Michelle Hailey reacts while listening to speakers during a rally to end an eviction moratorium outside City Hall in Oakland, Calif., Tuesday, April 11, 2023.
AP Photo/Jeff Chiu
There was a lull in evictions during the Covid-19 pandemic.
Protections against eviction have ended, and inflation has caused landlords to raise rents.
Eviction filings are more than 50% higher than the pre-pandemic average in some cities.
ATLANTA — Entering court using a walker, a doctor's note clutched in his hand, 70-year-old Dana Williams, who suffers serious heart problems, hypertension and asthma, pleaded to delay eviction from his two-bedroom apartment in Atlanta.
Although sympathetic, the judge said state law required him to evict Williams and his 25-year-old daughter De'mai Williams in April because they owed $8,348 in unpaid rent and fees on their $940-a-month apartment.
They have been living in limbo ever since.
They moved into a dilapidated Atlanta hotel room with water dripping through the bathroom ceiling, broken furniture and no refrigerator or microwave. But at $275-a-week, it was all they could afford on Williams' $900 monthly social security check and the $800 his daughter gets biweekly from a state agency as her father's caretaker.
"I really don't want to be here by the time his birthday comes" in August, De'mai Williams said. "For his health, it's just not right."
The Williams family is among millions of tenants from New York state to Las Vegas who have been evicted or face imminent eviction.
After a lull during the pandemic, eviction filings by landlords have come roaring back, driven by rising rents and a long-running shortage of affordable housing. Most low-income tenants can no longer count on pandemic resources that had kept them housed, and many are finding it hard to recover because they haven't found steady work or their wages haven't kept pace with the rising cost of rent, food and other necessities.
Homelessness, as a result, is rising.
"Protections have ended, the federal moratorium is obviously over, and emergency rental assistance money has dried up in most places," said Daniel Grubbs-Donovan, a research specialist at Princeton University's Eviction Lab.
"Across the country, low-income renters are in an even worse situation than before the pandemic due to things like massive increases in rent during the pandemic, inflation and other pandemic-era related financial difficulties."
Eviction filings are more than 50% higher than the pre-pandemic average in some cities, according to the Eviction Lab, which tracks filings in nearly three dozen cities and 10 states. Landlords file around 3.6 million eviction cases every year.
Among the hardest-hit are Houston, where rates were 56% higher in April and 50% higher in May. In Minneapolis/St. Paul, rates rose 106% in March, 55% in April and 63% in May. Nashville was 35% higher and Phoenix 33% higher in May; Rhode Island was up 32% in May.
The latest data mirrors trends that started last year, with the Eviction Lab finding nearly 970,000 evictions filed in locations it tracks — a 78.6% increase compared to 2021, when much of the country was following an eviction moratorium. By December, eviction filings were nearly back to pre-pandemic levels.
At the same time, rent prices nationwide are up about 5% from a year ago and 30.5% above 2019, according to the real estate company Zillow. There are few places for displaced tenants to go, with the National Low Income Housing Coalition estimating a 7.3 million shortfall of affordable units nationwide.
Many vulnerable tenants would have been evicted long ago if not for a safety net created during the pandemic.
The federal government, as well as many states and localities, issued moratoriums during the pandemic that put evictions on hold; most have now ended. There was also $46.5 billion in federal Emergency Rental Assistance that helped tenants pay rent and funded other tenant protections. Much of that has been spent or allocated, and calls for additional resources have failed to gain traction in Congress.
"The disturbing rise of evictions to pre-pandemic levels is an alarming reminder of the need for us to act — at every level of government — to keep folks safely housed," said Democratic U.S. Rep. Ayanna Pressley of Massachusetts, urging Congress to pass a bill cracking down on illegal evictions, fund legal help for tenants and keep evictions off credit reports.
Housing courts are again filling up and ensnaring the likes of 79-year-old Maria Jackson.
Jackson worked for nearly two decades building a loyal clientele as a massage therapist in Las Vegas, which has seen one of the country's biggest jumps in eviction filings. That evaporated during the pandemic-triggered shutdown in March 2020. Her business fell apart; she sold her car and applied for food stamps.
She got behind on the $1,083 monthly rent on her one-bedroom apartment, and owing $12,489 in back rent was evicted in March. She moved in with a former client about an hour northeast of Las Vegas.
"Who could imagine this happening to someone who has worked all their life?" Jackson asked.
Last month she found a room in Las Vegas for $400 a month, paid for with her $1,241 monthly social security check. It's not home, but "I'm one of the lucky ones," she said.
"I could be in a tent or at a shelter right now."
In upstate New York, evictions are rising after a moratorium lifted last year. Forty of the state's 62 counties had higher eviction filings in 2022 than before the pandemic, including two where eviction filings more than doubled compared to 2019.
"How do we care for the folks who are evicted ... when the capacity is not in place and ready to roll out in places that haven't experienced a lot of eviction recently?" said Russell Weaver, whose Cornell University lab tracks evictions statewide.
Housing advocates had hoped the Democrat-controlled state Legislature would pass a bill requiring landlords to provide justification for evicting tenants and limit rent increases to 3% or 1.5 times inflation. But it was excluded from the state budget and lawmakers failed to pass it before the legislative session ended this month.
"Our state Legislature should have fought harder," said Oscar Brewer, a tenant organizer facing eviction from the apartment he shares with his 6-year-old daughter in Rochester.
In Texas, evictions were kept down during the pandemic by federal assistance and the moratoriums. But as protections went away, housing prices skyrocketed in Austin, Dallas and elsewhere, leading to a record 270,000 eviction filings statewide in 2022.
Advocates were hoping the state Legislature might provide relief, directing some of the $32 billion budget surplus into rental assistance. But that hasn't happened.
"It's a huge mistake to miss our shot here," said Ben Martin, a research director at nonprofit Texas Housers. "If we don't address it, now, the crisis is going to get worse."
Still, some pandemic protections are being made permanent, and having an impact on eviction rates. Nationwide, 200 measures have passed since January 2021, including legal representation for tenants, sealing eviction records and mediation to resolve cases before they reach court, said the National Low Income Housing Coalition.
These measures are credited with keeping eviction filings down in several cities, including New York City and Philadelphia — 41% below pre-pandemic levels in May for the former and 33% for the latter.
A right-to-counsel program and the fact that housing courts aren't prosecuting cases involving rent arrears are among the factors keeping New York City filings down.
In Philadelphia, 70% of the more than 5,000 tenants and landlords who took part in the eviction diversion program resolved their cases. The city also set aside $30 million in assistance for those with less than $3,000 in arears, and started a right-to-counsel program, doubling representation rates for tenants.
The future is not so bright for Williams and his daughter, who remain stuck in their dimly-lit hotel room. Without even a microwave or nearby grocery stores, they rely on pizza deliveries and snacks from the hotel vending machine.
Williams used to love having his six grandchildren over for dinner at his old apartment, but those days are over for now.
"I just want to be able to host my grandchildren," he said, pausing to cough heavily. "I just want to live somewhere where they can come and sit down and hang out with me."
Jade Gao - Pool/Getty Images / Jordan Vonderhaar/Bloomberg via Getty Images
Xi Jinping called Bill Gates an "old friend" when the pair met this week.
Xi added Gates was the "first American friend" he'd met in Beijing this year.
The Bill & Melinda Gates Foundation pledged $50 million to battle infectious diseases.
China's president Xi Jinping labeled Microsoft cofounder Bill Gates an "old friend" when they met in Beijing this week.
State-controlled CCTV filmed the interaction between the pair, in which they touched on topics such as global poverty reduction, public health, and drug development, per its report.
It was the first time Xi and Gates had met in more than three years, and it was his first trip to China's capital since before the pandemic struck, according to CNN.
"You're the first American friend I've met in Beijing this year," Xi said to Gates — who was known for having prophesized a potential global pandemic — in an apparent nod to renewed travel abilities after pandemic restrictions were lifted, according to CCTV.
The Bill & Melinda Gates Foundation and Beijing had previously announced they would donate $50 million apiece to battling infectious diseases in low and middle-income countries.
The Bill & Melinda Gates Foundation donated $5 million to China in January 2020 to help first-line responders battle the virus.
The meeting comes at a time of rising tensions between China and the US, while concerns over the long-term sustainability of China's economy mount. China is contending with an impending demographic crisis and rising tensions with key export partners.
An employee of the Natural History Museum in London looks at model of a Neanderthal male in his twenties, which is on display at the museum's "Britain: One Million Years of the Human Story" exhibition, September 2014.
Will Oliver/PA Images/Getty
The 40,000-year-old genetic inheritance bestowed on us by the Neanderthals was highlighted by a new study.
Interbreeding with Homo sapiens helps to explain why millions can't straighten their fingers.
There is also a Neanderthal gene variant that increases the risk of somebody dying from COVID-19.
The 40,000-year-old genetic inheritance bestowed on us by the Neanderthals has been highlighted by a new study.
The new findings suggest that the risk of developing Dupuytren's disease, sometimes called "Viking disease," increases when a person has inherited DNA from Neanderthal ancestors.
Researchers analyzed more than 7,000 people with Dupuytren's disease — a common condition particularly in northern Europe where people's fingers are permanently bent — to examine genetic risk factors.
Also called Dupuytren's contracture, it occurs when nodules appear in the ligaments beneath the skin of a person's palm, according to The British Society for Surgery of the Hand, and it is more commonly developed by men than women later in life.
The study found that three important genetic risk factors were inherited from Neanderthals, after conducting research with clinical groups in the US, the UK and Finland.
"Since Dupuytren's contracture is rarely seen in individuals of African descent, we wondered whether gene variants from Neanderthals can partly explain why people outside of Africa are affected," Hugo Zeberg, who lead the study and a professor at the Karolinska Institute in Sweden, said in a statement.
Up to about 30% of men over 60 years old suffer from this condition in northern Europe, the study published in the journal Molecular Biology and Evolution said. It is estimated to affect as many as two million people in the UK, per The Times.
Just 7% of the human genome is unique to our species
Reuters/Nikola Solic
Neanderthals lived in Europe and western Asia until about 40,000 years ago, when they were replaced by modern humans, according to the Karolinska Institute. The study evidences that "intermingling" from Neanderthals and our Homo sapiens ancestors is consequential in examining the prevalence of certain diseases, researchers said.
"This is a case where the meeting with Neanderthals has affected who suffers from illness," Zeberg said.
Other research has suggested the shape of a person's nose may indicate whether they share DNA with our Neanderthal cousins, The Times recently reported.
Scientists believe modern-day humans share a significant portion of genetic material with other human ancestors like Neanderthals and Denisovans, Insider previously reported. No more than 7% of the human genome is unique to Homo sapiens, according to a study published in the journal Science Advances.
Brain development and function are what sets Homo sapiens apart, experts explained.
Anthropologists and scientists have previously also found evidence that Neanderthal and Denisovan relatives may have overlapped and mixed with modern human species across Europe and Asia.
