☑️A future as bright as crude. Marathon Petroleum will cut over 2k employees, amounting to roughly 12% of its workforce. These job cuts include not only the corporate cogs at HQ, but additionally the employees affected by the idling of two refineries in California and New Mexico.
This is due to the lack of demand from COVID, as many people still WFH and travel less on airlines. It's projected that MPC will lose $798M in Q3, with a $175M charge related to severance and employee expenses. Looks like its new CEO Mike Hennigan has his hands full. You're doing amazing sweetie.
☑️Across the Pond. "Hold my beer." - Royal Dutch Shell
Shell announced some job cuts of its own, indicating that it will cut 10% of its workforce by 2022 due to a corporate restructuring (read: drop in demand due to COVID).
These layoffs, combined with other cost-cutting efforts, should save the company nearly $2.5B in annual expenses. So that should make the 9k former keyboard jockeys feel a lot better when they're sitting at home.
The cuts will also contribute to Shell's plan of reducing its emissions to net-zero by 2050.
☑️We are NOT in good hands. Not to be outdone...
Allstate (are you reading this in Dennis Haysbert's voice too?) will reduce its headcount by 3.8k.
These cuts should free up cash to spend on new technology, which will ultimately allow the company to offer cheaper rates.
☑️And now, some good news… Not for you average, middle-class workers, but for a billionaire.
Tim Apple received a $114M stock grant yesterday. Suck it, poors.
The grant is comprised of nearly 334k restricted shares that vest from 2023 to 2025, and another 334k units that vest in 2023. *Checks $APPL's current stock price and sh*ts 'self*
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