Sam Altman admits OpenAI is "a little bit scared" of ChatGPT and says it will "eliminate" many jobs

Until further notice, they presume the Fed will pause on its June 14th report, either for good or to pause ahead of further data. Monday, June 5th, 2023We closed last week of trading with one of the biggest upswings all year so far: +701 points (+2.12%) on the Dow, +1.45% on the S&P 500 and another +1.07% on the still-hot Nasdaq, even after a big jobs report than morning might have suggested the Fed would need another interest rate hike mid-this month. But market participants aren’t biting on that; until further notice, they presume the Fed will pause on its June 14th report, either for good or to pause ahead of further data.This week’s initial pre-market activity shows flat-to-down on the indices at this hour, with only the small-cap Russell 2000 dipping at all notably lower: -0.5%. The Dow and Nasdaq are -0.06% and -0.02%, respectively, with only the S&P staying in the green after a strong  +1.63% week last week. Year to date, we now see all four major indices in the green for the first time in weeks, with even the Dow now up +1.6%.The Nasdaq, on the other hand, may begin to give investors pause after the big run-up in A.I.-related fervor over the past couple weeks — especially since NVIDIA’s NVDA blowout quarter sent that company’s market cap above $1 trillion for the first time ever. The tech-heavy index is up +33% since the first of the year, for what is shaping up to be the strongest first half to a calendar year since 1991 — back when George Bush, Sr. was still president and Nirvana was just releasing its first major-label record.Q1 earnings season has wound down almost completely, though there are still some interesting names to take note of this week: Cracker Barrel CBRL reports tomorrow, Brown-Forman (BF.B) and Campbell Soup CPB Wednesday, and DocuSign (DOCU) and Signet SIG Thursday. It’s been an instructive earnings season — and one not so rife with existential crises as many had foreseen going into it — and, in many ways, shows many quite nimble firms dealing with the end of the extraordinary pandemic, which began now 3 1/2 years ago.Today, after the opening bell, we’ll get new S&P PMI and ISM Services results for May: S&P’s number is expected to remain consistent at 55.1 while ISM is expected to tick up a bit to 52.3% from 51.9% previously. These numbers are also key in that they are above the 50-level indicating strength versus weakness, as opposed to last week’s S&P and ISM PMI Manufacturing, which came in below that 50-level on both prints.Questions or comments about this article and/or its author? Click here>> Top 5 ChatGPT Stocks Revealed Zacks Senior Stock Strategist, Kevin Cook names 5 hand-picked stocks with sky-high growth potential in a brilliant sector of Artificial Intelligence. By 2030, the AI industry is predicted to have an internet and iPhone-scale economic impact of $15.7 Trillion. Today you can invest in the wave of the future, an automation that answers follow-up questions … admits mistakes … challenges incorrect premises … rejects inappropriate requests. As one of the selected companies puts it, “Automation frees people from the mundane so they can accomplish the miraculous.”Download Free ChatGPT Stock Report Right Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportTo read this article on Zacks.com click here.Zacks Investment ResearchWant 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.....»»

Stock Futures Muted to Start a Fresh Week. We closed last week of trading with one of the biggest upswings all year so far: +701 points (+2.12%) on the Dow, +1.45% on the S&P 500 and another +1.07% on the still-hot Nasdaq, even after a big jobs report than morning might have suggested the Fed would need another interest rate hike mid-this month. But market participants aren’t biting on that; until further notice, they presume the Fed will pause on its June 14th report, either for good or to pause ahead of further data.This week’s initial pre-market activity shows flat-to-down on the indices at this hour, with only the small-cap Russell 2000 dipping at all notably lower: -0.5%. The Dow and Nasdaq are -0.06% and -0.02%, respectively, with only the S&P staying in the green after a strong  +1.63% week last week. Year to date, we now see all four major indices in the green for the first time in weeks, with even the Dow now up +1.6%.The Nasdaq, on the other hand, may begin to give investors pause after the big run-up in A.I.-related fervor over the past couple weeks — especially since NVIDIA’s NVDA blowout quarter sent that company’s market cap above $1 trillion for the first time ever. The tech-heavy index is up +33% since the first of the year, for what is shaping up to be the strongest first half to a calendar year since 1991 — back when George Bush, Sr. was still president and Nirvana was just releasing its first major-label record.Q1 earnings season has wound down almost completely, though there are still some interesting names to take note of this week: Cracker Barrel CBRL reports tomorrow, Brown-Forman (BF.B) and Campbell Soup CPB Wednesday, and DocuSign DOCU and Signet SIG Thursday. It’s been an instructive earnings season — and one not so rife with existential crises as many had foreseen going into it — and, in many ways, shows many quite nimble firms dealing with the end of the extraordinary pandemic, which began now 3 1/2 years ago.Today, after the opening bell, we’ll get new S&P PMI and ISM Services results for May: S&P’s number is expected to remain consistent at 55.1 while ISM is expected to tick up a bit to 52.3% from 51.9% previously. These numbers are also key in that they are above the 50-level indicating strength versus weakness, as opposed to last week’s S&P and ISM PMI Manufacturing, which came in below that 50-level on both prints. Top 5 ChatGPT Stocks Revealed Zacks Senior Stock Strategist, Kevin Cook names 5 hand-picked stocks with sky-high growth potential in a brilliant sector of Artificial Intelligence. By 2030, the AI industry is predicted to have an internet and iPhone-scale economic impact of $15.7 Trillion. Today you can invest in the wave of the future, an automation that answers follow-up questions … admits mistakes … challenges incorrect premises … rejects inappropriate requests. As one of the selected companies puts it, “Automation frees people from the mundane so they can accomplish the miraculous.”Download Free ChatGPT Stock Report Right Now >>Want 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 Brown-Forman Corporation (BF.B): Free Stock Analysis Report Cracker Barrel Old Country Store, Inc. (CBRL): Free Stock Analysis Report NVIDIA Corporation (NVDA): Free Stock Analysis Report Campbell Soup Company (CPB): Free Stock Analysis Report Signet Jewelers Limited (SIG): Free Stock Analysis Report DocuSign (DOCU): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research.....»»

