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Keyword: layoffs

Brevity: Headers | « Text »
  • Unemployment rises… among Bernie Sanders’ campaign staffers [Sanders Campaign shedding workers]

    04/28/2016 4:27:27 PM PDT · by SeekAndFind · 12 replies
    Hotair ^ | 04/28/2016 | Jazz Shaw
    The economy may be experiencing a steady, if tepid recovery, but there are still layoffs taking place. I don’t just mean the ones at Lockheed Martin here, but rather inside the campaign organization of Bernie Sanders. With most of the states having already voted, Sanders’ team is shedding workers this week and they number in the hundreds. (CNN) Bernie Sanders’ campaign is laying off more than 200 workers, campaign manager Jeff Weaver said Wednesday.The campaign is downsizing from its current 550-member team to between 325 to 350 workers, said Weaver, who added that at one point the Sanders’ staff...
  • 40 Layoffs As Glenn Beck’s ‘Blaze’ Empire Continues Its Decline and Fall

    04/28/2016 1:12:44 PM PDT · by austinaero · 181 replies
    The Daily Beast ^ | 04/28/2016 | Lloyd Grove
    The axe fell once again on Glenn Beck’s crumbling media empire Thursday as employees in the New York and Washington offices of The Blaze, Beck’s multi-media online operation, along with business staffers in Los Angeles and the documentary unit in Columbus, Ohio, were told their jobs are on the chopping block, according to multiple sources who spoke The Daily Beast on condition of anonymity.
  • In 1 Out Of Every 5 American Families, Nobody Has A Job

    04/27/2016 6:20:35 PM PDT · by SeekAndFind · 24 replies
    TEC ^ | 04/27/2016 | Michael Snyder
    If nobody is working in one out of every five U.S. families, then how in the world can the unemployment rate be close to 5 percent as the Obama administration keeps insisting? The truth, of course, is that the U.S. economy is in far worse condition than we are being told. Last week, I discussed the fact that the Federal Reserve has found that 47 percent of all Americans would not be able to come up with $400 for an unexpected visit to the emergency room without borrowing it or selling something. But Barack Obama and his minions never bring...
  • Sears to close 78 stores this summer

    04/21/2016 4:07:42 PM PDT · by Olog-hai · 65 replies
    Associated Press ^ | Apr 21, 2016 7:06 PM EDT | Anne D’Innocenzio
    Sears Holdings Corp. will close another 78 stores — 68 Kmart units, and 10 Sears stores — as it looks to restore profitability. That accounts for about 5 percent of its store base, which is nearly 1,700 stores. The ailing company, based in Hoffman Estates, Illinois, had said in February that it would accelerate the closing of unprofitable stores following a “challenging” holiday season. The move announced Thursday is expected to generate a “meaningful level” of cash from the liquidation of store inventories and from the sale or sublease of some of the related real estate, it said Thursday. All...
  • SunEdison files for Chapter 11 bankruptcy protection

    04/21/2016 7:39:10 AM PDT · by Olog-hai · 17 replies
    Reuters ^ | Thu Apr 21, 2016 10:04am EDT | Arathy S. Nair
    U.S. solar energy company SunEdison Inc. filed for Chapter 11 bankruptcy protection on Thursday, becoming one of the largest non-financial companies to do so in the past 10 years. Once the fastest-growing U.S. renewable energy developer, SunEdison embarked on an aggressive acquisition strategy that left it struggling with $12 billion in debt. In its bankruptcy filing, the company said it had assets of $20.7 billion and liabilities of $16.1 billion as of Sept. 30. Although solar project developers such as SunEdison continue to benefit from robust demand, their shares have been hit by investor concerns that demand could fall in...
  • Donald Trump rails against Carrier during rally at Indiana State Fairgrounds (Pence, Christie)

    04/21/2016 7:40:14 AM PDT · by GilGil · 107 replies
    Fox 59 News ^ | 4/20/2106 | Kylee Wierks
    “Governor Pence was pleased to welcome Mr. Trump back to Indiana and hear firsthand his plans for the country. The Governor was also grateful for the opportunity to describe Indiana's economic success and expressed his desire to have a partner in the White House who will help advance pro-growth economic policies, reduce burdensome regulation and curb the size and scope of government. With more than 130,000 new private sector jobs created since he took office, Governor Pence believes addressing these issues is critical in order for Indiana to continue to be a great place to live, work and raise a...
  • Picture: Hardee’s Restaurant Installs “Self Order Stations”

