Category: Banking News (Page 2 of 294)

A massive company is now cutting 2,600 jobs in Texas as part of a ‘broad restructuring plan’ according to a WARN notice.

Tesla is eliminating a total of 2,688 jobs in Austin, Texas, according to Worker Adjustment and Retraining Notification (WARN) Act letters and notices.

Musk said in an internal memo last week that Tesla was cutting more than 10% of its global headcount as the EV maker reckons with flagging sales and increased competition.

However, he did not say which departments or locations would be most affected.

“As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity,” he wrote.

A subsequent WARN notice filed in New York also indicated that 285 positions were being eliminated at a factory in Buffalo.

Tesla employed 140,473 people total as of December 2023, according to filings.

Tuesday’s WARN filings said, “none of the employees are represented by a union and none of the employees have bumping rights,” or the right of more senior workers to replace those with less seniority.

Tesla officially opened its Texas EV and battery factory in April 2022, with a “cyber rodeo” party.

The company now manufactures some of its Model Y crossover utility vehicles in Austin, and has started to build its Cybertruck there.

Musk later called the Austin factory, and another assembly plant in Germany, “gigantic money furnaces,” in an interview with Tesla Owners Silicon Valley, a fan club that promotes Tesla vehicles.

According to filings with the Texas Department of Licensing and Regulation, Tesla was planning to spend upward of $770 million last year on the construction of expanded facilities in Austin, including for battery cell testing and manufacturing, cathode and drive unit manufacturing, plus a die shop, among other things.

Cuts also affected workers at the company’s factories, engineering offices, stores, showrooms and service centers nationwide.

Jobs were also cut in Burbank and Lathrop, California, where Tesla makes spare parts at a foundry and assembles Megapack, battery energy storage systems.

For more news and updates like this, opt-in for push notifications.

Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing

Other Economy News Today

A massive shoe retailer now announces a new wave of layoffs to hit headquarters this summer, affecting over 700 employees.

Nike has announced its ‘second phase’ of mass layoffs, effective June 28, according to a Worker Adjustment and Retraining Notification (WARN) filing.

A total of 740 employees will be impacted in the retailer’s home state.

The layoffs are part of the 2% workforce reduction Nike announced in February, which is taking place across two phases, the company confirmed via email.

Nike said job titles and the number of employees in each category would be provided at a later date, once the company has determined them.

Bumping rights are not available for the impacted employees, reports Retail Dive.

“Nike’s always at our best when we’re on the offense. The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health and wellness have never been stronger,” Nike said in a statement.

“While these changes will impact approximately 2% of our total workforce, we are grateful for the contributions made by all Nike teammates.”

The layoffs are tied to a cost-savings plan Nike unveiled in December, which is aimed at generating up to $2 billion in cumulative savings over three years.

Based on the company’s last annual report, the layoffs to 2% of its total workforce will impact more than 1,600 people.

Savings from the plan are set to be reinvested in driving growth, innovation and profitability.

For more news and updates like this, opt-in for push notifications.

Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy

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.

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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.

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A massive company is now cutting 3,000 jobs in California as part of a ‘broad restructuring plan’ according to a WARN notice.

Tesla is eliminating a total of 3,332 jobs across the state of California, part of a broader restructuring that the electric vehicle maker announced last week, reports CNBC.

Musk said in an internal memo last week that Tesla was cutting more than 10% of its global headcount as the EV maker reckons with flagging sales and increased competition.

However, he did not say which departments or locations would be most affected.

“As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity,” he wrote.

A subsequent WARN notice filed in New York also indicated that 285 positions were being eliminated at a factory in Buffalo.

Tesla employed 140,473 people total as of December 2023, according to filings.

Tuesday’s WARN filings said, “none of the employees are represented by a union and none of the employees have bumping rights,” or the right of more senior workers to replace those with less seniority.

The layoffs in California included 2,266 people in Fremont, which is home to Tesla’s first U.S. vehicle assembly plant, and 486 employees in Palo Alto, home to Tesla’s engineering headquarters.

