar Bank's logo.Flagstar BankFlagstar Bank, a Michigan bank, cut its mortgage staff by 20% in April. In a statement to HousingWire explaining the 420-employee layoffs, CEO Alessandro DiNello cited interest rates rising "at the fastest rate this century." In the first quarter of 2022, the company's mortgage originations were down 40% from the first quarter of 2021.FlyHomesFlyhomes cofounder and CEO Tushar Garg.FlyhomesFlyHomes, an online brokerage service, cut 40% of its staff, or about 300 people, in November as the company seeks to "preserve capital through uncertain economic conditions," according to a LinkedIn post from the company. The move comes just five months after FlyHomes let go of 20% of its staff, or about 200 people, in July. The company blamed economic headwinds and rising interest rates, according to a report by GeekWire. The Seattle-based company has raised more than $310 million since it opened in 2016. Some of its investors include Andressen Horowitz, Camber Creek, and Spencer Rascoff, who co-founded Zillow. HomepointHome for sale. Joe Raedle / Getty ImagesPhoenix, Arizona-based mortgage lending company Homepoint laid off 117 employees on November 17 as rising interest rates took a toll on homebuyer demand, according to the Phoenix Business Journal. Overall, the company has let go of nearly 500 employees across four states such as Texas, Florida, Michigan, and Arizona in 2022, according to the Mortgage Professionals of America Magazine. The layoffs are part of a broader cost-cutting plan that is estimated to save the company over $100 million after it posted a more than $44 million loss on its Q2 earnings report, MPA Magazine said.HomewardPhoto courtesy of HomewardAustin, Texas-based startup Homeward, which is pioneering the "move now, sell later" transaction, laid off another 25% of its workforce in November, according to a post on the company's LinkedIn page. The move comes just months after the company let go of 20% of its workforce in August as housing transactions dropped. "We don't know how long real estate will continue to soften, so we must plan for a less active market," Tim Heyl, Homeward's CEO, wrote in an email to employees in August, according to a report by The Austin-American Statesman.Since it started in 2018, the company has raised more than $500 million from investors such as LiveOak, Javelin Ventures, and KeyStone Bank. Homeward raised $136 million in its Series B round, which closed in May 2021, according to Crunchbase.HomieSalt Lake City.Darwin Fan/Getty ImagesHomie, an online discount brokerage in Utah, laid off another 40 employees from its Salt Lake City location in October. The round of layoffs account for approximately 13% of its workforce, and brings the company's total cuts for the year up to 159, according to Layoff Tracker.CEO Johnny Hanna said the changing real-estate market and record-low inventory contributed to the decision to trim staff.InspectifyJosh Jensen, the CEO of Inspectify.InspectifySeattle-based home inspection startup Inspectify laid off 16 people on November 28 as rising interest rates and low homebuyer demand cooled-off the red-hot housing market, according to the Puget Sound Business Journal.Inspectify CEO Josh Jensen told the paper that the company still employs about 51 people following the layoffs. Interfirst MortgagePreforeclosure typically begins after three months of missed mortgage payments.AsiaVision/GettyInterfirst Mortgage, a lender based in Chicago, Illinois, plans to let go of 75 employees next month due to rising interest rates, reports Housing Wire. The layoffs will be effective as of January 21, 2023. The move comes just one month after the company let go of 371 employees from its Chicago and North Carolina offices. In all, Interfirst Mortgage has laid off nearly 500 employees over the last 12 months, according to a report by Crain's Chicago Business.JLLChristian Ulbrich, global CEO of JLL.JLLCommercial real estate brokerage JLL laid off employees from its New York and Chicago offices in November, but it remains unclear how many employees were impacted, Bisnow reported, citing multiple sources. "JLL is continuing with measures which were already underway to align our operational structure with our global transformation and reinforce our focus on managing costs," a company spokesperson told Bisnow.JPMorgan ChaseThe JPMorgan Chase corporate headquarters in New York City.Mike Segar/ReutersThe layoff wave hasn't affected only smaller lenders and proptech startups.America's largest bank, JPMorgan Chase, laid off more than 1,000 mortgage employees in June, Bloomberg first reported.The layoffs were a result of "cyclical changes in the mortgage market," a bank spokesperson told Bloomberg.Juniper SquareJuniper Square is a commercial real estate software startup.Ty ColeCommercial real estate software startup Juniper Square laid off 14% of its staff in August, said Chief Marketing Officer Matt Lawson. Lawson said the move primarily impacted Juniper's sales division. Despite the round of layoffs, the company's staffing total will still likely be 20% above last year's, he added. Since opening its doors in 2014, the proptech startup has raised more than $108 million from investors that include Ribbit Capital, Zigg Capital, and Ovo Fund. The company raised more than $75 million in its Series C funding round in September 2021.KeepeKeepe provides home-repair services.Peathegee Inc/Getty ImagesKeepe, a Seattle home-repair company, cut an unspecified number of workers from its small workforce in June, GeekWire reported. (GeekWire counted a total of 36 Keepe employees on LinkedIn.)The company provides home-repair services for other businesses, such as property managers and large corporate landlords.Keller MortgageKeller Mortgage is a division of the brokerage Keller Williams.Maskot/GettyThe mortgage arm of the major brokerage Keller Williams, Keller Mortgage, laid off 150 new hires in October, then laid off many more employees in May, a round that former employees described as "big," "massive," and "huge," according to The Real Deal.The division is largely focused on purchase mortgages because of its relationship with the brokerage.KiaviKiavi offered loans to real estate investors.Daniel Grizelj/Getty ImagesSan Francisco-based startup Kiavi, which offers loans to real estate investors, has felt the impact of rising interest rates on its customers. The company laid off 14 employees in July, representing about 7% of its workforce, HousingWire reported. Kiavi grew quickly in recent years, and in May announced that it had surpassed $10 billion in loans to real estate investors since it opened in 2013.  KnockA for-sale sign in front of a house.Getty ImagesIn March, Knock, a startup that helps homeowners make an offer on a new house before selling their old one, laid off 46% of its staff, roughly 120 employees, Bloomberg reported.At the same time, it halted its plan to go public via special-purpose acquisition company in March. The company had planned to go public at a $2 billion valuation but instead raised $70 million in equity and $150 million in debt in a private funding round that included the movie director M. Night Shyamalan as one of the investors.LandingBlake Callahan / Getty ImagesFully-furnished apartment provider, Landing, conducted a second round of layoffs on December 14, although it is unclear how many employees were let go, according to a report by AL.com. The move comes after the company let go of 110 employees on October 6 and reshuffled another 70 positions to different parts of the country.The company was founded in San Francisco but moved its headquarters to Birmingham, Alabama, in 2021 with the goal of creating more than 800 full-time jobs in the state. Today, the company has a workforce of nearly 900 in the Birmingham area.LevAlexander Spatari/Getty ImagesCommercial real estate finance platform Lev laid off 30 employees on December 7, which represents approximately 30% of the company's workforce, according to a report by The Real Deal.The move comes at a time when commercial real estate property values are falling because of low demand for office and other Class A space, according to CRE data firm Green Street.Mr. CooperMortgage applications have tumbled as interest rates have risen.SAUL LOEB/Getty ImagesThe mortgage lender Mr. Cooper, formerly known as Nationstar, has had two separate rounds of layoffs this year, one of 250 employees and another of 420 employees, or roughly 5% of the company's employees, according to The Real Deal.Like other mortgage lenders, it was hit hard by rising rates, with its direct-lending business declining by 32% year over year.NotarizeBuying a home often requires a notary.Dragana991/Getty ImagesNotarize, a Boston remote-notary service, laid off one-quarter of its staff — or about 110 people — in May, TechCrunch reported.While Notarize is not a traditional real-estate company, it was boosted greatly during the pandemic by the boom in remote real-estate transactions. Many states loosened their rules about in-person notaries and other traditional closing procedures to allow transactions to continue during the early waves of COVID-19.Notarize CEO Pat Kinsel said the layoffs were a result of "the state of the economy and world events" and that it may be harder than expected to raise further investment in the company. The company has raised $213 million since its founding in 2015, most recently a $130 million Series D last year.Offerpadsturti/Getty ImagesOfferpad, a Chandler, Arizona-based iBuying company, laid off approximately 7% of its workforce on November 11 after the company posted a more than $80 million net loss on its Q3 earnings report, according to a report by the Phoenix Business Journal.The company has raised more than $335 million from big-name investors such as homebuilder Taylor Morrison and private equity firm Blackrock, according to Crunchbase. Offerpad went public in September 2021 with a special purpose acquisition company called Supernova Partners. The company's stock has since lost more than 94% of its value, causing Offerpad to receive a delisting notice from the NYSE in November 2022.OpendoorAn Opendoor office.Opendoor Technologies/GlassdoorOpendoor laid off 550 employees on November 2, according to a blog post on the company's website. Founded in 2015, San Francisco-based Opendoor is America's biggest home-flipping company. It's also known as an instant buyer, or iBuyer, which means it buys up single-family homes across the country, lightly renovates them, then resells them for a profit.The move impacted about 18% of Opendoor's workforce across all departments, the blog post said. Opendoor also offered laid-off employees job transition services and a severance package that includes at least 10 weeks of pay."We did not make the decision to downsize the team today lightly but did so to ensure we can accomplish our mission for years to come," Opendoor CEO Eric Wu wrote in the blog post. "And while we may be navigating a once-in-40 year market transition, it doesn't take away the difficulty, frustration, and sadness downsizing brings."OrchardProspective homebuyers and a real-estate agent.Getty Images.Orchard, a startup that helps homeowners buy a home before selling their current home, laid off 180 people, or about 25% of its workforce, on November 17 at a time when homebuyers were increasingly leaving the real estate market, according to Layoffs Tracker. Orchard became a unicorn last year. It was valued at $1 billion after a $100 million funding round led by Accomplice. The company previously laid off about 10% of its staff in June because of "mounting economic uncertainty," according to a LinkedIn post. PacasoPacaso co-founders Spencer Rascoff and Austin Allison.PacasoPacaso, a real estate investment company founded by former Zillow executive Spencer Rascoff, laid off approximately 30% of its workforce on October 11, citing concerns about a global recession, according to The Real Deal. Since its founding in October 2020, Pacaso has raised more than $1.5 billion in seven funding rounds, with more than $1.3 billion coming from debt. In September 2021, the company picked up more than $125 million in a Series C round from 11 investors, including Alumni Ventures, SoftBank's Vision Fund, and Fifth Wall.PennymacKrisanapong Detraphiphat/Getty ImagesPennymac, a California nonbank lender, laid off another 80 employees in October primarily from its Roseville, Westlake, Agoura, Moorpark, and Pasadena locations in California, according to HousingWire. The move comes after the company laid off almost 450 employees across two rounds earlier this year. The first round was announced in March, while the second was announced in May, with the layoffs occurring up to July, according to HousingWire.RealiReali sought to simplify the real estate transaction process.The Good Brigade/Getty ImagesSan Francisco Bay area company Reali shuttered its operations in August, affecting 140 employees, TechCrunch reported. The company cited rising interest rates and a bad market for raising capital as the primary reasons for the shutdown. Reali, which was founded in 2016 in Israel, sought to simplify real estate transactions by allowing customers to buy and sell homes in a single, coordinated transaction. This would have eliminated the need for contingencies and paying two mortgages at once. The company raised a $100 million Series B round in August 2021.Realtor.comFirst-time buyers are up against a market where active listings have dropped nearly 67% since 2020, according to Realtor.com.Denis Novikov / Getty ImagesRealtor.com, one of the most recognizable real estate marketplaces in the world, said in September that it was downsizing its workforce. David Doctorow, the company's CEO, cited slow sales volume and economic headwinds as catalysts for the downsizing, according to Inman.com. A spokesperson declined Insider's request to comment on the move.RedfinRedfin CEO Glenn Kelman.Courtesy of ComparablySeattle-based real-estate brokerage Redfin laid off 862 employees, or 13% of its staff, on November 9, according to a memo posted on the company's website. The move comes after the company laid off 6% of its staff of almost 6,500 in June. Overall, employment at the company has declined by 27% since April 30, the memo said. "A layoff is awful but we can't avoid it," Redfin CEO Glenn Kelman wrote. "We plan to keep increasing our share of the market, but that market in 2023 is likely to be 30% smaller than it was in 2021." The company also said on November 9 that it was shutting down its home-flipping, or iBuying, business, called RedfinNow.RhinoA for-rent sign outside a house.ejs9/Getty ImagesThe New York insurance-tech startup Rhino laid off 57 employees, or more than 20% of its staff, in February, The Real Deal reported.Rhino is one company in a growing group of proptech startups that pays renters' security deposits in exchange for small but nonrefundable monthly payments.The company is part of the Kairos portfolio, a group of related startups led by the investor Ankur Jain. The layoffs came a year after Rhino raised $95 million in a round led by 2021's most active venture investor, Tiger Global Management.RibbonA New York City apartment complex.Getty ImagesNew York City-based startup Ribbon, a software-as-a-solution company for real estate agents, laid off 170 employees — or approximately 85% of its workforce — in November, Business Insider reported. The layoffs come months after Ribbon laid off 136 employees in July as the company seeks profitability, Inman reported. Over the last year, Ribbon has doubled its market footprint to eight states, including Ohio, Arkansas, and Florida, among others. Ribbon has raised more than $900 million since it was founded in 2017. Some of the company's big-name investors include Bain Capital Ventures, Greylock, and Goldman Sachs.Rocket MortgageThe Rocket Mortgage logo.Rocket MortgageRocket Mortgage, the largest mortgage lender in the country formerly known as Quicken Loans, has avoided layoffs by offering 8% of its workforce voluntary buyouts, providing months of compensation, medical benefits, and early stock vesting, National Mortgage Professional reported. It is unclear how many employees have taken the buyout offers.SideA family talking to a real-estate agent.Getty ImagesSide, a startup that provides white-label brokerage services like marketing tools to independent brokerages, laid off 10% of the company's workforce. It cut roughly 40 people in June, Inman reported.In June, a fundraising round brought the company to a unicorn valuation and within striking distance of going public.CEO Guy Gal said in a statement provided to Inman and other outlets that the company grew too quickly to adequately onboard new employees and that leadership decided it needed to slow down growth in the face of the condition of the global economy.SonderSonder CEO Francis Davidson.Cassidy AraizaSonder, one of the multiple proptech companies to go public during a rush of SPAC deals, laid off 21% of its corporate employees and 7% of its frontline hospitality staff in June, Business Travel News reported.Sonder operates short-term rental properties in apartment buildings, including some apartment buildings that it operates entirely as hotels.CEO Francis Davidson said in a meeting, according to Business Travel News, that the layoffs were part of a plan to prepare the company for shifting market dynamics that value profitability over growth. Earlier in the month, Satyen Pandya, Side's chief technology officer, left the company, according to a Securities and Exchange Commission filing.Sprout MortgageMortgage rates have trended down recently.JenniferPhotographyImaging/Getty ImagesSprout Mortgage, which touted itself as the largest originator of nonqualified mortgages, laid off all of its more than 300 workers and shut down operations earlier this month, as HousingWire first reported.Sprout Mortgage is the latest nonqualified-mortgage lender to shutter after the closure of First Guaranty Mortgage Corp.The news prompted a class-action lawsuit from laid-off employees who said they hadn't received paychecks for their last few weeks of work.SundaeRows of suburban houses.David Jay ZimmermanSundae, a marketplace that allows homeowners to sell their homes to investors who then rent out the homes, laid off 15% of its staff, though the total number of people laid off is unclear, HousingWire reported.The layoffs were in June, when Bloomberg reported investors had begun to slow their purchases of homes across the country to rent out because of higher borrowing costs.TomoThe Tomo cofounders Greg Schwartz and Carey Armstrong.TomoTomo, a mortgage startup that focuses on lending to home purchasers, laid off 44 people, or almost one-third of its workforce, in May, Insider previously reported.Greg Schwartz, the company's CEO and cofounder, said the layoffs were a result of the "recent shift in the mortgage and venture-capital markets due to the rapid increase in interest rates."VacasaVacasa rents vacation homes like this one in Montana.Courtesy of Ryan VillinesVacation rental startup Vacasa announced it laid off 280 employees on October 21, in a move that impacted approximately 3% of its workforce, the company confirmed.The layoffs come just weeks after Rob Greyber took over as CEO. It was already trimming staff over the summer, when about 25 salespeople received pink slips.Vacasa has struggled to become profitable since going public in 2021. The company lost $2 million in adjusted earnings in the third quarter of 2022, though it was better than its projected loss of $15 million to $20 million, according to its quarterly report. "We do not take these decisions lightly, but we continuously assess our business, striving to optimize our resources and teams to be efficient and align with our priorities," a company spokesperson told Insider.VeevAmit Haller, Chief Executive Officer and co-founder of VeevVeevVeev, a modular homebuilding company based in San Mateo, California, laid off 100 employees, or about 30% of its workforce, on November 11. The move primarily impacted workers who helped build high-rise housing units, according to a report by CalCalist. The move comes just eight months after the company raised more than $400 million in a Series D round from investors who included Fifth Wall and JLL Ventures. Veev said in a press release that it raised the capital to expand its operations in the US.Wells FargoA Wells Fargo office.Justin Sullivan/Getty ImagesWells Fargo laid off workers across its home-lending operations in April but declined to describe the size or scope of the layoffs to Insider or other outlets.That same month, the company reported that revenues within its home-lending operation were down 33% year over year. The company's chief financial officer, Mike Santomassimo, appeared to forecast further layoffs during its first-quarter earnings call."We've started to reduce expenses in response to the decline in volume and expect expenses will continue to decline throughout the year as excess capacity is removed and aligned to lower business activity," Santomassimo said.The company did not provide further updates about the scope of the layoffs on an earnings call Friday.The WingInside one of The Wing's co-working spaces.Evelyn Hockstein/For The Washington Post via Getty ImagesThe Wing, a New York-based coworking startup that made office spaces for women, shut down its operations in August, according to Layoff Tracker. The company that was founded by Audrey Gelman and Lauren Kassan in 2016 raised more than $117.5 million in funding from investors such as WeWork and Sequoia Capital.Zeus LivingZeus Living rents fully furnished homes.Courtesy of Christopher WillsonZeus Living, a furnished home rental company, laid off 64 employees on October 20 as the company continues to seek profitability and sustainable growth, according to the San Francisco Business Times. The layoffs come approximately 18 months after the startup cut more than 60% of its labor force due to business impacts resulting from COVID. "Like many companies in our industry, we are not immune to the effects of market volatility, inflation, war, and the possibility of a recession," Anni Jones, director of PR for Zeus, told Insider in an emailed statement. Zeus has raised more than $150 million from investors like Picus Capital and Y Combinator since it opened in 2015.ZillowZillow's website shows a series of price cuts on an Atlanta home.ZillowZillow laid off 300 employees as the company pivots to focus on hiring technology and engineering staff, TechCrunch reported on October 26. The layoffs primarily impacted employees in Zillow Offers, its sales team, and staff at Zillow Home Loans, the company's mortgage lending arm. The move comes nearly a year after Zillow laid off 25% of its workforce after shuttering its iBuying program known as Zillow Offers. "As part of our normal business process, we continuously evaluate and responsibly manage our resources as we create digital solutions to make it easier for people to move," a company spokesperson told Seeking Alpha. "This week, we have made the difficult — but necessary — decision to eliminate a small number of roles and will shift those resources to key growth areas around our housing super-app. We're still hiring in key technology-related roles across the company."ZumperAn apartment listed for rent in Manhattan.Bizzarro Agency LLCWhile most of the layoffs have struck the residential-purchase market, companies focused on rentals haven't escaped unscathed.In June, the rental marketplace Zumper cut 15% of its staff, mostly in the sales and customer-service departments, The Real Deal reported. It is unclear how many employees were cut.Axel Springer, Insider Inc.'s parent company, is an investor in Zumper. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderDec 27th, 2022

