Money, Wealth & Power—A Daily Look at the Financial World
Avelo Airlines, the Houston-based budget carrier that launched with promises of low fares and underserved routes, says it is cutting roughly 29% of its flying as part of a sweeping network and fleet reduction tied to what the company calls a 2026 balance sheet transformation. The airline will pull out of several bases, shed aircraft,…
Salesforce cut fewer than 1,000 jobs in early February 2026, hitting teams across marketing, product management, data analytics, and its Agentforce AI unit, according to Business Insider. The cuts followed public comments from CEO Marc Benioff about AI-driven efficiency and came amid a C-suite consolidation disclosed in a federal proxy filing and the departure of…
Lucid Group is cutting 12% of its U.S. workforce, a move that will eliminate hundreds of jobs at the electric vehicle startup as it struggles to reach profitability. Interim CEO Marc Winterhoff disclosed the reduction in an internal memo, sparing hourly production workers but targeting salaried and corporate roles. The layoffs land less than a…
Ford Motor Co. is moving to unwind its BlueOval SK battery joint venture in Kentucky and says it is investing $1.9 billion to overhaul its Louisville Assembly Plant to build an electric midsize pickup. The twin moves, unfolding against the backdrop of a $19.5 billion corporate writedown and a recently decided utility rate case, leave…
Frito-Lay, the snack division of PepsiCo, is closing a California warehouse and cutting 247 jobs, according to a Worker Adjustment and Retraining Notification filed with the state in February 2026. The filing lands just weeks after California expanded its WARN Act requirements, raising questions about how the new rules will shape employer behavior during a…
First Brands Group, the automotive parts conglomerate rocked by federal fraud and money-laundering charges against its founder and a senior executive, has closed an Illinois manufacturing facility and eliminated hundreds of positions as part of a broader restructuring under Chapter 11 bankruptcy protection. The plant shutdown follows the arrests of former CEO Patrick James and…
Lucid Motors, the electric vehicle maker headquartered in Newark, California, has abruptly eliminated hundreds of jobs at its Bay Area facility. The cuts, disclosed through a state-mandated layoff notification, land at a company that already faced federal scrutiny over how it handled worker separations during a previous round of job reductions. For a region that…
Amazon has cut several hundred corporate jobs across New York City as part of a company-wide reduction that now totals roughly 30,000 positions eliminated since last fall. A state labor filing confirms at least 135 workers lost their jobs at one Manhattan office alone, with additional notices expected in coming weeks. The layoffs reflect a…
UPS has signaled plans to cut thousands of jobs as part of a sweeping cost-savings overhaul, a high-profile move that has added to worker anxiety as hiring cools. The January 2026 jobs report showed the U.S. economy added just 130,000 nonfarm payroll positions while the unemployment rate ticked up to 4.3 percent. Yet weekly jobless…
United Parcel Service is planning to shut down facilities across the United States as part of a cost-reduction campaign tied to major job cuts in 2026. In late January, UPS said it expects to cut as many as 30,000 positions and close 24 buildings during the first half of 2026, according to the Associated Press….