White-collar layoffs soar at brand-name companies amid economic slowdown

  • 📰 NBCNews
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 86%

Business News News

Business Business Latest News,Business Business Headlines

Among the brand-name firms announcing job cuts or hiring freezes recently, according to a list compiled by Reuters: Amazon, Citigroup, Intel, HP, Microsoft, Johnson & Johnson, Phillips 66 and the Walt Disney Co.

Morgan Stanley was also planning a fresh round of layoffs. Those announcements follow similar ones made by Goldman Sachs in September and Deutsche Bank in October.

“We are looking at making sure that our resources are deployed on those projects, those initiatives, those services that really add the most value for our business,” J&J CFO Joseph Wolk told Reuters. “I do think we’re kind of at the start — we’ve just come out of the last two years being the lowest period for layoffs in American history,” Challenger added. “We were in such severe labor shortage, and now with the Fed raising rates, that affects all industries.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Amazon could start by not paying Andrew Jassy $202 million a year. CEO's are grossly overpaid. What exactly do they do, other than do book deals and paid meet and greets?

But wait, what happened to the HUGE job growth that was exalted by Biden? Yes. Jobs returned after the shakedown I mean shutdown. But growth? Pfffffttt. Reality is you’re seeing a recession folks.

Too heavy anyway 🤷🏻‍♀️

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 10. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

What to watch for as J&J gets ready to split into two separate companies next yearWe consider Johnson & Johnson one of our 10 core holdings and will like it even more after the consumer health brand spinoff. Is this to dodge the up and coming lawsuits? will they both be called Johnson? Interesting...
Source: CNBC - 🏆 12. / 72 Read more »