The wave of layoffs hitting tech companies and beyond shows no signs of slowing down. Spotify is the latest to make job cuts. Spotify announced it would lay off 2% of its workforce, following job cuts the brand announced back in January.Onur Dogman/SOPA Images/LightRocket via Getty Images Spotify is the latest company to announce layoffs. In recent months, layoffs have expanded beyond tech, media, and finance as Gap and Whole Foods announced cuts. See the full list of layoffs so far in 2023. A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down into 2023.Spotify is the latest company to announce layoffs, according to a memo sent to employees from the company.In the memo, the vice president of Spotify's podcast business Sahar Elhabashi explained the layoffs would impact around 200 employees. A Spotify spokesperson told Insider the layoffs would impact employees a part of Spotify's podcast business and its supporting functions, including talent acquisition and financial roles. This is the second round of layoffs the company has announced this year: In January, Spotify's CEO said the company would cut 6% of its staff.The recent layoffs are a part of the brand's decision to change how it works with podcast partners around the globe and would help the brand "support the creator community better," the memo read.The news comes less than a week after cryptocurrency exchange company Binance announced it was considering staff cuts, and on the heels of recent layoffs at companies including  JPMorgan Chase, LinkedIn and Shopify.  These companies join a large number of major corporations that have made significant cuts in the new year: Tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced massive layoffs in the first weeks of 2023 amid a continued economic downturn and stagnating sales.The downsizing followed significant reductions that companies including Meta and Twitter made last year. The layoffs have primarily affected the tech sector, which is now hemorrhaging employees at a faster rate than at any point during the pandemic, the Journal reported. According to data cited by the Journal from Layoffs.fyi, a site tracking layoffs since the start of the pandemic, tech companies slashed more than 187,000 in 2023 alone — compared to 80,000 in March to December 2020 and 15,000 in 2021. But it's not just tech companies that are cutting costs, with the major job reductions that have come from the Gap, along with FedEx, Dow, and Wayfair.Here are notable job cuts so far in 2023: Spotify: laying off 2% of workforceSpotify announced it would lay off 2% of its workforce, following job cuts the brand announced back in January.Onur Dogman/SOPA Images/LightRocket via Getty ImagesSpotify announced that the music and podcast streaming app would lay off about 200 employees, or 2% of its workforce. The layoffs will impact employees across Spotify's podcasting business and its supporting functions, including talent acquisition and financial roles, a Spotify spokesperson told Insider.In the memo sent to employees, the vice president of Spotify's podcast business Sahar Elhabashi explained the layoffs were a part of the brand's decision to change how it works with podcast partners around the globe. The "fundamental pivot from a more uniform proposition will allow us to support the creator community better," the memo read."The company will support these individuals with generous severance packages, including extended Healthcare coverage and immediate access to outplacement support," the statement read. This announcement arrives on the tail of additional layoffs the music streaming service made back in January. In a memo to Spotify employees, CEO Daniel Ek said the company would cut 6% of its staff, about 600 people. "While we have made great progress in improving speed in the last few years, we haven't focused as much on improving efficiency. We still spend far too much time syncing on slightly different strategies, which slows us down. And in a challenging economic environment, efficiency takes on greater importance. So, in an effort to drive more efficiency, control costs, and speed up decision-making, I have decided to restructure our organization," he wrote. As part of those changes, Dawn Ostroff, the company's chief content and advertising officer, who spent more than $1 billion signing exclusive podcast deals with Joe Rogan, the Obamas, and Prince Harry and Meghan Markle, has departed. Binance: potential layoffsBinance, one of the world's largest cryptocurrency exchanges by volume, is considering staff cuts as the company prepares for the next bull cycle and evaluates its "talent density," a Binance spokesperson told Insider. "As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic," the spokesperson said.The statement came after a series of tweets from independent journalist Colin Wu on May 31 that indicated forthcoming layoffs at the company. "This is not a case of rightsizing, but rather, re-evaluating whether we have the right talent and expertise in critical roles," the Binance statement continued. "This will include looking at certain products and business units to ensure our resources are allocated properly to reflect the evolving demands of users and regulators." JPMorgan: About 500 jobsJPMorgan recently began cuts of about 500 employees, CNBC and CNN reported.ReutersJPMorgan announced on March 26 that it is slashing 500 roles, CNBC reported.The cuts are expected to spread across JPMorgan's retail and commercial banking, asset and wealth management, and corporate and investment banking operations, according to CNBC.The reported layoffs come just a day after reports that JPMorgan laid off 1,000 First Republic employees, or about 15% of its workforce. JPMorgan, the largest bank in the US, got even larger earlier this month when it acquired the assets of failing First Republic after it was seized by regulators.LinkedIn: 716 rolesRyan Roslansky, CEO of LinkedIn, said the company would be cutting 716 roles on Tuesday.Courtesy of Ryan RoslanskyLinkedIn announced earlier this month that it would be cutting 716 roles from its global workforce in a message from CEO Ryan Roslansky.Roslansky also noted that company will also be discontinuing InCareer, a local jobs app in China, as it refocuses on helping companies in China hire, market, and train abroad. The decision comes on the heels of LinkedIn's 20th anniversary last week. "While we're making meaningful progress creating economic opportunities for our members and customers and experiencing record engagement on the platform, we're also seeing shifts in customer behavior and slower revenue growth," Roslansky said.Shopify: 20% of workforceDavid Fitzgerald/Sportsfile via Getty ImagesShopify is slashing 20% of its workforce and selling off most of its logistics business to supply chain company Flexport, the company announced on May 4. The cuts confirmed growing concern of layoffs among staffers in recent weeks, following the cancellation of several team-building offsite events and analyst speculation that Shopify would alter its logistics arm, Insider reported."I recognize the crushing impact this decision has on some of you, and did not make this decision lightly," Shopify CEO Tobi Lütke said in a note to employees and shareholders.He continued: "This is a consequential and hard week. It's the right thing for Shopify but it negatively affects many team members who we admire and love working with."Morgan Stanley: 3,000 jobsReutersMorgan Stanley is cutting 3,000 jobs by the end of the quarter, Bloomberg reported, citing sources familiar with the matter. One person told the outlet that the company's banking and trading teams will be most impacted.The cuts will affect about 5% of the firm's workforce, excluding financial advisers and personnel in the wealth management division, Bloomberg noted. A spokesperson for the bank did not immediately respond to Insider's request for comment and declined to comment to Bloomberg. However, CEO James Gorman noted last month that underwriting and mergers activity has been "subdued" and that he doesn't expect a rebound before the second half of 2023 or even 2024, Bloomberg noted. The firm last cut 1,600, or around 2% of its staff in December, Bloomberg noted. Dropbox: 16% of staffDrew Houston, cofounder and CEO of Dropbox, told employees Thursday that the company was eliminating 500 jobs.Matt Winkelmeyer / Getty ImagesCloud storage firm Dropbox said Thursday that it would be reducing its global workforce by 16%, or 500 jobs.In a message to staff sent Thursday, CEO Drew Houston said the cuts are being made, in part, from slowing business growth and the expansion of AI products. "Today's changes were the result of taking a hard look at our strategic priorities and organizational structure as a leadership team, and aligning to principles of sustainable financial growth, efficiency, and flexibility to invest in our future. We're also streamlining how the company is organized," Houston said.  Gap: more than 2,000 jobs since late last yearGap posters in Birmingham, England.Mike Kemp/Getty ImagesClothing retailer Gap is cutting 1,800 positions in its headquarters and upper management as part of a restructuring plan meant to cut costs, the retailer said Thursday.Gap said that the cuts are expected to help the company see $300 million in annualized savings."We are taking the necessary actions to reshape Gap Inc. for the future — simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience," the company's chairman and interim CEO Bob Martin said in a statement given to Insider.In September, Gap slashed 500 jobs from its corporate ranks in a push to save $250 million annually, the Wall Street Journal reported. Jenny Craig: potential mass layoffsA man enters a Jenny Craig facility June 19, 2006 in Niles, Illinois.Tim Boyle/Getty ImagesWeight loss company Jenny Craig notified staffers of potential mass layoffs on April 27, as a result of the company "winding down physical operations," according to an internal email reviewed by NBC News.According to NBC News, the company has been in the process of selling and anticipates the pending sale "will likely impact all employees in some manner," an FAQ document sent to employees read. "We do not know the exact employees/groups whom will be impacted, and if any employees may be retained," the document said, per NBC News. "As a result, we would suggest that you anticipate that your employment may be impacted and begin to seek other employment." 3M: 6,000 jobsMike Roman, CEO of 3M.Xinhua News Agency / Contributor/Getty ImagesOn Tuesday, the Scotch tape and Post-It Notes manufacturer said it will be cutting 6,000 positions across all parts of the company with the goal of streamlining operations, simplifying supply chain, and reducing layers of management, according to The Wall Street Journal.The company's chief executive Mike Roman said Tuesday that the cuts would eliminate 10% of 3M's global workforce and ultimately save the company between $700 to $900 million in pretax costs, the Journal said. 3M last announced cuts in January when it said it was removing 2,500 manufacturing positions.Lyft: 1,072 rolesReutersIn an SEC filing on Thursday, Lyft said it was cutting roles for 1,072 employees, or about 26% of its corporate workforce. In the filing, the company also said it is scaling back on hiring and has eliminated over 250 open positions. The news comes just weeks after David Risher took the helm as Lyft's new CEO, part of an executive shakeup that involved cofounders Logan Green and John Zimmer moving into board roles. A spokesperson for Lyft previously told Insider, "David has made clear to the company that his focus is on creating a great and affordable experience for riders and improving drivers' earnings."The spokesperson added, "To do so requires that we reduce our costs and structure our company so that our leaders are closer to riders and drivers. This is a hard decision and one we're not making lightly. But the result will be a far stronger, more competitive Lyft." Deloitte: 1,200 jobsAlex Tai/SOPA Images/LightRocket via Getty ImagesDeloitte announced on April 21 it was cutting 1,200 jobs, or about 1.5% of its US staff, the Financial Times reported. The cuts will largely be concentrated in the financial advisory business as a result of a decline in mergers and acquisitions, per internal communications viewed by the FT. Whole Foods: Several hundred corporate employeesMary Meisenzahl/InsiderWhole Foods announced on April 20 it was letting go of several hundred corporate employees, amounting to less than 0.5% of the company's workforce, CNBC reported.The cuts are a result of a structural reorganization of global and regional support teams, which will be downsized from nine to six, but will not cause store closures, according to CNBC.In a memo to employees viewed by CNBC, Whole Foods executives wrote "simplifying our work and improving how we operate is critical as we grow." "As the grocery industry continues to rapidly evolve, and as we — like all retailers — have navigated challenges like the COVID-19 pandemic and continued economic uncertainty, it has become clear that we need to continue to build on these changes," the memo read, per CNBC. It continued: "With additional adjustments, we will be able to further simplify our operations, make processes easier, and improve how we support our stores."BuzzFeed News: 15% of staffBuzzFeed News headquarters.Drew Angerer / Getty ImagesBuzzFeed announced on April 20 that it was shuttering its BuzzFeed News division, laying off 15% of its staff, or 180 employees, in the process. In a memo to staff shared with Insider's Lucia Moses, CEO Jonah Peretti admitted to mistakes like over-investing in the news arm and failing to successfully integrate BuzzFeed and Complex after the latter was acquired in 2021. "I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances," he wrote. "Our job is to adapt, change, improve, and perform despite the challenges in the world. We can and will do better."Ernst & Young: 3,000 positionsEY spends $500 million annually on learning for its employees.TOLGA AKMEN / Contributor / GettyErnst & Young announced on April 17 it was laying off 3,000 US employees, or about 5% of its total US staff.The decision came after the financial auditor nixed a proposed reorganization that would break up its consulting and accounting businesses, Reuters reported. According to the Financial Times, which first reported the layoffs, the cuts will address "overcapacity" and will largely impact the company's consulting business. Opendoor: 560 jobsOpendoor announced it was cutting 560 jobs on Tuesday.Opendoor Technologies/GlassdoorOn Tuesday, home flipping giant Opendoor said it was cutting 560 jobs, or 22% of its workforce, citing a souring housing market. A spokesperson for Opendoor told Insider by email,"We've been weathering a sharp transition in the housing market – the steepest and fastest rate increase by the Fed in 40 years, the more than doubling of mortgage rates from historic lows, and the hit to home affordability have driven an approximately 30% decline in new listings from peak levels last year."The spokesperson noted that the cuts have been made to "better align our operational costs with the anticipated near-term market opportunity, while maintaining our critical technology investments that will continue to drive the business long term."Impacted team members will receive severance pay, extended health benefits, and job transition support. Opendoor last made cuts in November 2022, laying off 550 workers or about 18% of its staff.  McKinsey: About 1,400 employeesFABRICE COFFRINI/AFP via Getty ImagesMcKinsey & Company will cut an estimated 1,400 positions, or 3% of its total workforce, Bloomberg reported on March 29.The layoffs are part of the consulting firm's efforts to reorganize support teams and pare down an employee base that has grown rapidly in recent years, per the outlet. "The painful result of this shift is that we will have to say goodbye to some of our firm functions colleagues, while helping others move into new roles that better align to our firm's strategy and priorities," Bob Sternfels, global managing partner, wrote in a note to staff seen by Bloomberg. He continued: "Starting now, where local regulations allow, we will begin to notify colleagues who will depart our firm or be asked to change roles."David's Bridal: 9,236 employeesShoppers head for David's Bridal in Sunset Hill, Mo. Tuesday, May 10, 2005.James A. Finley/AP ImagesDavid's Bridal is laying off more than 9,000 workers across the US, according to a WARN notice filed with the Pennsylvania Department of Labor and Industry on April 14. "We are evaluating our strategic options and a sale process is underway," David's Bridal spokesperson Laura McKeever told the Philadelphia Inquirer. "At this time, there are no updates to share."The company is considering filing for bankruptcy in the near future, according to an April 7 report from the New York Times. David's Bridal also filed for bankruptcy in 2018. Virgin Orbit: 85% of staffersSir Richard Branson, founder of Virgin Orbit.Mark GreenbergVirgin Orbit disclosed in a March 30 filing with the Securities and Exchange Commission that it is slashing 85% of its staff, or about 675 employees.The company, which operates within the Virgin Group and provides launch services for satellites, is also ceasing operations "for the foreseeable future," CNBC reported. "Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Virgin Orbit CEO Dan Hart said, according to audio of a company all-hands obtained by CNBC.     Electronic Arts: About 780 employeesLucy Nicholson/ReutersElectronic Arts — the video game company best known for its "The Sims," "FIFA," and "Madden NFL" franchises — is letting go of 6% of its staff, or about 780 employees, the company announced on March 24. "As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams," Electronic Arts CEO Andrew Wilson wrote in a blog post to staffers. Wilson said the cuts began early this quarter and will continue through the beginning of the next fiscal year.  Amazon: 9,000 more jobsAmazon CEO Andy Jassy announced on Monday that the company would be eliminating another 9,000 roles, on top of the 18,000 announced in January.Richard Brian/ReutersAmazon announced on March 20 that it would cut 9,000 jobs from its workforce over the coming weeks. The cuts come on the heels of the 18,000 roles the company announced it was cutting back in January. In a message to employees shared on Amazon's site, CEO Andy Jassy noted that the impacted positions are largely in the Amazon Web Services, People Experience and Technology Solutions, Advertising, and Twitch departments. In the memo, Jassy said the company staggered its layoff announcements because "not all of the teams were done with their analyses in the late fall." He added, "rather than rush through these assessments without the appropriate diligence, we chose to share these decisions as we've made them so people had the information as soon as possible."Roku: 200 staffersRoku CEO Anthony Wood speaks during Tribeca X - 2021 Tribeca Festival on June 18, 2021 in New York City.Photo by Arturo Holmes/Getty Images for Tribeca FestivalRoku is cutting an additional 200 roles, or 6% of its workforce, Reuters reported on March 30. The cuts come after the streaming device manufacturer previously laid off 200 employees in November 2022. The company is expected to complete the cuts by the end of the second quarter, and also plans to leave and sublease office facilities in an attempt to reduce costs, according to Reuters. Walmart: About 200 employeesA Walmart store.Bruce Bennett/Getty ImagesWalmart asked about 200 workers at five fulfillment centers to find employment elsewhere in the company in the next 90 days or else be laid off, Reuters reported on March 23.The cuts are a response to the reduction of evening and weekend shifts at select Walmart facilities, including those in Chino, California; Davenport, Florida; Bethlehem, Pennsylvania; Pedricktown, New Jersey; and Fort Worth, Texas, per Reuters. "We recently adjusted staffing levels to better prepare for the future needs of customers," a Walmart spokesperson told Reuters in a statement.  Accenture: 19,000 positionsJoan Cros/Corbis via Getty ImagesAccenture is slashing 19,000 roles, or 2.5% of its total workforce, according to a Security and Exchange Commission filing on March 23.The tech consultancy company said the layoffs will take place over the next 18 months and half of the cuts will impact staffers in "non-billable corporate functions," per the filing.  "While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs," Accenture wrote in the filing. Indeed: 2,200 staffersIndeed CEO Chris HyamsPhoto by Niall Carson/PA Images via Getty ImagesIndeed CEO Chris Hyams announced on March 22 that the online networking platform will cut 2,200 jobs, or about 15% of its staff. In a note sent to employees, Hyams wrote the reductions will impact "nearly every team, function, level, and region" across the company in an effort to reduce redundancy and increase efficiency. "I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I'd never have to make," he wrote. Meta: 10,000 workersMeta CEO Mark ZuckerbergMark Lennihan/APRoughly 10,000 Meta workers will find out that their jobs have been cut between March and May, according to an announcement by the company's founder and CEO, Mark Zuckerberg. Zuckerberg also said the company would close around 5,000 open roles that haven't yet been filled as part of the company's effort to downsize. "My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead," Zuckerberg wrote in a post on Facebook announcing the layoffs. In the post, Zuckerberg said that members of Meta's recruiting team would learn about the fate of their jobs in March, while tech workers would find out in late April, and business groups would find out in May. "In a small number of cases, it may take through the end of the year to complete these changes," he wrote. The job cuts come less than 5 months after Meta slashed 11,000 workers, or about 13% of its workforce, in November. At the time, Zuckerberg called the layoffs a "last resort."  SiriusXM: 475 rolesJennifer Witz, CEO of SiriusXM said the company was cutting 475 roles on March 6.Cindy Ord / Staff/ Getty ImagesThe radio company said March 6th that it was cutting 8% of its staff or 475 roles according to a statement posted on the company's website from CEO Jennifer Witz.In the statement, Witz said "nearly every department" across the company will be impacted. She also noted that those impacted will be contacted directly and will have the opportunity to speak with a leader from their department as well as a member of the company's People + Culture team. Impacted employees will also be provided with exit packages that include severance, transitional health insurance benefits, Employee Advocacy Program continuation, and outplacement services, Witz noted.Citigroup: hundreds of jobsCiti CEO Jane FraserPatrick T. Fallon/AFP via Getty ImagesCiti plans to cut hundreds of jobs, with many focused on the company's investment bank division. The total headcount cut will reportedly amount to less than 1% of Citi's more than 240,000 workers and are part of Citi's normal course of activities.Citi's cuts were first reported by Bloomberg. In January, Citi's CFO told investors the company remained "focused on simplifying the organization, and we expect to generate further opportunities for expense reduction in the future."Citi declined Insider's request to provide comment on the record. Waymo: reported 209 roles so farWaymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 8% of the unit's staff has been cut this year.Peter Prado/Insider; Vaughn Ridley/Sportsfile via Getty ImagesAlphabet's self-driving car unit Waymo has reportedly laid off a total of 209 employees this year in two rounds of cuts, according to The Information. Waymo reportedly laid off 137 employees on March 1, according to The Information. Waymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 209 employees— approximately 8% of the company's staff— have been cut this year, according to an internal email seen by The Information.Waymo did confirm the cuts to Insider but did not specify the number of roles impacted or the date the first round of cuts occurred.  Thoughtworks: reported 500 employeesThoughtworks laid off 500 employees on February 28. That day, CEO Guo Xiao said in the company's earnings release that it was "pleased" with its performance in the fourth quarter of 2022.Screenshot of Guo Xiao from the Thoughtworks website.Thoughtworks, a software consultancy firm, reportedly laid off 500 employees or 4% of its global workforce, according to TechCrunch. TechCrunch noted that the company "did not dispute" the figure when reached for comment on March 1. According to TechCrunch, Thoughtworks "initially informed" the affected employees about the decision on February 28. That same day, Thoughtworks reported that its revenue had increased 8.3% between the fourth quarter of 2022 and the fourth quarter of 2021. The company also reported a more than 21% year over year revenue increase for 2022. In the company's earnings release, Thoughtworks' CEO Guo Xiao said, "We are pleased with our performance in the fourth quarter and our clients continue to look to us to help them navigate these uncertain times and tackle their biggest technology challenges."General Motors: reported 500 salaried jobsGM CEO Mary Barra.Patrick T. Fallon/Getty ImagesGeneral Motors plans to cut 500 executive-level and salaried positions, according to a report from The Detroit News. The layoffs come only one month after CEO Mary Barra told investors and reporters on the company's earnings call, "I do want to be clear that we're not planning layoffs." In a memo to employees, seen by Insider, GM's chief people officer wrote, "we are looking at all the ways of addressing efficiency and performance. This week we are taking action with a relatively small number of global executives and classified employees following our most recent performance calibration." Employees who are getting laid off were informed on Feb. 28. General Motors confirmed the layoffs to Insider but did not confirm a specific number of employees getting cut. Twitter: about 200 employeesElon Musk is Twitter's CEO and ownerREUTERS/Jonathan ErnstThe layoffs reportedly haven't stopped at Twitter under Elon Musk. The social media company reportedly laid off 200 more employees on a Saturday night in late February, according to the New York Times. Some workers reportedly found out they had lost their jobs when they couldn't log into their company emails.Musk laid off 50% of Twitter's workforce in November after buying the company for $44 billion. Yahoo: 20% of employeesSOPA Images / Getty ImagesYahoo announced it will eliminate 20% of its staff, or more than 1,600 people, as part of an effort to restructure the company's advertising technology arm, Axios reported on February 9.Yahoo CEO Jim Lanzone told Axios that the cuts are part of a strategic overhaul of its advertising unit and will be  "tremendously beneficial for the profitability of Yahoo overall."    Disney: 7,000 jobsBob Iger, CEO of DisneyCharley Gallay/Stringer/Getty ImagesFresh off his return as Disney CEO, Bob Iger announced February 8 that Disney will slash 7,000 jobs as the company looks to reduce costs. Iger, who returned to the position in November 2022 to replace his successor Bob Chapek after first leaving in 2020, told investors the cuts are part of an effort to help save an estimated $5.5 billion. "While this is necessary to address the challenges we are facing today, I do not make this decision lightly," Iger said. "I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes."DocuSign: 10%Igor Golovniov/SOPA Images/LightRocket/Getty ImagesDocuSign plans to slash 10% of employees as part of a restructuring plan "designed to support the company's growth, scale, and profitability objectives," the electronic signature company wrote in a Securities and Exchange Commission filing on Feb. 16. The company said the restructuring plan is expected to be complete by the second quarter of fiscal 2024, per the filing. Affirm: 19% of its workforceAffirm co-founder and CEO Max LevchinAffirmAffirm announced on February 8 it plans to slash 19% of its workforce, after reporting declining sales that missed Wall Street expectations. Affirm co-founder and CEO Max Levchin said in a call with investors that the technology company "has taken appropriate action" in many areas of the business to navigate economic headwinds, including creating a "smaller, therefore, nimbler team.""I believe this is the right decision as we have hired a larger team that we can sustainably support in today's economic reality, but I am truly sorry to see many of our talented colleagues depart and we'll be forever grateful for their contributions to our mission," he said.  GoDaddy: 8% of workersGoDaddy's CEO Aman Bhutani in September 2019Don Feria/Invision/AP ImagesGoDaddy, the website domain company, announced on February 8 it will cut 8% of its global workforce. "Despite increasingly challenging macroeconomic conditions, we made progress on our 2022 strategic initiatives and continued our efforts to manage costs effectively," GoDaddy CEO Aman Bhutani wrote in an email to staffers."The discipline we embraced was important but, unfortunately, it was not sufficient to avoid the impacts of slower growth in a prolonged, uncertain macroeconomic environment."Zoom: 15% of staffZoom CEO Eric Yuan.AP Photo/Mark LennihanZoom CEO Eric Yuan announced in a memo to workers that the company would reduce its headcount by 15%, or about 1,300 employees, on February 7. He attributed the layoffs to "the uncertainty of the global economy and its effect on our customers" but also said the company "made mistakes" as it grew. "We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably toward the highest priorities," Yuan said. In the memo, Yuan also announced that he would cut his salary by 98% in 2023 and forgo his corporate bonus. In addition, other members of the executive leadership team will also reduce their base salaries by 20% this year, according to Yuan. eBay: 500 jobseBay CEO Jamie Iannone told employees Tuesday that the company would be eliminating 500 roles.Harry Murphy/Sportsfile for Web Summit via Getty ImagesOn Tuesday, e-commerce giant eBay told employees that it would be eliminating 500 roles, or about 4% of its workforce, according to a message included in a regulatory filing on Tuesday. In the message, CEO Jamie Iannone wrote "Today's actions are designed to strengthen our ability to deliver better end-to-end experiences for our customers and to support more innovation and scale across our platform."He added, "this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape." Dell: 5% of workforceDell is eliminating approximately 5% of its workforce. The company's co-chief operating officer Jeff Clarke told employees in a memo, "market conditions continue to erode with an uncertain future."Kevork Djansezian / Staff/Getty ImagesOn February 6, Dell said in a regulatory filing that it would be eliminating about 5% of its workforce. The percentage amounts to approximately 6,650 roles based on numbers that Dell provided Insider. In a memo sent to employees posted on Dell's website, co-chief operating officer Jeff Clarke, said "market conditions continue to erode with an uncertain future." He also noted in the memo that the company had paused hiring, limited employee traveling, and decreased spending on outside services. He added, however, "the steps we've taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough."Pinterest: 150 jobsBen Silbermann is the founder and executive chair of Pinterest. He was the company's CEO until June 2022.Horacio Villalobos/Getty ImagesPinterest said it would cut 150 workers, or less than 5% of its workforce, on February 1, the company confirmed to Insider.  "We're making organizational changes to further set us up to deliver against our company priorities and our long-term strategy," a company representative said.The social media company was recently the target of activist investor Elliott Management, agreeing to add one of the firm's representatives to its board last month.   Rivian: 6% of jobsRivian CEO RJ Scaringe.Carlos Delgado/Associated PressRivian's CEO RJ Scaringe announced the EV company would cut 6% of its workforce in a memo to employees, the company confirmed to Insider. This is the company's second round of job cuts in the last 6 months after Scaringe announced a separate 6% workforce reduction in July 2022. In his memo to staff, Scaringe said Rivian needs to focus its resources on ramping up production and reaching profitability. BDG Media: 8% of staffScreengrab of Gawker's homepageGawkerBDG Media announced on February 1 that it was shutting down pop-culture site Gawker and laying off 8% of its staff, according to Axios. BDG owns Bustle, Elite Daily, and other lifestyle and news websites. "After experiencing a financially strong 2022, we have found ourselves facing a surprisingly difficult Q1 of 2023," CEO Bryan Goldberg wrote in a memo to staff seen by Axios. Splunk: 325 jobsGary Steele took over as Splunk's CEO in April 2022.YouTube/ProofpointSoftware and data platform Splunk is the latest in a long list of tech companies to announce layoffs in recent months. On February 1, the company said it would lay off 4% of its staff and scale back the use of consultants to cut costs, according to a filing viewed by Insider. The layoffs will reportedly be focused on workers in North America, and CEO Gary Steele told employees Splunk would continue to hire in "lower-cost areas."Intel: 343 jobsIntel CEO Pat Gelsinger.Pool Eric Lalmand/Getty ImagesIntel notified California officials per WARN Act requirements it plans to layoff 343 workers from its Folsom campus, local outlets reported on January 30. "These are difficult decisions, and we are committed to treating impacted employees with dignity and respect," Intel said in a statement to KCRA 3, noting that the cost-cutting comes as the company is faces a "challenging macro-economic environment." On February 1, the company announced CEO Pat Gelsinger will take a 25% pay cut, while other members of the executive team will take salary reductions in amounts ranging from 5% to 15%.  FedEx: more than 10% of top managersFedEx workers in New York City on March 16, 2021.Alexi Rosenfeld/Getty ImagesFedEx informed staffers on February 1 it plans to slash more than 10% of top managers in an effort to reduce costs.  "This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions," CEO Raj Subramaniam wrote in a letter to staff, which was shared with Insider's Emma Cosgrove. While the exact number of employees impacted was not specified, a FedEx spokesperson told Insider that since June 2022 the company has reduced its workforce by more than 12,000 staffers through "headcount management initiatives." "We will continue responsible headcount management throughout our transformation," the spokesperson said. PayPal: 7% of total workforceDan Schulman, president and CEO of PayPal announced that the company would be cutting 7% of its total workforce on January 31.PaypalPayPal announced on January 31 that it plans to cut 2,000 workers or approximately 7% of the company's total workforce over the coming weeks. In a statement announcing the layoffs on PayPal's website, CEO and president Dan Schulman cited the "challenging macro-economic environment." He added, "While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do."HubSpot: 7% of staffYamini Rangan is HubSpot's CEO.Matt Winkelmeyer/ Getty ImagesHubSpot's CEO Yamini Rangan announced that the company would lay off 500 workers, according to an email seen by Insider. "We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected. The year was challenging due to a perfect storm of inflation, volatile foreign exchange, tighter customer budgets, and longer decision making cycles," Rangan wrote to employees. IBM: 1.5% of staffIBM's CEO Arvind KrishnaBrian Ach / Stringer / Via GettyIBM plans would cut 1.5% of its staff, roughly 3,900 workers. The layoffs were first reported by Bloomberg but confirmed by Insider.The company said the cuts would cost IBM about $300 million and is related entirely to businesses the company has spun off. Bloomberg reports that CFO James Kavanaugh said the company is still hiring in "higher-growth areas." Hasbro: 15% of workersA Jenga game by Hasbro Gaming.Thomson ReutersHasbro reportedly plans to cut 1,000 workers after warning that the 2022 holiday season was weaker than expected, according to the toy and game company. The company said the layoffs come as it seeks to save between $250 million to $300 million per year by the end of 2025. "While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses," Chris Cocks, Hasbro's CEO said. Dow: 2,000 global employeesThe Dow Chemical logo is shown on a building in downtown Midland, home of the Dow Chemical Company corporate headquarters, December 10th, 2015 in Midland, MichiganBill Pugliano/Getty ImagesDow Inc. announced on January 26 that it will lay off 2,000 global employees, a move that indicates mass layoffs are spreading beyond just the technology sector, the Wall Street Journal reported. It's part of a $1 billion cost-cutting effort intended to help amid "challenging energy markets," Dow CEO Jim Fitterling said in a press release. The chemical company also  will shut down select assets, mostly in Europe, per the release."We are taking these actions to further optimize our cost structure and prioritize business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe," Fittlering said.   SAP: Up to 3,000 positionsSAP CEO Christian KleinULI DECK/POOL/AFP via Getty ImagesSoftware company SAP said on January 26 it will slash up to 3,000 jobs globally in response to a profit slump, with many of the cuts coming outside of its headquarters in Berlin, the Wall Street Journal reported.  The layoffs will impact an estimated 2.5% of the company's workforce and are part of a cost-cutting initiative aiming at reaching an annual savings of $382 million in 2024, according to the Journal. "The purpose is to further focus on strategic growth areas," said Luka Mucic, SAP's chief financial officer, per the Journal.   3M: 2,500 jobs cut3M3M, which makes Post-It notes, Scotch tape, and N95 masks, said it plans to cut 2,500 manufacturing jobs worldwide. CEO Mike Roman called it "a necessary decision to align with adjusted production volumes." "We expect macroeconomic challenges to persist in 2023. Our focus is executing the actions we initiated in 2022 and delivering the best performance for customers and shareholders," he said in a press release. Google: around 12,000 employeesBrandon Wade/ReutersSundar Pichai, CEO of Google parent company Alphabet, informed staffers on January 20 that the company will lay off 12,000 employees, or 6% of its global workforce. In a memo sent to employees and obtained by Insider, Pichai said the layoffs will "cut across Alphabet, product areas, functions, levels and regions" and were decided upon after a "rigorous review." Pichai said the company will hold a townhall meeting to further discuss the cuts, adding he took "full responsibility for the decisions that led us here" "Over the past two years we've seen periods of dramatic growth," Pichai wrote in the email. "To match and fuel that growth, we hired for a different economic reality than the one we face today." Vox: 7% of staffThe layoffs were reportedly announced in a memo from CEO Jim Bankoff.Vox MediaVox Media, the parent company of publications like Vox, The Verge, New York magazine, and Vulture, is laying off roughly 133 people, or 7% of its staff, according to a report by Axios. The cuts come just a few months after the media company laid off 39 roles in July. The decision was reportedly announced in a note to staff from CEO Jim Bankoff, who wrote that while the company is "not expecting further layoffs at this time, we will continue to assess our outlook, keep a tight control on expenses and consider implementing other cost savings measures as needed," according to Axios.Vox Media's layoffs come at a time when advertisers are tightening their belts in anticipation of an economic slowdown, taking a toll on the media industry. Capital One: more than 1,100 tech workersBrian Ach/AP ImagesCapital One slashed 1,100 technology positions on January 18, a company spokesperson told Insider. The cuts impacted workers in the "Agile job family," a department which was eliminated and its responsibilities integrated into "existing engineering and product manager roles," per the spokesperson. "Decisions that affect our associates, especially those that involve role eliminations, are incredibly difficult," the Capital One spokesperson said in the statement. "This announcement is not a reflection on these individuals or the work they have driven on behalf of our technology organization," the spokesperson continued. "Their contributions have been critical to maturing our software delivery model and our overall tech transformation."The eliminations came after the bank had invested heavily in tech efforts in recent years, including launching a new software business focused on cloud computing in June 2022. "This decision was made solely to meet the evolving skills and process enhancements needed to deliver on the next phase of our tech transformation," the spokesperson said.  WeWork: About 300 employeesReutersWeWork announced on January 19 it will cut about 300 positions as it scales back on coworking spaces in low-performing regions, Reuters reported. The layoffs come after the company said in November 2022 it planned to exit 40 locations in the US as part of a larger cost-cutting effort. The company announced the cuts in a press release listing its fourth-quarter earnings call date, stating only the reductions are "in connection with its portfolio optimization and in continuing to streamline operations."  Wayfair: more than 1,000 employeesPavlo Gonchar/SOPA Images/LightRocket via Getty ImagesWayfair is expected to lay off more than 1,000 employees, about 5% of its workforce, in the coming weeks in response to slumping sales, the Wall Street Journal reported on January 19.The cuts mark the second round of layoffs in six months for the online furniture and home goods company, after it nixed 900 staffers in August 2022. Though the company experienced significant growth during the pandemic-driven home improvement boom, sales began to stagnate as social distancing policies loosened and Americans began returning to offices."We were seeing the tailwinds of the pandemic accelerate the adoption of e-commerce shopping, and I personally pushed hard to hire a strong team to support that growth. This year, that growth has not materialized as we had anticipated," Wayfair CEO Niraj Shah wrote in a letter to employees announcing the August 2022 layoffs, per CNN. In its most recent quarter, the Wayfair reported that net revenue decreased by $281 million, down 9% from the same period the year prior.  Microsoft: 10,000 workersMicrosoft CEO Satya NadellaStephen Brashear/Getty ImagesMicrosoft announced on January 18 that it planned to reduce its workforce by 10,000 jobs by the end of the third quarter of this year. CEO Satya Nadella attributed the layoffs to customers cutting back in anticipation of a recession. However, Nadella also told workers that the company still plans to grow in some areas, despite the firings, writing that the company will "continue to hire in key strategic areas." Microsoft's layoff announcement comes as the tech giant is reportedly in talks to invest $10 billion in OpenAI, which created the AI chatbot ChatGPT. On February 13, the company laid off staff at LinkedIn—which it acquired in 2016— according to The Information. The cuts were in the recruiting department, though the total number laid off is not immediately clear, The Information reported.Crypto.com: 20% of staffCrypto.com CEO Kris MarszalekCrypto.comCrypto.com announced on January 13 that it would let go of a fifth of its workforce amid a sagging crypto market and fallout from FTX's collapse. This is the second major round of firings for Crypto.com, which also had layoffs in July. "The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It's for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success," CEO Kris Marszalek wrote in a memo to employees. BlackRock: up to 3% of global workforceBlackRock CEO Larry FinkSpencer Platt/Getty ImagesBlackRock is cutting up to 500 roles in its first round of firings since 2019. Staff members were notified on January 11 about whether they were laid off. "Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper," CEO Larry Fink and President Rob Kapito wrote in a memo to employees. Goldman Sachs: an estimated 6.5% of its global workforceGoldman Sachs is laying off an expected 3,200 employees.Photo by Michael M. Santiago/Getty ImagesGoldman Sachs began laying off employees on Jan. 11, with cuts expected to impact an estimated 6.5% of the company's global workforce — or roughly 3,200 staffers — a source told Insider. The company previously slashed roles on its media and tech teams in September 2022, and it was expected to issue further reductions in the first half of January. The cost-cutting efforts from the investment banking giant mirror reductions from competitors including Morgan Stanley and Citi, which also laid off employees in 2022. "We continue to see headwinds on our expense lines, particularly in the near term," Goldman Sachs CEO David Solomon said at a conference in December. "We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set."   BNY Mellon: 1,500 jobsBNY Mellon CEO Robin VinceBNY MellonBNY Mellon is planning to cut approximately 3% of its workforce, or 1,500 jobs, according to the Wall Street Journal, which cited people familiar with the matter. The cuts will be primarily aimed at talent management roles, according to the report. BNY Mellon will reportedly plan to invest more in junior staff. Verily (part of Alphabet): reportedly 15% of workersAlphabet CEO Sundar PichaiJerod Harris/Getty ImagesVerily, which is Alphabet's healthcare unit, is laying off more than 200 employees, according to an email seen by the Wall Street Journal. The Journal reports that the company will also scale down the number of projects it works on in an effort to cut costs."We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model," Verily's CEO, Stephen Gillet, wrote in the email, according to the Journal.This is the first significant layoff done by Google's parent company, which had so far avoided the massive waves of job cuts done by other big tech giants like Amazon and Meta. DirecTV: 10% of management staffDirecTV.Karen Bleier/AFP/Getty ImagesDirecTV employees were told in the first week of January that the company would lay off several hundred workers in management roles.The satellite TV business has faced slowing revenues as more people choose to cut the cord and pay for streaming services over cable TV. "The entire pay-TV industry is impacted by the secular decline and the increasing rates to secure and distribute programming. We're adjusting our operations costs to align with these changes and will continue to invest in new entertainment products and service enhancements," a spokesperson for DirecTV told Insider. Coinbase: 950 workersCEO Brian Armstrong cited the downward trend in cryptocurrency prices and the broader economy as reasons for the layoffs.Patrick Fallon/Getty ImagesCoinbase announced on Tuesday, Jan. 10, that would lay off another 20% of its staff. The cuts came after the crypto company laid off over 1,000 employees in July. In a memo to employees, CEO Brian Armstrong said, "in hindsight, we could have cut further at that time," referencing the layoffs in July. Armstrong partially attributed the company's weakness to the "fallout from unscrupulous actors in the industry," likely referencing the alleged fraud that took place at FTX late last year under then-CEO Sam Bankman-Fried. Armstrong predicted "there could still be further contagion" from FTX in the crypto markets but assured remaining employees that Coinbase is well capitalized. Amazon: 18,000 employeesAmazon CEO Andy Jassy initially announced the company's latest round of layoffs in November.AmazonAmazon is in the midst of the most significant round of layoffs in the company's history. In a memo to employees, CEO Andy Jassy said the company would cut more than 18,000 workers in total — far more than what was initially expected based on reporting by the New York Times. Jassy cited "the uncertain economy" and rapid hiring as reasons for the layoffs. While most of Amazon's 1.5 million staff have warehouse jobs, the layoffs are concentrated in Amazon's corporate groups. Amazon's layoffs began late last year, though the Wall Street Journal reports cuts will continue through the first few weeks of 2023.Amazon's 18,000 jobs cuts are the largest of any major tech company amid the wave of recent layoffs.  Salesforce: 10% of its staffSalesforce said in the first month of 2023 that it would enact big job cuts.Noam Galai/Getty ImagesSalesforce co-CEO Marc Benioff announced on Jan. 4 that the software company plans to layoff 10% of its workforce — an estimated 7,000 employees — and close select offices as part of a restructuring and cost-cutting plan. "The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," Benioff wrote in an email to staff. "With this in mind, we've made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks."He continued: "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."Everlane: 17% of corporate employeesEverlane founder and executive chair Michael Preysman.Lars Ronbog/Getty Images for Copenhagen Fashion SummitEverlane is slashing 17% of its 175-person corporate workforce, and 3% of its retail staff."We know there will be some bumpiness over the next few weeks as we navigate a lot of change at once. We ask for your patience as we do right by our departing team members," CEO Andrea O'Donnell wrote to employees, according to an internal memo seen by Insider. In a statement to Insider, a company spokesperson said the decision was intended to "improve profitability in 2023 and continue our efforts to help leave the fashion industry cleaner than we found it."The e-commerce clothing company previously laid off nearly 300 workers, mostly in retail in March 2020 amid the outbreak of the Covid-19 pandemic.Vimeo: 11% of its workforceAnjali Sud, CEO of Vimeo, speaks during the company's direct listing on Nasdaq, Tuesday, May 25, 2021, in New York.AP Photo/Mark LennihanVimeo CEO Anjali Sud told employees on Jan. 4 that the company would layoff 11% of its staff, the video platform's second major round of layoffs in less than a year, after cutting 6% of employees in July"This was a very hard decision that impacts each of us deeply," Sud wrote in an email to staff. "It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment."A spokesperson told Insider reduction is intended to assist with ongoing economic concerns and improve the company's balance sheet. Compass: size of layoffs not immediately disclosedCompass is letting go of more employees after two rounds of layoffs in the past eight months.CompassCompass CEO Robert Reffkin told staffers on Jan. 5 it would conduct more layoffs, following two previous rounds in the past eight months, as the brokerage continues to struggle with significant financial losses. "We've been focused over the last year on controlling our costs," Reffkin wrote in an email to employees. "As part of that work, today we reduced the size of some of our employee teams. While decisions like these are always hard, they are prudent and allow us to continue to build a long-term, successful business for all of you."While the size of the layoffs was not immediately disclosed, the brokerage let go of 450 corporate employees in June 2022, followed by an additional 750 people from its technology team in October 2022.   Stitch Fix: 20% of salaried jobsStitch Fix is laying off salaried employees.SOPA ImagesStitch Fix announced on Jan. 5 that it plans to slash 20% of its salaried workforce, the Wall Street Journal reported.The cuts come in tandem with the announcement that CEO Elizabeth Spaulding is stepping down, after less than 18 months at the helm of the struggling retail company."First as president and then as CEO, it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team," Spaulding said in a statement. "It is now time for a new leader to help support the next phase."Stitch Fix founder Katrina Lake — who formerly served as chief executive and sits on the board of directors — will become interim CEO, the company said in a press release. Read the original article on Business Insider.....»»

