A new wave of unexpected layoffs now hits New York as more businesses file WARN notices advising of upcoming job cuts.
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.
So far, a total of 6 new businesses have filed WARN notices with the New York Department of Labor advising of upcoming layoffs in New York this year.
They are:
- Vascular Management Consultants has gone bankrupt, leading to 85 staff losing their jobs.
- Mobile Vascular Physicians has also gone bankrupt, resulting in 29 staff losing their jobs.
- Airtech is laying off 132 staff on May 31.
- Velan Studios is laying off 46 staff on May 16.
- GrowNYC is laying off 96 staff on June 20.
- The Arena Group Holdings is laying off 92 staff from April.
According to a report by Challenger, Gray & Christmas, a whopping 35,279 New Yorkers have been laid off this year-to-date.
Majority of layoffs in the United States for 2024 have been in the tech sector (28,218) and financial sector (26,856).
In February, employers announced plans to hire only 10,317 workers, bringing the year-to-date total for announced hiring plans to 15,693 – the lowest level on record since Challenger began tracking hiring plans in 2009, per the report.
Why are companies cutting so many jobs in 2024?
According to Challenger, companies primarily cite “restructuring” plans for the reason for cuts; 37,659 cuts are due to this reason.
Another 26,272 job cuts are due to store, unit, or plant closing, while 20,890 are due to cost-cutting.
Companies are blaming economic and market conditions for 19,580 cuts.
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Also Read: A Massive Company Now Announces Unexpected Layoffs in Arkansas
Other Economy News Today
A massive bank is now cutting hundreds of jobs in its investment division, people familiar with the matter are confirming.
Barclays is gearing up to lay off several hundred employees within its investment banking division, part of a long-term strategy to cut costs and boost profitability within the unit, sources familiar with the matter told Bloomberg on Wednesday.
The anticipated cuts are part of the company’s annual performance-based workforce reduction process and will take place in the coming months, according to the sources.
“We regularly review our talent pool to ensure that we can invest in high-performing talent, execute on our strategy, and deliver for our clients,” Barclays said in an emailed statement to Bloomberg.
“However, there are no finalized numbers for this year’s review.”
The bank in January revealed that it cut 5,000 jobs last year from its workforce of 84,000 to “simplify and reshape the business” and to save £1 billion in costs — about 7% of the lender’s annual operating expenses.
Barclays went further last month, laying out a three-year plan to improve performance while cutting £2 billion in costs.
The reorganization will split the bank into five operating divisions: its U.K. retail business, U.K. corporate bank, investment bank, U.S. consumer bank, and its private bank and wealth management.
Simultaneously, Barclays pledged to return £10 billion to its shareholders over the next two years through buybacks and dividends.
The performance-based job cuts come roughly a week after Barclays CEO C.S. Venkatakrishnan said his investment bankers are a step behind their counterparts in the bank’s trading division in their efforts to bolster returns for the company.
“The parts where we need greater [return on equity] efficiency is investment banking fees.
There, we are much more debt capital markets heavy than the U.S. banks are, and that’s where we’ve got to be more efficient,” Venkatakrishnan said at an investor conference, according to Bloomberg.
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Also Read: A US Bank is Now Denying Customers Access to Money
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