#layoffs

EMPLOYEES THAT WERE LAID OFF!!

WHAT IS YOUR LOGIC IN KI-LING CONVERSE SLOWLY UNDER YOU

Cleveland educators confronted district leaders. Community members joined them at a board meeting. The meeting was held on Tuesday. They protested recent approved layoffs. These layoffs affect 400 school staffers.

Cleveland, Ohio

https://www.wkyc.com/video/news/education/cleveland-teachers-confront-school-district-over-approved-layoffs/95-30cb1e66-d675-4495-9f91-72694ede4be2

Forvis Mazars reduced its United States workforce. This adjustment impacts about 250 employees. Audit, tax, and consulting roles saw reductions. The company explained that attrition rates were lower than anticipated. Other public accounting firms have reported similar low attrition trends.

https://www.goingconcern.com/layoff-watch-26-forvis-mazars-cuts-3-of-the-workforce-in-unusual-post-busy-season-culling/

Portland Public Schools faces a $56.3 million budget deficit. Superintendent Dr. Kimberlee Armstrong proposed reducing 336 full-time employees. These cuts impact school-based staff, specialized programs, and central office positions. This deficit is larger than earlier projections. A $65.2 million deficit is also forecast for the 2027–28 school year.

Portland, Oregon

https://www.wweek.com/news/schools/2026/04/28/portland-public-schools-faces-56-million-budget-deficit-as-superintendent-proposes-336-layoffs/

CVS Health is reducing 313 positions within Aetna's small group insurance business. These cuts are part of a broader $2 billion cost-cutting initiative. The initiative has already eliminated approximately 1,500 Aetna positions since late 2023. The affected roles are located in Connecticut. Roles from analyst to executive director in sales, underwriting, and account management are impacted.

Connecticut

https://medcitynews.com/2026/04/ai-driven-layoffs-in-healthcare-navigating-legal-risks-and-operational-challenges/

https://www.reuters.com/legal/litigation/rogers-communications-offering-buyouts-half-its-workforce-globe-mail-reports-2026-04-27/

Is AT&T hoping to follow suit?

WARNING: this post is longer -and possibly more useful- than you may expect.

So, for those who still have meetings to attend, dashboards to ignore, or layoffs to survive, here is the TL;DR:

Xerox tolerated years of weak performance, endless restructuring, and a stock chart that looked like it fell down the stairs.

Then, in February, the company raised $450M through an IP-backed JV with TPG Credit, basically borrowing against part of the Xerox crown jewels.

A few weeks later, creditors were reportedly paying attention, and suddenly Steve B was out “effective immediately”.

Maybe it is all coincidence.

Or maybe poor performance made Steve vulnerable, but the IP deal made him disposable.

Now the full blown post to see if we’ve got this right.

For years, Xerox performance looked like death by a thousand paper cuts - not one clean fatal blow, just endless small wounds: shrinking revenue, restructuring fatigue, disappearing morale, executive-level delusion... until the patient was technically alive but nobody wanted to check the pulse too closely.

The stock was crushed. The core business kept shrinking. “Reinvention” became the corporate version of putting a fresh tie on a skeleton. Employees were asked to run, rush, sacrifice, and also restructure, realign, resize, reskill, re-something every quarter.

Meanwhile, the top of the house kept pumping out “Reinvention” slides like PowerPoint decks could pay down debt, grow revenue, and make the stock chart stop looking like a cliff.

And through all of that, Steve B stayed.

The board tolerated him. The company tolerated him. The market tolerated him less enthusiastically. Employees tolerated him because, well, employees are not usually invited to vote on the circus.

Then suddenly — bo-m.

March 30, 2026: Steve “steps down”.

Louie Pastor becomes CEO effective immediately. No long transition. No elegant handover. No “after a distinguished tenure, Steve will remain through year-end”. Just corporate-speak for: “Please exit through the back door”. Xerox also reaffirmed 2026 guidance in the same announcement, which makes the timing even more interesting.

If nothing was wrong, why the trapdoor?

Here is the part employees should pay attention to.

Six weeks earlier, on February 17, Xerox announced a $450 million IP joint venture with TPG Credit.

Translation for normal humans: Xerox took valuable intellectual property (the sort of assets that make Xerox, Xerox) and put them into a special financing structure to raise cash. Xerox said the deal was designed to strengthen the balance sheet and support liquidity, Reinvention, Lexmark integration, and possibly debt repayment.

