updated - August 7, 2020 Friday EDT
Morgan Stanley is planning to cut a quarter of its workforce, all of which will be coming from the debt and currencies division, people familiar with the matter told The Wall Street Journal. The job cuts are because of the Wall Street firm’s belief that the already months-long slump in trading revenues will persist.
Kraft Heinz Co., will be closing down seven factories and laying off about 2,600 employees in North America, according to a report from USA Today. The move is part of the company’s efforts to cut costs.
Sprint Corp. is planning to cut as much as $2.5 billion in its fiscal 2016 expenses, according to a report from Reuters. The company said that the cut in expense will come from layoffs and a wide array of cost controls.
People familiar with the matter have told Bloomberg that ESPN is planning to cut as many as 350 jobs, about 4.3 percent of the company’s workforce. The job cuts are due to the rising costs in programming and loss of viewership.
Alexandre de Juniac, the CEO of Air France, has scaled back the number of jobs it plans to cut in 2016 to fewer than 1,000, down from the 2,900 it earlier proposed, according to a report from Reuters. The job losses in 2017 could be avoided if the talks with unions will lead to an agreement on alternative savings measures by the beginning of next year.
Twitter, Inc. is planning to lay off up to 336 employees, or about 8 percent of the company’s global workforce, according to a SEC filing by Twitter. The job cuts are part of an overall plan to organize the company around its top priority products and drive efficiencies.
Multiple sources have told Re/code that Twitter, Inc. is planning to have company-wide layoffs next week, Jack Dorsey’s first move as the new CEO. It is unclear how many people will be cut, but sources say that it will affect all departments. Sources told Re/code that the downsizing comes at the same time the company is making its engineering organization leaner and more efficient.
SunEdison, Inc. will be reducing its global workforce by approximately 15 percent as a response to the current and expected market conditions and to remove duplicative activities as a result of merger and acquisition, according to a SEC filing by SunEdison. The workforce reduction is part of a restructuring that the company is conducting to optimize business operations and to accelerate cash flow positive operations.
The managers of Air France forced to flee a meeting after a mob of angry workers waving banners and flags stormed the room, according to a report from Reuters. The airline has confirmed during the meeting that they plan to cut 2,900 jobs by 2017 and shed 14 aircraft from its long-haul fleet.
Rolls-Royce Holdings Plc, a maker of jet engines, may be announcing a plan to cut 400 management jobs in its flagging marine division, people with knowledge of the matter told the Financial Times. The job cuts are the company’s attempt to increase the confidence in diversification strategy that is being challenged by investors.
Wal-Mart Stores, Inc. laid off 450 employees last Friday at its headquarters, which is located in Bentonville, Arkansas, according to a report from USA Today. The layoffs are part of the retail giant’s plan to increase its competitive edge.
ConAgra Foods, Inc. has announced in a press release a restructuring plan that will realize at least $300 million of efficiency benefits within the next three years through a combination of reductions in SG&A and enhancements in the company’s trade spend processes and tools.