Side hustles have a lot more to offer than just money. They're also a great way to meet creative new people. Jonathan Raa/NurPhoto via Getty Images Money is a big reason why many people take on side hustles, but there are non-financial reasons why people try side jobs too. A management and entrepreneurship professor says many people join the side-gig economy to socialize more. It could also be easier to balance side hustles and work given remote-work life, per an economist. While some people might try out side hustles because they need more money, many gig workers might also be seeking out social interactions, a creative outlet, or just taking advantage of flexibility in their remote jobs.An April survey from Bankrate found some need their side-hustle money for their usual spending, and some respondents don't see their side hustles going away due to financial-related reasons."Side hustles have become more common, but like so many things in this inflationary environment, people are working harder but not necessarily getting ahead," Ted Rossman, senior industry analyst at Bankrate, said in a press release. "Side hustlers are much more likely to view this extra income as essential, rather than a passion project or a way to get ahead financially."In the April survey, 39% of US adults said they do something "to earn extra income on the side" outside of their primary income source. Some respondents reported they believe they will always have to have a side hustle to "maintain their lifestyle," according to a press release.But aside from the money, there are plenty of reasons people take on extra gigs on the side. Below are financial and non-financial reasons people have pursued side hustles.'The economy is so unstable'Jennifer Nahrgang, Palmer Professor of Management and Entrepreneurship at the University of Iowa's Tippie College of Business, told Insider she thinks "the most common" reason behind people trying side hustle jobs is "just for increased pay." For example, people may want to make extra money outside of a main job to put toward paying off debt.US inflation has been slowing down in recent months, but people with side hustles are still feeling its impact. A LendingTree post about a November survey stated that "68% of hustlers say they rely more on the extra income because of these price increases." In the April survey from Bankrate, "23% of side hustlers are spending more time on their side hustle because of inflation," per the press release from Bankrate."Freelancing is a really great option, or building a side hustle, because the economy is so unstable," Trisha Diamond, senior director of customer success at Fiverr, told Insider. "When you look at workers that are maybe employed at companies that are doing massive layoffs or if they're just hearing about it on the news even if it's nothing to do with their company, you start to ask yourself like, 'Am I secure in the position that I'm in?' And you start to think, 'What can I do to help make sure that I'm financially stable in the long term?'"It's not just those who have pursued side hustles who have thought about other ways of bringing in money."When we speak to a lot of both independent workers, full-time workers, freelancers, the whole group, one thing that we hear very regularly is the importance of having multiple streams of income," Diamond said.Diamond added this is particularly the case for millennials and Gen Z who are "savvy in this area, and they understand how important that is to diversify." Diamond noted that having a side hustle is "one of those great opportunities to do that."Flexibility with remote work schedules and a chance to socialize are non-financial reasons people have turned to side jobs"Obviously financial reasons are a strong motivator for why people pursue side hustles, but we also found that there's other reasons," Nahrgang said, who has done research on the impact side hustles have on the performance of full-time jobs. "A lot of people pursue it just because of the freedom and the autonomy that they get from side hustles."That can include choosing your schedule. One full-time worker who tries side hustles told Insider he does his side hustle work during some nights. Work-from-home and hybrid schedules may be another contributing reason for people trying out side hustles."As more jobs are online and the connection between work and place has gotten weaker, it's just easier for workers to take on a side hustle," Julia Pollak, chief economist at ZipRecruiter, told Insider. "If your side hustle is online and your job is online, well it's very easy to sort of jump from one screen to the next — to be trading Pokémon cards on one screen while you're responding to your boss on the other, to be selling your homemade purses on Etsy on one screen and corresponding with customers while also doing your HR job."One non-financial reason people have turned to freelance work in particular, according to Diamond, is to develop skills or work on stuff they are passionate about. Similarly, Nahrgang said that "people maybe find it as a creative outlet."Nahrgang said people may pursue side hustles because it can be a way to "interact with more people." Ride-hailing jobs like Uber and Lyft could be side hustles where people can interact with others.Clarke Bowman, who has driven for Uber and Lyft, used to be scared of small talk with strangers but said "practice makes perfect, and I am now great at making small talk.""I love meeting new people," Bowman wrote. "I love hearing their backgrounds, their stories, and their dreams. Some make me laugh, and some make me want to cry. Some become your best friend for 15 minutes. Some are so rude, you just can't wait until they get out of your car, but those make the nice people seem all the better."Are you a full-time worker with a side hustle and have a story to tell? Reach out to this reporter at mhoff@insider.com.Read the original article on Business Insider.....»»

The digital media company has until November 27 to raise its price or face delisting. It's been trying to pivot to AI-powered quizzes to lure readers. BuzzFeed CEO Jonah Peretti.Getty Images/Kimberly White BuzzFeed could get kicked off the Nasdaq because its stock price is so low. The digital media company has until November 27 to raise its price or face delisting. BuzzFeed has struggled as a public company and is now trying to pivot to AI and creators. BuzzFeed, once the darling of digital media, is now at risk of getting kicked off the Nasdaq because its stock is doing so badly.Per a Friday filing with the Securities and Exchange Commission, BuzzFeed got a notice from Nasdaq on May 31 that its stock had been trading below the minimum threshold of $1 for the previous 30 business days. The Hollywood Reporter's J. Clara Chan first reported the delisting notice.BuzzFeed has until November 27 to raise its stock price or it could get booted off the exchange. (It could also apply for an 180-day extension.)The digital media outlet went public via a SPAC in 2021 but has struggled as a public company, seeing its market cap dwindle to under $100 million. The firm has had an especially rough last few months. In April, BuzzFeed shut down its award-winning news arm, BuzzFeed News, and lay off 15% of the company's staff, or 180 people."We've faced more challenges than I can count in the past few years: a pandemic, a fading SPAC market that yielded less capital, a tech recession, a tough economy, a declining stock market, a decelerating digital advertising market and ongoing audience and platform shifts," CEO Jonah Peretti wrote in a note to staff at the time. "Dealing with all of these obstacles at once is part of why we've needed to make the difficult decisions to eliminate more jobs and reduce spending."BuzzFeed is trying to bounce back from the brinkTo get its momentum back, BuzzFeed has doubled down on its AI and creator efforts in recent weeks.In particular, BuzzFeed has leaned into publishing quizzes powered by artificial intelligence, and there's some indication these articles have been successful so far. BuzzFeed said in May that its readers spent 40% more time with AI-generated quizzes than traditional ones.But it's been a brutal time for digital media companies, especially those that came of age in the era of the Facebook firehose of traffic. Vice, the onetime king of valuations at over $5 billion, declared bankruptcy last month. And its clear that BuzzFeed has declined in cultural prominence since "The Dress" broke the internet in 2015, perhaps the high watermark of the company's influence.All is not lost, however. Though BuzzFeed's revenue declined year-over-year, it still made $67.2 million in the first quarter.Still, the big question for BuzzFeed remains: Can Peretti, the magician of online virality, pull another rabbit out of the hat in the era of AI?With the stock price in the dumps, it seems that public investors aren't betting on it. Read the original article on Business Insider.....»»

