logo
The Biggest Companies Across America Are Cutting Their Workforces

The Biggest Companies Across America Are Cutting Their Workforces

Corporate America is convinced: Fewer employees means faster growth.
U.S. public companies have reduced their white-collar workforces by a collective 3.5% over the past three years, according to employment data-provider Live Data Technologies. Over the past decade, one in five companies in the S&P 500 have shrunk.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

AM Best Revises Issuer Credit Rating Outlook to Positive for Florida Family Insurance Company and Its Subsidiary
AM Best Revises Issuer Credit Rating Outlook to Positive for Florida Family Insurance Company and Its Subsidiary

Yahoo

time12 minutes ago

  • Yahoo

AM Best Revises Issuer Credit Rating Outlook to Positive for Florida Family Insurance Company and Its Subsidiary

OLDWICK, N.J., June 18, 2025--(BUSINESS WIRE)--AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICRs of "bbb" (Good) of Florida Family Insurance Company and its subsidiary, Florida Family Home Insurance Company, which together make up the two pool members of Florida Family Group (Florida Family). The outlook of the FSR is stable. Both companies are domiciled in Bonita Springs, FL. The Credit Ratings (ratings) reflect Florida Family's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). The revised outlook to positive from stable for the Long-Term ICR reflects improvements in Florida Family's balance sheet metrics, driven by a series of strategic initiatives undertaken by management. Primarily, beginning in 2022, the company launched a wind exposure reduction program in response to rising reinsurance costs, increased frequency of severe weather events, and an uncertain claims environment. The primary objectives of the program were to lower the probable maximum loss (PML), reduce reinsurance dependency, and enhance the overall risk profile of the book of business to deliver more consistent and dependable results. This effort led to a meaningful decline in wind-related exposures through 2025. Coupled with continued growth in policyholder surplus, lower PMLs and an adequate level of reinsurance coverage, these actions contributed to a notable improvement in Florida Family's risk-adjusted capitalization, which is assessed as strongest, as measured by Best's Capital Adequacy Ratio (BCAR). Florida Family continues to achieve organic surplus growth, further strengthening its balance sheet and supporting a positive trend across key financial metrics. Florida Family continues to achieve organic surplus growth, further strengthening its balance sheet and supporting a positive trend across key financial metrics. Additionally, the wind exposure reduction and other management initiatives are expected to enhance and stabilize operating performance through the enforcement of disciplined underwriting practices. AM Best anticipates that these efforts will help reduce volatility in reported operating results over time. The limited business profile reflects the limited geographic spread of risk in Florida. An appropriate ERM program is maintained through risk appetite and tolerance statements with risk management capabilities appropriately aligned with the concentrated risk profile. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Josie Novak Senior Financial Analyst +1 908 882 2207 Christopher Draghi Director +1 908 882 1749 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error in retrieving data Sign in to access your portfolio Error in retrieving data

Who Is The Billionaire Making A Bid For The Tampa Bay Rays?
Who Is The Billionaire Making A Bid For The Tampa Bay Rays?

Forbes

time13 minutes ago

  • Forbes

Who Is The Billionaire Making A Bid For The Tampa Bay Rays?

