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☆ Efforts to form a new union have surged 58% since Biden became president, federal officials say
▼ + stars: | 2023-10-14 | by ( Charles R. Davis | ) www.businessinsider.com time to read: +3 min

The national labor agency says it processed over 2,500 petitions to form a new union in the last year. That's up from fewer than 1,700 petitions in the 2021 fiscal year, an increase of 58%. The National Labor Relations Board announced Friday that petitions to form unions continue to rise following a "dramatic surge" the year before. Compared to fiscal year 2021, when Biden entered office, requests for union recognition are up 58%. AdvertisementAdvertisementThe rise in union organizing — and complaints about employer retaliation — has been accompanied by a massive increase in labor actions.

Persons: —, Joe Biden, Biden, autoworkers Organizations: Service, National Labor Relations, NLRB, Cornell University

☆ Musk's X illegally fired worker challenging office return -US labor board
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

'X' logo is seen on the top of the headquarters of the messaging platform X, formerly known as Twitter, in downtown San Francisco, California, U.S., July 30, 2023. REUTERS/Carlos Barria/File Photo Acquire Licensing RightsOct 13 (Reuters) - Elon Musk's X illegally fired an employee in retaliation for her internet posts challenging its return-to-office policy, the U.S. labor board alleged on Friday. In the complaint, a regional director of the U.S. National Labor Relations Board (NLRB) accused X — formerly known as Twitter — of violating the federal law that prohibits punishing employees for communicating and organizing with others about their working conditions. Employee Yao Yue responded with a post on Twitter telling fellow workers, "Don't resign, let him fire you." A few days later, she was terminated in violation of the National Labor Relations Act, according to the complaint.

Persons: Carlos Barria, Elon Musk's, X, Musk, Yao Yue, Samrhitha, Brendan Pierson, Maju Samuel, Alexia Garamfalvi, Josie Kao Organizations: REUTERS, U.S . National Labor Relations Board, Twitter, NLRB, National Labor Relations, Thomson Locations: San Francisco , California, U.S, Bengaluru, New York

Citi's net income rose 2% to $3.5 billion from a year ago, while earnings per share remained stable at $1.63. Revenue at Citi's institutional clients group that houses its Wall Street operations rose 12% from a year ago, fueled by a 34% jump in investment banking fees. Citi's total provision for the credit portfolio rose to $17.6 billion from $16.3 billion a year ago. Fraser announced a sweeping reorganization last month that will disband ICG and give her more direct oversight over the company's businesses. Rivals Wells Fargo (WFC.N) and JPMorgan Chase (JPM.N) also reported higher quarterly profit on Friday, boosted by a rise interest payments.

Persons: Nick Zieminski, Jane Fraser, Fraser, Rivals Wells, JPMorgan Chase, Manya Saini, Tatiana Bautzer, Lananh Nguyen, Arun Koyyur Organizations: Citibank, REUTERS, Federal, ICG, Citi, Rivals, JPMorgan, Thomson Locations: Jackson, Queens, New York City, U.S, Bengaluru, New York

The bank said its recently announced reorganization plan will result in a 15% reduction in functional roles and that the first phase of the plan eliminated 60 net committees. Revenue at Citi's institutional clients group that houses its Wall Street operations rose 12% from a year ago, fueled by a 34% jump in investment banking fees. The bank's trading unit also boosted revenue, while its division providing treasury and securities services to corporations brought in 12% more revenue. At Citi, the total provision for the credit portfolio rose to $17.6 billion from $16.3 billion a year ago. Fraser announced a sweeping reorganization last month that will disband ICG and give her more direct oversight over the company's businesses.

