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Labor Issues

Citigroup Inc. (NYSE:C) is preparing for a major restructuring that includes significant layoffs and a senior management reshuffle, expected to be announced on Monday. The restructuring, part of 'Project Bora Bora', could impact thousands of employees, particularly in compliance, risk management, and technology with overlapping tasks. This follows Citi's Q3 report of a 15% reduction in top leadership roles and the elimination of 60 committees. The changes aim to decrease management layers from 13 to eight.

Portfolio Pulse from Benzinga Neuro

November 20, 2023 | 8:13 am

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OpenAI's board of directors recently fired Sam Altman, and following this, interim CEO Mira Murati has invited Altman to the company's San Francisco headquarters in an effort to have him reinstated. Greg Brockman, OpenAI's former chairman and president who resigned after being removed by the board, has also been invited. Chief Strategy Officer Jason Kwon expressed optimism about reinstating Altman, Brockman, and several senior researchers who resigned in support of them.

Portfolio Pulse from Benzinga Newsdesk

November 19, 2023 | 8:19 pm

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Electric vehicle stocks saw gains in the week ending Nov. 18, with Tesla (TSLA) up over 10% despite controversy over CEO Elon Musk's support for antisemitic content. Tesla faces union issues in Sweden and prepares for the Cybertruck launch. Nikola (NKLA) announced the resignation of CFO Anastasiya Pasterick. Fisker (FSR) reported disappointing Q3 results and internal control weaknesses. Rivian (RIVN) offers incentives for R1T purchases. Volkswagen (VWAGY) recalls ID.4s over flammability concerns. The KraneShares Electric Vehicles ETF (KARS) ended the week up 4.51% but down 0.88% on Friday.

Portfolio Pulse from Shanthi Rexaline

November 18, 2023 | 2:39 pm

TSLA

Tesla Inc (NASDAQ:TSLA) has communicated its commitment to the Swedish market despite an ongoing strike by IF Metall, a workers' union representing Tesla mechanics. The strike, which began in late October, is over the lack of collective bargaining agreements, a standard in Swedish labor relations. Tesla highlighted its recent opening of a V4 Supercharger in Sweden and the success of its Model Y, which is the best-selling car model in Sweden this year. The strike has escalated, with dockworkers, cleaning staff, and electricians joining in, affecting vehicle offloading, showroom maintenance, and charging station servicing.

Portfolio Pulse from Anan Ashraf

November 18, 2023 | 8:15 am

AMZN

Amazon Inc. (NASDAQ:AMZN) is planning to lay off several hundred employees in its Alexa division as the company shifts its focus towards generative AI development. The internal memo from Daniel Rausch, VP of Alexa and Fire TV, indicates a strategic realignment with business priorities, leading to the discontinuation of some initiatives. This follows Amazon's previous layoffs in its Devices & Services division and cutbacks in other sectors. The company's commitment to AI was highlighted by the recent introduction of the 'Let's Chat' feature for Alexa, powered by generative AI.

Portfolio Pulse from Benzinga Neuro

November 18, 2023 | 2:59 am

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The Teamsters and Detroit Casino Council have reached tentative agreements with three major casinos in Detroit: MGM Grand Detroit, Hollywood Casino at Greektown, and MotorCity Casino. These agreements are significant as they represent a step towards improved labor relations and stability within the Detroit casino industry.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 9:54 pm

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Workers at Strawberry Fields dispensary in Columbus, Ohio, voted to join Teamsters Local 413, marking the first unionization in the state's cannabis industry. This follows Ohio's legalization of adult-use cannabis. Union efforts coincide with Republican attempts to revise the legalization law. Successful unionization has also occurred at Ayr Wellness, Cannabist Company Holdings, Cresco Labs, and Verano Holdings across various states.

Portfolio Pulse from Maureen Meehan

November 17, 2023 | 9:32 pm

Citigroup Inc. is set to commence a significant round of job cuts starting Monday as part of a major reorganization under CEO Jane Fraser. The restructuring aims to streamline the company by eliminating five layers of management. The layoffs are scheduled to begin by the end of the month and will continue through the end of the first quarter.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 9:29 pm

NKLA

Nikola Corp's CFO, Anastasiya 'Stasy' Pasterick, has informed the company of her resignation, effective December 1, 2023, as per an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 9:10 pm

SYBX

Michael Jensen, the CFO of Synlogic, has resigned from his role effective December 1, 2023, according to an SEC filing made on November 13.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 9:04 pm