Robert French quit college in his sophomore year to live out of his car and sleep on public lands. He takes odd jobs and quits when he gets bored. Robert French lives out of his car.Katrina Filer In my sophomore year of college, I found myself disillusioned and restless. I decided to quit school for a while and travel the country, living out of my car. Since then, I've built far more skills and become far more independent than I could've in college. By May 2022, I was fed up with college.I enrolled in fall 2020, coming off a virtual high-school graduation and several months of nearly complete COVID-19 isolation.I entered college with an economics major and the vague sense that I'd figure out what I wanted to do with myself somewhere along the way. Most of all, I was hoping to broaden my horizons, gain some life experience, and come out with more skills than I started with.But two years into my college career and several thousand dollars' worth of debt later, I couldn't shake the feeling that I'd wound up where I started. So I dropped out and decided to live out of my car instead. It became clear to me that college was not preparing me to be an independent adultFor me, college was basically summer camp. I attended classes, joined a club, hung out with people in the same stage of life, and acted irresponsibly on the weekends. It felt like high school with bigger egos and more alcohol.I quickly realized I wasn't learning how to pay bills or manage my affairs. I still didn't know what I wanted to do, I was still experiencing life through screens, and I was still paying thousands of dollars a semester. To my parents' consternation, I dropped out, with the goal of "having an adventure" — whatever that meant.I first applied for a job in Steamboat Springs, Colorado, building hiking trails with AmeriCorpsWhen I got the gig, I worked four days a week. I would camp out with my crew in places like Rocky Mountain National Park, Vail, or the side of Mount Elbert — the tallest mountain in the state. During those days, I would help repair forest-fire damage and build staircases out of stones and logs. The other three days of the week, I lived out of Lady Hercules, my ancient Ford Escape Hybrid, camping out in national forests and on public land with my work friends. Over my entire two-month term, I didn't sleep in a building once.I received a living stipend of about $350 a week, along with an electronic-benefit-transfer card from the state. Since my meals were comped on days I was working, my only regular expenses were gasoline and propane for my camping stove.It was a bit like college, in that I was surrounded by people my own age, with little supervision, and most of my needs were taken care of. The difference was, I was semiferal in the Rockies, and it didn't cost me a cent.I fell in love with living out of my car and in national parks, so I never stoppedAs somebody born in the Northeast and raised in the Midwest, I didn't realize that the West was full of public lands. There are national grasslands, national forests, and huge tracts of unused scrubland managed by various federal agencies. If you can stomach sleeping under the stars, pooping in holes in the ground, and eating from a cooler, you're allowed to live on these lands for free for 14 days at a time.Now that I had adjusted to this lifestyle, I started planning more trips. I realized that I didn't have to worry about accommodation, and all I had to pay for was gas. I could go wherever seemed interesting and keep living like I had been. So I did. For the past year, I've been going around, camping out here and there, working when I need money, and quitting when I get bored.It's been far more rewarding than college ever was.I've gained a lot from being voluntarily homelessDon't get me wrong; it's lousy to live out of your car for many reasons. It's hard to bathe regularly, for one thing. For another, it gets tiring to cook meals over a propane stove and have to critter-proof your campsite every night. It's well-nigh impossible to keep a vehicle organized while you live out of it, and in many places, the cops don't want you around.I've slept on the side of buttes in Nebraska, gotten flooded out in Wyoming, and scared away bears with a harmonica in Pennsylvania. Once, I accidentally strayed onto private property and was escorted off the premises by an angry landowner with a shotgun.But all of that is why I love it. You just don't get the chance to overcome challenges like that in a college setting.I don't intend to live like this forever. When I do return to civilization and get an actual home, I know my vagabond experience will have taught me more about the world and the people in it than college ever could.Read the original article on Business Insider.....»»

In response to the global slump in deal-making, Goldman (GS) follows its peers to navigate industry headwinds by resorting to another round of layoffs in its IB division. As the sluggish market for deal-making continues, The Goldman Sachs Group, Inc. GS is considering another round of job cuts in the upcoming weeks,per people familiar with the matter.In its latest round of layoff, the investment banking (IB) giant GS is likely to cut fewer than 250 jobs across seniority levels, and include partners and managing directors. This comes after Goldman trimmed its headcount by about 3,200 in the first quarter in its biggest round of layoffs since the 2008 financial crisis. Last year, the company cut about 500 jobs.Similar to the fourth quarter of 2022, the overall IB business performance was weak in first-quarter 2023. Global mergers and acquisitions hit rock bottom in more than a decade in the first quarter of 2023, while volumes for initial public offerings reached the lowest level since 2019.A host of factors, such as geopolitical tensions, inflation, rising interest rates and fears of a global recession, acted as headwinds for mergers and acquisitions. Thus, deal volume and total deal value numbers crashed in the quarter. For the same reasons, IPOs and follow-up equity issuances dried up. The bond issuance volume witnessed a decline, too, as investors turned pessimistic.Due to these, the company’s IB fees were $1.58 billion in first-quarter 20023, 26% lower year over year. Also, its IB fees backlog decreased sequentially.Amid a muted deal-making environment that has dented the wall street biggie’s revenues, it is now aiming to improve efficiency by budget tightening. In February, the bank indicated its aim to improve the efficiency ratio by reducing headcount and trimming other expenses. The plan included $600 million in payroll reduction.With this, Goldman has a medium-term target for its efficiency ratio of 60%, while it reported 68.7% at the end of first-quarter 2023. A lower efficiency ratio is an indicator of higher profitability.Over the past six months, shares of GS have declined 13.8% compared with the industry’s fall of 17.4%. Image Source: Zacks Investment Research Currently, GS carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.GS is not the only one that is trimming its workforce. Many other Wall Street firms, including Bank of America BAC and Morgan Stanley MS, have been taking similar steps in their IB and wealth management divisions.Last week, it was reported that Bank of America intended to eliminate around 40 positions in its Asia region’s IB unit. Of the affected employees, the majority are based out of Hong Kong, with a particular emphasis on China, and hold junior positions, per people familiar with the matter. BAC’s latest redeployment strategy aims to serve as a temporary measure in response to the dealmaking scarcity and slowdown in China’s economy.Earlier this month, it was reported that Morgan Stanley would initiate another round of job cuts and has decided to lay off 3,000 jobs in the second quarter of 2023, according to a source familiar with the matter. Of this, MS is considering cutting around 7% of jobs in the Asia-Pacific region (excluding Japan). Last year, MS slashed roughly 50 IB jobs in the Asia-Pacific region, with a large number being China-focused positions.  Just Released: Free Report Reveals Little-Known Strategies to Help Profit from the  $30 Trillion Metaverse Boom It's undeniable. The metaverse is gaining steam every day. Just follow the money. Google. Microsoft. Adobe. Nike. Facebook even rebranded itself as Meta because Mark Zuckerberg believes the metaverse is the next iteration of the internet. The inevitable result? Many investors will get rich as the metaverse evolves. What do they know that you don't? They’re aware of the companies best poised to grow as the metaverse does. And in a new FREE report, Zacks is revealing those stocks to you. This week, you can download, The Metaverse - What is it? And How to Profit with These 5 Pioneering Stocks. It reveals specific stocks set to skyrocket as this emerging technology develops and expands. Don't miss your chance to access it for free with no obligation.>>Show me how I could profit from the metaverse!Want 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 The Goldman Sachs Group, Inc. (GS): Free Stock Analysis Report Bank of America Corporation (BAC): Free Stock Analysis Report Morgan Stanley (MS): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research.....»»

In preparation for a dealmaking rebound and to gain market share, Deutsche Bank (DB) is expanding its M&A team with hirings and strategic buyouts. In stark contrast to investment banking giants eliminating jobs amid the global dealmaking slump, Deutsche Bank AG DB is eyeing the expansion of its mergers and acquisitions (M&A) team. In addition to inorganic efforts, the company has been active on the hiring front.Particularly, Fabrizio Campelli, overseeing DB’s investment bank (IB) and the commercial banking division, said, “We have hired close to 50 industry coverage deal makers and product experts since the start of the year to target growth in strategic revenues as the market rebounds for deal activity.”The company has hired veterans from peers in the past few months. With an aim to boost its ranking and take advantage of the market dislocation in the IB space, it is likely to continue beefing up its M&A team in the upcoming period.As the company prepares to benefit from the anticipated dealmaking rebound, it is “making investments in technology, selective hiring and additional growth initiatives” in capital-light IB businesses such as M&A advisory.In line with this, in late April, the German lender announced an agreement to acquire Numis Corporation Plc., a preeminent U.K. corporate broking and advisory house firm, in a deal valued at £410 million. Similar to the fourth quarter of 2022, the overall IB business performance was weak in first-quarter 2023. Global mergers and acquisitions hit rock bottom in more than a decade in the first quarter of 2023, while volumes for initial public offerings reached the lowest level since 2019.A host of factors, such as geopolitical tensions, inflation, rising interest rates and fears of a global recession, acted as headwinds for mergers and acquisitions. Thus, deal volume and total deal value numbers crashed in the quarter. For the same reasons, IPOs and follow-up equity issuances dried up. Bond issuance volume witnessed a decline, too, as investors turned pessimistic.With little sign of a trend reversal in the near term, we estimate DB’s IB revenues to be up 1% to €10,113.2 in 2023. For the ongoing year, the company expects IB revenues to be essentially flat.Over the past year, shares of DB have declined 4.8% on the NYSE compared with the industry’s fall of 3%. Image Source: Zacks Investment Research Currently, DB carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Amid the muted dealmaking conditions, Wall Street firms, including Bank of America BAC and Morgan Stanley MS, have been taking steps to trim their IB and wealth management divisions.Last week, it was reported that Bank of America intended to eliminate 40 positions in its Asia region’s IB unit. Of the affected employees, the majority are based out of Hong Kong, with a particular emphasis on China, and hold junior positions, per people familiar with the matter. BAC’s latest redeployment strategy aims to serve as a temporary measure in response to the dealmaking scarcity and slowdown in China’s economy.Earlier this month, it was reported that Morgan Stanley would initiate another round of job cuts and decided to lay off 3,000 jobs in the second quarter of 2023, according to a source familiar with the matter. Of this, MS is considering cutting 7% of jobs in the Asia-Pacific region (excluding Japan). Last year, MS slashed roughly 50 IB jobs in the Asia-Pacific region, with a large number being China-focused positions.  Just Released: Free Report Reveals Little-Known Strategies to Help Profit from the  $30 Trillion Metaverse Boom It's undeniable. The metaverse is gaining steam every day. Just follow the money. Google. Microsoft. Adobe. Nike. Facebook even rebranded itself as Meta because Mark Zuckerberg believes the metaverse is the next iteration of the internet. The inevitable result? Many investors will get rich as the metaverse evolves. What do they know that you don't? They’re aware of the companies best poised to grow as the metaverse does. And in a new FREE report, Zacks is revealing those stocks to you. This week, you can download, The Metaverse - What is it? And How to Profit with These 5 Pioneering Stocks. It reveals specific stocks set to skyrocket as this emerging technology develops and expands. Don't miss your chance to access it for free with no obligation.>>Show me how I could profit from the metaverse!Want 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 Bank of America Corporation (BAC): Free Stock Analysis Report Morgan Stanley (MS): Free Stock Analysis Report Deutsche Bank Aktiengesellschaft (DB): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research.....»»

The housing industry does not live by mortgage rates alone. Tracey Ryniec highlights a couple ways to invest in this surprisingly resilient space, including a trio of homebuilder stocks you may want to consider. These are the worst of times for the housing industry, but also the best of times. How could that be?The Fed's aggressive rate hikes in 2022 spiked the 10-year treasury, and along with it, mortgage rates, to new multi-year highs. By Sept 2022, the 30-year fixed mortgage rate had jumped above 7% for the first time in over a decade. This ground the housing market to a complete halt. No one wanted to buy with mortgage rates that high, nor did anyone want to sell either.It led to massive layoffs in the mortgage industry and many real estate agents are struggling to get by as sales have slumped.By the fourth quarter of 2022, the rates came back down into the 6s, where they have remained in 2023. And home buyers, and sellers, have now had time to adjust to higher rates.The spring season, where the vast majority of home buying, and selling, takes place, has been steady despite the higher rates. This has been a surprise to many.But the housing market is predicated on two main components:1) Mortgage rates2) Unemployment rateWhile mortgage rates are now double a year ago, the unemployment rate, nationwide, remains low, at 3.5%. People have jobs so they will buy a home. It's as simple as that.Location, Location, Location All real estate is local. You may live in a city where home prices are down 10% off of recent highs. Home prices are falling in the West and some areas of the South and Southeast. These areas saw strong gains during the pandemic. In Florida, home prices are up 40% to 50% in many major cities. The air is slowly staring to deflate out of that bubble.Or you may live in a city where home prices are on the rise. Crain's Chicago Business recently reported on a house in the Chicago suburb of Lincolnwood, that received 64 offers. Homes in the Northeast, especially in Massachusetts and New Jersey, are also receiving multiple offers this spring and prices are on the rise.Even the home builders will tell you that they have some communities where sales are strong, and they have pricing power, and others where it is not and they are offering more incentives.No Housing Crash   Many future home buyers have been waiting for "the big one." They believed that mortgage rates over 6% would cause the housing market to "crash" with prices coming down, virtually nationwide, and housing would be affordable to first time buyers again.But it hasn't happened. Even in cities where prices are down 10%, a "crash" simply hasn't materialized. And the reason it hasn't is because of the inventory levels.Nationally, home inventory remains near multi-year lows. Unlike in 2008, when inventory had been on the rise for over 2 years, and where over a million homes were waiting for buyers, in 2023, there are around 400,000 nationally on the market.But let's take a look at a specific state example: Illinois. In April, sales in the state of Illinois fell 30.2% year-over-year to 10,600 statewide from 15,193.Year-to-date, through April, sales are down 26.7% to 36,322 from 49,568 in 2022. Remember, in early 2022, the housing market was still booming as rates remained under 3%. The Fed only started raising rates in March.Inventory in Illinois, however, continues to fall. It was down 23.6% to 17,186 in April from 22,492 last year.Want to Buy a Condo Near Wrigley Field? Good Luck! Is it really high rates that are driving the lower sales or is it the lack of inventory? Home buyers have fewer and fewer homes to choose from.Zillow recently put out some data on the most searched neighborhoods and Chicago's Lake View neighborhood, home to Wrigley Field and the Chicago Cubs, made the top 10 list, with over 20,000 daily searches for properties. No telling how many people were simply "dreaming" and like to look at real estate or how many might be actual prospective buyers.But currently, according to Redfin, there are just 244 properties available on the market in Lake View. It is one of Chicago's most dense neighborhoods, with a lot of condos and townhomes. That's a big disparity. 20,000 searches, but just 244 listings.But this is the reason that home prices have remained elevated in many locations. There simply isn't enough inventory to push prices down. It's still a seller's market. And this is a frustration for many buyers who have been waiting on the sidelines. Your dream Wrigleyville condo may have to wait.How to Invest in the New Housing Normal1) Real Estate Brokerages, Home Depot, and Furniture Retailers There are winners, and losers, in this housing market, as I said above. The losers have been those on the services side. Any of the mortgage lenders and those in real estate brokerages like Redfin and Zillow. With sales remaining depressed, there's no reason to buy these companies at this time.The home remodeling companies are hanging on, helped by the professional builders more than mom and pop putting in a new kitchen. But even the king, Home Depot, is seeing some slowing from consumers now. The home remodeling companies are still pricey, even though their stocks have come down off of 2022 highs. I am on the sidelines.And then there are the furniture retailers. They were big beneficiaries of the staycation phenomena during the pandemic. Not only did we need a grill but also new outdoor furniture and we might have bought a couch for the family room as well. But that buying has most ended. And with home sales down over 20% year-over-year, which is when many buy new furniture, the furniture retailers are seeing slowing sales or a return to "normal."But I don't believe that their sales have completely normalized yet so I'm mostly on the sidelines with these stocks as well. Eventually, there will be some really cheap buys in that group, but you have to have patience.2) Homebuilders Back Again? That leaves the homebuilders. They saw big cancellations last fall as mortgage rates spiked and buyers were scared to buy with rates at those levels. Sales also plunged as buyers stayed away from the sales centers.But the 2023 spring season has shown stabilization, and even a return of demand, in some markets. The builders learned lessons from the housing bust of 2008-2012. They learned not to overbuild. In this cycle, as demand soared during the pandemic, they did not overbuild. When sales dropped off a cliff in 2022, they didn't have much inventory on hand they had to discount.The homebuilder stocks have been some of the best performers of 2023 but they are still cheap, on a P/E basis. And they have demand from both the Millennial buyer, the largest generation in American history, and the Baby Boomer buyer, who is finally retiring and moving to their dream home in one of the sunshine states.Top 3 Homebuilder Stocks to Buy Now The homebuilders are in the Top 3% of Zacks Ranked Industries, ranked 7 out of 251 and as a group, remain cheap. Many have forward P/Es under 10 even with the stock rally this year. Here are our top three stocks to consider adding to your portfolio today:Stock #1: Unique luxury homebuilder with strong demand, stable sales, and high margins. Cash-paying customers unaffected by rates. Raised dividend, cheap stock, and high growth potential.Stock #2: Mid-cap homebuilder operating under a popular name in sought-after states. Despite lower margins and earnings, its high dividend yield and commitment make it an intriguing investment opportunity.Stock #3: Top-tier homebuilder with a diverse portfolio and solid market cap. Despite expected earnings decline, its high gross margin, share performance, and attractive valuation make it a compelling opportunity.Click here for the names of these three Zacks Rank #1 Strong Buys >>But that’s not all.You’ll also get full 30-day, real-time access to ALL Zacks’ private buys & sells as part of our celebrated Zacks Ultimate service.Don't miss your chance to follow our real-time moves from ready-to-fly stocks under $10, to professional options trades … from insider buys, to long-term value stocks … and from home run investments, to income recommendations.In fact, Zacks Ultimate closed 176 double- and triple-digit gains last year and already 64 more in 2023. Gains reached as high as +244.0%, +348.7% and even +1,007%.¹Your cost for all this is only $1, and there’s not 1 cent of obligation to spend anything more.Important: The number of investors who will see the homebuilder stocks and many others must be limited. Your chance to take full advantage ends at midnight Thursday, June 1.Click for Our Top 3 Homebuilder Stocks and 30-day Zacks Ultimate $1 trial >>All the Best,TraceyTracey Ryniec heads up our popular portfolio recommendation services Insider Trader and Value Investor.¹ The results listed above are not (or may not be) representative of the performance of all selections made by Zacks Investment Research's newsletter editors and may represent the partial close of a position.  Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportTo read this article on Zacks.com click here.Zacks Investment Research.....»»

