Streetbeat News

Labor Issues

DIS

Marvel Studios' visual effects (VFX) workers have voted unanimously for unionization under the International Alliance of Theatrical Stage Employees (IATSE). This comes amidst ongoing labor strikes in Hollywood. The Walt Disney Co (NYSE:DIS), the owner of Marvel Studios, has required substantial special effects work over the past three years for its films and TV productions. The push for unionization comes as Hollywood grapples with concurrent labor strikes involving its writers and actors.

Portfolio Pulse from Vandana Singh

September 14, 2023 | 1:49 pm

SPY

The initial jobless claims for the week came in at 220K, which is lower than the estimated 225K.

Portfolio Pulse from Benzinga Newsdesk

September 14, 2023 | 12:30 pm

GOOG

GOOGL

Google, a subsidiary of Alphabet Inc, is significantly reducing its global recruiting department workforce due to a projected hiring slowdown. This follows the company's announcement in 2023 of eliminating 12,000 jobs, impacting around 6% of its full-time workforce. Despite these cost-cutting measures, Alphabet reported a 7% increase in Q2 revenue, surpassing analysts' expectations. Google's shares (GOOG) closed higher by 1.05% at $137.50 on Wednesday.

Portfolio Pulse from Anusuya Lahiri

September 14, 2023 | 11:59 am

GS

Goldman Sachs Group, Inc. (GS) has dismissed several employees, including Hari Moorthy, the global head of transaction banking, due to severe violations of its communications guidelines. This follows scrutiny from U.S. banking regulators over the company's partnerships with fintech companies and issues regarding compliance and risk. The daily supervision of transaction banking will now be under the guidance of Philip Berlinski, Akila Raman, and Luc Teboul.

Portfolio Pulse from Nabaparna Bhattacharya

September 14, 2023 | 11:45 am

MSFT

Microsoft Corporation (NASDAQ:MSFT) has a controversial approach to determining employee compensation that some insiders liken to the notorious ‘stack ranking’ system. The company's review process requires managers to distribute employees across a scale, adjusting individual rankings based on the team’s overall performance. This approach has been rolled out alongside a new rating system this year, triggering comparisons to the ‘stack ranking’ system, which was officially abandoned in 2013 due to internal dissatisfaction.

Portfolio Pulse from Benzinga Neuro

September 14, 2023 | 9:19 am

VWAGY

Volkswagen's largest electric vehicle (EV) production facility in Europe, located in Zwickau, Germany, is potentially facing job cuts due to decreased demand. The plant, which produces MEB-based EVs, may have to let go of a few hundred of its 11,000 employees by the end of October. The decreased demand is attributed to increased competition, inflation, and reduced subsidies.

Portfolio Pulse from Benzinga Neuro

September 14, 2023 | 9:09 am

F

Ford Motor Company's CEO, Jim Farley, has criticized United Auto Workers (UAW) President, Shawn Fain, for not being present during critical negotiations as a potential strike deadline approaches. Farley highlighted the absence of any counteroffer to Ford's four economic proposals. The UAW has put forward several demands, including a 40% increase in hourly pay, a reduced 32-hour workweek, a return to traditional pensions, elimination of pay tiers, and restoration of cost-of-living adjustments. If a deal is not reached by the strike deadline, the UAW has threatened to implement targeted strikes at select plants.

Portfolio Pulse from Benzinga Neuro

September 14, 2023 | 8:09 am

GM

General Motors (GM) is reportedly continuing to negotiate directly and in good faith with the United Auto Workers (UAW). The company has presented additional strong offers and is making progress in key areas that are important to its represented team members.

Portfolio Pulse from Charles Gross

September 13, 2023 | 11:43 pm

F

Ford has stated that they have not received any genuine counteroffer, despite significantly increasing their proposal on wage increases.

Portfolio Pulse from Charles Gross

September 13, 2023 | 11:29 pm

F

GM

STLA

United Auto Workers (UAW) President Shawn Fain has warned Ford Motor Co (F), General Motors Co (GM), and Stellantis NV (STLA) of a potential strike if the union's demands are not met. The demands include a 46% wage hike over four years, restoration of pensions, post-retirement health care, and a decrease in the workweek to 32 hours. The strike could commence on Sept. 14, affecting up to 146,000 workers.

Portfolio Pulse from AJ Fabino

September 13, 2023 | 10:19 pm