BlackRock, the world's preeminent asset manager, declared plans on Tuesday to cut approximately 3 per cent of its existing workforce, Reuters reported.<o:p></o:p>

With a workforce of 19,800 as of December 2022, these cuts are expected to total roughly 600 positions. <o:p></o:p>

Despite this reduction, BlackRock aims for a larger headcount by the conclusion of 2024. <o:p></o:p>

Notably, the asset manager's shares have shown a modest 5 per cent increase over the past year, trailing the benchmark S&amp;P 500, which witnessed a robust 22 per cent gain during the same period.<o:p></o:p>

A source within the firm clarified that no single team will bear the brunt of the job cuts, reflecting a comprehensive approach to enhancing organisational efficiency. <o:p></o:p>

BlackRock's strategic moves are influenced by Chief Executive Larry Fink's vision, as he signalled the company's intent to explore acquisition opportunities in October, aiming to augment its growth trajectory.<o:p></o:p>

As of the third quarter of 2023, BlackRock managed assets worth $9.1 trillion, a slight dip from the previous quarter's total of $9.4 trillion.<o:p></o:p>

Fink acknowledged the challenges faced by the industry during the third quarter. <o:p></o:p>

"For the first time in nearly two decades, clients are earning a real return in cash and can wait for more policy and market certainty before re-risking. This dynamic weighed on the industry and BlackRock's third-quarter flows," Reuters quoted Fink as saying.<o:p></o:p>

As the market awaits BlackRock's fourth-quarter results, the organisation's shares experienced a marginal decline of 0.5 per cent in afternoon trading on Tuesday. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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BlackRock, the world's preeminent asset manager, declared plans on Tuesday to cut approximately 3 per cent of its existing workforce, Reuters reported. With a workforce of 19,800 as of December 2022, these cuts are expected to total roughly 600 positions.

BlackRock, the world's preeminent asset manager, declared plans on Tuesday to cut approximately 3 per cent of its existing workforce, Reuters reported. With a workforce of 19,800 as of December 2022, these cuts are expected to total roughly 600 positions. Despite this reduction, BlackRock aims for a larger headcount by the conclusion of 2024. Notably, the asset manager's shares have shown a modest 5 per cent increase over the past year, trailing the benchmark S&P 500, which witnessed a robust 22 per cent gain during the same period. A source within the firm clarified that no single team will bear the brunt of the job cuts, reflecting a comprehensive approach to enhancing organisational efficiency. BlackRock's strategic moves are influenced by Chief Executive Larry Fink's vision, as he signalled the company's intent to explore acquisition opportunities in October, aiming to augment its growth trajectory. As of the third quarter of 2023, BlackRock managed assets worth $9.1 trillion, a slight dip from the previous quarter's total of $9.4 trillion. Fink acknowledged the challenges faced by the industry during the third quarter. "For the first time in nearly two decades, clients are earning a real return in cash and can wait for more policy and market certainty before re-risking. This dynamic weighed on the industry and BlackRock's third-quarter flows," Reuters quoted Fink as saying. As the market awaits BlackRock's fourth-quarter results, the organisation's shares experienced a marginal decline of 0.5 per cent in afternoon trading on Tuesday. (With inputs from Reuters) WATCH WION LIVE HERE

BlackRock to cut 600 jobs amid market challenges

E-commerce giant Flipkart is gearing up for a significant restructuring initiative as part of its strategy to streamline resources and sustain profitability, as reported by Times of India. The move could lead to the elimination of approximately 1,500 jobs, excluding those at its fashion platform Myntra, in the coming months.

This restructuring effort aligns with Flipkart's historical approach, where it has implemented similar workforce adjustments over the past two appraisal cycles.&nbsp;The company, owned by Walmart, has proactively frozen fresh hiring over the last year to control costs and safeguard profits.

To support its cost-control measures, Flipkart is reportedly finalizing a $1 billion financing round from Walmart and other investors. The infusion of funds is expected to fortify the company's financial position amid the ongoing restructuring.

<a href="https://www.wionews.com/business-economy/walmart-boosts-indian-e-commerce-giant-flipkart-with-600-mn-infusion-in-latest-funding-round-672417">Also read |&nbsp;Walmart boosts Indian e-commerce giant Flipkart with $600 mn infusion in latest funding round</a>

<h2>Resource optimisation strategies</h2>

Sources indicate that Flipkart aims to optimise its resources across both existing and new business verticals. A crucial meeting of senior executives is scheduled for the next month to deliberate on the proposed restructuring plan for 2024, which is likely to result in decisions regarding layoffs.

Despite the restructuring efforts, Flipkart remains committed to its plans for an initial public offering (IPO) in 2024. The company had initially considered launching the IPO in 2022-2023 but had to defer due to financial considerations. However, the restructuring does not alter Flipkart's IPO trajectory.

Also watch |&nbsp;Walmart to pump $600 million into Indian e-commerce giant Flipkart

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While focusing on internal restructuring, Flipkart is set on diversifying its business operations. Following the acquisition of Cleartrip, the company aims to expand into sectors like hospitality and hotels, indicating a strategic move to navigate challenges and explore new avenues.

The restructuring trend is not unique to Flipkart, as several prominent IT firms and startups in India grapple with the global economic slowdown. Companies like Paytm, Amazon, and Meesho have also resorted to layoffs and departmental restructuring to adapt to the current economic landscape.

(With inputs from agencies)

E-commerce giant Flipkart is gearing up for a significant restructuring initiative as part of its strategy to streamline resources and sustain profitability, as reported by Times of India.

