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Bidenomics in shambles: Microsoft cuts 1,900 jobs in gaming market
By newseditors // 2024-01-29
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The tech giant Microsoft has just cut 1,900 jobs in their gaming division; this includes both Xbox and Activision Blizzard. (Article by Graham republished from WLTReport.com) Microsoft is joining a growing trend of large companies laying off employees. The layoffs will see 8% of their employees cut. Fox Business shares more:
Microsoft announced it is cutting 1,900 roles within its gaming division, marking the latest round of job layoffs in the tech industry. Amazon, Google and Google’s parent company, Alphabet, have already laid off employees this year, as have banking titan Citigroup and the Los Angeles Times.
Microsoft’s cuts will primarily impact roles in its Activision Blizzard team, according to an internal email obtained by The Verge. Some Xbox and ZeniMax employees will also be laid off. In total, the job cuts will impact 8% of the company’s gaming division, which employs about 22,000 people, the outlet reported.
Many online are discussing the fear and sadness involved in these layoffs. The Biden administration continues to talk about how strong the economy is yet ignores apparent signs of recession and rapid layoffs across all industries. Even Elizabeth Warren added: CNBC shares more on the story:
Former Blizzard President Mike Ybarra said Thursday on social media platform X, formerly Twitter, that he would be leaving Microsoft and Blizzard. Blizzard co-founder Allen Adham, the unit’s design chief, is departing, and Blizzard will stop developing a new survival game, Matt Booty, head of Microsoft’s gaming studios, said in a memo. The Verge published Booty’s memo, which a Microsoft spokesperson said was authentic. Spencer said Microsoft would provide “full support” including location-dependent severance to all employees. Activision Blizzard is the publisher and developer of several massive gaming franchises, including Call of Duty and Diablo. Its mobile gaming subsidiary, King, is the developer behind Candy Crush Saga. Microsoft shares were largely flat on the news, in part because layoffs are often expected after large mergers close. Microsoft’s $69 billion acquisition of Activision Blizzard was the company’s largest ever deal, more than double the size of its 2016 purchase of LinkedIn.
Our economy is not in a good spot. Biden and Democrats want to continue ignoring the problem. They hope they can pretend it’s not a problem until the 2024 election. Presidents win and lose based on how the economy performed during their presidency, and it has not been a good run for Biden. Things are really getting bad out there under Biden. Economy about to totally crash? This comes on the heels of the LA Times doing a massive round of layoffs, Sports Illustrated closing down, and Citi Bank slashing 20,000 jobs!

Day of Reckoning? Major Media Outlet Announces MASSIVE Layoffs, Nearly One-Quarter of Newsroom Cut

Huge layoffs are rocking The Los Angeles Times, who just announced that over 115 employees will be cut from their workforce. This amounts to about 20% of its newsroom staff. According to the company announcement, the decision to lay off massive numbers of their staff comes after consecutive years of heavy financial losses. Many LA Times employees took to social media asking for new job leads, following the company’s layoff announcement: https://twitter.com/lindsayblakely/status/1749850167979987302 What do you think? Is this a day of reckoning for the mainstream news outlet? Here’s more on the layoffs from the Los Angeles Times:
The Los Angeles Times announced Tuesday that it was laying off at least 115 people — or more than 20% of the newsroom — marking one of the largest workforce reductions in the history of the 142-year-old institution. The move comes amid projections for another year of heavy losses for the newspaper. The cuts were necessary because the paper could no longer lose $30 million to $40 million a year without making progress toward building higher readership that would bring in advertising and subscriptions to sustain the organization, the paper’s owner, Dr. Patrick Soon-Shiong, said Tuesday. Drastic changes were needed, he said, including installing new leaders who would focus on strengthening the outlet’s journalism to become indispensable to more readers. “Today’s decision is painful for all, but it is imperative that we act urgently and take steps to build a sustainable and thriving paper for the next generation. We are committed to doing so,” Soon-Shiong said. Senior editors were part of the purge, including Washington bureau chief Kimbriell Kelly, deputy Washington bureau chief Nick Baumann, business editor Jeff Bercovici, books editor Boris Kachka, and music editor Craig Marks. The Washington bureau, photography and sports departments saw dramatic cuts, including several award-winning photographers. The video unit was hollowed out.
Variety also reported:

The Los Angeles Times announced Tuesday that it is laying off 115 staffers, as billionaire owner Patrick Soon-Shiong looks to stem losses that have grown to $30-$40 million a year.

