#layoffs

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

That's what everyone seems to agree on. Good thing I don't care enough to be stressed about it.

I was hoping for this outcome. I don't have another job lined up, like most of us don't. I'm going to take a break, decompress, and then figure out what's next. Good luck to everyone, especially the real pros and the good people I had the pleasure of working with. My advice to everyone still at Nike is to focus on finding something else. It will not get better around here.

How can you lay off 1400 people and not lay off a single VP in the process. I think that exposes the true purpose of this layoff more than anything else.

First off, I'm sorry to those let go. I hope they're able to find something better and more secure.
Some orgs have been told layoffs are done.
I've seen "Tech Activation Touch Base" still being used for both for reorg meetings. Poor taste reusing that meeting title for both information and layoffs. Way to send an employee into panic.

Are many of you like me that often have several drinks throughout the day, and are even buzzed often? The constant threat of layoffs, the incompetence of the offshore people and management. Drinking has been my coping mechanism. Mainly wondering if I'm alone in this?

not till monday, make us suffer over the weekend?

just for the 'fun' of it?

at least MD gave the all clear for riffs on Tues, then we at least knew we had a job, lateral move, in some cases a raise.....but this nothing till Mon?

guess we wait.

seriously this place....

I unfortunately was not laid off. Honestly, I would’ve loved to have had 4 to 8 months of severance to get out of this he-l hole.

Unfortunately, I’m stuck behind in a company that’s already dead and doesn’t know it.

The company that Phil Knight and Bill Bowerman created is dead, it’s now filled with a bunch of overpaid mouth breathers, who are politicians more than business people, not the whole company but enough.

Nike’s AI hype is a perfect example. You have a bunch of re--rds running around for three f** years trying to make AI work at Nike and there’s been nothing of measurable value created. The enterprise doesn’t even have a strategy, even though it spent millions of dollars and 100s of resources to do “something” with AI.

Fortunately, the id--ts who decided to go with copilot were all fired or at least most of them. Unfortunately, a new group of id--ts will use AI as some sort of silver bullet to save the company when they have no experience actually doing anything with AI and the company’s problems have nothing to do with AI(at least at the present moment).

It’s just a bunch of people pushing technology they don’t understand, other than it’s a magic word to maintain influence, relevance, and job security.

Don’t get me wrong. Nike was a great company and a great American story. But that company is dead.

So to those of you who got fired, I wish you the best of luck and frankly, I’d rather not be on the Titanic as it sinks.

• Were you the one writing AI first or AI driven in your linkedin profile?
• Did you posted that “ I would like to share that I recently completed blah blah blah AI course” too often in linkedin?
• Are you the one who bluffs in meetings and throw big words all day long but dont do sh-t?
• Did you kissed the bottom really well all these years?

I am geniunely curious. What did you do right?

A friend of mine was let go in massive layoff 2-3 years ago. He wants to join back. He was given 4-3 rating. Pure politics. Can he rejoin ?

I been like everyone around me has either been let go. Still waiting.

So approximately 8 laid off in ITC and 1392 whq?
Better get to work ITC because those of us that are unfortunately left, who saw knowledge and skill get canned this week are not going to be carrying the workload for you like we have been the last few years.
Tech Leaders - When it’s time for your d-mb panicked questions, ask your chosen workforce at ITC who have zero connection to the biz and no passion for the company.