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WSJ What’s News

Google Joins Wave of Tech Companies Laying Off Workers

WSJ What’s News

The Wall Street Journal

Daily News, News

4.14.2K Ratings

🗓️ 20 January 2023

⏱️ 13 minutes

🧾️ Download transcript

Summary

P.M. Edition for Jan. 20. Google parent Alphabet’s plan to cut around 12,000 jobs, or 6% of its workforce, marks its biggest round of layoffs ever. The search giant joins a series of tech companies including Microsoft, Amazon, Twitter and Facebook parent Meta that also have cut jobs in recent months. WSJ’s Google reporter Miles Kruppa joins host Annmarie Fertoli to discuss the change in thinking that is driving the tech sector’s job cuts Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Not running your business on NetSuite is like trying to sink a putt with a cap pulled over your eyes.

0:05.0

NetSuite by Oracle gives you visibility and control of your financials, inventory, budgeting, and more, all in one place.

0:13.0

NetSuite has a new financing program for those ready to upgrade at NetSuite.com slash Wall Street.

0:19.0

The Federal Reserve is looking into Goldman Sachs consumer business, and as Google joins a wave of tech companies thinning their ranks, what comes next for big tech?

0:33.0

I think a lot of tech executives are asking, can we do a lot more with less? How deeply can we cut?

0:40.0

So it's really a different environment now, and I think we're seeing that in some of the thinking of the topics X at these tech companies.

0:48.0

Plus, a small endangered songbird finds refuge in a big city. It's Friday, January 20th. I'm Ann Marie for Tolly for the Wall Street Journal.

0:57.0

This is the PM edition of What's News, the top headlines and business stories that move the world today.

1:03.0

After a meeting of the U.S. and its allies in Germany today, Berlin remains opposed to sending tanks made in the country to Ukraine.

1:17.0

Because the leopard two model tanks are made in Germany, Berlin has to sign off on the vehicles being sent elsewhere, even from another country's existing arsenal.

1:25.0

Poland has said it could proceed without German approval. Despite the rift among allies, U.S. Secretary of Defense Lloyd Austin reaffirmed the Pentagon's commitment to arming Kiev.

1:35.0

This is a decisive moment for Ukraine in a decisive decade for the world. So make no mistake, we will support Ukraine's self-defense for as long as it takes.

1:49.0

Countries in the alliance did approve other additional military aid to Ukraine today. That includes a $2.5 billion package from the U.S. and another worth more than 1 billion from Germany.

1:59.0

We report exclusively that the Federal Reserve is investigating Goldman Sachs consumer business known as markets. People familiar with the matter say the regulator is looking into whether the bank had appropriate safeguards in place as it ramped up lending.

2:12.0

Last week, ahead of reporting its quarterly earnings, Goldman Sachs reported steep losses at its consumer businesses, more than $3 billion worth since 2020.

2:21.0

In a call with analysts this week, CEO David Solomon said, quote, we tried to do too much too quickly.

2:27.0

General Motors and LG Energy are indefinitely shelving a plan to build a fourth battery factory in the U.S., according to people familiar with the matter.

2:36.0

The two have a 50-50 partnership, Ultim Cells, which is operating a plant in Ohio and developing two others in Tennessee and Michigan.

2:43.0

GM says it's still on track to hit 1 million electric vehicle sales in North America by 2025.

2:50.0

2022 was the weakest year for U.S. home sales since 2014. The National Association of Realtors says sales of previously owned homes, the bulk of the housing market,

3:00.0

fell 17.8% from the prior year to a little over 5 million, and December marked an 11th straight month of declines, a record as the Federal Reserve tries to cool the economy by raising interest rates.

3:12.0

The word inflation has come up pretty much every week on this podcast for the past year, but could the rise in prices finally be getting back to normal?

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