Amazon to Cut 9,000 More Jobs, Deepening Biggest Pullback Ever
source link: https://finance.yahoo.com/news/amazon-cut-9-000-more-154038456.html
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
Amazon to Cut 9,000 More Jobs, Deepening Biggest Pullback Ever
(Bloomberg) -- Amazon.com Inc. is laying off an additional 9,000 employees, adding to cuts that were already the largest round of firings in the company’s history.
Most Read from Bloomberg
Chief Executive Officer Andy Jassy announced the cuts internally Monday, saying they would occur in the coming weeks and primarily affect Amazon Web Services, human resources, advertising and the Twitch livestreaming service groups.
“Given the uncertain economy in which we reside, and the uncertainty that exists in the near future, we have chosen to be more streamlined in our costs and headcount,” he said in his memo, published later to Amazon’s corporate blog. Twitch’s incoming CEO said in his own blog post that cuts at the San Francisco-based subsidiary would total about 400 people. A spokesperson declined to detail how Amazon was apportioning the rest of the layoffs.
The e-commerce giant has been laying off mostly corporate workers after a hiring spree during the pandemic left Amazon with too many people. The company recently wrapped up a round of job cuts that totaled about 18,000 workers. Those layoffs began in November and landed heaviest on Amazon’s recruiting and human resources teams, its sprawling retail group and devices teams.
Amazon shares fell 1.3% to $97.71 in New York. The stock is up about 16% this year.
The announced cuts come less than a week after Facebook owner Meta Platforms Inc. said it was laying off another 10,000 employees and closing about 5,000 additional open roles in its own second major round of job cuts. Meta Chief Executive Officer Mark Zuckerberg told employees during a recent internal meeting that the economic climate of layoffs and restructuring could last “many years.”
- TheStreet.com
Taking Stock of Amazon Job Cuts, Our Stock Moves, and More
As we get closer to the Fed meeting, let's check on several holdings and how they're moving.
2h ago - MarketWatch
Amazon’s stock down nearly 2% as another 9,000 layoffs announced
Amazon.com Inc. is eliminating another 9,000 jobs, the company announced Monday morning. In a memo to staff, Amazon (AMZN) Chief Executive Andy Jassy said the cuts would take place over the next few weeks and primarily affect Amazon Web Services, People Experience and Technology Solutions, advertising and Twitch. “This was a difficult decision, but one that we think is best for the company long term,” Jassy wrote.
8h ago - Reuters
Google denies destroying 'chat' evidence in U.S. antitrust lawsuit
Alphabet Inc's Google has denied intentionally destroying evidence in the U.S. Justice Department's antitrust lawsuit over the company's search business, in a response to the government's bid for sanctions in federal court. The Justice Department last month alleged Google failed to preserve certain internal corporate "chat" communications. The DOJ said Google told U.S. investigators in 2019 that the company had put a hold on allowing auto-deletion of those instant messaging records.
7h ago - Bloomberg
Fed’s $8.6 Trillion Balance Sheet a Focus as Banks Seek Cash
(Bloomberg) -- For all the focus on whether the Federal Reserve is about to pause its interest-rate hikes, there’s another critical policy decision sure to draw plenty of attention come Wednesday: What the central bank does with its massive pile of bond holdings.Most Read from BloombergUBS to Buy Credit Suisse in $3.3 Billion Deal to End CrisisCredit Suisse’s $17 Billion of Risky Bonds Are Now WorthlessThe One Big Winner and Many Losers of UBS’s Credit Suisse RescueMorgan Stanley Strategist Says
8h ago - Fortune
Bill Gates says the world must create ‘a fire department for pandemics’ to avoid the next catastrophic outbreak
“We need to prepare to fight disease outbreaks just as we prepare to fight fires,” Bill Gates writes in a NYT op-ed.
5h ago - USA TODAY
Amazon layoffs continue: Tech giant to cut another 9,000 jobs, CEO Jassy says
Amazon will be eliminating roles in its cloud computing unit, human resources division, advertising and Twitch, CEO Andy Jassy said Monday.
5h ago - Bloomberg
US Banks on Bumpy Path as First Republic’s Troubles Persist
(Bloomberg) -- Just weeks ago, they were bit players in the giant US banking system. Now, a handful of regional lenders are at the heart of a crisis that’s shaken the country and engaged the likes of Warren Buffett and Jamie Dimon. Most Read from BloombergUBS to Buy Credit Suisse in $3.3 Billion Deal to End CrisisCredit Suisse’s $17 Billion of Risky Bonds Are Now WorthlessThe One Big Winner and Many Losers of UBS’s Credit Suisse RescueMorgan Stanley Strategist Says Bank Stress Signals Bear Marke
9h ago - Reuters
Ritchie Bros completes $7 billion IAA acquisition
The company, which auctions and sells used heavy industrial equipment, last week saw its shareholders vote in favor of the acquisition despite the pushback from Institutional Shareholder Services and Glass Lewis. The proxy advisory firms on March 6 recommended that shareholders reject the deal due to potential risks including a lag in IAA's performance and a drop in stock price since the bid was announced in November.
3h ago - Investor's Business Daily
Amazon Slashing More Jobs As Layoffs Among Big Tech Firms Continue
Amazon is cutting 9,000 more jobs, raising its total in recent months to 27,000. Cuts include Amazon Web Services. AMZN stock fell on the news.