In plain English: when a company starts pawning the crown jewels to keep the lights on, people are allowed to ask whether this is a clever financing move or the corporate equivalent of playing your last card.

Now, is that illegal?

Not necessarily. Smart lawyers get paid obscene amounts of money to make aggressive things look technically permissible. Xerox disclosed the deal. Serious advisers were involved. The paperwork was almost certainly blessed by lawyers billing at rates normally reserved for organ transplants and ransom negotiations.

But let’s not pretend this was a normal “strategic partnership”. This was not two companies joining hands to invent the future.

This was Xerox raising money against the crown jewels because liquidity matters when the "balance sheet" drops "balance" and starts looking like "sh*t".

And creditors noticed.

Octus reported that Xerox lenders were preparing a cooperation agreement following the “deal-away” transaction. Debtwire/Ion Analytics later reported that a lender group had signed a cooperation agreement after the $450 million TPG-led deal-away transaction.

That is finance-world language for: “The people who lent money are not calmly sipping herbal tea”.

Why would lenders care? Because if valuable assets are moved into a new structure where new money gets priority, existing creditors may worry that value has been shifted away from them.

Again: maybe legal. Maybe documented. Maybe clever. But definitely suspicious.

So now look at the sequence:

• February 17: Xerox announces $450 million IP-backed JV with TPG Credit.
• Late February: lenders reportedly start organizing after the transaction.
• March 30: Steve B is suddenly out, Louie Pastor is in, effective immediately.
• April 2: Xerox files Steve’s separation terms, including non-disparagement, non-compete, non-solicitation, cooperation obligations, continued vesting, and severance mechanics.

Nothing to see here, folks. Just your average corporate spring cleaning: monetize IP in February, creditors start circling, CEO disappears in March, and everyone smiles for the press release.

Maybe it is all coincidence.

Maybe Steve suddenly discovered a passion for gardening.

Maybe the board, after years of tolerating him as the corporate equivalent of the Ringling Bros. and Barnum & Bailey Circus Chief Clown, finally woke up one Monday and said, “You know what? Leadership quality matters”.

Or maybe the IP deal changed the risk.

That is the real theory.

Poor performance made Steve vulnerable. But poor performance alone does not explain the suddenness. Xerox had been under pressure for years. The stock did not collapse overnight. The business did not become difficult in March. Employees did not suddenly notice the “Reinvention” machine was mostly powered by layoffs and vocabulary.

The more plausible question is this:

Did the board get scared?

Scared that the IP-backed financing was too aggressive?
Scared creditors might challenge it?
Scared the company had moved from “bad strategy” into “legal exposure”?
Scared that if this thing went sideways, directors might be asked what they knew, when they knew it, and why they approved it?

Boards can tolerate weak CEOs for a long time. They can tolerate bad morale. They can tolerate stock charts that look like ski slopes. They can tolerate employees screaming and leaving.

But creditor lawyers? That is different.

Once lenders start organizing, the room gets colder.

This does not prove Steve did anything illegal. It does not prove the board did anything illegal. It does not prove the TPG deal was invalid. But it does suggest Steve’s sudden exit may have had less to do with “fresh leadership” and more to do with risk containment.

In corporate terms, Louie Pastor may not just be the new CEO. He may be the adult brought in to stand next to the smoking g-n and say, “Everything is under control”.

The official story is simple: Steve stepped down, Louie stepped up, guidance was reaffirmed, please continue working harder with fewer people.

The unofficial employee version is more interesting:

Xerox may have borrowed against the crown jewels in February, creditors started paying attention, and by March the CEO was gone.

Maybe that is coincidence.

But at Xerox, there are no coincidences.

Univar Solutions USA LLC said in a letter to the South Carolina Department of Employment and Workforce that the company will no longer be providing onsite waste management services to the BMW facility on Highway 101 in Greer.

https://www.wyff4.com/article/univar-solutions-permanent-layoffs-spartanburg/71150068

The ceo said for months that layoffs would be complete "by 1Q." Instead layoffs continue well into 2Q and cmo said on kinetic call yesterday that layoffs are a good thing so we don't become bloated like kodak. The foundation has been put down for business as usual.

Layoffs happened in RCO. Any impacts anywhere else?

Any intel on layoffs in Optum Serve?

This week AWF people will be having meetings with managers starting today and letting them know that their jobs are ending. No notice just ending at the very moment of the meeting. Just be emotional prepared. It's just a sign of the times.

Be calm
Don’t react emotionally in the moment—even if it hits hard

Seems like Optum is doing everything it can to eliminate Wellmed, just wondering what we are up against this week.

I am one that was lucky enough to be in the “remote pilot”. I saw the layoff targeted remote roles away from PHK to some degree. I was told that an RTO is coming up but the date isn’t set. I assume this is to get people to leave prior to possible severance discussions when it’s official.

Who else is hearing this or is your remote role still to be intact? I am wondering if we can negotiate this or if remote is done for.

I’m in GaME.

• Debt has ballooned to $27B -- more than $6B higher than at the end of 2025
• Cash from operations at a loss of $2.3B for the quarter
• Cash from operations ex working capital of $700MM
• Debt to cap of 48%! - this is a BB+ to B- rating (speculative credit) at S&P and implies a significant re-rate of PSX debt and increasing cost of capital

Yet management continue to claim a strong balance sheet.

$3B of cash tied up in working capital with no sources of cash to fund it = debt

The commercial organization is an anchor around the necks of PSX shareholders

PSX has increased volatility by increasing exposure from commercial trading activity and is is competing in shark infested waters. We don't have the stomach or the people to participate in this business. Everyone knows it and they are taking advantage of it.

On top of this, Midstream underperformed and increased capacity in a market that is swimming in capacity and putting downward pressure on renewal rates.

Corporate costs have also ballooned despite business transformation efforts.

Renewable fuels losses are accelerating again.

Yet the tone from management remains optimistic and they can't be honest with shareholders.

This management team must go. A CEO that is out of his depth and a CFO that has taken on increased risk at the expense of a once pristine balance sheet.

And until the two march in lockstep, layoffs and bottom-basement morale will continue. Each person needs to decide for themselves whether to continue to work for this set of values or not. While I wish the best of outcomes for everyone, I left in late 2023 because I realized that fear and bullying were evergreen in the leadership teams here. Happy to report there’s great opportunity beyond this organization.

For some reason, this time I've seen fewer older employees affected than usual. Am I wrong?

Saks Global Inc. is closing its Saks Fifth Avenue store in San Antonio. This decision will result in 71 permanent layoffs for employees. The affected staff includes managers, beauty specialists, and sales associates. Layoffs are scheduled to occur between May 6 and May 31. This closure is part of a broader strategy by Saks Global, which recently filed for Chapter 11 bankruptcy.

San Antonio, Texas

https://www.msn.com/en-us/money/companies/saks-laying-off-71-employee-as-it-closes-san-antonio-store/ar-AA1YzCZl?apiversion=v2&domshim=1&noservercache=1&noservertelemetry=1&batchservertelemetry=1&renderwebcomponents=1&wcseo=1&bundles=feat-es2020-c

Indian IT and outsourcing companies filed multiple WARN notices. These included Hinduja Global Services, Infosys, and HCL Technologies. Filings occurred in US states like Texas, Florida, and Pennsylvania during early 2026. This surge indicates accelerated restructuring, exceeding 2025's total. Artificial intelligence adoption and cost pressures are driving these changes.

https://www.msn.com/en-in/money/news/in-first-three-months-of-2026-hinduja-global-services-infosys-and-hcl-tech-have-filed-warn-notices-in-the-us-states-of-texas/ar-AA20uFSY?apiversion=v2&domshim=1&noservercache=1&noservertelemetry=1&batchservertelemetry=1&renderwebcomponents=1&wcseo=1&bundles=feat-es2020-c

Devastating review by new young S&P analysts. Employers will now begin to review MoA as a going concern from a fiduciary standpoint. Rich has another 12 months to turn things around.

Mutual of America Life Insurance Co.
Ratings Lowered To 'A-' From 'A' On
Weakened Competitiveness; Outlook Stable

Mutual of America Life Insurance Co.'s competitiveness has been declining in recent
years, evidenced by volatile profitability and business and geographic concentrations
that constrain its ability to achieve performance consistent with similarly rated peers.