E-commerce giant Flipkart is gearing up for a significant restructuring initiative as part of its strategy to streamline resources and sustain profitability, as reported by Times of India. The move could lead to the elimination of approximately 1,500 jobs, excluding those at its fashion platform Myntra, in the coming months. This restructuring effort aligns with Flipkart's historical approach, where it has implemented similar workforce adjustments over the past two appraisal cycles. The company, owned by Walmart, has proactively frozen fresh hiring over the last year to control costs and safeguard profits. To support its cost-control measures, Flipkart is reportedly finalizing a $1 billion financing round from Walmart and other investors. The infusion of funds is expected to fortify the company's financial position amid the ongoing restructuring. Also read | Walmart boosts Indian e-commerce giant Flipkart with $600 mn infusion in latest funding round Resource optimisation strategies Sources indicate that Flipkart aims to optimise its resources across both existing and new business verticals. A crucial meeting of senior executives is scheduled for the next month to deliberate on the proposed restructuring plan for 2024, which is likely to result in decisions regarding layoffs. Despite the restructuring efforts, Flipkart remains committed to its plans for an initial public offering (IPO) in 2024. The company had initially considered launching the IPO in 2022-2023 but had to defer due to financial considerations. However, the restructuring does not alter Flipkart's IPO trajectory. Also watch | Walmart to pump $600 million into Indian e-commerce giant Flipkart While focusing on internal restructuring, Flipkart is set on diversifying its business operations. Following the acquisition of Cleartrip, the company aims to expand into sectors like hospitality and hotels, indicating a strategic move to navigate challenges and explore new avenues. The restructuring trend is not unique to Flipkart, as several prominent IT firms and startups in India grapple with the global economic slowdown. Companies like Paytm, Amazon, and Meesho have also resorted to layoffs and departmental restructuring to adapt to the current economic landscape. (With inputs from agencies)

Flipkart plans performance-based layoffs, anticipating 5-7% workforce reduction in March, claims report

Barclays is reportedly contemplating a sweeping overhaul that could yield savings of up to £1 billion ($1.25 billion) to enhance profitability. According to Reuters, this initiative may involve shedding as many as 2,000 jobs, primarily in the bank's back office.

Leadership's review and focus

Barclays' top management, led by Chief Executive C.S. Venkatakrishnan, is actively reviewing proposals to bolster the bank's overall financial health. The proposed job cuts, ranging from 1,500 to 2,000 positions, could significantly impact Barclays Execution Services ('BX'), the bank's support function created in 2017 to streamline operations for its primary business divisions.

Targeted division and rationale

The potential cuts are expected to be concentrated within BX, with an emphasis on cost reduction. This division was designed to eliminate redundancy and implement post-crisis risk management rules. The contemplated savings contribute to Barclays' overarching goal of reducing expenses by $1.25 billion across the group over several years.

Financial impact

Barclays' cost-cutting target represents approximately 7% of its underlying annual operating expenses, which stood at $16.3 billion in 2022. The bank has previously tried to trim expenses by cutting bonuses and jobs in various sectors, but the focus on BX and the associated potential savings has not been reported until now.

Ongoing discussions and alternatives

The discussions regarding BX's headcount are ongoing, and the bank may opt to prioritize layoffs in other areas. BX's staff count has grown significantly in recent years, reaching about 22,300 by the end of 2022, constituting over a quarter of Barclays' total workforce. Staff costs at BX have also risen to $2.1 billion from $1.9 billion.

Venkat, who took over as CEO in November 2021, is under pressure to enhance Barclays' declining book value. The bank's share price has fallen by 26% since Venkat assumed leadership, in contrast to Deutsche Bank's stable shares and HSBC's 37% gain. Venkat faces challenges stemming from a trading blunder that cost the bank hundreds of millions of dollars and a talent exodus hindering Barclays' competitiveness in the investment banking sector.

Barclays aims to unveil a fresh strategy in February, and Venkat has hinted at further restructuring efforts. The bank is working with Boston Consulting Group on a comprehensive strategy review, assessing which parts of the business to invest in and which to potentially reduce or sell.

Bottomline

As Barclays navigates a complex financial landscape, the upcoming strategy presentation in February will be crucial in convincing shareholders of its plan to boost valuation and navigate industry challenges. The bank's potential cost-saving measures and job cuts reflect its need to adapt to evolving market dynamics and ensure sustained competitiveness in the global banking arena. 
&nbsp;

Barclays is reportedly contemplating a sweeping overhaul that could yield savings of up to £1 billion ($1.25 billion) to enhance profitability. According to Reuters, this initiative may involve shedding as many as 2,000 jobs, primarily in the bank's back office.

