Layoffs in Virginia now surge per new WARN data as more businesses advise of upcoming job cuts throughout early next year.
One of the latest businesses to file a WARN act is VMware, which is scheduled to reduce 116 of its staff in Reston by January 26.
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.
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 22.
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 4,858 layoffs in Virginia across 54 businesses.
California remains the #1 state with the most layoffs in the country.
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Other Economy News Today
Chase freezes a customer account worth a whopping $200K in a new scandal that has left the bank giant under new scrutiny.
The customer, who lives in Hawaii, says he opened his Chase account two decades ago and was shocked to learn $200,000 was suddenly inaccessible, reports The-Sun.
According to the customer, Chase told him he’d have to visit a branch in person to try and get his money.
And although Chase has ATMs in Hawaii, it does not have any physical branches, which forced the customer to fly 2,400 miles to Los Angeles in an attempt to resolve the issue.
“I don’t know why… I’ve had no problem with them for the last 20 years… But ok, it’s their choice and nothing I can do.”
As for why his account was shut down without warning, the account holder says he believes a large Zelle transfer may have something to do with it.
In the US, banks can close accounts at their discretion for a number of reasons, including concerns about fraud and illegal activities, too many overdrafts or dormancy.
Banks typically send notices to account holders and mail checks for the balance to addresses on file.
When banks are concerned about potential fraud, they also file Suspicious Activity Reports (SARs) to law enforcement.
Banks filed about 830,000 SARs in 2014, a number that steadily increased to about 1.4 million in 2021, according to the Banking Policy Institute.
Only 4% of SARs trigger a follow-up from authorities, and a small fraction of the follow-ups result in arrests and convictions.
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