Money, Wealth & Power—A Daily Look at the Financial World
Amazon is preparing to cut another wave of corporate jobs, putting thousands of white-collar workers on notice as the company reshapes itself for a slower growth era. The latest restructuring targets roughly the same scale as the mass layoffs that hit its offices last year, signaling that the reset inside one of the world’s largest…
The Department of Veterans Affairs has shed tens of thousands of workers in a single year, and lawmakers now argue that the real cost is being paid in missed appointments, longer wait times, and veterans walking away from the system altogether. A Democratic congressional report portrays a department that cut too deeply, too fast, leaving…
The American retail landscape is being redrawn at high speed, with thousands of familiar storefronts vanishing from malls, strip centers, and small-town main streets. Behind the headline figure of 8,234 closures lies a deeper structural reset that is forcing chains to shrink, landlords to improvise, and shoppers to rethink where they spend and work. I…
An iconic 51-year-old athletic wear name is vanishing from store shelves, a quiet corporate decision that lands like a gut punch for runners and cyclists who grew up with its logo on their backs. The shutdown closes the book on a pioneering era of breathable, weather-ready gear that helped define how modern athletes dress, long…
General Motors is ripping up a key part of its electric-vehicle playbook, cutting 2,900 jobs and closing a $102 million factory just as the industry’s transition was supposed to hit its stride. The move crystallizes how quickly the EV boom narrative has flipped into a story of retrenchment, stranded investment, and hard choices for workers…
Saks Global, the owner of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, has collapsed into Chapter 11 with as much as $10 billion in debt, a dramatic fall for a 159-year-old name in luxury retail. The filing instantly turned a slow-burning restructuring story into a full-blown crisis for creditors, suppliers and shoppers who had…
Jamie Dimon is sounding two alarms at once about artificial intelligence: that it could supercharge productivity and profits, and that mishandled deployment could push societies to a breaking point. The longtime banking chief is blunt that AI will eliminate jobs and may move faster than labor markets and political systems can absorb, raising the risk…
Amazon is preparing one of the largest white-collar restructurings in its history, with plans to eliminate tens of thousands of corporate roles across its global offices. The cuts, which build on earlier rounds of layoffs, mark a decisive shift in how the company wants its headquarters and tech staff to operate. The shakeup will hit…
Veterans who spent years in uniform are now watching the institution meant to care for them shrink in real time, and many describe the latest plan to cut 25,000 Department of Veterans Affairs jobs as nothing less than a betrayal. The VA insists it is trimming vacant positions and modernizing, but the scale and timing…
Warnings that a “shocking wave” of bank closures could arrive within days are colliding with a more nuanced reality. Financial analysts are flagging real stress points in parts of the U.S. banking system, yet broad measures of bank health still look solid and regulators are preparing new safeguards rather than bracing for an immediate systemic…