Barclays is reportedly contemplating a sweeping overhaul that could yield savings of up to £1 billion ($1.25 billion) to enhance profitability. According to Reuters, this initiative may involve shedding as many as 2,000 jobs, primarily in the bank's back office. Leadership's review and focus Barclays' top management, led by Chief Executive C.S. Venkatakrishnan, is actively reviewing proposals to bolster the bank's overall financial health. The proposed job cuts, ranging from 1,500 to 2,000 positions, could significantly impact Barclays Execution Services ('BX'), the bank's support function created in 2017 to streamline operations for its primary business divisions. Targeted division and rationale The potential cuts are expected to be concentrated within BX, with an emphasis on cost reduction. This division was designed to eliminate redundancy and implement post-crisis risk management rules. The contemplated savings contribute to Barclays' overarching goal of reducing expenses by $1.25 billion across the group over several years. Financial impact Barclays' cost-cutting target represents approximately 7% of its underlying annual operating expenses, which stood at $16.3 billion in 2022. The bank has previously tried to trim expenses by cutting bonuses and jobs in various sectors, but the focus on BX and the associated potential savings has not been reported until now. Ongoing discussions and alternatives The discussions regarding BX's headcount are ongoing, and the bank may opt to prioritize layoffs in other areas. BX's staff count has grown significantly in recent years, reaching about 22,300 by the end of 2022, constituting over a quarter of Barclays' total workforce. Staff costs at BX have also risen to $2.1 billion from $1.9 billion. Venkat, who took over as CEO in November 2021, is under pressure to enhance Barclays' declining book value. The bank's share price has fallen by 26% since Venkat assumed leadership, in contrast to Deutsche Bank's stable shares and HSBC's 37% gain. Venkat faces challenges stemming from a trading blunder that cost the bank hundreds of millions of dollars and a talent exodus hindering Barclays' competitiveness in the investment banking sector. Barclays aims to unveil a fresh strategy in February, and Venkat has hinted at further restructuring efforts. The bank is working with Boston Consulting Group on a comprehensive strategy review, assessing which parts of the business to invest in and which to potentially reduce or sell. Bottomline As Barclays navigates a complex financial landscape, the upcoming strategy presentation in February will be crucial in convincing shareholders of its plan to boost valuation and navigate industry challenges. The bank's potential cost-saving measures and job cuts reflect its need to adapt to evolving market dynamics and ensure sustained competitiveness in the global banking arena.

Barclays unveils $1.25 billion restructuring plan, contemplates 2,000 job cuts

Continental AG, one of Europe's prominent auto-parts manufacturers, is considering a significant restructuring move that could result in the elimination of 5,500 jobs, equivalent to 3 per cent of its global workforce.

An official announcement about these possible job layoffs might be made as soon as Monday, according to a Bloomberg report. Media sources&nbsp;suggest&nbsp;that the restructuring plan could affect approximately 1,000 jobs across 30 locations in Germany.

While specifics regarding the job cuts are yet to be officially disclosed, it is anticipated that production and development divisions might be spared, at least temporarily. German publication Manager Magazine notes that managers within the company were briefed on the proposed cuts on Friday, and a comprehensive communication plan involving staff is expected to be initiated on Monday.

Marc Siedler, a Continental representative,&nbsp;emphasised the company's dedication to raising the automotive division's level of competitiveness. He told&nbsp;Bloomberg that the plan encompasses potential changes in administrative structures to facilitate faster and more agile decisions in the future and to alleviate the cost side.

As Continental evaluates potential measures to enhance its operational efficiency,&nbsp;Siedler&nbsp;underlined that concrete decisions would be communicated to employees first before being shared with the public.

The company's proactive approach to address challenges in the automotive industry reflects a broader industry trend, where manufacturers are strategically adapting to dynamic market conditions and seeking ways to maintain competitiveness.

(With inputs from Bloomberg)

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Continental AG, one of Europe's prominent auto-parts manufacturers, is considering a significant restructuring move that could result in the elimination of 5,500 jobs, equivalent to 3 per cent of its global workforce.

Continental AG, one of Europe's prominent auto-parts manufacturers, is considering a significant restructuring move that could result in the elimination of 5,500 jobs, equivalent to 3 per cent of its global workforce. An official announcement about these possible job layoffs might be made as soon as Monday, according to a Bloomberg report. Media sources suggest that the restructuring plan could affect approximately 1,000 jobs across 30 locations in Germany. While specifics regarding the job cuts are yet to be officially disclosed, it is anticipated that production and development divisions might be spared, at least temporarily. German publication Manager Magazine notes that managers within the company were briefed on the proposed cuts on Friday, and a comprehensive communication plan involving staff is expected to be initiated on Monday. Marc Siedler, a Continental representative, emphasised the company's dedication to raising the automotive division's level of competitiveness. He told Bloomberg that the plan encompasses potential changes in administrative structures to facilitate faster and more agile decisions in the future and to alleviate the cost side. As Continental evaluates potential measures to enhance its operational efficiency, Siedler underlined that concrete decisions would be communicated to employees first before being shared with the public. The company's proactive approach to address challenges in the automotive industry reflects a broader industry trend, where manufacturers are strategically adapting to dynamic market conditions and seeking ways to maintain competitiveness. (With inputs from Bloomberg) WATCH WION LIVE HERE

Continental AG mulls major overhaul: Contemplating 5,500 job cuts in restructuring move

Citigroup is reportedly contemplating substantial job reductions of at least 10 per cent in several of its major business segments as part of a comprehensive reorganisation effort led by CEO Jane Fraser, a CNBC report said citing sources. &nbsp;

Citigroup had previously signalled the possibility of job cuts as it unveiled its sweeping overhaul plan in September. However, the scale of these layoffs and cost savings will be evaluated in the current quarter.&nbsp;

The internal initiative, known as "Project Bora Bora", is aimed at providing CEO Jane Fraser with more direct control as she endeavours to simplify Citigroup and enhance its stock performance. These discussions are still in the early stages, and the exact number of job cuts may fluctuate as the planning progresses. Citigroup has enlisted the services of Boston Consulting Group to facilitate this strategic transformation.&nbsp;

The restructuring plan, driven by Fraser's objective to eliminate regional managers, co-heads, and individuals with overlapping roles, is expected to result in job reductions extending beyond the initial 10 per cent in the executive ranks. In the previous month, Citigroup announced plans to reduce its management layers from 13 to eight, which involved a 15 per cent reduction in functional roles within the top two leadership layers and the elimination of 60 committees.&nbsp;

According to Reuters, the bank has maintained a global headcount of 240,000 throughout this year, as disclosed in its most recent quarterly supplement.&nbsp;

A Citibank spokesperson acknowledged the challenging and consequential decisions associated with the ongoing reorganisation but stressed that they are necessary steps to align the bank's structure with its strategic objectives, as outlined during the 2022 Investor Day.&nbsp;

Since assuming the leadership of Citigroup in 2021, CEO Jane Fraser has been working to enhance profitability, streamline the bank's operations, and address regulatory issues. Despite these efforts, Citigroup's stock performance has lagged behind its peers.&nbsp;

(With inputs from Reuters)&nbsp;

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Citigroup is reportedly contemplating substantial job reductions of at least 10 per cent in several of its major business segments as part of a comprehensive reorganisation effort led by CEO Jane Fraser, a CNBC report said citing sources.