"Quiet thriving" is a workplace strategy that can help employees ride out tough economic times.
Namthip Muanthongthae/Getty Images
"Quiet thriving" is a workplace strategy that's helping people take more control of their work.
Lesley Alderman, a psychotherapist, said it's a way to build resilience in a tough economy.
She and another expert agreed that, by contrast, quiet quitting can disempower certain workers.
Quiet quitting may still be popular, as a recent Gallup survey found, but another career strategy, "quiet thriving," is helping workers find joy in their jobs during a difficult economic climate.
The strategy is about "putting yourself more in control of your work," rather than thinking of what a company can do for you, Lesley Alderman, a psychotherapist and journalist who coined the term in a December 2022 Washington Post article, told Insider.
"People feel best when they have a sense of agency," Alderman said. "When people feel like they don't have very much control, particularly at work, they tend to have less job satisfaction."
Though the COVID-19 pandemic initially mobilized workers to quit unfulfilling jobs at record rates in a trend known as the Great Resignation, fears of a looming recession in 2022 forced many to backpedal and stay put.
As a result, some turned to quiet quitting to do the bare minimum at work. However, it's not the strategy you should be focusing on, according to experts, including Alderman. She believes "quiet quitting is disempowering" and that workers instead need a resilient mindset to ride out a tough economy.
"Quiet thriving" includes incorporating small changes in your work life that "make you feel like the job is your own and it's not just being dictated to you."
Make intentional and subtle shifts
Alderman said the concept of "quiet thriving" emerged from her experiences with clients who were burnt out and resentful at work.
"They'd gotten into the mindset of there was only one way to do their job and that was to do it 110% or completely follow orders and they weren't really thinking of it with a wide-angle lens," she said.
Instead, making an "intentional" and "subtle" shift in your work patterns can make you feel more fulfilled, Alderman said.
This shift could include crafting your job to align with your interests and strengths and focusing on things that really matter to you. This can be anything from meeting for lunch with like-minded colleagues to forming a club. Every organization is different, but Alderman said that having a conversation with a manager is a way to start.
Ashton Wikstrom, who has been a publicist at Elle Communications for six years, used this strategy when she became pregnant with her first child in 2018.
She told Insider that motherhood caused "a cosmic shift in my priorities and needs," and after spending her twenties diving into work, she told her manager she'd rather work part-time. She hasn't looked back since.
Wikstrom said she changed her work hours to accommodate her needs as a mother but made sure to be transparent with her colleagues about when she would be online.
This also meant changing the kind of work she did. Previously, she'd worked directly with clients, but in a part-time role, she preferred media storytelling, which involved pitching to journalists on behalf of clients.
She said that, for her, thriving at work meant enjoying her tasks instead of grinding toward a more senior position.
"I don't really want to be the boss. I don't want to be the account lead. I want to do what I'm good at, which is pitching, and this role is what works for me. I'm not going to keep climbing the ladder if it doesn't serve me," Wikstrom said. Staying true to her work style helped her build resilience and get through tough situations, including the COVID-19 pandemic.
Minority workers don't have the 'luxury' of quiet quitting
Brooks E. Scott, a career coach who has worked with clients ranging from interns to executives at companies including Meta, Cisco, Instagram, and Netflix, told Insider that "quiet thriving" is an empowering move for minority workers.
He said that quiet quitting is a "different experience for people from underrepresented groups and non-majority groups who may not have the luxury of just sitting back and flying under the radar."
According to Scott, people who belong to those groups don't have a chance to go to work and only do the bare minimum. "A lot of people in underrepresented groups are already working twice as hard and twice as long as people in majority groups have to do, and so the second that we kind of rest back, we're going to be missing out on some potentially some good opportunities," he said.
Given the many economic challenges workers are facing, we may hear much more about "quiet thriving" in the future. That's because — as Alderman said — events that upend the economy, such as the pandemic, can leave people feeling disenchanted with work. And for those people, she added, "quiet thriving" is a method of asking, "How can I really own my job instead of feeling owned by it?"
An example of "confusingly similar advertising" between NYU and Northwell, according to a lawsuit filed by NYU in New York Thursday.
NYU LANGONE HEALTH SYSTEM and NYU LANGONE HOSPITALS v. NORTHWELL HEALTH, INC.
NYU Langone is suing Northwell Health, alleging it created "confusingly similar advertisements."
NYU Langone alleges Northwell copied its signature purple advertising in recent years.
"This case is about deceptive business practices," lawyers for NYU Langone wrote in the lawsuit.
NYU Langone filed a lawsuit Thursday alleging that neighboring New York hospital system and known competitor, Northwell Health, copied its signature purple-colored advertisements to create "confusingly similar advertisements" in the New York area.
The suit, filed in New York's Southern District Court, alleged that Northwell created "actual confusion and a likelihood of confusion as to Northwell's association or affiliation with, or sponsorship or endorsement by, NYU Langone" by enlisting "the predominant use of the same or a very similar color purple," as well a similar accent colors, font types and styles, and layouts and formats of the ads.
"This case is about deceptive business practices," lawyers for NYU Langone wrote in the lawsuit.
NYU Langone alleges that Northwell "has engaged, and continues to engage, in an apparent scheme to trade off the good will and reputation of NYU Langone."
NYU Langone alleges in the suit that Northwell copied its branding because it was named the top hospital in New York and third best hospital in the United States this year by the US News & World Report's 2022-2023 "Best Hospitals Honor Roll" — something "Northwell has not achieved," the suit said.
"This is a clear violation of NYU Langone's branding and marketing, which even a casual observer would see as an attempt to copy our campaign," Steve Ritea, the senior director of media relations at NYU Langone said in a statement shared with Insider.
"Northwell is intentionally trying to confuse the public and trade on NYU Langone's quality and safety reputation. It's a shameless effort reflecting poorly on their imagination and industry," Ritea added.
In a response to the suit, Northwell Health called NYU's claims "preposterous."
"NYU Langone's claim that it owns the color purple for health care services is nothing short of preposterous. And it's an insult that part of the complaint includes a hospital's week-long COVID-19 memorial for health care workers," Ramon Soto, SVP and chief marketing and communications officer for Northwell, said in a statement to Insider.
"Northwell Health is proud of its distinct branding, which uses a wide variety of colors, and how it leverages research, education and clinical excellence to differentiate from others in the market. Northwell is much more than just a color in our ads," the statement continued.
NYU Langone is seeking damages and injunctive relief "for unfair competition, trade dress infringement, false advertising, and deceptive trade practices based on Northwell's pattern and practice of copying NYU Langone's distinctive advertising and marketing campaigns, across various media, including, but not limited to, outdoor, digital, print, billboards, social, as well as email and fundraising communications," according to the suit.
It also asks to permanently bar Northwell from using the color purple to create "confusingly similar advertising."
Here are the 10 cheapest programs with investment requirements between $19,000 and $250,000.
Thailand golden visa: Minimum application fee of $19,000 required
Twin pagoda monastery built on top of the mountain in the North of Thailand during sunset.
Guntaphat Pokasasipun/Getty Images
Thailand's "Elite Visa" membership program provides qualified foreign investors with a "Privilege Entry Visa" that is valid for up to 20 years.
There are eight different program options, ranging from "elite flexible one" to "elite ultimate privilege," according to Thailand Privilege Card Co., the state-owned enterprise within Thailand's federal tourism agency that runs the program.
The minimum payment required is an application fee of approximately $19,000.
Panama golden visa: $40,000 minimum investment required
Rodrigo Cuel/Shutterstock
Panama offers two main types of investor visas with requirements ranging from $40,000 to $750,000, according to Henley & Partners, a leading investor migration consultancy.
The least expensive route is the "Panama Reforestation Visa Program," where foreign investors can contribute $40,000 to a reforestation initiative approved by the Ministry of Environment.
Alternatively, you can apply through the "Qualified Investor Program" where applicants can receive permanent residence status in exchange for a real estate investment of $300,000, stock exchange investment of $500,000, or fixed-term bank deposit of $750,000.
Latvia golden visa: €60,000 minimum investment required
Riga, Latvia around Christmas time.
Joe Daniel Price/Getty Images
The real estate investment option within Latvia's golden visa program was recently suspended in January 2022, leaving three alternative investment routes for foreign nationals seeking a residency permit, according to Henley & Partners.
1. A €50,000 investment into the equity capital of a Latvian company, plus a €10,000 contribution to the state budget.
2. Purchase €250,000 worth of "special-purpose interest-free bonds," plus a €38,000 to the state budget.
3. Invest €280,000 into the "subordinated capital of a Latvian bank for a period of five years," plus a €25,000 contribution to the state budget.
Antigua and Barbuda golden passport: $100,000 minimum investment required
Saint John's, Antigua And Barbuda
Maria Ehrlich / EyeEm via Getty Images
There are four ways to qualify for Antigua and Barbuda's citizenship by investment program, according to the official government website.
The least expensive option is a $100,000 donation to the country's National Development Fund. Alternatively, applicants can donate $150,000 to the University of the West Indies.
Applicants also can invest in "designated, officially approved real estate" worth at least $400,000, which comes with a $30,000 processing fee.
The program's final and most expensive option is to invest at least $1.5 million into an approved business on the island, along with a $30,000 fee.
Dominica golden passport: $100,000 minimum investment required
Roseau, the capital of Dominica, an independent island republic in the Caribbean Sea.
Westend61/Getty Images
There are two ways to qualify for the Caribbean island of Dominica's citizenship by investment program, according to the Government of the Commonwealth of Dominica.
1. Donate $100,000 to the island's Economic Development Fund.
2. Purchase $200,000 worth of real estate in an approved development.
St. Lucia golden passport: $100,000 donation required
Aerial photo of the village Canaries on the Caribbean island St. Lucia.
Westend61
St. Lucia, a volcanic island located in the eastern Caribbean, offers four different investment options in exchange for citizenship, according to the Investment Migration Council.
The least expensive option is a $100,000 donation to the island's National Economic Fund. Applicants who prefer to invest in real estate can purchase property worth at least $300,000, which cannot be sold for five years.
Additionally, you can invest a minimum of $3.5 million in an "approved enterprise project," which range from restaurants and cruise ports to universities and transportation infrastructure. The projects must create at least three permanent jobs in the local economy.
The final option is to invest a minimum of $500,000 in government bonds, which is currently discounted 50% under the COVID-19 relief program.
Grenada golden passport: $150,000 minimum investment required
Magazine Beach, near Maca Bana Villas, Point Salines in Grenada.
Holger Leue/Getty Images
Grenada, an island nation in the West Indies, offers two qualifying options for its citizenship by investment program, according to the official government website:
1. $150,000 contribution to the National Transformation Fund, which finances projects in various industries including tourism, agriculture, and alternative energy
2. Purchase a property worth at least $220,000, which cannot be sold for four years.
St. Kitts and Nevis golden passport: $150,000 minimum contribution required
Waterfront Basseterre main settlement on St Kitts Caribbean island
Andrew Woodley/Education Images/Universal Images Group via Getty Images
There are three ways to qualify for St. Kitts and Nevis citizenship by investment program, according to the official government website.
