Streetbeat News

Labor Issues

MMM

3M announced in a Q1 2024 SEC filing that it has approved and committed to actions affecting approximately 500 positions, leading to a pre-tax charge of $104M.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 3:46 pm

C

Citi CEO announced at the annual meeting that the firm will become smaller, with fewer employees, planning to manage headcount reduction through attrition.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 3:02 pm

C

Citigroup CEO Fraser announced at the annual meeting that the decision to exit the municipal bond business was due to the economics not being viable for increasing returns. The bank remains committed to its six largest retail markets in the U.S., including NYC, emphasizing the importance of retail banking as a feeder to its wealth business. Fraser also mentioned efforts to make Citi a more conducive workplace, which is expected to positively impact morale.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 3:01 pm

SYY

During a conference call, a Sysco Corp executive mentioned that while food costs have seen moderation, labor costs at restaurants continue to remain high.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 2:45 pm

CIVB

Civista Bancshares, Inc. (NASDAQ:CIVB) announced Ian Whinnem as its new Chief Financial Officer, effective June 3, 2024. Whinnem, with over 25 years in corporate finance within banking, joins from Huntington Bancshares, where he served as Senior Vice President. His role at Civista will include overseeing bank and corporate finance functions, contributing his extensive experience and leadership to the executive team.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 1:12 pm

GOOG

GOOGL

IXP

XLC

Alphabet Inc (GOOG, GOOGL) announced layoffs across key teams like Flutter, Dart, Python ahead of its I/O developer conference, aiming to align resources with product priorities. Despite the cuts, Google is still focused on Flutter updates for the I/O conference. The tech sector has seen over 42,324 layoffs in 2024, continuing from nearly 263,000 in 2023, with major companies including Amazon (AMZN), Microsoft (MSFT), Salesforce (CRM), eBay (EBAY), and PayPal (PYPL) announcing significant layoffs. Google's shares gained 56% in the last 12 months, with exposure through IShares Global Comm Services ETF (IXP) and The Communication Services Select Sector SPDR Fund (XLC).

Portfolio Pulse from Anusuya Lahiri

April 30, 2024 | 12:56 pm

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RFV

VTI

Macy's Inc (NYSE:M) has mandated corporate staff to work in-office twice weekly, starting May 13, with non-compliance possibly leading to termination. This policy affects about one-third of its corporate workforce in New York City, including merchandising, marketing, and digital teams. The move reflects a broader trend towards in-office work in corporate America. Macy's stock, which has gained over 15% in the last 12 months, can be invested in through ETFs like Invesco S&P MidCap 400 Pure Value ETF (NYSE:RFV) and Vanguard Total Stock Market Index Fund ETF (NYSE:VTI).

Portfolio Pulse from Shivani Kumaresan

April 30, 2024 | 12:35 pm

SPY

The Employment Cost Index for Q1 showed a +1.2% increase, surpassing the estimated +1%.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 12:30 pm

AKLI

Akili announced a significant reduction in its workforce by approximately 46%, which includes the elimination of the company's marketing and medical affairs teams. This move is part of a broader restructuring effort to streamline operations and reduce costs.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 12:22 pm

AKLI

Akili, Inc. (NASDAQ:AKLI) has amended its agreement with Shionogi, resulting in the cancellation and forgiveness of a $5M debt and the receipt of near-term cash payments totaling up to $18M for SDT-001, a digital ADHD treatment. Additionally, Akili is exploring strategic alternatives to maximize shareholder value, which includes a significant workforce reduction by 46% and a reduction in promotional activities. The company also plans to release its Q1 2024 financial results on May 14, 2024, without hosting an earnings call.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 12:21 pm