© Reuters. FILE PHOTO: The logo and ticker are displayed for StanleyBlack & Decker on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 6, 2018. REUTERS/Brendan McDermid/File Photo
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(Reuters) – Power tools maker Stanley Black & Decker (NYSE:SWK) has cut 1,000 finance roles this week in an effort to trim costs, the Wall Street Journal reported on Friday citing people familiar with the matter.
The move comes at a time when several technology companies, crypto exchanges and financial firms are cutting jobs and freezing hirings as global economic growth slows due to higher interest rates, red-hot inflation and an energy crisis in Europe.
Most recently, Facebook-parent Meta Platforms said it is freezing hiring, according to a Bloomberg News report which quoted Chief Executive Mark Zuckerberg’s communication with employees.
Stanley Black & Decker, whose brands include DeWalt and Craftsman tools, looks to cut up to $200 million in costs by the year end, WSJ reported. The job cuts are a part of broader layoffs within the company that started in July, according to the report.
The company had 71,300 employees globally as of January this year.
In July, Stanley Black & Decker cited rising interest rates and slower demand in late May and June for missing second-quarter profit and sales estimates.
Stanley Black & Decker did not immediately respond to a Reuters request for comment.