A massive tech company now says more layoffs are coming in order to reach “ambitious goals” in areas such as artificial intelligence.
Google CEO Sundar Pichai told employees in a memo Wednesday that more job cuts are coming this year.
“The reality is that to create the capacity for this investment, we have to make tough choices,” Pichai wrote.
In a memo titled “2024 priorities and the year ahead” that staffers received Wednesday evening, Pichai said, “we have ambitious goals and will be investing in our big priorities this year.”
In the memo, which was obtained by CNBC, Pichai said company leadership is gearing up to share its AI goals for the year this week and will publish its 2024 OKRs (objectives and key results).
“The reality is that to create the capacity for this investment, we have to make tough choices,” Pichai wrote.
For some teams that means eliminating roles, which includes “removing layers to simplify execution and drive velocity,” he added.
Pichai’s latest messaging signals continued cost cuts at Google following numerous rounds of layoffs that began in January 2023, when the company announced it was eliminating 12,000 jobs, or roughly 6% of the full-time workforce, CNBC reports.
The company also cut back on some perks as well as laptops and equipment.
Pichai said in Wednesday’s memo that, “to be upfront, some teams will continue to make resource allocation decisions.”
He said layoffs won’t be at the scale of last year’s reductions and “will not touch every team.”
For more tech layoff news and updates like this, opt-in for push notifications.
Also Read: A Massive Furniture Company Now Lays Off 1,650 Employees
Other Economy News Today
Massive retailers now close in a state due to theft, which has driven away a significant number of customers, sources report.
NIKE, Target, and other profitable chain stores have closed various locations after a city was pummeled by thefts, reports The-Sun.
Portland, Oregon has been struggling to battle retail theft, which has driven away a significant number of retailers, said the news outlet.
These include Nike, Target, and REI, who’ve tried to collaborate with police officers to minimize theft, per The Wall Street Journal.
The city and the retailers struggled to address retail crime and seemed unable to find a solution according to emails obtained by the publication.
The problem continued to snowball, resulting in various retailers making the decision to close the locations while claiming that the city didn’t provide sufficient support.
“Everything was working except for the theft,” said James Lampus, a landlord for a Nike store based in Portland.
He explained that the store considered multiple options before deciding to close, including redesigning the space and limiting the amount of customers allowed at a time.
“People on the retail side were exhausted,” he continued.
Portland has struggled with rising cases of homelessness, violent crimes, and residents who are leaving the city in search of better opportunities.
Shoplifting cases were up 22% at the start of 2023, with the city reporting higher numbers than other cities that were surveyed.
Industry executives have called for more collaboration with law enforcement, saying that rising retail crime rates are hurting store safety and company profits.
To combat theft, companies are locking up more products and some are even holding their own investigations to find suspects.
Just this month, governors Gavin Newsom and Kathy Hochul of California and New York respectively called for new legislation against retail theft.
These would include measures that would add or expand criminal penalties on those who profit from, theft or assault on retail workers.
In Portland, leaders said the crime stats don’t give the full picture.
There’s a change in consumer spending, causing a shift in business strategies and negotiations with landlords that play a role in how retailers make decisions.
The city is also setting aside district attorneys to focus on prosecuting shoplifters, said Andrew Fitzpatrick, Portland’s director of economic development.
This is a developing story — for more news and updates like this, opt-in for push notifications.
Also Read: SNAP Benefits Will Now Increase For The Year 2024
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Scroll below to view my stock purchases this month!
You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.
Frank Nez’s Stock Portfolio
Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?
Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.
11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.
Recommended For You ✨
About The Author
Leave your thoughts below.
For more news and updates like this, opt-in for push notifications.