Fortune Magazine says that in the wake of Obama’s re-election, thousands of banks are at risk, with small banks taking the biggest beating:
Now that President Obama has been re-elected, analysts, consultants and dealmakers have turned from whether Dodd-Frank will be repealed to what it means for banks now that it’s likely here to stay. The overwhelming conclusion: Thousands of small banks will soon disappear.
But the banks are not the only group at risk. Companies in all areas are still having a difficult time with the economy.
John Schnatter, the CEO of ◼ Papa John’s Pizza announced to the press that Obama’s second term and the full enforcement of Obamacare would likely force him to cut the hours of many workers and add costs to his operation. Those costs would be passed on to consumers.
◼ Do elections have consequences? If you have been paying attention to the financial markets, you might think so. Wall Street has had two horrible days since President Obama won a second term. - Mike Opelka/The Blaze
However, stock prices are not the only thing taking a hit. It appears that the job market is also suffering. In the last 48 hours, the following major corporations have announced layoffs in America...
• Westinghouse - educed its workforce by another 50 employees
• Research in Motion Limited - laid off about 200 people at its U.S. headquarters in Irving on Wednesday
• Lightyear Network Solutions - More than one dozen employees at a Pikeville company lost their jobs this week. Officials with Lightyear Network Solutions said they are consolidating offices in Louisville and Pikeville to save money.
• Providence Journal - laid off 23 full-time workers Wednesday
• Hawker Beechcraft - 240 employees will lose their jobs with the closing of Hawker Beechcraft Services facilities in Little Rock, Ark.; Mesa, Ariz.; and San Antonio, Texas.
• Boeing (30% of their management staff) - plans to employ 30% fewer executives at its Boeing Defense, Space & Security unit
• CVPH Medical Center - handed pink slips to 17 employees
• US Cellular - 980 job cuts
• Momentive Performance Materials - About 150 workers at Sistersville’s Momentive Performance Materials plant will be temporarily laid off later this month
• Rocketdyne - About 100 employees at Pratt & Whitney Rocketdyne, most of whom work in the San Fernando Valley, were laid off Wednesday
• Brake Parts - plans to lay off 75 workers starting in late December
• Vestas Wind Systems - reducing headcount by 3,000 to raise the staff cuts by the biggest wind turbine maker to almost a third over two years.
• Husqvarna - plans to cut about 600 jobs
• Center for Hospice New York - plans to temporarily lay off as many as 40 employees
• Bristol-Meyers - following up its lackluster third-quarter results with almost 480 layoffs.
• OCE North America - will lay off 135 workers in three Connecticut communities
• Darden Restaurants - among those who had received an Obamacare waiver in the past, is looking to limit workers to 28 hours per week. A full time employee that is required to have health insurance (lest the employer pay a fine) works 30 hours per week, as defined by the Obamacare law.
• United Blood Services Gulf - will lay off approximately 10 percent of its workforce
A layoff is tough enough for employees to deal with, imagine hearing the crushing news that your office is shutting down just before Thanksgiving and Christmas… Here are some of the business closings that were announced in just the past two days:
• Caterpillar Inc. will close its plant in Owatonna Minn.
• Mount Pleasant’s Albrecht Sentry Foods
• The Target store at Manassas Mall Va.
• Millennium Academy in Wake Forest NC
• Target Closing Kissimmee FL Location
• The Andover Gift Shop in Andover MA
• Grand Union Family Markets Closing Storrs Location CT
• Movie Scene Milford Location NH
• Update: TE Connectivity Closing Greensboro Plant – 620 Layoffs Expected
• Gomer’s Fried Chicken in South Kansas City
• Kmart in Homer Glen
• Fresh Market on Pine Street in Burlington
• AGC Glass North America to permanently close its Blue Ridge Plant in Kingsport Tenn.
• The Target store at Platte and Academy in Colorado Springs
• The Roses store on Reynold Road in Winston-Salem NC
• Meanders Kitchen losing its West Seattle location at 6032 California Ave
• Bost Harley-Davidson at 46th Avenue North and Delaware Ave. in West Nashville TN
• Townsend Booksellers in Oakland
• The Kmart store in Parkway Plaza off University Drive in Durham NC – 79 Jobs Lost
◼ More at the link
◼ CONGRATULATIONS, DEMOCRATS: More Than 45 Companies Go Galt, Announce Mass Layoffs - Doug Ross
To see even more companies that announced layoffs since the election, ◼ visit the Daily Job Cuts page.
* Note, One of the Target stores is closing because they are moving into a new location. The Blaze links the press releases for the business listed above, if you're curious to delve into the details.