Persons: Nick Zieminski, Jane Fraser, Fraser, Rivals Wells, JPMorgan Chase, Manya Saini, Tatiana Bautzer, Lananh Nguyen, Arun Koyyur Organizations: Citibank, REUTERS, LSEG, Citi, Federal, ICG, Rivals, JPMorgan, Thomson Locations: Jackson, Queens, New York City, U.S, Bengaluru, New York

☆ Quiet cutting: How power in U.S. offices may be shifting back to bosses
▼ + stars: | 2023-10-13 | by ( Anuz Thapa | ) www.cnbc.com time to read: +1 min

In the American workplace of 2023, a new labor market trend has taken over where "quiet quitting" left off. Quiet cutting. "Quiet cutting is what some people consider a subcategory of quiet firing," said Nadia De Ala, a leadership and negotiation coach. "Quiet cutting suggests that the balance is shifting, with employers gaining more control." Watch the video above to learn more about quiet cutting and what this workplace trend tells us about the U.S. job market and the overall economy.

Persons: Nadia De, we've, Joanne Lipman Organizations: Yale University Locations: American, Nadia De Ala

☆ Flexport will lay off 20% of the company starting Friday, leaked memo says
▼ + stars: | 2023-10-12 | by ( Madeline Stone | ) www.businessinsider.com time to read: +6 min

Insider first reported on September 7 that Flexport was planning layoffs , the day after its former CEO Dave Clark departed. Team,Today I have a difficult decision to share: We will reduce the size of our global team by approximately 20% with the process starting tomorrow, Friday, October 13. We will also maintain a small team of dedicated recruiters to help departing Flexport employees look for their next opportunity. This team will work closely with over 300 companies that have expressed an interest in hiring departing Flexporters to match opportunities with impacted employees. We see endless opportunities for technology to improve on-time performance and reliability, upgrade compliance processes, and save businesses money in their global supply chain.

Persons: Flexporters, Flexport, Dave Clark, Petersen, You'll, we'll, Ryan Organizations: Street, Team, People, Employees Locations: U.S, Canada, Europe, Africa, Asia

☆ Flexport is laying off 20% of its workforce
▼ + stars: | 2023-10-12 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +3 min

Supply chain software startup Flexport plans to cut approximately 20% of its global workforce as part of a new round of layoffs that's expected to begin on Friday, CNBC has learned. Flexport CEO Ryan Petersen sent a note to staffers Thursday afternoon informing them of the job cuts, according to a copy of the memo viewed by CNBC. The company will inform employees of whether they're impacted or not via email beginning Friday morning, Petersen wrote. A Flexport spokesperson pointed CNBC to a company blog post from Petersen confirming the layoffs. Petersen claimed repeatedly that Clark, a 23-year veteran of Amazon , overspent and overhired during his tenure at Flexport.

Persons: Ryan Petersen, Petersen, Dave Clark, Clark, Flexport Organizations: Milken Institute Global Conference, CNBC, Amazon Locations: Beverly Hills , California, U.S, Flexport, Canada, Asia

☆ Trump Org CFO Allen Weisselberg testifies it's a 'coincidence' that Trump is paying him $2 million severance
▼ + stars: | 2023-10-12 | by ( Laura Italiano | ) www.businessinsider.com time to read: +4 min

Ex-Trump CFO Allen Weisselberg, a key fraud witness, resumed his trial testimony in NY on Thursday. His $2 million severance matches a fine he paid after keeping Trump safe in a 2022 tax-fraud trial. The witness, former Trump Organization CFO Allen Weisselberg, is almost half-way through collecting the installments of a two-year, $2 million severance package, testimony has already shown. after a New York trial in which a prosecutor accused him of shading the truth on Trump's behalf. The attorney general is seeking to bar Trump and Trump Organization from ever running a business in New York again.

Persons: Allen Weisselberg, Letitia James, Trump, —, general's, Donald Trump, Weisselberg, Louis M, Solomon, James, Jeffrey McConney, Arthur Engoron Organizations: Trump, Service, Trump Organization, Trump Org Locations: NY, York, Manhattan, Trump, New York

☆ 4 red flags to watch out for before signing any job contract, say employment lawyers
▼ + stars: | 2023-10-11 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +4 min

Signing a job contract is often an automated process. When facing pages of fine print, you may just trust your prior conversations with your employer and sign off without a second look. Down the road, however, you may find yourself in legal and financial trouble as a result. New York, Pearson says, is more in the middle. Federal crackdown is also expected, as The FTC has proposed a ban on most non-compete clauses among other restrictive employment practices back in January, and they are expected to vote on it by April 2024.