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

Elon Musk brought his mom to a meeting with advertisers where he tweeted about Trump. He later fired an exec who didn"t find the tweet funny, report says

Later that day, Elon Musk was accompanied by his mom to Heidi Klum's costume party. Maye previously appeared with Elon at the Met Gala and on SNL. Maye Musk and Elon Musk at the Met Gala in May, 2022.Gotham/Getty Images Elon Musk went to New York on Halloween to meet with advertisers and visit the Twitter office. He brought his mom, Maye Musk, along to the meeting where execs asked about un-banning Trump. The billionaire then tweeted a joke about Trump during the meeting. Elon Musk brought his mom, Maye Musk, to a meeting with Twitter advertisers, Bloomberg reported.At around 2 a.m. on Halloween, the Twitter CEO arrived in New York with plans to visit his company's office and convince advertisers that the app was safe.In the afternoon, he held a meeting with Horizon Media — a top ad agency which represents the likes of Burger King, Corona, and Geico. Two advertising executives from Twitter also came along, as well as Musk's friend Jason Calacanis, and Maye Musk.Calacanis is a tech investor who had been part of Musk's inner circle at Twitter – giving him advice on the company, but never holding an official position. After mass layoffs, staff were told to listen to Calacanis' podcast to understand why cuts were necessary.It is unclear why Musk's mother also came to the meeting. Later that night, she also accompanied her son to a costume party hosted by Heidi Klum.Maye has previously appeared with her billionaire son at this year's Met Gala, and on Saturday Night Live.Horizon Media CEO, Bill Koenigsberg, told Musk that some of his clients had heard about the meeting, according to Bloomberg. He said: "They all asked 'Is he going to get Donald Trump back on the platform?'"Musk answered that many people were asking him the same question, before pulling out his iPhone and composing a tweet during the meeting: "If I had a dollar for every time someone asked me if Trump is coming back on this platform, Twitter would be minting money!"—Elon Musk (@elonmusk) October 31, 2022Musk reportedly paused before posting, and asked everyone in the meeting whether they liked his joke. One Twitter executive was opposed to the tweet, but Musk laughed and posted it anyway. The executive was fired later that week, Bloomberg reports.Twitter and Horizon Media did not immediately reply to Insider's request for comment, which was sent outside normal working hours. Read the original article on Business Insider.....»»

Category: worldSource: nytDec 15th, 2022

At least 17 Republicans are checking out their presidential prospects, diminishing Trump"s shot at getting a free pass for the 2024 nomination