    04/21/2016 6:16:47 AM PDT · by xzins · 159 replies
    Young Conservatives ^ | 20 Apr 16 | Andrew Mark Miller
    A little while back we told you about how the CEO of Hardees/Carl’s Jr. was thinking about replacing employees with machines thanks to the ridiculous minimum wage hike to $15.Well, it appears he has done it.It was only a matter of time before this started to happen and you can expect to see more of this in the future.
  • UC Berkeley greets $15 minimum wage with job cuts

    04/20/2016 7:57:35 AM PDT · by SeekAndFind · 18 replies
    Hotair ^ | 04/20/2016 | Jazz Shaw
    The ripples from California’s recent passage of a $15 per hour minimum wage continue to spread across the employment pond. We’ve already seen how it will hit the food service and hotel industries, but one of the most ironic examples of the law of unintended but perfectly predictable consequences may wind up coming from the University of California at Berkeley. With a hat tip to Legal Insurrection, we find that the traditional hotbed for Social Justice Warrior protests – including the Fight for 15 crowd – is going to be feeling the pinch in short order. And it won’t...
  • Intel Lays Off 12,000 People After Lobbying For More Foreign Workers

    04/19/2016 5:27:01 PM PDT · by markomalley · 33 replies
    Daily Caller ^ | 4/19/16 | Blake Neff
    One of the top users of foreign workers imported via the H-1B visa program announced Tuesday it’s laying off about ten percent of its global workforce.Tech giant Intel is laying off some 12,000 workers, although it’s one of the country’s 15 largest users of H-1Bs, which are temporary visas that allow companies to hire foreign workers for American tech jobs. The big-time layoffs come even as the company has called for hikes in the number of foreign workers it is able to hire using H-1B visas.The chip-making giant said the mass firings are part of a “restructuring initiative” that will further its shift away from the PC...
  • Intel to slash 12,000 jobs and take a $1.2 billion charge, stock drops

    04/19/2016 2:19:45 PM PDT · by bobsunshine · 34 replies
    Business Insider ^ | April 19, 2016 | Matt Rosoff
    Intel plans to cut 12,000 jobs, or 11% of its workforce. It will take a $1.2 billion charge as a result. Trading was halted around the release, then the stock immediately dropped when trading resumed. It's down about 3%. But Intel beat on earnings and revenue. Here are the reported numbers for Q1 2016: • EPS (non-GAAP): $0.54 vs. $0.49 expected. That's up 2% from last year. • Revenue: $13.80 billion vs. $13.84 billion expected. But that number includes $99 million from a deferred revenue write-down — without that, revenue would've come in at $13.70 billion. That's still a 7%...
  • Morgan Stanley begins layoffs in credit division

    04/19/2016 2:58:32 PM PDT · by SeekAndFind · 4 replies
    Yahoo Finance Via Reuters ^ | 04/19/2016 | Olivia Oran and Richard Leong
    Morgan Stanley this week cut staff covering short-term credit and regional broker-dealers, after a quarter in which the bank posted a 42 percent drop in bond trading, several sources told Reuters. The sources blamed the shakeup at the No. 6 U.S. bank by assets on tougher capital rules, mounting competition from faster and cheaper trading on electronic systems and expectations that the Federal Reserve will raise U.S. interest rates next week for the first time in nearly a decade. The decision to downsize followed one of Morgan Stanley's slowest quarters for bond trading since the global credit crunch. The bank...
  • UC Berkeley Forced to Cut 500 Jobs After $15 Minimum Wage Hike

    04/19/2016 2:05:42 PM PDT · by grundle · 52 replies
    townhall.com ^ | April 18, 2016 | Justin Holcomb
    The $15 minimum wage hike in California has sent financially troubled UC Berkeley into decision making mode, and "the people who clean buildings, who work in food services or health clinics,” says Todd Stenhouse, will be the ones without a job. Stenhouse, a spokesman for the American Federation of StateChancellor, also said “There’s a very clear need for those front-line services. But the question is whether there really is a need to hemorrhage resources on executives.” Nicholas Dirks sent a memo to employees Monday informing them of the job reductions and said they will amount to “a modest reduction of...
  • Sport Chalet closing all of its stores

