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Vox popoli david goldman12/15/2023 But while these changes signal some jobs will no longer exist in the industry, new positions will also be created as more automakers move in this direction. As more automakers shift to electric vehicles, more layoffs are anticipated across the industry. In August, Ford laid off around 3,000 employees - a part of the company's plans to restructure the company's attention on electric vehicles.īut the layoffs in the car industry are also distinct from those spreading across other industries, Insider previously reported. This layoff follows reductions the company made last year. The layoffs will impact employees in each of Ford's business divisions, including its Ford Blue unit, its Model e electric vehicle division, and its Ford Pro services, CNBC reported. "Delivering on the plan includes adjusting staffing to match focused priorities and ambitions, while raising quality and lowering costs," the spokesperson said in a statement to Insider, when asked about the reasoning for the layoffs. Part of this plan focuses on expanding the company's electric vehicles sales, CNBC reported. The recent round of layoffs at Ford are part of the company's Ford+ growth plan that was introduced in 2021, the spokesperson told Insider. The layoffs would mostly impact engineering roles in the US and Canada, the spokesperson said in a statement. But trading has only declined since then, as stimulus checks have dried up and inflation rates climbed, granting people fewer disposable income for trading.įord confirmed it would undergo layoffs, as part of the company's Ford+ growth plan.įord said it would undergo layoffs that would mainly impact engineering positions based in the US and Canada.Ī spokesperson for Ford declined to say how many employees would be laid off this week, when Insider asked for comment. The layoffs at Robinhood followed a ballooning period of stock trading and hiring at the company during the Covid-19 pandemic, Insider previously reported. The company cited these earlier layoffs as necessary to cut costs and eliminate duplicate roles that resulted from the company undergoing rapid hiring. In 2022, Robinhood went through two rounds of layoffs in April and August which axed more than a thousand positions of its then 3,800 employees. This marks the third workforce reduction the company has undergone since last year. The spokesperson did not respond to Insider's questions asking about how many employees would face layoffs, and what positions would be impacted. In some cases, this may mean teams make changes based on volume, workload, org design, and more." a Robinhood spokesperson told Insider in an emailed statement. "We're ensuring operational excellence in how we work together on an ongoing basis. Robinhood's Chief Financial Officer Jason Warnick, wrote that the layoffs were done to "adjust to volumes and to better align team structures," according to an internal company message obtained by the Journal. The job cuts will amount to about 7% of Robinhood's workforce - adding to the more than a thousand jobs the company has cut since last year. Robinhood, a stock-trading app, is laying off around 150 of its full-time employees, The Wall Street Journal first reported. Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images Robinhood will cut around 150 jobs through its recent wave of layoffs. "This will include looking at certain products and business units to ensure our resources are allocated properly to reflect the evolving demands of users and regulators." "This is not a case of rightsizing, but rather, re-evaluating whether we have the right talent and expertise in critical roles," the Binance statement continued. The statement came after a series of tweets from independent journalist Colin Wu on May 31 that indicated forthcoming layoffs at the company. "As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic," the spokesperson said. The cuts, which are ongoing, could whittle down Binance's staff by at least a third, a person familiar with the cuts told the Journal.Įven before the SEC's suit the exchange was considering staff cuts to prepare for the next bull cycle and evaluate its "talent density," a Binance spokesperson told Insider. The cuts come after the SEC filed a lawsuit against the company in June, alleging that it operated as an unlicensed crypto exchange. It often indicates a user profile.īinance, one of the world's largest cryptocurrency exchanges by volume, cut over 1,000 people from its workforce in July, the Wall Street Journal reports. Account icon An icon in the shape of a person's head and shoulders.
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