At least 17 Republicans have shown they're interested in the 2024 presidential nomination, even though Trump has already declared he's running. Former President Donald Trump arrives to speak during an event at Mar-a-Lago on November 15, 2022 in Palm Beach, Florida.Joe Raedle/Getty Images Donald Trump is the only Republican who has made a '24 run official. But many others have been floating the possibility of entering the GOP contest. From Pence to Haley, here's how Republicans are laying the groundwork for presidential runs. It's beginning to look a lot like 2016. Former President Donald Trump is the only Republican so far who has announced a 2024 presidential run, but numerous others are signaling that they're toying with the same idea. They're doing all the things they're supposed to do to test their chances: Visiting early primary states, writing books, showing up on the Sunday shows, campaigning with other Republicans ahead of the 2022 midterms, and weighing in publicly on President Joe Biden's policies — and even Trump's latest controversies. The next step will be hiring teams in Iowa and New Hampshire, Doug Heye, a longtime GOP aide and strategist, told Insider."You have got a stable of people who are essentially putting themselves all in the starting gates and all have their own timetable about when and if they decide to run," he said. December would be a "frustrating month" for political watchers because "no one is going to move that much," said Kristin Davison, vice president and general consultant at Axiom Strategies. But hopefuls would be floating what she called "trial balloons" — in which they publicly raise the prospect of a run to see how donors and the press will react. Whoever seizes the nomination will likely face Biden, though he has yet to formally declare his candidacy. But, Heye said, "it's a real possibility" that the GOP lineup will be large like it was in 2016.The stakes for losing the nomination aren't all bad, even if Republicans might come out of it with an unforgettable Trump nickname. After all, one of the people running for president could end up getting chosen as running mate or get a seat on the new president's Cabinet.And there are other perks to formally seeking the White House, such as raising one's profile and having a better shot at the presidency during a future cycle. Candidates could also wind up selling a lot more books or leave politics to get a prime TV or radio show. "It's a long, difficult process," Heye said, "and you're more likely to lose than not."Trump's legal, political, and personal liabilities have been piling up in the last month, leading many in the GOP to say the party needs not just a fresh face but to be led by a candidate who can actually win. Insider identified 17 people who could seek the Republican nomination in 2024, including Sens. Ted Cruz of Texas, Josh Hawley of Missouri, and Tim Scott of South Carolina who are up for re-election this cycle and will therefore be in campaign mode anyway. Each will have to effectively answer the "why I'm running for president" question and find their lane in the party — which will inevitably include defining, or redefining, their relationship with Trump. "I don't think you can discount any of them at this point," Heye said. "It's too early to determine who outside of Trump is a frontrunner." Scroll through to see the lawmakers listed here in alphabetical order. Outgoing Rep. Liz Cheney of WyomingRep. Liz Cheney, a Republican of Wyoming, campaigned with Rep. Elissa Slotkin, a Democrat of Michigan, at an Evening for Patriotism and Bipartisanship event on November 1, 2022 in East Lansing, Michigan.Bill Pugliano/Getty ImagesCheney, 56, is the daughter of former Vice President Dick Cheney and one of Trump's toughest Republican critics.She voted to impeach Trump after the January 6, 2021, attack on the US Capitol, and served as vice chair of the House select committee investigating Trump's efforts to overturn the 2020 election.Cheney's actions have come at a cost under the heavy weight of Trump's ire. House Republicans punished her by stripping her of her leadership post, and she lost her US House seat to Trump-backed GOP challenger Harriet Hageman during the state's August primary.But she hasn't been deterred. Cheney said on NBC's "Today" that she would do "whatever it takes" to keep Trump out of the White House in 2024, including "thinking about" running for president herself. "I wouldn't be surprised to see her run for president," Republican Sen. Mitt Romney of Utah told Insider in August. Cheney voted with Trump on policy when he was in office, and remains a conservative, telling the Reagan Foundation and Institute in June that she believes "deeply in the policies of limited government, of low taxes, of a strong national defense." But Cheney said she sees a breaking point with the Republican Party, telling the Texas Tribune Festival in September that she would leave the GOP if Trump became the 2024 nominee.This could mean she'd run for president as an Independent. Already, she has shown she's willing to campaign against Republicans who falsely deny that Biden won the 2020 presidential election.This year, Cheney converted her House campaign finance committee into an anti-election denier leadership PAC called The Great Task. The PAC spent $500,000 on a TV ad in Arizona that urged voters to reject Republicans Kari Lake and Mark Finchem, who were running for governor and secretary of state, respectively. During the 2022 midterms, Cheney endorsed incumbent Democratic Reps. Elissa Slotkin of Michigan and Abigail Spanberger of Virginia. Both won their races. "We had to make sure that we prevented election deniers from taking power," she told The Washington Post's Global Women's Summit in November. Many outsiders see long odds for Cheney, though a poll conducted in Utah found she could be a top contender there. Outgoing Rep. Adam Kinzinger of IllinoisRep. Adam Kinzinger, R-Ill., speaks as the House select committee investigating the January 6 attack on the US Capitol holds a hearing in Washington, DC, on July 21, 2022.AP Photo/J. Scott ApplewhiteLike Cheney, Kinzinger, 44, has spent much of the last year focused on the January 6 committee and drawing Trump's ire. He's the only other Republican on the House committee investigating the riot, and will be retiring from his seat at the end of this Congress, after six terms. Kinzinger told HuffPost in April that he "would love" to run against Trump for the 2024 GOP nomination, but more for the fun of it than to actually win."Even if he crushed me, like in a primary, to be able to stand up and call out the garbage is just a necessary thing, regardless of who it is," he said. "I think it'd be fun."In a move that could be signaling he's planning on doing just that, Kinzinger in early 2021 launched his anti-election denier leadership PAC, called Country First. Kinzinger sponsored several bills that became law, including measures to prevent opioid addiction and a bill to help veterans with medic training transition to EMT work as civilians. Kinzinger served in the Air Force and remains a pilot in the Air National Guard. Sen. Ted Cruz of TexasSen. Ted Cruz, a Republican of Texas, speaks at a rally for Republican Senate candidate Herschel Walker on November 10, 2022 in Canton, Georgia.Megan Varner/Getty ImagesCruz, 51, was the last Republican standing against Trump during the 2016 presidential nomination and had even announced that he'd pick former Hewlett-Packard CEO Carly Fiorina as his running mate. But Cruz — whom Trump nicknamed "Lyin' Ted" — lost following a nasty primary in which Trump levied highly personal attacks against the senator, including disparaging his wife's looks and falsely suggesting that Cruz's father had something to do with the assassination of President John F. Kennedy. Once Trump was in office, however, Cruz was one of the president's  biggest defenders. He voted to overturn the 2020 election results in Arizona and Pennsylvania and helped to secure Trump's acquittal in his second impeachment trial. In recent months, Cruz has been spending time in New Hampshire and campaigned with retired football star Herschel Walker in the Georgia Senate runoff. While in the Senate, Cruz led the successful effort to zero out the unpopular fine on the uninsured created by the Affordable Care Act.More recently, Cruz used Ketanji Brown Jackson's Supreme Court confirmation hearing to score points for a potential 2024 run, questioning her about school curriculum on race. Before coming to Congress, Cruz was solicitor general in Texas, a role that involves arguing cases before the Supreme Court. When Insider asked whether Trump's latest missteps had provided an opening for him to jump into the 2024 presidential race, Cruz chuckled a bit before laying out what sounded like a near-term agenda. "I think the Senate is the battleground … and I'm going to do everything I can to lead the fight right here," Cruz told Insider before launching into a tirade about his mounting frustration with Senate Minority Leader Mitch McConnell's decision making. He made no specific mention of 2024, but also didn't work in the word "no" anywhere.Cruz told the Republican Jewish Coalition in Las Vegas that he'll seek reelection in Texas in 2024 when his term is up, though state law allows him to run for both offices at the same time.Former Gov. Chris Christie of New JerseyFormer New Jersey Gov. Chris Christie speaks at an annual leadership meeting of the Republican Jewish Coalition Saturday, November 19, 2022, in Las Vegas.John Locher/AP PhotoChristie, 60, is famously said to have missed his moment for the White House because he didn't run for president when he was getting a lot of attention as New Jersey's governor in 2012, and instead fizzled out in 2016 when faced with Trump and numerous other contenders. But that hasn't stopped him from weighing another go at it. As recently as October, during an appearance on "Real Time with Bill Maher," Christie confirmed that he was considering a 2024 run.  In the last 18 months, Christie has been prominently involved in midterm campaigning and on the same speech circuit as other GOP hopefuls, including the Ronald Reagan Library in Simi Valley, California. He also put out a book in 2021, titled "Republican Rescue: Saving the Party From Truth Deniers, Conspiracy Theorists, and the Dangerous Policies of Joe Biden." Christie served two terms as a Republican governor in a blue state where Democrats controlled the legislature. In that role, he expanded Medicaid under Obamacare and passed bail reform.But he got flak over a handshake with then-President Barack Obama during Hurricane Sandy relief efforts, and was hurt politically after members of his administration created traffic jams on the George Washington Bridge.Christie became a lobbyist in 2020, when he had several healthcare clients but cut ties a year later, according to the lobbying disclosure database, in what could be a sign that he's lining up for a run.   Today, Christie blames Trump for the GOP's losses the last three election cycles and spent months saying Republicans "have to be the party of tomorrow, not the party of yesterday" if they ever want to win another election. His tone on Trump is a stunning turnaround for a man who was one of Trump's closest outside advisors when he was in the White House and was even on the shortlist to be Trump's chief of staff. Christie turned on Trump after January 6, saying the president violated his oath of office. More recently, he told The New York Times that Trump's candidacy was "untenable" and that the former president had had "poor judgement" after he dined at Mar-a-Lago with white supremacist and Holocaust denier Nick Fuentes. He also told the Washington Examiner that Republicans "fail the leadership test" when they don't call out Trump. Gov. Ron DeSantis of FloridaRepublican gubernatorial candidate for Florida Ron DeSantis speaks during an election night watch party at the Convention Center in Tampa, Florida, on November 8, 2022.Giorgio VIERA / AFP via Getty ImagesDeSantis, 44, has an enviable mantle for the presidency in the Florida governor's office — and he's making the most of it. He famously and unapologetically reopened Florida during the COVID-19 pandemic, before federal health officials said he should. He banned certain teachings on race in workplaces and schools, and flew unsuspecting migrants from Texas to Martha's Vineyard, Massachusetts. DeSantis also signed a contentious parental involvement and sex ed bill into law that critics call "Don't Say Gay." Instead of backing down over the outcry, he punished Disney for threatening to repeal it.Then there were the historic tax cuts in Florida with promises of more as well as viral videos bashing what he calls the "corporate media." All of these actions have portrayed the governor as a fighter. That's not the only part of his public persona on display. Often in tow is his beautiful, young family. His former newscaster wife, Florida's first lady Casey DeSantis, has been instrumental in his rise. To the New York Post, pictures of the DeSantis family on Election Night was "DeFuture." Others see a conservative JFK. But the politician DeSantis most often gets compared to is Trump. Numerous news profiles have described DeSantis as "Trump without the baggage," or as a more disciplined Trump. Yet after leaning on Trump during his first gubernatorial victory in 2018, DeSantis showed he could win big on his own, scoring a historic, 20-point victory in Florida in November without Trump's endorsement.As for presidential clues, DeSantis is also out with his first memoir in February: "The Courage to Be Free: Florida's Blueprint for America's Revival." During the midterms, he extended goodwill to other Republicans by campaigning with them. Back at home, he raked in a record amount of cash for a gubernatorial race. If the GOP primary were decided today, numerous polls show, DeSantis is the only person that gets close to Trump. DeSantis, a former conservative House member, has not pledged to serve out all four years of his second term. All of that has angered Trump. He has called DeSantis "Ron DeSanctimonious" and threatened to release damaging information about the governor. DeSantis has refused to punch back at Trump publicly, instead blaming the media and saying, "When you're leading, when you're getting things done, you take incoming fire."South Dakota Gov. Kristi NoemSouth Dakota Gov. Kristi Noem speaks during the Conservative Political Action Conference in Dallas, Texas, on July 11, 2021.Brandon Bell/Getty ImagesNoem, 51, has been on a Trump-related roller coaster ride as of late. In January 2021, the embattled former president tried to get her to primary fellow South Dakota Sen. John Thune, a lawmaker Trump took to calling a RINO (which stands for "Republican in name only") after Thune balked at his baseless claims of election fraud. Noem bowed out of joining Trump's revenge campaign, opting to focus on her own re-election plans. Once 2022 rolled around, she leaned hard into the GOP culture wars, promising voters that she'd bar transgender athletes from participating in women's sports, stamp out any "critical race theory" instruction in local schools, and decimate any "radical political ideologies" that annoyed her evangelical Christian base.Come July, Noem told CNN she'd be "shocked" if Trump tapped her to be his 2024 running mate. But she didn't rule out sliding into the VP slot — or mounting a challenge of her own. Since winning a second term in November, Noem has started taking on bigger foes, including the People's Republic of China. —Kristi Noem (@KristiNoem) November 30, 2022 Her state government-wide ban against the use of social media app TikTok scored her fawning interviews on conservative outlets including Fox News and Newsmax, beaming her into the homes of potential admirers who don't happen to reside in the Mount Rushmore State. Noem seems far less enthusiastic about Trump these days, telling reporters that the twice-impeached, scandal-plagued former president isn't Republicans' "best chance" at retaking the White House in 2024. She issued this prediction just days after Trump announced he was running again.  Former UN Ambassador Nikki HaleyFormer UN Ambassador Nikki Haley during a news conference in Allentown, Pennsylvania, on Wednesday, October 26, 2022.Matt Rourke/AP PhotoHaley, 50, has made it clear she's interested in the presidency. At the Republican Jewish Coalition in November, she told the crowd she was thinking about a presidential run "in a serious way" and would announce a decision "soon.""I've won tough primaries and tough general elections," she said. "I've been the underdog every single time. When people underestimate me, it's always fun. But I've never lost an election. And I'm not going to start now." The remarks were a turnaround from Haley's comments last year, when she said she wouldn't run for president if Trump were to seek the White House in 2024. Haley said at a Turning Point USA event that she'd take the winter holidays to make a decision. Early in her career, Haley joined her family's clothing business before leading the National Association of Women Business Owners.She served in the South Carolina House for three terms then was the state's governor for six years. In that time Haley delivered the GOP response to Obama's 2016 State of the Union Address.She pushed for the removal of the confederate flag from the South Carolina capitol after a gunman killed nine Black people at Emanuel Church in Charleston. Also as governor, Haley would not support a bill requiring transgender people to use the restroom that corresponded with the gender on their birth certificate. But in 2021 she wrote a commentary in the National Review saying transgender inclusion in sports was an "attack on women's rights."Haley was UN Ambassador under Trump for two years, and successfully pushed for the US to move its Israeli embassy to Jerusalem and defended Trump's decision to do so.In 2019 she published a memoir, "With All Due Respect: Defending America with Grit and Grace." Her experiences give her the coveted pairing of having both executive and foreign policy chops, which are often viewed as crucial to the presidency. Aside from Trump and Pence, few other contenders would have such a profile. As a woman of Indian descent, she could also help bring in suburban women voters who graduated from college and expand the GOP coalition among people of color. Her nonprofit group, called Stand for America, Inc., is seen as a campaign in waiting and raised about $8.6 million in 2021, according to Politico. And she founded the Stand for America PAC after her time in the Trump administration. Haley campaigned and fundraised in high-profile races during the 2022 midterms, including in Pennsylvania and Georgia. Haley told the National Republican Committee the day after the January 6 riot that Trump was "badly wrong" in his speech to supporters and that his "actions since Election Day will be judged harshly by history." Sen. Josh Hawley of MissouriSenator Josh Hawley (R-MO) speaks during the confirmation hearing for Judge Ketanji Brown Jackson on March 22, 2022.JIM WATSON/AFP via Getty Images)Hawley, 42, has reached for the spotlight whenever possible while Congress is in session.From famously saluting the January 6 protestors on the day of the violent siege at the Capitol to holding Brown Jackson's feet to the fire as she raced to join the Supreme Court, the first-term lawmaker works to portray himself as the perennial outsider who's only here to shake things up. He's played up the part by voting to overturn the 2020 election results on behalf of MAGA vote-magnet Trump, butting heads with McConnell on the way the upper chamber is run, and blaming short-sighted leaders for running the party into the ground. "When your 'agenda' is cave to Big Pharma on insulin, cave to Schumer on gun control & Green New Deal ('infrastructure'), and tease changes to Social Security and Medicare, you lose," Hawley, bemoaned on Twitter following a demoralizing midterms performance by flawed GOP candidates, which he blamed on "Washington Republicanism." The potential 2024 contender followed up with some suggestions, floating an alternative vision he said would help "unrig the system."   "What are Republicans actually going to do for working people? How about, to start: tougher tariffs on China, reshore American jobs, open up American energy full throttle, 100k new cops on the street," Hawley, who was also Missouri's former attorney general, tossed out on his social media feed. Asked by Insider about his intentions of formally jumping into the 2024 presidential race, Hawley laughed out loud for a few seconds. "I hope to run for reelection to the Senate in 2024. If the people of Missouri will have me," he said. Nowhere in there did Hawley say "no." Outgoing Gov. Larry Hogan of MarylandGov. Larry Hogan of Maryland.Drew Angerer/Getty ImagesEven before the bruising 2022 midterms, Hogan, 66, was warning that Republicans couldn't continue down the path they are on. "I am not about to give up on the Republican party or America," he wrote on Twitter in early December. "None of us can. It's too important."The two-term governor who beat a 2015 cancer scare has been fired up about plotting his next act. Hogan, a centrist Republican, is already making the rounds in early primary states such as Iowa and New Hampshire. A nonprofit group aligned with him reported raising $2 million in 2021, some of which was spent on "supporter acquisition" and "audience building." And Hogan recently scored some face time with GOP mega donors at this year's Republican Jewish Coalition leadership meeting — mentioning to political reporters covering the event that he and other potential 2024 hopefuls were there because "maybe there's a little blood in the water." Trump was notably absent at the event, but did video-conference in. As governor, Hogan signed a gun control bill into law and has said that while he opposed abortion, he wouldn't move to gut the state's guarantee on reproductive rights. During the COVID-19 pandemic he instituted a statewide mask mandate, then lifted restrictions in May 2021. While he has yet to formally declare a 2024 run, Hogan has begun billing himself as a "commonsense conservative" who GOP voters sick of losing may want to consider."I think there are 10 people who want to be the next Donald Trump, and I think there may be a different lane," Hogan said while stumping in Manchester, New Hampshire, adding, "I'm going to do everything I can to get the country back on track." He cast a write-in vote for Reagan in the 2020 election and called for Trump to be impeached or resign after January 6. Outgoing Gov. Asa Hutchinson of ArkansasArkansas Gov. Asa Hutchinson attends the National Governors Association summer meeting, Friday, July 15, 2022, in Portland, Maine.Robert F. Bukaty/AP PhotoHutchinson, 72, hasn't been shy about criticizing Biden or Trump. After Trump's 2024 announcement, he said the former president's "self-indulging message promoting anger has not changed," and also disavowed the Fuentes and Ye meeting at Mar-a-Lago.Hutchinson has taken at least five trips to Iowa through America Strong & Free, the nonprofit of which he's the honorary chairman and spokesperson."I am seriously looking at a run in 2024 because America and the Republican Party are not in the best place," he said in a statement provided to Insider. "I know how to get us back on track both in terms of leadership and facing the challenging issues of border security, increased violent crime and energy inflation." He'll make a decision in January, he told KARK.As governor for the last eight years, he has pushed to make the state a leader in computer science, and signed several tax cuts into law, including lowering the state income tax rate from 7% to 4.9%. Hutchinson also signed bills into law blocking businesses from requiring customers and workers to show proof of COVID-19 vaccinations, and blocked state and local officials from obligating masks — a move he later said he regretted. He asked state lawmakers to create a carve-out for schools, but the Arkansas House rejected the proposal. While he signed an abortion ban into law in 2019 that took effect after the Supreme Court overturned Roe v. Wade, he said on CNN that he personally believes in exceptions for rape and incest."Many out there appreciate a 'consistent conservative,' even one they don't agree with all the time," Hutchinson told Insider. "I am not interested in the 'outrage of the day,' and I am committed to using my consistent conservative principles to guide me and our nation on important policy decisions." Hutchinson began his government career as a US attorney for the Western District of Arkansas under President Ronald Reagan, then went on to serve in the US House for three terms. President George W. Bush tapped him to lead the Drug Enforcement Administration, after which he served as undersecretary in the Department of Homeland Security. He has criticized Biden on illegal immigration, inflation, student loan forgiveness, and said on CNN that the president's September speech about democracy "singled out a segment of Americans and said basically they're our enemy."Hutchinson also has the distinction of being especially press friendly at a time when numerous Republicans have copied Trump's style of lashing out against journalists. "The media plays an important role in our democracy," Hutchinson told Insider. "I've never shied away from tough questions, and I have always been willing to defend my positions and conservative principles with the hard questions coming from the press."Former Vice President Mike PenceFormer Vice President Mike Pence speaks at the annual leadership meeting of the Republican Jewish Coalition on Friday, November 18, 2022, in Las Vegas.John Locher/AP PhotoPence, 63, has begun to distance himself from his former boss, while also promoting his new book, "So Help Me God." He told ABC's "World News Tonight" that Trump "decided to be part of the problem" by not immediately calling off the insurrectionists during the January 6 riot, after he declined to help invalidate Biden's lawful win. Pence also pushed back against Trump on WVOC in South Carolina after he called for terminating the Constitution, and came out forcefully after Trump had dinner with Fuentes."President Trump was wrong to give a white nationalist, an anti-Semite, and a Holocaust denier a seat at the table," he said on November 28. An adviser to the former vice president told Insider that, should Pence decide to run, the team has discussed several policy areas to differentiate himself, including Trump's bipartisan criminal justice reform bill, the First Step Act, and that he'll continue to be "very outspoken on the issue of life."In contrast, Trump didn't mention his three Supreme Court picks when he announced his 2024 presidential run, even though they helped overturn the landmark Roe v. Wade decision that previously guaranteed a national right to abortion. Pence wouldn't have to worry about name ID during a presidential run. Still, his new book and a campaign would allow him to reintroduce himself to voters by talking about his work in the US House and then as governor of Indiana. He already has made numerous trips to early primary states New Hampshire and South Carolina. Further, he'll be able to amplify policies that carried his fingerprints during the Trump administration, including his oversight of the US's pandemic response.Pence was a sought-after midterm surrogate, traveling to dozens of states. In May, he went to Georgia to help incumbent Gov. Brian Kemp beat Trump-backed primary challenger David Perdue.Pence's vision for the future of the party is laid out in his Freedom Agenda and Advancing American Freedom, the nonprofit aligned with him that serves as a type of campaign in waiting. The policies include reducing mail-in voting and implementing universal school choice, which allows public education funds to pay for K-12 students to select alternatives to public schools. While Pence didn't testify before the January 6 select committee, his senior aides including former chief of staff Marc Short and legal advisor J. Michael Luttig walked investigators through some of the scenarios that led up to the attack. In November, Pence said on Fox's "Hannity" that he would make a 2024 decision after discussing it with his family during the holidays. Former Secretary of State Mike PompeoFormer Secretary of State Mike Pompeo speaks at the annual leadership meeting of the Republican Jewish Coalition, Friday, November 18, 2022, in Las Vegas.John Locher/AP PhotoPompeo, 58, told Chicago donors in September that he already had teams in Iowa, New Hampshire, and South Carolina.His outside campaign in waiting is called Champion American Values Fund, and Pompeo has been doing press appearances to talk about his forthcoming book, "Never Give an Inch: Fighting for the America I Love." Pompeo represented Kansas in the US Congress and was also former CIA director under Trump. After the end of the administration, he lost weight, which sparked speculation that he was interested in a White House run. Similar to Haley, Pompeo would enter the contest with a foreign policy background. He has openly criticized Biden, including after the president's September speech on protecting democracy. "He essentially said if you're pro-life or you're opposed to a certain set of policies, you're a threat," Pompeo told the New England Council's "Politics and Eggs" breakfast.  Biden, he said at the event, could be summed up as having "woke ideas, weak resolve, and waffling leadership."Trump should not have taken classified documents to Mar-a-Lago, he said, but added that the "raid on Mar-a-Lago was indecent and improper." Pompeo told conservative radio talk show host Hugh Hewitt in November that Trump's announcement wouldn't affect whether he decides to run for president, adding that he'd make a determination in the spring. "We need more seriousness, less noise, and leaders who are looking forward," Pompeo said, "not staring in the rearview mirror claiming victimhood." Sen. Marco Rubio of FloridaWilfredo Lee/AP PhotoRubio, 51, has come out hot after cruising to a third term in November, castigating GOP leaders for totally blowing the midterms. "We have a historically unpopular Dem President, record inflation, a violent crime wave & total chaos at the border & not only did we fail to win a majority, we lost a seat. And the Senate GOP response is going to be to make no changes?" Rubio fumed in a December 7 Twitter post. His anger hadn't abated when Insider caught up with him at the US Capitol. "I don't know how you come back from what we have just encountered and conclude that the status quo and business as usual is how we want to proceed," Rubio said of the need for drastic changes within the GOP. While conceding that he doesn't have "all those answers," Rubio suggested that Senate Republicans take a hard look at "the mechanics of elections, policy, the legislative agenda, and all of that." "I think that's something we should all be involved in talking about," Rubio said of the sorely needed soul searching. Rubio, who is of Cuban descent, was speaker of the Florida House before heading to Washington. He has sponsored numerous bills that have become law, including doubling the child tax credit and co-authoring the Paycheck Protection Program that helped keep small businesses afloat during the COVID-19 pandemic.On top of that, he's got a powerful perch as the top Republican on the Intelligence Committee. Political operatives have credited him with helping the GOP grow its influence with Hispanic voters, NBC News reported. Asked by Insider whether he had it in him to take another run at the former president after getting clobbered by the insult-flinging Trump in 2016, Rubio said he just really needs to take a breath. "We'll have time over the holidays and into the new year to sort of focus on everything going on in my life and here in the Senate," Rubio told Insider, adding that he hasn't "really focused in on" returning to the presidential proving grounds at the moment. Perhaps voters will learn more about future plans in his forthcoming book, "Decades of Decadence." Sen. Tim Scott of South CarolinaSen. Tim Scott, a Republican of South Carolkina, speaks at a fundraiser in Anderson, South Carolina on August 22, 2022.Meg Kinnard/AP Photo, FileScott, 57, hinted at a presidential bid during his midterms victory speech, even though he previously said he wouldn't run against Trump. "My grandfather voted for the first man of color to be elected as president of the United States," he said on November 8, referring to the vote his grandfather cast for Obama. "I wish he had lived long enough to see perhaps another man of color elected president of the United States. But this time, let it be a Republican and not just a Democrat. So just know: All things are possible in America."Scott, who previously served in the US House, is the only Black Republican in the Senate. He said his six-year term in the Senate beginning in January will be his last, but he hasn't ruled out a presidential run and is making all the right moves to position himself for the undertaking. Despite his own election, he has taken several trips to Iowa and spent time campaigning on behalf of other Republicans. He also released a memoir, "America, a Redemption Story: Choosing Hope, Creating Unity" and is one of the top fundraisers in the Senate — which includes support from small and online donors — even though he defended a safe seat this cycle.Major donors have contributed to Opportunity Matters Fun, a pro-Scott super PAC.Scott was among those leading the push for the successful passage of the bipartisan First Step Act and his measure to create Opportunity Zones that bring private investments into economically distressed communities was part of the 2017 tax reform law. He garnered national interest after delivering the GOP response to Biden's address to Congress in April. Afterward, McConnell said the senator represented "the future of the Republican Party." Scott has been open about the racism he has faced over the course of his life. "I get called Uncle Tom and the n-word by progressives, by liberals," he said in response to Biden's address. He has shared that police have pulled him over numerous times, despite him not violating any traffic laws. He sat down with Trump at the White House to discuss systemic racism and publicly called on Trump to call back certain statements he made on race. Haley, who was South Carolina governor at the time, appointed Scott to the Senate in 2013 after the seat opened up. Miami Mayor Francis SuarezTaylor Hill / Contributor Getty ImagesSuarez, 45, confirmed in October that he's considering a presidential run."It's something that I would consider given the right circumstances and given the right mood of the country," Suarez said at a Punchbowl News event. Miami has been getting a lot of attention given the surge of people moving to Florida — and tech companies and crypto startups in particular headed to Miami under Suarez's encouragement. He even told Twitter CEO Elon Musk that he should consider relocating the company's headquarters from San Francisco.Suarez's office sent over a list of accomplishments for the mayor, saying the city was No. 1 in job and wage growth, and had 1.4% unemployment. The Financial Times called Miami "the most important city in America." The mayor made historic increases to the city's police department, increased funding on climate-resistant infrastructure, and passed a rental tax credit for seniors. Suarez didn't vote for Trump during the 2020 election and in the 2018 gubernatorial race in Florida he voted for Democrat Andrew Gillum over DeSantis. But Suarez said Trump also has been kind to him. The two spoke at a wedding recently, he said, and Trump told him he was the "hottest politician in America after him.""I don't know if he meant physically hot or if he meant I was getting a lot of buzz," Suarez said. "But he was very nice." Suarez is of Cuban descent and leads the National Conference of Mayors. When asked about how he might stand out in a presidential race, Suarez said he might be able to speak to "a variety of minority communities that are going to be important if Republicans want to grow their base for a generation." Gov. Chris Sununu of New HampshireGov. Chris Sununu of New Hampshire.Jon Cherry/Getty Images for ConcordiaSununu, 48, was just reelected to a fourth term in New Hampshire, where governors are reelected every two years and there are no term limits. "I haven't ruled anything in or out," he told Politico's "Playbook Deep Dive" podcast when asked about running for president in 2024. "I haven't ruled out a fifth term. I haven't ruled out running for higher office."Sununu is a centrist Republican who has the distinction of being in favor of abortion rights, at a time when many states are banning abortion. He came close to running for the US Senate in 2022, but told the Washington Examiner that other senators told him their main job was to be a "roadblock" in office — and he wasn't interested in that.Sununu also called Trump "fucking crazy" at the Gridiron dinner, a journalism event. "Let's stop supporting crazy, unelectable candidates in our primaries and start getting behind winners that can close the deal in November," Sununu said in November at Republican Jewish Coalition meeting.He told the Washington Examiner after the midterms that there should be new GOP leadership — not just in the White House but inside the Republican National Committee."Did they achieve on the level of results that we all thought we were going to get?" he asked. "No. So, why would we stick with the same team assuming we're going to get a better result?"Sununu is part of a political dynasty. His father was governor of New Hampshire who then went on to work in the George H.W. Bush administration as chief of staff. His brother was in the US House and US Senate. Gov. Glenn Youngkin of VirginiaGov. Glenn Youngkin of Virginia.AP Photo/Steve Helber, FileYoungkin, 56, tried his hand at playing kingmaker in over a dozen 2022 gubernatorial contests and mostly came up short. The newly-minted Republican who rocketed to stardom in late 2021 by keeping Virginia purplish with his electrifying win over Democratic fixture Terry McAuliffe tried to work that same Trump-light magic into contests all around the country. The result: only four of the 15 Republican gubernatorial candidates Youngkin got involved with won their races. It's unclear whether Youngkin had any effect on the reelection bids of blowout winners like Kemp or Noem.By the same token, it's debatable whether he could have dragged Lake, Michigan's Tudor Dixon, or any of the other 2020 election deniers across the finish line given their full-on embrace of Trumpism. While he remains reluctant to badmouth the embattled former president, Youngkin clinched his 2021 win by keeping Trump at bay while still reaching out to the MAGA base. Trump, on the other hand, has tried to take full credit for Youngkin's win and lashed out at the newcomer for not being more appreciative. Trump's already working on trying to clip a Youngkin presidential bid from ever taking wing, panning him and DeSantis as ingrates who have no chance of beating him. Trump also reverted to his old tricks after the politically damaging 2022 midterms flop, hitting Youngkin with a bizarre, racist rant on Truth Social. Given that Virginia only allows governors to serve non-consecutive terms, it makes sense for Youngkin to seek opportunities elsewhere.The Washington Post reported that Youngkin spent part of his summer huddling with Republican mega donors in New York. And while he remains mum on any official plans for 2024, Politico said Youngkin's putting in place the types of fundraising groups a presidential candidate would want to have at the ready.Youngkin is a former co-CEO of the Carlyle Group. As governor, his first official action was to sign an executive order prohibiting Virginia schools from teaching "critical race theory." More recently, he's been pushing to reimburse individuals and businesses who paid fines for violating state COVID-19 restrictions under his Democratic predecessor.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderDec 10th, 2022

