Happy New Year 2025

Tag: layoffs

How federal layoffs are affecting DC housing market: report

The Mike Aubrey Group EVP and principal Mike Aubrey explains why housing prices are still high as mortgage rates come down on ‘Cavuto: Coast to Coast.’

Housing markets in Washington, D.C. and other areas with high concentrations of government workers have already been impacted by the Trump administration’s new policies, according to Redfin agents.

Return-to-office mandates for federal workers have led to an increase in home buyers, but “uncertainty” about federal job cuts has discouraged others from buying or selling their homes, according to the report.

President Donald Trump announced on Jan. 29 that federal employees would be fired if they did not return to in-person work by early February.

President Donald Trump signs a series of executive orders in the Oval Office at the White House on Feb. 10. (Andrew Harnik/Getty Images / Getty Images)

DOGE SAYS IT DUG UP ANOTHER $1.9 BILLION IN TAXPAYER MONEY ‘MISPLACED’ BY BIDEN ADMINISTRATION

“I recently worked with a couple who bought their dream home with me a few years ago, but now they’re considering listing because they want to be closer to public transportation,” said Stuart Naranch, a Redfin Premier agent in Washington, D.C. “They both work for the government, and want a more convenient commute because they’ll need to return to in-person work soon.”

Home prices in the nation’s capital were down 8.6% in January, compared to last year, selling for a median price of $560,000, according to Redfin data.

While homes spent about a week longer on the market in January of this year, overall sales for the month were up from last year.

Demonstrators hold signs during a protest against Elon Musk outside the U.S. Treasury building in Washington, D.C., on Tuesday, Feb. 4. (Stefani Reynolds/Bloomberg via Getty Images / Getty Images)

However, instability in the federal job market may translate over into the housing market.

The Department of Government Efficiency (DOGE), which is tasked with eliminating wasteful government spending and increasing efficiency, aims to cut $2 trillion from the federal government budget by eliminating programs and trimming the federal workforce.

A buyout offer, which has been extended, has already been accepted by about 65,000 employees, Fox News Digital previously reported.

DOGE SAYS IT DUG UP ANOTHER $1.9 BILLION IN TAXPAYER MONEY ‘MISPLACED’ BY BIDEN ADMINISTRATION

“The number of deferred resignations is rapidly growing, and we’re expecting the largest spike 24 to 48 hours before the deadline,” a White House official told Fox News Digital on Feb. 4.

The Trump administration on Thursday ordered agencies to lay off most probationary employees without civil service protection, potentially affecting hundreds of thousands of federal workers.

“Since the inauguration, I’ve met with a few people, including one federal government employee, who are selling specifically because of anticipated return-to-office orders,” said Jo Chavez, a Redfin Premier agent in Kansas City, Missouri. “I also spoke to a client who was looking to sell and upgrade to a larger home, but he canceled those plans because he’s worried about losing his job due to restructuring of government jobs.”

Demonstrators rally outside the U.S. Treasury Department after it was reported billionaire Elon Musk, who is heading U.S. President Donald Trump’s drive to shrink the federal government, has gained access to Treasury’s federal payments system that se (REUTERS/Kent Nishimura / Reuters)

Most recently, DOGE on Friday fired 3,600 probationary Health and Human Services employees.

Federal workers on Friday gathered outside the Department of Health and Human Services in D.C. to protest the cuts, affiliate FOX 5 D.C. reported.

Demonstrators carried signs saying, “No One Voted For Elon Musk,” and “Federal Workers Defy DOGE,” according to the report.

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Fox 5 D.C.’s Sam Kosmas contributed to this report.

February 16, 2025
JPMorgan Chase reportedly to start rounds of layoffs

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JPMorgan Chase reportedly has several rounds of layoffs coming this year, and some workers at the company have apparently started being told they will lose their jobs.

Barron’s reported Wednesday that some JPMorgan Chase employees learned from supervisors last week that their jobs would be impacted by layoffs. The outlet cited unnamed sources “familiar with the matter.”

Layoffs at the bank this month will affect less than 1,000 workers, according to the report.

The JPMorgan Chase logo is seen outside its headquarters in Manhattan on May 26, 2023. (Michael M. Santiago / Getty Images)

More layoffs are on the horizon at JPMorgan Chase, with the company looking at other rounds in March, May, June, August and September, Barron’s reported.

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JPMorgan Chase told FOX Business that it “regularly review[s] our business needs and adjust[s] our staff accordingly — creating new roles where we see the need or reducing positions when appropriate.”

“Our strategy has not changed, and we run the company to invest through the cycle. We continue to hire in many areas and work hard to redeploy impacted employees,” the company added. “This is part of our regular management of the business and impacts a very small number of employees.”

Ticker Security Last Change Change %

JPM JPMORGAN CHASE & CO. 275.45 +0.30 +0.11%

Coming into 2025, JPMorgan’s workforce totaled over 317,000.

“In the last year, we added more than 7,000 jobs and currently have about 14,000 open positions,” JPMorgan Chase told FOX Business.

JPMORGAN SETTING UP A ‘WAR ROOM’ TO KEEP UP WITH TRUMP’S POLICY CHANGES

The company does business in asset and wealth management, commercial banking, consumer and community banking, corporate and investment banking, and technology, according to its website. The upcoming job cuts will not hit every unit each time, Barron’s reported.

The main entrance to the JPMorgan Chase building in Manhattan is seen on March 21, 2023. (Erik McGregor/LightRocket via / Getty Images)

In mid-January, JPMorgan reported managed revenue of nearly $43.74 billion for the fourth quarter. Its quarterly net income came in at $14 billion, marking a 50% jump year-over-year.

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It had $4 trillion in assets and $345 billion in stockholders’ equity at the end of 2024, according to the company.

February 13, 2025
Chevron trimming headcount by 15-20% in layoffs

Chevron Chair and CEO Mike Wirth provides the latest details on the company’s potential $53 billion merger with Hess on ‘Mornings with Maria.’

Chevron is seeking to trim its headcount by a sizable amount.

The energy giant will lay off 15%-20% of its workers in a bid to “simplify our organizational structure, [execute] faster and more efficiently, and position the company for stronger long-term competitiveness,” Chevron Corp. Vice Chair Mark Nelson said in a Wednesday statement.

Chevron’s global headcount at the end of 2023 consisted of more than 40,200 non-service station employees and nearly 5,400 service station workers, according to its most recent annual report.

(Jonathan Raa/NurPhoto via Getty Images)

Nelson said the company will finish “most” of the layoffs, which start this year, before 2026’s year-end.

CHEVRON, ENGINE NO 1, GE VERNOVA TEAM UP TO BUILD US DATA CENTERS

“We do not take these actions lightly and will support our employees through the transition. But responsible leadership requires taking these steps to improve the long-term competitiveness of our company for our people, our shareholders and our communities,” the Chevron vice chair wrote.

The energy giant aims to shrink its structural costs through layoffs and other actions by $2-$3 billion before 2027, according to Nelson.

A Chevron gas station in Los Angeles (Mario Tama/Getty Images/File)

CFO Eimear Bonner said in November, when the company released its third-quarter financial results, that Chevron aimed to achieve that level of savings. She indicated the company would give updates on its efforts “through 2025.”

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According to Nelson’s statement, the energy giant is “optimizing its portfolio, leveraging technology to enhance productivity, and changing how and where work is performed, including the expanded use of global centers.”

Ticker Security Last Change Change %

CVX CHEVRON CORP. 154.93 -2.49 -1.58%

He said the organization structure changes that Chevron is making will “improve standardization, centralization, efficiency and results, unlocking new growth potential and helping Chevron drive industry-leading performance now and into the future.”

(REUTERS/Mike Blake/File)

The news comes nearly two weeks after the energy giant disclosed its fourth-quarter earnings.

CHEVRON EXEC EXPLAINS HQ MOVE FROM CALIFORNIA TO TEXAS: ‘TOUGH PLACE TO DO BUSINESS’

Chevron generated $52.2 billion in total revenues and nearly $3.24 billion in net income in the fourth quarter. Over the entirety of 2024, the company saw revenues of $202.79 billion and net income of $17.66 billion, with the latter of the two figures marking a 17.35% drop year over year.

The company’s global net oil-equivalent production posted a 7% increase year over year.

CEO Mike Wirth said last month the company is “in a strong position today, with near-term catalysts that are expected to drive the company to even better performance in 2025 and 2026.”

February 13, 2025
Boeing warns of hundreds of layoffs amid NASA’s Artemis program delays

Boeing on Saturday warned employees involved in its Space Launch System moon rocket program that it expected to lay off around 400 people.

The news comes amid delays and rising costs for NASA’s Artemis program, which was established during President Trump’s first term, and aims to send astronauts back to the moon.

Its budget is expected to be around $93 billion through the end of the year.

It also comes as the new Trump administration has started to lay off government employees from some institutions, although it’s not clear whether the Elon Musk-run Department of Government Efficiency (DOGE) plans to make cuts to NASA.

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Musk’s SpaceX is NASA’s main carrier of astronauts to the International Space Station, and the company has several major contracts with the government.

The U.S. last sent astronauts to the moon during the last Apollo mission, Apollo 17, in 1972.

“To align with revisions to the Artemis program and cost expectations, we informed our Space Launch Systems team of the potential for approximately 400 fewer positions by April 2025,” Boeing told FOX Business in a statement.

NASA ANNOUNCES DELAYS IN ARTEMIS PROGRAM, PUSHING MOON LANDING TO 2026

Boeing said that employees affected by involuntary layoffs would be given 60-day notices in the coming weeks, “in accordance with the Worker Adjustment and Retraining Notification Act.”

The company added that it was trying to minimize job losses by moving employees across the company to minimize job losses and “retain our talented teammates.”

After NASA successfully launched the Artemis I in 2022, the Artemis II mission was delayed from 2024 to September.

Astronauts plan to orbit the moon on the Artemis II mission, and on Artemis III, they will walk on the moon. That mission was also delayed from 2025 until September 2026.

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Artemis I was an uncrewed mission that orbited the moon.

FOX Business has reached out to NASA for comment.

FOX Business’ Michael Dorgan and Reuters contributed to this report.

February 8, 2025
Stacey Abrams-founded voter activist group hit with mass layoffs after record-breaking ethics fine

A nonprofit voter engagement group founded by high-profile Georgia perennial candidate Stacey Abrams reportedly suffered dozens of layoffs two weeks after facing a six-figure state ethics fine for campaign finance violations.

Scores of workers at the New Georgia Project (NGP) have been laid off since Dec. 27, with a dozen more being pink-slipped at the end of January, according to FOX 5 Atlanta.

The group describes itself as a “nonpartisan effort to register, civically engage, and build power with the New Georgia Majority… the growing population of Black, brown, young and other historically marginalized voters.”

It received attention for helping Democrats flip Georgia in 2020 – when Republicans lost both the presidency and its two Senate seats within three months’ time.

JIMMY CARTER’S DEATH SPURS OUTPOURING OF TRIBUTES FROM STATE LEADERS OF BOTH PARTIES

A sign welcomes travelers to the Peach State at the I-20 East Welcome Center near Tallapoosa, Georgia, on Oct. 3, 2022. (Charlie Creitz)

NGP could not be reached by phone and did not respond to a comment request through its contact form.

However, a GoFundMe for affected employees set up by NGP policy director Stephanie Ali described the layoffs and said those subject to the latest round had only three days’ notice.

The GoFundMe description said the NGP “has stated these reductions in force (RIFs) are due to economic downturns, reductions in fundraising in an ‘off’ election year, and other contributing factors.”

Last month, the state ethics commission found both the organization and its political action fund unlawfully performed work for Abrams’ 2018 gubernatorial bid while failing to report donations and expenditures.

The Georgia Ethics Commission probed the groups and discovered more than $7 million combined was raised for Abrams – a former state House minority leader from Atlanta – and others that cycle.

It administered a Peach State record $300,000 fine via a settlement that involved admission of 16 examples of illegal activity, according to Atlanta News First.

The panel also found that the groups stepped out of legal bounds in connection to a 2019 voter referendum aimed at expanding transit services in Gwinnett County, Georgia’s second-most populous county after Fulton, which includes Atlanta.

CONSERVATIVE GROUP LAUNCHING MASSIVE VOTER REGISTRATION OPERATION IN GEORGIA

Abrams founded the NGP in 2014, but told the Atlanta Journal-Constitution that she left the group in 2017 when she decided to run against now-Gov. Brian Kemp.

