DeSantis Has Now Announced New Massive Layoffs in Florida

DeSantis has now announced new massive layoffs in Florida, part of a budget plan that will last between 2024 and 2025.

Despite a multi-billion-dollar budget surplus, Florida Governor Ron DeSantis has vowed to cut more than 1,000 state government positions.

The Governor released the following statement:

“We are also going to be reducing the size of government by eliminating over 1,000 positions throughout the state government.

That’s going to help us realign resources to focus on efficiency.”

According to the plan, there would be 407 jobs axed from the Florida Department of Corrections (FDC).

The Florida Department of Health (FDOH) would also lose approximately 358 positions.

And the Florida Department of Transportation would lose at the very least 100 jobs.

The budget was slammed by Florida Democrats.

“The irony of Ron’s ‘Focus on Florida’ budget is his complete inability to actually focus on Florida,” says Florida Democratic Party Chair Nikki Fried.

“He spent more time ranting about the State of California today than proposing positive solutions for Florida — at times, his speech felt like the deleted scenes from last week’s debate.”

The budget will be negotiated during the 2024 legislative session, which will start on Tuesday, January 9, 2024.

Once and if approved, it will take effect sometime in starting in July.

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Also Read: Massive Layoffs in Florida Deepen According to New Data

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Market News Today - DeSantis Has Now Announced New Massive Layoffs in Florida.
Market News Today – DeSantis Has Now Announced New Massive Layoffs in Florida.

Wells Fargo now warns of massive layoffs for 2024 as the banking giant announces a whopping $1bn severance hit.

So far, Wells Fargo, which has its corporate headquarters in California, has fired approximately 11,300 employees in 2023.

This is equal to nearly 5% of its nearly 230,000 workforce, reports CNBC.

As layoffs continue into 2024, Wells Fargo CEO Charlie Scharf has warned investors the costs could amount to a staggering $1 billion.

However, Scharf did not confirm the number of employees that would be affected by the next round of layoffs.

“We’re looking at something like $750 million to a little less than a billion dollars of severance in the fourth quarter that we weren’t anticipating, just because we want to continue to focus on efficiency,” Scharf told investors during a Goldman Sachs conference in New York.

“Wells Fargo needs to get “more aggressive” managing headcount because employee attrition has slowed this year,” Scharf added.

That expense is an accrual for worker layoffs that Wells Fargo expects to make next year, according to a bank spokeswoman.

The company declined to say how many jobs it will cut, says CNBC.

Wall Street leaders including Scharf and Morgan Stanley CEO James Gorman have said that unusually low attrition among their workers has left them bloated.

The industry has been cutting jobs in the past year as it deals with rising funding costs, a prolonged slump in Wall Street deals and concern over loan losses.

Wells Fargo, the fourth-biggest U.S. bank by assets, was already among the most active in laying off workers this year, thanks in part to its “retrenchment” from the mortgage arena.

The bank has cut about 11,300 jobs so far in 2023, or 4.7% of its workforce, and had 227,363 employees as of September, reports CNBC.

Also Read: A Massive Bank Now Closes Several Branches in Florida

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Market News Today - DeSantis Has Now Announced New Massive Layoffs in Florida.
Market News Today – DeSantis Has Now Announced New Massive Layoffs in Florida.

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