    04/16/2016 8:16:14 PM PDT · by chrisinoc · 66 replies
    OC Register ^ | 4/16/2016 | LILY LEUNG and LOU PONSI
    Sport Chalet announced on Saturday that it is closing all of its stores and has stopped selling goods online. "While our online store is no longer available, all Sport Chalet stores will remain open for several weeks, offering customers the opportunity to use their remaining rewards and gift cards, and to take advantage of great sales," the chain says on its website. Michelle De Leon, a department head at the Sport Chalet in Lake Forest, said employees found out about the store closure through their general managers on Thursday.
  • Trump touts terrific tariff to fix manufacturing job loss in New York

    04/11/2016 5:10:50 PM PDT · by 2ndDivisionVet · 37 replies
    The Washington Examiner ^ | April 10, 2016 | Kyle Feldscher
    Donald Trump played up his plans to tax companies that move jobs out of the United States as he tried to appeal to blue collar workers in a New York rally Sunday. Speaking for about an hour Sunday in Rochester, N.Y., Trump recited statistics about the area's loss of manufacturing jobs and economic hardship in recent years. He reiterated his desire to tax goods sold by companies once based in the United States that moved away to find cheaper labor. The plan has been widely panned by economic experts. But the Rochester crowd ate it up. "I'm the only one...
  • Fiat Chrysler to lay off 1,300 workers

    04/06/2016 12:18:04 PM PDT · by Olog-hai · 24 replies
    Associated Press ^ | Apr 6, 2016 2:57 PM EDT | Tom Krisher
    Tumbling sales of Fiat Chrysler’s main midsize car have driven the company to indefinitely lay off 1,300 employees at a Detroit-area factory. Workers on the second shift at Fiat Chrysler’s assembly plant in Sterling Heights, Michigan, will be furloughed starting July 5 as the slow-selling Chrysler 200 has started to stack up on dealer lots. Sales of the cars were down 61 percent through March, and inventory grew to a 150-day supply, according to Ward’s Automotive. Automakers consider 60 days to be optimal to give dealers enough of a selection for customers. Fiat Chrysler sold only 7,500 of the cars...
  • Hancock Fabrics stores closing nationwide

    04/04/2016 10:48:34 AM PDT · by Lorianne · 73 replies
    UPI ^ | 02 April 2016 | Daniel Uria
    Hancock Fabrics stores will close its remaining 185 stores nationwide after filing for bankruptcy protection earlier this year. Great American Group, a liquidator, announced it was the highest bidder on the assets and inventory of the fabric retailer, which filed for Chapter 11 bankruptcy protection in early February. "Great American Group has worked closely with Hancock Fabrics in a range of capacities over the last several years," Scott Carpenter, of Great American Group, said. "This has given us a deep understanding of Hancock's inventory and assets, which ultimately allowed us to prevail as the highest bidder." On Friday, the stores...
  • Editor and 70-plus others fired at the Orange County Register

    03/31/2016 9:10:33 PM PDT · by EveningStar · 37 replies
    Los Angeles Times ^ | March 31, 2016 | Anh Do
    On the day that Digital First Media completed its purchase of Freedom Communications — parent company of the Orange County Register and the Riverside Press-Enterprise — a wave of layoffs hit the Register. Rob Curley, editor of the paper, confirmed Thursday that it would be his last day. He was among 70-plus staff members who were being let go from the editorial, circulation, advertising and marketing departments, according to sources who spoke on condition of anonymity when discussing the Register.
  • Jobless Claims Surge Most In 2 Years As Challenger Warns Of "Significant" Jump In Retail, Layoffs

    03/31/2016 7:58:47 AM PDT · by SeekAndFind · 12 replies
    Zero Hedge ^ | 03/31/2016 | Tyler Durden
    With both ISM Manufacturing and Services employment indices collapsing, endless headlines of layoffs, Challenger-Grey noting Q1 as the worst since 2009, and NFIB small business hiring weak, it is no surprise that initial jobless claims is finally waking up. For the 3rd week in a row - the longest streak since July 2015. The last 3 weeks have seen a 9.1% surge in jobless claims - the biggest such rise since April 2014.  And finally, as Challenger-Grey notes, Through the first quarter of 2016, employers announced 184,920 job cuts, up 31.8 percent from the 140,241 cuts tracked the first three...
  • CITI: The 'Uber moment' for banks is coming — and more than a million people could lose their jobs

