Tag: JPMorgan (Page 1 of 365)

A Famous Company is Now Laying Off Hundreds in Minnesota

A famous company is now laying off hundreds in Minnesota, resulting in the loss of more than 300 job positions this summer.

Charter Communications, widely recognized as Spectrum, has announced the permanent closure of its customer contact center in Rochester, Minnesota.

This move will result in the layoff of at least 330 employees, starting on August 15.

The company has officially notified the Minnesota Department of Employment and Economic Development with a Worker Adjustment and Retraining Notification (WARN) letter about the impending closure.

A Charter spokesperson said operations will be transitioned to different locations in the U.S.

Employees from the Rochester location have the option to transfer with relocation benefits, and those who don’t will get severance benefits.

“Our goal is to retain as much talent and experience as possible,” Charter Communications said.

No employees from the Rochester location were union members, and Charter does not recognize “bumping rights,” which allow employees to replace other employees based on seniority.

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Also Read: Retirees Will Now Receive More Money For Social Security

Other Economy News Today

Market News Today - A Famous Company is Now Laying Off Hundreds in Minnesota.
Market News Today – A Famous Company is Now Laying Off Hundreds in Minnesota.

Applications for unemployment benefits now surge to new highs, a sign that the white-hot labor market is starting to cool off.

First-time applications for unemployment benefits rose last week to 231,000, the highest level since August, per CNN.

Thursday’s data also showed that the number of continuing claims, or applications from people who have filed for unemployment for at least one week, was 1.78 million.

That’s an increase of 17,000 from the prior week, according to the Bureau of Labor Statistics.

The latest numbers come less than a week after the monthly jobs report showed the US economy added just 175,000 positions in April, less than economists expected and a steep drop-off from prior months.

US employers have now added an average of 245,500 jobs per month, versus 2023’s 251,000-per-month average.

Still, hiring remains strong. Although the unemployment rate ticked up to 3.9% last month, it’s the 27th consecutive month that the jobless rate has held under 4%, matching a streak last seen in the late 1960s.

Weekly jobless claims data tends to be volatile but, while one week’s worth of data “does not a trend make,” said Chris Rupkey, chief economist at Fwdbonds.

“We can no longer be sure that calm seas lie ahead for the US economy if today’s weekly jobless claims are any indication.”

Company layoffs are picking up, hinting at caution on the part of companies as they weigh the outlook for the second half of the year,” he wrote in a note Thursday.

The Federal Reserve has been battling inflation by raising its key lending rate in the hopes of slowing the economy.

While the labor market has so far resisted those efforts, remaining white hot for the past 18 months despite 11 rate hikes from the central bank, Fed Chair Jerome Powell said last week that demand has “cooled from its extremely high level of a couple of years ago.”

Ian Shepherdson at Pantheon Economics said in a note Thursday: “We’d need to see at least a month of elevated readings to convince us that the trend really has turned.”

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Also Read: A Giant Company Now Announces Unexpected Layoff in Virginia

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Market News Today - A Famous Company is Now Laying Off Hundreds in Minnesota.
Market News Today – A Famous Company is Now Laying Off Hundreds in Minnesota.

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An Unexpected Company Now Announces Layoffs in North Carolina

An unexpected company now announces layoffs in North Carolina, affecting approximately 200 employees at a major facility.

Global drugmaker Pfizer Inc. is expected to make cuts — eliminating approximately 200 jobs or more — at a Sanford gene therapy facility after a clinical trial failed for a muscular dystrophy treatment, people familiar with the company’s plans told WRAL on Friday.

It would be the latest in a series of recent pullbacks by the company in the region, reports the outlet.

Pfizer, one of the biggest employers in Lee County, said Wednesday that a clinical trial for a Duchenne muscular dystrophy treatment failed to meet its goal of significantly improving motor function among boys 4 to 7 years old.

The Sanford facility has produced gene therapy products for the neuromuscular disease and two types of hemophilia.

The failed muscular dystrophy trial prompted discussions about the cuts, which could equate to slightly more than 10% of the company’s Sanford headcount, according to people familiar with the potential cuts.

People spoke on the condition of anonymity because they were not authorized to discuss the company’s plans.

It was unclear late Friday whether the layoffs would happen all at once or be phased in over time.

Pfizer recently won FDA approval for a hemophilia treatment. It was unclear whether that approval would have any impact on Sanford operations.

Steve Danehy, a Pfizer spokesman, said late Friday that the Sanford site isn’t closing and that the company remains committed to the city.