The first option is to donate $150,000 to the Sustainable Growth Fund, which was launched in 2018 to promote growth in various sectors including healthcare, education, alternative energy, climate change and resilience, and the promotion of indigenous entrepreneurship.
Making that happen may require forgetting much of what they've learned about supply chains over a century, and replacing it with a few pages from Tesla's playbook.
These solutions come with challenges in terms of timing and expense, at least in the near term. That means car companies are seeking an alternative and racing to secure their battery supply in the US.
That means making investments in battery material sourcing, battery production, and more, to reduce the global supply disruptions the industry saw from the pandemic.
"Almost all the major companies are investing in that for that very reason: to vertically integrate more and get more control of their supply chain," said Peter Maithel, auto industry principal analyst at Infor.
Volkswagen is building a battery cell factory at its Salzgitter site for its planned large-scale production of the Group's own battery cells.
Julian Stratenschulte/picture alliance via Getty Images
What's the rush?
In the past, car companies have expanded their supply chains across the globe, relying on slews of suppliers for each component of a car. Some of their key parts might come from the US, while others might come from Europe or Asia.
Historically, the breadth of those supply chains has reduced potential bottlenecks. But the pandemic — and other disruptions, like natural disasters — shed a light on just how vulnerable that can also make auto companies. If an auto parts plant across the world sees even a minor disruption, that could bring down a manufacturing line for days or weeks at a time.
The dawn of EVs, and the nuances in sourcing for these cars, brings those concerns and more to the forefront of automaker to-do lists. The US in particular has relied on foreign sources for battery supplies, components, and processing. China, meanwhile, has had a headstart in terms of sitting on the raw materials necessary to power EVs and controlling production of much of the world's battery cells, packs, and more.
But whether it's an unforeseen disruption like COVID-19 or a geopolitical issue, that leaves companies pretty vulnerable — and has encouraged them to bring manufacturing closer to home. There's been a general push to get away from that world-wide supply chain model anyway, driven by this summer's climate law.
"We've just seen an unprecedented amount of announcements, joint development agreements, early supply contracts from the automakers with battery materials providers, with battery manufacturers," said Matt Sculnick, executive director of Nomura GreenTech's advanced transportation team, "in a collaborative way that I don't think we've really seen."
Rivian manufactures its EVs in Illinois.
Rivian
Good news for EV adopters — eventually
It's called vertical integration — and it's something Tesla has long been known for.
"Tesla is always the groundbreaker here, going directly to the source, going directly to the mines and negotiating supply contracts with the mines," said Alvarez & Marsal managing director Tony Lynch.
It's given Tesla an advantage in terms of having visibility into production, while GM and Ford and others scramble to get in on US mining deals and manufacturing.
It's complicated and time-consuming, but may ultimately be the best way car companies can get closer to lowering the cost of new EVs. Those sat at about $55,001 in April, according to Kelley Blue Book — about $10,000 less than a few months ago — with new gas-powered cars averaging $48,281 that same period, or roughly the same as last year.
More supply in general, but especially in the US, combined with more EV volumes, will drive that down.
Former head of the Liberal Democratic Party of Russia (LDPR) Vladimir Zhirinovsky delivers a speech in Moscow, Russia, September 22, 2016.
Reuters
A Russian ultranationalist party has made an AI chatbot of deceased leader Vladimir Zhirinovsky.
The chatbot answers questions about the Ukraine war.
Zhirinovsky died in 2022, and was known for his rants and clownish antics.
Russia's far-right Liberal Democrat party (LDPR) unveiled an AI chatbot of its dead leader, ultranationalist demagogue Vladimir Zhirinovsky, at an event in St. Petersburg, reports say.
The neural network based on the image and pronouncements of the late firebrand, who died with COVID-19 last year, was displayed at the St. Petersburg International Economic Forum on Thursday, outlets including the Moscow Times reported.
Video of the chatbot by Financial Times journalist Max Seddon shows it declaring Ukraine to be a "swamp of Russophobes and traitors," replicating the hardline rhetoric of the politician.
Alexander Dupin, a spokesman for the LDPR (which confusingly is neither liberal nor democratic), told Lenta.ru in April that the "political algorithm" named "Zhirinovsky" uses 18,000 hours of the late politician's speeches and other public pronouncements.
Dupin told the outlet the chatbot was created with the help of experts at the University of World Civilizations in Moscow, and that "the task of this neural network is exclusively educational — to acquaint people with Zhirinovsky's legacy."
According to The Moscow Times, people can ask the chatbot questions, and it makes "predictions" about key world events. At Thursday's event, the outlet said, the chatbot predicted that the war in Ukraine would continue until "peace and the Russian people's safety are fully restored."
Zhirinovsky was one of Russia's most notorious political figures before his death last year, and well known for his boorish antics and ultranationalist rants in Russia's lower house of parliament, the Duma.
Though long considered a fringe figure, his views began to find an echo in Russian President Vladimir Putin's increasingly hardline stance on seizing back territory that used to be part of the USSR.
Zhirinovsky had called for Russia to attack Ukraine, and in one of his last speeches in the Duma, predicted that "at 4 am on February 22, you'll feel our new policy" — with the projection out by only two days.
The "Getaway Pad" from PLUS 1 Homes features a bedroom and a spiral staircase that leads to a roof deck.
PLUS 1 Homes
Home Depot is selling a tiny house frame for $44,000.
In tight real estate markets, tiny homes are becoming an increasingly attractive living option.
But outside the US, like in Germany, prefab tiny homes also come with financial risks.
For just $44,000, the US hardware store chain Home Depot is now selling mini houses online. In the United States, they are the answer to several crises. In Germany, the trend towards tiny houses is associated with financial risks due to the peculiarities of German law.
It may only be 50 square meters in size, but this small house is impressive: In the so-called "Getaway Pad," residents live in a light-filled bedroom, a daylight bathroom, and a kitchen-living room. A spiral staircase on the exterior wall leads to the rooftop terrace with seating, and there is even a mini kitchenette.
The house is not the individual work of an architect. The US hardware store chain Home Depot is now selling it in bulk, with just a click through their own online shop. The mini house is priced at just $43,832, which is around 41,000 euros, and monthly installment payments are also possible. Curbside delivery is included.
The product suddenly turns a big hardware store chain into a house seller — albeit only in the category of so-called "tiny houses." These are houses that make the most of minimal space.
However, residents hardly have to compromise. These mini-houses have a bedroom, a kitchen, and a private bathroom.
And when it comes to safety, these small residences are said to be on par with regular single-family homes. According to Home Depot, the "Getaway Pad" is earthquake-proof, storm-proof, tornado-proof, and can "survive the challenges of Mother Nature."
In the United States, a real movement has emerged in recent years, advocating for living in small houses. Owners are either concerned about the environment or simply want to keep living costs low. And it seems that Americans are also thrilled about the hardware store house. Those who order now have to wait several weeks for delivery.
The low costs, in particular, attract many people. Rents and mortgage rates have recently skyrocketed. And even though property prices in the US have experienced a small dip, the cost of an average American house is still just below the record prices from August of last year.
The value of a residential building across all types of construction is currently around $339,000, according to data from the US real estate broker Zillow. Prior to the start of the COVID-19 pandemic, it was only $243,000. Experts predict another five percent increase over the course of the year.
In states with particularly tight real estate markets, tiny houses are becoming the only affordable alternative. Even the government has recognized this: California is currently investing around $30 million in the construction of 1,200 small houses to combat homelessness. In that state, more than 170,000 people are living on the streets because they can no longer afford accommodation.
In social networks, users are already exchanging information about the cheapest land prices in the US to find a spot for their inexpensive little house. Communities in rural states like Oklahoma are even offering relocation bonuses of over $10,000 for outsiders who settle there.
Other buyers, on the other hand, smell a business opportunity. "How easy would it be to have three of them on the same plot and simply rent them out?" writes one user on the Twitter microblogging service.
However, the low price of the "Getaway Pad" comes with a catch, as revealed in the fine print. To turn it into a proper house, buyers have to dig deeper into their pockets. Home Depot is only selling the steel frame kit for around $44,000.
If buyers want to install doors, windows, or the appropriate toilet, they have to pay extra - not to mention furniture. And if buyers don't want to assemble the kit themselves following the IKEA style instructions, they also have to hire craftsmen.
Furthermore, the house is designed to be built on a concrete slab. So the buyer will likely need to spend several thousand more getting the ground prepped. Meanwhile, there are now also tiny houses on wheels. And depending on the place of residence, buyers may also need to apply for appropriate permits to comply with local building regulations.
The hardware store chain points out the design flexibility for potential buyers due to the rudimentary equipment. "You have complete freedom to design and furnish your house in a unique way - according to your spatial needs, budget, and personal style," says Home Depot. At least the frame has punched holes for "easier installation of electrical and plumbing lines." However, they are not included in the building kit.
Excessive regulations and requirements hinder tiny houses in Germany
Nevertheless, the demand for tiny houses is also growing in Germany. Specialized construction companies report an annual increase in demand of about one-third. However, buying with just a click as in the US could quickly become a financial risk here.
The blame lies with the excessive regulations in Germany. Fulfilling the requirements depends not only on the place of residence but also on the size, construction type, specific location, and duration of use of the tiny house.
"It is easier to build your tiny house according to the individual building regulations of the selected property than to first build the tiny house and then look for a plot of land," explains the German Tiny House Association.
German building regulations are far from simple. Local requirements, such as the development plan, determine how a new house must be designed to fit into the surroundings. Furthermore, it is often generally expensive to find a suitable place for one's own tiny house.
In the US, on the other hand, the possibilities for buying a house with just a click seem to have no limits. In addition to the "Getaway Pad," Home Depot currently offers even cheaper, albeit smaller, models.
A wooden bungalow called "Sea Breeze," measuring 34 square meters, costs around $23,600. And the model "Phoenix," with an area of around 16 square meters and its own bathroom, is already available for $12,500. However, buyers should be sure because the houses cannot be exchanged.
Americans' spending spree hasn't been reflected in the stock market in 2023 so far.
Jeff Greenberg / Getty
"The US inflation shock is over", so the Fed need not hike interest rates any more, according to the chief economist of the Institute of International Finance.
The IIF's measure of "inflation generalization" has fallen to the lowest level since February 2021, Robin Brooks said.
US inflation has been steadily cooling from its mid-2022's highs, coming in at 4.0% in May on an annual basis.
The US inflation shock is over, according to one economist.
Robin Brooks, chief economist at the Institute of International Finance, said the association's measure of "inflation generalization" fell last month to the lowest level since February 2021 - when US consumer-price increases started accelerating due to supply-chain disruptions caused by COVID-19.