    03/31/2016 7:49:10 AM PDT · by SeekAndFind · 25 replies
    Business Insider ^ | 03/31/2016 | Portia Crowe
    Banks are quickly approaching their "automation tipping point," and they could soon reduce headcount by as much as 30%. That's according to a new Citi Global Perspectives & Solutions (GPS) report on how financial technology is disrupting banks. "Banks' Uber moment will mean a disintermediation of bank branches rather than the banks themselves," the report said. "Specifically, it will mean the shift to mobile distribution being the main channel of interaction between customers and the bank," the report reads. That means that there will be less need for bank branches, and the people who work inside them. "We believe that...
  • 38% of Companies to Reduce Employment in 2016, Only 29% Expect Increase: Five Consequences

    03/22/2016 3:59:04 PM PDT · by Lorianne · 18 replies
    fx street ^ | 17 March 2016 | Mike “Mish” Shedlock
    Is the part-time hiring binge that has inflated job numbers for at least two years about to come to an end? I think so. More importantly, so do CEOs of large corporations. In December, a quarterly survey of large corporation CEOs showed a minuscule net of 1% (35% to 34%) of corporations expected an increase in hiring. 31% expected no change. The latest quarterly survey shows nearly 10% (29% to 38%) of large corporation CEOs expect to reduce headcount. The remaining 33% expect no change.
  • Hillary Clinton meets with Nabisco factory workers facing imminent job cuts

    03/15/2016 6:59:25 AM PDT · by SeekAndFind · 53 replies
    The Guardian ^ | 03/15/2016 | Jamiles Lartey
    Hundreds of Chicago factory workers who are fighting to keep their jobs in the US received a visit from Hillary Clinton on Monday, the day before a tightly contested Democratic primary in Illinois. “It is imperative that we do more to keep jobs here, and we do more to attract jobs to places like Chicago, well, really across our country,” Clinton said after the meeting. Last summer, Mondelēz International, the multinational food and beverages group and owner of Nabisco, announced that the company’s factory on Chicago’s South Side would be cutting 600 jobs and transferring production to new facilities in...
  • Avon to cut 2,500 jobs, move headquarters to Britain

    03/15/2016 6:52:28 AM PDT · by SeekAndFind · 33 replies
    New York (AFP) - Struggling cosmetics company Avon Products, Inc. said it was eliminating 2,500 jobs and moving its headquarters to Great Britain, its latest restructuring after selling off its North American business. The changes were expected to cost $60 million before taxes in mostly employee-related charges in the first quarter of 2016, but headcount reduction will result in $30 million in savings this year, the company said in a statement, released on Monday. Savings were expected to reach up to $70 million in 2017. Avon has "significant commercial operations" in Great Britain and the move would happen "over time,"...
  • Fight for 15 update: Seattle employment craters after minimum wage hike to $15/hour

    03/13/2016 4:09:07 PM PDT · by SeekAndFind · 49 replies
    Hotair ^ | 03/13/2016 | Jazz Shaw
    Science! (Is economics really a science? I’ve long felt it should be taught alongside astrology or some related field.) In any event, the continent sized Petri dish which is the American jobs market has been the subject of much speculation since the Fight for Fifteen muscled its way into the presidential campaign debate. It’s a very populist position which the Democrats have been riding like rocket. At the same time, people who actually study such matters have been warning that it would backfire spectacularly, particularly if it was implemented in a rush. Job availability is subject to the same...
  • Ohio lost 112,500 jobs due to trade with TPP countries

    03/13/2016 7:36:48 AM PDT · by jimbo123 · 22 replies
    Cleveland.com ^ | 3/7/16 | Olivera Perkins
    Ohio lost 112,500 jobs in 2015 resulting from the United States' trade deficit with countries that are part of the Trans-Pacific Partnership agreement, according to an analysis by the Economic Policy Institute. That places Ohio sixth, in terms of the percentage of jobs lost to trade with TPP countries, among the 50 states and the District of Columbia ranked in the report released Thursday by the liberal Washington, D.C.-based think tank. The lost jobs represent nearly 2.2 percent of employment in Ohio, according to the analysis. The total number of lost jobs includes those directly and indirectly impacted by the...
  • Are we be better off with the thousands of factories shut down and millions of jobs lost?

