AM I NEXT? NO LOVE AT LENDINGTREE

Charlotte, North Carolina-based LendingTree, an online comparison website that connects consumers with select financial institutions, has announced a 13% reduction of its workforce to reduce operating costs.

The reduction will impact approximately 163 employees.

As per an SEC filing, "On March 24, 2023, LendingTree committed to a workforce reduction plan that is intended to reduce operating costs. The Reduction Plan includes the elimination of approximately 13% of the Company’s current workforce. As a result of the Reduction Plan, the Company estimates that it will incur approximately $5.6 million in severance charges in connection with the workforce reduction, consisting of cash expenditures for employee separation costs of approximately $4.6 million and non-cash charges for the accelerated vesting of certain equity awards of approximately $1.0 million."

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 ASPIRATION

Los Angeles, California-based Aspiration, a financial technology company offering sustainability-as-a-service involving carbon credits, has announced a restructuring initiative.

The restructuring will impact approximately 180 employees, including remote workers in St. Louis, Missouri. Layoffs will occur between May 26, 2023, and June 1, 2023.

According to a company statement, the decision was "necessitated by the need to streamline and restructure the business in light of current economic conditions and limited capital available to the Company."

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 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?