Streetbeat News

Labor Issues

FRCB

JPM

JPMorgan Chase & Co (NYSE:JPM) has decided not to offer jobs to around 1,000 First Republic Bank (OTC:FRCB) employees after the takeover. The bank has offered full-time or transitional roles to about 85% of the nearly 7,000 workers still working at First Republic.

Portfolio Pulse from Akanksha Bakshi

May 26, 2023 | 2:11 pm

WBA

Walgreens Boots Alliance (WBA) announced the elimination of 504 roles, accounting for 10% of its corporate workforce, as part of a cost-cutting measure.

Portfolio Pulse from Happy Mohamed

May 26, 2023 | 1:00 pm

AAPL

META

Meta Platforms has completed its final round of layoffs, cutting over 10,000 roles and closing 5,000 open jobs. The downsizing affected the company's business division, including advertising, human resources, and policy initiatives. The move comes as Meta faces competition from TikTok and Apple's privacy rules, while continuing to invest in its metaverse ambitions.

Portfolio Pulse from Anusuya Lahiri

May 26, 2023 | 12:27 pm

BABA

Options traders are betting on a significant stock jump for Alibaba Group Holding Limited (NYSE: BABA) by July expiration, as the US prepares for cabinet-level talks with China. Alibaba also announced plans to hire 15,000 people in 2023, contradicting layoff reports.

Portfolio Pulse from Lisa Levin

May 26, 2023 | 12:01 pm

AMZN

FDX

Amazon has shifted its air cargo business head, Sarah Rhoads, to oversee its workplace health and safety division. Raoul Sreenivasan will take over most of Rhoads' Amazon Air responsibilities. The move comes as CEO Andy Jassy conducts a broad overview of expenses amid a slowdown in its core retail business and pressure to address workplace safety.

Portfolio Pulse from Anusuya Lahiri

May 26, 2023 | 11:41 am

TALS

Talaris Therapeutics announced that CEO Scott Requadt will be leaving the company as part of a planned workforce reduction. Mary Kay Fenton has been appointed as interim CEO and President effective today.

Portfolio Pulse from Benzinga Newsdesk

May 26, 2023 | 11:02 am

AMZN

COST

A Data for Progress survey shows that the majority of American voters believe the minimum wage should be increased, with an average of $26 per hour suggested for a comfortable living. Major corporations like Costco (NASDAQ:COST) and Amazon (NASDAQ:AMZN) have supported raising the minimum wage.

Portfolio Pulse from Ramakrishnan M

May 26, 2023 | 8:41 am

GOOG

GOOGL

MSFT

LinkedIn co-founder Reid Hoffman discussed the impact of AI on the job market, emphasizing its potential to disrupt traditional jobs and provide opportunities for worker upskilling and adaption. Major tech companies, including Microsoft and Alphabet, are in an AI arms race, with concerns raised about potential job losses associated with AI advancements.

Portfolio Pulse from Ananya Gairola

May 26, 2023 | 8:22 am

META

Meta CEO Mark Zuckerberg addressed employees after multiple rounds of layoffs, which saw over 10,000 roles cut and 5,000 open jobs closed. The company is facing increased competition, new privacy rules, and slowing e-commerce growth, impacting its revenue. Zuckerberg aims for a 'scrappier' future with less bureaucracy.

Portfolio Pulse from Happy Mohamed

May 25, 2023 | 8:37 pm

VMW

VMware has announced the appointment of Karen Dykstra as its new CFO, effective June 9, 2023, replacing the departing Zane Rowe.

Portfolio Pulse from Benzinga Newsdesk

May 25, 2023 | 8:32 pm