"The US inflation shock is over. Our measure of inflation generalization in the CPI - the combined weight of items with m/m (saar) inflation > 2% - is in May 2023 down to its lowest level since February 2021, which is when all the inflation craziness began," Brooks said in a tweet on Tuesday.
"No more Fed hikes!!!" he added.
Investors are bracing for the Federal Reserve's monetary policy decision due Wednesday, with market expectations leaning toward a pause in interest-rate hikes. That outlook is based on the steady decline in inflation since mid-2022, as well as economic risks raised by the recent banking turmoil.
The annual inflation rate fell to 4% in May from last year's peak of 9.1%. That's thanks to the Fed's aggressive policy tightening over the past year, which saw benchmark interest rates rise by 500 basis points since early 2022.
While Brooks suggests the threat of inflation has faded, other market commentators have raised concerns inflation is sticky and can lead to stagflation. Goldman Sachs' chief operating officer built on such worries recently, saying stubborn price pressures could ultimately eat away at US economic growth.
India's IT giant saw more women quit after it scrapped remote working policies.
Kuni Takahashi/Getty Images
Tata Consultancy Services, India's largest IT firm, saw more female employees quit the past year.
The company said it felt this change was influenced by its decision to scrap remote work.
Some women find it easier to balance their work and personal lives when working from home.
India's largest IT firm faced an unexpected consequence after scrapping its remote working policies: seeing a higher level of female employees quit.
Tata Consultancy Services, a multinational technology and consultancy firm with headquarters in Mumbai, ordered employees to return to the office at least three days a week last year and has said it will no longer encourage remote work — a policy that was initially necessitated by the COVID-19 pandemic.
The firm's annual report noted that this policy has backfired on its retention rates, resulting in a high number of female employees leaving the firm.
"Historically, women's attrition at TCS has been similar or lower than men's attrition, so this is unusual," TCS's chief human resources officer Milind Lakkad said in the report.
He continued: "There might be other reasons but intuitively, I would think working from home during the pandemic reset the domestic arrangements for some women, keeping them from returning to office even after everything normalized."
Lakkad said that the higher attrition among women was a "setback" in its efforts to promote gender diversity.
There are over 220,000 women at the firm, making up about 35.7% of the company's workforce according to the report.
Lakkad further clarified in the report that the company reversed its remote working policies because junior employees and new hires suffered from not being integrated into the work culture in person.
He said: "Over half our workforce today was hired after March 2020. New employees get acculturated through physical interactions with senior colleagues and leaders, by observing and following their behaviors and ways of thinking.
"Without those interactions, employee engagement, as well as acculturation, got badly impacted. All these factors led us to gradually bring back people to our offices during the year."
The company did not immediately respond to Insider's request for comment.
A YouGov poll last year found that 57% of working women in the US said that remote working is important in a job, versus 44% of men.
This could be because some women, especially those with children, find it easier to balance their work and personal lives when working from home.
Apple CEO Tim Cook and the new Apple Vision Pro headset.
Justin Sullivan/Getty Images
Apple's diversifying supply chains away from China, but it's still using Chinese firms to make the Vision Pro.
A bill of materials showed eight Chinese firms are involved in the making of the headset.
Apple's Vision Pro has been exciting investors since its reveal, sending the company's shares soaring.
Tech giant Apple has been trying to diversify its supply chains away from China — but it appears there's no getting away from the manufacturing powerhouse.
Apple's reliance on Chinese suppliers is evident from a Tuesday analysis of the latest bill of materials — a list of raw materials and parts — for the Vision Pro mixed reality headset unveiled last week, according to Wellsenn XR, a China-based consultancy.
It is not immediately clear how Wellsenn procured the list.
Last November, Apple was burned by an overreliance on Chinese production lines after the iPhone output was hit by China's relentless zero-COVID pursuit at the time. Apple has already moved some of its iPhone production to India and is also exploring moving its iPad manufacturing to the South Asian nation.
Other parts suppliers for the headset include South Korea's Samsung and LG, Taiwan's Foxconn, and Japan's Sony, according to the list published by Wellsenn
Wellsenn estimates in its report that the cost price of the parts and materials for the Vision Pro comes in at $1,733 — less than half of its $3,499 retail price tag.
And despite the internet's derision about the gadget's hefty price tag and its goofy aesthetics, the Vision Pro itself has been exciting investors.
Don’t send checks through the mail, the post office is warning. Criminals are stealing more than ever.
Patrick Donovan/Getty Images
Reports of check fraud have steadily risen since 2020, with stimulus checks becoming a target.
There were 680,000 reports of check fraud in the US in 2022, compared to 350,000 in 2021.
Scamming operations are sophisticated, multi-person schemes that banks are monitoring more closely.
Don't put checks in the mail, the US Postal Service is warning. Scammers are stealing more of them than ever — draining bank accounts and causing big headaches for banks and account holders.
Banks issued roughly 680,000 reports of check fraud last year, up from 350,000 reports in 2021. And the US Postal Inspection Service reported roughly 300,000 complaints of mail theft in 2021, more than double the prior year's total.
Early in the pandemic, government relief checks became an attractive target for criminals. The problem has only gotten worse and postal authorities and bank officials are warning Americans to avoid mailing checks if possible, or at least to use a secure mail drop such as inside the post office.
Check usage has been in decline for decades as Americans have largely switched to paying for their services with credit and debit cards. Americans wrote roughly 3.4 billion checks in 2022, down from nearly 19 billion checks in 1990, according to the Federal Reserve. But the average size of the checks Americans write rose from $673 in 1990 — or $1,602 in today's dollars — to $2,652 last year.
"Despite the declining use of checks in the United States, criminals have been increasingly targeting the US Mail since the COVID-19 pandemic to commit check fraud," the US Financial Crimes Enforcement Network wrote in an alert sent in February.
Checks are still frequently used by small businesses. Eric Fischgrund, who runs FischTank PR, a 30-person public relations firm in New York, had about 15 checks that were being mailed to him from clients stolen after they all went through the same Postal Service distribution center. Ten of them were successfully cashed by criminals.
The checks were stolen in March and Fischgrund became aware of the problem in April, when several of his clients who were never late missed payments. The Postal Service investigated and Fischgrund has recovered about 70% of the revenue, but some of the cases haven't yet been resolved.
According to the investigator on the case, the perpetrators used technology that melted ink in the "to" field of the checks so they could write in fake names.
Fischgrund said he'd never previously had an issue with check fraud in the nearly 10 years he has run his own business. Now he has a clause in invoices and new client contracts that asks for electronic payments only.
"I don't think we'll ever go back to asking for checks as an option," he said.
Today's check fraud criminals are not small operations, or lone individuals like the Leonardo DiCaprio character in the 2002 movie "Catch Me If You Can," counterfeiting checks from his hotel room and apartment. They are sophisticated criminal operations, with participants infiltrating post office distribution centers, setting up fake businesses or creating fake IDs to deposit the checks. "Walkers," or people who actually walk in to cash these checks, receive training in how to appear even more legitimate.
Criminals are getting the checks or identification information by fishing mail out of US postal boxes, looking for envelopes that appear to be either bill payments or checks being mailed.
The most common type of check fraud is what's known as check washing, where a criminal steals the check from the mail and proceeds to change the payee's name on the check and, additionally, the amount of money.
Some criminals are going further and using the information found on a check to gather sensitive personal data on a potential victim. There have been reports of criminals creating fake entities out of personal data obtained from a check, or even opening new lines of credit or businesses with that data as well. This allows fraudsters to create new checks using old account data.
Photo By Lea Suzuki/The San Francisco Chronicle via Getty Images
The Westfield mall used to be the beating retail heart of San Francisco.
Westfield stopped paying the mortgage on this shopping mall, the San Francisco Chronicle reported.
Foot traffic has plunged. The city is so expensive that some people can't afford to live there anymore.
When a city becomes too expensive for regular people to live in, other things begin to fall apart. It can take years, but it happens. Just look at San Francisco.
The city is regularly at or near the top of rankings of the priciest places to live in the US. Just before the Covid-19 pandemic, the median rent was $4,500, almost 3 times the national average. The list price of homes for sale averaged $1.3 million, 4.4 times the US median list price.
When housing costs this much, and for a multitude of reasons more housing isn't being built fast enough, life becomes untenable for some residents. They leave, like some did in the pandemic, or they live in RVs or on the street.
There are great things still happening in San Francisco. Generative AI startups are sprouting up. The hottest startup in the world, OpenAI, is headquartered there. There's a new post-Covid energy in some parts of the city. But that's at the high-end. For an urban area to truly thrive, you need regular people from all walks of life to embrace the location. For teachers, nurses and a host of other workers in San Francisco, it's become really hard in recent years.
Now, the cracks are beginning to show. One of the biggest fissures so far was reported by the San Francisco Chronicle on Monday. It broke the news that Westfield stopped paying its $558 million mortgage and is surrendering its namesake shopping mall to lenders.
This is the biggest mall in San Francisco. When tourists come to experience this famous city, they often hanging around nearby. It's the beating retail heart of the area. Or it was anyway.
So what happened? In a nutshell, there are just not enough people living and working in downtown San Francisco anymore. Nordstrom, an anchor tenant of the Westfield mall, is leaving. Foot traffic in the city has plunged since 2019, according to Roland Li, a reporter at the Chronicle.
Grubhub is the latest company to announce layoffs. The firm is cutting 400 jobs.
Brandon Bell/Getty Images
Grubhub, which will cut about 400 jobs, is the latest large company to announce layoffs.
In recent months, layoffs have expanded beyond tech, media, and finance as Gap and Whole Foods announced cuts.
See the full list of layoffs so far in 2023.
A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down well into 2023.
Grubhub is the latest large company to conduct layoffs. In a memo sent to employees on Monday morning, the CEO of the food-delivery company, Howard Migdal, said that the company would be cutting about 400 jobs — or around 15% of its workforce — throughout the day.
"There is no doubt whatsoever that we have a solid foundation in place and an immense opportunity ahead of us – but it is also clear that we need to make some tough decisions in order to maintain our competitiveness, deliver the best possible service for diners and our other partners, and be successful for the long-term," Migdal said.
Grubhub, which is owned by the Dutch conglomerate European Just Eat Takeaway.com, has faced difficulty in the crowded food-delivery market. Once the US's top food-delivery service, it has fallen to number three, according to data from Bloomberg Second Measure. Over the past two years, the company has lost two CEOs, and its owner has sought to offload it less than a year after purchasing it.
According to Migdal's memo, operating and staff costs have grown at a faster rate than business since 2019.
The news of Grubhub's layoffs come a week after Spotify announced it would be cutting about 200 employees, and on the heels of recent layoffs at companies including JPMorgan Chase, LinkedIn and Shopify.
These companies join a large number of major corporations that have made significant cuts this year: Tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced massive layoffs in the first weeks of 2023 amid a continued economic downturn and stagnating sales.
