Money, Wealth & Power—A Daily Look at the Financial World
Smithfield Foods is preparing to close a major dry sausage facility in Springfield, Massachusetts, a decision that will eliminate 190 jobs and shift production to other states. The move underscores how a highly consolidated meat industry is quietly redrawing its map of where food is made, concentrating processing in the Midwest while coastal communities absorb…
Workday stunned investors and employees by announcing that chief executive Carl Eschenbach is out just days after the company cut 400 jobs in a sweeping restructuring. Co-founder Aneel Bhusri is stepping back into the top job, a rapid reversal that underscores how sharply the enterprise software maker is trying to reset after a bruising year…
Eddie Bauer is back in bankruptcy court and this time its store network is on the auction block. The operator of roughly 180 locations across the United States and Canada is moving quickly to liquidate inventory and solicit buyers, turning a once dominant outdoor name into the latest test of whether legacy retail brands can…
Across corporate America and the global tech sector, job cuts that began as a trickle have turned into a flood, and the fear inside workplaces is catching up with the numbers. From warehouse floors to newsrooms and software teams, workers are watching colleagues disappear from Slack and office seating charts while executives talk about “efficiency”…
One of Subway’s largest regional operators has sought shelter in Chapter 11, putting 43 restaurants and hundreds of jobs in limbo across the Northeast and Mid-Atlantic. Pennsylvania based MTF Enterprises, which runs those 43 Subway outlets in Pennsylvania, Maine, New Hampshire and Virginia, is trying to keep doors open while it restructures heavy debts tied…
The chill in the labor market is no longer a metaphor. U.S.-based employers announced 108,435 job cuts in January, the worst opening month for layoffs since the depths of the 2009 financial crisis, and more than double the 49,795 cuts a year earlier. At the same time, announced hiring plans sank to record lows, turning…
America’s once red-hot labor market is cooling fast. Job openings have fallen to 6.5 million, the lowest level since September 2020, while announced layoffs have surged to 108,400 in January, the highest start to a year since the aftermath of the financial crisis. Taken together, the data points to a decisive turn in the cycle,…
Gemini is pulling back from its global ambitions, cutting a quarter of its staff and shutting exchange operations across Europe and Australia as the Winklevoss twins pivot toward a leaner, U.S.-centric strategy. The move marks one of the clearest signs yet that a platform once pitched as a regulated, mainstream gateway to digital assets is…
Expedia is cutting 100 jobs at its Austin offices, a fresh blow to a city that has leaned heavily on tech and corporate campuses for high-paying work. The reductions, which hit a prominent travel player’s corporate hub near The Domain, land on top of earlier rounds of restructuring and underscore how unforgiving the current tech…
The headline numbers on the U.S. economy look enviable: growth is steady, inflation has cooled from its peak, and unemployment remains historically low. Yet workers are being greeted almost daily with news of staff cuts at big-name employers, from delivery giants to tech platforms. The disconnect between a solid macro picture and a wave of…