In a world of increasing automation and digital disruption, the media, Goldman Sachs, Blackrock, and Big Tech are not immune to the economic downturn. As the coronavirus pandemic continues to wreak havoc on the global economy, these powerful companies have been forced to lay off workers and face the possibility of a 2008-style financial collapse.
The media industry is especially vulnerable to the economic downturn. Advertising revenue, which is the lifeblood of the industry, has plummeted as businesses cut back on spending. This has led to massive layoffs across the sector, with many of the biggest companies in the industry reducing their workforce by as much as 30%.
Goldman Sachs, the world’s largest investment bank, is also feeling the pinch of the pandemic. The bank has announced plans to cut up to 10,000 jobs by the end of the year. This is a major blow to the company, which had already been struggling with a weak stock market and a slowdown in investment banking activity.
Blackrock, the world’s largest asset manager, is also feeling the effects of the pandemic. The company has announced plans to cut up to 1,500 jobs, or about 5% of its workforce. This is in response to a slowing global economy and a decrease in demand for its services.
Finally, Big Tech companies have also been hit hard by the pandemic. Companies like Google, Apple, and Amazon have all announced plans to lay off thousands of workers as they face a slowdown in demand for their products and services.
The economic downturn has caused a great deal of panic in the financial sector, with some experts warning of a 2008-style financial collapse. While it is impossible to predict the future, it is clear that the media, Goldman Sachs, Blackrock, and Big Tech are all feeling the effects of the pandemic and are taking steps to protect their bottom lines. It remains to be seen how these companies will fare in the long term, but for now, it is clear that they are doing their best to weather the storm.