The downsizing followed significant reductions that companies including Meta and Twitter made last year.
The layoffs have primarily affected the tech sector, which is now hemorrhaging employees at a faster rate than at any point during the pandemic, the Journal reported.
According to data from Layoffs.fyi, a site tracking layoffs since the start of the pandemic, tech companies slashed more than 205,000 in 2023 alone — compared to 80,000 in March to December 2020 and 15,000 in 2021.
But it's not just tech companies that are cutting costs, with the major job reductions that have come from the Gap, along with FedEx, Dow, and Wayfair.
Here are notable job cuts so far in 2023:
Grubhub: Around 400 jobs
Grubhub is the latest company to announce layoffs. The firm is cutting 400 jobs.
Brandon Bell/Getty Images
Grubhub CEO Howard Migdal told staff that the food-delivery company would be laying off about 400 jobs on June 12 — or about 15% of its workforce.
The cuts impacted Grubhub's corporate office, as the company's operating and staff costs have increased at a faster rate than its business over the past few years, the memo said.
"We operate in a highly competitive and constantly evolving industry," Migdal wrote. "There is no doubt whatsoever that we have a solid foundation in place and an immense opportunity ahead of us – but it is also clear that we need to make some tough decisions in order to maintain our competitiveness."
Grubhub has struggled to keep up with the likes of DoorDash and Uber Eats, and it is now the third biggest delivery operator in the US, according to Bloomberg Second Measure. The company has had three CEOs over the last two years, and its owner, Dutch conglomerate Just Eat Takeaway.com, tried to sell the firm less than a year after purchasing it.
Spotify: 2% of workforce
Spotify is the latest company to announce layoffs.
Onur Dogman/SOPA Images/LightRocket via Getty Images
Spotify announced that the music and podcast streaming app would lay off about 200 employees, or 2% of its workforce. The layoffs will impact employees across Spotify's podcasting business and its supporting functions, including talent acquisition and financial roles, a Spotify spokesperson told Insider.
In the memo sent to employees, the vice president of Spotify's podcast business Sahar Elhabashi explained the layoffs were a part of the brand's decision to change how it works with podcast partners around the globe. The "fundamental pivot from a more uniform proposition will allow us to support the creator community better," the memo read.
"The company will support these individuals with generous severance packages, including extended Healthcare coverage and immediate access to outplacement support," the statement read.
This announcement arrives on the tail of additional layoffs the music streaming service made back in January. In a memo to Spotify employees, CEO Daniel Ek said the company would cut 6% of its staff, about 600 people.
"While we have made great progress in improving speed in the last few years, we haven't focused as much on improving efficiency. We still spend far too much time syncing on slightly different strategies, which slows us down. And in a challenging economic environment, efficiency takes on greater importance. So, in an effort to drive more efficiency, control costs, and speed up decision-making, I have decided to restructure our organization," he wrote.
As part of those changes, Dawn Ostroff, the company's chief content and advertising officer, who spent more than $1 billion signing exclusive podcast deals with Joe Rogan, the Obamas, and Prince Harry and Meghan Markle, has departed.
Binance: potential layoffs
NurPhoto / Contributor
Binance, one of the world's largest cryptocurrency exchanges by volume, is considering staff cuts as the company prepares for the next bull cycle and evaluates its "talent density," a Binance spokesperson told Insider.
"As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic," the spokesperson said.
The statement came after a series of tweets from independent journalist Colin Wu on May 31 that indicated forthcoming layoffs at the company.
"This is not a case of rightsizing, but rather, re-evaluating whether we have the right talent and expertise in critical roles," the Binance statement continued. "This will include looking at certain products and business units to ensure our resources are allocated properly to reflect the evolving demands of users and regulators."
JPMorgan: About 500 jobs
JPMorgan recently began cuts of about 500 employees, CNBC and CNN reported.
Reuters
JPMorgan announced on March 26 that it is slashing 500 roles, CNBC reported.
The cuts are expected to spread across JPMorgan's retail and commercial banking, asset and wealth management, and corporate and investment banking operations, according to CNBC.
The reported layoffs come just a day after reports that JPMorgan laid off 1,000 First Republic employees, or about 15% of its workforce. JPMorgan, the largest bank in the US, got even larger earlier this month when it acquired the assets of failing First Republic after it was seized by regulators.
LinkedIn: 716 roles
Ryan Roslansky, CEO of LinkedIn, said the company would be cutting 716 roles on Tuesday.
Courtesy of Ryan Roslansky
LinkedIn announced earlier this month that it would be cutting 716 roles from its global workforce in a message from CEO Ryan Roslansky.
Roslansky also noted that company will also be discontinuing InCareer, a local jobs app in China, as it refocuses on helping companies in China hire, market, and train abroad.
The decision comes on the heels of LinkedIn's 20th anniversary last week.
"While we're making meaningful progress creating economic opportunities for our members and customers and experiencing record engagement on the platform, we're also seeing shifts in customer behavior and slower revenue growth," Roslansky said.
The cuts confirmed growing concern of layoffs among staffers in recent weeks, following the cancellation of several team-building offsite events and analyst speculation that Shopify would alter its logistics arm, Insider reported.
"I recognize the crushing impact this decision has on some of you, and did not make this decision lightly," Shopify CEO Tobi Lütke said in a note to employees and shareholders.
He continued: "This is a consequential and hard week. It's the right thing for Shopify but it negatively affects many team members who we admire and love working with."
Morgan Stanley: 3,000 jobs
Reuters
Morgan Stanley is cutting 3,000 jobs by the end of the quarter, Bloomberg reported, citing sources familiar with the matter. One person told the outlet that the company's banking and trading teams will be most impacted.
The cuts will affect about 5% of the firm's workforce, excluding financial advisers and personnel in the wealth management division, Bloomberg noted.
A spokesperson for the bank did not immediately respond to Insider's request for comment and declined to comment to Bloomberg. However, CEO James Gorman noted last month that underwriting and mergers activity has been "subdued" and that he doesn't expect a rebound before the second half of 2023 or even 2024, Bloomberg noted.
The firm last cut 1,600, or around 2% of its staff in December, Bloomberg noted.
Dropbox: 16% of staff
Drew Houston, cofounder and CEO of Dropbox, told employees Thursday that the company was eliminating 500 jobs.
Matt Winkelmeyer / Getty Images
Cloud storage firm Dropbox said Thursday that it would be reducing its global workforce by 16%, or 500 jobs.
In a message to staff sent Thursday, CEO Drew Houston said the cuts are being made, in part, from slowing business growth and the expansion of AI products.
"Today's changes were the result of taking a hard look at our strategic priorities and organizational structure as a leadership team, and aligning to principles of sustainable financial growth, efficiency, and flexibility to invest in our future. We're also streamlining how the company is organized," Houston said.
Gap: more than 2,000 jobs since late last year
Gap posters in Birmingham, England.
Gap said that the cuts are expected to help the company see $300 million in annualized savings.
"We are taking the necessary actions to reshape Gap Inc. for the future — simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience," the company's chairman and interim CEO Bob Martin said in a statement given to Insider.
In September, Gap slashed 500 jobs from its corporate ranks in a push to save $250 million annually, the Wall Street Journal reported.
Jenny Craig: potential mass layoffs
A man enters a Jenny Craig facility June 19, 2006 in Niles, Illinois.
Tim Boyle/Getty Images
Weight loss company Jenny Craig notified staffers of potential mass layoffs on April 27, as a result of the company "winding down physical operations," according to an internal email reviewed by NBC News.
According to NBC News, the company has been in the process of selling and anticipates the pending sale "will likely impact all employees in some manner," an FAQ document sent to employees read.
"We do not know the exact employees/groups whom will be impacted, and if any employees may be retained," the document said, per NBC News. "As a result, we would suggest that you anticipate that your employment may be impacted and begin to seek other employment."
3M: 6,000 jobs
Mike Roman, CEO of 3M.
Xinhua News Agency / Contributor/Getty Images
On Tuesday, the Scotch tape and Post-It Notes manufacturer said it will be cutting 6,000 positions across all parts of the company with the goal of streamlining operations, simplifying supply chain, and reducing layers of management, according to The Wall Street Journal.
The company's chief executive Mike Roman said Tuesday that the cuts would eliminate 10% of 3M's global workforce and ultimately save the company between $700 to $900 million in pretax costs, the Journal said.
3M last announced cuts in January when it said it was removing 2,500 manufacturing positions.
Lyft: 1,072 roles
Reuters
In an SEC filing on Thursday, Lyft said it was cutting roles for 1,072 employees, or about 26% of its corporate workforce. In the filing, the company also said it is scaling back on hiring and has eliminated over 250 open positions.
The news comes just weeks after David Risher took the helm as Lyft's new CEO, part of an executive shakeup that involved cofounders Logan Green and John Zimmer moving into board roles.
A spokesperson for Lyft previously told Insider, "David has made clear to the company that his focus is on creating a great and affordable experience for riders and improving drivers' earnings."
The spokesperson added, "To do so requires that we reduce our costs and structure our company so that our leaders are closer to riders and drivers. This is a hard decision and one we're not making lightly. But the result will be a far stronger, more competitive Lyft."
Deloitte: 1,200 jobs
Alex Tai/SOPA Images/LightRocket via Getty Images
Deloitte announced on April 21 it was cutting 1,200 jobs, or about 1.5% of its US staff, the Financial Times reported.
The cuts will largely be concentrated in the financial advisory business as a result of a decline in mergers and acquisitions, per internal communications viewed by the FT.
Whole Foods: Several hundred corporate employees
Mary Meisenzahl/Insider
Whole Foods announced on April 20 it was letting go of several hundred corporate employees, amounting to less than 0.5% of the company's workforce, CNBC reported.
The cuts are a result of a structural reorganization of global and regional support teams, which will be downsized from nine to six, but will not cause store closures, according to CNBC.
In a memo to employees viewed by CNBC, Whole Foods executives wrote "simplifying our work and improving how we operate is critical as we grow."
"As the grocery industry continues to rapidly evolve, and as we — like all retailers — have navigated challenges like the COVID-19 pandemic and continued economic uncertainty, it has become clear that we need to continue to build on these changes," the memo read, per CNBC.
It continued: "With additional adjustments, we will be able to further simplify our operations, make processes easier, and improve how we support our stores."
BuzzFeed News: 15% of staff
BuzzFeed News headquarters.
Drew Angerer / Getty Images
BuzzFeed announced on April 20 that it was shuttering its BuzzFeed News division, laying off 15% of its staff, or 180 employees, in the process.
In a memo to staff shared with Insider's Lucia Moses, CEO Jonah Peretti admitted to mistakes like over-investing in the news arm and failing to successfully integrate BuzzFeed and Complex after the latter was acquired in 2021.
"I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances," he wrote. "Our job is to adapt, change, improve, and perform despite the challenges in the world. We can and will do better."