    Are we be better off today with the thousands of U.S. factories that have shut down and millions of American jobs lost and the trillions in accumulated debt that we've run up in the last couple decades of free trade? And, of course, this is due to many factors including such things as: Big government Regulations High taxes Unions driving up costs Cheap labor overseas Fewer regulations overseas Lower taxes overseas Trade deficits etc., And doubly exasperated by poor trade deals? Or is this all a myth? Are we better off with cheaper foreign (cheap) goods, fewer U.S. factories, fewer...
  • IBM to erase 14,000 people from the payroll – Wall St analyst

    03/12/2016 6:45:37 AM PST · by snarkpup · 137 replies
    The Register ^ | 10 Mar 2016 at 16:05 | Paul Kunert
    Jobs to be bundled on a plane and flown to lower labour cost countries ... He highlighted a $1bn Japanese tax gain Big Blue has received, and pointed out that in the past the company had matched the proceeds from dispositions or IP sales with workforce restructuring expense.
  • Bank of America Merrill Lynch is firing traders worldwide

    03/08/2016 8:43:30 AM PST · by SeekAndFind · 20 replies
    Business Insider ^ | 03/08/2016 | Matt Turner
    Bank of America Merrill Lynch is cutting jobs in its global banking and markets business on Tuesday. The job cuts have already taken place in Asia, and they are working their way across time zones to Europe and now the US, according to people familiar with the matter. Arnaud Droitcourt, head of equity trading in Asia Pacific, and Robert Grillo, head of fixed income e-sales, are among those to have left, according to Bloomberg. A spokesman for Bank of America declined to comment. Business Insider reported last month that the bank had asked senior executives some weeks ago to draw...
  • Ohio lost 112,500 jobs due to trade with TPP countries

    03/07/2016 6:58:18 AM PST · by Enlightened1 · 83 replies
    Cleveland.com ^ | 03/07/16 | Olivera Perkins
    CLEVELAND, Ohio – Ohio lost 112,500 jobs in 2015 resulting from the United States' trade deficit with countries that are part of the Trans-Pacific Partnership agreement, according to an analysis by the Economic Policy Institute. That places Ohio sixth, in terms of the percentage of jobs lost to trade with TPP countries, among the 50 states and the District of Columbia ranked in the report released Thursday by the liberal Washington, D.C.-based think tank. The lost jobs represent nearly 2.2 percent of employment in Ohio, according to the analysis. The total number of lost jobs includes those directly and indirectly impacted...
  • Donald Trump Invites ICE Officer Chris Crane, Fired Disney Workers, to Join Rally

    02/28/2016 1:37:55 PM PST · by monkapotamus · 30 replies
    Breitbart ^ | February 28, 2016 | Julia Hahn
    The line-up for Donald Trump’s Sunday rally in Alabama includes victims of the immigration and guest-worker policies favored by Sen. Marco Rubio. The speakers include two of Rubio’s constituents who were victims of the H-1B outsourcing program, as well as Chris Crane, president of the Immigration and Customs Enforcement (ICE) Council. This rally comes on the heels of a bombshell New York Times report documenting how Rupert Murdoch and Fox News colluded with Rubio to minimize public opposition to the passage of Rubio’s amnesty and guest-worker expansion bill that was backed by President Barack Obama...
  • 1/3 of South Carolina’s Manufacturing Jobs Have Disappeared Since NAFTA

    02/20/2016 2:42:33 AM PST · by Helicondelta · 87 replies
    breitbart.com ^ | February 19
    1/3 of South Carolina's Manufacturing Jobs Have Disappeared Since NAFTA AP Photo/Paul SancyaAP Photo/Paul Sancya by JULIA HAHN 19 Feb 2016 919 At a CNN town hall Thursday, businessman and Republican presidential candidate Donald Trump once again put the issue of manufacturing front and center in the 2016 race. When CNN's Anderson Cooper pressed Trump on whether a U.S. president ought to be sending cease and desist letters and whether he would continue to do so as president, Trump said, "maybe to China" -- pointing out the extraordinary job losses Americans have experienced through trade policies: No... I would be...
  • Company boycotts Carrier in sympathy of laid off workers

    02/14/2016 8:25:40 PM PST · by 11th_VA · 88 replies
    wishtv.com ^ | February 11, 2016 | By Jeff Wagner
    ANDERSON, Ind. (WISH) - A HVAC company owner is turning his back on one of his biggest suppliers after he said the supplier turned its back on its employees. Wednesday, Carrier announced it plans to relocate its manufacturing plant from Indianapolis' west side to Mexico, taking 1,400 jobs with it. The decision obviously isn't sitting well with employees but it's also bothering several heating and air companies. It's a business decision that comes from the heart. "We're not helping buy a CEO their 5th vacation home, we're helping feed our family," said R.D. Poffenbarger as he installed a thermostat. He...
  • Trump Only Candidate to Address 1,400 Indianapolis Workers Whose Jobs Are Being Sent to Mexico

