From Exxon to Charles Schwab, white-collar job cuts are mounting

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The pandemic has wiped out millions of mostly low-income jobs in hotels, restaurants, retail and other hard-hit corners of the economy. Now, the pink slips are spreading to higher-paid office workers. In the last few days, ExxonMobil, Chevron (CVX), Charles Schwab and Raytheon have announced plans to cut thousands of white-collar jobs. That's on top of major layoffs already announced or reported in the press at Wells Fargo, Goldman Sachs, Salesforce (CRM), Allstate (ALL) and CNN owner Warner Media. Corporate America's belt-tightening provides more evidence of the fragile and uneven nature of the economic recovery from the pandemic. Just as laid-off Americans in some parts of the economy are returning to work, others are filing for unemployment.


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