Tausi Insider

The Goldman Sachs stall on the floor of the New York Stock Exchange, on July 16, 2013. Brendan McDermid/Reuters Goldman Sachs Group GS-N will start cutting thousands of jobs across the firm from Wednesday, two sources familiar with the move said, as it prepares for a tough economic environment. Just over 3,000 employees will be let go, one of the sources said, but the final number is yet to be determined. That scale of layoffs would be the largest since the 2008 financial crisis, one of the sources said. The sources could not be named as the information was not yet disclosed publicly. Goldman Sachs declined to comment. Bloomberg News reported on Sunday that Goldman would eliminate about 3,200 positions. Goldman had 49,100 employees at the end of the third quarter, after adding significant numbers of staff during the coronavirus pandemic. The layoffs are likely to affect most of the bank’s major divisions, but should centre on Goldman Sachs’ investment banking arm, one of the sources ...

Morgan Stanley MS-N Chief Operating Officer Jon Pruzan will retire from the bank at the end of the month, according to a memo seen by Reuters. Formerly the finance chief at the Wall Street titan, Pruzan was made COO as part of a leadership shakeup in mid-2021, which resulted in four new appointments. At the time, the bank’s chief executive, Jamie Gorman, said he was “highly confident” one of the four would be the bank’s CEO in the future. Investors have long been speculating about who would succeed Gorman, who joined the bank in 2006 and took over as CEO in 2010. With Pruzan gone, the list of potential successors to Gorman include co-presidents Ted Pick and Andy Saperstein and investment management chief Dan Simkowitz. The contents of the memo were confirmed by a spokesperson for the bank. Bloomberg News first reported Pruzan’s exit. https://www.tausiinsider.com/morgan-stanley-coo-jon-pruzan-to-retire-at-end-of-month-memo/?feed_id=325600&_unique_id=63f886dd3e2d9

Postmedia Network Canada Corp.'s changes come a week after the company posted a deep quarterly loss. Chris Young/The Canadian Press Postmedia Network Canada Corp. PNC-A-T will move 12 Alberta community newspapers to a digital-only format and lay off employees in the months ahead, according to an internal memo sent on Wednesday. “This is absolutely not a reflection on the hard work and contributions they have made to our company but rather an outcome of economic contraction that has affected so many companies globally and the inherent challenges of our industry,” wrote Postmedia president and chief executive Andrew MacLeod. In a townhall Wednesday, Mr. MacLeod said the areas affected will include editorial, sales, production and distribution. He told employees that inflation and revenue declines have combined to create a “perfect storm” for the company, which owns more than 120 media properties, including the National Post, Vancouver Sun and Montreal Gazette. Canadian companies Li...

Amazon.com Inc AMZN-Q will cut some jobs in the United States, Canada and Costa Rica by the end of Wednesday as part of its plan to lay off 18,000 employees, the e-commerce giant said in a memo to staff seen by Reuters. The layoffs are the latest in the U.S. technology sector, with companies cutting their bloated workforce and slashing costs to reverse pandemic-era excesses and prepare for a worsening global economy. Amazon.com Chief Executive Andy Jassy said earlier this month the cuts, about 6 per cent of the company’s roughly 300,000 corporate employees, would mostly impact the e-commerce and human resources divisions. Microsoft said earlier on Wednesday it would cut about 10,000 jobs and take a $1.2-billion charge. https://www.tausiinsider.com/amazon-to-lay-off-some-staff-in-u-s-canada-and-costa-rica-by-end-of-day/?feed_id=323714&_unique_id=63e45768081db

Cenovus CEO Alex Pourbaix announces a multi-year initiative focused on Indigenous communities near the company's oil sands operations in northern Alberta, at a news conference in Calgary, on Jan. 30, 2020. Jeff McIntosh/The Canadian Press The CEOs of some of the biggest oil sands companies in Alberta say transitioning their work force for a net-zero emissions future isn’t about cutting jobs, but is about creating them. Cenovus CEO Alex Pourbaix CVE-T says the consortium of oil sands behind an alliance to decarbonize their companies estimates that reaching their goal of net-zero emissions by 2050 will create 35,000 jobs. Derek Evans, CEO of MEG Energy MEG-T, says he is actually worried that Canada doesn’t have the labour force needed to get the decarbonizing job done. Their comments in an interview with The Canadian Press this week come as Alberta Premier Danielle Smith is pushing back against Ottawa’s plans to introduce “just transition” legislation to oversee the move to cut car...

A security guard stands by the front reception desk at Postmedia's Toronto headquarters on March 12, 2018. Chris Young/The Canadian Press A Postmedia Network Corp. PNC-B-T memo obtained by The Canadian Press shows the newspaper publisher has shuffled editors of its Prairies papers a day after it announced 11 per cent of staff would be laid off. The memo says Lorne Motley, vice-president of editorial for the west and editor-in-chief for the Calgary Herald and Sun, will become a regional editor-in-chief. The new position will put him in charge of the Calgary Herald and Sun, Edmonton Journal and Sun, the Saskatoon Star Phoenix, Regina Leader Post and Winnipeg Sun. Under Motley, Monica Zurowski will serve as a deputy editor in Calgary, while Dave Breakenridge in Edmonton, Ashley Trask in Saskatoon and Mark Hamm in Winnipeg will be managing editors. Colin McGarrigle, editor-in-chief of the Edmonton Journal, will move to become a managing editor in Regina under Motley. The memo also sh...