CNN Boss Beefs Up Security After Mass Layoffs

CNN Boss Beefs Up Security After Mass Layoffs Extra security personnel were spotted outside CNN CEO Christ Licht's 17th floor office last week after he handed pink slips to nearly 10% of the failing network's staff in highly anticipated layoffs, according to Radar. The beefed up security presence was spotted on Thursday, in what the outlet described as an 'effort to diffuse any angry CNN employees who met the chopping block' after the 51-year-old executive announced the next round of layoffs. Hundreds of additional staffers were reportedly let go, including both on-air talent and off-camera employees. Some notable names who were let go from the struggling news network included CNN contributors like Preet Bharara and Paul Begala; commentators like Chris Cillizza; and correspondents such as Dan Merica and Alison Kosik. But while Licht axed hundreds of employees, and hired extra security detail to prevent any unwanted escalations, some CNN employees praised the network chairman for choosing to keep his office doors open all Thursday so his 4,000 remaining staffers could speak with him about the latest round of layoffs. -Radar But while Licht reportedly kept his office doors open (and his security tight), some employees threw shade. "What were we supposed to talk about?" said one staffer. Another staffer located in DC said that "everyone's depressed" following the layoffs, which began last Thursday when Licht executed on "part of continued cost-cutting by parent company Warner Bros. Discovery" that was telegraphed in a Wednesday memo. "It will be a difficult time for everyone," said CEO Chris Licht in a Wednesday memo, who noted that paid contributors will learn their fate on Wednesday, while full-time employees would be informed of their status on Thursday. "Our people are the heart and soul of this organization," Licht added. "It is incredibly hard to say goodbye to any one member of the CNN team, much less many. I recently described this process as a gut punch, because I know that is how it feels for all of us." The cuts are not a surprise, with Licht warning employees in late October that the news division would be undergoing a restructuring, citing “widespread concern over the global economic outlook.” But they do come amid decreasing morale at CNN, which has already seen significant turnover this year since the Discovery merger. One of the first moves made after the merger closed was to shut down the CNN+ streaming service, laying off a couple hundred employees in the process. -Hollywood Reporter Meanwhile, Radar reports that the next round of layoffs at the network could come as early as the first week of December. "There are huge nerves about that," said one insider. "It wasn’t clear from that town hall who they’re going to fire. We’re waiting for answers on that." Is Licht actually putting out the dumpster fire?     Tyler Durden Tue, 12/06/2022 - 13:20.....»»

