California now takes a new hit of massive layoffs as another business advises of severe job cuts, affecting more than one thousand people.
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.
VMware filed a notice with the California Employment Development Department on Wednesday advising that a whopping 1,267 staff at its office in Palo Alto will be laid off in January.
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 and is now laying off much of its workforce across the United States.
The company released the following statement:
“Broadcom recently completed its acquisition of VMware. As part of integration planning and following an organizational needs assessment, we identified go-forward roles that will be required within the combined company.
We regret to inform you that your position is being eliminated, and your employment will be terminated.
We would like to thank you for your dedication and service.
[Furthermore] We want to make this transition as smooth as possible, including offering you a generous severance package and providing you a non-working paid notice period.”
So far in 2023, there has been approximately 72,781 layoffs in California across 1,246 companies 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:Â Texas Now Has Massive Departures As Residents Leave State
Other Economy News Today
Chase bank now announces new unexpected branch closures which have been confirmed to shutter within the next three months.
The upcoming shutdowns are set to impact customers across the country, from California to New York.
But, it’s not all bad news for Chase bank users, reports The-Sun.
185 new branch locations are still set to open across the US this year.
The closures were announced in the weekly bulletins produced by the Office of the Comptroller of the Currency.
By law, banks must notify the OCC at least 90 days before closing down a branch.
According to the OCC, at least 24 Chase branches are due to close over the next three months with closures likely to come into force by February at the latest.
Branches in the states of California, Colorado, Michigan, Illinois, Indiana, and New York will shutter.
There will be bank closures in major cities like Chicago, San Diego, San Francisco, and Seattle over the coming months.
Branches across Ohio and Connecticut will also close.
“Chase has seen a raft of branch shutdowns over the year after bosses warned it would close more than 140 premises across the US.
The closures come in line with a shift toward online banking,” says The-Sun.
A spokesperson for the banking giant said the company has made significant investments in new branches.
At least 15 new branches have been scheduled to open over the coming months, according to the OCC’s bulletin published for the period November 11-18.
They stated that the company is on track to open a new branch every day in November and December.
“Our goal is not to have the most branches – but to have the right branches, in more communities, serving the financial needs of our customers,” said Chase in a statement.
Also Read: A US Bank is Now Denying Customers Access to Money
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