AM I NEXT? NO LOVE AT PENNYMAC (11/01/22)

NOVEMBER 1, 2022 — MORE LAYOFFS

The company is laying off another 80 employees in California, including employees located in the Roseville, Westlake, Agoura, Moorpark, and Pasadena offices. Separations are scheduled on December 30, 2022.

PennyMac is the largest correspondent lender in America, through which it originates most of its purchase mortgages. It was founded by disgruntled employees of Countrywide Funding.

MAY 23, 2022 — ANOTHER ROUND OF LAYOFFS IN CALIFORNIA

Pennymac Financial Services will lay off 207 additional employees, including loan officers, in two rounds on June 27, 2022, and July 8, 2022.

Employees located in Thousand Oaks, Pasadena, Roseville, Westlake Village, Agoura Hills, and Moorpark will be impacted. This follows the previous workforce reduction previously announced.

Rising interest rates and lower mortgage originations and refinancings are forcing lenders and servicers to adjust their workforce to cut costs and respond to market demand.

APRIL 1, 2022 — Original post…

Westlake Village, California-based PennyMac Financial Services, a specialty non-bank financial services firm focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market, has announced a major cost-cutting initiative as a response to changes in mortgage lending including a reduction in refinance volumes, elevated prepayment activity, and interest rate sensitivities.

The reduction in force will impact 236 employees located in six offices in five cities, including 96 employees in the company's Westlake Village location, 81 employees in Roseville, 24 employees in Pasadena, 19 employees in Agoura Hills, and 16 employees in Moorpark. Job functions range from senior management to loan specialists, processors, and support staff. Separations are scheduled for May 6, 2022.

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 BELK

Charlotte, North Carolina-based Belk, a general merchandise department store chain with nearly 300 locations in 16 states, has announced that the company will close its Jonesville, South Carolina fulfillment center in the near future.

The closure will impact 310 employees between April 30, 2022, and May 28, 2022. Online fulfillment operations are likely to be transferred to the company's Blythewood, South Carolina distribution center.

A company spokesperson noted, "The decision to close the Jonesville center meets the needs of the company’s supply chain network after reviewing of internal processes. We know the closure will affect associates at the Jonesville fulfillment center, and we are committed to working with them in the coming weeks to provide resources during the transition.”

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 ADAPTIVE BIOTECHNOLOGIES

Seattle, Washington-based Adaptive Biotechnologies, a developer of immune system testing equipment and protocols, has announced a major twelve-percent reduction in its workforce which will impact approximately 100 employees,

According to a company spokesperson, "Adaptive is undergoing a reorganization to focus on two key business areas, minimal residual disease (MRD) and immune medicine. As part of this process, we are deprioritizing projects and programs that are no longer aligned with the goals of the two business areas. We have made the hard decision to streamline our workforce. Given current market conditions affecting Adaptive and the biotech industry more broadly, we needed to ensure we had enough flexibility to meet our medium- to long-terms goals."

"We are sad to being parting ways with our team members but believe these changes will set us up for success and growth. Our team is doing everything possible to support their transition, including a comprehensive exit package. The Seattle biotech market is intimate and our executives and remaining employees will be doing everything they can to help our departing colleagues network.”

CEO Chad Robins noted, "Ensuring we have the capital and the resources to fuel our growth while navigating turbulent market conditions has resulted in the need to make hard choices. After a comprehensive review, it became clear that we had to cut operating expenses, deprioritize certain projects and programs, and make significant adjustments to expenditures on capital projects.

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?