Category: dealsSource: nytDec 6th, 2022

Venues, Catering and Entertainment

230 Fifth Rooftop Bar An exceptional space for meetings and events, 230 Fifth is New York’s largest outdoor rooftop garden and enclosed penthouse lounge. One floor is fully enclosed, while its rooftop garden is open to the sky. It has large umbrellas for sunny or rainy days and is partially heated on colder nights. Located in the Flatiron District of Manhattan, 230 Fifth boasts breathtaking views of the Manhattan skyline, including the Empire State Building and the Chrysler Building. Offering guests high-speed Internet, state-of-the-art audio and visual equipment, and large screen projectors and TVs, it can accommodate private functions for 25 to 1,200 guests in its 33,000-square-foot space. Every event, regardless of its size or style, is custom tailored to each client’s needs and tastes. Inquiries are welcome, and a contact person will be pleased to answer any questions that clients—current and potential—may have about the New York City penthouse space. Address: 230 Fifth Ave., New York, NY 10001 Phone: 212-725-4300 Email: info@230-fifth.com Website: 230-fifth.com 3 WEST CLUB Both historic and timeless, the 3 West Club offers everything one could want in an event space—and much more. Centrally located off Fifth Avenue and steps away from Rockefeller Center, it is one of Manhattan’s hidden gems. With six event and meeting spaces, along with a stunning rooftop area, the 3 West Club is extremely flexible, as it accommodates 10 to 350 people. And, with 28 well-appointed rooms, it provides guests the option to stay overnight as well. Whether you are planning a corporate event, an intimate meeting, a gala dinner, a conference, or a nonprofit reception or fundraiser, the 3 West Club has the versatility to create a customized, memorable and extraordinary experience. Address: 3 W. 51st St., New York, NY 10019 Phone: 212-582-5456 Email: events@3westclub.com Website: 3westclub.com 583 PARK AVENUE Located on Park Avenue and 63rd Street, 583 Park Avenue, a New York City event space, is a landmark building that has been restored and made available for private events, alongside corporate and nonprofit events. Built in 1923 and designed by the renowned architectural firm Delano & Aldrich, 583 Park Avenue is reminiscent of a bygone era. Complete with a grand, pre-function space, including floor plans like the Arcade, the Ballroom and the Balconies, it also offers guests a remarkable amount of flexibility for all types of special events. Address: 83 Park Ave., New York, NY 10065 Phone: 212-583-7200 Email: events@583parkave.com Website: 583parkave.com/ APELLA BY ALEXANDRIA Apella is New York City’s most innovative meeting and event space. Located within The Alexandria Center for Life Science, Apella offers 10 thoughtfully designed rooms with contemporary interiors, advanced technology and expansive East River and city skyline views. Providing up to 20,000 square feet of event space, Apella features 10 private suites, in order to accommodate two to 300 attendees, as well as upwards of 1,250 guests for large-scale celebrations. Furthermore, Apella’s thoughtfully appointed spaces provide an open, yet highly secure setting for executive board meetings, industry conferences, corporate retreats and product launches, while also offering on-site technology that ranges from 250 Mbps high-speed WiFi to 11,000-lumen, 1080p laser projectors. Address: 450 E. 29th St., Second Floor, New York, NY 10016 Phone: 212-706-4100 Email: info@apella.com Website: apella.com/ BARCLAYS CENTER Positioned at the crossroads of Atlantic and Flatbush Avenues, Barclays Center is Brooklyn’s world-class home for sports and entertainment. The arena features one of the most intimate seating configurations displayed in a modern, multi-purpose arena, and has first-class amenities, including 101 luxury suites, as well as numerous premium club spaces, including the 40/40 CLUB & Restaurant by American Express and Qatar Airways Courtside Club. Whether guests are hosting a corporate outing or company meeting, along with a press conference, product launch or fundraising event, Barclays Center can accommodate groups of a wide array of sizes—from hundreds to thousands upon thousands. And it has a variety of concessions, ranging from hot dogs and cheesesteaks, to lobster rolls and barbeque, as well as four bars. Address: 620 Atlantic Ave., Brooklyn, NY 11217 Phone: 917-618-6100 Email: guestservices@barclayscenter.com Website: barclayscenter.com BEACON THEATRE The legendary Beacon Theatre is a historic New York City landmark, renovated to its original glory during the late 2000s, thereby returning it to its initial Roaring Twenties grandeur. A venerable rock room for generations of New Yorkers, the Beacon Theatre is equipped with advanced technology and mystical charm, enabling it to provide guests an intimate setting for unforgettable concerts and events. A 2,600-seat venue, the theatre was built in 1929 and designed in the art deco style by architect Walter Ahlschlager. It was also designated a New York landmark building by the NYC Landmarks Preservation Commission in 1979 and acquired by Madison Square Garden Entertainment Corp. in 2006. Address: 2124 Broadway, New York, NY 10023 Phone: 212-465-6500 Email: msgepr@msg.com Website: msg.com/beacon-theatre BOWLMOR CHELSEA PIERS Located at Pier 60, just off the West Side Highway, Bowlmor Chelsea Piers is New York City’s ultimate entertainment destination—a place where the party-inspired glow of 40 blacklight bowling lanes and massive lane-side video walls meets the flashing lights and lively sounds of your favorite arcade games. After you hit lanes, it’s time to suit up and experience the thrilling fun of Urban Mission Laser Tag in Bowlmor’s state-of-the-art arena. The perfect place to play, party and partake, Bowlmor Chelsea Piers features a private, eight-lane bowling suite in addition to a semi-private loft space that features flat-screen TVs, lounge seating and vintage games. Let Bowlmor’s talented party professionals help plan your next event—and experience (or relive) the fun of the city’s best venue for office parties, private parties, kids’ birthday parties and every occasion in between. ddress: Chelsea Piers-Pier 60, New York, NY 10011 Phone: 212-835-2695 Website: bowlmor.com/location/bowlmor-chelsea-piers BOWLMOR TIMES SQUARE Enter Bowlmor Times Square’s 90,000-square-foot venue and discover 48 lanes, featuring HD video walls, brilliant blacklights and posh lane-side seating, in addition to an all-star arcade that has some of the city’s coolest interactive games. A tribute to the New York City of yesterday and today, it boasts seven uniquely themed bowling lounges—each one depicting a particular place and time in the history of New York City. Guests can bowl, dine and celebrate amid the scenery of a Prohibition-era speakeasy, an art deco palace, a Pop Art-inspired gallery or an iconic city neighborhood like Chinatown, Central Park or Coney Island (featuring graffiti murals by renowned street artist Jonas Never). Address: 222 W. 44th St., New York, NY 10036 Phone: 212-680-0012 Website: bowlmor.com/location/bowlmor-times-square BROOKLYN MUSEUM The Brooklyn Museum, one of the country’s most extensive and comprehensive art museums, is an extraordinary venue located in the heart of one of the world’s most creative and exciting urban centers: the borough of Brooklyn. The museum’s spaces provide stunning, one-of-a-kind backdrops for private events, including wedding ceremonies and receptions, cocktail parties and corporate events. Address: 200 Eastern Pkwy., Brooklyn, NY 11238 Phone: 718-638-5000 Email: information@brooklynmuseum.org Website: brooklynmuseum.org/ CENTRAL PARK ZOO The Central Park Zoo is a unique event space that’s perfect for cocktail receptions and seated dinners. With the capability to seat up to 700 guests, the zoo’s open space has the flexibility for any event, as it provides a nearly 200-foot-long, clear-top seasonal tent, along with options to add on connecting tents. Furthermore, it offers guests moss-covered colonnades, which provide them additional covered space, along with a tranquil backdrop to any of their photos. Exclusive access to exhibits is also available for guests, depending on sunset times. Address: 64th St. & Fifth Ave., New York, NY 10021 Phone: 212-439-6500 Email: events@wcs.org Website: centralparkzoo.com   CITY CRUISES ANCHORED BY HORNBLOWER Bring your event to life with a picture-perfect backdrop and experience the iconic New York skyline from a whole new perspective! Whether you’re planning an employee outing, a corporate milestone or an elegant business dinner, our professional planners, flexible packages and superior guest services will help effortlessly execute your event. City Cruises delivers a wide range of experiences, characterized by high-quality cuisine, onboard entertainment and spectacular skyline views. Cruising year-round from both New York and New Jersey, guests can savor the moment and connect with each other, while sailing past the Empire State Building, One World Trade Center, the Brooklyn Bridge, Statue of Liberty and more! Meet our New York Fleet: Premier Cruises Step aboard the all-glass European-inspired Bateaux New York for an upscale and unforgettable dining experience, featuring a chef prepared three-course plated meal, live band entertainment with an acoustic trio, a vocalist and grand piano, a refined atmosphere, personalized service and unobstructed views of the iconic city skyline. Signature Cruises Whenever you’re looking for a fun and festive way to get out on the water, a signature cruise is your answer. Come aboard and experience breathtaking New York City skyline views, delicious buffet-style meals, attentive service, DJ entertainment, a rooftop lounge and onboard games. Private Yachts With sensational skyline views and completely customizable options, the Atlantica, Manhattan Elite and Lexington offer great ways to host a unique event aboard your own private yacht. Guests will enjoy an upscale experience that’s characterized by elegant, high-quality cuisine and an intimate atmosphere. Address: Pier 61, Chelsea Piers, West 23rd and 12th, New York, NY 10011 Phone: 866-817-3463 Contact: Veronica Caverly, team market manager Email: veronica.caverly@cityexperiences.com Website: citycruises.com/NewYork CLASSIC CAR CLUB MANHATTAN Interested in hosting an event that’s located within a truly unique waterfront setting? Welcome to Classic Car Club at Pier 76 in Hudson River Park. Conveniently located across from Jacob Javits Center and Hudson Yards—and one block from the 7 train on Manhattan’s west side—the venue features 8,000 square feet of unobstructed space, 30-foot ceilings and 20-foot operable glass doors that open up to a sprawling, 3,200-square-foot outdoor terrace, which overlooks the Hudson River. A fleet of classic and exotic cars can either be made available for display or cleared out, depending on your preference. Classic Car Club has hosted events for groups as few as 30 people, as many as 1,400—and everything in between. And an open floor plan allows the space to accommodate as intimate and intricate of an event as you wish to have. Address: 1 Pier 76, 408 12th Ave., New York, NY 10018 Phone: 212-229-2402 Email: info@classiccarclub.com Website: classiccarclubmanhattan.com DAVE AND BUSTER’S Dave and Buster’s is a multifaceted entertainment venue that features creative cuisine, custom cocktails and team-building activities, along with multiple meeting room options, complete with state-of-the-art audiovisual technology. A one-stop shop for all your needs, Dave and Buster’s is conveniently located in Times Square and accessible to a majority of New York City’s transit options. It infuses fun with the necessity of teambuilding for companies who are looking to build relationships, inspire competitiveness and offer the gift of fun to their employees and clients. And it is the perfect setting for meetings, cocktail events, product launches, and client and employee appreciation events. Address: 234 W. 42nd St., Third Floor, New York, NY 10036 Phone: 646-495-2015 Email: pete.thornfield@daveandbusters.com Website: daveandbusters.com/locations/new-york-city-times-square EMPIRE STEAK HOUSE Empire Steak House stands out from the rest when it comes to food, service and ambience, as it provides guests the finest cuts of steaks, the freshest seafood and an extensive wine and cocktail list. Empire Steak House has two restaurants conveniently located on the east and west sides of Midtown Manhattan—on 50th Street and 54th Street. Also offering dedicated private dining coordinators, guests can plan and personalize their events, leading to unforgettable experiences. Whether guests are hosting a corporate event or celebrating a special occasion, Empire Steak House’s goal is to ensure quality and hospitality, so that planners will enjoy their event as much as their guests do! Addresses: Empire Steak House East: 151 E. 50th St., New York, NY 10022 Empire Steak House West: 237 W. 54th St., New York, NY 10019 Phone: 212-582-6900 (east side) 212-586-9700 (west side) Email: info50@empiresteakhousenyc.com Website: empiresteakhousenyc.com LIBERTY SCIENCE CENTER Planning an intimate dinner, a conference or a company holiday celebration? Gather in a soaring open atrium or a dramatic, glass-enclosed private room overlooking New York City and the Statue of Liberty. Liberty Science Center is just minutes from Manhattan. Its meeting spaces and theaters are fully equipped for multimedia presentations, and its staff will expertly handle every detail. Host your next unforgettable event at Liberty Science Center. Address: 222 Jersey City Blvd., Jersey City, NJ 07305 Phone: 201-253-1378 Email: specialevents@lsc.org Website: lsc.org/about-us/plan-an-event   MANHATTAN CENTER Modern and Versatile Infrastructure with World Renowned Elegance 50,000 square feet of flexible space conveniently located on 34th street between 8th and 9th avenues State-of-the-Art Technology to include audio, video, lighting, and television facilities Perfect for any event ranging from galas, receptions, and conferences to product launches, televised events, and large scale productions Mention this ad for special pricing. Address: 311 W 34th St (Between 8th and 9th Aves), New York, NY 10001 Neighborhood: Midtown Phone: 646-293-1077 Contact: Jessica Rothstein Berman, vice president of sales Email: jrb@mc34.com Website: mc34.com   MANHATTAN MANOR Situated in the heart of bustling midtown, the Manhattan Manor holds one of Times Square’s best kept secrets. An independent, dedicated special events space for 20 years with one of the newest, most modern, divine spaces in New York. 7,000 square feet of luxurious space with gorgeous French doors, skylights, exposed brick, chandeliers, and spectacular views from Central Park to Times Square. Manhattan Club is located on the second floor of Manhattan Manor with beautiful wooden paneling, custom lights, a classic oak bar, views along seventh avenue, silk curtains, and two built-in screens and projectors. It offers the perfect balance of elegance and practicality. Skylight Room is the newest member of Manhattan Manor having been completed in 2019. Complete with skylights on three sides, 7 original chandeliers, a fireplace, mahogany floors, French Doors overlooking 52nd street and Seventh Avenue and views of the Ball Drop, it offers an original space that can be completely adapted to your unique event. Combined with the professional in-house Catering staff and exquisite cuisine, this is most certainly a place to discover and experience. Venue Capacity: Manhattan Club– 250 Seated, 200 with Dance Floor Skylight Room – 260 Seated, 210 with Dance Floor Address: 201 West 52nd Street. Between Broadway and 7th Avenues Neighborhood: Times Square/Midtown Phone: 212-489-9595 Contact: Amanda Pilar Smith Email: amanda@manhattan manor.com Website: manhattanmanor.com THE ALTMAN BUILDING The Altman Building is proud to celebrate over 22 years as a premier New York City landmark and historic event venue. Established in 1896 as the carriage house for the B. Altman department store, The Altman Building is now a versatile, private event space, boasting 14,000 square feet over two floors. And its venue entrance is ground level and virtually column-free, providing unparalleled flexibility in event production—from large conferences and summits, to intimate social events and weddings. Offering a capacity of 400 to 750 guests, the unique Chelsea venue also strives to implement its motto daily: “Our Venue, Your Vision.” Address: 135 W. 18th St., New York, NY 10011 Phone: 212-741-3400 Email: sales@altmanbldg.com Website: altmanbldg.com THE GLASSHOUSE Opened in summer 2020, The Glasshouse offers guests breathtaking views, cutting-edge technology and impeccable service. Its 75,000-square-foot space holds up to 1,850 guests and features waterfront-facing outdoor terraces, sweeping 360-degree views of Manhattan, pre-function spaces, VIP lounges and a state-of-the-art production infrastructure. In addition, its penthouse space has been designed as a canvas without bounds, as it provides guests the flexibility to host an array of large and small corporate, social and nonprofit events. Featuring a built-in production infrastructure—AV, lighting, rigging, broadcast ready conduit, ultra-high bandwidth Internet and power distribution—The Glasshouse also has soundproof partitions that enable multiple room configurations for various event sizes. Address: 660 12th Ave., Floor 6, New York, NY 10019 Phone: 212-242-7800 Email: info@theglasshouses.com Website: theglasshouses.com/the-glasshouse   TUDOR CITY STEAKHOUSE Space and privacy are prized, key components for a private party, yet they’re also rare commodities in New York City. Luckily, Tudor City Steakhouse offers the best of both worlds, allowing you to host your events in the heart of Manhattan—with various private dining options that will comfortably accommodate your party. Tudor City Steakhouse has the space, along with the taste, to exceed your events’ needs. We’re looking forward to making your party the most memorable and enjoyable experience possible! Venue Capacity: Indoor seated capacity: 150; standing: 250; outdoor patio area: seated and standing 40; roadway area: seated: 60, standing 75 Address: 45 Tudor City Place, New York, NY 10017 Phone: 212-682-4000 Contact: Aida Lekic Email: events@tudorcitsteakhouse.com Website: tudorcitysteakhouse.com 3D Virtual Tour and Aerial Video | Tudor City Steakhouse | Steakhouse in Midtown East, New York UPSTAIRS AT THE KIMBERLY HOTEL As The Kimberly Hotel’s highly regarded rooftop lounge, Upstairs at The Kimberly is a 3,000-square-foot space that boasts 360-degree views, retractable glass ceilings and walls, and ambient heated floors. Additionally, it has a main room that promises to be as elegant and inviting in the winter months as it is sunny and sophisticated during the summer season. Upstairs offers customizable menus, creative cocktails, indoor and outdoor space, and the perfect ambiance, ensuring it is a great location for any event. An evening “Upstairs” will be an experience like no other, as the lounge is focused on providing guests a refined service in a relaxed, luxurious setting. And it also offers a one-of-a-kind rooftop experience, leading to their desires to come back again and again. Address: 145 E. 50th St., New York, NY 10022 Phone: 212-702-1685 Contact: Jordana Maurer, director of sales and events Email: jmaurer@kimberlyhotel.com Website: upstairsnyc.com WAVE HILL A year-round destination with stunning views of the Hudson River and Palisades, Wave Hill is an extraordinary venue located just 30 minutes north of Manhattan. Due to the serene beauty of its celebrated gardens, along with its modern amenities, Wave Hill is an ideal location for your conference, corporate retreat or full-garden rental. Furthermore, Wave Hill House—its historic Hudson River mansion—fully engages your attendees’ senses by “bringing the outside in.” The mansion can accommodate 10 to 200 guests and is ADA-accessible; pricing includes flexible conference furniture, a wireless sound system, basic AV and high-speed Wi-Fi for your attendees. Additionally, multiple spaces (with varying capacities) are available at one of New York City’s most serene, beautiful locations. Enhance your retreat experience with an after-hours cocktail hour or dinner. Address: 675 W. 252nd St., Bronx, NY 10471 Phone: 718-549-3200 x 209 Contact: Carolyn Liv, director of corporate partnerships and conferences Email: carolynl@wavehill.org Website: wavehill.org YANKEE STADIUM Yankee Stadium is a cultural icon whose legacy is as rich as its character, and whose history is as striking as its façade. A year-round venue, this storied stadium has more than 60,000 square feet of event space for both publicly ticketed and private events. In addition, it offers you a part in its future, as it’s available to host corporate and social gatherings—from upscale parties to intimate get-togethers. Share in the tradition of Yankees greatness by hosting a legendary event, amid a backdrop in which legends are made. Address: E. 161st St., Bronx, NY 10451 Phone: 646-977-8400 Email: events@yankees.com Website: yankees.com/events.....»»