S&P Global Ratings therefore lowered the long-term issuer credit and financial strength
ratings on Mutual of America Life Insurance Co. (MoA) to 'A-' from 'A'

The outlook is stable, reflecting MoA's turnaround plan to drive revenue gains and
reduce expenses.

NEW YORK (S&P Global Ratings) April 27, 2026--S&P Global Ratings today lowered its

long-term issuer credit and financial strength ratings on Mutual of America to 'A-' from 'A'.
The outlook is stable. MoA's volatile, below-peer profitability and concentrated product and geographic profiles dent our view of its business risk. MoA has reported operating losses for the past three years,
with a loss of $27.6 million in 2025, compared to $149.6 million in 2024 and $223 million in
2023. The company had positive net income in 2025, of $2 million, for the second time in the
past five years, but in both cases this owed to one-time, unrealized gains from real estate salesand other Non-Interest Maintenance Reserve (IMR)realized gains from the investment portfolio.

We had anticipated that MoA’s cost-cutting initiatives would generate consistent profitability and returns commensurate with ‘A’-rated peers. While the new management team has taken significant actions, the company has yet to demonstrate sustained profitability Although MoA is pursuing numerous strategic initiatives to restore profitability, we anticipate it will take time

A Texas-based alcoholic beverage distributor is considering a major sale. The company is currently in discussions. These talks involve selling some of its operations. The operations span across 10 different states. They also include its business in Washington, D.C.

https://www.bizjournals.com/baltimore/news/2026/04/27/republic-national-distributing-layoff-jessup-reyes.html

Nike intends to lay off 1,400 employees. These job cuts will affect staff at its Converse brand. Most of the layoffs target technology roles. Converse is a Boston-based company. Nike's stock recently hit an 11-year low.

Boston, Massachusetts

https://www.bizjournals.com/boston/news/2026/04/28/converse-affected-by-nikes-1-400-layoffs.html

Article published that Infosys won a GCC (outsource work to India) worth $500 Million. Well done Steve, but about 25 years too late and now wasting the company’s money. Scarier thing is Bill and the board even think this is a good idea. Our jobs are even more at risk across tech ops and data. I’m sure the OC (aka purple ponies) will visit on the corporate jets.

Quixote Studios is closing its Atlanta production services business. It is also winding down its Los Angeles soundstage operations. These changes will result in approximately 70 layoffs. The company faces heavy operating losses and a production slump. Hudson Pacific Properties, its owner, acquired Quixote in 2022.

Los Angeles, California

https://variety.com/2026/film/news/quixote-studios-production-slump-layoffs-1236732572/

The Lower Township School District approved a new budget. More than 50 positions will be eliminated. Hundreds of people attended a meeting to oppose these reductions. The Board of Education proceeded with the budget. The superintendent described the cuts as his career's hardest decision.

Lower Township, New Jersey

https://www.capemaycountyherald.com/news/lower-school-budget-will-mean-more-than-50-layoffs-88ccf43e

Goodbye apac retail business! The good, cash cow and the bleeding bad all gone. Thank you McK and all you brilliant leaders for ending the Caltex brand.

Salesforce will recruit 1,000 new graduates and interns. This hiring push supports the company's AI-led product development. CEO Marc Benioff announced this initiative on X. The broader tech sector saw over 81,000 layoffs this year. Major tech companies are cutting jobs while investing heavily in AI.

https://www.peoplematters.in/news/talent-management/salesforce-to-recruit-1000-graduates-as-layoffs-rise-across-big-tech-49448

The last four years were tiring. I am tired boss. I feel the supervisory board made a lot of decisions to favor the CEO and executive board instead of customers and shareholders. And they joined forces with HR and the executive board to royally scr ew employees. Here are some of the questionable changes they made. All of this is public knowledge but I don't think there will be any consequences.

On November 7, 2024, the Supervisory Board resolved to replace the KPI operating margin increase with the KPI free cash flow for the Executive Board STI as of 2025.

On December 8, 2024, the Supervisory Board resolved to replace the KPIs cloud revenue and software licenses & support and services revenue with the KPI total revenue for the Executive Board LTI as of 2025.

On April 30, 2025, the Supervisory Board resolved to extend the term of Christian Klein’s appointment to the Executive Board from May 1, 2025, to April 30, 2030.

