Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Dell to lay off more than 6,500 employees
- Dell has about 133,000 employees, the company told CNN. At that level, the 5% cut would represent more than 6,500 employees.
- The computing giant cited the “challenging global economic environment” for the cuts.
- “What we know is market conditions continue to erode with an uncertain future,” Clarke told employees. “The steps we’ve taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough. We now have to make additional decisions to prepare for the road ahead.”
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Boeing to slash 2,000 jobs to ‘simplify’ corporate structure, reportedly outsource some jobs overseas
- Boeing is planning to slash around 2,000 jobs this year, primarily in finance and human resources, to simplify its corporate structure.
- The Seattle Times reports that around one-third of those jobs will be outsourced to Tata Consulting Services in India.
- “Over time, some of our corporate functions have grown quite large,” Mike Friedman, a Boeing spokesperson, told The Times. “And with that growth tends to come bureaucracy or disparate systems that are inefficient.”
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- More than 25,000 tech workers have been laid off in 2023
- According to the data tracking website, more than 101 tech companies around the world have laid off 25,436 employees so far in 2023. Most of the layoffs have taken place in the United States, accounting for 22,400 employees fired.
- The number of workers being laid off from tech companies is a trend that is continuing since 2022, when 154,336 workers were fired from over 1,000 tech companies around the world, according to the data.
- The companies with the highest number of layoffs between November 2022 and January 2023 include Meta, Amazon, and Salesforce, according to the data.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Crypto Firm Genesis Is Preparing to File for Bankruptcy
- Genesis Global Capital is laying the groundwork for a bankruptcy filing as soon as this week, according to people with knowledge of the situation.
- The cryptocurrency lending unit of Digital Currency Group has been in confidential negotiations with various creditor groups amid a liquidity crunch. It has warned that it may need to file for bankruptcy if it fails to raise cash, Bloomberg previously reported.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Tech stocks headed for ‘bloodbath’ in 2023, more ‘job threats’ expected
- Amid wave of industry layoffs, mega cap tech like Amazon, Microsoft, Apple, and Alphabet extend losses into New Year
- In an interview with FOX Business on Friday, Eric Schiffer, CEO of the private equity firm, The Patriarch Organization, said: “Because tech is so oversold, there might be potential exits for a limited short-term bear rally, but there is a danger facing shareholders.”
- “Shareholders should brace themselves for a deeper brutal tech bloodbath driven by the Fed and its ‘Terminator’ like mission to raise rates and wipe out inflation,” he warned. “Many tech companies will enact job carnage in the first quarter, with Salesforce and Amazon just the start.”
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Silicon Valley layoffs go from bad to worse
- Amazon is cutting more than 18,000 jobs, nearly double the 10,000 that had previously been reported and marking the highest absolute number of layoffs of any tech company in the recent downturn.
- Cloud-computing company Salesforce said it was axing about 10% of its staff – a figure that easily amounts to thousands of workers
- Video-sharing outlet Vimeo said it was cutting 11% of its workforce.
- The following day, digital fashion platform Stitch Fix said it planned to cut 20% of its salaried staff, after having cut 15% of its salaried staff last year.
- According to Challenger, Gray & Christmas, tech layoffs “were up 649% in 2022”
- Heading into 2023, recession fears and economic uncertainties are still weighing heavily on consumers and policymakers’ minds, and interest rate hikes are expected to continue
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Tech industry has been laying off workers at fastest pace since the pandemic – with more than 150,000 jobs being cut in 2022 as companies like Meta and Amazon rein in costs
- Tech-driven companies are embarking on a layoff spree the likes of which not seen since the pandemic, a new report has revealed – laying off more than 150,000 workers within the course of a year.
- The worst offenders , the website discerned, were once-untouchable tech stalwarts Facebook parent Meta and Amazon, which both suffered heavy loses
- According to the report, the two hardest hit sections of the industry were in consumer and retail, which combined for nearly a third of all tech layoffs last year, with roughly 40,000
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- ‘The mood is really grim’: Washington Post staffers livid at publisher Fred Ryan after layoff announcement
- Of course, the news of the layoffs comes amid a horrible backdrop for the media industry at large. In recent weeks, CNN has laid off hundreds of staffers, Gannett has cut 200 staffers, NPR has said it needs to find $10 million in savings, and other organizations have implemented moves to slash costs.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- PepsiCo layoffs point to corporate belt-tightening extending beyond big tech
- In a memo obtained by the Wall Street Journal, the company that markets everything from Lay’s potato chips and Quaker Oats to Gatorade energy drinks told staff that cuts would disproportionately hit its beverages business as snacks already undertook a number of redundancies.
- Hundreds of jobs will be eliminated, one of the people told the Journal, with company sites in Purchase, N.Y., Chicago and Plano, Texas, likely to be most affected.
- The layoffs while relatively small are notable in that recent headline-grabbing examples of corporate belt-tightening thus far affected chiefly the tech sector and digital asset firms.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Job cuts surge 127% in November as companies brace for economic downturn
- Employers announced plans to cut 320,000 jobs this year, analysis shows
- Companies announced 76,835 job cuts in November, led by the technology sector, the analysis showed. That is 417% higher than the same time one year ago.
- Amazon, Apple, DoorDash, Meta, Morgan Stanley, Lyft and Twitter are among the companies either implementing hiring freezes or letting workers go as the Federal Reserve moves to raise interest rates at the fastest pace in decades in order to combat inflation.
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