“The setbacks at NGP are disappointing, and my thoughts are with those laid off,” she told the paper’s “Politically Georgia” vertical. “Regardless of [NGP’s] structure, I will never stop believing in the mission of ensuring every Georgian can make their voice heard.”

After Abrams’ departure, Ebenezer Baptist Church Rev. Raphael Warnock led the group until 2019. Fox News Digital reached out to the now-Democratic U.S. senator for his reaction.

Cody Hall, a senior advisor to Kemp, told Fox News Digital he wondered: “What did Stacey Abrams know and when did she know it?”

“Abrams founded NGP, her people ran it for years, and we’re all supposed to believe she knew nothing? Give us a break,” Hall said.

“Everything we said for the last 10 years about Abrams and her organization was true.”

When asked for comment, Lt. Gov. Burt Jones slammed Abrams for using “activists in the mainstream media to try to pull the wool over Georgians’ eyes.”

The likely future candidate for higher office added Abrams was “embarrassed” by Kemp two cycles in a row and is “embarrassed again” that her group’s “illegal grift is being exposed.”

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“The people of Georgia are good judges of character, and the liberal national media are not. Stacey Abrams will go down as one of the biggest frauds in the history of Georgia politics, but I have no doubt the media will learn nothing from this,” Jones said.

“We as Georgia Republicans must stay ready to defeat whoever the next Marxist grifter is in 2026.”

Georgia’s Republican Senate President John F. Kennedy called the NGP news “the tip of the iceberg” for Abrams.

“How many more millions will she fleece from donors to enrich herself or skirt campaign finance rules until the spigot turns off?”

Georgia Senate Minority Leader Harold Jones II, a Democrat, declined comment.

According to Atlanta’s FOX affiliate, NGP helped 55,000 Georgians register to vote, more than 80% of whom were Black and 40% were ages 18-25.

Charles Creitz is a reporter for Fox News Digital.

He joined Fox News in 2013 as a writer and production assistant.

Charles covers media, politics and culture for Fox News Digital.

Charles is a Pennsylvania native and graduated from Temple University with a B.A. in Broadcast Journalism. Story tips can be sent to [email protected].

February 3, 2025
Layoffs hit CNN, 6% of staff terminated

Sen. Rick Scott, R-Fla., and Sen. Eric Schmitt, R-Mo., give their take on federal DEI offices shutting down under the Trump administration on The Bottom Line.

Long-planned layoffs officially hit CNN on Thursday when roughly 6% of the network’s workforce was let go.

CNN has painted the layoffs as a critical step toward securing the network’s future, telling staffers that “irreversible shifts in the way audiences in America and around the world consume news” have impacted its business model. About 200 jobs were eliminated as a result.

“Our objective is a simple one: to shift CNN’s gravity towards the platforms and products where the audience themselves are shifting and, by doing that, to secure CNN’s future as one of the world’s greatest news organizations,” CNN CEO Mark Thompson said in an internal memo obtained by Fox News Digital.

CNN TO LAY OFF ‘HUNDREDS’ OF STAFFERS IN FIRST DAYS OF SECOND TRUMP PRESIDENCY: REPORTS

CNN terminated about 200 employees on Thursday. ( Elijah Nouvelage/Bloomberg via Getty Images / Getty Images)

“America and the world need high quality, fair-minded, trustworthy sources of news more than ever,” Thompson continued. “This difficult and sometimes painful process of change is the only way to make sure we can still provide it.”

On-air talent is not expected to be impacted by the cuts.

CNN pointed to a $70 million investment from parent company Warner Bros. Discovery that will eventually result in new job opportunities. Thompson said Thursday’s cuts are “first and foremost about investing in that future,” and suggested overall headcount won’t drop too much in 2025 when plans are finalized.

“That’s because of the $70 million we’re investing in our digital plans and the many new jobs it will pay for. Some of that money’s going in product and tech, but a lot is also going into new high-quality journalism and storytelling. It’s what we stand for,” Thompson wrote.

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Long-planned layoffs officially hit CNN on Thursday when roughly 6% of the network’s workforce was let go. (Getty / Getty Images)

“It’s also the heart of every successful digital news strategy. At the same time, I know that whatever the total number of job losses, the impact on the individuals involved can be immense,” he continued. “The process of change is essential if we’re to thrive in the future, but I both acknowledge and regret its very real human consequences.”

