Citigroup’s CEO announced in November that the bank had already begun laying off employees around Thanksgiving. The first wave of cuts would affect hundreds of senior-level employees, while future cuts will extend to thousands of lower-level employees, the memo said. UPS: 12,000 jobsCiting year-after-year revenue declines, the Atlanta-based company announced this week it is eliminating 12,000 positions, which will save an estimated $1 billion. In a letter to employees, the company’s CEO said that the industry’s environment remains “challenging” as customers are taking a more measured approach to purchasing decisions. The jobs eliminated in 2023 represent about 6% of the company’s workforce.

Source: The Nation February 01, 2024 01:01 UTC