Streetbeat News

Labor Issues

JPM

Following the collapse of First Republic Bank, details of its employees' compensation have emerged, with some earning over $10 million annually. The bank is now under JPMorgan's control after a seizure by regulators. First Republic's high-risk strategy and generous employee incentives contributed to its downfall.

Portfolio Pulse from AJ Fabino

May 25, 2023 | 6:41 pm

JPM

JP Morgan has informed 1,000 First Republic employees that they will lose their jobs following the bank's takeover of First Republic.

Portfolio Pulse from Benzinga Newsdesk

May 25, 2023 | 6:39 pm

BABA

Alibaba Group Holding Limited (NYSE:BABA) announced plans to hire 15,000 people in 2023, contradicting reports of layoffs. The company will recruit for its six major business divisions, including 3,000 university graduates. Alibaba dismissed layoff reports as rumors and cited its recruiting system as evidence of continued hiring.

Portfolio Pulse from Anusuya Lahiri

May 25, 2023 | 4:58 pm

ACHR

Acting FAA Administrator Nolen is expected to join Archer Aviation (ACHR) after leaving the agency, according to Reuters.

Portfolio Pulse from Happy Mohamed

May 25, 2023 | 4:10 pm

SPY

Federal Reserve's Barkin states that data on productivity has been moving in the wrong direction, and there is still much unknown about the impact of COVID on hiring and the labor force.

Portfolio Pulse from Benzinga Newsdesk

May 25, 2023 | 2:19 pm

SPY

Richmond Fed President Barkin stated that some businesses still need to raise prices due to a tight labor market. This could impact inflation and the overall economy.

Portfolio Pulse from Happy Mohamed

May 25, 2023 | 2:13 pm

BABA

Alibaba Group has dismissed rumors about layoffs, stating that they are 'just rumors'. The company plans to hire 15,000 employees this year.

Portfolio Pulse from Bill Haddad

May 25, 2023 | 1:00 pm

SPY

Initial jobless claims came in at 229K, lower than the estimated 250K, indicating a stronger labor market.

Portfolio Pulse from Benzinga Newsdesk

May 25, 2023 | 12:31 pm

DHX

DHI Group announced a 10% reduction in its workforce as part of a restructuring plan, aiming to generate annual cost savings of approximately $8M to $10M.

Portfolio Pulse from Charles Gross

May 25, 2023 | 11:11 am

META

Meta Platforms Inc (NASDAQ:META) has laid off two senior executives in India as part of its three-part redundancy plan to cut 10,000 positions globally. The layoffs come amidst slowing revenue growth, rising inflation, and a pullback in digital advertising.

Portfolio Pulse from Shomik Sen Bhattacharjee

May 25, 2023 | 10:26 am