Streetbeat News

Labor Issues

LNVGY

Lenovo has reduced its workforce by 5% due to a slump in the PC market, according to CEO Yang Yuanqing. The company is focusing on high-growth areas such as gaming and education to offset the decline.

Portfolio Pulse from Happy Mohamed

May 24, 2023 | 2:52 pm

FCNCA

SIVBQ

First Citizens Bancshares laid off nearly 500 Silicon Valley Bank employees, primarily in the commercial banking business, following its acquisition of the failed lender. The layoffs represent around 3% of First Citizens' total workforce.

Portfolio Pulse from Happy Mohamed

May 24, 2023 | 2:44 pm

META

Meta Platforms Inc. plans to cut around 490 full-time jobs in Ireland, which is nearly 20% of its Irish workforce.

Portfolio Pulse from Benzinga Newsdesk

May 24, 2023 | 1:07 pm

AVY

Avery Dennison Corporation (AVY) announced that CEO Mitch Butier will retire on September 1, 2023, and will be succeeded by current president and COO Deon Stander. Butier will remain as executive chairman of the board.

Portfolio Pulse from Benzinga Newsdesk

May 24, 2023 | 10:47 am

RMBI

Richmond Mutual Bancorporation (RMBI) has named Brad Glover as the acting CFO of the company and bank on May 17.

Portfolio Pulse from Charles Gross

May 23, 2023 | 8:58 pm

DAL

Delta has appointed Mike Spanos as its new Chief Operating Officer and member of the Delta Leadership Committee, effective June 12.

Portfolio Pulse from Benzinga Newsdesk

May 23, 2023 | 8:49 pm

PTCT

PTC Therapeutics announced that CFO Emily Hill has been relieved of her responsibilities and will be leaving the organization.

Portfolio Pulse from Benzinga Newsdesk

May 23, 2023 | 8:22 pm

CVI

CVR Energy confirmed a fire at its Wynnewood Refinery gasoline hydrotreater, operated by its unit, at 8:20 a.m. today. Two employees were injured and transported offsite for evaluation.

Portfolio Pulse from Benzinga Newsdesk

May 23, 2023 | 6:04 pm

DIS

Walt Disney Co (NYSE:DIS) has begun a third round of layoffs, likely affecting over 2,500 workers, as part of its multi-billion dollar cost-cutting plan. Disney aims to cut costs by $5.5 billion through layoffs and removing titles from its streaming platforms.

Portfolio Pulse from Anusuya Lahiri

May 23, 2023 | 5:46 pm

TTOO

T2 Biosystems has initiated a restructuring plan, including laying off 30% of its workforce, and reported a 70% decline in Q1 revenues. The company is exploring strategic alternatives and has submitted a 510(k) premarket notification to the FDA for its T2Biothreat Panel.

Portfolio Pulse from Vandana Singh

May 23, 2023 | 4:41 pm