Additional Businesses Now Fuel Massive Layoffs in Texas This Year

November 3, 2023

Additional businesses are now fueling massive layoffs in Texas this year as more companies advise of upcoming job cuts.

It is 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.

“Two more businesses have filed a WARN act with the Texas Workforce Commission this week advising of upcoming layoffs,” reports Ash Jurberg.

Builders FirstSource is headquartered in Dallas and is the largest supplier of building products, prefabricated components, and value-added services in the United States.

They are laying off 76 staff in Grandview on December 30.

Peripheral Vascular Associates (PVA) is closing two facilities in San Antonio on December 4 resulting in 31 employees losing their jobs.

Last year, a jury ordered PVA to pay $8.1 million in damages for fraudulent Medicare claims after court evidence from several whistleblowers.

So far in 2023, Texas has laid off 19,979 across 182 companies.

In second place is New York, followed by Colorado, Illinois, Texas, Washington, New Jersey, Florida, Michigan, and Georgia.

Below are the businesses that filed WARN notices advising of upcoming job cuts before the year ends.

Stitch Fix. 558 job cuts by 12/01.
Harland Clarke Corp. 130 job cuts by 12/01.
Accenture. 351 job cuts by 12/08.
Mittera Group, Inc. 136 job cuts by 12/09.
LegalZoom.com. 122 job cuts by 12/15.
Southwestern Health Resources. 228 job cuts by 12/31.
L3Harris. 268 job cuts by 11/30.

Also Read: Massive Banks in Texas Now Announce Closures For 2024

Other Economy News Today

A massive US bank now lays off 2,000 employees in efforts to cut back on costs after announcements were initially made in September.

Charles Schwab has laid off about 5% to 6% of its employees, amounting to roughly 2,000 people, as it looks to cut costs, per numerous reports.

A Schwab spokesperson said these “were hard but necessary steps to ensure Schwab remains highly competitive, with industry-leading levels of efficiency, well into the future.”

The company only released a percentage of how many people were laid off and didn’t give a precise number, but Schwab’s headcount was 35,900 as of September 30, according to a corporate fact sheet.

“They are decisions that impact very talented people personally, and we take that very seriously,” a spokesperson said.

“We worked diligently to ensure affected employees were treated with care and respect throughout this difficult process.”

The cost-cutting measures were first announced in the summer, with the brokerage looking to cut $500 million in costs as it faces investor pressure, reports CNN.

Part of the changes includes evaluating its “real estate footprint, streamlining our operating model, and staffing reductions, largely in non-client-facing areas,” a Schwab spokesperson said.

Like other banks, Schwab endured turbulence earlier this year when its bottom line was given a hard look by investors after the collapse of Silicon Valley Bank.

Citigroup also confirmed during the second quarter that new layoffs (1,600 in the second quarter) will push the total job cuts to 5,000 this year.

Wells Fargo also said that it could see its headcount decline further as it aims to improve efficiency, per Chief Financial Officer Mike Santomassimo.

Charles Schwab stock is currently down more than -35% this year-to-date.

Also Read: More US Banks Are Now Freezing and Closing Accounts

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