Stanley Black & Decker cuts about 1,000 finance jobs, reports The Wall Street Journal

Sep 30 (Reuters) – Power tool maker Stanley Black & Decker (SWK.N) cut 1,000 financial positions this week in a bid to cut costs, The Wall Street Journal reported on Friday citing people familiar with the matter .

The move comes at a time when several tech companies, crypto exchanges and financial firms are cutting jobs and freezing hiring as global economic growth slows due to higher interest rates, runaway inflation and a energy crisis in Europe. Read more

More recently, Facebook’s parent company Meta Platforms (META.O) said it is freezing hiring, according to a Bloomberg News report that cites chief executive Mark Zuckerberg’s communication with employees. Read more

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Stanley Black & Decker, whose brands include DeWalt and Craftsman tools, is seeking to cut up to $200 million in costs by the end of the year, WSJ reported. The job cuts are part of broader layoffs within the company that began in July, according to the report.

The company had 71,300 employees worldwide as of January this year.

In July, Stanley Black & Decker cited rising interest rates and slowing demand in late May and June for missing second-quarter earnings and sales estimates.

Stanley Black & Decker did not immediately respond to a Reuters request for comment.

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Reporting by Kannaki Deka in Bangalore; Editing by Shailesh Kuber

Our standards: The Thomson Reuters Trust Principles.

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