NEW YORK— As drivers, shippers and airlines continue to enjoy lower fuel prices, the oil industry is responding to much lower profits with sharp cuts in spending and employment that are hurting economic growth. For instance, Exxon Mobil said Friday it cut spending by $1.54 billion in the second quarter, while Chevron announced it is laying off 1,500 workers.» Read More
Thousands of layoffs were announced in just the past week, and that trend could continue if economic growth does not start to pick up speed.
The tech bellwether plans to layoff thousands of workers in an attempt to reduce costs. Will investors buy into the plan, with Alkesh Shah, Evercore Partners.
As Wall Street cuts bonuses and raises base salaries instead, banks are looking at layoffs more often to cut costs when profits fall.