...either these companies/firms are pre-empting the difficult economic times ahead or their actions are reflective of the challenging business environment they are facing. Probably both.
from MacroEdge since the start of September.
PricewaterhouseCoopers’s (PwC) U.S. unit is laying off about 1,800 workers, its first formal layoff since the GFC, to address declining demand
BurgerFi, a fast food chain serving 120 markets, has filed for Chapter 11 bankruptcy with up to $500mm in liabilities
Samsung Electronics, the world’s top producer of smartphones, TVs, and memory chips, is reportedly planning to reduce its global workforce in some divisions by up to 30%.
Amazon to eliminate hundreds of positions in California - primarily at distribution centers
Volkswagen told union leaders on Tuesday that it is ending a labor agreement that protected workers from mass layoffs, a week after the automaker said it was considering closing factories in Germany amid a steep sales decline.
Brent Crude Oil falls below $70/bbl for the first time since 2021 as traders price in global demand slowdown
"I would say the worst outcome is stagflation — recession, higher inflation," Jamie Dimon said at a fall conference from the Council of Institutional Investors in Brooklyn, New York. "And by the way, I wouldn't take it off the table."
This comes after UPS eliminated 12,000 roles earlier in the year:
UPS is laying off more employees amid effort to boost profitability and shore up costs
Ally CEO highlights credit stress this morning causing financial companies to sell: “Credit challenges have intensified due to high inflation and weakening employment. Retail auto credit challenges evident in increased delinquencies and non-performing loans.
Under Armour Doubled Its Expected Headcount Restructuring Costs, Cuts Outlook
Goldman’s trading unit is on track to see revenue drop 10% from the prior year, led by declines in the fixed-income business, Chief Executive Officer David Solomon said
Wheatland Tube, a pipe manufacturer, is cutting hundreds of employees in Illinois
Discount retailer Big Lots Inc. has filed for bankruptcy - as expected, capping a multi-year decline for the discount retailer.
Wheel Pros Holdings, L.P. and affiliates have filed bankruptcy in the District of Delaware Liabilities: $1B-$10B
“We are seeing growing signs of concern in loan performance, capital, and earnings across the system and at specific institutions” - National Credit Union Administration Chairman Harper
An Illinois-based trucking and logistics company, which contracted with the U.S. Postal Service to haul mail and had over 650 employees, including 480 drivers, abruptly ceased operations, per Freight Waves
ChargePoint Holdings, operator of the largest electric vehicle charging network in the U.S., plans to cut 15% of its workforce after missing revenue forecasts.
TGI Friday’s Inc. management has lost day-to-day control of much of the restaurant chain’s assets and functions after the company failed to file documents to bondholders on time. The last similar management change hasn’t happened since the GFC.
Tervis Tumbler Company, a maker of popular consumer cups and products, has filed for bankruptcy
Edwards Lifesciences to eliminate 540 positions, ~3%
Mary Daly of the San Francisco Fed said businesses are being frugal on hiring but have not yet dusted off their layoff manuals
Jeep’s parent company is pressing pause on making two of its top-selling U.S. models - namely the Grand Cherokee and the Wrangler
Lyft is restructuring its mobility division and laying off about 1% of its workforce in an attempt to cut costs
Keystone Powered Metal Company is laying off hundreds of employees
Volkswagen is considering closing factories in Germany for the first time, in a move that shows the pressure Europe's top carmaker is facing
