A lot happened while you were snuggled up in bed. Target announced that it’ll be eliminating thousands of jobs, and the U.S. pushed forward with talks regarding Iran’s nuclear deal.
Meanwhile, weather officials braced for more snow in the northeast, and U.S. mutual funds continued slashing fees by shifting billions into collective trusts.
Target announced massive job cuts
Retail giant Target revealed that it will be eliminating thousands of jobs in an effort to slash $2 billion in costs. The company says the majority of job cuts will affect headquarter locations in the U.S. and abroad (not its retail locations). The announcement is part of an overarching initiative to revive the retailer, which is still bouncing back from its infamous data breach. Target also shared that it will be investing $1 billion to upgrade its technology and supply chain.
U.S. Kept up nuclear talks with Iran
Despite Israeli Prime Minister Benjamin Netanyahu’s much-talked-about speech to Congress yesterday, U.S. Secretary of State John Kerry continued talks with Iran regarding its nuclear program. Netanyahu warned against the discussions, saying that a deal would up the chances of Iran eventually getting an atomic bomb, which would pose a serious threat to both Israel and the United States. President Obama says that Netanyahu has identified no other alternatives to the negotiations. The potential deal is meant to get Iran to rein in its nuclear program.
Experts predicted more icy snow and frigid temps for East coast
Up to a foot of snow is expected to slam through the mid-atlantic up into the northeast today and tomorrow. The rainy snow and potential flooding has prompted West Virginia Governor Earl Ray Tomblin to get the state’s national guard on the ready. The upcoming storm is one of many for this winter season, which has been particularly harsh all around. Weather officials say Boston had its coldest February ever. The city is expected to receive about three inches of snow from the new storm.
READ MORE: Winter storm to bring snow, ice to East
Mutual funds continued slashing fees by shifting to collective trusts
In order to cut expenses on popular funds, mutual fund companies are moving billions of dollars into collective trusts – none of which are regulated by the U.S. Securities and Exchange Commission (SEC). Experts say that while lower fees are indeed attractive to investors, these collective trusts offer less transparency regarding the state of their holdings. This is because reporting requirements for these trusts aren’t as strict. Delta Air Lines-sponsored retirement plans shifted roughly $1 billion in assets into a collective trust last year, which resulted in fees being cut by 23 percent.