LAYOFFS: NO LOVE AT VOLVO GROUP (UPDATED 7/20/20)

JULY 20, 2020 — 4,100 WHITE-COLLAR LAYOFFS PLANNED BY END OF 2020

The company announced that they are continuing their reduction in force, this time affecting 4,100 salaried employees by the end of the year. This includes The Volvo Group and its subsidiaries.

Original post…

Greensboro, North Carolina-based Volvo Group North America has announced a sales/production realignment that will result in laying off 700 workers at Volvo Trucks North America’s Dublin, Virginia facility commencing January 20, 2020. This should come as no surprise to employees as Volvo was clear about having to make the layoffs when it announced its future plans for the plant in June, 2019.

According to a company spokesperson, “We expect the total North American truck market to be down nearly 30 percent, or about 100,000 trucks, next year. And we expect one of Volvo’s core segments, the long-haul truck market, to represent a significant part of that reduction. We regret having to take this action, but we operate in a cyclical market, and after two years of extremely high volumes, we have to adapt to reduced market demand.”

According to industry experts, part of the reduction in force is due to the need to reduce excess inventory, realign production to future sales estimates, and consider that much of the 2020 truck market will be replacing older vehicles, not expanding fleet capacity.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT HUNTINGTON BANK

Columbus, Ohio-based Huntington Bank, a large regional financial institution, has announced that it will eliminate up to 200 jobs across its seven state footprint. The reason given by company is that there has been a significant drop in revenue caused by interest rate volatility. According to a company spokesperson, “While our business continues to perform well, the rapidly changing interest rate environment fundamentally impacts our revenue. In response, Huntington has taken a variety of measures to reduce expenses, which includes adjusting staffing levels. We understand the weight of the decision on our colleagues and will support them through a planned transition. Huntington will continue to enhance the performance and efficiency of the company, while investing in technology to meet the needs and desires of our customers.”

The basic problem with interest rate declines is that many investors move their funds into higher-yielding investments, refinance higher-cost debt, and reduce account balances which the bank uses to meet core capital requirements or lends to other institutions on an overnight basis.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?