Persons: Lawrence Pearson, Ashley Tremain, Pearson, …, Tremain, Severance Organizations: Department of Labor, FTC Locations: New York, Dallas , Texas, California, Massachusetts

☆ Exxon buying Pioneer will trigger $71 million in executive windfalls
▼ + stars: | 2023-10-11 | by ( David French | ) www.reuters.com time to read: +4 min

Sheffield is one of the few Pioneer executives who will have a post-deal role - he is set to join Exxon's board. Changes to pay packages that make executive compensation more lucrative in proximity to a sale announcement can also raise eyebrows. The expected payouts do not count whatever Pioneer stock management owns and will be acquired as part of the Exxon deal. Exxon's acquisition of Pioneer will be paid for using new Exxon shares, meaning shares in Pioneer owned by management will be replaced by Exxon stock. It was unclear whether management would have any restrictions on when they could sell the Exxon stock they would ultimately own.

Persons: Scott Sheffield, Eduardo Munoz, Richard Dealy, Bart Brookman, Chris Kendall, Denbury, David French, Gary McWilliams, Anna Driver Organizations: Natural Resources Company, REUTERS, Natural Resources, Exxon Mobil, Sheffield, Pioneer, Reuters, Exxon, Kimmeridge Energy Management, PDC Energy, Chevron, Thomson Locations: New York, U.S, America, Houston

☆ BMO promotes Alan Tannenbaum to head capital markets division
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

A Bank of Montreal (BMO) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. Tannenbaum joined BMO in 2010 and has held multiple leadership roles, most recently leading global investment and corporate banking, where he worked with corporate, government and financial sponsor clients worldwide. Before then, he headed the global corporate finance solutions group, where he was responsible for capital raising activities. CEO Darryl White said Tannenbaum is "well-positioned to capture new growth opportunities" for BMO Capital Markets. Brad Chapin will take over for Tannenbaum as global head, investment and corporate banking on an interim basis, BMO said.

Persons: Chris Wattie, Alan Tannenbaum, Dan Barclay, Tannenbaum, Darryl White, Barclay, White, Brad Chapin, Nivedita Balu, Jonathan Oatis Organizations: of Montreal, BMO, REUTERS, Companies Bank of Montreal, Bank of Montreal, BMO Capital Markets, Lehman Brothers, Thomson Locations: Ottawa , Ontario, Canada, TORONTO, London, New York, Toronto

Now, after a recent jail stint for tax fraud, Weisselberg is front and center again — set to testify Tuesday in the civil trial in New York Attorney General Letitia James’ fraud lawsuit against Trump and his company, the Trump Organization. James' lawsuit alleges that Weisselberg engineered Trump’s financial statements to meet his demands that they show increases in his net worth and signed off on lofty valuations for assets despite appraisals to the contrary. “Over the last number of months, it’s been I’m sure well-documented and well-known that I’ve been through quite a bit,” Weisselberg testified in a May deposition in the civil case. Weisselberg testified that he was having trouble sleeping, started seeing a therapist and was taking a generic form of Valium as he tried to “re-acclimate myself back to society." He might say magnificent,” Weisselberg testified.

Persons: Donald Trump’s, Allen Weisselberg, —, Letitia James ’, James, Weisselberg, Trump, Trump’s, it’s, ” Weisselberg, “, he’s, ” Jeffrey McConney, McConney, Arthur Engoron, Engoron, Fred, Donald Trump Organizations: Trump, Trump Organization, New, Trump Organization’s, Social Security Locations: New, Manhattan, New York City, Trump, New York, Sisak, x.com

☆ Allen Weisselberg, Trump's loyal ex-CFO, calls tripling the size of Trump's penthouse in financial records a 'minor' mistake
▼ + stars: | 2023-10-10 | by ( Laura Italiano | ) www.businessinsider.com time to read: +6 min

Trump's loyal ex-CFO, Allen Weisselberg, began court-ordered testimony in the NY civil fraud trial. On the stand Tuesday, Weisselberg called tripling the size of Trump's penthouse a "minor" mistake. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisement"I don't recall," Weisselberg answered. Asked if, once put on the alert by Forbes, he ever thought to quickly and conveniently check the files right outside his door, Weisselberg answered, "I don't recall."

