Money, Wealth & Power—A Daily Look at the Financial World
United Parcel Service is undertaking the most aggressive retrenchment in its history, eliminating 68,000 jobs and closing 73 facilities as it refocuses on profitability and a leaner network. The cuts, described as the largest purge in the company’s 118-year existence, cap a multi‑year restructuring that has already reshaped how parcels move across the United States…
The decision by General Motors to shutter a $102 million factory and cut 1,700 jobs has hit a single Midwest community with the force of a rolling blackout, darkening paychecks, tax bases, and local confidence all at once. The move is part of a broader retrenchment in the company’s electric vehicle strategy, but on the…
Bank of America is sifting through a tidal wave of Gen Z job seekers, and only a tiny fraction are making it through. Chief executive Brian Moynihan says the bank selected 2,000 recent graduates from a pool of 200,000 applications, a ratio that captures just how unforgiving the entry-level market has become. For many young…
Layoffs used to be framed as a last resort, delivered face to face and wrapped in at least a gesture of gratitude. Now they arrive as calendar invites, system lockouts, and mass emails that treat people like line items. As companies lean on “modern” tools and euphemisms to cut costs quickly, many workers are discovering…
Corporate job cuts in the United States have surged again, with more than 1.1 million positions eliminated in 2025 and the total climbing to about 1.17 m as the year closed. The pain is not spread evenly, and a handful of sectors are driving most of the losses as employers restructure around automation, higher borrowing…
Kroger is slashing thousands of jobs and closing dozens of stores just as a historic wave of retail theft and inflation collides with a failed mega‑merger and rising operating costs. The company is tying a headline figure of 9,000 job cuts to a broader restructuring that includes shutting 60 locations and rethinking how it serves…
For more than a century, a textile plant in rural Virginia spun yarn and jobs out of American cotton. Now that 109-year run is ending, with the company pointing a finger not at foreign rivals or automation, but at what it calls an “unsustainable energy model.” The shutdown crystallizes a broader question hanging over U.S….
A Bay Area fundraising startup that once promised to modernize charitable giving has instead landed in bankruptcy court, leaving nonprofits across the country short a combined $29 million in donor cash. The collapse has frozen money that organizations expected to use for education, health care, legal defense and other core services, turning a back-office tech…
The closure of four Gulf Coast chemical plants, tied to a $415 million financial hit, has abruptly erased 295 jobs and rattled manufacturing supply chains across the Southern United States. The decision by a Houston-based producer to pull back from key sites in two southern states is more than a local layoff story, it is…
Amazon’s decision to cut 30,000 corporate jobs in the span of a week marks a new high watermark for white‑collar layoffs at a single company, compressing years of restructuring into a few brutal days. The move crystallizes how quickly even the most valuable tech employers can redraw their org charts when strategic priorities shift toward…