After some conservative opposition to the debt-ceiling bill, McCarthy prevailed in corralling his party to support the agreement and avoid default. House Speaker Kevin McCarthy of California is pictured at the Capitol on January 7, 2023.AP Photo/Jose Luis Magana The House voted to pass Biden and McCarthy's bill to raise the debt ceiling by a vote of 314-117. It came after lawmakers in both parties expressed opposition to some of the compromises in the bill. The bill now heads to the Senate, which needs to act quickly before the US defaults in June. The House of Representatives just took a major step in preventing the US from defaulting on its debt in a matter of days.On Wednesday night, the House passed President Joe Biden and Speaker of the House Kevin McCarthy's bill — the Fiscal Responsibility Act — to suspend the debt ceiling through January 1, 2025 by a vote of 314-117. It was far from an easy process to get to this point. For months, Biden and McCarthy had been at odds over the best approach to address the debt-ceiling crisis. McCarthy passed a bill in the House last month to raise the debt ceiling through March 2023 accompanied by $4.5 trillion in spending cuts, while Biden was adamant raising the debt ceiling should be a clean and bipartisan deal, without any spending cuts attached.Biden and McCarthy's bill will cut spending by at least $1.5 trillion, according to the Congressional Budget Office, and it has provisions that include codifying the end of the student-loan payment pause and new work requirements on federal programs like SNAP."This agreement is good news for the American people and the American economy," Biden said in a statement following its passage. "It protects key priorities and accomplishments from the past two years, including historic investments that are creating good jobs across the country. And, it honors my commitment to safeguard Americans' health care and protect Social Security, Medicare, and Medicaid. It protects critical programs that millions of hardworking families, students, and veterans count on."—President Biden (@POTUS) June 1, 2023 It wasn't immediately clear that the bill would pass the House. Shortly after the text was released, it gained opposition from both sides of the aisle — some Democratic lawmakers were unhappy with the spending cuts in the deal, while conservative lawmakers were hoping for bigger cuts on more federal programs. The bill now heads to the Senate, where it faces some opposition, as well."I have real concerns about a bill that is designed to take away food from hungry people, to make students who are struggling with debt lock in to pay more, to slow down our efforts in the climate fight and to help out wealthy tax cheats," Massachusetts Sen. Elizabeth Warren told reporters on Tuesday. "The Republicans have taken hostage of our economy and our good name around the world. And Democrats are forced into having to play the role of grown-ups in the room."However, Senate Minority Leader Mitch McConnell and Senate Majority Leader Chuck Schumer have already expressed support for the bill, hoping to corral members of both of their parties to vote for its passage."President Biden and Speaker McCarthy's agreement will protect the economy and eliminate the threat of a catastrophic default. I support this bipartisan agreement. Nobody's getting all they want—but it takes default off the table and protects key investments we've made," Schumer wrote on Twitter on Tuesday.McConnell also wrote that McCarthy "and House Republicans secured a crucial first step toward bringing Washington Democrats' reckless spending to heel. Their unity forced President Biden to do his job. And soon, it will be the Senate's turn to pass this important agreement."Congress needs to act quickly to pass the legislation and get it to Biden's desk before the US could default as soon as June 5. "Senators should be prepared to move on this bill quickly once it is the Senate's turn to act," Schumer said on Wednesday. "I cannot stress enough that we have no margin—no margin—for error."Read the original article on Business Insider.....»»

Yoshua Bengio signed a statement Tuesday warning that AI could lead to extinction, along with fellow 'godfather' Geoffrey Hinton, and Sam Altman. Yoshua Bengio.Associated Press Yoshua Bengio is one of three AI "godfathers" who won the Turing Prize for breakthroughs in 2018. He told the BBC that he would've prioritized safety if he'd known how quickly AI would progress. And called for regulation like the transport sector has, or ethics training for computer scientists. A professor known as one of three AI "godfathers" told the BBC that he felt "lost" over his life's work.Yoshua Bengio added that he would've prioritized safety over usefulness if he'd known how quickly the technology would progress, per the broadcaster.He earned the "godfather" nickname along with Geoffrey Hinton and Yann LeCun after they won the Turing Award, a prestigious computer science prize, for machine-learning breakthroughs in 2018.Concerns about AI have proliferated since the public release of ChatGPT last November, primarily over fears that it is closer to reaching human level intelligence than previously thought. Sam Altman, the CEO of OpenAI, told Congress earlier this month he believes a government agency should be formed to oversee AI and prevent it growing out of control.Bengio also told the BBC there should be regulation for AI companies and labs."Governments need to track what they're doing," he said. "That's just the minimum thing we do for any other sector like building aeroplanes or cars or pharmaceuticals."And the professor called for "ethical training" which computer scientists "don't usually get," per the BBC. "We also need the people who are close to these systems to have a kind of certification," Bengio told the broadcaster. On Tuesday, he signed a statement issued by the Center for AI Safety, which warns the technology poses an "extinction" risk comparable to nuclear war. It was also signed by the CEOs of top AI labs, like Altman and Google DeepMind's Demis Hassabis, as well as Hinton.Hinton quit his job at Google and told The New York Times earlier this month about his regrets pioneering AI. He said he's worried it will promote fake information and eliminate jobs. Although LeCun – the third "godfather" – has tweeted several times he thinks such beliefs are excessive."Until we have a basic design for even dog-level AI (let alone human level), discussing how to make it safe is premature," he said.Read the original article on Business Insider.....»»

Steve Cohen's Point72 bought nearly 1 million shares of Nvidia last quarter, worth roughly $400 million today thanks to the chipmaker's surging stock. Steve Cohen.Steve Marcus/Reuters Steve Cohen's hedge fund has likely made a $100 million gain on Nvidia after investing last quarter. If intact, Point72's stake in the microchip maker is worth roughly $400 million today. Cohen recently urged investors to shrug off their fears and ride the "big wave" of AI. Steve Cohen's hedge fund has likely scored a $100 million gain on Nvidia in just two months, thanks to the chipmaker's stock surging on the back of the artificial-intelligence boom.The billionaire investor's Point72 Asset Management amassed 981,000 Nvidia shares from scratch in the first quarter — a stake worth $272 million at the end of March. Assuming Cohen and his team haven't touched the position, it was worth $382 million as of Monday's close, thanks to Nvidia stock skyrocketing in recent weeks.Nvidia ranked among Point72's top 10 holdings on March 31, excluding options. Point72's largest positions included a $523 million stake in Meta Platforms, and more than $400 million worth of stock in both Broadcom and Amazon.Cohen, the owner of the New York Mets, urged investors during a recent conference not to worry so much about a recession that they miss the boat on AI, sources told Bloomberg. He described the burgeoning technology as a "big wave," and predicted it would create new jobs as well as eliminate existing ones.The Point72 founder and CEO isn't the only high-profile investor to pile into Nvidia this year. Stanley Druckenmiller's Duquesne Family Office raised its stake in the semiconductor giant by 36% to nearly 800 million shares last quarter, securing a stake worth $308 million as of Monday's close, assuming it hasn't altered the position.Nvidia's stock price has soared by more than 160% this year, boosting its market capitalization to nearly $1 trillion. It's now significantly more valuable than Elon Musk's Tesla, Mark Zuckerberg's Meta, or Warren Buffett's Berkshire Hathaway.Investors are betting big on Nvidia because they expect its microchips to play a critical role in enabling AI, which powers everything from OpenAI's ChatGPT language tool to Tesla's self-driving tech.Read the original article on Business Insider.....»»

You love the flexibility of working from home but hate your job. Lots of remote workers would quit in a second if they could find another WFH gig. Given the choice of a different job that offered the same remote setup, some WFHers would quit in a hot second.Peter Dazeley/Getty Images There are many unhappy remote workers who wish they could quit and get another remote job.  But options are limited amid economic uncertainty and a time when WFH jobs are in short supply. The upshot: Remote workers who want to stay that way are handcuffed to their jobs. If anyone's living their best life as a remote worker, it's Anna, a 23-year-old travel publicist who recently spent a month and a half living in Bali and Thailand while working full time for a New York PR agency. The 12-hour time difference was grueling, she said, though the weekend beach excursions more than compensated. But now that she's back working from home in her native Brazil, she's feeling antsy. Anna, who asked that her last name be withheld for privacy, wants a promotion, but knows it's unlikely. She's also aware that if she returns to New York, where the company hired her as a remote employee during the pandemic, she'd have to be in the office. "I can't imagine losing the freedom this job gives me," she told Insider. "I'm scared I'll never be able to find another one that gives me this much flexibility."Anna is one of the unhappy workers happily working from home who, given the choice of a different job that offered the same remote setup, would quit in a hot second. But amid economic uncertainty and at a time when remote-job opportunities are in short supply, their options are limited.The upshot: Remote workers who want to stay that way are handcuffed to their jobs.The golden handcuffs phenomenon is an obvious parallel, Denise Rousseau, a professor of organizational behavior at Carnegie Mellon's Tepper School of Business, told Insider. Jobs that are highly paid feel impossible to leave if you can't command the same salary elsewhere. In academic literature, these shackled workers have what's known as a continuance commitment, Rousseau said. "They stay because they have something they don't want to lose, as opposed to staying because there's something that's attractive about their jobs, such as great colleagues or learning opportunities," she said. These situations don't bode well for personal or professional satisfaction, she said. "If you're remaining in a job for purely extrinsic reasons — your working conditions are hard to replace — you're going to have more stress."Feeling lucky to WFH, but also stuckMore than three years into a pandemic that's shifted people's priorities and fueled a greater desire for flexible jobs, many employers have lost patience with remote work, and some bosses — cough, cough, Elon Musk — have become downright hostile to it.Many high-profile companies are fixated on getting their employees back in the office — with the risk of termination as a threat. Others are putting the kibosh on remote work for new hires. In March 2022, roughly 20% of job listings on LinkedIn offered remote work; last month, such listings dwindled to 10%. Meanwhile, nearly 70% of job seekers on the platform are looking for remote and hybrid opportunities."I would love to get a different remote gig — I just can't find one," Kristina Alexandra, the head of strategic partnerships at a fintech company, told Insider.She's worked at her remote job for about seven months. She loved it at first. Lately, though, she's felt pressure from her boss to spend time in the office, and she's resisting."I've gotten used to working from home: I have my standup desk and I'm a lot more productive," she said. "But now that things have become so unpleasant at my job and I'm being treated like a second-class citizen, I'm actively looking for another one."The trouble is that every company she interviews with wants her to work at least a hybrid schedule. "I'm stuck," she said.Research by Julia Pollak, the chief economist at ZipRecruiter, shows that the share of remote-job postings has either stabilized or declined in most industries in recent months, yet the number of applicants has remained elevated. "There's a major imbalance in the labor market," she told Insider in an email.David Bakke works from home in Georgia and said that while he doesn't "completely hate" his position, he'd quit if he could find another remote job. "But honestly, looking for one takes a long time," he told Insider. In the meantime, he's grateful for his schedule flexibility. "I have an intense next 10 weeks of travel baseball with my son," he said. "If I wasn't set up remotely, I'd never be able to pull all of that off."Rousseau said that there's hope that some unhappy workers will be able to land similar setups elsewhere."You need to show a new company what you can do. 'Here's what I produced, the people I managed, and the money I made and saved for my employer.' Show that you stand out," she said.Read the original article on Business Insider.....»»