3h ago - Bloomberg
Bonds Rally as Credit Suisse Deal Fails to Restore Confidence
(Bloomberg) -- Demand for some of the world’s safest securities surged after a government-brokered rescue deal of Credit Suisse Group AG failed to assuage concerns that stress in the banking system could spread.Most Read from BloombergUBS to Buy Credit Suisse in $3.3 Billion Deal to End CrisisCredit Suisse’s $17 Billion of Risky Bonds Are Now WorthlessThe One Big Winner and Many Losers of UBS’s Credit Suisse RescueMorgan Stanley Strategist Says Bank Stress Signals Bear Market EndStocks Bounce Ba
12h ago - The Wall Street Journal
Amazon to Cut 9,000 More Jobs After Earlier Layoffs
Chief Executive Andy Jassy said in a statement that the company added a significant number of employees in recent years, a step he defended as necessary given what was happening in Amazon’s business at the time. “Given the uncertain economy in which we reside, and the uncertainty that exists in the near future, we have chosen to be more streamlined in our costs and head count,” Mr. Jassy said, noting that the layoffs come after Amazon completed its annual planning process. Waves of job cuts have roiled the tech industry.
3h ago - The Telegraph
Russia seizes Volkswagen factory in legal battle with Deripaska’s car maker
Volkswagen has lost control of a vast car plant in Russia as part of a legal battle with a car maker controlled by sanctioned oligarch Oleg Deripaska.
4h ago - Barrons.com
Amazon to Cut Another 9,000 Jobs as It Joins the Year of Efficiency
Amazon, which cut 18,000 jobs earlier this year, is making another round of reductions as it aims for improved efficiency.
8h ago - Reuters
U.S. bank crisis 'unlikely' to spill over to Canada, analysts say
TORONTO (Reuters) -Canada's top six lenders have ample liquidity and manageable credit risks which will help them to emerge largely unscathed from the crisis of confidence that has rocked the global banks over the last two weeks, analysts said on Monday. The collapse of two the U.S. regional banks- the Silicon Valley Bank and Signature Bank this month --and the Swiss government-brokered deal for UBS to buy Credit Suisse has raised concerns about the health of global banking sector. "The U.S. contagion is unlikely to spill over to Canadian banks as the issues in U.S. are unique and specific to certain business models or lending activities," said James Shanahan, banking analyst with Edward Jones to Reuters.
6h ago - Bankrate
Best no-penalty CD rates — March 2023
Not sure when you’ll need to access your money? These CDs may be a good fit.
5h ago - Bloomberg
UK Wants AT1 Bondholders to Know They Have Priority Over Stockholders
(Bloomberg) -- The Bank of England sought to clarify its rules regarding the order in which shareholders and creditors should bear losses in the event of insolvency, in the wake of the controversial write-down of Credit Suisse Group AG’s riskiest bonds. Most Read from BloombergUBS to Buy Credit Suisse in $3.3 Billion Deal to End CrisisCredit Suisse’s $17 Billion of Risky Bonds Are Now WorthlessThe One Big Winner and Many Losers of UBS’s Credit Suisse RescueMorgan Stanley Strategist Says Bank Str
9h ago - Reuters
Credit Suisse says $17 billion of its debt now worthless, angering bondholders
Credit Suisse said 16 billion Swiss francs ($17.24 billion) of its Additional Tier 1 debt will be written down to zero on the orders of the Swiss regulator as part of its rescue merger with UBS, angering bondholders on Sunday. FINMA, the Swiss regulator, said the decision would bolster the bank's capital. The move reflects authorities' desire to see private investors share the pain from Credit Suisse's troubles.
1d ago - Bloomberg
Morgan Stanley Turns ‘Outright Bullish’ on Asian Growth Stocks
(Bloomberg) -- Easing financial conditions globally have made Morgan Stanley “outright bullish” on growth stocks in Asia and emerging markets versus their value peers.Most Read from BloombergUBS to Buy Credit Suisse in $3.3 Billion Deal to End CrisisCredit Suisse’s $17 Billion of Risky Bonds Are Now WorthlessThe One Big Winner and Many Losers of UBS’s Credit Suisse RescueMorgan Stanley Strategist Says Bank Stress Signals Bear Market EndStocks Bounce Back After Rout as Bank Jitters Ease: Markets
13h ago - TheStreet.com
Warren Buffett Offers Safety During New Bank Scare
Other financial institutions have been affected, including Signature Bank , First Republic Bank , and even Credit Suisse . During the chaos, prominent figures have been talking with Warren Buffett and his Omaha, Neb.-based diversified holding company Berkshire Hathaway . "We were not too surprised to see stories pop up over the weekend about Warren Buffett, CEO of wide-moat Berkshire Hathaway, being in conversations with the Biden administration about the banking crisis, as well as reports from the major news outlets that a large number of private jets have made their way to Omaha this weekend," wrote Morningstar's Greggory Warren on March 19.
4h ago - TheStreet.com
Dollar General Is Making a $100 Million Bet Customers Will Love
Dollar General Chief Executive Jeff Owen just acknowledged what people blessed with common sense intuitively understand: Understaffed stores lead to bad customer service and lost sales. Most of the $100 million investment, Owen said, will go to increasing hours for employees so they can meet "our expectations regarding consistent store standards." Which, of course, means shopping at Dollar General is like playing craps: You might get a decent store or you might roll snake eyes.
3h ago
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK