06/27/2019

News

Visa slashes hundreds of jobs as it digests European acquisition

Visa issued a statement Tuesday acknowledging “a variety” of job cuts, but offered no details on the size and scope. Several Visa employees and former employees tell the San Francisco Business Times that Visa recently cut 800 to 1,500 jobs, with the company’s former headquarters campus in Foster City especially hard hit.

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As Oakland real estate empire crumbles, call center jobs to go with it

An Alameda Superior Court judge has ordered the CallSocket call center housed in the historic Tribune Tower at 409 13th St. in downtown Oakland to shut down by the end of the month. As the Business Times reported yesterday, that building and two others have been put on the market by a court-appointed receiver.

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Electric carmaker to invest hundreds of millions of dollars into North Bay factory

Los Angeles-based Faraday Future, a private electric car startup, is close to locking in an exclusive negotiating agreement with the City of Vallejo to buy a 157-acre site to build a production facility and showroom. The potential deal would be a huge economic boost for Vallejo, which emerged from bankruptcy five years ago.

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Exclusive: San Francisco’s Bare Escentuals moving HQ to New York

San Francisco-based makeup and skincare company Bare Escentuals is moving its headquarters to New York. . . The company did not say how many employees it has in the Bay Area, but LinkedIn lists 400-plus employees in the region.

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California has a staggering amount of public pension debt. Here’s what that means for you

If all of California’s public pension debt were divided evenly by household, each house would need to pay $77,700, according to a new study by Stanford University.

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Salesforce will rename tower in Downtown Indianapolis, hire 800 tech workers

“In recent years, the technology sector has added more than 5,000 jobs in central Indiana alone, growing at a rate more than triple the national average,” Gov. Mike Pence said in a statement.

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Jamba Juice to relocate headquarters to North Dallas

Emeryville, California-based Jamba Inc. — which owns and franchises Jamba Juice stores — plans to relocate its headquarters to Frisco, Texas, taking 100 corporate jobs to the city north of Dallas.

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Bay Area booms as tourism roars and billions are invested locally

Travelers in the Bay Area spent more than $33 billion in 2015, which supported 248,300 jobs for residents and provided $2.8 billion in state and local tax revenue, according to Visit California’s annual economic impact report. The Bay Area was the largest regional contributor to a statewide tourism economy that topped $122 billion, sustained 1,064,000 jobs and generated $9.9 billion in state and local tax revenue – all record figures. 

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S.F. becomes first city in nation to mandate employers provide fully paid parental leave

The San Francisco Board of Supervisors has unanimously passed a new law requiring all businesses in the city with more than 20 employees to offer six weeks of fully paid parental leave to their workers.

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BART Will Shell Out Hefty Bonuses to Employees for Reaching Ridership Goals

BART is on track to award $1,000 bonuses to each of its 3,357 employees for meeting a ridership threshold, it’s second such payout in two years after paying them $3.3 million last summer, the San Francisco Chronicle reports. . . The news comes amid growing commuter frustration with the system, which was partially sidelined for much of last week after an electrical surge fried 50 cars and resulted in limited bus service on parts of the Pittsburg-Bay Point line.

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State Regulators OK Health Net Deal, Subject to Significant Conditions

Both regulators responsible for reviewing insurance mergers in California have now approved Centene Corp.’s $6.8 billion acquisition of Health Net, allowing the controversial deal to move forward.

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Big California Health Plan Lays Off Up to 460 Workers

Blue Shield of California, one of the state’s biggest health plans, has eliminated up to 460 jobs, including about 300 in Sacramento and the Central Valley, more than 70 in Southern California, and close to 80 in its San Francisco headquarters office and other Bay Area outposts.

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Charles Schwab Expected to Open Massive Campus in Dallas

“We’re very interested in the Dallas area for future growth and have signed a lease in the Westlake area that can accommodate up to 500 employees,” Schwab spokeswoman Sarah Bulgatz told the Dallas Business Journal.

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California Approves $44 Million in Tax Credits to Job Creator Companies

Gov. Jerry Brown’s GO-Biz agency approved almost $44 million in 89 new tax credits Tuesday for companies that have promised to create at least 7,000 new jobs in California, a new report says. . . “California is typically a higher-cost labor market,” Aetna Real Estate Client Relationship Manager Susan Beers told the board in an interview with the San Francisco Chronicle. “It makes Fresno a more desirable service center for us than it would be otherwise.”

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Chevron to Slash Up to 7,000 Jobs Amid Poor Earnings, Spending Cuts

San Ramon-based Chevron Corp. (NYSE: CVX) said that it would cut up to 7,000 jobs as its drastically reduces spending for 2016.

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