Walgreens is preparing to lay off 267 employees, amounting to 5% of its corporate workforce in Chicago, as part of its efforts to streamline operations and focus on critical priorities under new CEO Tim Wentworth. The layoffs will not affect retail employees or workers at call centers and micro fulfillment centers. This is one of several rounds of layoffs at Walgreens in recent months as the company aims to recover from heavy financial burdens, including a $6.4 billion loss in the first nine months of fiscal year 2022 due to opioid settlements.
Standard Chartered has announced the sale of its global aviation finance leasing business to Saudi Arabia-based AviLease for approximately $3.6 billion. The deal includes an initial consideration of $700 million and the repayment of $2.9 billion of net intra-group financing. The move is part of Standard Chartered's efforts to streamline its operations and focus on areas where it stands out from competitors. AviLease, owned by Saudi Arabia's sovereign wealth fund, aims to support Saudi Arabia's aviation ecosystem through the acquisition. The global aircraft leasing business has faced challenges from inflation and rising borrowing costs, leading to consolidation in the sector.
Charles Schwab is planning to reduce its headcount and real estate footprint as part of cost-cutting measures aimed at streamlining operations. The move is said to be directly related to the integration of TD Ameritrade, which Schwab acquired in 2020. The company intends to close or downsize some of its corporate offices and reduce operating costs primarily through lower headcount and professional services. While the exact number of job cuts is not specified, the company expects to save at least $500 million annually through these measures, although it may incur similar costs in employee compensation benefits and facility exit costs. The layoffs are expected to occur before the end of the year, while real estate exit costs may extend into 2024.
General Motors has cut several hundred full-time contract workers, including those at its engineering hub in suburban Detroit, as part of its ongoing efforts to streamline operations. The job cuts were within global product development at locations such as the company's Warren Tech Center. This comes after GM announced in April that about 5,000 salaried workers had opted for buyouts to leave the company. Other automakers, such as Stellantis and Ford, have also recently announced job cuts as they look to streamline operations.
