San Francisco city officials say they're forced to make the reductions because of state and funding cuts primarily stemming from President Trump's "Big Beautiful Bill." Faced with a $643 million deficit that could balloon to $1 billion in the next five years, Lurie says action must be taken now.
San Francisco Mayor Daniel Lurie is ordering city departments to cut $100 million in personnel spending which could lead to the elimination of up to 500 jobs.
Shares in the financial technology company Block have soared more than 20% in after-hours trading after its CEO announced it was laying off more than 4,000 of its 10,000 some employees due to efficiency gains from artificial intelligence.
In addition to the job cuts, OUSD is also looking for ways to trim the deficit -- suggesting early retirement incentives and other ideas.
There were smiles and hugs from teachers and students who returned to school Wednesday after the citywide teachers' strike that ended in a $183 million deal with the school district. But looming over the historic deal is a cloud of potential layoffs in the near future.