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Labor Issues

F

Ford Motor Company has announced that its Rouge Electric Vehicle Center will transition to a single shift operation starting April 1, affecting around 1,400 employees. This move is part of the company's efforts to adjust to the demand for electric vehicles and optimize production.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 12:42 pm

F

Ford has increased its workforce with a third crew to meet the growing demand for its Bronco and Ranger models. Conversely, the company has reduced production of the F-150 Lightning due to adjustments in manufacturing. This change could affect a few dozen employees at component plants that support the production of the F-150 Lightning.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 12:40 pm

W

Wayfair has announced a workforce reduction involving 1,650 employees, which is 13% of its global workforce. This move is part of the company's efforts to right-size its cost structure, a series of actions that began in August 2022.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 12:07 pm

KIRK

Kirkland has announced the promotion of Amy Sullivan to the position of Chief Executive Officer, effective February 4, 2024. Sullivan will be succeeding Ann Joyce, who will continue to serve on the company's Board of Directors.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 12:05 pm

AAPL

AMZN

GOOG

GOOGL

META

Meta Platforms Inc. (META) has eliminated the technical program manager role at Instagram, affecting 60 employees, and is considering similar cuts across other departments. This aligns with CEO Mark Zuckerberg's 'Year of Efficiency' focus. Other tech giants like Amazon (AMZN), Google (GOOG/GOOGL), and Apple (AAPL) have also initiated layoffs, with Amazon cutting 5% of its 'Buy with Prime' staff, Google laying off over 1,000 employees, and Apple planning to dissolve a 121-member AI team in San Diego.

Portfolio Pulse from Rounak Jain

January 19, 2024 | 10:11 am

C

GS

Citigroup (NYSE:C) is undergoing a leadership overhaul and reorganization, with CEO Jane Fraser discussing the changes with managing directors. The bank is eliminating leadership roles in markets, risk, and investment banking, with some positions ending from Feb. 1. Citigroup plans to cut 20,000 jobs over the next two years after a $1.8 billion loss in Q4. The layoffs represent about 8% of its workforce and aim to streamline the bank and improve returns and share price. Meanwhile, Goldman Sachs (NYSE:GS) is hiring new talent for its asset and wealth management divisions, which saw a 23% revenue increase in Q4.

Portfolio Pulse from Benzinga Neuro

January 19, 2024 | 9:03 am

BEDU

Bright Scholar (NYSE: BEDU) announced the resignation of Hongru Zhou as CEO due to personal reasons. Zhou will continue as Chairperson. Ruolei Niu, previously CFO, has been appointed as the new CEO, and Hui Zhang, former financial director, is now the CFO, effective January 18, 2024.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 11:03 pm

WMT

Walmart has increased the average salary for U.S. store managers from $117,000 to $128,000 annually. This move reflects the company's commitment to investing in its workforce and retaining talent in a competitive labor market. The salary hike is part of Walmart's broader strategy to improve working conditions and benefits for its employees.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 9:55 pm

WEN

Wendy's has announced the appointment of Kirk Tanner as President and CEO, effective February 5, 2024. This leadership change is significant for the company's future direction and strategy.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 9:31 pm

IKNA

Ikena Oncology, Inc. (NASDAQ:IKNA) announced a strategic shift towards advancing its lead oncology assets, IK-930 and IK-595, with a workforce reduction of about 35%. The company ended 2023 with approximately $175 million in cash, extending its financial runway into the second half of 2026. IK-930's optimized formulation is now in the clinic, with additional data expected in 2H 2024. The first cohort for IK-595 has been treated and cleared the safety evaluation. The reallocation of resources from discovery to clinical development is aimed at maximizing impact and driving advancements in cancer treatments.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 9:14 pm