The layoff figure includes both union members and non-union managers. Matt Pearce, a Times reporter and president of Media Guild West, said on X that 94 union staffers were being let go, which he said was “devastating” but less than the number expected a week ago.

The layoffs were expected to impact employees with the least seniority, per the union’s contract. The union rejected a management proposal to offer buyouts in exchange for giving up the seniority rule.

Some staffers began to post on X that they had been let go. They included Kimbriell Kelly, the D.C. bureau chief, and Nick Baumann, the deputy D.C. bureau chief who was to lead the paper’s coverage of the 2024 presidential race.

Jeff Bercovici, the paper’s business editor, and Lindsay Blakely, the deputy business editor, also said on X that they had been let go, as were several other business staffers.

In an interview with the L.A. Times, Soon-Shiong acknowledged that the layoffs were “painful for all,” but said they were necessary to build a sustainable business. He also said that recent years have been “tumultuous,” but pushed back on the idea that the paper is currently in turmoil.

This comes on the heels of Citi Bank cutting 20,000 jobs earlier this week:

BREAKING: Citigroup To Slash 20,000 Jobs!

If you thought the Bank Failures were over, think again! I expect a MAJOR U.S. Bank to go under in 2024, and likely in the 1st Quarter. Not only that, but I’m going to name who I think is most likely: Citigroup. I’ve been watching them for quite a while, but here’s the latest: 20,000 jobs slashed.  Poof.  Gone. From the Financial Times: Warnings were posted back in November of last year: More here: Build your life rafts is right! Here are more details from Fox Business:
Citigroup on Friday said it will slash 20,000 jobs. The reductions, detailed in the company’s fourth-quarter financial results deck, can be linked to Citi continuing to execute its ongoing reorganization. Citi will axe the positions “over the medium-term,” something that should ultimately bring its expenses down by $2-2.5 billion, according to the company. The job cuts will shrink the roughly 200,000-person workforce excluding Mexico that Citi reported it employed at 2023’s year-end by 10%. When counting Mexico, it directly employed 239,000, according to Citi. Citi projected medium-term layoffs and reorganization will bring costs in the $700 million to $1 billion range in its fiscal 2024 year, according to the company. The ongoing corporate reshuffling seeks to “speed up decision making, drive increased accountability and strengthen the focus on clients,” Citi said in September. It has entailed making the people running the company’s five businesses direct reports of CEO Jane Fraser and cutting layers of management, among other initiatives. CITIGROUP REORGANIZES BUSINESS MODEL TO STREAMLINE OPERATIONS In the fourth quarter, it racked up restructuring costs of about $800 million and severance costs of roughly $100 million, the company said.
But it’s not just Citigroup in trouble… Job cuts are also hitting Google, Blackrock and Amazon: Don’t say we didn’t warn you! This is going to be bad folks, most people have no idea what is coming:

Weiss Reports: 1,200 Banks Have “Imminent Risk Of Failure” [99% Accurate]

Recently, I brought you this report: Yeah, you think that's a bad sign? We've been warning you! In fact, we recently told you about a major warning published by Weiss Reports that not many of you saw, so I wanted to bring it to your attention again. You're going to want to pay very close attention to this! But first I want to show you four stories that have broken after we originally brought you this warning from Weiss Reports. First was this: Then this: Then this: And finally this: You starting to get a "meta narrative" here? Starting to see the big picture? Weiss Ratings saw it a few months ago, and now I want to give you that report once again, which I think is more relevant now than even when it was first released. They seem to have nailed it.

WEISS REPORTS:

Did you think the Banking Crisis was over? I sure hope it is, but honestly folks I have to keep sounding the alarm because I don't think it is. So while I'd love to bring you "hopium" and positivity, I'd even more prefer to bring you TRUTH. Because I don't want anyone to say "why didn't you warn us?" This is me warning you. It's also Weiss Ratings. Somehow they fly under the radar, but they should get MUCH more attention than they do. Unlike the big financial firms who have one ratings agency under one part of their company and then a brokerage house under the other part of their company (a HUGE conflict of interest), Weiss is an independent ratings agency. Founded in 1971, the company has a stellar track record. Almost unbelievably so. How did they far in the 2008 crash? From their website: Ok, so a company that was 99.8% accurate in warning about 464 of 465 failed banks is probably someone we should listen to right now. So what are they saying right now? It's bad. It's 2008 times 3 as Weiss is now warning that 1,200 banks are at immediate risk of failure: Here's more from their June 5 article:
I have an urgent message and an equally urgent, today-only recommendation. But first the facts … Based on year-end 2022 data, our Bank Safety Ratings showed there were close to 4,250 banks and credit unions at present or future risk of failure. That was both shocking and controversial. Now, there are 5,274. That’s bound to be even more shocking and controversial. So, let me take this opportunity to provide full disclosure of our methodology and philosophy. First and foremost, we’re not here to protect the banks or make mealy-mouthed excuses for bad management and government meddling. That’s their “job.” Our job is to help protect the customer and the investor. That’s why we never have accepted — and never will accept — payment from the institutions for our ratings. The data comes from the FDIC. They’re the ones who collect quarterly reports from the banks and then provide the data to research or ratings firms like ours. Then our computer models crunch the data and generate the ratings. No bias. No second-guessing or cherry-picking. It is what it is.
But built into our models is our view of what’s important, what’s safe and what’s not safe. So, at the end of the day, our rating is an expression of our opinion. Other analysts are free to have their opinions, and if they differ from ours, we can have a reasoned debate about who’s on target or who’s not. Then, let history be the judge. Opinions are also tied to goals. So, let me say it again: Our goal is to protect the bank customer and investor. And with rare exception, they tell us the last thing they want is to get caught up in a bank failure.
Dallas Brown from Weiss was on Glenn Beck's show this week and I have to show you this interview: You may have noticed Glenn brought up gold. Gold has been the ONE currency to have stood the test of time. Literally "God's Money" it has never gone to zero and by all accounts never will. And the Central Banks know it. I always say: watch what they DO, not what they SAY. There's a phrase on Wall Street called "talking your book". It's a pretty evil thing... Basically what it means is while you are telling the world one thing, you are secretly doing the exact opposite behind the scenes. Why? Because if you can make the entire market panic (retirees, workers contributing to 401ks, people trying to get ahead with investments), then you can swoop in while they're panicking and buy on the cheap! Vice-versa, if you can create euphoria, you can get the public to buy in at exactly the wrong time....all while you cash out. It's what Wall Street has been doing forever. And history is repeating itself right now with Gold and Silver -- in my opinion. For the last year, central banks across the globe have been buying up as much gold (and often silver) as they can acquire without raising alarm bells. Now, we see why. The recent bank runs and ongoing collapse of the U.S. banking system was anticipated by the "elites" and the central bankers who run things behind the scenes. They saw it coming and knew the best way to protect their assets was through physical precious metals. So...the only question is, are you going to do what they TELL YOU or do what they DO themselves? It's why Jim Cramer is wrong almost EVERY time on CNBC. His job is not to give you great Financial Advice. I sure hope you didn't think that. No, his job is to "talk the books" for Wall Street and get the narrative out that they want! Even if it's wrong -- like it is over and over and over. So, what can you do? You can do what the Central Banks are doing...get some Gold and Silver. Precious metals. God's money. I just talked about precious metals this week with Bo Polny and now I'm bringing you a solution that you can utilize right away if you're so inclined... Oh and here's the best part...it's from a faith-driven, conservative precious metals company whose mission is to help Americans tap into the rising precious metals market through self-directed IRAs backed by physical precious metals. And while this service is not unique to Genesis, their adherence to Biblical stewardship of money makes them singularly qualified to receive a sponsored recommendation from this site. Unlike most companies offering similar services, Genesis deals only with physical precious metals. So important. They do not offer "virtual" or "paper" gold or silver. Oh, and you know who else loves these guys? Superman. Literally Superman, Conservative Actor and the man who once played Clark Kent on ABC, Dean Cain. Check this out: With Genesis and their depositories, customers can see and touch the precious metals that back their retirement accounts. When it comes time to take distributions, Genesis customers can cash in some or all of their precious metals or have them delivered to their door. Central bankers aren't slowing down. In fact, nations like China and even U.S. states like Tennessee are quickly but quietly buying up gold to back their own treasuries. When the writing on the wall is this clear, it's understandable why these governments are moving quickly to get ahead of any potential economic catastrophes in store. Working with Genesis is the best way our readers can explore the physical precious metals market through self-directed IRAs. It benefits us as well when our readers work with this America-First company. Visit genesiswlt.com or call 866-292-0443 today. Don't wait too long, according to Weiss we have more bank failures right around the corner. You know what has NEVER "failed"? Gold.  Precious metals.  Indestructible. There's a reason they call it "God's money". Watch this for more: Stay safe! Read more at: WLTReport.com
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