Tag: layoffs

Disney Set for Layoffs After Billion-Dollar Earnings Miss

Ohio Star Staff

CEO Bob Chapek of Disney told executives that layoffs at the entertainment giant were likely, just days after a weak earnings report that missed expectations by over $1 billion, the Wall Street Journal reported Friday, citing an internal memo.

The email also announced a hiring freeze among other cost-saving measures including a request to limit travel without prior approval from executives, according to the WSJ. The company missed expectations for its fourth quarter earnings on Nov. 8 after losing nearly $1.5 billion on its Disney+ streaming service, nearly 40% worse than what analysts anticipated.

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Elon Musk’s Twitter Begins Mass Layoffs: ‘Incredibly Challenging’

Ohio Star Staff

Twitter began laying staff off Friday, with up to half its workforce expected to be fired in a cost-cutting move by new owner and CEO Elon Musk.

The move comes eight days after Musk’s $44 billion deal to purchase the company, and after more than a week of conflicting reports about the extent and timing of layoffs that employees considered to be inevitable, Reuters reported. In addition to layoffs, Musk is having remaining Twitter staff work on a “Deep Cuts Plan,” designed to save $1 billion per year in infrastructure costs including server space and cloud computing services, Reuters reported.

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Expect Layoffs and a Recession If Fed Doesn’t Let Up, Bank of America Exec Warns

Ohio Star Staff

If the U.S. Federal Reserve continues its policy of aggressive interest rate hikes, the U.S. could lose hundreds of thousands of jobs, spiking unemployment, according to a Bank of America analysis, CNN reported.

Bank of America’s Chief U.S. Economist Michael Gapen expects roughly six months of relatively high unemployment and a”mild recession,” as the Fed’s aggressive interest rate hikes blunt consumer demand, he told CNN Monday. However, Gapen also noted that the typical bounceback seen after a recession might be delayed if the Fed, which has been incredibly hawkish on interest rates, refuses to reduce rates.

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Twilio Says Layoffs Planned Through ‘Anti-Racist’ Lens

Peter D'Abrosca

A technology company based in San Francisco plans to lay off 11 percent of its workforce, and plans to do so with race in mind. 

“As you all know, we are committed to becoming an Anti-Racist/Anti-Oppression company,” said Twilio CEO Jeff Lawson in a message to employees. “Layoffs like this can have a more pronounced impact on marginalized communities, so we were particularly focused on ensuring our layoffs – while a business necessity today – were carried out through an Anti-Racist/Anti-Oppression lens.”

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Ohio Unemployment Tops 1.1 Million in Seven Weeks Due to Coronavirus Pandemic

Samantha Witwer

The state of Ohio has more than 1.1 million people who have filed unemployment claims in the past seven weeks as Ohio’s stay-at-home led to widespread layoffs – which has more than the combined total for the last three years – the US Department of Labor reported Thursday.

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DeWine May Cut State Budgets by Up to 20 Percent, But Public Sector Cannot Match Loss of Private Sector’s 188K Lost Jobs

Jason M. Reynolds

Even as Ohio Gov. Mike DeWine orders state departments to cut up to 20 percent of their budgets and implement a hiring freeze, state workers are not feeling the coronavirus economic burn like the private sector.

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More Layoffs for Lordstown Auto Workers as GM Accelerates Closure

Andrew Shirley

One of the primary service providers to the Lordstown plant in Ohio announced Thursday another round of layoffs for their beleaguered factory workers. Leadec Industrial Services is a German-based service provider of “janitorial, mechanical, and maintenance services” to GM’s Lordstown Auto Plant. In an initial letter, sent on Feb. 13,…

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After 50 Years, Ohio’s Lordstown Assembly Complex Ceases Production

Andrew Shirley

COLUMBUS, Ohio– On Wednesday, with dignity and uncertainty, the workers of Lordstown Assembly Plant assembled their last vehicle. The plant will still make certain parts but the Chevy Cruze, which had been produced and assembled at the plant since 2011, will no longer be produced in Ohio. As previously reported, in November of last year…

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