Pfizer is currently expanding certain facilities in Sanford, he said.

“However, in light of the recent disappointing results in our Ciffreo Duchene muscular dystrophy trial, we can’t rule out future changes to staffing based on the expected demands of our business,” he said in an emailed statement.

For more layoff news and updates like this, opt-in for push notifications.

Also Read: Retirees Will Now Receive More Money For Social Security

Other Economy News Today

Market News Today - An Unexpected Company Now Announces Layoffs in North Carolina.
Market News Today – An Unexpected Company Now Announces Layoffs in North Carolina.

Applications for unemployment benefits now surge to new highs, a sign that the white-hot labor market is starting to cool off.

First-time applications for unemployment benefits rose last week to 231,000, the highest level since August, per CNN.

Thursday’s data also showed that the number of continuing claims, or applications from people who have filed for unemployment for at least one week, was 1.78 million.

That’s an increase of 17,000 from the prior week, according to the Bureau of Labor Statistics.

The latest numbers come less than a week after the monthly jobs report showed the US economy added just 175,000 positions in April, less than economists expected and a steep drop-off from prior months.

US employers have now added an average of 245,500 jobs per month, versus 2023’s 251,000-per-month average.

Still, hiring remains strong. Although the unemployment rate ticked up to 3.9% last month, it’s the 27th consecutive month that the jobless rate has held under 4%, matching a streak last seen in the late 1960s.

Weekly jobless claims data tends to be volatile but, while one week’s worth of data “does not a trend make,” said Chris Rupkey, chief economist at Fwdbonds.

“We can no longer be sure that calm seas lie ahead for the US economy if today’s weekly jobless claims are any indication.”

Company layoffs are picking up, hinting at caution on the part of companies as they weigh the outlook for the second half of the year,” he wrote in a note Thursday.

The Federal Reserve has been battling inflation by raising its key lending rate in the hopes of slowing the economy.

While the labor market has so far resisted those efforts, remaining white hot for the past 18 months despite 11 rate hikes from the central bank, Fed Chair Jerome Powell said last week that demand has “cooled from its extremely high level of a couple of years ago.”

Ian Shepherdson at Pantheon Economics said in a note Thursday: “We’d need to see at least a month of elevated readings to convince us that the trend really has turned.”

For more news and updates like this, opt-in for push notifications.

Also Read: A Giant Company Now Announces Unexpected Layoff in Virginia

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Market News Today - An Unexpected Company Now Announces Layoffs in North Carolina.
Market News Today – An Unexpected Company Now Announces Layoffs in North Carolina.

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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.

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An Unexpected Company Is Now Laying Off Hundreds in Wisconsin

An unexpected company is now laying off hundreds in Wisconsin due to a significant decrease in consumer demand.

Mercury Marine, a boat parts manufacturer in Fond du Lac County, is preparing to cut a total of 300 positions this summer, according to a spokesperson.

The company said in a statement the layoffs at its global headquarters in Fond du Lac will run through July, and are part of operations “adjustments” in Wisconsin, Florida and Mexico.

“These actions were taken due to softening of consumer demand in some of our markets mainly as a result of continued high interest rates and near-term reductions in boat production by Mercury’s boat builder partners,” the company said.

Mercury Marine did not provide details on which positions were affected, and a layoff notice was not available on the state Department of Workforce Development webpage as of Friday Morning.

The company’s operations in Fond du Lac include manufacturing facilities and corporate offices.

In April, WGBA-TV reported more than 100 people had already been laid off at Mercury Marine this year.

Mercury Marine said it will still have more than 3,500 full-time employees in Fond du Lac following this round of workforce reductions.

In the first quarter of 2024, Mercury Marine’s parent company, Brunswick Corp., reported consolidated net sales were down $378 million from the same period of last year.

Earlier this year, Racine County boat manufacturer BRP Inc. laid off 298 workers at its plant in the village of Sturtevant.

That company reported its revenues were down more than 16% in the first quarter.

For more layoff news and updates like this, opt-in for push notifications.

Also Read: Retirees Will Now Receive More Money For Social Security

Other Economy News Today

Market News Today - An Unexpected Company Is Now Laying Off Hundreds in Wisconsin.
Market News Today – An Unexpected Company Is Now Laying Off Hundreds in Wisconsin.

Applications for unemployment benefits now surge to new highs, a sign that the white-hot labor market is starting to cool off.