Ernst & Young: 3,000 positions
EY spends $500 million annually on learning for its employees.
TOLGA AKMEN / Contributor / Getty
Ernst & Young announced on April 17 it was laying off 3,000 US employees, or about 5% of its total US staff.
The decision came after the financial auditor nixed a proposed reorganization that would break up its consulting and accounting businesses, Reuters reported.
According to the Financial Times, which first reported the layoffs, the cuts will address "overcapacity" and will largely impact the company's consulting business.
Opendoor: 560 jobs
Opendoor announced it was cutting 560 jobs on Tuesday.
Opendoor Technologies/Glassdoor
On Tuesday, home flipping giant Opendoor said it was cutting 560 jobs, or 22% of its workforce, citing a souring housing market.
A spokesperson for Opendoor told Insider by email,"We've been weathering a sharp transition in the housing market – the steepest and fastest rate increase by the Fed in 40 years, the more than doubling of mortgage rates from historic lows, and the hit to home affordability have driven an approximately 30% decline in new listings from peak levels last year."
The spokesperson noted that the cuts have been made to "better align our operational costs with the anticipated near-term market opportunity, while maintaining our critical technology investments that will continue to drive the business long term."
Impacted team members will receive severance pay, extended health benefits, and job transition support.
Opendoor last made cuts in November 2022, laying off 550 workers or about 18% of its staff.
McKinsey: About 1,400 employees
FABRICE COFFRINI/AFP via Getty Images
McKinsey & Company will cut an estimated 1,400 positions, or 3% of its total workforce, Bloomberg reported on March 29.
The layoffs are part of the consulting firm's efforts to reorganize support teams and pare down an employee base that has grown rapidly in recent years, per the outlet.
"The painful result of this shift is that we will have to say goodbye to some of our firm functions colleagues, while helping others move into new roles that better align to our firm's strategy and priorities," Bob Sternfels, global managing partner, wrote in a note to staff seen by Bloomberg.
He continued: "Starting now, where local regulations allow, we will begin to notify colleagues who will depart our firm or be asked to change roles."
David's Bridal: 9,236 employees
Shoppers head for David's Bridal in Sunset Hill, Mo. Tuesday, May 10, 2005.
James A. Finley/AP Images
David's Bridal is laying off more than 9,000 workers across the US, according to a WARN notice filed with the Pennsylvania Department of Labor and Industry on April 14.
"We are evaluating our strategic options and a sale process is underway," David's Bridal spokesperson Laura McKeever told the Philadelphia Inquirer. "At this time, there are no updates to share."
The company is considering filing for bankruptcy in the near future, according to an April 7 report from the New York Times. David's Bridal also filed for bankruptcy in 2018.
Virgin Orbit: 85% of staffers
Sir Richard Branson, founder of Virgin Orbit.
Mark Greenberg
Virgin Orbit disclosed in a March 30 filing with the Securities and Exchange Commission that it is slashing 85% of its staff, or about 675 employees.
The company, which operates within the Virgin Group and provides launch services for satellites, is also ceasing operations "for the foreseeable future," CNBC reported.
"Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Virgin Orbit CEO Dan Hart said, according to audio of a company all-hands obtained by CNBC.
Electronic Arts: About 780 employees
Lucy Nicholson/Reuters
Electronic Arts — the video game company best known for its "The Sims," "FIFA," and "Madden NFL" franchises — is letting go of 6% of its staff, or about 780 employees, the company announced on March 24.
"As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams," Electronic Arts CEO Andrew Wilson wrote in a blog post to staffers.
Wilson said the cuts began early this quarter and will continue through the beginning of the next fiscal year.
Amazon: 9,000 more jobs
Amazon CEO Andy Jassy announced on Monday that the company would be eliminating another 9,000 roles, on top of the 18,000 announced in January.
Richard Brian/Reuters
Amazon announced on March 20 that it would cut 9,000 jobs from its workforce over the coming weeks. The cuts come on the heels of the 18,000 roles the company announced it was cutting back in January.
In a message to employees shared on Amazon's site, CEO Andy Jassy noted that the impacted positions are largely in the Amazon Web Services, People Experience and Technology Solutions, Advertising, and Twitch departments.
In the memo, Jassy said the company staggered its layoff announcements because "not all of the teams were done with their analyses in the late fall." He added, "rather than rush through these assessments without the appropriate diligence, we chose to share these decisions as we've made them so people had the information as soon as possible."
Roku: 200 staffers
Roku CEO Anthony Wood speaks during Tribeca X - 2021 Tribeca Festival on June 18, 2021 in New York City.
Photo by Arturo Holmes/Getty Images for Tribeca Festival
Roku is cutting an additional 200 roles, or 6% of its workforce, Reuters reported on March 30. The cuts come after the streaming device manufacturer previously laid off 200 employees in November 2022.
The company is expected to complete the cuts by the end of the second quarter, and also plans to leave and sublease office facilities in an attempt to reduce costs, according to Reuters.
Walmart: About 200 employees
A Walmart store.
Bruce Bennett/Getty Images
Walmart asked about 200 workers at five fulfillment centers to find employment elsewhere in the company in the next 90 days or else be laid off, Reuters reported on March 23.
The cuts are a response to the reduction of evening and weekend shifts at select Walmart facilities, including those in Chino, California; Davenport, Florida; Bethlehem, Pennsylvania; Pedricktown, New Jersey; and Fort Worth, Texas, per Reuters.
"We recently adjusted staffing levels to better prepare for the future needs of customers," a Walmart spokesperson told Reuters in a statement.
The tech consultancy company said the layoffs will take place over the next 18 months and half of the cuts will impact staffers in "non-billable corporate functions," per the filing.
"While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs," Accenture wrote in the filing.
Indeed: 2,200 staffers
Indeed CEO Chris Hyams
Photo by Niall Carson/PA Images via Getty Images
Indeed CEO Chris Hyams announced on March 22 that the online networking platform will cut 2,200 jobs, or about 15% of its staff.
In a note sent to employees, Hyams wrote the reductions will impact "nearly every team, function, level, and region" across the company in an effort to reduce redundancy and increase efficiency.
"I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I'd never have to make," he wrote.
Meta: 10,000 workers
Meta CEO Mark Zuckerberg
Mark Lennihan/AP
Roughly 10,000 Meta workers will find out that their jobs have been cut between March and May, according to an announcement by the company's founder and CEO, Mark Zuckerberg.
Zuckerberg also said the company would close around 5,000 open roles that haven't yet been filled as part of the company's effort to downsize.
"My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead," Zuckerberg wrote in a post on Facebook announcing the layoffs.
In the post, Zuckerberg said that members of Meta's recruiting team would learn about the fate of their jobs in March, while tech workers would find out in late April, and business groups would find out in May.
"In a small number of cases, it may take through the end of the year to complete these changes," he wrote.
The job cuts come less than 5 months after Meta slashed 11,000 workers, or about 13% of its workforce, in November. At the time, Zuckerberg called the layoffs a "last resort."
SiriusXM: 475 roles
Jennifer Witz, CEO of SiriusXM said the company was cutting 475 roles on March 6.
Cindy Ord / Staff/ Getty Images
The radio company said March 6th that it was cutting 8% of its staff or 475 roles according to a statement posted on the company's website from CEO Jennifer Witz.
In the statement, Witz said "nearly every department" across the company will be impacted.
She also noted that those impacted will be contacted directly and will have the opportunity to speak with a leader from their department as well as a member of the company's People + Culture team.
Impacted employees will also be provided with exit packages that include severance, transitional health insurance benefits, Employee Advocacy Program continuation, and outplacement services, Witz noted.
Citigroup: hundreds of jobs
Citi CEO Jane Fraser
Patrick T. Fallon/AFP via Getty Images
Citi plans to cut hundreds of jobs, with many focused on the company's investment bank division.
The total headcount cut will reportedly amount to less than 1% of Citi's more than 240,000 workers and are part of Citi's normal course of activities.
In January, Citi's CFO told investors the company remained "focused on simplifying the organization, and we expect to generate further opportunities for expense reduction in the future."
Citi declined Insider's request to provide comment on the record.
Waymo: reported 209 roles so far
Waymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 8% of the unit's staff has been cut this year.
Peter Prado/Insider; Vaughn Ridley/Sportsfile via Getty Images
Alphabet's self-driving car unit Waymo has reportedly laid off a total of 209 employees this year in two rounds of cuts, according to The Information.
Waymo reportedly laid off 137 employees on March 1, according to The Information.
Waymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 209 employees— approximately 8% of the company's staff— have been cut this year, according to an internal email seen by The Information.
Waymo did confirm the cuts to Insider but did not specify the number of roles impacted or the date the first round of cuts occurred.
Thoughtworks: reported 500 employees
Thoughtworks laid off 500 employees on February 28. That day, CEO Guo Xiao said in the company's earnings release that it was "pleased" with its performance in the fourth quarter of 2022.
Screenshot of Guo Xiao from the Thoughtworks website.
Thoughtworks, a software consultancy firm, reportedly laid off 500 employees or 4% of its global workforce, according to TechCrunch. TechCrunch noted that the company "did not dispute" the figure when reached for comment on March 1.
According to TechCrunch, Thoughtworks "initially informed" the affected employees about the decision on February 28.
That same day, Thoughtworks reported that its revenue had increased 8.3% between the fourth quarter of 2022 and the fourth quarter of 2021. The company also reported a more than 21% year over year revenue increase for 2022.
In the company's earnings release, Thoughtworks' CEO Guo Xiao said, "We are pleased with our performance in the fourth quarter and our clients continue to look to us to help them navigate these uncertain times and tackle their biggest technology challenges."
General Motors: reported 500 salaried jobs
GM CEO Mary Barra.
Patrick T. Fallon/Getty Images
General Motors plans to cut 500 executive-level and salaried positions, according to a report from The Detroit News.
The layoffs come only one month after CEO Mary Barra told investors and reporters on the company's earnings call, "I do want to be clear that we're not planning layoffs."
In a memo to employees, seen by Insider, GM's chief people officer wrote, "we are looking at all the ways of addressing efficiency and performance. This week we are taking action with a relatively small number of global executives and classified employees following our most recent performance calibration."
Employees who are getting laid off were informed on Feb. 28.
General Motors confirmed the layoffs to Insider but did not confirm a specific number of employees getting cut.
Twitter: about 200 employees
Elon Musk is Twitter's CEO and owner
REUTERS/Jonathan Ernst
The layoffs reportedly haven't stopped at Twitter under Elon Musk.
The social media company reportedly laid off 200 more employees on a Saturday night in late February, according to the New York Times. Some workers reportedly found out they had lost their jobs when they couldn't log into their company emails.
Musk laid off 50% of Twitter's workforce in November after buying the company for $44 billion.
