Massive layoffs in California now grow according to the latest WARN data as another business advises of upcoming job cuts.
Informatica, an enterprise cloud data management leader, last week announced its Total Revenues increased 10% year-over-year to $408.6 million.
However, despite this seemingly positive news, the company also announced it was permanently laying off a whopping 545 employees.
The company filed a WARN notice with the California Employment Development Department, advising them of the job cuts, which will take place by December 31.
“Informatica is taking a final step of our transformation to an AI-powered cloud company.
The company took a difficult action on Nov. 1 and implemented a global restructuring of their global workforce to align business efficiencies and focus on long-term success,” said a spokesperson for the company.
So far, California remains the #1 state with the most layoffs in the country.
The state has had 65,975 layoffs this year across 1,161 businesses.
Below is a list of businesses that filed WARN notices of upcoming job cuts in California this year:
- FedEx. 405 job cuts by 11/15.
- Sonoco Products. 292 job cuts by 11/01.
- Shaw Industries Group Inc. Plant WG. 283 job cuts by 11/20.
- Matheson Flight Extenders, Inc. 257 job cuts by 11/13.
- PLI Holdings, Inc. job cuts by 11/14.
- LEER Group. 215 job cuts by 11/11.
- Dryer’s Grand Ice Cream. 1,015 job cuts by 12/15.
- Dryer’s Grand Ice Cream. 306 job cuts by 12/11.
Other Economy News Today
Massive California banks are now closing according to new reports, including several Wells Fargo branches and one BMO branch.
This week, 5 big bank branches are closing in California, a trend that is only expected to grow in the years to come.
Why are we seeing traditional branches across America collapse?
The rise of online banking has greatly impacted traditional banks, causing the entire industry to pivot and adapt to the ever growing digital world.
The following bank branches are expected to shutter in California soon:
- Wells Fargo. 303 2nd St, San Francisco
- Wells Fargo. Hores Parkway, Redwood City
- Wells Fargo. 305 W. Sepulveda Blvd, Torrance
- Wells Fargo. 7950 West Sunset Blvd, Los Angeles
- BMO Bank. 6055 East Washington Blvd, City of Commerce
“All over California, 277 bank branches have closed so far this year, second only this century to 2020, when 325 branches closed.
Branch openings are a much rarer occurrence: Only eight have occurred statewide this year,” reports Governing.
A recent report states that Wells Fargo plans to lay off approximately 525 of its employees based in Columbia, South Carolina, and close the bank’s corporate office there by June 30, 2024.
“Wells Fargo leaders are working to provide up-to-date facilities with modern workspaces and technology to create a more collaborative work environment that is a better employee experience,” Wells Fargo wrote in a notice.
“At the same time, we need to concentrate Wells Fargo real estate investments in fewer locations or reduce space in existing real estate,” the bank said.
Bank of Montreal (BMO) is cutting 228 jobs in California’s Bay Area next month, as the Canadian lender continues to shed positions following its February acquisition of San Francisco-based Bank of the West.
Market News Published Daily 📰
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.
- Gain access to EXCLUSIVE FrankNez articles you won’t find here.
- Become part of a private and safe Discord community, just for retail investors.
- Get drawn at the end of the year for holiday giveaways.
Recommended For You ✨
- Massive Layoffs in California Now Underway Prior to Holidays
- Wells Fargo is Now Freezing Bank Accounts in New Scandal
- Chase Customers Now Unable to Access Money Through ATMs
- A US Bank is Now Denying Customers Access to Money
- The US Treasury Direct is Now Freezing Customer Accounts
- California Now Has Massive Departures As Hundreds of Thousands Leave