Persons: Trump's, Allen Weisselberg, Weisselberg, —, Letitia James, Donald Trump's, Trump, James, Louis M, Solomon, Forbes, Donald Trump , Jr, Eric Trump –, Arthur Engoron, Engoron Organizations: Service, New York, Trump Organization's, Trump Org, Forbes, Deutsche Bank, Trump, New Locations: Manhattan's, Manhattan, Trump, New York

☆ Airbnb boss Brian Chesky says he personally called CEOs he knew to ask if they could hire the thousands of staff he laid off during the pandemic
▼ + stars: | 2023-10-10 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Airbnb CEO Brian Chesky made the tough decision to lay off 1,900 staff during the pandemic. Chesky made an alumni directory for laid off Airbnb staff so recruiters could connect with them. Chesky explained to Bartlett that he wanted people to leave with "dignity" and have the chance to get good roles. When describing the layoffs, Chesky said it was like "breaking up with 2,500 people," and said that he had a "deep feeling of love for all of them," referring to his employees. During its pandemic layoffs, Airbnb's severance packages were substantial .

Persons: Brian Chesky, Chesky, —, Steven Bartlett, Airbnb, Bartlett, I'm, Elon Musk, Musk, they'd Organizations: Service, Software

☆ I thought I landed my dream job at Amazon. But after being put on an impossible performance plan, I quit even though I lost a $110,000 deposit on a house.
▼ + stars: | 2023-10-08 | by ( Tim Paradis | ) www.businessinsider.com time to read: +10 min

It was going to really take me to that next level and lead me to my dream job. So I was like, "Wow, I'm going to work for Amazon. I'm going to put you into a Pivot program." Well of course I'm going to leave because I'm not that stupid. I lost $110,000 that there's no way I'm going to get back.

Persons: —, I'm, TAMs, we're, he'd, wasn't, I've, Slack, I'd, that's Organizations: Amazon, Service, Amazon Web Services, LinkedIn, TAM

Citigroup also convened a meeting of its managing directors on Wednesday, according to two sources familiar with the matter. Citigroup declined to comment on the memo, town hall and meeting with managing directors. Citi had 240,000 employees at the end of the second quarter. CONSULTATIONS IN THE UKThe bank is also beginning the consultations required in the UK after earlier warning employees about possible redundancies. In the second quarter, net income tumbled 36% to $2.92 billion, beating analyst expectations.

Persons: Sara Wechter, Jane Fraser, Fraser, Lananh Nguyen, Tatiana Bautzer, Saeed Azhar, Megan Davies, David Gregorio, Kirsten Donovan, Sonali Paul Organizations: Citigroup, Reuters, Bankers, Citi, Bank of America, Milana, Svea Herbst, Thomson Locations: Wells Fargo, London, New York, Svea

☆ Former Trump cabinet member Wilbur Ross lays out which industries remain dependent on China and which trade partners could fill in the gap
▼ + stars: | 2023-10-05 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

Wilbur Ross said pharmaceuticals and industries reliant on rare minerals are still dependent on China. Countries like India, Vietnam, and Mexico will grow to become bigger trade partners, he predicted. Still, there are several industries reliant on China, Ross said. AdvertisementAdvertisementAs the US and China continue their diplomatic standoff, he believes trade partners like Vietnam and Mexico will grow in importance. The U.S. exported $195.5 billion worth of goods to China in 2022, while bringing in more than $560 billion worth of Chinese goods, according to the U.S. Trade Representative.

