Stocks close in the red as trade deal remains elusive

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WeWork’s cutting of 2,400 jobs continues in the U.S. this week: CNBC

WeWork, the office-space sharing business of the We Co., is cutting 2,400 jobs in an effort to create a more efficient organization, according to a CNBC report. The layoffs began weeks ago around the world and have continued in the U.S. this week, CNBC reported. The CNBC report comes after the New York Times reported over the weekend that WeWork was preparing to cut at least 4,000 jobs, including 2,000 to 2,500 layoffs in the core business of subletting office space, about 1,000 job losses as the company disposes of non-core business and roughly 1,000 jobs cut in building maintenance; several weeks ago Business Insider reported the company planned to lay off 10% to 25% of its workforce. WeWork, which said in September that it was abandoning plans for an initial public offering, had reported last week a third-quarter loss of $1.25 billion as expenses far outpaced revenue growth.

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