Thompson called the cuts “an unwelcome but inevitable part of the change process.”

“We will aim to contact every colleague who will be impacted by these changes as soon as we possibly can – and will of course help and support them in any way we can thereafter,” Thompson wrote.

CNN has struggled in the ratings department for years and finished 2024 with its smallest audience in network history among both total day viewers and among the advertiser-coveted demographic of adults aged 25-54.

Vice President Kamala Harris speaks as CNN moderator Anderson Cooper looks on during a Presidential Town Hall event at Sun Center Studios on October 23, 2024 in Aston, Pennsylvania. (Photo by Andrew Harnik/Getty Images) (Getty Images)

Fox News Digital previously reported in November that CNN would face major layoffs by March and that its impact on the network would be “very meaningful.”

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Fox News Digital’s Joseph A. Wulfsohn contributed to this report.

January 23, 2025
Starbucks corporate layoffs looming in March: CEO

Starbucks CEO Brian Niccol says the companys app needs to be more transparent on pricing.

The global coffeehouse chain Starbucks will be cutting corporate jobs as its CEO Brian Niccol continues to implement changes to bolster lagging sales and improve profitability.

Niccol made the announcement via a notice to employees that was also posted on the Starbucks website.

He highlighted how the company aims to deliver on its “Back to Starbucks” strategy, a series of changes announced last year that aims to enhance customers’ in-store experience, but also said it needs to strive for better efficiency, which will ultimately result in layoffs.

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“We have recently begun the work to define the support organization for the future. We are approaching this work thoughtfully, but it will involve difficult decisions and choices. I expect that, unfortunately, we will have job eliminations and smaller support teams moving forward,” Niccol wrote.

People pass by a Starbucks coffee shop in Manhattan, New York, United States on Jan. 15, 2025. (Mostafa Bassim/Anadolu via Getty Images / Getty Images)

“This work will not affect our in-store teams or the investments we are making in store hours. We will communicate changes by early March.”

He said he does not take such decisions lightly and wanted to be transparent about his plans in order to ensure that employees heard about the plans directly from him. It is unclear how many people will be let go.

Niccol, who took over as CEO in September, has emphasized the need for the company to get back to its roots as a coffee house.

The “Back to Starbucks” strategy aims to bring back some of the things that made the company the most recognizable coffee brand in the world.

That includes bringing back condiment bars to stores and enhancing the coffee house aesthetic with personal touches, such as serving coffee in ceramic mugs.

Starbucks CEO Brian Niccol, pictured in 2015 (Photo by Robin Marchant/Getty Images / Getty Images)

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Starbucks is also reintroducing the use of Sharpies to write customers’ names on cups and will stop charging extra for customizing beverages with non-dairy milk.

The company has also set a goal of a four-minute wait time in cafés and has provided additional coverage hours in over 3,000 stores.

Earlier this month, the company said it would only welcome paying customers to hang out and utilize the restrooms at its stores. The move was done to prioritize paying customers who want to sit and enjoy its cafés.

Starting this spring, the company will double its paid parental leave benefits for workers. The company previously offered six weeks of paid time off for parental leave.

Among its latest goals to create a positive work culture, the company also committed to filling 90% of retail leadership roles internally, to ensure employees stay longer and grow with the company. It is also continuing to cover 100% of college tuition for thousands of employees as part of its Starbucks College Achievement Plan and offering company stock to eligible partners.

“We have much more work to do but I’m pleased with the progress we’ve made and appreciate how everyone has rallied around the plan,” Niccol wrote to workers.

Starbucks Coffee cup is seen in this illustration photo taken at the cafe in Manama, Bahrain on March 5, 2024 (Jakub Porzycki/NurPhoto via Getty Images / Getty Images)

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Before Niccol took over, the company faced growing pressure from unionization campaigns across the nation and back-to-back disappointing fiscal quarters as traffic declined. Niccol, who replaced former CEO Laxman Narasimhan in August, is trying to boost profitability and create a better environment for workers.

Niccol has also faced employees striking at hundreds of stores nationwide.

Fox Business’ Daniella Genovese contributed to this report.

January 23, 2025