New York now ranks #2 with the most layoffs in the U.S according to the latest WARN data.
California remains the #1 state with the most layoffs in the country.
So far in 2023, New York has had approximately 36,057 layoffs across 338 businesses.
The state replaced Colorado for second place in a blink of an eye.
The biggest layoffs in New York came from Yellow Corporation in late July where more than 1,185 positions were lost.
Google had also laid off over 887 employees during the second quarter of the year.
Banks such as Goldman Sachs and Morgan Stanley laid off more than 1,000 employees combined in New York alone this year.
So far, three big companies have announced of upcoming job cuts in New York in December.
There are currently no advisories of layoffs for the month of November.
Below is a list of companies that filed WARN notifications advising of upcoming layoffs in New York this year.
- Shop-Rite Supermarkets Inc. 567 job cuts by 12/09.
- Target. 293 job cuts by 12/30.
- Credit Suisse. 254 job cuts by 12/31.
Other Economy News Today
A massive US bank now lays off 2,000 employees in efforts to cut back on costs after announcements were initially made in September.
Charles Schwab has laid off about 5% to 6% of its employees, amounting to roughly 2,000 people, as it looks to cut costs, per numerous reports.
A Schwab spokesperson said these “were hard but necessary steps to ensure Schwab remains highly competitive, with industry-leading levels of efficiency, well into the future.”
The company only released a percentage of how many people were laid off and didn’t give a precise number, but Schwab’s headcount was 35,900 as of September 30, according to a corporate fact sheet.
“They are decisions that impact very talented people personally, and we take that very seriously,” a spokesperson said.
“We worked diligently to ensure affected employees were treated with care and respect throughout this difficult process.”
The cost-cutting measures were first announced in the summer, with the brokerage looking to cut $500 million in costs as it faces investor pressure, reports CNN.
Part of the changes includes evaluating its “real estate footprint, streamlining our operating model, and staffing reductions, largely in non-client-facing areas,” a Schwab spokesperson said.
Like other banks, Schwab endured turbulence earlier this year when its bottom line was given a hard look by investors after the collapse of Silicon Valley Bank.
Citigroup also confirmed during the second quarter that new layoffs (1,600 in the second quarter) will push the total job cuts to 5,000 this year.
Wells Fargo also said that it could see its headcount decline further as it aims to improve efficiency, per Chief Financial Officer Mike Santomassimo.
Charles Schwab stock is currently down more than -35% this year-to-date.
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