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White Collar Workers, Welcome to the Revolution Aaron Bastani: Banks are undergoing the biggest wave of job cuts since the financial crisis. Last month, Goldman Sachs fired 3,000 employees with half an hour's notice. Morgan Stanley has laid off 1,800 staff, just over 2% of its workforce, while Credit Suisse has announced it will axe 9,000 roles from its 52,000-strong workforce over the next three years. Things are even worse in the tech industry, where approximately 200,000 people have lost their jobs in the last year. In November, Meta announced 11,000 redundancies, while Alphabet declared it would scrap 12,000 jobs. Not to be outdone, Amazon spent $640m on severance payments in the final quarter of 2022. Other US household names announcing job losses or hiring freezes include Johnson & Johnson and the Walt Disney company. In Britain, employees at the UK offices of Alphabet and Meta expect cuts to arrive by March, while Vodafone is also looking at hundreds of layoffs – mostly at its London HQ. Though the numbers are smaller (due to the relative size of the industry), the axe is also being swung in journalism. In December, Buzzfeed announced it would be laying off 12% of employees – and this only four years after it reduced its global staff by 15%. Vox Media, NBC and MSNBC also announced job losses, as did Reach in the UK – with 200 workers set to be let go by the publisher.  Why so many redundancies at once?  CONTINUE READING ➡︎ Picks of the week... FEATURE Italy's 'Fascist' Government Is Imprisoning Anarchists Using Anti-Mafia Laws by Jack Harmsworth Alfredo Cospito is imprisoned under '41-bis', a system so brutal even an American court compared it to 'torture'. Jack Harmsworth reports. Read more... FEATURE Should Schools Tackle Andrew Tate Head On? by Sophie K Rosa We spoke to teachers and students about the influence of Andrew Tate in schools, viral misogyny, and what can be done about it. Read more... READ MORE ON NOVARAMEDIA.COM ➡︎ Supporting Novara Media looks great on you. MOST POPULAR // BACK IN STOCK ➡︎ We've got big plans for our written journalism, aiming to bring you even more analysis, opinion and reporting than we've been able to before.  On average, 50-70% of everything you buy in our shop directly supports Novara Media to expand our reach, grow our output and become even more resilient in the media space. VISIT THE NOVARA MEDIA SHOP ➡︎ Copyright © 2022 Thousand Hands Ltd. All rights reserved. Thousand Hands Ltd is a private company limited by guarantee registered in England and Wales #11245029. Its registered address is 10 Bridge Street, Christchurch, BH23 1EF. Novara Media is a trading name of Thousand Hands Ltd and, as such, the individual shall have no personal liability arising out of such communication, and liability or obligation rests solely with Novara Media. Opinions or advice contained in this email are subject to the terms and conditions set out in the relevant terms of business and are not necessarily agreed or authorised by Thousand Hands Ltd. We have taken all reasonable precautions to ensure that no viruses are transmitted from Novara Media to any third party. Novara Media accepts no responsibility for any loss or damage resulting directly or indirectly from the use of this email or the contents. Novara Media is regulated by IMPRESS, the independent press regulator.

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