    02/13/2016 9:35:55 PM PST · by Helicondelta · 175 replies
    breitbart.com ^ | February 13
    During tonight's CBS Republican presidential debate, Donald Trump was the only candidate to address the news that Carrier will be sending hundreds of American jobs to Mexico. The GOP frontrunner said that under a President Trump, Carrier would stay and "build in the United States because we are killing ourselves with trade pacts that are no good for us and no good for our workers." Video footage emerged yesterday, which went viral, capturing the anger and heartache of 1,400 Indianapolis workers who were informed that they soon would be out of work, as their company will be sending their jobs...
  • Poll: 25 percent of federal employees would quit under Trump presidency

    02/01/2016 1:40:15 PM PST · by Rockitz · 266 replies
    Politico ^ | 1 February 2016 | Nick Gass
    About 1-in-4 federal employees would consider leaving their jobs if Donald Trump is elected president, according the results of a recent survey conducted by the Government Business Council. Overall, about 2-in-3, or 67 percent said they would not think about leaving the federal government if Trump becomes president, but 14 percent said they would and 11 percent said they would "maybe" leave. Just 8 percent said they did not know. The share of Democrats who said they would leave is higher, with 42 percent indicating that they would exit or could exit. Among all of those surveyed, 59 percent said...
  • Retail Apocalypse: 2016 Brings Empty Shelves And Store Closings All Across America

    02/01/2016 8:58:20 AM PST · by SeekAndFind · 134 replies
    EAD ^ | 02/01/2016 | Michael Snyder
    Major retailers in the United States are shutting down hundreds of stores, and shoppers are reporting alarmingly bare shelves in many retail locations that are still open all over the country. It appears that the retail apocalypse that made so many headlines in 2015 has gone to an entirely new level as we enter 2016. As economic activity slows down and Internet retailers capture more of the market, brick and mortar retailers are cutting their losses. This is especially true in areas that are on the lower portion of the income scale. In impoverished urban centers all over the nation,...
  • Tobacco giant Altria announces layoffs to cut costs (490+)

    01/30/2016 10:22:25 PM PST · by 2ndDivisionVet · 8 replies
    Market Watch ^ | January 28, 2016 | Tripp Mickle and Chelsey Dulaney
    U.S. tobacco giant Altria Group Inc. MO, +2.48% on Thursday said it would cut roughly 5% of its workforce in an effort to reduce costs by $300 million annually as industry volumes decline. The Marlboro maker announced the layoffs on the same day it reported profit and revenue for the fourth quarter that missed Wall Street expectations as cigarette shipments slipped and earnings declined from its stake in SABMiller PLC's beer business. Altria's earnings rose slightly to $1.25 billion, or 64 cents a share, from $1.24 billion, or 63 cents a share, a year earlier. The results foreshadowed some of...
  • Chicago school district announces layoffs in central office

    01/21/2016 5:32:26 PM PST · by Olog-hai · 10 replies
    Associated Press ^ | Jan 21, 2016 5:38 PM EST
    The head of the Chicago Public Schools says the district will lay off some of its central office staff on Friday. District CEO Forrest Claypool's statement came a day after top Illinois Republicans called for a state takeover of the financially troubled school district, which has a nearly $1 billion budget deficit that could lead to thousands of teacher layoffs and a strike. ...
  • The CEO of the world's largest investor thinks layoffs are on the way

    01/19/2016 2:44:38 PM PST · by SeekAndFind · 16 replies
    Business Insider ^ | 01/19/2016 | Matt turner
    Markets have been going haywire.And according to Larry Fink, CEO of BlackRock, that has the potential to lead to layoffs through the first half of the year.BlackRock is the world's largest investor, with about $4.5 trillion under management.Fink said in an interview Friday morning with CNBC that the market volatility of late could affect CEO confidence and could lead to more layoffs.He said (emphasis ours):Having a market decline like this in the first couple of weeks of the year really, in my mind, puts a negativity across the economy. A negativity to every CEO who is looking at his or...
  • Morgan Stanley's CEO just uttered the 3 words every employee dreads: Lower Cost Centers

