McDonald’s Corp.’s job cuts are spreading through the entire company and will likely result in hundreds of layoffs and compensation reductions, according to a Friday report.
The Wall Street Journal, citing sources close to the matter, reported Friday that layoffs were moving company-wide, and more employees were being offered reduced compensation to remain. Earlier in the week, the Journal reported the fast-food giant was closing corporate offices to prep for the cuts, and that McDonald’s
MCD,
would also reduce an untold number of compensation packages.
McDonald’s currently employs about 150,000 worldwide, so a shedding of 1,000 jobs would account for less than 1% of staff. Coincidentally, the tech sector has reduced its collective rolls by about a McDonald’s of employees since the beginning of 2023.
Read: More than 157,000 tech-sector employees have lost their jobs since the start of 2023
With markets closed for Good Friday, McDonald’s shares finished the shortened week Thursday up 1.2% to close at a record high of $282.89 a share, while the Dow Jones Industrial Average
DJIA,
— which counts McDonald’s among its 30 components — gained 0.7%, the S&P 500 index
SPX,
slipped 0.1%, and the tech-heavy Nasdaq Composite Index
COMP,
shed 1.1%.
McDonald’s stock price has rallied 22.6% since the end of September, snapping three quarters of consecutive losses, and building upon a third quarter of consecutive gains. Similarly, the Dow has gained 16.6%, the S&P 500 has grown 14.5%, and the Nasdaq has increased 14.3%.
This post was originally published on Market Watch