The wave of layoffs hitting tech companies and beyond shows no signs of slowing down. JPMorgan is cutting 500 jobs, and about 1,000 from newly acquired First Republic. JPMorgan confirmed to CNN it was cutting 500 employees within its own bank, as well as 1,000 staffers from newly acquired First Republic Bank.Chris Hondros/Getty Images JPMorgan is the latest US company to conduct layoffs, reportedly slashing about 500 employees. Over the past few months, layoffs have expanded outside of tech, media, and finance as Gap and Whole Foods announced cuts. See the full list of layoffs so far in 2023. A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down into 2023.America's largest bank, JPMorgan Chase, is the latest US company to announce layoffs. CNBC was first to report that the finance giant was cutting about 500 jobs across several divisions, and a JPMorgan spokesperson confirmed the cuts to CNN later on Friday.The news comes weeks after Linkedin announced cuts of its own. The business networking platform informed employees in a memo posted May 8 that it would be cutting 716 roles from its global workforce and discontinue InCareer, its localized jobs app in China. These companies join a large number of major corporations that have made significant cuts in the new year: Tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced massive layoffs in the first weeks of 2023 amid a continued economic downturn and stagnating sales.The downsizing followed significant reductions that companies including Meta and Twitter made last year. The layoffs have primarily affected the tech sector, which is now hemorrhaging employees at a faster rate than at any point during the pandemic, the Journal reported. According to data cited by the Journal from Layoffs.fyi, a site tracking layoffs since the start of the pandemic, tech companies slashed more than 187,000 in 2023 alone — compared to 80,000 in March to December 2020 and 15,000 in 2021. But it's not just tech companies that are cutting costs, with the major job reductions that have come from the Gap, along with FedEx, Dow, and Wayfair.Here are notable job cuts so far in 2023: JPMorgan: About 500 jobsJPMorgan recently began cuts of about 500 employees, CNBC and CNN reported.ReutersJPMorgan announced this week that it is slashing 500 roles, CNBC reported.The cuts are expected to spread across JPMorgan's retail and commercial banking, asset and wealth management, and corporate and investment banking operations, according to CNBC.The reported layoffs come just a day after reports that JPMorgan laid off 1,000 First Republic employees, or about 15% of its workforce. JPMorgan, the largest bank in the US, got even larger earlier this month when it acquired the assets of failing First Republic after it was seized by regulators.LinkedIn: 716 rolesRyan Roslansky, CEO of LinkedIn, said the company would be cutting 716 roles on Tuesday.Courtesy of Ryan RoslanskyLinkedIn announced earlier this month that it would be cutting 716 roles from its global workforce in a message from CEO Ryan Roslansky.Roslansky also noted that company will also be discontinuing InCareer, a local jobs app in China, as it refocuses on helping companies in China hire, market, and train abroad. The decision comes on the heels of LinkedIn's 20th anniversary last week. "While we're making meaningful progress creating economic opportunities for our members and customers and experiencing record engagement on the platform, we're also seeing shifts in customer behavior and slower revenue growth," Roslansky said.Shopify: 20% of workforceDavid Fitzgerald/Sportsfile via Getty ImagesShopify is slashing 20% of its workforce and selling off most of its logistics business to supply chain company Flexport, the company announced on May 4. The cuts confirmed growing concern of layoffs among staffers in recent weeks, following the cancellation of several team-building offsite events and analyst speculation that Shopify would alter its logistics arm, Insider reported."I recognize the crushing impact this decision has on some of you, and did not make this decision lightly," Shopify CEO Tobi Lütke said in a note to employees and shareholders.He continued: "This is a consequential and hard week. It's the right thing for Shopify but it negatively affects many team members who we admire and love working with."Morgan Stanley: 3,000 jobsReutersMorgan Stanley is cutting 3,000 jobs by the end of the quarter, Bloomberg reported, citing sources familiar with the matter. One person told the outlet that the company's banking and trading teams will be most impacted.The cuts will affect about 5% of the firm's workforce, excluding financial advisers and personnel in the wealth management division, Bloomberg noted. A spokesperson for the bank did not immediately respond to Insider's request for comment and declined to comment to Bloomberg. However, CEO James Gorman noted last month that underwriting and mergers activity has been "subdued" and that he doesn't expect a rebound before the second half of 2023 or even 2024, Bloomberg noted. The firm last cut 1,600, or around 2% of its staff in December, Bloomberg noted. Dropbox: 16% of staffDrew Houston, cofounder and CEO of Dropbox, told employees Thursday that the company was eliminating 500 jobs.Matt Winkelmeyer / Getty ImagesCloud storage firm Dropbox said Thursday that it would be reducing its global workforce by 16%, or 500 jobs.In a message to staff sent Thursday, CEO Drew Houston said the cuts are being made, in part, from slowing business growth and the expansion of AI products. "Today's changes were the result of taking a hard look at our strategic priorities and organizational structure as a leadership team, and aligning to principles of sustainable financial growth, efficiency, and flexibility to invest in our future. We're also streamlining how the company is organized," Houston said.  Gap: more than 2,000 jobs since late last yearGap posters in Birmingham, England.Mike Kemp/Getty ImagesClothing retailer Gap is cutting 1,800 positions in its headquarters and upper management as part of a restructuring plan meant to cut costs, the retailer said Thursday.Gap said that the cuts are expected to help the company see $300 million in annualized savings."We are taking the necessary actions to reshape Gap Inc. for the future — simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience," the company's chairman and interim CEO Bob Martin said in a statement given to Insider.In September, Gap slashed 500 jobs from its corporate ranks in a push to save $250 million annually, the Wall Street Journal reported. Jenny Craig: potential mass layoffsA man enters a Jenny Craig facility June 19, 2006 in Niles, Illinois.Tim Boyle/Getty ImagesWeight loss company Jenny Craig notified staffers of potential mass layoffs on April 27, as a result of the company "winding down physical operations," according to an internal email reviewed by NBC News.According to NBC News, the company has been in the process of selling and anticipates the pending sale "will likely impact all employees in some manner," an FAQ document sent to employees read. "We do not know the exact employees/groups whom will be impacted, and if any employees may be retained," the document said, per NBC News. "As a result, we would suggest that you anticipate that your employment may be impacted and begin to seek other employment." 3M: 6,000 jobsMike Roman, CEO of 3M.Xinhua News Agency / Contributor/Getty ImagesOn Tuesday, the Scotch tape and Post-It Notes manufacturer said it will be cutting 6,000 positions across all parts of the company with the goal of streamlining operations, simplifying supply chain, and reducing layers of management, according to The Wall Street Journal.The company's chief executive Mike Roman said Tuesday that the cuts would eliminate 10% of 3M's global workforce and ultimately save the company between $700 to $900 million in pretax costs, the Journal said. 3M last announced cuts in January when it said it was removing 2,500 manufacturing positions.Lyft: 1,072 rolesReutersIn an SEC filing on Thursday, Lyft said it was cutting roles for 1,072 employees, or about 26% of its corporate workforce. In the filing, the company also said it is scaling back on hiring and has eliminated over 250 open positions. The news comes just weeks after David Risher took the helm as Lyft's new CEO, part of an executive shakeup that involved cofounders Logan Green and John Zimmer moving into board roles. A spokesperson for Lyft previously told Insider, "David has made clear to the company that his focus is on creating a great and affordable experience for riders and improving drivers' earnings."The spokesperson added, "To do so requires that we reduce our costs and structure our company so that our leaders are closer to riders and drivers. This is a hard decision and one we're not making lightly. But the result will be a far stronger, more competitive Lyft." Deloitte: 1,200 jobsAlex Tai/SOPA Images/LightRocket via Getty ImagesDeloitte announced on April 21 it was cutting 1,200 jobs, or about 1.5% of its US staff, the Financial Times reported. The cuts will largely be concentrated in the financial advisory business as a result of a decline in mergers and acquisitions, per internal communications viewed by the FT. Whole Foods: Several hundred corporate employeesMary Meisenzahl/InsiderWhole Foods announced on April 20 it was letting go of several hundred corporate employees, amounting to less than 0.5% of the company's workforce, CNBC reported.The cuts are a result of a structural reorganization of global and regional support teams, which will be downsized from nine to six, but will not cause store closures, according to CNBC.In a memo to employees viewed by CNBC, Whole Foods executives wrote "simplifying our work and improving how we operate is critical as we grow." "As the grocery industry continues to rapidly evolve, and as we — like all retailers — have navigated challenges like the COVID-19 pandemic and continued economic uncertainty, it has become clear that we need to continue to build on these changes," the memo read, per CNBC. It continued: "With additional adjustments, we will be able to further simplify our operations, make processes easier, and improve how we support our stores."BuzzFeed News: 15% of staffBuzzFeed News headquarters.Drew Angerer / Getty ImagesBuzzFeed announced on April 20 that it was shuttering its BuzzFeed News division, laying off 15% of its staff, or 180 employees, in the process. In a memo to staff shared with Insider's Lucia Moses, CEO Jonah Peretti admitted to mistakes like over-investing in the news arm and failing to successfully integrate BuzzFeed and Complex after the latter was acquired in 2021. "I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances," he wrote. "Our job is to adapt, change, improve, and perform despite the challenges in the world. We can and will do better."Ernst & Young: 3,000 positionsEY spends $500 million annually on learning for its employees.TOLGA AKMEN / Contributor / GettyErnst & Young announced on April 17 it was laying off 3,000 US employees, or about 5% of its total US staff.The decision came after the financial auditor nixed a proposed reorganization that would break up its consulting and accounting businesses, Reuters reported. According to the Financial Times, which first reported the layoffs, the cuts will address "overcapacity" and will largely impact the company's consulting business. Opendoor: 560 jobsOpendoor announced it was cutting 560 jobs on Tuesday.Opendoor Technologies/GlassdoorOn Tuesday, home flipping giant Opendoor said it was cutting 560 jobs, or 22% of its workforce, citing a souring housing market. A spokesperson for Opendoor told Insider by email,"We've been weathering a sharp transition in the housing market – the steepest and fastest rate increase by the Fed in 40 years, the more than doubling of mortgage rates from historic lows, and the hit to home affordability have driven an approximately 30% decline in new listings from peak levels last year."The spokesperson noted that the cuts have been made to "better align our operational costs with the anticipated near-term market opportunity, while maintaining our critical technology investments that will continue to drive the business long term."Impacted team members will receive severance pay, extended health benefits, and job transition support. Opendoor last made cuts in November 2022, laying off 550 workers or about 18% of its staff.  McKinsey: About 1,400 employeesFABRICE COFFRINI/AFP via Getty ImagesMcKinsey & Company will cut an estimated 1,400 positions, or 3% of its total workforce, Bloomberg reported on March 29.The layoffs are part of the consulting firm's efforts to reorganize support teams and pare down an employee base that has grown rapidly in recent years, per the outlet. "The painful result of this shift is that we will have to say goodbye to some of our firm functions colleagues, while helping others move into new roles that better align to our firm's strategy and priorities," Bob Sternfels, global managing partner, wrote in a note to staff seen by Bloomberg. He continued: "Starting now, where local regulations allow, we will begin to notify colleagues who will depart our firm or be asked to change roles."David's Bridal: 9,236 employeesShoppers head for David's Bridal in Sunset Hill, Mo. Tuesday, May 10, 2005.James A. Finley/AP ImagesDavid's Bridal is laying off more than 9,000 workers across the US, according to a WARN notice filed with the Pennsylvania Department of Labor and Industry on April 14. "We are evaluating our strategic options and a sale process is underway," David's Bridal spokesperson Laura McKeever told the Philadelphia Inquirer. "At this time, there are no updates to share."The company is considering filing for bankruptcy in the near future, according to an April 7 report from the New York Times. David's Bridal also filed for bankruptcy in 2018. Virgin Orbit: 85% of staffersSir Richard Branson, founder of Virgin Orbit.Mark GreenbergVirgin Orbit disclosed in a March 30 filing with the Securities and Exchange Commission that it is slashing 85% of its staff, or about 675 employees.The company, which operates within the Virgin Group and provides launch services for satellites, is also ceasing operations "for the foreseeable future," CNBC reported. "Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Virgin Orbit CEO Dan Hart said, according to audio of a company all-hands obtained by CNBC.     Electronic Arts: About 780 employeesLucy Nicholson/ReutersElectronic Arts — the video game company best known for its "The Sims," "FIFA," and "Madden NFL" franchises — is letting go of 6% of its staff, or about 780 employees, the company announced on March 24. "As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams," Electronic Arts CEO Andrew Wilson wrote in a blog post to staffers. Wilson said the cuts began early this quarter and will continue through the beginning of the next fiscal year.  Amazon: 9,000 more jobsAmazon CEO Andy Jassy announced on Monday that the company would be eliminating another 9,000 roles, on top of the 18,000 announced in January.Richard Brian/ReutersAmazon announced on March 20 that it would cut 9,000 jobs from its workforce over the coming weeks. The cuts come on the heels of the 18,000 roles the company announced it was cutting back in January. In a message to employees shared on Amazon's site, CEO Andy Jassy noted that the impacted positions are largely in the Amazon Web Services, People Experience and Technology Solutions, Advertising, and Twitch departments. In the memo, Jassy said the company staggered its layoff announcements because "not all of the teams were done with their analyses in the late fall." He added, "rather than rush through these assessments without the appropriate diligence, we chose to share these decisions as we've made them so people had the information as soon as possible."Roku: 200 staffersRoku CEO Anthony Wood speaks during Tribeca X - 2021 Tribeca Festival on June 18, 2021 in New York City.Photo by Arturo Holmes/Getty Images for Tribeca FestivalRoku is cutting an additional 200 roles, or 6% of its workforce, Reuters reported on March 30. The cuts come after the streaming device manufacturer previously laid off 200 employees in November 2022. The company is expected to complete the cuts by the end of the second quarter, and also plans to leave and sublease office facilities in an attempt to reduce costs, according to Reuters. Walmart: About 200 employeesA Walmart store.Bruce Bennett/Getty ImagesWalmart asked about 200 workers at five fulfillment centers to find employment elsewhere in the company in the next 90 days or else be laid off, Reuters reported on March 23.The cuts are a response to the reduction of evening and weekend shifts at select Walmart facilities, including those in Chino, California; Davenport, Florida; Bethlehem, Pennsylvania; Pedricktown, New Jersey; and Fort Worth, Texas, per Reuters. "We recently adjusted staffing levels to better prepare for the future needs of customers," a Walmart spokesperson told Reuters in a statement.  Accenture: 19,000 positionsJoan Cros/Corbis via Getty ImagesAccenture is slashing 19,000 roles, or 2.5% of its total workforce, according to a Security and Exchange Commission filing on March 23.The tech consultancy company said the layoffs will take place over the next 18 months and half of the cuts will impact staffers in "non-billable corporate functions," per the filing.  "While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs," Accenture wrote in the filing. Indeed: 2,200 staffersIndeed CEO Chris HyamsPhoto by Niall Carson/PA Images via Getty ImagesIndeed CEO Chris Hyams announced on March 22 that the online networking platform will cut 2,200 jobs, or about 15% of its staff. In a note sent to employees, Hyams wrote the reductions will impact "nearly every team, function, level, and region" across the company in an effort to reduce redundancy and increase efficiency. "I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I'd never have to make," he wrote. Meta: 10,000 workersMeta CEO Mark ZuckerbergMark Lennihan/APRoughly 10,000 Meta workers will find out that their jobs have been cut between March and May, according to an announcement by the company's founder and CEO, Mark Zuckerberg. Zuckerberg also said the company would close around 5,000 open roles that haven't yet been filled as part of the company's effort to downsize. "My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead," Zuckerberg wrote in a post on Facebook announcing the layoffs. In the post, Zuckerberg said that members of Meta's recruiting team would learn about the fate of their jobs in March, while tech workers would find out in late April, and business groups would find out in May. "In a small number of cases, it may take through the end of the year to complete these changes," he wrote. The job cuts come less than 5 months after Meta slashed 11,000 workers, or about 13% of its workforce, in November. At the time, Zuckerberg called the layoffs a "last resort."  SiriusXM: 475 rolesJennifer Witz, CEO of SiriusXM said the company was cutting 475 roles on March 6.Cindy Ord / Staff/ Getty ImagesThe radio company said March 6th that it was cutting 8% of its staff or 475 roles according to a statement posted on the company's website from CEO Jennifer Witz.In the statement, Witz said "nearly every department" across the company will be impacted. She also noted that those impacted will be contacted directly and will have the opportunity to speak with a leader from their department as well as a member of the company's People + Culture team. Impacted employees will also be provided with exit packages that include severance, transitional health insurance benefits, Employee Advocacy Program continuation, and outplacement services, Witz noted.Citigroup: hundreds of jobsCiti CEO Jane FraserPatrick T. Fallon/AFP via Getty ImagesCiti plans to cut hundreds of jobs, with many focused on the company's investment bank division. The total headcount cut will reportedly amount to less than 1% of Citi's more than 240,000 workers and are part of Citi's normal course of activities.Citi's cuts were first reported by Bloomberg. In January, Citi's CFO told investors the company remained "focused on simplifying the organization, and we expect to generate further opportunities for expense reduction in the future."Citi declined Insider's request to provide comment on the record. Waymo: reported 209 roles so farWaymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 8% of the unit's staff has been cut this year.Peter Prado/Insider; Vaughn Ridley/Sportsfile via Getty ImagesAlphabet's self-driving car unit Waymo has reportedly laid off a total of 209 employees this year in two rounds of cuts, according to The Information. Waymo reportedly laid off 137 employees on March 1, according to The Information. Waymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 209 employees— approximately 8% of the company's staff— have been cut this year, according to an internal email seen by The Information.Waymo did confirm the cuts to Insider but did not specify the number of roles impacted or the date the first round of cuts occurred.  Thoughtworks: reported 500 employeesThoughtworks laid off 500 employees on February 28. That day, CEO Guo Xiao said in the company's earnings release that it was "pleased" with its performance in the fourth quarter of 2022.Screenshot of Guo Xiao from the Thoughtworks website.Thoughtworks, a software consultancy firm, reportedly laid off 500 employees or 4% of its global workforce, according to TechCrunch. TechCrunch noted that the company "did not dispute" the figure when reached for comment on March 1. According to TechCrunch, Thoughtworks "initially informed" the affected employees about the decision on February 28. That same day, Thoughtworks reported that its revenue had increased 8.3% between the fourth quarter of 2022 and the fourth quarter of 2021. The company also reported a more than 21% year over year revenue increase for 2022. In the company's earnings release, Thoughtworks' CEO Guo Xiao said, "We are pleased with our performance in the fourth quarter and our clients continue to look to us to help them navigate these uncertain times and tackle their biggest technology challenges."General Motors: reported 500 salaried jobsGM CEO Mary Barra.Patrick T. Fallon/Getty ImagesGeneral Motors plans to cut 500 executive-level and salaried positions, according to a report from The Detroit News. The layoffs come only one month after CEO Mary Barra told investors and reporters on the company's earnings call, "I do want to be clear that we're not planning layoffs." In a memo to employees, seen by Insider, GM's chief people officer wrote, "we are looking at all the ways of addressing efficiency and performance. This week we are taking action with a relatively small number of global executives and classified employees following our most recent performance calibration." Employees who are getting laid off were informed on Feb. 28. General Motors confirmed the layoffs to Insider but did not confirm a specific number of employees getting cut. Twitter: about 200 employeesElon Musk is Twitter's CEO and ownerREUTERS/Jonathan ErnstThe layoffs reportedly haven't stopped at Twitter under Elon Musk. The social media company reportedly laid off 200 more employees on a Saturday night in late February, according to the New York Times. Some workers reportedly found out they had lost their jobs when they couldn't log into their company emails.Musk laid off 50% of Twitter's workforce in November after buying the company for $44 billion. Yahoo: 20% of employeesSOPA Images / Getty ImagesYahoo announced it will eliminate 20% of its staff, or more than 1,600 people, as part of an effort to restructure the company's advertising technology arm, Axios reported on February 9.Yahoo CEO Jim Lanzone told Axios that the cuts are part of a strategic overhaul of its advertising unit and will be  "tremendously beneficial for the profitability of Yahoo overall."    Disney: 7,000 jobsBob Iger, CEO of DisneyCharley Gallay/Stringer/Getty ImagesFresh off his return as Disney CEO, Bob Iger announced February 8 that Disney will slash 7,000 jobs as the company looks to reduce costs. Iger, who returned to the position in November 2022 to replace his successor Bob Chapek after first leaving in 2020, told investors the cuts are part of an effort to help save an estimated $5.5 billion. "While this is necessary to address the challenges we are facing today, I do not make this decision lightly," Iger said. "I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes."DocuSign: 10%Igor Golovniov/SOPA Images/LightRocket/Getty ImagesDocuSign plans to slash 10% of employees as part of a restructuring plan "designed to support the company's growth, scale, and profitability objectives," the electronic signature company wrote in a Securities and Exchange Commission filing on Feb. 16. The company said the restructuring plan is expected to be complete by the second quarter of fiscal 2024, per the filing. Affirm: 19% of its workforceAffirm co-founder and CEO Max LevchinAffirmAffirm announced on February 8 it plans to slash 19% of its workforce, after reporting declining sales that missed Wall Street expectations. Affirm co-founder and CEO Max Levchin said in a call with investors that the technology company "has taken appropriate action" in many areas of the business to navigate economic headwinds, including creating a "smaller, therefore, nimbler team.""I believe this is the right decision as we have hired a larger team that we can sustainably support in today's economic reality, but I am truly sorry to see many of our talented colleagues depart and we'll be forever grateful for their contributions to our mission," he said.  GoDaddy: 8% of workersGoDaddy's CEO Aman Bhutani in September 2019Don Feria/Invision/AP ImagesGoDaddy, the website domain company, announced on February 8 it will cut 8% of its global workforce. "Despite increasingly challenging macroeconomic conditions, we made progress on our 2022 strategic initiatives and continued our efforts to manage costs effectively," GoDaddy CEO Aman Bhutani wrote in an email to staffers."The discipline we embraced was important but, unfortunately, it was not sufficient to avoid the impacts of slower growth in a prolonged, uncertain macroeconomic environment."Zoom: 15% of staffZoom CEO Eric Yuan.AP Photo/Mark LennihanZoom CEO Eric Yuan announced in a memo to workers that the company would reduce its headcount by 15%, or about 1,300 employees, on February 7. He attributed the layoffs to "the uncertainty of the global economy and its effect on our customers" but also said the company "made mistakes" as it grew. "We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably toward the highest priorities," Yuan said. In the memo, Yuan also announced that he would cut his salary by 98% in 2023 and forgo his corporate bonus. In addition, other members of the executive leadership team will also reduce their base salaries by 20% this year, according to Yuan. eBay: 500 jobseBay CEO Jamie Iannone told employees Tuesday that the company would be eliminating 500 roles.Harry Murphy/Sportsfile for Web Summit via Getty ImagesOn Tuesday, e-commerce giant eBay told employees that it would be eliminating 500 roles, or about 4% of its workforce, according to a message included in a regulatory filing on Tuesday. In the message, CEO Jamie Iannone wrote "Today's actions are designed to strengthen our ability to deliver better end-to-end experiences for our customers and to support more innovation and scale across our platform."He added, "this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape." Dell: 5% of workforceDell is eliminating approximately 5% of its workforce. The company's co-chief operating officer Jeff Clarke told employees in a memo, "market conditions continue to erode with an uncertain future."Kevork Djansezian / Staff/Getty ImagesOn February 6, Dell said in a regulatory filing that it would be eliminating about 5% of its workforce. The percentage amounts to approximately 6,650 roles based on numbers that Dell provided Insider. In a memo sent to employees posted on Dell's website, co-chief operating officer Jeff Clarke, said "market conditions continue to erode with an uncertain future." He also noted in the memo that the company had paused hiring, limited employee traveling, and decreased spending on outside services. He added, however, "the steps we've taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough."Pinterest: 150 jobsBen Silbermann is the founder and executive chair of Pinterest. He was the company's CEO until June 2022.Horacio Villalobos/Getty ImagesPinterest said it would cut 150 workers, or less than 5% of its workforce, on February 1, the company confirmed to Insider.  "We're making organizational changes to further set us up to deliver against our company priorities and our long-term strategy," a company representative said.The social media company was recently the target of activist investor Elliott Management, agreeing to add one of the firm's representatives to its board last month.   Rivian: 6% of jobsRivian CEO RJ Scaringe.Carlos Delgado/Associated PressRivian's CEO RJ Scaringe announced the EV company would cut 6% of its workforce in a memo to employees, the company confirmed to Insider. This is the company's second round of job cuts in the last 6 months after Scaringe announced a separate 6% workforce reduction in July 2022. In his memo to staff, Scaringe said Rivian needs to focus its resources on ramping up production and reaching profitability. BDG Media: 8% of staffScreengrab of Gawker's homepageGawkerBDG Media announced on February 1 that it was shutting down pop-culture site Gawker and laying off 8% of its staff, according to Axios. BDG owns Bustle, Elite Daily, and other lifestyle and news websites. "After experiencing a financially strong 2022, we have found ourselves facing a surprisingly difficult Q1 of 2023," CEO Bryan Goldberg wrote in a memo to staff seen by Axios. Splunk: 325 jobsGary Steele took over as Splunk's CEO in April 2022.YouTube/ProofpointSoftware and data platform Splunk is the latest in a long list of tech companies to announce layoffs in recent months. On February 1, the company said it would lay off 4% of its staff and scale back the use of consultants to cut costs, according to a filing viewed by Insider. The layoffs will reportedly be focused on workers in North America, and CEO Gary Steele told employees Splunk would continue to hire in "lower-cost areas."Intel: 343 jobsIntel CEO Pat Gelsinger.Pool Eric Lalmand/Getty ImagesIntel notified California officials per WARN Act requirements it plans to layoff 343 workers from its Folsom campus, local outlets reported on January 30. "These are difficult decisions, and we are committed to treating impacted employees with dignity and respect," Intel said in a statement to KCRA 3, noting that the cost-cutting comes as the company is faces a "challenging macro-economic environment." On February 1, the company announced CEO Pat Gelsinger will take a 25% pay cut, while other members of the executive team will take salary reductions in amounts ranging from 5% to 15%.  FedEx: more than 10% of top managersFedEx workers in New York City on March 16, 2021.Alexi Rosenfeld/Getty ImagesFedEx informed staffers on February 1 it plans to slash more than 10% of top managers in an effort to reduce costs.  "This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions," CEO Raj Subramaniam wrote in a letter to staff, which was shared with Insider's Emma Cosgrove. While the exact number of employees impacted was not specified, a FedEx spokesperson told Insider that since June 2022 the company has reduced its workforce by more than 12,000 staffers through "headcount management initiatives." "We will continue responsible headcount management throughout our transformation," the spokesperson said. PayPal: 7% of total workforceDan Schulman, president and CEO of PayPal announced that the company would be cutting 7% of its total workforce on January 31.PaypalPayPal announced on January 31 that it plans to cut 2,000 workers or approximately 7% of the company's total workforce over the coming weeks. In a statement announcing the layoffs on PayPal's website, CEO and president Dan Schulman cited the "challenging macro-economic environment." He added, "While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do."HubSpot: 7% of staffYamini Rangan is HubSpot's CEO.Matt Winkelmeyer/ Getty ImagesHubSpot's CEO Yamini Rangan announced that the company would lay off 500 workers, according to an email seen by Insider. "We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected. The year was challenging due to a perfect storm of inflation, volatile foreign exchange, tighter customer budgets, and longer decision making cycles," Rangan wrote to employees. IBM: 1.5% of staffIBM's CEO Arvind KrishnaBrian Ach / Stringer / Via GettyIBM plans would cut 1.5% of its staff, roughly 3,900 workers. The layoffs were first reported by Bloomberg but confirmed by Insider.The company said the cuts would cost IBM about $300 million and is related entirely to businesses the company has spun off. Bloomberg reports that CFO James Kavanaugh said the company is still hiring in "higher-growth areas." Hasbro: 15% of workersA Jenga game by Hasbro Gaming.Thomson ReutersHasbro reportedly plans to cut 1,000 workers after warning that the 2022 holiday season was weaker than expected, according to the toy and game company. The company said the layoffs come as it seeks to save between $250 million to $300 million per year by the end of 2025. "While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses," Chris Cocks, Hasbro's CEO said. Dow: 2,000 global employeesThe Dow Chemical logo is shown on a building in downtown Midland, home of the Dow Chemical Company corporate headquarters, December 10th, 2015 in Midland, MichiganBill Pugliano/Getty ImagesDow Inc. announced on January 26 that it will lay off 2,000 global employees, a move that indicates mass layoffs are spreading beyond just the technology sector, the Wall Street Journal reported. It's part of a $1 billion cost-cutting effort intended to help amid "challenging energy markets," Dow CEO Jim Fitterling said in a press release. The chemical company also  will shut down select assets, mostly in Europe, per the release."We are taking these actions to further optimize our cost structure and prioritize business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe," Fittlering said.   SAP: Up to 3,000 positionsSAP CEO Christian KleinULI DECK/POOL/AFP via Getty ImagesSoftware company SAP said on January 26 it will slash up to 3,000 jobs globally in response to a profit slump, with many of the cuts coming outside of its headquarters in Berlin, the Wall Street Journal reported.  The layoffs will impact an estimated 2.5% of the company's workforce and are part of a cost-cutting initiative aiming at reaching an annual savings of $382 million in 2024, according to the Journal. "The purpose is to further focus on strategic growth areas," said Luka Mucic, SAP's chief financial officer, per the Journal.   Spotify: 6% of the workforceDaniel Ek, Spotify cofounder and CEOGreg Sandoval/Business InsiderIn a memo to Spotify employees, CEO Daniel Ek said the company would cut 6% of its staff, about 600 people. "While we have made great progress in improving speed in the last few years, we haven't focused as much on improving efficiency. We still spend far too much time syncing on slightly different strategies, which slows us down. And in a challenging economic environment, efficiency takes on greater importance. So, in an effort to drive more efficiency, control costs, and speed up decision-making, I have decided to restructure our organization," he wrote. As part of the changes, Dawn Ostroff, the company's chief content and advertising officer, who spent more than $1 billion signing exclusive podcast deals with Joe Rogan, the Obamas, and Prince Harry and Meghan Markle, has departed. 3M: 2,500 jobs cut3M3M, which makes Post-It notes, Scotch tape, and N95 masks, said it plans to cut 2,500 manufacturing jobs worldwide. CEO Mike Roman called it "a necessary decision to align with adjusted production volumes." "We expect macroeconomic challenges to persist in 2023. Our focus is executing the actions we initiated in 2022 and delivering the best performance for customers and shareholders," he said in a press release. Google: around 12,000 employeesBrandon Wade/ReutersSundar Pichai, CEO of Google parent company Alphabet, informed staffers on January 20 that the company will lay off 12,000 employees, or 6% of its global workforce. In a memo sent to employees and obtained by Insider, Pichai said the layoffs will "cut across Alphabet, product areas, functions, levels and regions" and were decided upon after a "rigorous review." Pichai said the company will hold a townhall meeting to further discuss the cuts, adding he took "full responsibility for the decisions that led us here" "Over the past two years we've seen periods of dramatic growth," Pichai wrote in the email. "To match and fuel that growth, we hired for a different economic reality than the one we face today." Vox: 7% of staffThe layoffs were reportedly announced in a memo from CEO Jim Bankoff.Vox MediaVox Media, the parent company of publications like Vox, The Verge, New York magazine, and Vulture, is laying off roughly 133 people, or 7% of its staff, according to a report by Axios. The cuts come just a few months after the media company laid off 39 roles in July. The decision was reportedly announced in a note to staff from CEO Jim Bankoff, who wrote that while the company is "not expecting further layoffs at this time, we will continue to assess our outlook, keep a tight control on expenses and consider implementing other cost savings measures as needed," according to Axios.Vox Media's layoffs come at a time when advertisers are tightening their belts in anticipation of an economic slowdown, taking a toll on the media industry. Capital One: more than 1,100 tech workersBrian Ach/AP ImagesCapital One slashed 1,100 technology positions on January 18, a company spokesperson told Insider. The cuts impacted workers in the "Agile job family," a department which was eliminated and its responsibilities integrated into "existing engineering and product manager roles," per the spokesperson. "Decisions that affect our associates, especially those that involve role eliminations, are incredibly difficult," the Capital One spokesperson said in the statement. "This announcement is not a reflection on these individuals or the work they have driven on behalf of our technology organization," the spokesperson continued. "Their contributions have been critical to maturing our software delivery model and our overall tech transformation."The eliminations came after the bank had invested heavily in tech efforts in recent years, including launching a new software business focused on cloud computing in June 2022. "This decision was made solely to meet the evolving skills and process enhancements needed to deliver on the next phase of our tech transformation," the spokesperson said.  WeWork: About 300 employeesReutersWeWork announced on January 19 it will cut about 300 positions as it scales back on coworking spaces in low-performing regions, Reuters reported. The layoffs come after the company said in November 2022 it planned to exit 40 locations in the US as part of a larger cost-cutting effort. The company announced the cuts in a press release listing its fourth-quarter earnings call date, stating only the reductions are "in connection with its portfolio optimization and in continuing to streamline operations."  Wayfair: more than 1,000 employeesPavlo Gonchar/SOPA Images/LightRocket via Getty ImagesWayfair is expected to lay off more than 1,000 employees, about 5% of its workforce, in the coming weeks in response to slumping sales, the Wall Street Journal reported on January 19.The cuts mark the second round of layoffs in six months for the online furniture and home goods company, after it nixed 900 staffers in August 2022. Though the company experienced significant growth during the pandemic-driven home improvement boom, sales began to stagnate as social distancing policies loosened and Americans began returning to offices."We were seeing the tailwinds of the pandemic accelerate the adoption of e-commerce shopping, and I personally pushed hard to hire a strong team to support that growth. This year, that growth has not materialized as we had anticipated," Wayfair CEO Niraj Shah wrote in a letter to employees announcing the August 2022 layoffs, per CNN. In its most recent quarter, the Wayfair reported that net revenue decreased by $281 million, down 9% from the same period the year prior.  Microsoft: 10,000 workersMicrosoft CEO Satya NadellaStephen Brashear/Getty ImagesMicrosoft announced on January 18 that it planned to reduce its workforce by 10,000 jobs by the end of the third quarter of this year. CEO Satya Nadella attributed the layoffs to customers cutting back in anticipation of a recession. However, Nadella also told workers that the company still plans to grow in some areas, despite the firings, writing that the company will "continue to hire in key strategic areas." Microsoft's layoff announcement comes as the tech giant is reportedly in talks to invest $10 billion in OpenAI, which created the AI chatbot ChatGPT. On February 13, the company laid off staff at LinkedIn—which it acquired in 2016— according to The Information. The cuts were in the recruiting department, though the total number laid off is not immediately clear, The Information reported.Crypto.com: 20% of staffCrypto.com CEO Kris MarszalekCrypto.comCrypto.com announced on January 13 that it would let go of a fifth of its workforce amid a sagging crypto market and fallout from FTX's collapse. This is the second major round of firings for Crypto.com, which also had layoffs in July. "The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It's for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success," CEO Kris Marszalek wrote in a memo to employees. BlackRock: up to 3% of global workforceBlackRock CEO Larry FinkSpencer Platt/Getty ImagesBlackRock is cutting up to 500 roles in its first round of firings since 2019. Staff members were notified on January 11 about whether they were laid off. "Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper," CEO Larry Fink and President Rob Kapito wrote in a memo to employees. Goldman Sachs: an estimated 6.5% of its global workforceGoldman Sachs is laying off an expected 3,200 employees.Photo by Michael M. Santiago/Getty ImagesGoldman Sachs began laying off employees on Jan. 11, with cuts expected to impact an estimated 6.5% of the company's global workforce — or roughly 3,200 staffers — a source told Insider. The company previously slashed roles on its media and tech teams in September 2022, and it was expected to issue further reductions in the first half of January. The cost-cutting efforts from the investment banking giant mirror reductions from competitors including Morgan Stanley and Citi, which also laid off employees in 2022. "We continue to see headwinds on our expense lines, particularly in the near term," Goldman Sachs CEO David Solomon said at a conference in December. "We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set."   BNY Mellon: 1,500 jobsBNY Mellon CEO Robin VinceBNY MellonBNY Mellon is planning to cut approximately 3% of its workforce, or 1,500 jobs, according to the Wall Street Journal, which cited people familiar with the matter. The cuts will be primarily aimed at talent management roles, according to the report. BNY Mellon will reportedly plan to invest more in junior staff. Verily (part of Alphabet): reportedly 15% of workersAlphabet CEO Sundar PichaiJerod Harris/Getty ImagesVerily, which is Alphabet's healthcare unit, is laying off more than 200 employees, according to an email seen by the Wall Street Journal. The Journal reports that the company will also scale down the number of projects it works on in an effort to cut costs."We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model," Verily's CEO, Stephen Gillet, wrote in the email, according to the Journal.This is the first significant layoff done by Google's parent company, which had so far avoided the massive waves of job cuts done by other big tech giants like Amazon and Meta. DirecTV: 10% of management staffDirecTV.Karen Bleier/AFP/Getty ImagesDirecTV employees were told in the first week of January that the company would lay off several hundred workers in management roles.The satellite TV business has faced slowing revenues as more people choose to cut the cord and pay for streaming services over cable TV. "The entire pay-TV industry is impacted by the secular decline and the increasing rates to secure and distribute programming. We're adjusting our operations costs to align with these changes and will continue to invest in new entertainment products and service enhancements," a spokesperson for DirecTV told Insider. Coinbase: 950 workersCEO Brian Armstrong cited the downward trend in cryptocurrency prices and the broader economy as reasons for the layoffs.Patrick Fallon/Getty ImagesCoinbase announced on Tuesday, Jan. 10, that would lay off another 20% of its staff. The cuts came after the crypto company laid off over 1,000 employees in July. In a memo to employees, CEO Brian Armstrong said, "in hindsight, we could have cut further at that time," referencing the layoffs in July. Armstrong partially attributed the company's weakness to the "fallout from unscrupulous actors in the industry," likely referencing the alleged fraud that took place at FTX late last year under then-CEO Sam Bankman-Fried. Armstrong predicted "there could still be further contagion" from FTX in the crypto markets but assured remaining employees that Coinbase is well capitalized. Amazon: 18,000 employeesAmazon CEO Andy Jassy initially announced the company's latest round of layoffs in November.AmazonAmazon is in the midst of the most significant round of layoffs in the company's history. In a memo to employees, CEO Andy Jassy said the company would cut more than 18,000 workers in total — far more than what was initially expected based on reporting by the New York Times. Jassy cited "the uncertain economy" and rapid hiring as reasons for the layoffs. While most of Amazon's 1.5 million staff have warehouse jobs, the layoffs are concentrated in Amazon's corporate groups. Amazon's layoffs began late last year, though the Wall Street Journal reports cuts will continue through the first few weeks of 2023.Amazon's 18,000 jobs cuts are the largest of any major tech company amid the wave of recent layoffs.  Salesforce: 10% of its staffSalesforce said in the first month of 2023 that it would enact big job cuts.Noam Galai/Getty ImagesSalesforce co-CEO Marc Benioff announced on Jan. 4 that the software company plans to layoff 10% of its workforce — an estimated 7,000 employees — and close select offices as part of a restructuring and cost-cutting plan. "The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," Benioff wrote in an email to staff. "With this in mind, we've made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks."He continued: "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."Everlane: 17% of corporate employeesEverlane founder and executive chair Michael Preysman.Lars Ronbog/Getty Images for Copenhagen Fashion SummitEverlane is slashing 17% of its 175-person corporate workforce, and 3% of its retail staff."We know there will be some bumpiness over the next few weeks as we navigate a lot of change at once. We ask for your patience as we do right by our departing team members," CEO Andrea O'Donnell wrote to employees, according to an internal memo seen by Insider. In a statement to Insider, a company spokesperson said the decision was intended to "improve profitability in 2023 and continue our efforts to help leave the fashion industry cleaner than we found it."The e-commerce clothing company previously laid off nearly 300 workers, mostly in retail in March 2020 amid the outbreak of the Covid-19 pandemic.Vimeo: 11% of its workforceAnjali Sud, CEO of Vimeo, speaks during the company's direct listing on Nasdaq, Tuesday, May 25, 2021, in New York.AP Photo/Mark LennihanVimeo CEO Anjali Sud told employees on Jan. 4 that the company would layoff 11% of its staff, the video platform's second major round of layoffs in less than a year, after cutting 6% of employees in July"This was a very hard decision that impacts each of us deeply," Sud wrote in an email to staff. "It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment."A spokesperson told Insider reduction is intended to assist with ongoing economic concerns and improve the company's balance sheet. Compass: size of layoffs not immediately disclosedCompass is letting go of more employees after two rounds of layoffs in the past eight months.CompassCompass CEO Robert Reffkin told staffers on Jan. 5 it would conduct more layoffs, following two previous rounds in the past eight months, as the brokerage continues to struggle with significant financial losses. "We've been focused over the last year on controlling our costs," Reffkin wrote in an email to employees. "As part of that work, today we reduced the size of some of our employee teams. While decisions like these are always hard, they are prudent and allow us to continue to build a long-term, successful business for all of you."While the size of the layoffs was not immediately disclosed, the brokerage let go of 450 corporate employees in June 2022, followed by an additional 750 people from its technology team in October 2022.   Stitch Fix: 20% of salaried jobsStitch Fix is laying off salaried employees.SOPA ImagesStitch Fix announced on Jan. 5 that it plans to slash 20% of its salaried workforce, the Wall Street Journal reported.The cuts come in tandem with the announcement that CEO Elizabeth Spaulding is stepping down, after less than 18 months at the helm of the struggling retail company."First as president and then as CEO, it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team," Spaulding said in a statement. "It is now time for a new leader to help support the next phase."Stitch Fix founder Katrina Lake — who formerly served as chief executive and sits on the board of directors — will become interim CEO, the company said in a press release. Read the original article on Business Insider.....»»