Category: blogSource: crainsnewyorkDec 5th, 2022

A lawyer for fired Twitter staff says Elon Musk is trying to "tap-dance" his way out of paying severance, and threatens a "fun as hell" arbitration campaign

Akiva Cohen said he hoped Elon Musk would do the right thing and give ex-employees their severance packages, "but it'll be fun as hell if he doesn't." Elon Musk has reduced Twitter's workforce by almost 70%.Muhammed Selim Korkutata/Getty Images A lawyer representing laid-off Twitter staff sent a fiery letter to Elon Musk's lawyer, Alex Spiro. Akiva Cohen claimed his clients weren't receiving the severance package they had been promised. Cohen tweeted that he hoped Musk would do the right thing, otherwise "it'll be fun as hell." A lawyer for fired Twitter staff has given Elon Musk a deadline of December 7 to confirm that he will pay them full severance as promised, or face an arbitration campaign to settle the dispute.Akiva Cohen — a partner at law firm Kamerman, Uncyk, Soniker & Klein — tweeted a copy of his letter which addresses Musk as the "Chief Twit."He accused the world's richest person of "attempting to tap-dance your way out of Twitter's binding obligations to its employees." "If you don't unequivocally confirm by Wednesday, December 7 that you intend to provide our clients with the full severance Twitter promised them, we will commence an arbitration campaign on their behalf," Cohen said.Since Musk took over the company, Twitter's workforce has fallen from 7,500 to 2,300, per Insider's Kali Hays. That means almost 70% of staff were laid-off, mostly during the first round when Musk halved employee numbers, and his ultimatum to commit to working "extremely hardcore" or be laid-off with three months severance.The cuts resulted in the closure of Twitter's office responsible for complying with European misinformation laws, and just one employee left on the Asia child safety team.One executive has also been reinstated after she was dismissed for not responding to the "hardcore" ultimatum.Musk now stands accused by some former Twitter staff of failing to provide the severance package they were promised, as alleged in a previous lawsuit. Cohen said that his clients weren't receiving their full benefits, like 401k deductions. His fiery letter says: "To be clear, Elon, you will lose, and you know it."He adds that even if Musk did win, it would be "Pyrrhic" because "Twitter will pay far more in attorneys' fees and arbitration costs than it could possibly 'save' in severance due our clients."In a tweet, Cohen added: "You can only violate people's legal rights and your own word so far before they lawyer up and come after you.""I really do hope Musk changes his mind and does the right thing — the employees deserve that. But it'll be fun as hell if he doesn't."The letter was also addressed to Alex Spiro, the acting general counsel at Twitter, who previously defended Musk after he called a British diver "pedo guy."Cohen told Musk he still had time to avoid a legal case, "or you can double down on breaking your word and screwing over your ex-employees as they head into the holidays."Spiro and Twitter did not immediately respond to requests for comment.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderDec 2nd, 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

Just one person remains on Twitter"s Asia child safety team, report says, despite Elon Musk saying dealing with child abuse is his biggest priority

Twitter previously employed at least four people on its child safety team in APAC, Wired found on LinkedIn. Only one employee remains on Twitter's child safety team in APAC.Justin Sullivan/Getty Images Only one person is left on Twitter's child safety team in Asia, Wired reported. At least four people worked on the team prior to Elon Musk's post-takeover staff cuts. Since the takeover, Musk has said that removing CSAM on Twitter is his number one priority. Only one Twitter employee is left on a team dedicated to removing child sexual abuse material across Japan and the Asia-Pacific region, Wired reported.Twitter previously employed at least four employees focused on child safety in APAC, Wired found on LinkedIn. The employees were based in Singapore, Twitter's Asian headquarters, but publicly said three left Twitter in November. Sources told Wired that this left only one full-time member of staff in Asia-Pacific to tackle the massive problem of CSAM material on Twitter. The Asia-Pacific region houses 60% of the world's population with around 4.3 billion people. Japan comes only second to the United States for the number of Twitter users at 59 million, data from Statista shows. After Musk gutted 50% of the company's roughly 8,000 employees around the world, its Singapore office was also affected.Twitter did not immediately respond to a request for comment about its child safety team in Asia-Pacific. The decreasing size of the team tasked with dealing with child sexual abuse material in Asia runs somewhat contrary to Elon Musk's assertion last week that the removal of such content is his "Priority #1" since taking over the company.Insider previously found that the three main hashtags used to sell CSE content on Twitter had largely been cleared since Musk became CEO. Twitter has also added a direct reporting option for CSE on tweets with images or videos, with users being able to select the option of "child sexual exploitation," when reporting a tweet. Twitter has historically had a problem with adequately addressing the issue of CSAM.In September, it sent an email to advertisers explaining that ads had appeared on profiles posting or selling CSAM. Although Twitter banned those accounts, a number of companies like Mazda and Dyson suspended advertising on Twitter, after they found data that showed their ads had appeared next to CSAM posts. Twitter's latest transparency report from July to December 2021 showed that the company did indeed remove over 500,000 CSAM accounts, up 31% from the previous six months.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 29th, 2022