The cuts affected workers at the company’s factories, engineering offices, stores, showrooms and service centers across the state.

Jobs were also cut in Burbank and Lathrop, where Tesla makes spare parts at a foundry and assembles Megapack, battery energy storage systems.

For more news and updates like this, opt-in for push notifications.

Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing

Other Economy News Today

A massive shoe retailer now announces a new wave of layoffs to hit headquarters this summer, affecting over 700 employees.

Nike has announced its ‘second phase’ of mass layoffs, effective June 28, according to a Worker Adjustment and Retraining Notification (WARN) filing.

A total of 740 employees will be impacted in the retailer’s home state.

The layoffs are part of the 2% workforce reduction Nike announced in February, which is taking place across two phases, the company confirmed via email.

Nike said job titles and the number of employees in each category would be provided at a later date, once the company has determined them.

Bumping rights are not available for the impacted employees, reports Retail Dive.

“Nike’s always at our best when we’re on the offense. The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health and wellness have never been stronger,” Nike said in a statement.

“While these changes will impact approximately 2% of our total workforce, we are grateful for the contributions made by all Nike teammates.”

The layoffs are tied to a cost-savings plan Nike unveiled in December, which is aimed at generating up to $2 billion in cumulative savings over three years.

Based on the company’s last annual report, the layoffs to 2% of its total workforce will impact more than 1,600 people.

Savings from the plan are set to be reinvested in driving growth, innovation and profitability.

For more news and updates like this, opt-in for push notifications.

Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy

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.

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A beloved food joint now makes an unexpected closure after 70 years in business, and customers are mourning the loss of its last location.

The Burger Pit in San Jose, California, has been an iconic part of the city since the 1950s, reports The-Sun.

However, the last location of the chain closed its doors for good on Tuesday as loyal fans formed lines around the building to get their last burger.

The closure of the burger joint was announced last year by co-owner Paul Berger whose late father Al set up the business with three partners in 1953.

What started as a drive-in soon became three burger restaurants with the first opening in 1956.

This was followed by 26 branches throughout the Bay Area.

Berger, has worked at the restaurant for over 50 years and has said that he will miss one thing.

“Well, I’m 75, and it’s time for me to retire, but I’m going to miss all of these people,” he told Fox News affiliate KTVU.

Speaking of his father’s legacy, Berger said “he would be very proud, especially when he sees this line around the building.”

“We were before McDonald’s, before Burger King, everybody,” he told San Jose Spotlight last year.

“And (my father and his three partners) made quite a success out of it. Ten burgers for a dollar.”

However, money has also been part of its downfall as the cost of rent forced the popular restaurant to close alongside Berger’s retirement.

“We found out he [landlord] wanted $21,000 a month to rent, which was an enormous increase over what I was paying,” he told KNTV.

There were also issues with the lease that also contributed to the closure with the building being out of compliance with city building codes.

However, despite the sadness of closing, it is the actions of locals and fans of the eatery that will remain with Berger and his crew.

The joint ran out of supplies hours before their closing time with people even wanting to buy mementos of the restaurant such as pictures from its walls.

“It’s just amazing to me how many people come in here and eat every day or every other day, and eat the same thing every day,” Berger told San José Spotlight.

“I appreciate all the years and the nice things people have said.”

“Everyone wants to buy a piece of this place. Half the pictures are gone…people want to buy anything that was at The Burger Pit.

I’m seeing Burger Pit T-shirts and coffee mugs (and) we ran out. We sold 288 of them in 10 days.”

Restaurant manager Jody Millermon who has worked there for three decades agrees with Berger saying that she will most miss the customers she has met at the restaurant.

“A lot of our customers aren’t customers, they’re family,” she told KNTV.

For more news and updates like this, opt-in for push notifications.

Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing

Other Economy News Today

A massive shoe retailer now announces a new wave of layoffs to hit headquarters this summer, affecting over 700 employees.

