Streetbeat News

Labor Issues

META

Meta Platforms, formerly Facebook, has announced that employees will be required to return to the office for at least three days a week starting March 28. The decision comes as the company aims to strike a balance between remote and in-person work.

Portfolio Pulse from Happy Mohamed

June 01, 2023 | 10:00 pm

GT

Goodyear Tire & Rubber announced a plan to reduce production capacity at its Fulda, Germany facility by 50%, resulting in approximately 550 job reductions. The company estimates total pre-tax charges associated with the actions to be between $105M and $115M.

Portfolio Pulse from Charles Gross

June 01, 2023 | 8:57 pm

ALTI

AlTi Global announced that Christine Zhao will step down as CFO effective June 15. Reid Parmelee, the company's Global Controller, has been appointed interim CFO.

Portfolio Pulse from Benzinga Newsdesk

June 01, 2023 | 8:56 pm

PENN

A Florida man known as “Nicky Smokes” on Twitter won a bet with Barstool Sports founder Dave Portnoy, resulting in a $100,000 job with full benefits at Barstool. PENN Entertainment Inc (NASDAQ:PENN) is the parent company of Barstool Sports.

Portfolio Pulse from Aaron Bry

June 01, 2023 | 6:47 pm

EA

FAZE

SONY

TTWO

U

UBSFF

CD Projekt Red, the developer behind 'The Witcher' series, will lay off 30 employees by year's end. This follows other layoffs in the gaming industry, with companies like Sony, Electronic Arts, Ubisoft, Take-Two Interactive, Unity Software, and FaZe Holdings also affected.

Portfolio Pulse from Franca Quarneti

June 01, 2023 | 6:25 pm

LUV

Southwest Airlines CEO revealed that the company has about 40 planes grounded due to pilot constraints and is considering economic uncertainty in its planning. However, no impact on bookings has been observed yet.

Portfolio Pulse from Benzinga Newsdesk

June 01, 2023 | 5:44 pm

JPM

JP Morgan Chase plans to close 21 branches of First Republic Bank by 2023, accounting for a quarter of its 84 branches. The closures are part of JP Morgan's integration of the failed lender into its operations. Affected employees will be offered six-month transition assignments and can apply for other roles at JP Morgan.

Portfolio Pulse from Anusuya Lahiri

June 01, 2023 | 3:47 pm

IPX

PRM

UCAR

US stocks traded lower with the Dow Jones dropping over 100 points, as weekly jobless claims rose to 232,000. Materials shares rose by 0.6%, with IperionX Limited (IPX) and Perimeter Solutions (PRM) as top gainers. U Power Limited (UCAR) shares surged after announcing a strategic cooperation agreement with Quantum Solutions Co in Japan.

Portfolio Pulse from Lisa Levin

June 01, 2023 | 1:44 pm

JPM

JPMorgan Chase & Co will close 21 branches of First Republic Bank, accounting for a quarter of its branches, as it integrates the failed lender into its operations. Affected employees will be offered six-month transition assignments and can apply for other roles at JPMorgan.

Portfolio Pulse from Happy Mohamed

June 01, 2023 | 1:37 pm

PALI

Palisade Bio has promoted J.D. Finley to CEO, effective June 1. Finley has extensive experience in the biopharmaceutical industry and will lead the company's growth strategy.

Portfolio Pulse from Benzinga Newsdesk

June 01, 2023 | 12:52 pm