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Fox News has made layoffs across much of the company as part of a restructuring, according to multiple reports. The cuts are said to particularly affect its hair and makeup teams, meaning only regular on-air personalities will receive styling, as opposed to external guests.. The Wrap reported that the layoffs happened on Wednesday, and citing an internal memo from Fox News Media CEO Suzanne Scott. The memo said that "as a result of this reorganization, many of our co-workers and friends will be departing," per The Wrap. A Fox News representative told both The Wrap and The Hollywood Reporter "we are realigning several functions and restructuring various divisions in order to position all of our businesses for ongoing success."
Bloomberg also reported the statement. The reports said that less than 3% of the workforce would be leaving, with hair and makeup hardest hit. The Wrap reported that ultimately people in all parts of the company would be affected, except for on-air faces, like its anchors and contributors. The outlet noted that hair and makeup staff had their work disrupted by the coronavirus pandemic. It said 90% of those staff had been unable to work for months, but had still been paid.
The cuts mean that only Fox News on-air staff will have access to hairstylists and makeup artists, and guests will not, The Wrap, Bloomberg, and The Hollywood Reporter all reported. Business Insider has contacted Fox News for comment. The network has been conducting more remote interviews than normal during the pandemic, like most networks. The Hollywood Reporter said that Fox CEO Lachlan Murdoch told staff in an August memo that non-production staff should expect to continue working remotely until 2021.Join the conversation about this story » NOW WATCH: Why thoroughbred horse semen is the world's most expensive liquid
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Under Armour will lay off 600 people as part of a pandemic restructuring. Read the CEO's memo to staff.
Summary List Placement The sporting-goods giant Under Armour announced Tuesday that it would eliminate about 600...Summary List Placement The sporting-goods giant Under Armour announced Tuesday that it would eliminate about 600 jobs as a result of business challenges stemming from the pandemic. At the end of 2019, Under Armour said it employed 16,400 people. CEO Patrik Frisk announced the news in an email sent to some employees this afternoon that was obtained by Business Insider. The memo is reprinted in its entirety below. An Under Armour representative declined to comment beyond an 8-K filing. The company furloughed thousands when the pandemic hit and sales dropped The news comes after Under Armour saw overall revenue drop more than 40% in the second quarter because of the pandemic. In April, the company said it would furlough 6,600 employees at retail stores and distribution centers. An Under Armour employee with direct knowledge of the situation said Tuesday's layoffs included executives up to the vice-presidential level and followed months of delays. This person said staff expected a round of layoffs in May but that Frisk had previously announced they would be delayed until August. This was only the latest in a series of such moves, the person, said, with layoffs often classified under names like "Operation Excellence," which referred to an earlier round that affected the company's Baltimore headquarters in 2019. In his memo, Frisk wrote that the company would "shift to a DTC-first business." The 8-K document said the company agreed on the terms of the restructuring and listed $550 million to $600 million in anticipated expenses, including $30 million in severance and benefit costs "related to a reduction of approximately 600 employees primarily in its global corporate workforce." According to the document, the restructuring project should be complete by the end of 2020. Read the full memo below: Dear Teammates, In February, we communicated that we would be undertaking a company-wide restructuring plan and that it would involve personnel reductions for corporate teammates. I am writing today to provide more details on this very difficult decision to eliminate certain corporate teammate positions. We do not take these decisions lightly and we have tried very hard to keep this number as small as possible. This plan is part of an ongoing transformation that began three years ago. Over the past year, we have changed the structure of our operations and composition of our leadership team. We are taking these steps to make us stronger, as we continue to deliver innovative products, solutions and experiences that make Focused Performers better. On top of the challenges we were already facing, we have watched over the past several months as COVID-19 has had an unprecedented impact on the world and our business. The pandemic has put pressure on us, like many companies, to be more agile, leaner, tighter, and focus on working smarter as we continue to create high value results. Navigating these challenges, we have been doing everything possible to prioritize teammates while protecting the business. This includes cutting non-employee costs wherever possible and deferring capital expenditures, but unfortunately these cost reductions are not enough. As part of our restructuring efforts, we've made the difficult decision to part ways with approximately 600 members of our global workforce. We have begun notifying our corporate teammates that their roles have been eliminated as part of this restructuring effort. Teammates who are impacted by these reductions will be notified by leaders, in partnership with HR. The reduction in our workforce will vary by business unit and region, with the majority of the teammate notifications taking place this week. I also want you to know that we are providing those