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Labor Issues

ATER

Aterian announced a fixed cost reduction plan, aiming to cut its workforce by 21 employees and 27 contractors, expecting to save around $4.0 million annually.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 9:33 pm

CSCO

Cisco Systems, Inc. (NASDAQ:CSCO) reported Q2 earnings of 87 cents per share and sales of $12.8 billion, surpassing analyst expectations. The company announced a workforce reduction of 5%, with estimated pre-tax charges of $800 million. Cisco's Q3 revenue forecast is below analyst expectations, as is the full-year 2024 revenue and earnings forecast. Shares dropped 4.91% after-hours.

Portfolio Pulse from Erica Kollmann

February 14, 2024 | 9:30 pm

MS

Morgan Stanley (NYSE:MS) is planning to cut hundreds of jobs in its wealth management division, as part of cost-cutting measures by new CEO Ted Pick due to a slowdown in growth. The layoffs will target a mix of roles, including managing directors and non-client-facing staff. This move comes after the firm's major acquisitions, including E*Trade, and as the wealth management division, which manages around $5 trillion in assets and contributes to nearly half of Morgan Stanley's revenue, experiences stagnant growth and a decrease in net new assets.

Portfolio Pulse from Michael Cohen

February 14, 2024 | 9:24 pm

CSCO

Cisco has announced a restructuring plan affecting approximately 5% of its global workforce, with an estimated pre-tax charge of $800M to its GAAP financial results. This charge includes severance, one-time termination benefits, and other costs.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 9:19 pm

MS

Morgan Stanley plans to lay off 1% of its employees in the Wealth Management unit, according to Reuters citing a source familiar with the matter.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 8:25 pm

CTLT

Catalent announced an extension of its restructuring efforts for the three months ended Dec 31, 2023, aiming to reduce costs and headcount in its Biologics & Pharma, and Consumer Health segments. The company reduced its headcount by approximately 300 employees and incurred cumulative employee-related charges of around $12M.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 8:21 pm

UBER

Uber Technologies has announced that the ongoing strikes have not affected its operations or reliability for riders, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 8:19 pm

MS

Morgan Stanley plans to lay off several hundred employees in its Wealth-Management division, which constitutes less than 1% of the division's staff, according to the Wall Street Journal.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 6:53 pm

LYFT

UBER

Workers from Chicago, Miami, and Philadelphia, part of the Justice For App Workers Coalition, are striking for livable wages and protections from deactivations, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 4:49 pm

LYFT

UBER

Uber and Lyft drivers across the country are participating in a strike, according to the Justice For App Workers Coalition. The strike could impact the operations and public perception of both companies.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 4:47 pm