Yahoo: 20% of employees
SOPA Images / Getty Images
Yahoo announced it will eliminate 20% of its staff, or more than 1,600 people, as part of an effort to restructure the company's advertising technology arm, Axios reported on February 9.
Yahoo CEO Jim Lanzone told Axios that the cuts are part of a strategic overhaul of its advertising unit and will be "tremendously beneficial for the profitability of Yahoo overall."
Disney: 7,000 jobs
Bob Iger, CEO of Disney
Charley Gallay/Stringer/Getty Images
Fresh off his return as Disney CEO, Bob Iger announced February 8 that Disney will slash 7,000 jobs as the company looks to reduce costs.
Iger, who returned to the position in November 2022 to replace his successor Bob Chapek after first leaving in 2020, told investors the cuts are part of an effort to help save an estimated $5.5 billion.
"While this is necessary to address the challenges we are facing today, I do not make this decision lightly," Iger said. "I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes."
DocuSign: 10%
Igor Golovniov/SOPA Images/LightRocket/Getty Images
DocuSign plans to slash 10% of employees as part of a restructuring plan "designed to support the company's growth, scale, and profitability objectives," the electronic signature company wrote in a Securities and Exchange Commission filing on Feb. 16.
The company said the restructuring plan is expected to be complete by the second quarter of fiscal 2024, per the filing.
Affirm: 19% of its workforce
Affirm co-founder and CEO Max Levchin
Affirm
Affirm announced on February 8 it plans to slash 19% of its workforce, after reporting declining sales that missed Wall Street expectations.
Affirm co-founder and CEO Max Levchin said in a call with investors that the technology company "has taken appropriate action" in many areas of the business to navigate economic headwinds, including creating a "smaller, therefore, nimbler team."
"I believe this is the right decision as we have hired a larger team that we can sustainably support in today's economic reality, but I am truly sorry to see many of our talented colleagues depart and we'll be forever grateful for their contributions to our mission," he said.
GoDaddy: 8% of workers
GoDaddy's CEO Aman Bhutani in September 2019
Don Feria/Invision/AP Images
GoDaddy, the website domain company, announced on February 8 it will cut 8% of its global workforce.
"Despite increasingly challenging macroeconomic conditions, we made progress on our 2022 strategic initiatives and continued our efforts to manage costs effectively," GoDaddy CEO Aman Bhutani wrote in an email to staffers.
"The discipline we embraced was important but, unfortunately, it was not sufficient to avoid the impacts of slower growth in a prolonged, uncertain macroeconomic environment."
Zoom: 15% of staff
Zoom CEO Eric Yuan.
AP Photo/Mark Lennihan
Zoom CEO Eric Yuan announced in a memo to workers that the company would reduce its headcount by 15%, or about 1,300 employees, on February 7.
He attributed the layoffs to "the uncertainty of the global economy and its effect on our customers" but also said the company "made mistakes" as it grew.
"We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably toward the highest priorities," Yuan said.
In the memo, Yuan also announced that he would cut his salary by 98% in 2023 and forgo his corporate bonus. In addition, other members of the executive leadership team will also reduce their base salaries by 20% this year, according to Yuan.
eBay: 500 jobs
eBay CEO Jamie Iannone told employees Tuesday that the company would be eliminating 500 roles.
Harry Murphy/Sportsfile for Web Summit via Getty Images
In the message, CEO Jamie Iannone wrote "Today's actions are designed to strengthen our ability to deliver better end-to-end experiences for our customers and to support more innovation and scale across our platform."
He added, "this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape."
Dell: 5% of workforce
Dell is eliminating approximately 5% of its workforce. The company's co-chief operating officer Jeff Clarke told employees in a memo, "market conditions continue to erode with an uncertain future."
Kevork Djansezian / Staff/Getty Images
On February 6, Dell said in a regulatory filing that it would be eliminating about 5% of its workforce. The percentage amounts to approximately 6,650 roles based on numbers that Dell provided Insider.
He also noted in the memo that the company had paused hiring, limited employee traveling, and decreased spending on outside services. He added, however, "the steps we've taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough."
Pinterest: 150 jobs
Ben Silbermann is the founder and executive chair of Pinterest. He was the company's CEO until June 2022.
Horacio Villalobos/Getty Images
Pinterest said it would cut 150 workers, or less than 5% of its workforce, on February 1, the company confirmed to Insider.
"We're making organizational changes to further set us up to deliver against our company priorities and our long-term strategy," a company representative said.
The social media company was recently the target of activist investor Elliott Management, agreeing to add one of the firm's representatives to its board last month.
Rivian: 6% of jobs
Rivian CEO RJ Scaringe.
Carlos Delgado/Associated Press
Rivian's CEO RJ Scaringe announced the EV company would cut 6% of its workforce in a memo to employees, the company confirmed to Insider.
This is the company's second round of job cuts in the last 6 months after Scaringe announced a separate 6% workforce reduction in July 2022.
In his memo to staff, Scaringe said Rivian needs to focus its resources on ramping up production and reaching profitability.
BDG Media: 8% of staff
Screengrab of Gawker's homepage
Gawker
BDG Media announced on February 1 that it was shutting down pop-culture site Gawker and laying off 8% of its staff, according to Axios.
BDG owns Bustle, Elite Daily, and other lifestyle and news websites.
"After experiencing a financially strong 2022, we have found ourselves facing a surprisingly difficult Q1 of 2023," CEO Bryan Goldberg wrote in a memo to staff seen by Axios.
Splunk: 325 jobs
Gary Steele took over as Splunk's CEO in April 2022.
YouTube/Proofpoint
Software and data platform Splunk is the latest in a long list of tech companies to announce layoffs in recent months.
On February 1, the company said it would lay off 4% of its staff and scale back the use of consultants to cut costs, according to a filing viewed by Insider.
The layoffs will reportedly be focused on workers in North America, and CEO Gary Steele told employees Splunk would continue to hire in "lower-cost areas."
Intel: 343 jobs
Intel CEO Pat Gelsinger.
Pool Eric Lalmand/Getty Images
Intel notified California officials per WARN Act requirements it plans to layoff 343 workers from its Folsom campus, local outlets reported on January 30.
"These are difficult decisions, and we are committed to treating impacted employees with dignity and respect," Intel said in a statement to KCRA 3, noting that the cost-cutting comes as the company is faces a "challenging macro-economic environment."
On February 1, the company announced CEO Pat Gelsinger will take a 25% pay cut, while other members of the executive team will take salary reductions in amounts ranging from 5% to 15%.
FedEx: more than 10% of top managers
FedEx workers in New York City on March 16, 2021.
Alexi Rosenfeld/Getty Images
FedEx informed staffers on February 1 it plans to slash more than 10% of top managers in an effort to reduce costs.
"This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions," CEO Raj Subramaniam wrote in a letter to staff, which was shared with Insider's Emma Cosgrove.
While the exact number of employees impacted was not specified, a FedEx spokesperson told Insider that since June 2022 the company has reduced its workforce by more than 12,000 staffers through "headcount management initiatives."
"We will continue responsible headcount management throughout our transformation," the spokesperson said.
PayPal: 7% of total workforce
Dan Schulman, president and CEO of PayPal announced that the company would be cutting 7% of its total workforce on January 31.
Paypal
PayPal announced on January 31 that it plans to cut 2,000 workers or approximately 7% of the company's total workforce over the coming weeks.
In a statement announcing the layoffs on PayPal's website, CEO and president Dan Schulman cited the "challenging macro-economic environment."
He added, "While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do."
HubSpot: 7% of staff
Yamini Rangan is HubSpot's CEO.
Matt Winkelmeyer/ Getty Images
HubSpot's CEO Yamini Rangan announced that the company would lay off 500 workers, according to an email seen by Insider.
"We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected. The year was challenging due to a perfect storm of inflation, volatile foreign exchange, tighter customer budgets, and longer decision making cycles," Rangan wrote to employees.
IBM: 1.5% of staff
IBM's CEO Arvind Krishna
Brian Ach / Stringer / Via Getty
IBM plans would cut 1.5% of its staff, roughly 3,900 workers.
The layoffs were first reported by Bloomberg but confirmed by Insider.
The company said the cuts would cost IBM about $300 million and is related entirely to businesses the company has spun off.
Bloomberg reports that CFO James Kavanaugh said the company is still hiring in "higher-growth areas."
Hasbro: 15% of workers
A Jenga game by Hasbro Gaming.
Thomson Reuters
Hasbro reportedly plans to cut 1,000 workers after warning that the 2022 holiday season was weaker than expected, according to the toy and game company.
The company said the layoffs come as it seeks to save between $250 million to $300 million per year by the end of 2025.
"While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses," Chris Cocks, Hasbro's CEO said.
Dow: 2,000 global employees
The Dow Chemical logo is shown on a building in downtown Midland, home of the Dow Chemical Company corporate headquarters, December 10th, 2015 in Midland, Michigan
Bill Pugliano/Getty Images
Dow Inc. announced on January 26 that it will lay off 2,000 global employees, a move that indicates mass layoffs are spreading beyond just the technology sector, the Wall Street Journal reported.
It's part of a $1 billion cost-cutting effort intended to help amid "challenging energy markets," Dow CEO Jim Fitterling said in a press release. The chemical company also will shut down select assets, mostly in Europe, per the release.
"We are taking these actions to further optimize our cost structure and prioritize business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe," Fittlering said.
SAP: Up to 3,000 positions
SAP CEO Christian Klein
ULI DECK/POOL/AFP via Getty Images
Software company SAP said on January 26 it will slash up to 3,000 jobs globally in response to a profit slump, with many of the cuts coming outside of its headquarters in Berlin, the Wall Street Journal reported.
The layoffs will impact an estimated 2.5% of the company's workforce and are part of a cost-cutting initiative aiming at reaching an annual savings of $382 million in 2024, according to the Journal.
"The purpose is to further focus on strategic growth areas," said Luka Mucic, SAP's chief financial officer, per the Journal.
3M: 2,500 jobs cut
3M
3M, which makes Post-It notes, Scotch tape, and N95 masks, said it plans to cut 2,500 manufacturing jobs worldwide.
CEO Mike Roman called it "a necessary decision to align with adjusted production volumes."
"We expect macroeconomic challenges to persist in 2023. Our focus is executing the actions we initiated in 2022 and delivering the best performance for customers and shareholders," he said in a press release.
Google: around 12,000 employees
Brandon Wade/Reuters
Sundar Pichai, CEO of Google parent company Alphabet, informed staffers on January 20 that the company will lay off 12,000 employees, or 6% of its global workforce.
In a memo sent to employees and obtained by Insider, Pichai said the layoffs will "cut across Alphabet, product areas, functions, levels and regions" and were decided upon after a "rigorous review."
Pichai said the company will hold a townhall meeting to further discuss the cuts, adding he took "full responsibility for the decisions that led us here"
"Over the past two years we've seen periods of dramatic growth," Pichai wrote in the email. "To match and fuel that growth, we hired for a different economic reality than the one we face today."
