AM I NEXT? NO LOVE AT CIVIC FINANCIAL SERVICES

Redondo Beach, California-based Civic Financial Services, a subsidiary of Beverly Hills, California-based PacWest Bancorp and an institutional private money lender specializing in the financing of non-owner occupied investment properties, has announced a restructuring and cost-cutting initiative.

According to an SEC filing, the restructuring will impact 200 employees.

According to the filing, "Last month, the Company announced it recorded a goodwill impairment of $29 million as part of a strategy to restructure Civic to improve its profitability and risk profile. This restructuring involves reducing the number of loan products offered, reducing loan growth compared to 2022 levels, and transferring the management of most Civic functions to Company executives. In addition, the Company anticipates that approximately 200 Civic positions will be eliminated, effective in the second quarter of 2023. This restructuring aligns with the Company's strategy to focus on relationship-based community banking and to improve capital, liquidity, and operational efficiency"

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT GREENLIGHT

Atlanta, Georgia-based Greenlight, a credit issuer of controlled debit cards for kids, has announced a reduction in force affecting 21% of its total workforce.

The workforce adjustment will impact 104 employees.

According to a company spokesperson, “The macroeconomic environment has impacted virtually all businesses, including Greenlight. We recently made the difficult decision to better align our ongoing operating expenses with the current environment. The company remains committed to its mission to help parents raise financially smart kids. Moving into 2023, Greenlight will be focused on continuing to serve its growing customer base and finding new, impactful ways to improve financial literacy for families.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT BLACKROCK (01/09/25)

JANUARY 9, 2025 — 1% OF GLOBAL WORKFORCE

BlackRock announced the layoff of about 200 employees, or 1 percent of its global workforce.

BlackRock President Rob Kapito and Chief Operating Officer Rob Goldstein noted, “As part of these firmwide efforts, we will be making changes today that will see approximately 1% of our colleagues leave the firm. This is never easy.”

JANUARY 7, 2024 — 3% OF GLOBAL WORKFORCE

BlackRock plans to announce layoffs of about 3 percent of its global workforce, or about 600 employees in the coming days.

JUNE 24, 2023 — 1% of GLOBAL WORKFORCE

BlackRock announced additional layoffs that would impact less than 1% of its workforce due to budget reallocations to support critical priorities.

Approximately 150 to 190 employees will be impacted.

According to Chief Operating Officer Rob Goldstein and Global Head of Human Resources Caroline Heller, “the decision followed a recent business review. Even with these changes, our headcount will be higher at the end of the year compared to the start of the year as we continue to invest in our talent and our business.”

JANUARY 25, 2023 — Original post

New York City, New York-based BlackRock, the world's largest asset manager, has announced that it will be initiating a major cost-cutting initiative affecting 2.5% of its global workforce.

The reduction in force will impact 500 employees.

According to a statement by CEO Larry Fink and President Rob Kapito, “The uncertainty around us makes it more important than ever that we stay ahead of changes in the market and focus on delivering for our clients. Our breadth and resilience enable us to play offense when others are pulling back.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?