Category: Business News (Page 3 of 454)

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.

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

Other Economy News Today

A massive clothing retailer is now closing 100 stores after it officially announced it is filing for Chapter 11 bankruptcy.

The popular mall and clothing company Express has filed for bankruptcy and will close over 100 locations.

The bankruptcy will result in the sale of about 95 Express stores and all of its UpWest Express locations.

The company also owns Bonobos but has not announced any plans to close its locations.

Express “expects to conduct business as usual” at the remaining stores, it said in a press release.

The company did not specify which stores would shut.

There are currently around 530 Express locations.

While there has not yet been any official list of closing stores, one New Jersey location is already slated for closure.

The store, in Paramus Park Mall, recently posted signs for a liquidation sale.

Discounts there are currently up to 70% off.

It’s not fully clear whether this store is counted in the roughly 95 the chain plans to close.

However, local shoppers won’t have to travel far, however.

There is another Express located at the Garden State Plaza mall, also in Paramus.

The company is filing for bankruptcy despite a hefty influx of cash from the federal government.

Express said last week it received $49 million from the IRS through the CARES Act.

The act, passed by the Trump administration in 2020, pays out stimulus money to make up for losses associated with Covid-19.

Pending bankruptcy court approval, the company says it has found $35 million in new financing from some existing lenders.

Bankruptcy allows companies to more easily liquidate assets to pay off mounting debt.

An example of asset liquidation is the sale of a store.

Express is only one of several companies facing high-profile bankruptcies this year.

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

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A banker is now convicted for stealing money from customers while working at Bank of America over a 10-year period.

The personal banker was arrested after her years-long scam, resulting in nearly $300,000 being stolen, came to light.

Police in Seneca, South Carolina said they received a report in 2013 about missing money from an account with Bank of America.

The victim, who also reported the incident to the Customer Service department, told police he was missing around $30,000.

Investigators worked with Bank of America for several weeks after the crime was reported and learned that an employee who had been stealing money from several people in Oconee County.

The police said the victims would use the Bank of America location in Seneca as their primary bank and Bobbi Cortese was their personal banker.

Seneca Police investigators and the US Secret Service spent nearly a decade doing more interviews.

Meanwhile, Bank of America was given time to complete an internal investigation.

It was revealed that Cortese had stolen nearly $300,000 from four people while working at the bank.

Some of the money was in the victims’ bank accounts for life insurance payouts related to the deaths of their spouses.

Others had a lifetime of earnings that was supposed to be used for their retirement, said police.

Cortese would open accounts under the victims’ names without their knowledge or consent and would perform a “shell game.”

This is when a scammer uses the money from one victim to replace what she stole from another victim.

After investigating further, police said Cortese forged several documents and issued them to the victims to hide the theft.

She committed these acts for about four years while working at the Bank of America, said police.

Cortese was arrested in May 2023 and charged with four counts of breach of trust and two counts of forgery.

She was later fired by the bank, reports The-Sun.

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Also Read: A Massive Bank Now Freezes Money From Direct Deposits

Other Economy News Today

A massive bank is now planning fresh layoffs as it seeks to trim its headcount at several of its departments, according to sources.

UBS said it aims to save around $6 billion in staff costs in the future.

UBS is gearing up for another wave of job cuts as the Swiss banking giant continues to streamline its workforce after acquiring Credit Suisse, Bloomberg reported Wednesday.

The upcoming job cuts are expected to impact more than a hundred positions across the firm’s global investment banking division, people familiar with the matter told the publication, asking for anonymity due to the sensitive nature of the information.

This reduction in force, which goes beyond routine, performance-based terminations, is slated for the coming weeks.

Additionally, job losses are anticipated in the wealth management and markets units, another source told the wire service.

However, decisions related to the timing of these cuts are not final and can change, Bloomberg reported.

A UBS spokesperson declined to comment to Bloomberg.

The emergency takeover of Credit Suisse last March substantially increased UBS’s global workforce by around 45,000, bringing its total headcount to approximately 120,000 employees.

Last June, the lender announced it planned to cut roughly 30% of its workforce, or around 35,000 employees, by October, which could include more than half its former rival’s headcount.

Employees were told to watch for three rounds of layoffs last year.

Credit Suisse’s investment bank, back office and retail bank were to face the most reductions, a person familiar with the matter told Reuters.

In January, UBS axed a group of senior investment bankers and let go of staff across its private wealth and investment banking units in Asia, according to Bloomberg.

The Zurich-based bank has said it aims to save approximately $6 billion in staff costs in the coming years.

UBS decided to absorb Credit Suisse’s Swiss unit into its own rather than spinning it off and embarked on a complex integration and restructuring process.

UBS Chairman Colm Kelleher cautioned in November that the bank is bracing for a challenging 2024 as it navigates the complexities of the post-merger integration process.

He said the bank has already made significant progress in the “easy part” of reducing headcount as part of the integration efforts.

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

Also Read: Retirees Will Now Receive More Money For Social Security

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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 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 Social Security user is now billed a whopping $13k in overpayment charges resulting in the recipients benefits disappearing.

James Steverding shared his frustration on Facebook after discovering Social Security would slash overpayment amounts.

“They finally got their s**t together about robbing millions of SSA recipients of their benefits because they may have been accidentally overpaid,” he wrote.

The Social Security Administration (SSA) pays around $1.4 trillion in benefits to over 70 million people each year, according to the SSA.

Overpayments occur when the SSA determines needing to recover debt if a person got a monthly payment they weren’t entitled to.

“I wish they would have fixed this problem before they took all of my benefits over several years to pay back a $13,000 overpayment,” said Steverding.

He claimed he wasn’t aware of the overpayment and had been on Social Security for five years.

On March 20, the SSA announced an update to address improper payment amounts.