Citigroup is reportedly contemplating substantial job reductions of at least 10 per cent in several of its major business segments as part of a comprehensive reorganisation effort led by CEO Jane Fraser, a CNBC report said citing sources. Citigroup had previously signalled the possibility of job cuts as it unveiled its sweeping overhaul plan in September. However, the scale of these layoffs and cost savings will be evaluated in the current quarter. The internal initiative, known as "Project Bora Bora", is aimed at providing CEO Jane Fraser with more direct control as she endeavours to simplify Citigroup and enhance its stock performance. These discussions are still in the early stages, and the exact number of job cuts may fluctuate as the planning progresses. Citigroup has enlisted the services of Boston Consulting Group to facilitate this strategic transformation. The restructuring plan, driven by Fraser's objective to eliminate regional managers, co-heads, and individuals with overlapping roles, is expected to result in job reductions extending beyond the initial 10 per cent in the executive ranks. In the previous month, Citigroup announced plans to reduce its management layers from 13 to eight, which involved a 15 per cent reduction in functional roles within the top two leadership layers and the elimination of 60 committees. According to Reuters, the bank has maintained a global headcount of 240,000 throughout this year, as disclosed in its most recent quarterly supplement. A Citibank spokesperson acknowledged the challenging and consequential decisions associated with the ongoing reorganisation but stressed that they are necessary steps to align the bank's structure with its strategic objectives, as outlined during the 2022 Investor Day. Since assuming the leadership of Citigroup in 2021, CEO Jane Fraser has been working to enhance profitability, streamline the bank's operations, and address regulatory issues. Despite these efforts, Citigroup's stock performance has lagged behind its peers. (With inputs from Reuters) WATCH WION LIVE HERE

Citigroup considers significant job cuts in major restructuring: Report 

In a move to counteract a noticeable decline in revenue growth, LinkedIn has announced a significant workforce reduction the social media Network for professionals owned by Microsoft will cut 668 employees across its engineering talent and finance teams. This marks the second round of job cuts this year for the company affecting more than 3% of its 20,000-strong staff.

LinkedIn announces more layoffs amid slowing revenue growth

Microsoft-owned LinkedIn on Monday (Oct 16) said that it is eliminating more than 650 employees in second round off layoffs, joining the list of other US tech firms that have&nbsp;reduced their&nbsp;workforce as demand for hiring plummets.

As many as 668 employees, which constitute more than 3 per cent of its 20,000-strong workforce, across its engineering, talent and finance teams will be asked to go, reports Reuters news agency.

This comes after the social media network cut 716 jobs across sales, operations and support teams in May to streamline its operations and remove layers to help make quicker decisions.

<h2>Tech sector bleeding&nbsp;</h2>

LinkedIn generates money through ad sales and by charging for subscriptions to recruiting and sales professionals who use the network to find suitable job candidates.

Overall, the tech sector has laid off 141,516 employees in the first half of the year compared with about 6,000 a year ago, according to employment firm Challenger, Gray &amp; Christmas.

“Talent changes are a difficult, but necessary and regular part of managing our business," the company said in a statement.

"While we are adapting our organisational structures and streamlining our decision making, we are continuing to invest in strategic priorities for our future and to ensure we continue to deliver value for our members and customers."

"We are committed to providing our full support to all impacted employees during this transition and ensuring that they are treated with care and respect."

<h2>LinkedIn joins growing list of tech firms in layoffs&nbsp;</h2>

Before making the announcement public, the company had shared the news with the staff over an e-mail, giving a breakdown of where the layoffs would be taking place.

Also read |&nbsp;<a href="https://www.wionews.com/world/hate-crime-in-us-man-stabs-6-year-old-muslim-child-over-ongoing-israel-hamas-war-tensions-647335">Hate crime in US: Man stabs to death 6-year-old Muslim child over ongoing Israel-Hamas war</a>

It said "137 Engineering management roles" and "38 Product roles" were getting cut.

Also read |&nbsp;<a href="https://www.wionews.com/world/tiktok-stands-against-terrorism-launches-measures-to-control-misinformation-amid-israel-hamas-war-647320">TikTok 'stands against terrorism,' launches measures to control misinformation amid Israel-Hamas war</a>

It added that 368 roles would get axed from its engineering team "in an effort to better align resources to our FY24 plan."

Moreover, the staff were told to expect to receive an email within an hour to find out whether they had been laid off, reports Business Insider.

In November 2022, Ryan Roslansky, the CEO of LinkedIn, told CNBC that the company was planning to implement a hiring freeze across some parts of the company.

(With inputs from agencies)

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Microsoft-owned LinkedIn on Monday (Oct 16) said that it is eliminating more than 650 employees in second round off layoffs, joining the list of other US tech firms that have reduced their workforce as demand for hiring plummets.