On May 5, 2024, the Supervisory Board resolved, by way of circular resolution, to extend the term of Christian Klein’s appointment for three years from May 1, 2025, to April 30, 2028, and to appoint him as chairperson of the Executive Board with immediate effect.

On May 6, 2025, the Supervisory Board decided to exchange the Women in Executive Roles KPI with the Business Health Culture Index in the LTI as of 2025, resulting in a temporary deviation from the compensation system and the German Corporate Governance Code to ensure compliance with executive orders in the United States.

At the beginning of 2026, the Supervisory Board decided to exclude the effect of the expenses related to the Teradata litigation from the Company’s non‑IFRS definition, as "these one‑off effects are not indicative of our operating performance". The Supervisory Board also decided on February 18, 2026 to exclude these effects from the target achievement for the KPI operating profit... The exclusion of current expenses of €387 million has a positive effect on the performance factor for the financial PSUs of 0.011 for the 2023 tranche under the LTI 2020. As the ongoing performance period is measured using cumulative results, the impact will be shown when the LTI tranches 2024 and 2025 are due for payout.

On July 27, 2023, the Supervisory Board decided to exclude the impact of the Qualtrics divestiture and resolved updated targets for the STI 2023 and the LTI tranches 2021, 2022, and 2023.

Furthermore, in September 2023, the Supervisory Board decided to exclude the expenses related to compliance matters from the variable Executive Board compensation for 2023 and 2024. The exclusion of expenses related to compliance matters from the variable Executive Board compensation led to a higher performance factor of 0.005 for the financial PSUs of the LTI tranche 2021 and 2022, a performance factor of 0.049 for the STI 2023, and had no effect on the performance factor of the STI 2024.

As I read this, it feels that the supervisory board goes above and beyond to help CK and the board to get as much money as possible from SAP bank accounts to their personal bank accounts. I wonder how René would be any different.

March 2026 marked the worst month for tech layoffs in two years. Tech firms globally dismissed around 38,000 employees that month. Overall, 92,272 tech workers were laid off between January 1 and April 20. Oracle alone accounted for 30,000 of these job cuts. Meta also reduced its workforce by 200 employees.

https://www.gadgets360.com/ai/news/tech-companies-layoffs-worst-month-2026-report-11424428

FreshRealm has filed for Chapter 11 bankruptcy protection. This action could lead to 637 layoffs in Linden, New Jersey. The company cited a significant ingredient supply disruption as a primary reason. These job cuts are expected to occur by late June and July. FreshRealm provides fresh meals for various retailers and meal kit services.

Linden, New Jersey

https://nj1015.com/freshrealm-bankruptcy-linden-nj/

Johnston Public Schools announced staff layoffs. Seventy-nine layoff and displacement letters were sent. Approximately half of these positions will be reassigned. The district will meet with the union to place affected members. Further announcements on school closures are expected.

Johnston, Rhode Island

https://turnto10.com/news/local/johnston-public-schools-to-lay-off-79-staff-members-reassign-half-positions-impacted-available-union-april-28-2026

Laurel Ridge Treatment Center announced plans to lay off 648 employees. These layoffs will reduce available mental health beds in the community. Bexar County officials fear this will worsen overcrowding at the county jail. The jail already faces issues including overcrowding and staffing shortages. The loss of 310 beds could push more people into the jail system.

San Antonio, Texas

https://news4sanantonio.com/news/local/bexar-county-jail-overcrowding-fears-grow-after-san-antonio-facility-plans-600-layoffs-laurel-ridge-arrested-bed-push

CarQuest Lifers you know who you are, time is running out time to find a new job…Same for AAP Lifers…..clock is ticking. This company is in shambles and leadership knows it and are just getting that pay check.

The Missed Targets Report
​A report (notably from the Wall Street Journal) revealed that OpenAI failed to meet several key internal goals:

​User Growth: ChatGPT failed to reach its goal of 1 billion weekly active users by the end of 2025.

​Revenue: The company missed multiple monthly revenue targets in early 2026.

​Competition: Competitors like Google’s Gemini and Anthropic’s Claude are reportedly eating into OpenAI’s market share, particularly in the high-value coding and enterprise sectors.

To build 100 billion dollar company after more than 50 years ?

To turn a 100 billion dollars company into more than 400 billion dollars less than one year just by laying off workers?

Did anyone hear about any recent layoffs?

On April 28

No layoffs. Just trolls