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Labor Issues

USFD

US Foods Holding Corp. (NYSE:USFD) has reached a tentative agreement with Teamsters Local 705, representing its drivers in Bensenville, Illinois. The 5-year contract includes wage, benefits, and healthcare contribution increases, as well as safety enhancements. The agreement is expected to be ratified on February 3, 2024, and is seen as mutually beneficial, recognizing the efforts of the drivers and supporting the company's growth in the Chicagoland area.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 2:04 pm

XXII

22nd Century Group announced the mutual termination of the employment and retention agreements with CFO R. Hugh Kinsman, according to an SEC filing. Kinsman will continue to serve as the company's CFO on an at-will basis, and the termination is not expected to impact his role within the company.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 1:39 pm

SPY

Continuing jobless claims came in at 1.833 million, slightly higher than the expected 1.828 million and above the previous 1.806 million. This indicates a small increase in the number of individuals who are unemployed and currently receiving unemployment benefits.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 1:31 pm

KRON

Kronos Bio has announced the elimination of several executive officer roles, including the Chief Medical Officer, Chief Scientific Officer, and Chief Operating Officer and General Counsel. This restructuring could indicate a strategic shift or cost-cutting measures by the company.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 1:18 pm

LYG

Lloyds Banking Group is set to eliminate approximately 1,600 positions across its branch network. However, the company plans to create around 830 new roles within its expanded Relationship Growth Team, leading to a net reduction of about 769 job roles.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 12:59 pm

BHLB

Berkshire Hills Bancorp reported non-operating expenses of $3.7 million, mainly due to severance charges from workforce reduction.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 12:42 pm

ADI

Analog Devices, Inc. (ADI) has announced that Richard C. Puccio will join the company as Executive Vice President and CFO on February 5, 2024. Puccio is coming from Amazon Web Services (AWS), where he held the position of CFO.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 12:07 pm

EWQ

The total number of jobseekers in France has slightly decreased to 2,825.2K from the previous figure of 2,826.6K.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 11:05 am

AMZN

BAC

GS

JPM

TSLA

Bank of America Corp (BAC) is enforcing its return-to-office policy by sending 'letters of education' to employees not complying with the policy, threatening disciplinary action. Since October 2022, most employees are required to work in-office at least three days a week, with client-facing roles expected five days a week. The enforcement aligns with a broader trend of companies mandating in-office attendance, as seen with JPMorgan Chase & Co (JPM), Goldman Sachs Group Inc (GS), Amazon.com Inc (AMZN), and Tesla Inc (TSLA). This move may be part of BAC's strategy to improve productivity and performance in light of recent challenges, including layoffs in Asia and a projected Q4 earnings decrease.

Portfolio Pulse from Benzinga Neuro

January 25, 2024 | 6:51 am

TSLA

Susanna Gideonsson, Chairperson of the Swedish Trade Union Confederation (LO), has unexpectedly announced her resignation amidst a labor dispute with Tesla Inc. (NASDAQ:TSLA). The conflict, which began in late October 2023, involved sympathy strikes and nationwide actions against Tesla, including a blockade of Tesla vehicles and a halt in maintenance of showrooms and charging stations. A Swedish court ruling in December added to Tesla's challenges. Gideonsson's resignation may impact the ongoing conflict and negotiations with Tesla.

Portfolio Pulse from Shivdeep Dhaliwal

January 25, 2024 | 1:05 am