Layoffs in Colorado now surge according to new WARN data as another business advises of upcoming job cuts affecting nearly 200.
It’s important to note that under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must provide a 60-day notice before laying off 50 or more people at a single site.
The latest company to advise of upcoming layoffs in Colorado is VMware, which has filed a notice with the Colorado Department of Labor and Employment advising that 184 staff at its office in Broomfield will be laid off.
VMware sent out the following statement to its workforce:
“The expected date of the first separations is January 26, 2024. The total number of affected employees at the location listed above is anticipated to be 184.
This will not result in closure of the entire facility, but will only impact certain employees selected for layoff.
This planned action is expected to be permanent.”
Employees learned on Monday that their positions would be eliminated due to the company being acquired by Broadcom.
Broadcom closed its $69 billion acquisition of VMware on November 22nd.
Below is a list of businesses who have also announced of upcoming job cuts in Colorado this year:
- Evraz. 600 job cuts by 12/22.
- Dish Network LLC. 466 job cuts by 1/07/2024.
- SMX Cargo LLC. 84 job cuts by 12/17.
- Cygnus Home Service dba Yelloh. 51 job cuts by 12/15.
- American Nursery Services. 25 job cuts by 12/31.
So far in 2023, there has been approximately 27,694 layoffs in Colorado across 94 businesses according to the latest WARN data.
California remains the #1 state with the most layoffs in the country.
In second place is New York followed by Colorado, Illinois, Texas, Washington, New Jersey, Florida, Michigan, and Georgia.
Also Read: Texas Now Has Massive Departures As Residents Leave State
Other Economy News Today
New York now gets hit by massive bank closures as several more branches are scheduled to close per the Office of the Comptroller of the Currency (OCC).
New data from the OCC has now been released advising of upcoming bank closures in New York.
This week, a total of eight additional bank branches are scheduled to be closing in New York.
Below is the most updated list of bank branches closing in New York soon:
- JP Morgan. 500 Joseph C Wilson Boulevard, CMC 271046 Rochester
- Bank of America. 72 Second Ave, New York
- Citizens Bank. 2345 Buffalo Rd, Rochester
- Citizens Bank. 4250 McKinley Parkway, Hamburg
- Citizens Bank. 301 Meadow Drive, N. Tonawanda
- Citizens Bank. 5150 North St, Canandaigua
- Citizens Bank. 3865 Union Rd, Cheektowaga
- Citizens Bank. 4777 Transit Rd, Depew
This massive trend of bank closures continues in New York and across the entire United States.
Between 2017 and 2021, 9% of all branches — almost 7,000 locations— shut their doors, and New York had the third most closures of any state with California leading the way.
CNBC reports this leads to “banking deserts when communities are without access to a bank or credit union within 10 miles.
Several studies have shown these communities are more likely to use non-traditional and high-fee lending options such as payday loans and check-cashing services, which increases financial inequities and ends up widening the wealth gap.”
A poll by the DailyMail revealed that 51% of consumers said they were very or somewhat concerned about the declining number of bank branches.
And according to data from the Federal Deposit Insurance Corporation (FDIC), approximately 8,000 banks were in operation in 2000, but by 2022, this figure was halved.
Also Read: A US Bank is Now Denying Customers Access to Money
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