Massive layoffs in Virginia now grow prior to the holidays as more businesses file WARN acts advising of upcoming job cuts.
Under the Worker Adjustment and Retraining Notification (WARN) 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.
Ball Advanced Aluminum Technologies filed a WARN Act with the Virginia Employment Commission advising that 73 staff at a facility in Verona will be laid off on December 31.
This is the latest blow to the Virginia workforce.
However, other businesses have also advised of upcoming job cuts prior to the holidays:
- Morgan Olson, LLC. 435 job cuts by 12/22.
- NE Virginia Emergency Physicians, LLC. 137 job cuts by 12/31.
- Ball Advanced Aluminum Technologies. 73 job cuts by 12/31.
- Cygnus Home Service. 9 job cuts by 12/15.
- Thriveworks. 3 job cuts by 11/30.
So far in 2023, There has been 4,598 employees layoffs across 49 companies.
Other Economy News Today
A massive bank now closes several branches in Florida as the online banking trend continues to grow, also fueling layoffs in the sector.
This week, Wells Fargo will close the following four branches in Florida.
- 3131 West Hallandale Beach Blvd, Hallandale
- 10191 Cleary Blvd, Plantation
- 113 South Tennessee Ave, Lakeland
- 4901 Tamiami Trail, South Naples
The bank is also closing an additional four branches in California soon.
“In July, Wells Fargo laid off over 100 employees in the consumer and small business banking division in Orlando,” reports Ash Jurberg.
“Banks continue to close across the United States. Between 2017 and 2021, nine percent of all branches — almost 7,000 locations— shut their doors.”
This trend has grown nationwide as traditional banks pivot towards an ever growing digital world.
“Data from S&P Global Market Intelligence shows a total of 1,144 national and regional banks were closed between January 1 and July 31 across 49 states – and firms are pulling out of some areas faster than others,” reports the DailyMail.
“We need to concentrate Wells Fargo real estate investments in fewer locations or reduce space in existing real estate,” Wells Fargo said.
“Branches continue to play an important role in the way we serve our customers, and customers continue to value the experiences they have in our branches,” Saul Van Beurden, the bank’s CEO of consumer, small and business banking, said in a statement.
Wells Fargo has cut its workforce by roughly 40,000 since the third quarter of 2020, and more cuts ae expected, the bank’s chief financial officer, Mike Santomassimo, said last month.
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