http://www.omaha.com/money/thousand...cle_2f2c7f84-2290-58dd-9bbf-1970f78549b4.html HYPERLINK has full story First Data Corp. on Monday announced a cost-reduction plan that a company official said would include a few thousand layoffs................................. First Data employs about 5,000 people in multiple facilities across Omaha and has 23,000 employees in facilities around the world............... Our intention is that these are fundamental, sustainable cost cuts. These are hard decisions, Patel said during a conference call. None of them are quick and easy. In addition to layoffs, part of the initiative includes offshoring of jobs, Patel said. That approach is predicted to save the company $200 million a year by mid-2016. Despite the year-over-year improvement, the company was unable to pull off a second-straight quarterly profit................................. Total revenue increased 2 percent, to $2.7 billion, from first quarter 2014. The quarterly net loss of $112 million is a 44 percent improvement over a year-ago net loss of $201 million. hmmm, they lost $112 million in 1 quarter. The good news here is that with the $15 per hour movement, and the ACA, those workers who find themselves kicked to the curb can be thankful that Democrats are there to give them $15 per hour and free health care. Gone are the days when one needed to make themselves indespensible. Now, one can jump from job to job and not worry about health care or wages. The facts in the story seem to suggest that the cost of doing business within the USA is too exepensive and thus headcount reduction and off-shoring of jobs. With the economy on the rocket like trajectory it's been on since Obama took office, we don't need tax or regulation reform for businesses. Instead, we should continue punitive policies toward business and in parallel simply raise the minimum wage. Just imagine, you could have been an analyst or professional at First Data but can now head to Seattle or other locales and pull down $15 per hour and maintain an awesome lifestyle mixing latte.
The article specifically states this loss is caused by a downturn in the business cycle. And we know companies always lay off people with such downturns. To bring in min wage, and the cost of doing business in the US is irrelevant to what is causing these layoffs.
thank you for supporting the point these CEO's have done yeoman's work to grow those businesses thus helping drive the jobs numbers each month. These CEO's of fast food restaurants have created a good career path for those who are no longer with First Data. Instead of wondering how they will make ends meet, the folks can choose KFC, Burger King, Pizza Hut etc. They now have lots of options for employment
An increase in minimum wage will be a boon to these folks as they pursue new careers in such high demand jobs as barista, cashier and grill-person
Sanders is right. The trouble is, neither the dems nor the repubs really care about working people. They care about the elites who finance their campaigns, and they care about being bribed by those same men. America did just fine when we paid our people a living wage. Business still made profits, but they could not max them out. And the meme today is business must max out profits, even if it destroys the middle and impoverishes americans, and that is what has changed. The problem is, the democratic voters are only concerned about homos and illegals, and the repub voters, who are working americans are not smart enough to see they are being used to help out the entitled elites in this nation. But no one ever accused Bubba Joe of being educated, but by god he sure knows how to kick some middle eastern ass. Promise him that, and he will always vote for the chicken hawk republicans.
Yep, soon most of our working americans will be either in fast food joints or walmart. As we borrow from china to subsidize these service sector businesses, with welfare for their workers. But hey, the big dogs are doing just fine, getting richer by the day. So it must be all good, or americans would vote out the plutocracy. What we need is for the Koch boys to buy this next election, and then give them their wishes of no corporate taxes, no social security, no medicare, no medicade and certainly no welfare of any kind. Only then will millions of americans finally suffer enough to take back our gov't from the rich, and make things right again. Like FDR had to do. I am afraid it will take a greater degree of suffering to wake up americans the ones who do not vote, and kick this plutocracy to the curb one more time.
You missed this one: J.C. Penney (JCP) plans to close 130 to 140 stores and offer buyouts to 6,000 workers http://www.usatoday.com/story/money/2017/02/24/jc-penney-store-closures/98344540/ Despite his pathological lying and bluster and policies that are helping the rich get richer, no magic from donald in preventing job loss. To paraphrase: I'm confident that the 6,000 former workers will be thankful for the Republican economic policies which has made possible the new lifestyle they'll soon be experiencing. Well, given the Republicans penchant for cutting benefits to those who are down on their luck, maybe not.
You are aware that the First Data story is 2 years old? Trump is not going to be able to save every job in America and only the gullible would believe that. He will do what he can to save jobs and create more. Obama WHO?
Good point. Just as Obama, who inherited the worst recession in 80 years, was not going to be able to save every job in America and only the gullible would believe that, right?
thanks for resurrecting this thread. Let's get the ground rules down first All bad things from Jan 2009-Jan 20, 2017 were the fault of Bush All bad things from Jan 21, 2017 forward is the fault of Trump Can we agree on those ground rules? About JCP, Macy's, Sears, the Gap and many more; you bet I'll be following and in a few years if Trump hasn't delivered and made it a business-friendly environment then he will have failed. It's about deliverables. I've no emtional attachment to Trump or any other politician, it's about deliverables.
Funny, your OP blamed the layoffs at First Data on Obaaaaaama. Don't you realize it is hypocritical when you don't play by your own rules?
Lots of competition in the payment processing field. It isn't the cost of doing business except to the extent that it is an area in which a few companies can no longer hold merchants hostage.