Futures Slide, Commodities Tumble On Chinese Covid Protests

Futures Slide, Commodities Tumble On Chinese Covid Protests US stock futures, and the entire risk complex tumbled on Monday amid growing concerns that China's economic reopening will not only be a disaster but will also be accompanied by violence following protests against Covid restrictions over the weekend. The entire risk complex was sharply lower, with S&P 500 futures down 0.7% as of 7:30 a.m. ET, trading just around 4,000 having dropped as much as 1% earlier, while Nasdaq 100 futures fell 0.9%. Crude crashed to $74, the lowest price since December 2021, while Asian stocks and the yuan plunged. Cryptos also slumped while the dollar and Treasuries ceded earlier gains that were fueled by investors’ dash to safety; the 10Y was last trading at 3.67%.   Among individual movers in premarket trading, Apple fell as much as 1.3% following a report that the turmoil at a key Chinese factory could lead to a production shortfall of close to 6 million iPhone Pro units this year. Cryptocurrency-exposed stocks declined, mirroring a fall in the price of Bitcoin. Bank stocks were also lower, putting them on track to snap a five-session winning streak. In corporate news, C.S. Venkatakrishnan, CEO at Barclays, has a form of lymphoma and will undergo treatment for several months. A survey of finance workers has found that some employees are ignoring return-to-work mandates, the latest sign of the challenges firms face in encouraging staff back to the office. Here are the other notable premarket movers: Chinese shares listed in the US declined in premarket trading, with major internet stocks bearing the brunt of a selloff triggered by nationwide protests against Beijing’s Covid Zero policies. Alibaba Group fell 1.5%, JD.com slipped 2%; shares of electric car makers Nio and Li Auto also declined. Talkspace shares surge 50% following a report in Israeli newspaper Calcalist that telehealth company American Well is in talks to buy the online therapy platform for ~$1.50 per share, representing a 150% premium to its last closing price. Univar shares jump 11% as analysts say that Brenntag’s plans to acquire its US rival raise questions about the size of any deal and potential implications for an equity raise by the German chemicals distributor. Cryptocurrency-exposed stocks decline, mirroring a fall in the price of Bitcoin, as worries over unrest in China and the country’s reopening weigh on risky assets. Coinbase -2.2%, Riot Blockchain -2.3%, Marathon Digital -2.2% Keep an eye on Macau-exposed gaming stocks like Wynn Resorts, Las Vegas Sands (LVS US), Melco Resorts (MLCO US) and MGM Resorts (MGM US) as Wynn Macau and MGM China climbed in Hong Kong, leading gains among six Macau casino operators that were awarded new licenses to continue running their businesses in the gambling hub. Beyond Meat drops 2.9% and Tyson falls 2.1% as both stocks were cut to underweight from equal-weight at Barclays. which says that the majority of protein companies are facing a difficult outlook. Activision Blizzard shares gained 1.3% after being upgraded to overweight from equal-weight at Wells Fargo. The video game developer is undervalued regardless of the outcome of the Microsoft merger deal, the broker says Watch shares in online retailers like Amazon.com, Etsy, Shopify, EBay as analysts say that promotions during the Black Friday weekend were higher than last year. The discounts prompt a focus on any impact to retailers’ margins, though some are hoping that the promotions will have been enough to lure in shoppers and help boost sales. Keep an eye on Williams-Sonoma shares as Morgan Stanley downgrades the home furnishings retailer to underweight from equal-weight, saying that earnings revisions could turn “sharply negative” in 2023. Watch Live Nation as its stock was raised to buy from neutral at Citi, with analyst Jason Bazinet saying the risk-reward on the ticket-selling platform is now “more reasonable.” As reported last night, global investor sentiment was hammered after news of the worsening protests affecting cities including Shanghai and Beijing. The latest developments contrast with reports earlier this month that China was toning down its Covid Zero curbs, which had sparked a rally in equities. Modest customer traffic and heavy discounting by American retailers on Black Friday also added to the downbeat tone. "This latest wave of China’s pandemic could disturb global supply chains again, as did the previous wave earlier this year -- that could be inflationary,” analysts at Yardeni Research wrote in a note. “The recent stock market rally on hopes that the government will ease Covid restrictions is running out of steam.” Coming off weekly gains amid bets that the Federal Reserve will scale back interest rate hikes, US stock indexes are looking to cap their second straight month of gains, paring this year’s selloff on concerns over tighter monetary policy and the possibility of a recession. Echoing Michael Wilson's call, Deutsche Bank strategists said they also expect the bear market rally to continue into the first quarter of 2023, but that the risk of an economic contraction will hammer equities in the third quarter. Goldman strategists Christian Mueller-Glissmann and Cecilia Mariotti also said US stocks are in for a wild ride next year as they don’t yet reflect the possibility of a recession. Oil tumbled to the lowest level since December as a wave of unrest in China punished risk assets and clouded the outlook for energy demand, adding to the stresses in an already-volatile global crude market In Europe, the Stoxx 50 dropped 0.7%, the UK's FTSE 100 outperforming peers, dropping 0.3%; Stoxx 600 lags, dropping 0.9%. Energy, real estate and retailers are the worst performing sectors. European energy stocks led declines in Stoxx 600 index on Monday as oil slid to the lowest level since December amid growing protests in China against Covid restrictions, with investors worrying about economic activity and demand for raw materials. The Stoxx Energy sub-index fell 1.8% as of 8:38 a.m. in London, though is still up almost 26% year to date. Here are the biggest European movers: Elior rises as much as 6.7% as Bryan Garnier says a deal where it increases its share capital in exchange for the control of Derichebourg’s multi-services division will boost the French catering company’s earnings-per-share numbers. AB-InBev shares rise as much as 4.5%, outperforming the Stoxx 600 Food, Beverage & Tobacco index (-0.3%), after JPMorgan downgraded the company to overweight. Jet2 Plc rises as much as 4.6% after Stifel raises its price target on expectations that the carrier will “keep delivering profitable market share gains, whatever the economic weather.” Leonardo advances in Milan, as much as 2.8%, after the companies said late on Friday that the Brazilian Army chose the Centauro II armored vehicle made by Iveco and Oto Melara as “top of the list” within a procurement process. Brenntag shares drop as much as 10.6%, the most intraday since November 2015, after analysts said that plans to acquire US rival Univar raise questions about the size of any deal and potential implications for an equity raise by the German chemicals distributor. Persimmon shares fall as much as 4.1% as UBS cuts the UK homebuilder to sell from neutral, saying the group is “losing its mojo.” Evotec drops as much as 3.8% after RBC cut its price target for the German pharmaceutical firm, citing the risk of the company missing its guidance for 2022 Ebitda. Aryzta shares fall as much as 3.3%. ZKB notes volume growth slowed somewhat more than expected even as the baker made a strong start to the new financial year as it performs well in the inflationary environment. The building materials sector will be a “stockpicker’s dream” in 2023, Exane BNP says in a note downgrading its ratings on Kingspan, Rockwool and Travis Perkins. Earlier in the session, Asian stocks fell as growing protests in China over pandemic restrictions and an advance in the dollar hurt demand for risk assets. The MSCI Asia Pacific Index declined as much as 1.7% before paring losses by more than half. Gauges in Hong Kong briefly tumbled more than 4% as citizens in major Chinese cities took to the streets to express anger over Covid curbs, complicating the path to reopening.  Adding to pressures on regional shares, the dollar advanced earlier in the session amid worries about growth in the Chinese economy. Equity benchmarks in South Korea and Taiwan fell more than 1%, with the latter also hurt by the ruling party’s resounding defeat in island-wide local elections.  “The government, in order to survive, must crack down on any protests,” and this creates a lot of uncertainty, emerging markets investor Mark Mobius told Bloomberg Television, referring to developments in China. But “you can’t go much lower than we already are -- maybe a 5% or 10%” correction in China stocks is likely, he added. Gauges in China and Hong Kong pared losses during afternoon trading as some bets emerged that the social unrest may accelerate an exit from Covid Zero restrictions.  Monday’s declines trimmed the Asian stock benchmark’s November gain to about 12%, but it’s still poised for its best month since 2009. In terms of catalysts, traders are looking ahead to Federal Reserve Chair Jerome Powell’s speech Wednesday for clues about the central bank’s next policy decision. Japanese equities also fell amid a broad selloff in the region as unrest in China damped investor sentiment. The Topix Index fell 0.7% to 2,004.31 as of market close Tokyo time, while the Nikkei declined 0.4% to 28,162.83. Toyota Motor Corp. contributed the most to the Topix Index decline, decreasing 1%. Out of 2,164 stocks in the index, 663 rose and 1,417 fell, while 84 were unchanged. “Protests against the Covid Zero policy have two sides,” said Shoji Hirakawa, chief global strategist at Tokai Tokyo Research Institute. “If the protests spread further it will be a negative factor, but if the policy changes, it will become a positive factor.” Bucking the global trend, Indian stocks climbed to a new life-time high, with weaker crude oil prices and robust foreign purchases helping local shares to feature among top performers in major Asian markets. The S&P BSE Sensex advanced 0.3% to close at 62,504.80 in Mumbai, while the NSE Nifty 50 Index was higher by an equal measure. The Sensex gained for a fifth day, extending this year’s gains to more than 7% and overtaking a 6.6% jump in the Jakarta Stock Exchange Composite Index. The rally in local shares has come on the back of easing commodity prices, with Brent plunging almost 15% so far this month to its lowest since early January. Foreign investors have also turned buyers of Indian shares, purchasing local equities worth $3 billion so far in November. The surge of Indian stock indexes to new peaks is a function of multiple factors, such as resilient corporate earnings, robust tax collections and a dip in retail inflation, according to Pankaj Pandey, head of research at ICICIdirect. With a drop of about 20% in crude oil prices in the last fortnight, inflation could ease further going forward, said Pandey, who has a 12-month target of 20,000 for the Nifty index. In FX, the Bloomberg Dollar Spot Index gave up an earlier gain as the yen rallied by more than 1% against the dollar to touch 137.50. The euro and the Swiss franc also outperformed the greenback, while Commodity currencies, led by the Australian dollar, were the worst Group-of-10 performers.  In rates, Treasuries were narrowly mixed with the curve continuing to flatten, inverted by -80bp and pivoting around a little-changed 10-year yield, amid weakness in oil prices including YTD low for WTI crude futures. 10-year earlier declined as much as 5.9bp to lowest since Oct. 5 as WTI crude futures fell 3.5% on unrest in China; 5- and 3-year yields also declined to lowest levels since early October. Inverted 2s10s curve reached -81.1bp, a new cycle low; flattening trend has support from bigger-than-average index duration extension in month-end rebalancing. Most euro-zone 10-year yields are 3bp-8bp higher on the day. Italian government bonds underperformed bunds. European focus is on ECB speakers including President Christine Lagarde. Gilt curve bear-steepens with 2s10s narrowing 3.8bps. Bund and Treasury bear-flatten. Peripheral spreads are mixed to Germany; Italy widens, Spain widens and Portugal tightens. In commodities, oil tumbled to the lowest level since December as a wave of unrest in China punished risk assets and clouded the outlook for energy demand, adding to the stresses in an already-volatile global crude market. WTI drifts 2.9% lower to trade near $74.05. Brent falls 3.1% near $81.06. Base metals are mixed; LME copper falls 0.3% while LME lead gains 0.6%. Spot gold rises roughly $6 to trade near $1,761/oz. BHP reached an accord with a union to avoid a strike at the Escondida mine in Chile. And W&T Offshore Inc. is among the most active resources stocks in premarket trading, falling 4%. Crude futures decline. Here’s a look at the news that may drive trading in North American resources stocks today: West Texas Intermediate sank toward $74 a barrel following three weeks of losses, while Brent traded around $81. Protests over harsh anti-virus curbs erupted across the world’s largest crude importer over the weekend, including demonstrations in Beijing and Shanghai, spurring a broad sell-off in commodities as the week opened. Commodities tumbled as China’s Covid outbreak worsened and a series of stunning street protests in cities across the nation threaten to derail economic activity and sap demand for energy, food and raw materials. At least $25.7 billion of clean-energy factories are in the works, and the jobs they generate are winning over more Americans to solar, batteries and EVs. Gold rose, erasing earlier declines, as traders weigh growing unrest in China over Covid restrictions and await key US economic data for its bearing on Federal Reserve policy. Looking at today's calendar, it is a relatively quiet day with just the Dallas Fed manufacturing survey on deck. Market Wrap S&P 500 futures down 0.7% to 4,004.75 MXAP down 0.6% to 153.18 MXAPJ down 1.1% to 488.71 Nikkei down 0.4% to 28,162.83 Topix down 0.7% to 2,004.31 Hang Seng Index down 1.6% to 17,297.94 Shanghai Composite down 0.7% to 3,078.55 Sensex up 0.4% to 62,571.65 Australia S&P/ASX 200 down 0.4% to 7,229.14 Kospi down 1.2% to 2,408.27 STOXX Europe 600 down 0.8% to 437.11 German 10Y yield little changed at 1.97% Euro up 0.5% to $1.0450 Brent Futures down 2.9% to $81.23/bbl Gold spot up 0.4% to $1,761.51 U.S. Dollar Index down 0.32% to 105.62 Top Asian News Chair Jerome Powell is expected to this week cement expectations that the Federal Reserve will slow its pace of interest-rates increases next month, while reminding Americans that its fight against inflation will run into 2023 A sense of chaos and uncertainty swept through Chinese markets on Monday as growing protests against Covid curbs and a record number of infections complicated the nation’s path to reopening The protests that erupted against China’s Covid Zero strategy represent one of the most significant challenges to Communist Party rule since the Tiananmen crisis more than 30 years ago. How Xi Jinping responds to it may end up being just as pivotal for the country’s future Australia has a stronger probability of bringing its economy in for a “soft landing” than almost any other developed- world counterpart, Reserve Bank Governor Philip Lowe said, citing the nation’s still-contained wage growth ECB Governing Council member Klaas Knot said risks to the outlook for consumer prices are still skewed to the upside, despite the euro area facing a recession Egypt’s newly flexible currency is still too tame for a market that’s bracing for more disruption ahead The Bank of Japan should conduct a review of policy under a new leadership from next year to make it more flexible, according to former board member Sayuri Shirai, who has been floated as a possible candidate for deputy governor A more detailed look at global markets courtesy of Newsquawk APAC stocks traded mostly lower with risk appetite sapped by the ongoing COVID-related issues in China where a fresh record number of daily infections were reported and with public unrest brewing after hundreds of people protested throughout the weekend in several major cities including Beijing and Shanghai. ASX 200 was lower with energy leading the declines after oil prices slumped to YTD lows and with sentiment also mired by the surprise contraction in Australian Retail Sales. Nikkei 225 trickled closer towards the 28,000 level with some utility names hit after reports that Japan’s FTC will issue a record fine on three regional power companies for antitrust violations. Hang Seng and Shanghai Comp were pressured as the PBoC’s recent 25bps RRR cut was overshadowed by the COVID situation in China and with tech also hit after US FCC banned equipment authorisations for Chinese telecommunications and video surveillance equipment deemed to pose a threat to national security, although casino names outperformed after Macau renewed the licences of the six existing operators. Top Asian News Hundreds of demonstrators conducted protests in cities including Beijing and Shanghai to express their discontent against China’s strict COVID measures, while the protests have so far lasted for 3 days, according to BBC and Reuters. China’s Shenzhen announced to limit restaurants and other indoor venues to 50% occupancy and said new arrivals to the city will be barred from entering venues such as theatres and gyms for the first 3 days as part of COVID measures, while it also asked the public to work from home, according to Reuters. Goldman Sachs said China could end its zero-COVID policy before April and earlier than widely expected with some chance of a “disorderly” exit, although it still sees a Q2 exit from zero-COVID as most likely with around a 60% chance. Beijing has vowed to curb rapid increase in COVID cases, according to an official; Guangzhou is to resume public transportation in locked down areas, according to an official. China is set to ease rules on developer bond state guarantees, according to Bloomberg. US FCC banned equipment authorisations for Chinese telecommunications and video surveillance equipment deemed to pose a threat to national security, while the list of companies deemed to pose a threat includes Huawei, ZTE (763 HK) and Hytera Communications (002583 CH), according to Reuters. US Space Force chief said the rapid progress of China's military capabilities poses a growing risks to US superiority in outer space, according to Sky News Arabia and Reuters. Taiwan’s ruling DPP conceded defeat in the key Taipei mayoral election and Taiwanese President Tsai resigned as chairwoman of the ruling party following poor local election results but rejected an offer from Premier Su Tseng-chang to resign. Furthermore, the Chinese government said that the local Taiwan elections showed the mainstream opinion on the island is for peace, stability and a good life, while it will keep working with Taiwan’s people to promote peaceful relations and firmly oppose Taiwan independence, according to Reuters. South Korean Transport Ministry is to meet with the striking truckers’ union on Monday, according to an official cited by Reuters. Cash bourses in Europe hold the downside bias seen across APAC stocks overnight which emanated from China reporting a record increase in COVID cases, whilst social unrest in the country made the headlines over the weekend; Euro Stoxx 50 -0.7%. European sectors are in a sea of red and portraying no overarching bias, although some of the defensive sectors are slightly more cushioned than most peers. In early European hours, the ES (-0.9%) gave up the 4,000 level while slight underperformance is present in the tech-laden NQ (-1.0%), as participants look for month-end flows ahead of the US jobs report at the end of the week. Apple (AAPL) is poised to lose 6mln iPhone Pros from the unrest at its Chinese plant, according to Bloomberg. Shipments of smartphones within China declined 4.6% Y/Y to 19.84mln handsets in Sept, according to CAICT. Top European News UK PM Sunak is facing a rebellion from the ruling Conservative party as they seek to force the government to drop the ban on new onshore windfarms, according to Bloomberg. UK housing market stalled in October with house price growth slowing to its lowest quarterly level since February 2020 amid a disastrous mini-budget and the cost of living crisis, according to Reuters citing data from Zoopla. All EU market participant will have to hold "active accounts" at EU clearing houses for "systemically important" financial products, via Reuters citing an EU draft document. ECB's Knot says underlying inflation trends are worrisome, risks to the inflation forecast are entirely tilted to the upside. ECB's Kazimir says there is a growing risk of a recession in the Eurozone, hikes will continue despite unfavourable economic developments. FX Dollar downed as risk aversion favours Yen and others, while month end rebalancing models signal broad selling requirement, DXY under 200 DMA and 105.500, USD/JPY eyeing 137.50 Euro through near term resistance vs Buck around 1.0450 and 100 DMA against the Pound on RHS flow for Wednesday Aussie underperforms after weaker than forecast final retail sales and in sympathy with the Yuan on more Chinese CVOID contagion; AUD/USD heavy on 0.6700 handle, USD/CNH probes 7.2500 before pullback Loonie and Nokkie undermined by collapse in crude prices, as USD/CAD rebounds through 1.3400 and EUR/NOK beyond 10.3500 PBoC set USD/CNY mid-point at 7.1617 vs exp. 7.1695 (prev. 7.1339) Fixed Income Haven bid in bonds fades as Bunds retreat over 100 ticks from 141.42 Eurex peak, Gilts towards 107.00 after matching last Friday's 107.66 high and T-note between 113-17/113-02+ parameters. BTPs underperform within wide 120.26-118.87 extremes on domemstic supply grounds. Commodities WTI and Brent Jan futures have been under pressure since the reopening of futures trading, with Brent beneath USD 82/bbl for the first time since January (80.61-83.93/bbl daily range) and WTI printing a YTD low (73.60-76.49/bbl range) after Chinese daily COVID infections rose by a fresh record Spot gold has been gaining in tandem with the losses in the US Dollar with the yellow metal gaining above USD 1,750/oz but still under November's high of around USD 1,786/oz. Base metals are mixed, with the initial China-induced downside overnight somewhat trimmed/cancelled out by a slide in the USD, with 3M LME copper trading on either side of USD 8,000/t. US Treasury Department is to issue a licence to allow Chevron to import Venezuelan crude oil to the US, while the licences will allow Chevron to take part in oil activities in Venezuela that were previously banned by the US and also permit them to send products to Venezuela needed to refine heavy crude into exportable grades. Furthermore, the licence is time-limited to 6 months and can be revoked if President Maduro does not negotiate in good faith or follow through on commitments, according to Reuters. Iraq’s SOMO said the OPEC+ cut decision in October didn’t decrease Iraq’s crude exports and the decision to cut helps maintain market stability. Iraq also stated that it produces 11% of total OPEC+ output and noted that the upcoming meeting will take into account current market conditions, while it sees oil prices to range USD 85-95/bbl next year, according to Reuters. It was also reported that Iraq’s OPEC representative said the country will increase oil capacity by 150k-250k BPD by 2023 and that Iraq will add 1mln-1.5mln BPD of oil export capacity by 2025. Kuwait’s KPIC shipped the first shipment of aviation jet fuel from the Al Zour refinery to UAE and Oman. BP’s (BP/ LN) Rotterdam refinery is resuming some operations after being idle for a week amid a pay dispute with workers, according to Reuters. Norway’s Gassco decreased the unplanned gas outage impact at fields delivering into Segal which was revised to a decline of 12.0 MCM/day from a decline of 14.9 MCM/day, according to Reuters. UAE's ADNOC is reportedly to cut 5% of December's crude oil supply to some term-lifters in Asia, citing the operational tolerance clause, via Reuters citing sources; but, will provide full contractual volumes for January. Geopolitics Russian Defence Ministry said nine Russian prisoners of war were released as part of a prisoner exchange with Ukraine on Saturday, according to Reuters citing Russian news agencies. Energoatom President said there have been signs in recent weeks that Russians may be preparing to leave the Zaporizhzhia nuclear power plant, according to Pravda. UK military intelligence said Russia is likely removing nuclear warheads from ageing nuclear cruise missiles and firing unarmed munitions at Ukraine which highlights a depletion in its stock of missiles, according to Reuters. UK PM Sunak said Britain will stand with Ukraine for as long as needed and will maintain or increase military aid to Ukraine next year, while he also stated that Britain needs to stand up to competitors 'not with grand rhetoric but with robust pragmatism', according to Reuters. Senior Ukrainian government sources inform Mapl+ that Moscow is "ready to withdraw some heavy equipment such as tanks and artillery", according to Mail's Franey. In the context of the Zaporizhzhia plant North Korean leader Kim ordered to promote officials and scientists responsible for nuclear forces and said that building the nuclear force is the most important cause, while their ultimate goal is to possess the world’s most powerful strategic force. Kim added that recent ICBM launches demonstrated their firm resolution and decisive ability to build the world’s strongest army, while its new ICBM clearly proved that North Korea is a full-fledged nuclear power and can withstand the supremacy of the US. Furthermore, Kim said scientists have made a ‘wonderful leap forward’ in technology for mounting nuclear warheads on ballistic missiles and should continue to expand and strengthen the nuclear deterrent at an extraordinary pace, according to KCNA. US Event Calendar 10:30: Nov. Dallas Fed Manf. Activity, est. -22.0, prior -19.4 Central Banks 12:00: Fed’s Williams Speaks to the Economic Club of New York 12:00: Fed’s Bullard Takes Part in MarketWatch Live Event DB's Jim Reid concludes the overnight wrap As we start a new week that will introduce us to December, the big story over the weekend has been the unrest in China around the handling of Covid restrictions with multiple protests and demonstrations reported across the country on mainstream and social media. This seems to be the most serious of President Xi's decade long tenure. In terms of Covid-19 cases, the ongoing outbreak remains elevated as the nation reported a record high of 40,052 local cases on Sunday up from 39,506 a day earlier. The story is dominating Asian markets this morning. As I type, the Hang Seng (1.98%) is leading losses with the CSI (-1.58%) and the Shanghai Composite (1.03%) also sliding. Elsewhere, the KOSPI (-0.95%) and the Nikkei (-0.52%) are also weak. Outside of Asia, DM stock futures are also soft with contracts on the S&P 500 (-0.65%), the NASDAQ 100 (-0.83%) and the DAX (-0.50%) all lower. Meanwhile, 10yr USTs yields (-5.16 bps) have moved sharply lower for an overnight session trading at 3.63% with the 2s10s curve further inverting to -80.37 bps as we go to press. Elsewhere, oil prices are also lower in early Asian trade with Brent Crude (-2.79%) t $81.30/bbl and WTI (-2.95%) $74.02/bbl as demand fears from China are back in focus. Over in the US, initial Black Friday weekend retail sales numbers are coming through. For example Adobe have said that Americans spent a record $9.12 billion online this Black Friday. The $9.12 billion figure is up 2.3% from previous year’s $8.92 billion and $9.03 billion in 2020. Clearly with inflation running between 7-9% this year that could be seen as a spending recession depending on how you want to spin it. Today is the usually very busy Cyber Monday so we’ll see what that brings. Looking forward to the week now, it’s a big few days for US employment data, building to a crescendo with payrolls on Friday. We'll also get the latest PCE inflation reading and the ISM manufacturing print. Elsewhere, European CPI releases will also be front and centre as inflation and recession risks in the currency bloc weigh on the ECB. In Asia, all eyes will be on China's PMIs and several key economic activity indicators from Japan. We will also hear from a number of key central bank officials, including Fed Chair Powell and ECB President Lagarde. Going through the highlights in more detail and there’s only one place to start, and that is with payrolls. This will be the last one before the FOMC on December 13-14th. Our US economists expect a +200k print in November, down from +261k in October, and the unemployment rate to tick back down to 3.6%. Earnings are forecast to grow +0.3%, decelerating from October's +0.4%. Prior to Friday we have the latest JOLTS report and ADP reports on Wednesday. In terms of the former, it’s long been our favoured measure of labour market tightness but it’s always a month behind other measures so as we approach a turning point in the labour market it might be tough to use it as a lead indicator. Our economists are focused on the micro of the report and recent evidence of less labour market tightness has been a little less evident under the surface given various sector mismatches. See their report here "Why the JOLTS data are not as encouraging as they appear" for more on that. Rounding off the important labour market clues, tomorrow’s Conference Board's confidence measure on Tuesday will include the jobs-plentiful / jobs hard-to-get differential, which has historically been highly correlated with the unemployment rate. Our economists highlight that after peaking at 47.1 in March, consumer views on the labour market have cooled a bit with the differential falling to 32.5 in October. While the October level is still very healthy and in line with the near-recordlow unemployment rate, we need to see how quickly this now deteriorates for clues on the turn in the labour market. Within Thursday's personal income (DB at Unch. vs. +0.4% last month) and consumption (DB at +0.7% vs. +0.6%) report the latest reading on the core PCE deflator will be a big release for Fed expectations. Given what we know from the CPI and PPI data earlier this month, our economists expect core PCE inflation to come in at 0.2% (vs. 0.5% previously). If their forecast is correct, the year-over-year rate will begin to fall, dropping a tenth to 5.0%. While only a small decrease in the yearover-year rate’s September peak, this would be the fourth lowest monthly core PCE print since the beginning of 2021, so it may help cement 50bps over 75bps in two weeks' time. Business activity-related indicators due out include the manufacturing ISM index on Thursday. Our US economists expect the indicator to slip into contractionary territory (49.8 vs 50.2 in October) for the first time since the Covid depths in May 2020. The day before, we get the Chicago PMI (DB forecast 47.3 vs 45.2 in October) and the advance goods trade balance (DB forecast -$91.0bn vs -$92.2bn in September). In Europe, the November CPI reports from across the Eurozone on TuesdayWednesday will be among the key data this week. As a reminder, the bloc-wide measure is now at 10.6%, the highest ever, in a sharp contrast to the US where the latest CPI (7.7%) is more than a percentage point below its recent peak (9.1%). With few indicators pointing to a significant slowdown in price increases for Europe, this week's print may keep up the pressure on the ECB to fight inflation despite growth concerns. In fact, as our European economists point out in their review of central bank's monetary policy accounts (link here) released this week, contrary to markets' initial perception, there was little dovishness in last meeting's message. The team is calling for a +50bps hike in December but acknowledging upside risks, especially if this week's prints come in above expectations. We will also get the PPI and consumer spending for France, the PPI and the manufacturing PMI from Italy, as well as confidence indicators for the Eurozone throughout the week. Over in Asia, all eyes will be on November PMIs from China on Wednesday and Thursday, with the Bloomberg consensus pointing to an unchanged manufacturing PMI on Wednesday (49.2) and a slight drop in the Caixin PMI on Thursday (48.9 vs 49.2). See the day-by-day week ahead for the full diary of events this week. Recapping last week now, developments over the holiday-shortened week skewed towards impending recession fears, which drove global sovereign yield curves flatter but equities held up well. We had rising Covid cases and renewed restrictions in China, renewed fears over the energy supply to Europe (European natural gas futures climbed +8.30% over the week), contractionary PMIs across the developed world, while Fed staff noted in minutes to the November meeting that a recession was now likely pretty much their base case for next year. Sovereign 2s10s curves flattened across the US, Germany, and the UK. 2yr Treasury yields were -8.0bps lower (-2.5bps Friday), while 10yr yields fell -15.1bps (-1.5bps Friday), with the curve ending the week at -78bps, its most inverted since the early 1980s. In Germany, 2yr Bunds increased +9.0bps (+8.3bps Friday) while 10yr yields fell -4.0bps (+12.4bps Friday). And in the UK 2yr Gilts climbed +11.4bps (+8.4bps Friday) in contrast to 10yr Gilts which fell -11.7bps (+8.5bps Friday). The growth fears stoked a renewed bout of central bank pivot optimism, which buoyed equities over the week. The S&P 500 increased +1.53% (-0.03% Friday), the STOXX 600 was up +1.71% (-0.05% Friday), and the DAX lagged, climbing just +0.76% (-0.02% Friday). The biggest underperformers were Chinese equities following a surge in Covid cases which drove renewed lockdown measures. The NASDAQ Golden Dragon index fell -5.96% in response (-3.28% Friday). Tyler Durden Mon, 11/28/2022 - 08:07.....»»