Nike has announced its ‘second phase’ of mass layoffs, effective June 28, according to a Worker Adjustment and Retraining Notification (WARN) filing.

A total of 740 employees will be impacted in the retailer’s home state.

The layoffs are part of the 2% workforce reduction Nike announced in February, which is taking place across two phases, the company confirmed via email.

Nike said job titles and the number of employees in each category would be provided at a later date, once the company has determined them.

Bumping rights are not available for the impacted employees, reports Retail Dive.

“Nike’s always at our best when we’re on the offense. The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health and wellness have never been stronger,” Nike said in a statement.

“While these changes will impact approximately 2% of our total workforce, we are grateful for the contributions made by all Nike teammates.”

The layoffs are tied to a cost-savings plan Nike unveiled in December, which is aimed at generating up to $2 billion in cumulative savings over three years.

Based on the company’s last annual report, the layoffs to 2% of its total workforce will impact more than 1,600 people.

Savings from the plan are set to be reinvested in driving growth, innovation and profitability.

For more news and updates like this, opt-in for push notifications.

Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy

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.

---

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A massive restaurant chain now closes a major location in California for good after its lease hung on life support for four years.

A Chili’s restaurant shut its doors for good as locals mourn the loss despite hearing of what will replace the bar and grill, reports The-Sun.

The eatery located in Irvine, California closed up shop on April 16 after a drawn-out end, says the outlet.

Fans were informed of the closure with a notice taped to the outside of the restaurant.

“Chili’s lease at Westpark Plaza expired at the end of 2020,” the sign read, according to the Orange County Register.

The notice stated that the location stayed open due to numerous lease extensions but these were temporary.

Brinker International, the company that owns Chili’s then decided to permanently close the location this month.

However, a replacement has already been chosen and locals can look forward to another restaurant taking its place.

“We are pleased to announce a family-owned dining restaurant will open in this location early next year,” the notice on the building said.

No further information about the incoming restaurant has been given.

However, some residents believe that the closure of Chili’s Irvine location is a bad sign for the future of the chain.

The closure of the location that had been in Irvine for almost 30 years follows the closure of an Aliso Viejo Chili’s that closed in September 2023.

As well as this, the bar and grill in Paso Robles, California also shuttered last summer following a “quick announcement” by bosses.

“Looks like Chili’s or Applebee’s are going extinct the way of the dinosaurs,” one local wrote on Facebook following news of the latest closure.

“They are all closing…” another added.

Others mourned the loss as they reminisced about happier times.

“So sad….I used to meet my parents there for dinner every Saturday,” one said.

Another called it a “travesty” saying, “I LOVED that location.”

Meanwhile, some are looking forward to the replacement restaurant, hoping that it will fill a void in the area.

For more news and updates like this, opt-in for push notifications.

Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing

Other Economy News Today

A massive shoe retailer now announces a new wave of layoffs to hit headquarters this summer, affecting over 700 employees.

Nike has announced its ‘second phase’ of mass layoffs, effective June 28, according to a Worker Adjustment and Retraining Notification (WARN) filing.

A total of 740 employees will be impacted in the retailer’s home state.

The layoffs are part of the 2% workforce reduction Nike announced in February, which is taking place across two phases, the company confirmed via email.

Nike said job titles and the number of employees in each category would be provided at a later date, once the company has determined them.

Bumping rights are not available for the impacted employees, reports Retail Dive.

“Nike’s always at our best when we’re on the offense. The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health and wellness have never been stronger,” Nike said in a statement.

“While these changes will impact approximately 2% of our total workforce, we are grateful for the contributions made by all Nike teammates.”

The layoffs are tied to a cost-savings plan Nike unveiled in December, which is aimed at generating up to $2 billion in cumulative savings over three years.

Based on the company’s last annual report, the layoffs to 2% of its total workforce will impact more than 1,600 people.

Savings from the plan are set to be reinvested in driving growth, innovation and profitability.

For more news and updates like this, opt-in for push notifications.

Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy

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 ✨

Search

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