Money, Wealth & Power—A Daily Look at the Financial World
Amazon is carving out a vast chunk of its white-collar workforce, eliminating 16,000 corporate roles in what it is openly framing as a crackdown on bureaucracy and a reset around artificial intelligence and efficiency. The cuts, which follow 14,000 job losses in October, extend a sweeping restructuring that is reshaping how one of the world’s…
Citigroup is moving at unusual speed to prepare its workforce for artificial intelligence, putting 175,000 employees through mandatory training before automation rewrites what many of them do for a living. The bank is not just dabbling in new tools, it is trying to rewire how a global financial giant works day to day, from back-office…
California has just lost nearly a tenth of its in‑state fuel production as a major refinery shuts its doors for good, instantly tightening an already fragile gasoline market. The permanent closure removes about 9% of the state’s refining capacity, raising the stakes for drivers, truckers, and neighboring states that rely on California’s fuel network. I…
Amazon is abruptly exiting the cashierless convenience and mid-sized grocery formats it spent years trying to popularize, shutting every Amazon Go and Amazon Fresh store in the United States within days. The move affects dozens of locations that once showcased the company’s most futuristic retail technology and signals a decisive pivot toward Whole Foods Market…
Whataburger’s familiar orange-and-white stripes are disappearing from parts of the South, as the Texas-born chain shutters all of its restaurants in three states even while it prepares a fresh wave of openings elsewhere. The closures mark a sharp turn for a brand that has spent the past few years racing to plant its flag far…
Microsoft is trying to convince investors and employees that cutting tens of thousands of jobs is a rational price for staying ahead in artificial intelligence after committing roughly $80 billion to new infrastructure and tools. The company is pitching the layoffs as a hard reset that frees cash for data centers, custom chips, and enterprise…
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…
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…
When a carmaker valued at roughly $148 million shuts its doors without warning, the shock does not land on investors first. It hits the 900 people who suddenly discover their wages are frozen, their benefits in limbo, and their workplace gone. The overnight collapse of Bollinger Motors turned a high‑flying electric vehicle bet into a…
Meta is cutting deep into its metaverse ambitions, eliminating 331 Reality Labs roles in Washington in a move that hits the Seattle tech corridor at a vulnerable moment. The job losses are part of a broader restructuring of the company’s virtual and augmented reality business, which has already shed roughly a tenth of its global…