leaving with severance, healthcare and career transition support as described here, and of course, we will treat everyone with empathy and respect. Also, members of your leadership team will connect with teammates whose role or reporting relationship (manager, department, etc.) will be changing as we shift to our new operating model. We acknowledge that this is difficult news and that our restructuring plan has taken longer than we expected, but these are the necessary steps we must take as a company to propel our business forward, especially in today's challenging environment. We must rebuild our brand with our target consumer, the Focused Performer, at the center of everything we do, evolve our operating model to simplify the way we work and collaborate, and shift to a DTC-first business. It is also important to remember that our brand remains strong and exciting. We are still the leader in delivering solutions for Focused Performers and the best at introducing new and innovative products that truly deliver better performance from athletes. Additionally, while everyone in the retail space continues to navigate the challenges presented by the pandemic, we are moving forward with improvements in the digital realm to cater to the new preferences of our consumers. Simply put, we are making difficult decisions to streamline our organization now, so that we can emerge from this crisis stronger and better positioned in this dynamic consumer environment. That's what fighting on together is all about. In the coming weeks, we will provide additional updates on our global operating model and long-term strategies and on Tuesday, October 13th, I will host a Global Town Hall. This week, Business Unit and Regional leaders will also be sending everyone on their teams further information about impacts to their respective functions and will be hosting all-hands meetings this month to take teammates through their function's specific operating model changes. To close this note, I want to address those parting ways with us by saying thank you for your talent, commitment, and contributions to making Under Armour better. I'm truly humbled and honored to lead this team and hope you all continue to be safe. Take care, Patrik Got more information about this story or another ad-industry tip? Contact Patrick Coffee on Signal at (347) 563-7289, email at email@example.com or firstname.lastname@example.org, or via Twitter DM @PatrickCoffee. You can also contact Business Insider securely via SecureDrop.SEE ALSO: Accenture-owned ad agency Droga5 just cut 7% of its US staff — here's what we know Join the conversation about this story » NOW WATCH: Here's the shortest route for a road trip across the US to see 50 national landmarks
SynapseFI, the startup once billed as the 'AWS of banking,' has cut 'a number of employees' and plans to move part of its workforce to Texas
San Francisco-based fintech startup SynapseFI cut down its workforce this week and plans to grow its...San Francisco-based fintech startup SynapseFI cut down its workforce this week and plans to grow its presence in Texas as a move to weather the coronavirus outbreak, according to an email sent by Synapse CEO Sankaet Pathak to the startup's customers. Pathak later made the email available to Business Insider. The company, which provides businesses with a suite of back-office financial products, will be broadening its stack of offerings in an effort to grow its customer base beyond small startups, and also cater to larger enterprise companies, the email said. One screenshot from an employee message reviewed by Business Insider placed the layoffs at 63 — more than half the startup's workforce. Synapse did not specifically confirm or deny that estimate. The pandemic is the latest in a series of hurdles for Synapse, which is already dealing with a gender bias lawsuit brought against the company and an employee exodus, according to an April report by Forbes. Visit Business Insider's homepage for more stories. Fintech startup SynapseFI cut a significant number of employees from its workforce this week, Business Insider has learned. The San Francisco-based company made the staff cuts as it restructures its business and and shifts more of its operations to Texas, in a move to weather the coronavirus outbreak. After the layoffs, Synapse CEO Sankaet Pathak sent out an email to the startup's customers to inform them that "a number of employees" had been let go from the company, as a part of the broader changes that he was making to strengthen the company and expand its customer base as the coronavirus continues to wreak havoc on the economy. Pathak later made that email available to Business Insider. Cutting the staff was "a difficult decision to make on a personal level, but on a business level I am confident that this was the right step to ensure that we are set up to emerge even more competitive than before," Pathak wrote in the email. The layoffs could shrink Synapse's current workforce of roughly 120 significantly. One text message reviewed by Business Insider said that 63 employees — more than half of the company — were affected. Another screenshot of a Slack message indicated that the layoffs were announced at an all-hands meeting. Although Synapse confirmed the news of the layoffs, neither Pathak nor a company spokesperson confirmed or denied that layoff count of 63 in response to Business Insider's inquiries. Pathak's email also outlined plans to change the San Francisco-based startup's geographic footprint. Synapse will grow its nascent Texas presence by recruiting employees for its customer-facing teams, Pathak said. Meanwhile, the company's product and design teams will remain in California. Layoffs slam Silicon Valley Over the past few months, the coronavirus pandemic has forced Silicon Valley's startup ecosystem to reckon with tightening sources of revenue and funding. Layoffs