The second-largest blue state and the biggest red state in the country are usually at odds on major policy issues. But not when it comes to housing. An aerial view of a Union Pacific train entering downtown on April 21, 2023 in Austin, Texas.Brandon Bell/Getty Images Texas and New York have both recently killed major pro-housing legislation in their states.  Both states are facing worsening housing shortages and affordability crises. Democratic lawmakers in both states facilitated efforts to oppose development. The second-largest blue state and the biggest red state in the country are nearly always at odds on major policy issues. But they've agreed on one thing this year: opposing cheaper and more abundant housing. Democratic lawmakers across the country, including at the federal level, largely say they're pro-housing and that they want to address the affordability crisis, homelessness, and the housing shortage. But Democratic politicians have stood in the way of building new and denser housing in blue and red states alike. In New York and Texas, Democrats recently facilitated the death of major pieces of pro-housing legislation.This week, 43 Democrats joined with 27 Republicans in the Texas state House to kill a bill that would have loosened restrictions on the construction of accessory dwelling units, which are secondary units on the lot of a primary home. Just 13 Democrats joined with 55 Republicans in support of the legislation, which would have helped boost housing density in single-family neighborhoods across the state. Some Texas Democrats opposed the legislation because it would have opened opportunities for short-term rentals, like Airbnbs. Proponents argue ADUs help create new affordable housing and can be a boon for small landlords. State Rep. John Bryant, a Dallas Democrat who opposed the bill, told the Texas Tribune that the ADUs bill would "make a commercial, uncontrollable, really unforeseeable mess out of every neighborhood in the state."Another GOP bill Democrats helped sink would have shrunk the required minimum size of a plot of land needed to build a new home in Texas. Yet another failed piece of legislation would have gotten rid of height restrictions on multi-family homes situated next to single-family homes. Some Democratic lawmakers argued that they opposed the measures because they would have allowed state regulations to supercede local laws — a dynamic blue cities in the deeply conservative state are sensitive to. People from all over the country have relocated to Texas in droves, particularly over the last few years, in large part because of the state's abundant affordable housing.But that affordability is being threatened — and vanishing altogether — in many parts of the state because supply isn't keeping up with demand.Texas needed to build 330,000 more homes back in 2019, before the pandemic-induced surge of buyers, according to one report. The same report found that New York had a shortage of about 234,000 homes in 2019.Last month, New York stripped Gov. Kathy Hochul's plan to mandate denser housing around New York City from the state budget amid opposition from Democratic members of the state assembly, particularly those in wealthy suburban districts. Hochul's plan would have built 800,000 new homes over the next ten years to address New York's dire housing shortage and affordability crisis that's driving middle- and working-class people out of New York City and its suburbs and worsening homelessness. Last year, Hochul removed her proposal mandating that local governments legalize ADUs across the state after fierce opposition from suburban lawmakers.Over the last ten years, the state has created 1.2 million new jobs, but built just 400,000 units of new housing, according to government data. The overwhelming majority of New Yorkers say housing affordability is a top concern. "There is a very loud minority of New Yorkers who call their legislators every day to complain about the possibility that the state would require housing to get built," Andrew Fine, policy director at the pro-housing group Open New York, told Insider. "And many politicians are scared of those voters."Read the original article on Business Insider.....»»

