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Morgan Stanley plans to lay off several hundred employees in its wealth-management division as part of cost-cutting measures. The cuts, which will affect less than 1% of the division's employees, come as the unit has shown signs of weakening. The wealth-management division has become a significant source of revenue and profit for Morgan Stanley, but it has recently faced challenges, including regulatory scrutiny and a slowdown in revenue growth. The layoffs are one of the first major moves by new CEO Ted Pick, who took over from James Gorman on January 1. [Extracted from the article]

According to new data, fully remote employees are more likely to be laid off and quit compared to their peers who work in an office. A study of two million white-collar workers found that remote workers were 35% more likely to be laid off in 2023. The difficulty in building personal relationships and the perception that in-office workers are higher performers may contribute to this disparity. Some companies, such as Wayfair, have explicitly stated that remote workers are more likely to be affected by layoffs. However, remote workers also value the flexibility and autonomy that comes with their work arrangement. [Extracted from the article]

Wayfair, an online furniture seller, recently announced layoffs that targeted remote workers. Executives explained that the decision was made to streamline decision-making within teams. During an all-hands meeting, employees raised concerns about the timing and tone of a memo from the CEO, as well as the company's long-term financial health. Wayfair has experienced significant growth during the pandemic but has seen sales and profits stagnate since then. The company's stock rose after the layoffs were announced, but it is still down over 80% from its all-time high. Executives emphasized the importance of having most workers in the office on most days. [Extracted from the article]

Wayfair, an online furniture seller, recently announced layoffs that affected employees who work remotely. Executives explained that the decision was aimed at improving decision-making within teams. During an all-hands meeting, employees raised concerns about the timing and tone of a memo from the CEO, as well as the company's long-term financial health. Wayfair has experienced significant growth during the pandemic but has seen sales and profits stagnate since then. The company's stock rose after the layoffs were announced, but it is down more than 80% from its all-time high in early 2021. Executives emphasized the importance of having most workers in the office on most days. [Extracted from the article]

Sports Illustrated, a prominent sports magazine, has announced major layoffs, putting the future of the publication in jeopardy. The magazine's publisher, the Arena Group, lost its license to publish Sports Illustrated and intends to lay off a significant number, possibly all, of the magazine's unionized staff. Sports Illustrated has struggled to adapt to the digital media landscape and changes in advertising. The publisher is in discussions with Authentic Brands Group, the licenser, to resolve the issue. Authentic Brands has stated that it plans for Sports Illustrated to continue operating. [Extracted from the article]