Microsoft-owned LinkedIn on Monday (Oct 16) said that it is eliminating more than 650 employees in second round off layoffs, joining the list of other US tech firms that have reduced their workforce as demand for hiring plummets. As many as 668 employees, which constitute more than 3 per cent of its 20,000-strong workforce, across its engineering, talent and finance teams will be asked to go, reports Reuters news agency. This comes after the social media network cut 716 jobs across sales, operations and support teams in May to streamline its operations and remove layers to help make quicker decisions. Tech sector bleeding LinkedIn generates money through ad sales and by charging for subscriptions to recruiting and sales professionals who use the network to find suitable job candidates. Overall, the tech sector has laid off 141,516 employees in the first half of the year compared with about 6,000 a year ago, according to employment firm Challenger, Gray & Christmas. “Talent changes are a difficult, but necessary and regular part of managing our business," the company said in a statement. "While we are adapting our organisational structures and streamlining our decision making, we are continuing to invest in strategic priorities for our future and to ensure we continue to deliver value for our members and customers." "We are committed to providing our full support to all impacted employees during this transition and ensuring that they are treated with care and respect." LinkedIn joins growing list of tech firms in layoffs Before making the announcement public, the company had shared the news with the staff over an e-mail, giving a breakdown of where the layoffs would be taking place. Also read | Hate crime in US: Man stabs to death 6-year-old Muslim child over ongoing Israel-Hamas war It said "137 Engineering management roles" and "38 Product roles" were getting cut. Also read | TikTok 'stands against terrorism,' launches measures to control misinformation amid Israel-Hamas war It added that 368 roles would get axed from its engineering team "in an effort to better align resources to our FY24 plan." Moreover, the staff were told to expect to receive an email within an hour to find out whether they had been laid off, reports Business Insider. In November 2022, Ryan Roslansky, the CEO of LinkedIn, told CNBC that the company was planning to implement a hiring freeze across some parts of the company. (With inputs from agencies) WATCH WION LIVE HERE

LinkedIn lays off more than 650 employees in another round over bleak outlook

As Silicon Valley continues its cost-cutting measures, Google revealed it will let go of hundreds of employees who assisted in hiring and recruiting new personnel, according to a report by CNN.

The most recent job layoffs come after Alphabet, the parent company of Google, lost 12,000 jobs in January, or approximately 6 per cent of its total workforce, as it struggled with the economic unrest that had a negative impact on the company’s bottom line in particular its main advertising division.

Google’s CEO Sundar Pichai stated during the company’s earnings call in July that the company was working to decrease “expense growth and pace of hiring.”

“We continue to invest in top engineering and technical talent while also meaningfully slowing the pace of our overall hiring,” CNN quoted Google spokesperson Courtenay Mencini as saying in a statement on Wednesday, further indicating that the workload for recruiters has reduced amid hiring slowdowns. “To ensure we operate efficiently, we’ve made the hard decision to reduce the size of our recruiting team.”

A few hundred employees throughout the globe will be impacted by the job cuts, but the majority of the team will continue to work and recruit for important positions like top engineering talent, according to Google. The actual number of department layoffs was not disclosed by the corporation.

Google added that the hiring reductions do not constitute a larger round of layoffs and that the impacted employees will get severance packages and other perks.

Google's cloud, user experience, software engineering, and other teams’ recruiters made posts on LinkedIn indicating they had been impacted by the layoffs.

An affected Google recruiter was quoted by CNN as saying, “My heart is heavy for everyone that was impacted alongside me, and I know better days are ahead for all of us even though today doesn't feel like it.”

As rising demand for its services during the pandemic increased profitability, Alphabet increased its workforce by more than 50,000 employees beginning in 2021. However, the company’s main digital ad business last year experienced a slowdown as advertisers cut down on their spending due to concerns about an economic downturn or recession.

In an effort to stabilise its operations, the corporation has put more emphasis this year on cost-cutting measures. Google announced in July that its revenues increased by about 15 per cent year over year in the quarter that ended in June as its Search and YouTube advertisements businesses kept growing.

Alphabet has 190,234 employees as at the end of 2022,according to a report with the Securities and Exchange Commission. As per its most recent filing, its headcount decreased to 181,798 by the end of June.

This year, a variety of other IT companies, including Meta, Microsoft, and, more lately, T-Mobile, undertook significant layoffs in an effort to reduce expenses in the face of economic difficulties.

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As Silicon Valley continues its cost-cutting measures, Google revealed it will let go of hundreds of employees who assisted in hiring and recruiting new personnel, according to a report by CNN.

As Silicon Valley continues its cost-cutting measures, Google revealed it will let go of hundreds of employees who assisted in hiring and recruiting new personnel, according to a report by CNN. The most recent job layoffs come after Alphabet, the parent company of Google, lost 12,000 jobs in January, or approximately 6 per cent of its total workforce, as it struggled with the economic unrest that had a negative impact on the company’s bottom line in particular its main advertising division. Google’s CEO Sundar Pichai stated during the company’s earnings call in July that the company was working to decrease “expense growth and pace of hiring.” “We continue to invest in top engineering and technical talent while also meaningfully slowing the pace of our overall hiring,” CNN quoted Google spokesperson Courtenay Mencini as saying in a statement on Wednesday, further indicating that the workload for recruiters has reduced amid hiring slowdowns. “To ensure we operate efficiently, we’ve made the hard decision to reduce the size of our recruiting team.” A few hundred employees throughout the globe will be impacted by the job cuts, but the majority of the team will continue to work and recruit for important positions like top engineering talent, according to Google. The actual number of department layoffs was not disclosed by the corporation. Google added that the hiring reductions do not constitute a larger round of layoffs and that the impacted employees will get severance packages and other perks. Google's cloud, user experience, software engineering, and other teams’ recruiters made posts on LinkedIn indicating they had been impacted by the layoffs. An affected Google recruiter was quoted by CNN as saying, “My heart is heavy for everyone that was impacted alongside me, and I know better days are ahead for all of us even though today doesn't feel like it.” As rising demand for its services during the pandemic increased profitability, Alphabet increased its workforce by more than 50,000 employees beginning in 2021. However, the company’s main digital ad business last year experienced a slowdown as advertisers cut down on their spending due to concerns about an economic downturn or recession. In an effort to stabilise its operations, the corporation has put more emphasis this year on cost-cutting measures. Google announced in July that its revenues increased by about 15 per cent year over year in the quarter that ended in June as its Search and YouTube advertisements businesses kept growing. Alphabet has 190,234 employees as at the end of 2022,according to a report with the Securities and Exchange Commission. As per its most recent filing, its headcount decreased to 181,798 by the end of June. This year, a variety of other IT companies, including Meta, Microsoft, and, more lately, T-Mobile, undertook significant layoffs in an effort to reduce expenses in the face of economic difficulties. WATCH WION LIVE HERE

