All posts tagged "Corporatelayoffs"

Citigroup is expected to cut 20,000 jobs, or about 10% of its workforce, over the next two years, the New York-headquartered bank said Friday. The announcement follows a “very disappointing” fourth quarter for the nation’s third-largest banking institution, CEO Jane Fraser said in a news release. The company reported a $1.8 billion loss in the last three months of 2023 — its worst quarterly financial results since 2009, according to the Financial Times. During the same period in 2022, the bank reported a net income of $2.5 billion. This year’s loss was driven by nearly $4 billion in expenses, ......

GRANITE CITY, Illinois — The last operating blast furnace at U.S. Steel's plant in Granite City will remain idled indefinitely, the company said Tuesday, extending a closure first billed as temporary. The company on Tuesday also notified 600 additional employees that they might lose their jobs. U.S. Steel spokeswoman Amanda Malkowski, however, said the company only expected to lay off a portion of those. And a local union official said he thought the plant would keep operating with the same number of workers, at least for now. The fate of the Granite City plant has been in question since last ......

Unemployment agencies in Michigan, Ohio and Missouri say they’re preparing for what may be an uptick in unemployment claims as the ripple effects of the United Auto Workers strike lead to layoffs in other plants and among suppliers. On the first day of the targeted strikes at Ford Motor Co., General Motors Co. and Stellantis plants in Michigan, Missouri and Ohio, secondary effects were already beginning to work their way through the supply chain. Ford announced Friday afternoon that it would temporarily lay off 600 workers at the company’s Michigan Assembly Plant in Wayne. Striking individuals......

In the first day of the United Auto Workers' targeted strike of three Detroit automaker plants, the effects began rippling through the production chain — including a temporary layoff of some 600 workers at Ford Motor Co.'s Michigan Assembly Plant in Wayne. The UAW at midnight Friday launched a strike that, for the first time in the union's history, targeted all three Detroit automakers at once. The so-called "Stand-Up Strike" initially targeted General Motors Co.'s Wentzville Assembly Plant in Missouri, Stellantis NV's Jeep plant in Toledo, Ohio, and just the final assembly and paint shop part......

CHICAGO — Steppenwolf Theatre Company, one of Chicago’s most storied arts institutions and long a crucial part of the city’s identity, said Thursday that it was laying off 12% of its staff, effectively immediately. Thirteen current employees have been let go, with seven open positions eliminated. Steppenwolf executive director Brooke Flanagan said in an interview that the theater’s subscription base had fallen from about 10,000 subscribers in pre-pandemic 2019 to about 6,000 today. She also said that single-ticket sales were down 31%, even as expenses were up 19% over the same term. (Steppenwo......

Over the last week, Prince Harry and his wife, Meghan Markle, have returned to the spotlight in an effort to reportedly "reinvent themselves" and prove to the world that they're not "grifters" who need to exploit their fraught connections to the British family to keep people's attention and maintain their wealthy, A-list lifestyle. But they hit a possible snag with the news Thursday that one of Harry's projects, the San Francisco-based mental health startup, BetterUp, "missed its financial targets" last year and needs to lay off 16% of its workforce, or some 100 employees. The Daily Beast cite......