Persons: Wilbur Ross, —, Commerce Wilbur Ross doesn't, Joe Biden's, Lockheed Martin, Ross, Donald Trump, Ross doesn't, there's Organizations: Commerce, Service, Lockheed, Micron, Intel, Greenwich Economic, Trump, U.S . Trade Representative Locations: China, India, Vietnam, Mexico, Greenwich, U.S

"Some roles will change, new roles may be created, and new roles that do not fit our new structure will be eliminated," Sara Wechter, the bank's chief human resources officer, wrote in the memo. Fraser's memo to staff did not announce an expected number of job cuts but said the departures would enable staff who generate revenue and dealmakers to focus their time on clients. "We'll be saying goodbye to some very talented and hard-working colleagues," Fraser wrote at the time. CONSULTATIONS IN THE UKThe bank said in a separate memo it is also beginning the specific consultation required in the UK. Some of these roles may change, while others will remain largely the same."

Persons: Sara Wechter, Jane Fraser, Fraser, Jane, Lananh Nguyen, Tatiana Bautzer, Saeed Azhar, Megan Davies, David Gregorio Our Organizations: Citigroup, Reuters, Citi, Bank of America, Thomson Locations: Wells Fargo, London, New York

The case concerns a former senior IT manager who raised concerns about how a data loss had been handled. A hearing for Barclays' appeal to the Bombay High Court is listed for Oct. 20, court records show. They declined to comment on the specifics of the Indian case. Gupta has also appealed to the Bombay High Court, court records show, arguing the pay-out awarded was too low, the source familiar with the appeals said. Last year, Gupta also filed a secondary civil case against Barclays, another court filing shows.

Persons: Atul Gupta, Jes Staley, Francesca West, Gupta, Arpan Chaturvedi, Sinead Cruise, Alexander Smith Organizations: Barclays, Reuters, Financial, Authority, FCA, Global Service Centre Private Limited, Bombay High Court, Thomson Locations: Indian, Pune, Bombay

X, formerly known as Twitter, sued Atlas Exploration in San Francisco Superior Court on Thursday in a complaint alleging breach of contract. X has faced an array of legal actions over unpaid rent and other invoices following Musk's $44 billion buyout last October. In one case, the owner of X's main office at 1355 Market Street in San Francisco sued X for more than $3.1 million in unpaid rent. Britain's Crown Estate, which manages the property portfolio belonging to the monarchy, in January filed claims against X over alleged unpaid rent on its London headquarters. The case is X Corp v Atlas Exploration Inc, San Francisco Superior Court, No.

Persons: Carlos Barria, Elon, X, Atlas, Kevin Hill, Hill, Jonathan Hawk, Mike Scarcella, Leigh Jones, Chris Reese Organizations: REUTERS, Elon Musk's X Corp, San, Twitter, Atlas Exploration, San Francisco Superior Court, Inc, X, X Corp, Exploration Inc, San Francisco Superior, Thomson Locations: San Francisco , California, U.S, San Francisco, San Francisco's, Britain's, London

☆ I visited one of the 9 Target stores about to close. I found sad customers, many of whom blamed theft, and throngs of students hanging out in the aisles.
▼ + stars: | 2023-09-29 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +7 min

Jennifer Ortakales Dawkins/InsiderNaturally, customers like Michelle Rodriguez were stocking up on their cleaning and beauty supplies in preparation for the store's closure. Jennifer Ortakales Dawkins/InsiderEmployees were tight-lipped. Jennifer Ortakales Dawkins/InsiderParents like Krystle Rogers carted their children through the toy section. Jennifer Ortakales Dawkins/InsiderDjeneba Kone used to be one of those kids. Jennifer Ortakales Dawkins/InsiderWhile most of the kids I saw were respectful, that's not to say they don't cause some trouble.