Google laid off hundreds of recruiters in another round of job cuts

Following a failed revival plan for the business, hardware store Wilko will no longer be seen on the UK high streets. According to the GMB union, all 400 of its outlets will closed by the beginning of October, implying that all 12,500 employees at the family-run company face the possibility of layoffs.

&nbsp;Although certain parties are interested in renaming their stores, it is understood that no bidders are interested in operating stores under the Wilko name, the BBC reported on Monday.

Doug Putman, the owner of HMV, attempted to keep up to 300 Wilko stores operating, but his plan failed due to mounting prices. Following an announcement by administrators PwC that 52 stores nationwide will stop operating on Tuesday and Thursday, the first Wilko locations will close this week.

Between September 17 and 21, 124 additional stores, including ones in Maidenhead, Bognor Regis, and Humberstone, Leicestershire, will close. PwC stated that the final 222 Wilko stores will close at various times, with the last day of business for the distribution centre being September 15.

With the high cost of living causing consumers to look for deals, Wilko has battled against fierce competition from competing chains including B&amp;M, Poundland, The Range, and Home Bargains.

In a $13 million transaction, B&amp;M has announced that it will acquire up to 51 of Wilko’s 400 stores. The stores will be renamed as B&amp;M shops, according to the BBC. However, it is yet unclear whether any jobs will be preserved or whether Wilko employees would be given preference if they apply for positions at the B&amp;M shops.

In traditional town centres, High Street locations are home to many Wilko stores. The transition to larger retail parks and out-of-town options with greater room since the epidemic has benefited its rivals like B&amp;M, even though these sites are convenient for customers without cars.

Poundland is rumoured to be interested in expanding its portfolio by purchasing up to 70 additional locations.

The Wilko name is still up to be taken, with stores like The Range putting forward offers just for the name.

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Following a failed revival plan for the business, hardware store Wilko will no longer be seen on the UK high streets. According to the GMB union, all 400 of its outlets will closed by the beginning of October, implying that all 12,500 employees at the family-run company face the possibility of layoffs.

Following a failed revival plan for the business, hardware store Wilko will no longer be seen on the UK high streets. According to the GMB union, all 400 of its outlets will closed by the beginning of October, implying that all 12,500 employees at the family-run company face the possibility of layoffs. Although certain parties are interested in renaming their stores, it is understood that no bidders are interested in operating stores under the Wilko name, the BBC reported on Monday. Doug Putman, the owner of HMV, attempted to keep up to 300 Wilko stores operating, but his plan failed due to mounting prices. Following an announcement by administrators PwC that 52 stores nationwide will stop operating on Tuesday and Thursday, the first Wilko locations will close this week. Between September 17 and 21, 124 additional stores, including ones in Maidenhead, Bognor Regis, and Humberstone, Leicestershire, will close. PwC stated that the final 222 Wilko stores will close at various times, with the last day of business for the distribution centre being September 15. With the high cost of living causing consumers to look for deals, Wilko has battled against fierce competition from competing chains including B&M, Poundland, The Range, and Home Bargains. In a $13 million transaction, B&M has announced that it will acquire up to 51 of Wilko’s 400 stores. The stores will be renamed as B&M shops, according to the BBC. However, it is yet unclear whether any jobs will be preserved or whether Wilko employees would be given preference if they apply for positions at the B&M shops. In traditional town centres, High Street locations are home to many Wilko stores. The transition to larger retail parks and out-of-town options with greater room since the epidemic has benefited its rivals like B&M, even though these sites are convenient for customers without cars. Poundland is rumoured to be interested in expanding its portfolio by purchasing up to 70 additional locations. The Wilko name is still up to be taken, with stores like The Range putting forward offers just for the name. WATCH WION LIVE HERE

UK retailer Wilko to shut all stores, putting 12,500 jobs at risk: Report

Months after completing its acquisition of competitor Credit Suisse, UBS Group AG is laying off hundreds of employees in Asia as a response to weak customer demand and China’s faltering economy, according to a report by The Economic Times.

According to the sources familiar with the matter, the largest bank in Switzerland has recently slashed some redundant posts and more are anticipated through November.

Relationship managers will be among the posts that will be eliminated by the lender in Singapore and Hong Kong, most of them in teams that have just been purchased from Credit Suisse, according to the sources. They said that the number of cuts has not yet been decided. According to one of the sources, the lender intends to keep the majority of its private bankers in Australia and India for the time being.

In the Asia-Pacific area, where Singapore and the regional commercial capital of Hong Kong have traditionally served as booking hubs for China’s ultra-wealthy, UBS is fighting low consumer demand and activity levels. The region’s profit before tax for the wealth management division decreased by 9 per cent in the second quarter compared to the same period last year.

