Money, Wealth & Power—A Daily Look at the Financial World
Wells Fargo is absorbing the financial and reputational shock of cutting 5,600 jobs while paying out hundreds of millions of dollars in severance, a restructuring gamble that has rattled investors and employees alike. The bank’s latest results show that the cost of slimming down is hitting earnings in the short term even as executives argue…
Big retail names are quietly redrawing the shopping map for 2026, pulling out of malls, main streets, and neighborhood centers that once felt untouchable. Nearly 300 locations are on the chopping block nationwide, a wave of closures that will reshape where Americans buy clothes, medicine, groceries, and home goods. I am looking at what that…
Citigroup is moving ahead with one of the most aggressive restructurings on Wall Street, beginning with about 1,000 job cuts this week as part of a broader plan to eliminate 20,000 roles and reset its cost base by roughly $200 million. The first wave is already hitting staff as the bank simplifies its structure, tightens…
Macy’s is accelerating a major retrenchment of its brick-and-mortar footprint, with a fresh round of closures that will hit shoppers in a dozen states early this year. The latest wave includes 14 department stores, part of a broader plan to wind down underperforming locations and concentrate investment in stronger malls, outlets, and digital channels. If…
A major Texas freight carrier has collapsed, abruptly sidelining roughly 600 truck drivers and wiping out a fleet of about 280 long haul rigs that once moved goods across the border and deep into the United States. The shutdown hits at a moment when the heavy duty market is already wobbling, and it leaves hundreds…
Citigroup CEO Jane Fraser has put her workforce on notice. In a blunt internal memo, she warned that job cuts are coming and told staff that in the new Citi, careers will hinge on measurable outcomes rather than long hours or good intentions. Her message, that employees are “not graded on effort” and will be…
Across boardrooms and factory floors, workers in their 40s are discovering that the moment their careers should feel most secure is exactly when they are being pushed out. Employers are cutting deeply into this age group, not as a glitch in the system but as a calculated response to cost pressures, automation and shifting expectations…
BlackRock is starting 2026 by cutting hundreds of jobs, a stark signal that the latest wave of Wall Street layoffs is far from over. The move trims roughly 1% of the asset manager’s global workforce and lands just as markets, regulators, and clients are demanding more for less from the industry’s biggest firms. As Wall…
Corporate America is heading into 2026 with a chill in the air. Six in ten employers now say they expect to cut staff as the economy shifts from a hiring boom to a period of caution, restructuring and automation. The headline number is stark, but the story behind it is more complicated, blending genuine economic…
The new year is barely underway and the corporate cost-cutting that defined 2025 is already spilling into 2026, with fresh job reductions at some of the world’s most closely watched financial and technology brands. Citi, Meta and BlackRock are all shrinking headcount, signaling that the era of “mega layoffs” is not a one-off shock but…