Los Angeles Times slashes more than 20% of newsroom staff as the paper confronts a ‘financial crisis’
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The Los Angeles Times on Tuesday, facing what senior leadership described this week as a “financial crisis,” commenced a round of painful layoffs across the newsroom, a workforce reduction that is set to be one of the most severe in the newspaper’s 142-year history.
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The cuts will impact at least 115 journalists, the newspaper reported, or slightly more than approximately 20% of the newsroom. Some 94 of those cuts will be among unionized employees, union chief Matt Pearce said, meaning a quarter of the union will be laid off.
Pearce described the total number of employees being laid off as a “devastating” figure, but said it was “nonetheless far lower than the total number” expected last week.
A spokesperson for The Times, which is owned by biotech billionaire Dr. Patrick Soon-Shiong, did not immediately comment.
The newspaper, which houses the largest newsroom in the western US, has plunged into disarray in recent weeks as it faces a major financial shortfall, losing tens of millions of dollars a year. Its top editor, Kevin Merida, suddenly announced his departure. And two of the four members of an interim leadership team announced by Soon-Shiong have also abruptly exited in recent days.
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Venmo and other payment app theft is ‘skyrocketing,’ Manhattan DA warns
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Venmo, Cash App, PayPal, Zelle and other payment apps may be convenient ways to send cash with a few taps of your smartphone, but they’re a breeding grounds for theft, Manhattan District Attorney Alvin Bragg tells CNN.
Culprits range from savvy swindlers, who trick their way into victims’ locked cell phones, to violent offenders who either drug their targets and then take advantage or bark out commands while threatening physical harm, Bragg said in an interview.
The issue has gotten so out of hand in New York that Bragg has sent a letter to the popular apps demanding that they put in more security measures, including lower transfer limits, additional password security, additional wait times for large transactions and increased monitoring for unusual activity.
In the letter, Bragg cited a 2022 letter from Sen. Elizabeth Warren’s office that was sent to the banking industry where they said fraud claims had tripled between 2020 and 2022, costing consumers hundreds of millions of dollars. The investigation centered around Zelle and indicated not only was fraud rampant, but was getting worse. And banks have often been unwilling to make customers whole, even if they were victims of fraud.
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Los Angeles Times slashes more than 20% of newsroom staff as the paper confronts a ‘financial crisis’ 