On Monday, UBS shares gave up early gains and were trading at 22.73 Swiss francs ($25.493) in Zurich at 11:18 a.m.

As pandemic precautions and a real estate crisis impacted the nation, the second-largest economy in the world grew by 3 per cent last year, one of its weakest rates of expansion in decades. After it finally reopened, there was some optimism that China might rebound this year. However, the recovery has stalled, and the benchmark stock index is on pace to post losses for a third consecutive year.

After acquiring Credit Suisse in June, UBS has set huge integration goals for its former rival, including the elimination of 3,000 domestic jobs and the achievement of cost savings of more than $10 billion.

The headcount cuts coincide with those made by major banks like Barclays Plc and Goldman Sachs Group Inc. According to Bloomberg, as part of the layoffs, Barclays aims to fire around 5 per cent of the client-facing employees in the trading sector as well as certain dealmakers globally.

The smaller Swiss company was acquired by Zurich-based UBS after an emergency government-brokered deal for 3 billion Swiss francs ($3.4 billion).&nbsp;

In a wager on the region’s valuable clients, Bloomberg had earlier reported that Asia could be designated as one of the regions to be spared significant cuts. According to information from Asian Private Banker, UBS had 850 private bankers in the region at year’s end, compared to 580 for Credit Suisse.

Yet, even senior bankers were leaving steadily. According to the record maintained by the Monetary Authority of Singapore, Gautam Anand, a managing director in Singapore who was hired from Credit Suisse last year, is no longer employed by UBS. He began working with UBS in January as part of initiatives to improve services for the affluent diaspora of India.

Moreover, Martin Loh of Credit Suisse, Joe Lau, the market group head for China, as well other bankers have recently left Hong Kong.

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Months after completing its acquisition of competitor Credit Suisse, UBS Group AG is laying off hundreds of employees in Asia as a response to weak customer demand and China’s faltering economy, according to a report by The Economic Times.

Months after completing its acquisition of competitor Credit Suisse, UBS Group AG is laying off hundreds of employees in Asia as a response to weak customer demand and China’s faltering economy, according to a report by The Economic Times. According to the sources familiar with the matter, the largest bank in Switzerland has recently slashed some redundant posts and more are anticipated through November. Relationship managers will be among the posts that will be eliminated by the lender in Singapore and Hong Kong, most of them in teams that have just been purchased from Credit Suisse, according to the sources. They said that the number of cuts has not yet been decided. According to one of the sources, the lender intends to keep the majority of its private bankers in Australia and India for the time being. In the Asia-Pacific area, where Singapore and the regional commercial capital of Hong Kong have traditionally served as booking hubs for China’s ultra-wealthy, UBS is fighting low consumer demand and activity levels. The region’s profit before tax for the wealth management division decreased by 9 per cent in the second quarter compared to the same period last year. On Monday, UBS shares gave up early gains and were trading at 22.73 Swiss francs ($25.493) in Zurich at 11:18 a.m. As pandemic precautions and a real estate crisis impacted the nation, the second-largest economy in the world grew by 3 per cent last year, one of its weakest rates of expansion in decades. After it finally reopened, there was some optimism that China might rebound this year. However, the recovery has stalled, and the benchmark stock index is on pace to post losses for a third consecutive year. After acquiring Credit Suisse in June, UBS has set huge integration goals for its former rival, including the elimination of 3,000 domestic jobs and the achievement of cost savings of more than $10 billion. The headcount cuts coincide with those made by major banks like Barclays Plc and Goldman Sachs Group Inc. According to Bloomberg, as part of the layoffs, Barclays aims to fire around 5 per cent of the client-facing employees in the trading sector as well as certain dealmakers globally. The smaller Swiss company was acquired by Zurich-based UBS after an emergency government-brokered deal for 3 billion Swiss francs ($3.4 billion). In a wager on the region’s valuable clients, Bloomberg had earlier reported that Asia could be designated as one of the regions to be spared significant cuts. According to information from Asian Private Banker, UBS had 850 private bankers in the region at year’s end, compared to 580 for Credit Suisse. Yet, even senior bankers were leaving steadily. According to the record maintained by the Monetary Authority of Singapore, Gautam Anand, a managing director in Singapore who was hired from Credit Suisse last year, is no longer employed by UBS. He began working with UBS in January as part of initiatives to improve services for the affluent diaspora of India. Moreover, Martin Loh of Credit Suisse, Joe Lau, the market group head for China, as well other bankers have recently left Hong Kong. WATCH WION LIVE HERE

UBS cuts jobs in Asia amid slowing activity

The slowdown in the global economy has hit the world of finance. Deals have dried up, leading to a sharp drop in revenues. This has led to several firms announcing layoffs. The latest to join the bandwagon is the Bank of Montreal, whose capital markets unit is cutting about 100 positions or 3.5% of the division’s staff.

Canada's BMO capital markets announces layoffs

Ford Motor has announced plans to carry out layoffs this week, primarily affecting engineering jobs in the United States and Canada. The job cuts are part of Ford's cost-cutting measures as the company undergoes a restructuring of its business operations.&nbsp;

The layoffs as per CNBC are expected to impact all three of Ford's business units: Ford Blue, which focuses on internal combustion engine operations; Model e, the electric vehicle unit; and Ford Pro, the fleet service operations.

