Stock Markets

Amazon layoffs news: company announces record layoffs

Published

1 year ago

January 6, 2023

Amazon layoffs news: the company plans to lay off more than 18,000 employees. The IT giant’s CEO Andy Jesse announced this in an address to the staff published on the company’s website.

Speaking about the reasons for the decision, the Amazon chief cited “uncertainty in the economy” and the fact that the company has been actively hiring new employees over the past few years. “Companies that have been around for a long time go through different phases. They’re not in staff expansion mode every year,” the CEO said.

The 18,000 number includes layoffs the company announced last November, they said. Jesse clarified that the layoffs will mostly affect Amazon’s retail business, such as offline stores Amazon Fresh and Amazon Go, and the PXT division, which handles human resources issues. He did not say which countries would be affected by the layoffs, but said Europe was among them. The situation has already affected Amazon’s stock price.

Amazon layoffs today – what’s going on?

Amazon layoffs today at 18,000 employees, will be the largest in Amazon’s nearly 30-year history, notes The Guardian. The publication estimates that the layoffs will affect 6 percent of the company’s corporate workforce of about 300,000 people. Worldwide, Amazon employs more than 1.5 million people.

In mid-November, several media outlets, including the Financial Times, The Wall Street Journal and Reuters, reported that Amazon would lay off about 10,000 workers, giving up the most unprofitable or least efficient divisions. The cuts would primarily take place in the device development divisions, including the Alexa voice assistant, human resources and the retail division, the WSJ wrote. Jesse has since confirmed in a statement to employees that the company is beginning to downsize, indicating that layoffs will continue into 2023.

Amazon’s plans came to light in a wave of layoffs in the technology sector. Earlier, Meta Platforms announced that it would cut more than 11,000 jobs, or 13% of its workforce. Massive layoffs began on Twitter. Billionaire Ilon Musk, the social network’s new owner, announced that 50% of the 7,500 employees would be affected by the cuts. “Unfortunately, the company has no choice as it loses more than $4 million a day,” they explained.

Earlier, we reported that U.S. stock indices were down.

Stock Markets

US Labor Department corrects productivity data

Published

11 hours ago

April 27, 2024

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Stock Markets

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Stock Markets

Oak Valley Community Bank Named One of Central Valley’s Best Places to Work

Published

11 hours ago

April 27, 2024

OAKDALE, Calif., April 26, 2024 (GLOBE NEWSWIRE) — Oak Valley Community Bank, a wholly-owned subsidiary of Oak Valley Bancorp (NASDAQ: OVLY) is pleased to announce that it was named by Best Companies Group as one of 2024 Best Places to Work: Central Valley. At the same time, OVCB was recognized by Opportunity Stanislaus for Growing the Economy by increasing their workforce by 10% or more throughout 2023.

We are honored to be acknowledged for our growth and named one of the Best Places to Work in the Central Valley. This recognition is a testament to our commitment to fostering a positive and supportive workplace environment and excellence in all that we do. Our success is built on our service culture, which is embraced by all members of our team. Our exceptional service is what distinguishes us. It’s not just about meeting expectations; it’s about exceeding them in ways that build lasting trust and loyalty. By delivering on this promise consistently, we create our own brand ambassadors “ who speak highly of the bank and refer colleagues and friends. We would like to take this opportunity to recognize our team. We are grateful for their loyalty and commitment to our customers, our communities, and each other, stated Chris Courtney, CEO.

Best Places to Work: Central Valley is a survey and recognition program dedicated to celebrating those employers locally who excel at creating quality jobs and environments where employees are happy to work. As a research-driven program from Best Companies Group, Best Places to Work examines a company’s practices, programs, and benefits and surveys employees for their perspective. All companies that participated in the 2024 Best Places to Work: Central Valley program receive an in-depth evaluation identifying strengths and weaknesses according to their employees. In turn, this report can be used in developing or enhancing employee retention and recruitment programs.

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We are honored to be recognized with this year’s Best Places to Work recipients; Automation Group; O’Dell (NYSE:) Engineering, Inc., Grimbleby Coleman Advisors & Accountants, Haggerty Construction, Inc., ITSolutions-Currie, One Digital, The Wonderful Company, and Community Hospice & Health Services.

Best Places to Work: Central Valley is brought to you by Opportunity Stanislaus. For more information on Best Places to Work: Central Valley visit www.bestplacestoworkcentralvalley.com.

About Opportunity Stanislaus Opportunity Stanislaus is a local economic development organization focused on improving the economic vitality of Stanislaus County. To do so, they help local entrepreneurs start and grow businesses and work to attract innovative companies to the county. For more information visit www.opportunitystanislaus.com.

About Oak Valley Community Bank OVCB offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 18 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra Division, which includes Bridgeport, Mammoth Lakes, and Bishop. For more information visit www.ovcb.com.