began at startups directly affected by shelter-in-place orders, and soon spread to the enterprise, data analytics, and fintech sectors. In recent weeks, fintech startups like Credit Sesame and Brex have made cuts to their workforces, attributing the reasons to the pandemic. In certain cases, the fintech startup layoffs were either preceded or accompanied by rounds of fresh funding. For Synapse, which secured $33 million in funding from investors in the summer of 2019, and was once hailed by Andreessen Horowitz as the "AWS of banking," the coronavirus-driven downturn has placed many of its customers on shaky footing. Any pains felt by fintech startups would ripple across and hit the company itself. The layoffs are the first of a series of steps undertaken by Synapse to restructure its teams in an effort to grow its product stack to better serve large enterprises in addition to the small banks and fintech startups that now rely on the company's suite of back-office products. While Pathak's email said it had already begun dedicating resources to those efforts for the past two years, it noted that the economic downturn had prompted the company to speed up the process to diversify its customer base. Company-specific problems preceding the pandemic But Synapse was also reportedly going through internal troubles in the months leading up to the coronavirus. Three former employees filed a gender bias lawsuit against both the company and Pathak back in December. In the complaint, they alleged that Pathak "undermined, intimidated, and toyed with the female employees." At the time, a Synapse spokesperson denied the allegations. Neither Synapse nor attorneys for the plaintiffs immediately responded to Business Insider's inquiries about the current status of that case. In April, a lengthy piece by Forbes reporter Jeff Kauflin detailed an exodus of both employees and customers from the company. Synapse did not immediately respond to Business Insider's request for comment on the piece. Employee dissatisfaction continues to follow the company. Although Synapse attempted to sue the former employees who posted stinging reviews of their experiences on Glassdoor, according to Forbes' Kauflin, the still-pending case hasn't stopped others from following suit. Still more employees have posted negative reviews about the company on Glassdoor between January and March, despite a notice on Synapse's Glassdoor page now warning reviewers to be cautious about posting a review. Join the conversation about this story » NOW WATCH: Why Pikes Peak is the most dangerous racetrack in America
Quibi is reportedly considering laying off 10% of its more than 250 employees, the Wall Street...Quibi is reportedly considering laying off 10% of its more than 250 employees, the Wall Street Journal reported Wednesday. The bite-sized streaming platform had a much-hyped launch in April, but its downloads and user numbers have been lackluster in the months since. The Journal also reports that senior executives, including CEO Meg Whitman, are taking 10% pay cuts to offset Quibi's poor performance. Visit Business Insider's homepage for more stories. Once hyped as a much-anticipated platform for streaming bite-sized videos, Quibi is reportedly considering cutting around 10% of its staff following its lackluster debut. The Wall Street Journal reported Wednesday the company has discussed the possibility of laying off 10% of its 250 employees. Some of the company's top executives, including CEO Meg Whitman, are taking voluntary 10% cuts to their salaries, according to the Journal. However, in a company memo provided to Business Insider, Whitman and Katzenberg told employees Quibi was "in a good financial position." The cofounders denied any plans to lay off staff and added the company has "recently" hired a dozen employees. Additionally, Whitman and Katzenberg told staff that senior executives had "volunteered" to take a 10% pay cut "because it's the right thing to do." Nonetheless, the Journal reported that potential layoffs would affect low- and mid-level employees. According to the Journal, "several" of Quibi's major advertisers are looking to renegotiate contracts with the platform. Quibi executives initially pledged to spend $1.1 billion in the first year alone on its vertical, mobile-only, 10-minute video content. However, it appears the company may be forced to scale back its plans given its lack of interest. News of potential layoffs come two months after Quibi launched to the public on April 6, on the back of $1.75 billion in funding and plans to spend nearly $500 million in marketing in the first year. However, Quibi's launch was lackluster: The app has been downloaded 4.5 million times, even with a 90-day free trial offered to users. Quibi has around 1.5 million active users, compared with the tens of millions of subscribers using streaming services like Disney Plus and Netflix. In a New York Times interview last month, Quibi cofounder Jeffrey Katzenberg blamed the ongoing coronavirus pandemic for "everything that has gone wrong" with the app. Yet beyond Quibi, other streaming platforms and social networks have seen spikes in use during the pandemic. Some of the lack of hype could have to do with Quibi's decision to block screenshots of its content, preventing any of its 50 titles from getting shared online through user-generated memes and viral humor. After facing backlash for this decision, Katzenberg said last month it would "soon" allow users to share its content on social platforms, although the cofounder didn't provide a timeline or details about what changes Quibi is making.SEE ALSO: YouTube is now a money-making machine, but the platform's early success was fueled by group of 'misfits' who wrote the rulebook for internet fame Join the conversation about this story » NOW WATCH: How waste is dealt with on the world's largest cruise ship