Persons: It's, —, it's, Jennifer Ortakales Dawkins, Michelle Rodriguez, Rodriguez, she's, Let's, Krystle Rogers, She's, she'll, Djeneba Kone, doesn't, I've, that's, seltzer Organizations: Service, East, East Harlem locals, Yankee, Bronx ., Costco, Employees, Starbucks, Walmart Locations: East Harlem, Harlem, Manhattan, Bronx, New Jersey

☆ Epic Games, maker of Fortnite, to lay off 16% of its workforce
▼ + stars: | 2023-09-28 | by ( Clare Duffy | ) edition.cnn.com time to read: +2 min

CNN —Epic Games, the maker of Fortnite, said on Thursday that it will lay off 16% of its staff, around 830 employees, as it attempts to reverse what CEO Tim Sweeney called “unrealistic” spending. He added that Epic plans to divest from the online independent music platform Bandcamp, which it bought last year and which will now be acquired by the music marketplace firm Songtradr. Epic will also spin off most of its marketing division SuperAwesome into a standalone company. About two-thirds of Epic’s Thursday layoffs will impact employees outside the company’s “core development” teams, Sweeney said. “We’re cutting costs without breaking development or our core lines of businesses so we can continue to focus on our ambitious plans,” Sweeney said.

Persons: Fortnite, Tim Sweeney, Sweeney, ” “, ” Sweeney, “ Organizations: CNN, Microsoft, Google, LinkedIn

'X' logo is seen on the top of the headquarters of the messaging platform X, formerly known as Twitter, in downtown San Francisco, California, U.S., July 30, 2023. REUTERS/Carlos Barria/File Photo Acquire Licensing RightsSept 27 (Reuters) - Social media platform X could turn a profit in early 2024, Chief Executive Officer Linda Yaccarino said on Wednesday, during a wide-ranging interview in which she defended the company's progress under billionaire owner Elon Musk. The appearance at Vox Media's Code conference comes as Yaccarino marked 100 days as CEO of the platform formerly known as Twitter. "The velocity of change and the scope of ambition at X really does not exist anywhere else," Yaccarino said. Yaccarino added that about 1,500 advertisers have returned to the platform in the last 12 weeks, and that 90% of the company's top 100 advertisers have returned.

Persons: Carlos Barria, Linda Yaccarino, Elon Musk, Yaccarino, Musk, X, Dawn Chmielewski, Sheila Dang, Kim Coghill, Christian Organizations: REUTERS, Twitter, Anti, Defamation, ADL, Thomson Locations: San Francisco , California, U.S

☆ Amazon SVP pledges to clarify RTO policy, says warning email about office attendance was meant to be a 'nudge'
▼ + stars: | 2023-09-26 | by ( Eugene Kim | ) www.businessinsider.com time to read: +5 min

He also told employees to share anecdotes of being pressured to immediately relocate with his HR team, so he could "dig into" those situations. "I think we created some noise, which I think is important because we really do want people back in the office," DeSantis said, according to the transcript. 'Take another whack at clarifying this message'At the town hall meeting, DeSantis said the employees who were asked to relocate were those "in purely virtual locations." 'Kind of a nudge'In August, many Amazon employees received an email accusing them of not adhering to the company's RTO policy. The warning email, he said, was "well-intentioned" and only meant to be a "nudge" for people who weren't complying.

Persons: hasn't, Peter DeSantis, DeSantis, Rob Munoz, Munoz, Andy Jassy Michael M, Andy Jassy's, what's Organizations: Amazon, Utility Computing

But when will your favorite shows return? Late-night talk shows were the first to be affected when the strike began, and they may be among the first to return to air now. The actors strike limits promotional appearances that are the lifeblood of late-night shows. “Real Time with Bill Maher.” The host plotted a return without writers but ended up postponing once last week’s negotiations were set. Director Quentin Tarantino's 10th film, “The Movie Critic,” is among the scripts that are written whose makers are awaiting actors' return to sets.

Persons: ”, Quentin Tarantino, JIMMY KIMMEL, Jimmy Fallon, ” ABC’s, Jimmy Kimmel, Stephen Colbert ”, Drew Barrymore, Bill Maher, ” “ Severance, “ Abbott, Quentin Tarantino's, BARRYMORE, Jennifer Hudson, Barrymore Organizations: ANGELES, Hollywood, CBS, Apple, ABC, Writers Guild of America

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