#sva-layoffs

#sva-layoffs

No matter who you are, you need to deal with reality and the truth. The truth is that while New York City has much going for it, particularly for financial companies, it also has the highest city and state corporate taxes and the highest individual income and state taxes.

"If you go back to 2019, which wasn't great then, actually, before COVID, it was 12%. So obviously, this has worsened substantially, continues to worsen."

"I think this is a worthwhile investment in the future so that we are protecting the workforce and people can live with the dignity they deserve" when they retire, said state Sen. Jessica Ramos, a Queens Democrat.

At least 125 employees, which is more than 20% of the company's workforce, were let go as Underdog shifts away from some of its traditional offerings and leans more heavily into prediction markets. Teams in fraud operations, marketing, customer support, and product were among those affected.

eBay's sweeping cut is its third in about three years, following 500- and 1,000-worker layoffs in 2023 and 2024. Bloomberg first reported the new cuts, and spokesperson Maddy Martinez confirmed their scope with SFGATE on Thursday, describing the move as part of a push 'to reinvest across our business and align our structure with our strategic priorities.'

Job cuts are reportedly occurring across multiple divisions, including investment banking, trading, investment management and wealth management. Within wealth management, private bankers and back-office support staff were among those affected. Layoffs began last week, with many occurring Wednesday, according to sources cited by WSJ.

Oracle Corporation (NYSE: ORCL) is planning to cut "thousands" of jobs as soon as this month. And yes, artificial intelligence is to blame-but not solely because AI is directly taking jobs. Instead, Oracle is reportedly planning job cuts to free up cash for its AI data center expansion, which the company is pursuing to compete with cloud computing giants Amazon and Microsoft.

The reductions are expected to impact some 2,500 positions out of the roughly 83,000 the firm reported at the end of 2025. The exercise is global in nature, spanning the firm's three primary business units: Institutional Securities, Wealth Management, and Investment Management. The rationale for the reduction is a combination of shifting business priorities, a revised global location strategy, and individual performance reviews.

Kathryn Shiber settled a lawsuit with boutique bank Centerview Partners on Saturday, two days before jury selection. She said the firmunlawfullyfired her in 2020 after granting heraccommodations for an underlying mood and anxiety disorder, including her request for eight hours of uninterrupted sleep each night. Court documents suggest that analysts on active deals at Centerview routinely worked between 60 and 120 hours a week.

Bank CEOs have praised the pivotal efficiency changes promised by AI. Some have said AI will cut jobs, and others say it will create more employment opportunities. As banks reported earnings this week, CEOs dropped more insight into how generative AI could boost productivity, replace some roles, and keep head count from growing.