Category: smallbizSource: nytNov 28th, 2022

I commute on London"s $25 billion railway line every week. It costs me $3, gets me to work 20 minutes early, and has transformed my journey.

The Elizabeth line train doesn't drop me as close to my office, but it offers peace, comfort, and WiFi before I start my workday. An Insider reporter takes the Elizabeth line railway to work every week in London.Transport for London/Kate Duffy/Insider The Elizabeth line is London's new railway, which has completed 70 million journeys since opening in May. Commuting on the Elizabeth line in the morning cuts my trip by 20 minutes. However, the train drops me further away from the office compared with my past commute. The Elizabeth line is one of London's most notable recent attractions. The 60-mile-long railway opened to the public on May 24 after taking 23 years to construct and came with a price tag of $25 billion.Elizabeth line train.Transport for LondonTransport for London, the railways' operator, said in November that almost 70 million journeys have been made on the Elizabeth line since it opened six months ago.The Elizabeth line train's design is sleek.Philip Toscano/Getty ImagesSource: Transport for LondonI decided to take the Elizabeth line to work one morning to see whether it would make a difference to my 50-minute commute from West to East London. I've never looked back.Elizabeth line in London.Kate Duffy/InsiderNormally, I set off just after 7 a.m.. To get to the nearest Elizabeth line stop at Paddington, I have to take the Bakerloo line, which is more than 100 years old, for less than five minutes. It's often noisy, cramped, and stuffy at this time of the morning.Inside of Bakerloo line tube.Kate Duffy/InsiderSource: London Transport MuseumAt Paddington station, I walked through a tunnel specially built for passengers going between the Elizabeth line and the Bakerloo line. It cost £1 million, or $1.3 million, per meter to build this tunnel, Crossrail CEO Mark Wild previously said.Elizabeth line tunnel in Paddington station.Kate Duffy/InsiderSource: InsiderA lot of stations on the Elizabeth line have artistic ceilings inside. This one in Paddington station is completely different from other stops I've been to on the line, such as Canary Wharf and Liverpool Street stations.Escalators to Elizabeth line in Paddington station.Kate Duffy/InsiderThe train is usually already waiting at the station when I arrive. If not, I have to wait a maximum of four minutes.Elizabeth line in Paddington station.Kate Duffy/InsiderThere are announcements saying when the train is scheduled to depart, while staff in high-visibility jackets are always on hand to help passengers.Elizabeth line in Paddington station.Kate Duffy/InsiderDespite it being rush hour, the platform is never overcrowded. Other stations I stopped at on my previous commute were rammed full of people as the tube is one of the most common ways to travel to work in London.Elizabeth line in Paddington station.Kate Duffy/InsiderLess than 15 minutes after leaving my flat, I'm already on the Elizabeth line train. I travel on it for three stops, passing Bond Street, Tottenham Court Road, and Farringdon until I reach Liverpool Street, the other side of London.Elizabeth line train.Kate Duffy/InsiderMy previous commute involved taking three tube lines, including the Bakerloo, Hammersmith and City, and Northern lines to reach Old Street station. This takes around 45 to 50 minutes, and costs $3.26.Elizabeth line train.Kate Duffy/InsiderThere tend to be plenty of free seats in the Elizabeth line train, which was comfy and clean compared with the seating on the three tubes I used to take to work.Seats in Elizabeth line train.Kate Duffy/InsiderThe journey is smooth, spacious, and quiet. It's also very cool thanks to the air-conditioning onboard, which is refreshing during an early commute.Elizabeth line train.Kate Duffy/InsiderThe train stops for around one minute at each station, which makes boarding and disembarking stress-free.Elizabeth line train.Kate Duffy/InsiderThere's also WiFi available at every station during my commute, which allows me to scroll through social media and the news before my work day starts.Elizabeth line train.Kate Duffy/InsiderI arrive at Liverpool Street in around 10 minutes, but have to walk about 11 minutes to get to the office — longer than the train ride! The Elizabeth line didn't drop me as close to my workplace as my previous commute, which was a two-minute walk from Old Street station to the office.Elizabeth line at Liverpool Street station.Kate Duffy/InsiderAfter getting off the Elizabeth line train, I have to step on a huge escalator ...Escalators exiting Elizabeth line at Liverpool Street station.Kate Duffy/Insider... and then another one to get to ground level. The tunnels for the new railway are up to 40 meters underground, Wild previously said.Escalators near Elizabeth line at Liverpool Street station.Kate Duffy/InsiderMy commute to the other side of London cuts my travel time by 20 minutes, reduces the number of tubes I have to take, and costs me the same as my previous commute at $3.26. I prefer to take the Elizabeth line to work because it's so quick and hassle-free.Paying by card to exit Elizabeth line.Kate Duffy/InsiderRead the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 23rd, 2022

Elon Musk wanted to reinstate a right-wing satire account on day one as Twitter chief

In the few past days, divisive and previously banned figures like Kanye West and Donald Trump have had their accounts restored by Musk. Elon Musk sent Twitter staff a memo on Thursday confirming job cuts would be announced on Friday.Carina Johansen/Getty Images Elon Musk expressed interest in reinstating the Babylon Bee's twitter account hours after he took over. According to The Washington Post, Musk thought the right-wing satire site shouldn't have been banned. The Babylon Bee had called Biden health official Rachel Levine, who is a transgender woman, "Man of the Year."  Elon Musk had his sights set on bringing back the Twitter account for right-wing, Christian satire website The Babylon Bee on day one as Twitter's CEO in October. The account had been banned for anti-trans tweets aimed at a member of the Biden administration. The site's account was reinstated on Sunday, three weeks after his takeover of Twitter.Divisive and previously banned figures like Kanye West and former President Donald Trump have also had their accounts restored by Musk in recent days.According to The Washington Post, when Musk took over in October, one of his main directives was to reactivate the Babylon Bee account that called Biden health official Rachel Levine, who is a transgender woman, "Man of the Year." The tweet violated a 2018 rule that prohibits discrimination against transgender people related to genders or names used before transitioning.The Post reported that in the days after Musk took over he met with lawyer Alex Spiro and the head of Twitter's Trust and Safety team Yoel Roth and said that the Babylon Bee's tweet was "not cool," but that it was not a "sticks and stones" violation, like a violent threat.Weeks before Musk's purchase, ex-wife Talulah Riley texted Musk criticizing the platform's decision to ban The Babylon Bee and calling for him to reverse the decision and make the platform "radically free speech."After Musk's $44 billion purchase in October, he has whittled down the company's staff from some 7,500 employees to less than 3,000 employees as of last week. Employees who have stayed on have reported working over 80-hour weeks and sleeping at the office. Musk has encouraged workers to be "extremely hardcore" going forward.Musk did not respond to a request for comment. Twitter did not respond to a request for comment.Read the original article on Business Insider.....»»

Category: personnelSource: nytNov 22nd, 2022