    01/19/2016 1:36:44 PM PST · by SeekAndFind · 11 replies
    Business Insider ^ | 01/19/2016 | Portia Crowe and Matt Turner
    Morgan Stanley just announced fourth-quarter earnings, and it is providing detail to investors on a cost-saving plan called Project Streamline. During a conference call, CEO James Gorman uttered a sentence that will most likely make the bank's staff shudder. "Too many employees based in high-cost centers are doing work that can sensibly be done in LOWER-COST CENTERS," he said. "Now is the time to tackle head-on our infrastructure costs." The mention of "lower-cost centers" most likely means the bank is looking to shift jobs overseas or to low-cost locations in the US. His comments echo a line in his presentation,...
  • WAL-MART TO SHUTTER 269 STORES, 154 OF THEM IN THE US

    01/15/2016 7:40:28 AM PST · by bryan999 · 35 replies
    NEW YORK (AP) -- Wal-Mart is closing 269 stores, more than half of them in the U.S. and another big chunk in its challenging Brazilian market. The stores being shuttered account for a fraction of the company's 11,000 stores worldwide and less than 1 percent of its global revenue. More than 95 percent of the stores set to be closed in the U.S. are within 10 miles of another Wal-Mart. The Bentonville, Arkansas, company said it is working to ensure that workers are placed in nearby locations. The store closures will start at the end of the month.
  • Wal-Mart to Close 269 Stores as It Retools Fleet (In US: 154 stores, 10,000 jobs lost)

    01/15/2016 6:25:32 AM PST · by kristinn · 88 replies
    CNBC ^ | Friday, January 15, 2016 | Krystina Gustafson and Courtney Reagan
    Wal-Mart said Friday it will close 269 stores across the globe, including 154 in the U.S. The world's largest retailer also will open as many as 405 stores globally in the coming fiscal year, as it shifts its focus toward Supercenters and Neighborhood Markets in profitable locations. In all, 16,000 employees will be impacted by the store closings, about 10,000 of whom are in the U.S. Also domestically, Wal-Mart will also close 23 Neighborhood Market stores, 12 Supercenters, seven stores in Puerto Rico, six discount centers and four Sam's Clubs.
  • Job Cuts at Macy's Signal Hard Times Ahead for Retailers: 4,800 layoffs after miserable holiday

    01/10/2016 6:09:11 AM PST · by SeekAndFind · 19 replies
    ABC News ^ | 01/10/2016
    Macy's is slashing jobs, a harbinger of hard times for retailers after a holiday season that saw a noticeable shift to online shopping and away from physical stores. The nation's largest department store chain, which also operates Bloomingdale's, said late Wednesday it is cutting up to 4,800 jobs and trimming its profit outlook after a miserable holiday season. "I think Macy's is likely to be a canary in a coal mine," said Ken Perkins, president of Retail Metrics, a retail research firm. He said retailers witnessed an acceleration of the shift toward online and mobile holiday spending in 2015. About...
  • 6 Big Cities See Hiring Fade After Minimum Wage Hikes

    01/09/2016 10:23:38 AM PST · by QT3.14 · 39 replies
    IBD ^ | January 6, 2016 | Jed Graham
    U.S. cities that implemented big minimum-wage hikes to $10 an hour or more in 2015 have seen a strikingly similar aftermath: Job gains have fallen to multiyear lows at restaurants, hotels and other leisure and hospitality venues. The data aren't, for the most part, stark and reliable enough to amount to smoking-gun proof. But Chicago, Oakland, San Francisco, Seattle, Los Angeles and Washington, D.C. — all on the leading edge of the push for big minimum wage hikes — all show worrisome job trends.
  • REPORT: Morgan Stanley is cutting 1,200 staff

    12/08/2015 8:00:08 AM PST · by SeekAndFind · 1 replies
    Business Insider ^ | 12/07/2015 | Matt Turner
    The news on Morgan Stanley's job cuts continues to roll in. The US bank is cutting 1,200 staff, including about 470 front-office staff in its fixed income and commodities business, according to Michael J. Moore at Bloomberg, who cited a person briefed on the matter. Mark Lane, a spokesman for the bank, said the bank would take a $150 million charge in the fourth quarter, according to the Bloomberg report. Business Insider reported Monday that emerging markets sales and trading was one of the areas hardest hit by the cuts.
  • Layoff (734 employees) at Dublin (VA) Volvo (truck) plant comes as union contract nears expiration