A Lot Has To Change Quickly For Republicans To Have A Chance in 2024 Authored by Matt Towery via RealClear Wire, To be clear, I am writing this as a pollster, not as a politician or partisan. Here’s the bottom line. As it gets closer to the summer of 2023, I would rate the Democrats as more likely to again take/keep the White House. They might even hold on to the Senate and re-take the House. This is a tough message to deliver to the Republican faithful at a time when inflation is way up, millions have crossed the border illegally, China and Russia both pose true threats to international stability, and crime has spiraled in many areas of the nation. Sure, events and issues would seemingly favor the 2024 Republican nominee for president. But consider this. On Oct. 25, 2022, immediately following a Wall Street Journal poll showing Republicans up by two points in the “Generic ballot” midterm contest, my firm, InsiderAdvantage, also showed Republicans leading Democrats by four points, well within the WSJ poll’s margin of error. Sixteen national polls followed ours in the RealClearPolitics average with only two of the polls showing Democrats leading and one showed a tie. The other 13 polls had Republicans ahead. CNN had the same four-point advantage our survey showed. ABC News/Washington Post along with CBS News had the GOP with a two-point lead. NPR had it at a three-point GOP lead. For whatever reason, only a few national pollsters chose to survey the battleground Senate contests in the last few weeks  of the 2022 midterms. Many of us who did, such as one of the most accurate over the past four cycles, Robert Cahaly of Trafalgar, showed Republican candidates in competitive states trending ahead, reflecting what the many national organizations were indicating in their generic ballot polls. But the building “Red Wave” disappeared on Election Day. Sure, as pollsters we will be examining our data and weighting for the next cycle. But it may be that for Republicans, opinion surveys, whether suggesting a win or a loss, won’t matter. A loss is more likely regardless. Why? In part because there exists a not-so-subtle Democratic machine that goes far beyond politicians and now includes significant segments of corporations, media and “nonpartisan” governmental entities. Presidential and battleground Senate races are currently won at the slimmest of margins and Republicans face a system that now requires that their nominee blow past those margins on the crest of not just a possible “Red Wave” but riding a true “Red Tidal Wave.” Only that massive “Red Tidal Wave” can carry a Republican back into the White House. Here’s a list of why such a GOP meltdown is possible again and the potential remedies for the party that, at present, seem unlikely to materialize in time to avert disaster for Republicans in 2024. If a Tree Falls… You know how this goes: If a tree falls in the woods and there is no one to hear it, does it make a sound? In the political forest, the answer is no if the tree is Republican or conservative. This is by far and away the biggest obstacle Republicans face in having a fair chance of winning in 2024. While Fox News remains the dominant cable news network, it cannot possibly serve to counterbalance the three broadcast news networks along with CNN and MSNBC. Even with Newsmax thrown into the mix, the “conservative” broadcast and online media, based on total viewership and readership, is overwhelmed day in and day out. Other than Rupert Murdoch, conservative-leaning financiers have either lacked the will or have been stymied at forming consortiums to purchase or challenge the “legacy” media. And Republican operatives seem hellbent on spending all their money in short-burst primary and general election cycles. They just assume that everyone knows their view of the news: that President Joe Biden is “cognitively challenged”; the economy is in decline; the border is flooded daily by undocumented immigrants; that crime is destroying the nation’s once great and revered cities; that the U.S. appears weak and unprepared for future aggressions by major foes. You get the point. But the average voter doesn’t. Polls asking voters about issues provide conservatives with the appearance that their issues are important to voters as well as the foibles of Democrats. But most issue-oriented polling questionnaires assume that their respondents are aware and have an opinion on the matter. And respondents rarely want to confess that they haven’t a clue. Put that same respondent in an unaided survey where they must articulate the issues of the day and one will find that those opinions on most issues dissolve into a mishmash of general concepts and less definitive answers. It seems that Republican leaders just assume that everyone else lives in the bubble they live in. But they don’t. Most voters whose vote the GOP might otherwise win don’t much know about critical race theory, the consequences of mounting federal debt, or much of anything conservatives talk about amongst themselves or to their audiences. Were it not for Twitter CEO Elon Musk, what little information conservatives manage to get out beyond their bubble would be shut down by the social media establishment. Consider the following. On the day after news reports of an IRS whistleblower’s allegations of potential wrongdoing concerning the Department of Justice’s handling of the Hunter Biden investigation and the revelation that Secretary of State Antony Blinken allegedly requested a letter from members of the intelligence community to label the younger Biden’s laptop “a Russian Hoax,” the daily White House briefing was devoid of questions on the two issues. Weeks later, when the House Oversight Committee presented financial records of members of President Biden’s family and their business associates receiving over $10 million from foreign corporations linked to China and Romania using a labyrinth of corporations, a massive tree fell. But virtually no one heard it. The three “legacy” TV networks did not cover it in their news broadcasts and mostly ignored it on their websites. But taking the old “tree falls” to a new level, The New York Times decided to ignore the tree falling and instead proclaim renewed sturdiness and growth for the tree. Their headline: “House Republican Report Finds No Evidence of Wrongdoing by President Biden.” The selective and slanted nature of news now often starts at its initial gathering point and continues in its final presentation to a busy public, most of whom grab their news from social media and news aggregations on their smartphone. Republicans and conservatives have missed the boat in educating voters in a non-controversial and balanced manner, about the true facts and news of the day. And consider that conservatives are routinely labeled by the mainstream press with the pejorative phrase “far-right wing” while even the most “out there” liberals are labeled the more upbeat moniker of “progressives.” Republicans haven’t even been able to address the simple matter of the lexicon used in political battle. No Check on the Checkers… The business of “fact checking” arose with the same foundational financial and logistical support that brings “legacy” news to us. Have you noticed how journalists, and I mean top ones, are willing to use definitive terms like “lies” and “debunked” in their description of certain people and issues rather than the more cautionary and traditional terms like “disputed” and “alleged”? That’s because the fact checkers make definitive statements that allow journalists to definitively dismiss certain matters and embrace others. While the NewsGuards and PolitiFacts of the journalistic world were being incubated and lovingly made into “institutions,” there was no formidable effort made by those who long for a more balanced media to create credible and less politicized alternatives. And that’s a fact! Add to that “fact” the amazing coincidence that AI has burst on the consumers of news and social media just in time for what might be the most critical presidential election cycle in American history. Now facts, figures, biographies, and narratives can be gathered, edited and selectively presented to consumers who have no idea who or how their AI database or algorithms were programed or written in the first place. If those wanting a more balanced media don’t fund their own legitimate and well-funded fact-checking organizations, an entire generation will become reliant on one-sided and often extremely biased groups claiming to be the ultimate arbiters of truth. ‘Existential’… This is the most overused word of the last three years. Everything, it seems, is deemed “an existential threat” to the world. The philosopher Soren Kierkegaard must be rolling over in his grave at the endless use of his central concept. So let me keep Kierkegaard spinning. The failure of the GOP to flood nursing homes, bingo halls, and mortuaries (OK, that one is a joke, of a sort) in search of voters willing to cast early ballots remains, as of today, unaddressed, And it really is an “existential threat” to the Republican leaders. They must come to understand that in our post-COVID era, the rules for who votes when and where, and under the aegis of “voter outreach,” has changed forever. Democrats know how to spend buckets of money to advance what could best be termed “selective democracy.” They know just how to bump against the line of what is allowed and what is not, should anyone with any authority and objectivity care. The GOP has only months remaining to create armies and methods to match those efforts. If the Shoe Fits… Republicans must wear it. In recent years Republicans have suffered from a tenuous relationship with white suburban women and younger voters. They are being made to feel guilty in the classrooms, carpool lines or suburban tennis matches that they were born white or were provided opportunities while growing up. It translates as “Republicans are the racist party” by default. When Roe v. Wade was overturned, some Republican leaders in various states decided to up the ante on abortion laws. It’s logical for Republicans, given their position on the matter, to advance protecting unborn lives. But to do so without a massive ad and public relations outreach campaign to those essential demographic groups to explain their legislation, creates a political shoe so tight that an elephant’s foot has no prayer of fitting. Hence, a contributing factor to the massive turnout and marginal losses for Republicans in many marginal contests in 2022. It’s the same for the issue of gun control versus gun rights. If Republicans want to continue to support a broad interpretation of the Second Amendment, they need to educate a public overwhelmed by a media that does not. How about a massive paid ad campaign exposing voters to statistics supporting the claim that in areas where everyone is “packing heat,” so to speak, gun violence drops? If that is indeed the case, don’t just say it on conservative-leaning cable news shows, prove it to the public in well-reasoned ads with real live statistics. Ditto for the value of armed security in every school. If the evidence exists to support those concepts, why is it not front and center in ads on popular TV shows and the web? Shucking and jiving through endless mass shootings isn’t working — and is costing the GOP with younger and suburban swing voters. The Tooth Fairy vs. the Dentist and Periodontist… Lord knows both parties know how to pander, but Republicans let their “fiscal responsibility” stand in the way. Democrats under Joe Biden have been described as “the Tooth Fairy,” promising outrageously massive handouts to various demographic targets with no apparent way to pay for them. Meanwhile, the Republican counter to this Democratic approach is to serve as national dentist and periodontist. Incrementally trying to fight cavities and oral decay but with nothing new to offer voters. Ask yourself “Tooth Fairy or Dentist?” Most would choose the Tooth Fairy every time! For the sake of argument, try this idea on for size, Republicans: Propose that the government eliminate all these programs you view as needless handouts, unappreciated foreign aid and government waste. Put it all into the Social Security “trust fund” as a sort of “matching contribution” and give seniors a real live retirement that they can live on. Instead of raising the age requirement for benefits, lower it over time! And jack those payments way up while cutting out the “left-wing woke funding” you claim to despise in order help pay for it. No one would ever expect that from the GOP. Yet that would consolidate (and could increase) for Republicans a senior base they began to lose during the pandemic, and which continues to be problematic. Based on exit polls of battleground Senate races, increasing the GOP share of the vote among those age 55 and over is the most likely way for Republicans to expand their vote and create a true “Red Tidal Wave.” The choice between forgiving college loans of over-educated millennials who offer little potential for significant vote gains, versus an enhancement and expansion of benefits to more senior Americans of all backgrounds, would seem to be a no-brainer. And it would put to rest the constant Democrat go-to of last-minute ads warning seniors that “Republicans want to cut your benefits.” How about a national bonus or additional tax credit program for police and firefighters across the nation? How else are we ever going to motivate the next generation to consider taking on these increasingly dangerous and thankless jobs? The GOP has become the party of the working person, including those who have worked hard all their lives. Why not seal the deal by promising to reward those voters and taking resources away from programs that encourage the opposite? That is exactly how Democrats under Biden are seemingly operating. They arguably penalize those who work to have good credit by rewarding those who don’t. The Green New Deal makes the future far more expensive and impracticable on the average worker while searching for ways to transfer resources to others in the name of “energy and climate equity.” Take from one group and give to another. Republicans better learn to do it big — and soon — or they will wither as a party. It's likely, for the GOP I know, that the shoe won’t fit their agenda either. They will deem such ideas “unworkable and fiscally irresponsible.” As if the Democrats’ “Inflation Reduction Act” was? A Better Class of Prisoner… In the 1960s, one governor, when asked about the sorry conditions of his state prisons, responded by saying that what the state needed was “a better class of prisoners.” When it comes to Republican campaigns, a better class of prisoners might be called for. Or at least a truce among inmates. For decades Republican political operatives have approached one another as rival “political gangs,” more interested in capturing all the dollars from political donors and spending them through their associates and fellow “gang members,” than winning. “Diss me and my gang and we will cut funds off from your candidate.” We saw that same mentality prevail once again in 2022, and Republican candidates once again were the casualties of it. Democrats take a different approach. They tend to work toward one common goal of winning. The spoils of victory are then rewarded after the votes are in and the political power has been gained. Of course, to be fair, Democrat “dark money” is more plentiful, and Republicans often must scrounge around for funds in order to compete. A lot has to change in a short time period to give former President Trump or any other Republican nominee a sporting chance of winning in 2024. No GOP nominee, even Trump (who tends to pull more voters to the polls than other modern-day Republican nominees could have hoped for) cannot win if these substantial changes don’t start to take place, and rapidly. If not, the elephant walk of 2024 could once again be one straight off the political cliff. But for this upcoming cycle, pollsters will likely be extra careful not to march off that cliff with them. Tyler Durden Fri, 05/26/2023 - 21:40.....»»

David's Bridal expects to eliminate jobs at its Ohio stores — including six in Northeast Ohio — two months ahead of schedule as its bankruptcy proceeding takes a turn for the worse. It is unlikely David's Bridal will survive bankruptcy, "certainly not in a traditional bricks and mortar format," Bradford Sandler, a lawyer who represents the company's unsecured creditors committee, told Bloomberg on Wednesday. In mid-April, the Conshohocken, Pennsylvania-based bridal store chain filed for bankruptcy….....»»

Bank of America (BAC) plans to eliminate nearly 40 positions in Asia's IB division as worsening macroeconomic conditions continue to hamper deal making in the region. The affected employees have been asked to apply for roles in other units. Bank of America BAC intends to eliminate around 40 positions in its Asia region’s investment banking (IB) unit, per a Bloomberg report. The primary reason for this is the slump in dealmaking activities across the industry. Nonetheless, the company plans to relocate these bankers to other divisions.Of the affected employees, the majority are based out of Hong Kong, with a particular emphasis on China, and hold junior positions, per the persons familiar with the matter. BAC’s latest redeployment strategy aims to serve as a temporary measure in response to the dealmaking scarcity and slowdown in China’s economy.Besides, Bank of America does not have a direct presence or operations on the mainland of China. Instead, the company operates its IB and equities businesses for China from offshore locations.Notably, since last year, BAC’s IB business has been struggling, primarily due to the poor performance of underwriting and advisory activities across the globe. This can largely be attributed to the global decline in dealmaking, caused largely by the Russia-Ukraine conflict, recessionary concerns and high inflation. Weakness in the IB business is expected to persist until there is more clarity regarding macroeconomic and geopolitical conditions.Over the past six months, shares of BAC have declined 23.7% compared with the industry’s fall of 13.4%.Image Source: Zacks Investment ResearchCurrently, Bank of America carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Bank of America is not the only one trimming its workforce. Many other Wall Street banks, including Citigroup C and Morgan Stanley MS, have been taking similar steps in their IB and wealth management divisions.This March, Citigroup initiated a round of job cuts, slashing hundreds of jobs across the firm, which accounted for less than 1% of its total workforce. According to people familiar with the matter, the company’s IB division, its operations and technology organization, and the U.S. mortgage-underwriting division were among those affected.In its IB division, Citigroup was struggling because of the industry-wide slowdown in dealmaking. In its mortgage division, the company was grappling with reduced mortgage demand because of rising prices and a rapid increase in mortgage rates.Likewise, in mid-May, it was reported that Morgan Stanley is planning to slash nearly 7% of Asia-Pacific IB Jobs. This is part of the broader 3,000 IB job cuts the company announced recently. The development was first reported by Bloomberg News.Of the total cuts, China is likely to take the biggest hit as slowing economic growth in the country is curbing dealmaking. Last year, MS slashed roughly 50 IB jobs in the Asia-Pacific region, with a large number being China-focused positions. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.3% per year. So be sure to give these hand-picked 7 your immediate attention. See them now >>Want 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 Bank of America Corporation (BAC): Free Stock Analysis Report Morgan Stanley (MS): Free Stock Analysis Report Citigroup Inc. (C): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research.....»»

Governments must ensure the technology is not "misused by evil people," the former Google CEO told a Wall Street Journal event. Eric Schmidt stepped down from an executive role at Google in 2015.Beck Diefenbach/Reuters Eric Schmidt said advanced artificial intelligence posed an "existential risk" to humans. He told a Wall Street Journal conference he was impressed at the speed of recent AI development. Schmidt was CEO of Google for a decade until 2011 and then executive chairman until 2015. Eric Schmidt warned advanced artificial intelligence posed an "existential risk" that could kill or harm "many, many people."The former Google CEO told The Wall Street Journal's CEO Council: "My concern with AI is actually existential, and existential risk is defined as many, many, many, many people harmed or killed. And there are scenarios not today but reasonably soon, where these systems will be able to find zero-day exploits in cyber issues or discover new kinds of biology."Schmidt also said that governments needed to ensure the technology was not "misused by evil people."He was chief executive at Google from 2001 to 2011, and later served as executive chairman until 2015. Schmidt also headed up the US national security commission on AI.AI anxiety has risen in recent months. Several high-profile tech figures, including Elon Musk and Steve Wozniak have issued warnings about its potential dangers, citing concerns about the spread of misinformation and widespread automation of jobs.Schmidt said he was impressed at the speed of AI development in recent months but pushed back on fears that it will eliminate jobs.He said: "Here are the facts. We are not having enough children, and we have not been having enough children for long enough that there is a demographic crisis where people who are my age are going to be taken care of by younger generations."He continued: "In aggregate, all the demographics say there's going to be a shortage of humans for jobs. Literally too many jobs and not enough people for at least the next 30 years."Representatives for Schmidt did not immediately respond to Insider's request for comment, made outside normal working hours.Read the original article on Business Insider.....»»

When tens of thousands of people lose their jobs at McDonald's, where will they go? Millions of people are supposed to lose their jobs because of artificial intelligence. This is particularly true of frontline workers, including those working in most retail operations. (These industries are laying off the most workers.) The AI effect on workers may be beyond belief. The New York Times reports, “Generative A.I. could automate activities equivalent to 300 million full-time jobs globally, according to a recent estimate by Goldman Sachs.” McDonald’s already has part of its stores that are automated. Most have kiosks where people can order food before going to the counter. There is no telling how many jobs this has replaced already. Most large retailers, including Walmart and Home Depot, have automated checkouts. People scan their items and pay without human help. Once again, there is no way to tell how many positions this has allowed these retailers to eliminate. So, McDonald’s can use automation for people to order and for people to pay. That leaves the preparation of food. McDonald’s has a relatively limited menu. That means machines do not have to be built for sophisticated work. Look at the floor of a Ford factory. Robots already perform much more complex jobs than making food. ALSO READ: America’s 25 Dying Industries wallst_recirc_link_tracking_init( "101130194646e05da29f94", "text" ); How many people could McDonald’s eliminate? The fast-food giant has about 200,000 U.S. employees, and tens of thousands of them work at individual locations. Eventually, most of those jobs will be replaced. When tens of thousands of people lose their jobs at McDonald’s, where will they go? Add that to those who may lose their jobs at hundreds of other retailers. The New York Times article may be right. Layoffs from AI could number into the millions. Sponsored: Find a Qualified Financial Advisor Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now......»»