Americans Left Totally Jobless
We’ve said it before and we will say it again. Welcome to Biden’s America.
Numerous major businesses announced this week that they intend to reduce their workforce only making problems worse for Americans and the U.S. economy.
According to Fox, in addition to previously announced staff reductions, The Walt Disney Co. and Amazon have also implemented rounds of layoffs this week.
According to a memo from CEO Bob Iger, Disney has initiated its second wave of layoffs on Monday, resulting in the dismissal of approximately 4,000 individuals, including those affected in the previous round that took place in late March. The company plans to execute a third round of layoffs “before the beginning of the summer” which will complete the 7,000 job cuts previously announced by Disney in February. Reuters reported on this development.
Numerous other companies have declared layoffs during this week.
Lyft – On Thursday, Lyft announced that its latest round of job cuts will impact approximately 25% of its workforce.
Lyft plans to utilize the cost savings generated from its recent restructuring efforts and the layoff of 1,072 employees towards enhancing its services for riders and drivers, as per a filing submitted to the Securities and Exchange Commission.
Last week, in a company-wide email, Lyft’s new CEO David Risher had hinted about the upcoming job cuts. He had stated that the company needed to become a “faster, flatter” organization where all employees are in closer proximity to their riders and drivers.
As a cost-cutting measure, Lyft has also eliminated over 250 job openings.
Dropbox – Dropbox’s CEO Drew Houston announced in a blog post on Thursday that the company would be reducing its global workforce by 500 employees, which accounts for approximately 16% of its workforce. The affected employees were notified on the same day.
According to FOX Business, Dropbox’s growth has been affected by the “natural maturation” of its existing businesses and challenges arising from the economic downturn, which has led to the layoffs announced by CEO Drew Houston.
First Republic – First Republic, a bank that has been affected by the recent banking crisis, has announced its plans to carry out layoffs, with the intention of cutting down its workforce by 20-25%, according to reports on Monday.
As of the end of last year, First Republic had over 7,200 full-time equivalent employees, which included temporary workers and contractors, as reported by the regional lender.
In addition to the layoffs and other cost-cutting measures, First Republic has stated that it is taking steps to increase insured deposits, decrease loan balances to align with the reduced reliance on uninsured deposits, and reduce its borrowings from the Federal Reserve Bank.
GAP – Gap Inc. announced on Thursday that approximately 1,800 employees working in its headquarters and upper field workforce would be laid off. The company expects that these layoffs and related actions will primarily take place within the first half of fiscal year 2023.