Vox: 7% of staff
The layoffs were reportedly announced in a memo from CEO Jim Bankoff.
Vox Media
Vox Media, the parent company of publications like Vox, The Verge, New York magazine, and Vulture, is laying off roughly 133 people, or 7% of its staff, according to a report by Axios.
The cuts come just a few months after the media company laid off 39 roles in July.
The decision was reportedly announced in a note to staff from CEO Jim Bankoff, who wrote that while the company is "not expecting further layoffs at this time, we will continue to assess our outlook, keep a tight control on expenses and consider implementing other cost savings measures as needed," according to Axios.
Vox Media's layoffs come at a time when advertisers are tightening their belts in anticipation of an economic slowdown, taking a toll on the media industry.
Capital One: more than 1,100 tech workers
Brian Ach/AP Images
Capital One slashed 1,100 technology positions on January 18, a company spokesperson told Insider. The cuts impacted workers in the "Agile job family," a department which was eliminated and its responsibilities integrated into "existing engineering and product manager roles," per the spokesperson.
"Decisions that affect our associates, especially those that involve role eliminations, are incredibly difficult," the Capital One spokesperson said in the statement.
"This announcement is not a reflection on these individuals or the work they have driven on behalf of our technology organization," the spokesperson continued. "Their contributions have been critical to maturing our software delivery model and our overall tech transformation."
The eliminations came after the bank had invested heavily in tech efforts in recent years, including launching a new software business focused on cloud computing in June 2022.
"This decision was made solely to meet the evolving skills and process enhancements needed to deliver on the next phase of our tech transformation," the spokesperson said.
WeWork: About 300 employees
Reuters
WeWork announced on January 19 it will cut about 300 positions as it scales back on coworking spaces in low-performing regions, Reuters reported. The layoffs come after the company said in November 2022 it planned to exit 40 locations in the US as part of a larger cost-cutting effort.
The company announced the cuts in a press release listing its fourth-quarter earnings call date, stating only the reductions are "in connection with its portfolio optimization and in continuing to streamline operations."
Wayfair: more than 1,000 employees
Pavlo Gonchar/SOPA Images/LightRocket via Getty Images
Wayfair is expected to lay off more than 1,000 employees, about 5% of its workforce, in the coming weeks in response to slumping sales, the Wall Street Journal reported on January 19.
The cuts mark the second round of layoffs in six months for the online furniture and home goods company, after it nixed 900 staffers in August 2022.
Though the company experienced significant growth during the pandemic-driven home improvement boom, sales began to stagnate as social distancing policies loosened and Americans began returning to offices.
"We were seeing the tailwinds of the pandemic accelerate the adoption of e-commerce shopping, and I personally pushed hard to hire a strong team to support that growth. This year, that growth has not materialized as we had anticipated," Wayfair CEO Niraj Shah wrote in a letter to employees announcing the August 2022 layoffs, per CNN.
In its most recent quarter, the Wayfair reported that net revenue decreased by $281 million, down 9% from the same period the year prior.
Microsoft: 10,000 workers
Microsoft CEO Satya Nadella
Stephen Brashear/Getty Images
Microsoft announced on January 18 that it planned to reduce its workforce by 10,000 jobs by the end of the third quarter of this year.
CEO Satya Nadella attributed the layoffs to customers cutting back in anticipation of a recession.
However, Nadella also told workers that the company still plans to grow in some areas, despite the firings, writing that the company will "continue to hire in key strategic areas."
Microsoft's layoff announcement comes as the tech giant is reportedly in talks to invest $10 billion in OpenAI, which created the AI chatbot ChatGPT.
On February 13, the company laid off staff at LinkedIn—which it acquired in 2016— according to The Information. The cuts were in the recruiting department, though the total number laid off is not immediately clear, The Information reported.
Crypto.com: 20% of staff
Crypto.com CEO Kris Marszalek
Crypto.com
Crypto.com announced on January 13 that it would let go of a fifth of its workforce amid a sagging crypto market and fallout from FTX's collapse.
This is the second major round of firings for Crypto.com, which also had layoffs in July.
"The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It's for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success," CEO Kris Marszalek wrote in a memo to employees.
BlackRock: up to 3% of global workforce
BlackRock CEO Larry Fink
Staff members were notified on January 11 about whether they were laid off.
"Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper," CEO Larry Fink and President Rob Kapito wrote in a memo to employees.
Goldman Sachs: an estimated 6.5% of its global workforce
Goldman Sachs is laying off an expected 3,200 employees.
Photo by Michael M. Santiago/Getty Images
Goldman Sachs began laying off employees on Jan. 11, with cuts expected to impact an estimated 6.5% of the company's global workforce — or roughly 3,200 staffers — a source told Insider.
The cost-cutting efforts from the investment banking giant mirror reductions from competitors including Morgan Stanley and Citi, which also laid off employees in 2022.
"We continue to see headwinds on our expense lines, particularly in the near term," Goldman Sachs CEO David Solomon said at a conference in December. "We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set."
BNY Mellon: 1,500 jobs
BNY Mellon CEO Robin Vince
BNY Mellon
BNY Mellon is planning to cut approximately 3% of its workforce, or 1,500 jobs, according to the Wall Street Journal, which cited people familiar with the matter.
The cuts will be primarily aimed at talent management roles, according to the report. BNY Mellon will reportedly plan to invest more in junior staff.
Verily (part of Alphabet): reportedly 15% of workers
Alphabet CEO Sundar Pichai
Jerod Harris/Getty Images
Verily, which is Alphabet's healthcare unit, is laying off more than 200 employees, according to an email seen by the Wall Street Journal.
The Journal reports that the company will also scale down the number of projects it works on in an effort to cut costs.
"We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model," Verily's CEO, Stephen Gillet, wrote in the email, according to the Journal.
This is the first significant layoff done by Google's parent company, which had so far avoided the massive waves of job cuts done by other big tech giants like Amazon and Meta.
DirecTV: 10% of management staff
DirecTV.
Karen Bleier/AFP/Getty Images
DirecTV employees were told in the first week of January that the company would lay off several hundred workers in management roles.
The satellite TV business has faced slowing revenues as more people choose to cut the cord and pay for streaming services over cable TV.
"The entire pay-TV industry is impacted by the secular decline and the increasing rates to secure and distribute programming. We're adjusting our operations costs to align with these changes and will continue to invest in new entertainment products and service enhancements," a spokesperson for DirecTV told Insider.
Coinbase: 950 workers
CEO Brian Armstrong cited the downward trend in cryptocurrency prices and the broader economy as reasons for the layoffs.
Patrick Fallon/Getty Images
Coinbase announced on Tuesday, Jan. 10, that would lay off another 20% of its staff.
The cuts came after the crypto company laid off over 1,000 employees in July.
In a memo to employees, CEO Brian Armstrong said, "in hindsight, we could have cut further at that time," referencing the layoffs in July.
Armstrong partially attributed the company's weakness to the "fallout from unscrupulous actors in the industry," likely referencing the alleged fraud that took place at FTX late last year under then-CEO Sam Bankman-Fried. Armstrong predicted "there could still be further contagion" from FTX in the crypto markets but assured remaining employees that Coinbase is well capitalized.
Amazon: 18,000 employees
Amazon CEO Andy Jassy initially announced the company's latest round of layoffs in November.
Amazon
Amazon is in the midst of the most significant round of layoffs in the company's history.
In a memo to employees, CEO Andy Jassy said the company would cut more than 18,000 workers in total — far more than what was initially expected based on reporting by the New York Times.
Jassy cited "the uncertain economy" and rapid hiring as reasons for the layoffs.
While most of Amazon's 1.5 million staff have warehouse jobs, the layoffs are concentrated in Amazon's corporate groups.
Amazon's layoffs began late last year, though the Wall Street Journal reports cuts will continue through the first few weeks of 2023.
Amazon's 18,000 jobs cuts are the largest of any major tech company amid the wave of recent layoffs.
Salesforce: 10% of its staff
Salesforce said in the first month of 2023 that it would enact big job cuts.
Noam Galai/Getty Images
Salesforce co-CEO Marc Benioff announced on Jan. 4 that the software company plans to layoff 10% of its workforce — an estimated 7,000 employees — and close select offices as part of a restructuring and cost-cutting plan.
"The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," Benioff wrote in an email to staff. "With this in mind, we've made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks."
He continued: "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."
Everlane: 17% of corporate employees
Everlane founder and executive chair Michael Preysman.
Lars Ronbog/Getty Images for Copenhagen Fashion Summit
Everlane is slashing 17% of its 175-person corporate workforce, and 3% of its retail staff.
"We know there will be some bumpiness over the next few weeks as we navigate a lot of change at once. We ask for your patience as we do right by our departing team members," CEO Andrea O'Donnell wrote to employees, according to an internal memo seen by Insider.
In a statement to Insider, a company spokesperson said the decision was intended to "improve profitability in 2023 and continue our efforts to help leave the fashion industry cleaner than we found it."
The e-commerce clothing company previously laid off nearly 300 workers, mostly in retail in March 2020 amid the outbreak of the Covid-19 pandemic.
Vimeo: 11% of its workforce
Anjali Sud, CEO of Vimeo, speaks during the company's direct listing on Nasdaq, Tuesday, May 25, 2021, in New York.
AP Photo/Mark Lennihan
Vimeo CEO Anjali Sud told employees on Jan. 4 that the company would layoff 11% of its staff, the video platform's second major round of layoffs in less than a year, after cutting 6% of employees in July
"This was a very hard decision that impacts each of us deeply," Sud wrote in an email to staff. "It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment."
A spokesperson told Insider reduction is intended to assist with ongoing economic concerns and improve the company's balance sheet.
Compass: size of layoffs not immediately disclosed
Compass is letting go of more employees after two rounds of layoffs in the past eight months.
Compass
Compass CEO Robert Reffkin told staffers on Jan. 5 it would conduct more layoffs, following two previous rounds in the past eight months, as the brokerage continues to struggle with significant financial losses.
"We've been focused over the last year on controlling our costs," Reffkin wrote in an email to employees. "As part of that work, today we reduced the size of some of our employee teams. While decisions like these are always hard, they are prudent and allow us to continue to build a long-term, successful business for all of you."
While the size of the layoffs was not immediately disclosed, the brokerage let go of 450 corporate employees in June 2022, followed by an additional 750 people from its technology team in October 2022.
Stitch Fix: 20% of salaried jobs
Stitch Fix is laying off salaried employees.
The cuts come in tandem with the announcement that CEO Elizabeth Spaulding is stepping down, after less than 18 months at the helm of the struggling retail company.
"First as president and then as CEO, it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team," Spaulding said in a statement. "It is now time for a new leader to help support the next phase."
Stitch Fix founder Katrina Lake — who formerly served as chief executive and sits on the board of directors — will become interim CEO, the company said in a press release.