First-time applications for unemployment benefits rose last week to 231,000, the highest level since August, per CNN.

Thursday’s data also showed that the number of continuing claims, or applications from people who have filed for unemployment for at least one week, was 1.78 million.

That’s an increase of 17,000 from the prior week, according to the Bureau of Labor Statistics.

The latest numbers come less than a week after the monthly jobs report showed the US economy added just 175,000 positions in April, less than economists expected and a steep drop-off from prior months.

US employers have now added an average of 245,500 jobs per month, versus 2023’s 251,000-per-month average.

Still, hiring remains strong. Although the unemployment rate ticked up to 3.9% last month, it’s the 27th consecutive month that the jobless rate has held under 4%, matching a streak last seen in the late 1960s.

Weekly jobless claims data tends to be volatile but, while one week’s worth of data “does not a trend make,” said Chris Rupkey, chief economist at Fwdbonds.

“We can no longer be sure that calm seas lie ahead for the US economy if today’s weekly jobless claims are any indication.”

Company layoffs are picking up, hinting at caution on the part of companies as they weigh the outlook for the second half of the year,” he wrote in a note Thursday.

The Federal Reserve has been battling inflation by raising its key lending rate in the hopes of slowing the economy.

While the labor market has so far resisted those efforts, remaining white hot for the past 18 months despite 11 rate hikes from the central bank, Fed Chair Jerome Powell said last week that demand has “cooled from its extremely high level of a couple of years ago.”

Ian Shepherdson at Pantheon Economics said in a note Thursday: “We’d need to see at least a month of elevated readings to convince us that the trend really has turned.”

For more news and updates like this, opt-in for push notifications.

Also Read: A Giant Company Now Announces Unexpected Layoff in Virginia

Market News Published Daily 📰

Market News Today - An Unexpected Company Is Now Laying Off Hundreds in Wisconsin.
Market News Today – An Unexpected Company Is Now Laying Off Hundreds in Wisconsin.

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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.

Our readers can now donate $3 per month to support independent journalism.

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A Retail Chain Now Makes Unexpected Closures and Layoffs

A retail chain now makes unexpected closures and layoffs amidst high inflation and the rise of online shopping.

Bob’s Stores have announced the closure of 10 locations amidst high inflation and the rise of online shopping.

Due to the shutdowns, the stores are having a blowout sale with up to 50% off items.

In May, Bob’s Stores and sister-brand Eastern Mountain Sports laid off 150 people at their headquarters in Meriden, Connecticut, and decided to close 10 locations across the northeast, according to CT Insider.

The layoffs were scheduled to start on June 14.

CEO David Barton said the company was trying to secure different financing in a letter to the state Department of Labor.

“We would like to have given you more notice of this action but were unable to do so because the bank has informed us within the last week that it will refuse to fund the employee health insurance premiums, 401K administration, payroll, as well as other critical financial obligations,” CEO David Barton wrote to the Department of Labor about the abrupt lay-offs.

“As of this date, they remain firm on their position despite our continuing best efforts to convince them otherwise.”

For the business to survive the drought that is in-person shopping and the woes of rising inflation, they need to lean on their loyal customers to prove they still have a promising business model.

“Bob’s and EMS know how to run good, profitable, and productive stores that offer great merchandise with great value,” Burt Flickinger III, managing director of the Manhattan-based retail and consumer goods consulting firm Strategic Resource Group said, according to CT Insider.

“But they’re facing an accelerating retail ice age.”

Locations across the East Coast are preparing for their impending closure.

No specific closing dates have been released.

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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - A Retail Chain Now Makes Unexpected Closures and Layoffs.
Market News Today – A Retail Chain Now Makes Unexpected Closures and Layoffs.

An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.

TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.

This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.

The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.

Today, Fridays will welcome in famished diners at its location in Brick for the final time.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.

“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”

Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.

“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.

“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.

Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.

The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.

Also Read: Retirees Will Now Receive More Money For Social Security

Market News Published Daily 📰

Market News Today - A Retail Chain Now Makes Unexpected Closures and Layoffs.
Market News Today – A Retail Chain Now Makes Unexpected Closures and Layoffs.

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.

Our readers can now donate $3 per month to support independent journalism.

For daily news and updates on your favorite stories, opt-in for push notifications.

Follow Frank Nez on X (Twitter)Instagram, or Facebook.


Support Independent Journalism ✍🏻

Support independent journalism for just $3 per month!

Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.

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