“We are continually improving how we serve the millions of people who depend on our programs, although we have room for improvement, as media reports last fall revealed.”

Social Security Commissioner Martin O’Malley said the SSA would stop withholding 100% of an overpaid beneficiary’s monthly benefits.

The SSA now takes 10% of monthly benefits instead, if a recipient fails to respond to a demand for repayment.

O’Malley noted this more manageable rate was similar to the amount for the SSA’s Supplemental Security Income (SSI) program.

He also said the SSA would implement an easier process for overpaid beneficiaries to request a waiver of repayment.

Another user, LaTaya Gilmore says Social Security is attacking her after they slapped her with a $49,000 overpayment she claims she does not owe.

If you or anyone you know is going through something similar, share your story in the comment section below.

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Also Read: Social Security Is Now Demanding Money From Certain Individuals

Other Economy News Today

A massive bank now freezes money from direct deposits affecting several users. The giant says it was an unprecedented glitch.

Bank of America clients have been saddled by direct deposit delays following a payment processing glitch.

Customers began to report digital payment delays to Bank of America.

Social media users tagged the bank to explain how their paychecks hadn’t yet hit their accounts in November.

“Bank of America Day 4 & still no direct deposit, no update on potential resolution,” one user wrote on X.

“Or at the very least what’s being done to resolve the issue, no transparency, no assistance, no communication from you all at all. Nothing. Wow. This is so bizarre.”

Wells Fargo clients also reported experiencing direct deposit lags, and both banks reported questions to The Clearing House.

The Clearing House is an automated clearing house system that operates as a private sector in the US.

The Clearing House told CBS MoneyWatch that payment instructions were sent to banks due to a “processing error.”

Payments were delayed since banks needed to process data and incoming payments to clients’ accounts.

The company said it worked with the affected customers and the Federal Reserve to fix the issue.

“Many of the delayed payments have already been posted, and we will continue working with financial institutions to ensure the remaining transactions are processed,” The Clearing House wrote.

An ACH network enables money to be digitally transferred between US bank accounts.

The Clearing House and the Federal Reserve Banks process millions of payments daily, as per The Clearing House.

Its process involves an operator sending a file to a bank or credit union and allowing the institution to transfer funds into a client’s account.

The Clearing House posted a statement on its website saying the payment error resulted from masked information, “due to a TCH error.”

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

Also Read: The US Treasury Direct is Now Freezing Customer Accounts

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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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 Social Security user is now hit with a massive penalty of $49,000 in ‘overpayment’, claiming she is being attacked.

LaTaya Gilmore says Social Security is attacking her after they slapped her with a $49,000 overpayment she claims she does not owe.

Gilmore says she also feels discriminated and is now suffering because no one can help her.

“Social Security disability is attacking me. They slapped me with a $49,000 overpayment that I don’t owe,” she told FrankNez.

“They changed my paperwork to stop my disability benefits. Judge Ball, something is really wrong with this lady.

I really think she hates pretty black women because they have stopped my income since February, leaving me homeless without being able to pay my bills and no one is listening to me.

I called WABL and these people play games with me.

Mr. Gary was helping me but this lady named Jenny picked up the phone and told me I couldn’t talk to him no more and the she kept picking up the phone saying ‘bye-bye’ like 15 times.

I called back because I needed help and then in turn, he told me I disrespected her.

I can’t get the help so I’m left out here in Baltimore to suffer.”

Last week I reported that a Social Security beneficiary was told she owes an additional $2,400 after paying off $4,111 due to overpayments, leaving her broke.

Katy Wells warned other recipients about the issue in a Facebook post.

“The Social Security Office needs to be cleaned out and revamped with people that know how to figure math correctly,” she wrote.

Wells explained that when she retired from her job as a school crossing guard in May 2022, she took all the necessary paperwork to a Social Security office to start collecting payments.

Then, in June, she brought in pay stubs to ensure she was getting accurate payments.

Unfortunately, in February 2023, she got a letter from the Social Security Administration SSA saying they had overpaid her $4,111 and that she would need to pay it back.

If you or anyone you know is going through something similar, share your story in the comment section below.

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

Also Read: Social Security Is Now Demanding Money From Certain Individuals

Other Economy News Today

A massive bank now freezes money from direct deposits affecting several users. The giant says it was an unprecedented glitch.

Bank of America clients have been saddled by direct deposit delays following a payment processing glitch.

Customers began to report digital payment delays to Bank of America.

Social media users tagged the bank to explain how their paychecks hadn’t yet hit their accounts in November.

“Bank of America Day 4 & still no direct deposit, no update on potential resolution,” one user wrote on X.

“Or at the very least what’s being done to resolve the issue, no transparency, no assistance, no communication from you all at all. Nothing. Wow. This is so bizarre.”

Wells Fargo clients also reported experiencing direct deposit lags, and both banks reported questions to The Clearing House.

The Clearing House is an automated clearing house system that operates as a private sector in the US.

The Clearing House told CBS MoneyWatch that payment instructions were sent to banks due to a “processing error.”

Payments were delayed since banks needed to process data and incoming payments to clients’ accounts.

The company said it worked with the affected customers and the Federal Reserve to fix the issue.

“Many of the delayed payments have already been posted, and we will continue working with financial institutions to ensure the remaining transactions are processed,” The Clearing House wrote.

An ACH network enables money to be digitally transferred between US bank accounts.

The Clearing House and the Federal Reserve Banks process millions of payments daily, as per The Clearing House.

Its process involves an operator sending a file to a bank or credit union and allowing the institution to transfer funds into a client’s account.

The Clearing House posted a statement on its website saying the payment error resulted from masked information, “due to a TCH error.”

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

Also Read: The US Treasury Direct is Now Freezing Customer Accounts

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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