Streetbeat News

Labor Issues

BLK

BlackRock Inc (NYSE:BLK) is planning to cut its workforce by 3%, affecting around 600 employees. The layoffs are part of the company's adjustments in response to market changes and its maturation phase. BlackRock is also revising its ESG investment strategies, moving away from the term 'ESG' in the U.S. due to political controversies, while still managing substantial sustainable investments internationally. CEO Larry Fink has indicated a shift in approach, with U.S. portfolio managers no longer required to consider ESG metrics in non-ESG funds.

Portfolio Pulse from Michael Cohen

January 08, 2024 | 9:27 pm

BA

Boeing is set to hold an employee town hall on Tuesday, as reported by CNBC. The town hall could address various topics of interest to employees and investors, such as company performance, future plans, and current challenges. Investors will be watching closely for any announcements or insights that could impact the company's stock price.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 8:24 pm

SPY

Federal Reserve Bank of Atlanta President Raphael Bostic commented that he is monitoring for early signs of acceleration in unemployment changes but has not observed such indications yet, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 7:02 pm

SPY

Fed's Bostic comments on the current state of the labor market, indicating that risks are more balanced and that many sectors are not showing growth. He also mentions that the Fed's mandates on inflation and employment are not in conflict at this time.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 7:01 pm

BCS

Sky News has reported that Barclays is in the process of cutting approximately 5,000 jobs from its global workforce as part of a cost-cutting initiative. The bank aims to improve efficiency, customer service, and deliver higher returns.

Portfolio Pulse from Charles Gross

January 08, 2024 | 4:55 pm

NWL

Newell Brands (NWL) announced an organizational realignment aimed at strengthening its commercial capabilities and reducing overhead costs. The plan includes a 7% reduction in office roles by the end of 2024, with expected annualized pre-tax savings of $65M-$90M, net of reinvestment. The realignment supports the 'Where to Play / How to Win' strategy introduced in June 2023. Restructuring charges are estimated to be $75M-$90M, with savings of $55M-$70M expected in 2024. Additional details will be shared in an SEC Form 8-K and during the Q4/full-year 2023 earnings call on February 9, 2024.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 1:45 pm

SCHL

Scholastic Corporation has appointed Haji Glover as its new Vice President and Chief Financial Officer (CFO), effective January 22. Glover will be succeeding Ken Cleary in the role.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 1:27 pm

MMM

3M (NYSE:MMM) will freeze its U.S. pension plans for non-union employees by Dec. 31, 2028. The freeze affects 3M and the future independent health care company's U.S. pension plans. Current pension-eligible employees will accrue benefits until the freeze date, while former employees with vested benefits and retirees are not affected. The company has been transitioning from pension plans to a 401(k) structure since 2009 to give employees more investment flexibility for retirement.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 1:03 pm

NPO

Enpro Industries, Inc. has announced that Joseph F. Bruderek Jr. will take over as CFO effective April 1, 2024, following the retirement of current CFO J. Milton Childress II. Bruderek has already joined the company as Executive Vice President, Finance. Childress will continue in his role until the transition date and will remain with the company until May 31, 2024, to assist with the transition.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 11:32 am

WMT

Flipkart, owned by Walmart, is reportedly reducing its workforce by 5%-7% as part of a yearly refocusing effort, according to the Economic Times.

Portfolio Pulse from Charles Gross

January 08, 2024 | 12:54 am