One of the U.S.’ top banks will begin massive layoffs on Wednesday in a corporate overhaul as the company seeks to trim its operating expenses to levels more in line with its competitors, according to CNBC.
Citigroup will begin cutting employees on Wednesday, with new terminations continuing to be announced through next week, affecting some chiefs of staff, managing directors and lower-level employees, according to CNBC. Following the initial round of layoffs, more employees in less senior positions are expected to be dismissed in February, with the layoffs being expected to be fully completed by March 2024.
The Sierra Club has experienced major infighting recently after major layoffs and changes left minority staffers feeling snubbed, The Washington Post reported.
Ben Jealous, the executive director of the Sierra Club since November 2022, let go more than two dozen workers, many of whom were people of color, in April and May of 2023 as part of a “reconstruction” effort and relabeled the nonprofit’s “People, Culture, and Equity Department” to just be the “People Department,” according to the Post. Employees at the Sierra Club protested these changes and wrote a letter on Thursday through the Progressive Workers Union, the union for the nonprofit, alleging that the organization’s moves were contrary to its stated goal of diversity.
MTV News is set to shut down all operations this week, amid a series of mass layoffs at its parent company Paramount Global.
As Fox News reports, the decision was announced in a company memo on Tuesday, thus bringing an end to the pop culture and news outlet 36 years after it was first created. MTV News had been founded in 1987 in an effort to create content that would blend music and pop culture with news and politics, ostensibly to appeal to members of Generation X as well as the then-upcoming Millennial generation.
CEO Bob Chapek of Disney told executives that layoffs at the entertainment giant were likely, just days after a weak earnings report that missed expectations by over $1 billion, the Wall Street Journal reported Friday, citing an internal memo.
The email also announced a hiring freeze among other cost-saving measures including a request to limit travel without prior approval from executives, according to the WSJ. The company missed expectations for its fourth quarter earnings on Nov. 8 after losing nearly $1.5 billion on its Disney+ streaming service, nearly 40% worse than what analysts anticipated.
Twitter began laying staff off Friday, with up to half its workforce expected to be fired in a cost-cutting move by new owner and CEO Elon Musk.
The move comes eight days after Musk’s $44 billion deal to purchase the company, and after more than a week of conflicting reports about the extent and timing of layoffs that employees considered to be inevitable, Reuters reported. In addition to layoffs, Musk is having remaining Twitter staff work on a “Deep Cuts Plan,” designed to save $1 billion per year in infrastructure costs including server space and cloud computing services, Reuters reported.
If the U.S. Federal Reserve continues its policy of aggressive interest rate hikes, the U.S. could lose hundreds of thousands of jobs, spiking unemployment, according to a Bank of America analysis, CNN reported.
Bank of America’s Chief U.S. Economist Michael Gapen expects roughly six months of relatively high unemployment and a”mild recession,” as the Fed’s aggressive interest rate hikes blunt consumer demand, he told CNN Monday. However, Gapen also noted that the typical bounceback seen after a recession might be delayed if the Fed, which has been incredibly hawkish on interest rates, refuses to reduce rates.
A technology company based in San Francisco plans to lay off 11 percent of its workforce, and plans to do so with race in mind.
“As you all know, we are committed to becoming an Anti-Racist/Anti-Oppression company,” said Twilio CEO Jeff Lawson in a message to employees. “Layoffs like this can have a more pronounced impact on marginalized communities, so we were particularly focused on ensuring our layoffs – while a business necessity today – were carried out through an Anti-Racist/Anti-Oppression lens.”