By Thomas Gallagher Patrick Zalupski ‎ On Wednesday, the Tampa Bay Rays announced that a group led by Patrick Zalupski—a homebuilding billionaire–entered exclusive negotiations to buy the team from principal owner Stuart Sternberg. The price being discussed: $1.7 billion, according to Sportico. The announcement comes amid uncertainty regarding the team's future in the Tampa Bay area following a series of failed stadium proposals–including plans for renovations of Tropicana Field or a new ballpark in St. Petersburg. Now, ownership could be turned over to a group headed by the 44-year-old CEO of a publicly-traded developer. Zalupski, whose net worth Forbes estimates at $1.3 billion, is the founder and CEO of Dream Finders Homes, a Jacksonville-based company that describes itself as one of the country's fastest-growing homebuilders. Zalupski's group is in talks with Sternberg, a former partner at Goldman Sachs who purchased the Rays in 2004 with fellow Goldman Sachs partner Matthew Silverman for a reported $200 million. The two other buyers joining Zalupski, according to a Rays announcement, are Bill Cosgrove, CEO of Union Home Mortgage, and Ken Babby, the founder of the Fast Forward Sports Group and owner of two minor league baseball teams. Zalupski did not immediately reply to a request for comment from Forbes. Born in the suburbs of Detroit, Zalupski's family moved frequently during his childhood, as Forbes first reported in 2021. After graduating with a degree in finance from Stetson University, he became an auditor at FedEx, a job he felt dispassionate about. When his parents divorced, his mother moved to Jacksonville, Florida, where she worked as a realtor. Zalupski soon followed and began helping with her business. He flipped his first property in 2004 at age 24. Reinvesting the profits from the deal, he then bought a nine-unit condo project in 2006–just before the housing market crashed. Despite taking a loss on the investment, the mistake formed the foundation of Dream Finders, which Zalupski cofounded with a construction partner, Mark McGuigan, and McGuigan's wife, Tobi, in 2008. As the real estate market began to rebound following the financial crisis, Dream Finders built 27 homes the following year. By 2013, the company had sold a total of more than 1,000 homes, and Zalupski bought out the McGuigans for an undisclosed amount. Zalupski then expanded Dream Finders beyond Florida into Georgia, then Colorado and Texas. In 2021 he took the company public on the New York Stock Exchange. He owns about half the company's shares and has 84% of the voting rights. The business has been profitable every year since its founding, Zalupski told Forbes in 2021. That remains true four years later, based on Securities and Exchange Commission filings. In its most recent year, Dream Finders closed on 38,000 homes and earned $335 million in net income on revenue of $4.4 billion. More than 90% of Zalupski's estimated fortune lies in his Dream Finders shares, per Forbes calculations. Since taking the company public four years ago, he's sold about $20 million worth of his stock, plus has entered into more than one pre-paid forward only sale agreement. Just how he's going to come up with hundreds of millions of dollars to finance the purchase isn't clear, though there is always the chance he pulled out dividends when the company was private. He'll also have partners and the group will likely borrow to fund the deal. The Rays, meanwhile, have gone through a tough stretch. In 2024, the roof at the team's stadium, Tropicana Field, was destroyed by Hurricane Milton. For the 2025 season, the Rays elected to play home games at Steinbrenner Field, the Yankees' spring training stadium, located nearby in St. Petersburg. It only seats 11,026, making it the smallest ballpark in Major League Baseball and roughly a quarter the size of Tropicana. With ticket sales down for the 2025 season and the foreseeable future, Zalupski's group might have a plan to turn the franchise around. Despite being relegated to a stadium more compact than the Oakland A's, who are destined for relocation, billionaire Zalupski and his rich partners' potential ownership may be a needed shot in the arm for the team's stadium issues.

New Yorker says reporting idling vehicles through city program makes him over six figures
New Yorker says reporting idling vehicles through city program makes him over six figures

CBS News

time13 minutes ago

  • CBS News

New Yorker says reporting idling vehicles through city program makes him over six figures

New Yorker says reporting idling vehicles makes him over six figures New York City — Two years ago, a New Yorker who calls himself "Streeter" left his job in marketing to become a soldier in the war on idling. "Shortly after 6, I'm out on my bike, looking for idling trucks," Streeter said. "I'm essentially biking 6, 7, 8, 9 hours a day." In New York City, it's against the law for trucks and non-city buses to idle — keeping the engine running while stationary — for more than three minutes. However, the law is rarely enforced. That's where the big money comes in for Streeter and others who report idlers. Under the Citizens Air Complaint Program, they can record idling trucks or buses, report them and keep 25% of any fines, which typically range from $350 to $600. Streeter says he makes in excess of six figures reporting idlers. George Pakenham, who's spent much of the last two decades working to clean up the air in New York City, helped make the law happen. "It's a public health issue," Pakenham said. A former Wall Street banker, Pakenham watched his brother, a non-smoker, battle Stage 4 lung cancer. Then he started wondering about the number of vehicles sitting idle and polluting the air. "So I walked up to the limo driver, tapped on the window and said, 'How about just shutting your engine off?' And he did," Pakenham said. He took his frustrations to city legislators. In 2017, they passed the law allowing people to report idling vehicles. Other cities are following suit — Los Angeles and Philadelphia are working on similar programs to stop idling. Pakenham says New York City has made just under $70 million off the program. But catching idlers isn't always easy money. And truck drivers feel "abused" over the program, said Zach Miller, a lobbyist for the Trucking Association of New York. "They find this to be a bounty hunter program," Miller said. When asked if truckers could just cut their engine off as a solution, Miller said, "They do not understand the intricacies of driving a truck in New York City. It is very hard work. There are trucks that have to operate their lift gate 15, 20 times a day." "Drive a truck in New York City for a week, and then come back to me and tell me that's an easy solution," he said. Pakenham still believes it's a major health issue. "Would you like to stand behind a bus for five minutes and breathe? I don't think so. I don't think anyone would."

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store