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Michael Nagle/Bloomberg via Getty Images

Snapchat is cutting about 10% of its engineering team, or roughly 100 people, Cheddar's Alex Heath reports.

Why it matters: The company has experienced much smaller rounds of layoffs within the last few months. These layoffs, which follow closely behind a major redesign of the company's app, would be the largest to date for the roughly 3,000-person company.

Background: Heath says employees, likely engineering employees, sprinted to get Snapchat's recent redesign finished, as a rushed directive from CEO Evan Spiegel. Snapchat's SVP of Engineering Tim Sehn parted ways with the company in November.

  • As Axios noted when the company laid off two dozen staffers in January, Snapchat CEO Evan Spiegel said last year that all managers would be assessing their team sizes and locations, which could mean hiring, cuts or no change.
  • While today's cuts shouldn't be shocking, they are notable given their scale and that they are occurring within its engineering department. Prior layoffs involved staffers that were not as close to the core product.
  • The app underwent a redesign last month that received some pushback from users. Snap stock currently sits a little higher than it did when the company initially went public around this time last year. Shares were down slightly following the news Wednesday.

Go deeper

Dan Primack, author of Pro Rata
57 mins ago - Economy & Business

Trump blocks banks from limiting loans to gun and oil companies

Illustration: Sarah Grillo/Axios

Big banks are no longer allowed to reject business loan applicants because of the industry in which they operate, according to a new rule finalized on Thursday by the Trump administration.

Why it matters: Wall Street has curtailed its exposure to industries like guns, oil and private prisons, driven by both public and shareholder pressures. This new rule could reverse that trend.

Former FDA commissioner: "Reliable drug supply is absolutely critical"

Axios' Caitlin Owens and former FDA commissioner Mark McClellan. Photo courtesy of Axios Events

Having a reliable supply of pharmaceutical drugs throughout America will be "absolutely critical" to boosting affordability in health care during the Biden administration, former Food and Drug Administration (FDA) commissioner Mark McClellan said at a virtual Axios Event on Friday.

The big picture: McClellan, who served under President George W. Bush, says drugs having limited supply and limited competition leads to elevated pricing. He considers drug supply to be a national security and public health issue.

Felix Salmon, author of Capital
4 hours ago - Economy & Business

Americans are still spending money

Source: Census Bureau; Chart: Axios Visuals

Americans spent more money at stores and restaurants in 2020 than they did in 2019 — even in the face of a devastating global pandemic that shut down broad sectors of the economy.

Why it matters: The monthly retail sales report this morning came in well below expectations, and showed consumer spending falling on a seasonally-adjusted basis. Total expenditures were still higher in December 2020 than they were a year previously, however.