CMBS delinquency rose to 6.4% in April, the highest level since 2018 The market also saw its first AAA loss.
* Takeda Pharma is laying off around 650 employees
* EV-maker Lucid will eliminate around 400 employees, or 6% of its workforce
Auto debt hit a record $1.6 trillion at the end of Q1, and 1 in 12 automotive loans have fallen into delinquency, a trend seen before past default cycles, per the NY Fed
* Nissan Motor Co. has paused production plans to build its electric vehicles in the United States, per an internal memo
* Bombardier Recreational Products is laying off hundreds of employees - its second round of job cuts - as boat purchases come to a standstill
* The Venetian in Las Vegas has reportedly laid off some corporate employees
* Starwood’s REIT has tightened redemption limits to prevent further liquidity from exiting
* Pfizer has rolled out a new $1.5 billion cost reduction program which will likely result in thousands of job cuts
* Dynata, a data and research platform company, has filed for bankruptcy protection
* Walmart had laid off 1,472 employees in Texas. Walmart is reportedly closing up to 8 additional stores, affecting over 1,000 employees
* Tommy’s Boats, a a large boat dealership chain with locations around the country, has filed for bankruptcy with >$500mm in liabilities and a Michigan court has ordered the company into receivership leaving customers with deposits in limbo.
* TikTok will terminate over 1,000 employees beginning May 23
* UBS has begun laying off employees in the United States. Layoffs under Swiss banking giant UBS's cost-cutting program will take place in five waves this year starting in June, with around 30-35,000 employees affected in total
* Red Hat - an IBM software subsidiary - will undergo ‘rightsizing’ (layoffs) of its workforce to accommodate slower product development and maintenance
* Pixar Animation Studios will eliminate 14% of its workforce
* 2U Education is reportedly undergoing substantial layoffs
* Accounting and ‘advisory’ major Grant Thornton is laying off 3.5% of its workforce
* Chesapeake Energy, a top U.S. natural gas producer, began laying off hundreds of employees today
* A source has reported an additional round of layoffs have been announced at John Deere in Waterloo, affecting hundreds of employees
* Jamie Dimon says he is cautiously pessimistic on the economy. “I personally think inflation is a little bigger than people think and that rates may surprise people"
JPMorgan CEO Jamie Dimon in China speech says U.S. could see a ‘hard landing,’ stagflation will be ‘worst outcome’
