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In the past year, Meta has undergone significant transformations, particularly in its approach to workforce management. Meta’s decisions regarding layoffs have not only attracted attention but have had a substantial impact on the company’s financial performance. Meta incurred staggering losses totaling $16 billion, primarily attributed to its Metaverse endeavors, mainly its Reality Labs division responsible for Oculus goggles. This marked a significant increase from the previous year’s loss of $13.7 billion, with Meta reporting a loss of $4.6 billion in the final quarter of 2023. Meta’s Stock Surge And Improved Margins Despite these substantial deficits, Meta’s stock surged by 12% following recent updates, largely due to the company’s improved margins. Meta’s revenue increased by 16%, while operating income and profits surged by 62% and 69%, respectively. CEO Mark Zuckerberg has assured investors of further losses in the future due to ongoing investments in augmented reality/...
Wells Fargo remains under the spotlight as investors respond to the financial giant’s recent announcement of workforce reduction plans. The news, which surfaced in late 2023, revealed that Wells Fargo CEO Charlie Scharf shared plans to cut the company’s workforce, anticipating severance costs ranging between $750 million to $1 billion during the fiscal fourth quarter of last year. This strategic move follows earlier layoffs at Wells Fargo disclosed last month, totaling 11,300 jobs or 4.7% of its workforce in 2023. The company’s approach under Scharf’s leadership aims to maintain a workforce presence near its various hubs across the United States. Why Are The Wells Fargo Layoffs Happening The decision to reduce headcount comes in the wake of Wells Fargo’s ongoing efforts to navigate challenges in the economic landscape. Last month, Scharf highlighted the necessity of these payments, citing the need for the company to adjust its workforce amid persistently low turnover rates. In...
Throughout 2022, news of tech layoffs hit the nation, especially over the past few weeks. In CNBC’s rundown of the announcements that have piled in, Meta had the most cuts of about 11,000 jobs — its biggest round of layoffs ever. As previously reported by AfroTech, Elon Musk also cut 3,700 employees after his Twitter takeover.