    12/02/2015 7:59:22 AM PST · by Perseverando · 11 replies
    The Roanoke Times ^ | December 1, 2015 | Robby Korth and Yann Ranaivo
    MATT GENTRY | The Roanoke Times A Volvo truck with its iconic diagonal grill slash drives past the Volvo New River Valley Plant in Dublin Tuesday. Volvo Trucks' Dublin plant will lay off 734 employees in February. DUBLIN - Those in and around Pulaski County's Volvo truck plant, one of the largest employers in Western Virginia, were coming to terms Tuesday with another announcement of a mass layoff. Volvo will lay off 734 production employees over a three-week period in February, news that county officials first learned after a notice the company filed Tuesday. That represents a quarter of...
  • Disney is losing ESPN subscribers by the millions [Feel Good Story of the Day!]

    11/26/2015 8:14:12 AM PST · by SoFloFreeper · 49 replies
    Marketwatch ^ | 11/26/15 | Barbara Kollmeyer
    .... Walt Disney Co. has revealed that it lost three million subscribers to its sports network ESPN within one year..... ....Based on that, the loss of 3 million subscribers in one year would be taking around $216 million away from Disney's coffers.....
  • Macy’s Announces Major Sales Drops Now Cutting Full-Year Forecast… Posted

    11/12/2015 2:10:52 PM PST · by detective · 84 replies
    Breitbart ^ | November 11, 2015 | Sundance
    Macy's is blaming "warm weather" and "low spending from tourists" for a massive drop in sales and excessive on hand inventory, which has now caused them to cut their full year sales forecast.
  • Kraft Heinz To Close Seven Plants, Cut 2,600 Jobs

    11/05/2015 8:24:15 PM PST · by robowombat · 24 replies
    Manufacturing News ^ | Thu, 11/05/2015 - 9:37am | Andy Szal,
    Kraft Heinz To Close Seven Plants, Cut 2,600 Jobs Thu, 11/05/2015 - 9:37am Andy Szal, Digital Reporter Kraft Heinz on Wednesday announced that it will close seven facilities and cut 2,600 jobs as part of its continued efforts to reduce costs. The plan includes shuttering the nearly century-old Oscar Mayer plant in Madison, Wisconsin, which houses the company's U.S. meats business. The meats operation will instead move to Chicago along with about 250 of the plant's workforce of more than 1,000. Kraft Heinz will move its Illinois office from the former Kraft headquarters in suburban Northfield to downtown Chicago early...
  • Ex-Disney Worker, Attorney Warn of ‘Knowledge Transfer’ to Foreign Guest Workers

    11/05/2015 12:14:57 PM PST · by Rusty0604 · 54 replies
    Breitbart ^ | 11/05/2015 | by Caroline May
    Technology companies across the country are replacing American employees and “transferring” their knowledge to foreign guest workers, according to Sara Blackwell, an attorney for Disney employees replaced by foreign workers, and Leo Perrero, a former Disney employee. “Right now all of the technology jobs, 90 percent of them are being filtered to H-1B visa holders here and then off-shoring to other countries. Knowledge transfer is what we’re doing,” Blackwell said during an interview with SiriusXM’s Breitbart News Daily. Blackwell argued that technology is the future but that Americans are not the ones getting those coveted tech jobs. “Twenty-six percent right...
  • Target to close 13 stores nationwide amid plummeting profits

    11/04/2015 5:21:37 PM PST · by gwgn02 · 34 replies
    DailyMail ^ | 11/4/2015 | AP
    Target plans to close 13 stores nationwide, most in the Midwest where the store has its roots. The Minneapolis, Minnesota-based retailer says a decision to close a store usually follows several years of decreasing profitability. The retail giant plans to close the stores on January 30, 2016. The 13 are among Target's nearly 1,800 stores in the U.S.
  • Tribune Reporter: Ted Cruz declares war on 'liberal media' — so I declare war on Ted Cruz

    10/29/2015 9:18:53 PM PDT · by IncPen · 127 replies
    Chicago Tribune ^ | 10/29/15 | Rex Huppke
    I am sorry to have to do this, but as a representative of the mainstream media, I hereby declare war on GOP presidential candidate Sen. Ted Cruz. In the media's defense, Cruz started it. Literally. -- snip -- Strap on your boots, Teddy boy. We're comin' for ya now. And we've got the weapon you fear the most: the truth.