<h2>How many people will be affected by the layoffs?</h2>

The exact number of employees affected by the layoffs has not been disclosed by the company. In its most recent quarterly filing, Ford stated that it expected to incur charges in 2023 between $1.5 billion and $2 billion "primarily attributable to employee separations and supplier settlements".&nbsp;

This is comparable to similar actions in 2021 and 2022, which resulted in charges of $2 billion and $608 million, respectively.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/ubs-plans-to-sack-more-than-half-or-35000-credit-suisse-staff-report-609469">UBS plans to sack 'more than half' or 35,000 Credit Suisse staff: Report</a>

In an emailed statement, Ford, as per CNBC,&nbsp;said: "Delivering our Ford+ plan for growth and value creation includes increasing quality, lowering costs, investing in our priorities, and adjusting staffing to match the capabilities we need."&nbsp;

"People affected by the changes will be offered severance pay, benefits," added the company as reported by Reuters.

"This is related to the Ford+ growth plan we introduced in 2021," it added.

<h2>Ford+ Plan</h2>

Ford has been implementing restructuring efforts for several years as part of its Ford+ plan, led by CEO Jim Farley.&nbsp;

Last year in August, the company cut 3,000 workers in North America and recently conducted 3,800 layoffs in Europe.&nbsp;

Ford stated in its first-quarter filing that it would continue to review its global businesses and may take additional restructuring actions in cases where sustained profitability is not feasible.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/kpmg-joins-the-layoff-parade-canaries-in-the-economic-coal-mine-609151">KPMG joins the layoff parade: Canaries in the economic coal mine</a>

"We continue to review our global businesses and may take additional restructuring actions where a path to sustained profitability is not feasible when considering the capital allocation required for those businesses."

According to Ford's Farley, the company faces a cost disadvantage of approximately $7 billion compared to some of its competitors. The company aims to address this through efficiency gains and job reductions.&nbsp;

<h2>Ford and job cuts</h2>

In 2022, Ford's employee headcount decreased by approximately 10,000 people to 173,000 globally.

The employees affected by the most recent job cut will be offered severance pay, benefits, and assistance in finding new career opportunities. Reportedly, the layoffs have been communicated to contractors and team leaders, with employees expected to be notified throughout the week. The company has instructed affected units to work remotely during this period.&nbsp;

Ford's restructuring efforts align with the broader trend in the automotive industry, with other automakers such as General Motors and Stellantis also implementing layoffs and cost-cutting measures to focus more on the electric vehicles markets.

(With inputs from agencies)

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Ford Motor has announced plans to carry out layoffs this week, primarily affecting engineering jobs in the United States and Canada. The job cuts are part of Ford's cost-cutting measures as the company undergoes a restructuring of its business operations.

Ford Motor has announced plans to carry out layoffs this week, primarily affecting engineering jobs in the United States and Canada. The job cuts are part of Ford's cost-cutting measures as the company undergoes a restructuring of its business operations. The layoffs as per CNBC are expected to impact all three of Ford's business units: Ford Blue, which focuses on internal combustion engine operations; Model e, the electric vehicle unit; and Ford Pro, the fleet service operations. How many people will be affected by the layoffs? The exact number of employees affected by the layoffs has not been disclosed by the company. In its most recent quarterly filing, Ford stated that it expected to incur charges in 2023 between $1.5 billion and $2 billion "primarily attributable to employee separations and supplier settlements". This is comparable to similar actions in 2021 and 2022, which resulted in charges of $2 billion and $608 million, respectively. Also read | UBS plans to sack 'more than half' or 35,000 Credit Suisse staff: Report In an emailed statement, Ford, as per CNBC, said: "Delivering our Ford+ plan for growth and value creation includes increasing quality, lowering costs, investing in our priorities, and adjusting staffing to match the capabilities we need." "People affected by the changes will be offered severance pay, benefits," added the company as reported by Reuters. "This is related to the Ford+ growth plan we introduced in 2021," it added. Ford+ Plan Ford has been implementing restructuring efforts for several years as part of its Ford+ plan, led by CEO Jim Farley. Last year in August, the company cut 3,000 workers in North America and recently conducted 3,800 layoffs in Europe. Ford stated in its first-quarter filing that it would continue to review its global businesses and may take additional restructuring actions in cases where sustained profitability is not feasible. Also read | KPMG joins the layoff parade: Canaries in the economic coal mine "We continue to review our global businesses and may take additional restructuring actions where a path to sustained profitability is not feasible when considering the capital allocation required for those businesses." According to Ford's Farley, the company faces a cost disadvantage of approximately $7 billion compared to some of its competitors. The company aims to address this through efficiency gains and job reductions. Ford and job cuts In 2022, Ford's employee headcount decreased by approximately 10,000 people to 173,000 globally. The employees affected by the most recent job cut will be offered severance pay, benefits, and assistance in finding new career opportunities. Reportedly, the layoffs have been communicated to contractors and team leaders, with employees expected to be notified throughout the week. The company has instructed affected units to work remotely during this period. Ford's restructuring efforts align with the broader trend in the automotive industry, with other automakers such as General Motors and Stellantis also implementing layoffs and cost-cutting measures to focus more on the electric vehicles markets. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Ford announces job cuts; layoff to affect engineering jobs in United States and Canada

UBS Group is preparing to reduce more than half of the Credit Suisse Group's workforce following the emergency takeover of the bank. The impact of these job cuts is expected to be felt primarily by bankers, traders, and support staff in Credit Suisse's investment bank located in London, New York, and certain parts of Asia.

<h2>When will the job cuts happen?</h2>

As per a report in Fortune, staff has been told to expect the cuts in three rounds, with the first round projected to take place by the end of July, followed by two additional rounds tentatively planned for September and October.

UBS, which recently completed the acquisition and now has a combined workforce of approximately 120,000 employees, aims to save around $6 billion in staff costs over the coming years.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/credit-suisse-ordered-by-court-to-pay-926-million-to-ex-pm-of-georgia-596934">Another jolt to Credit Suisse, court orders it to pay $926 million to Georgian ex-PM</a>

Quoting sources, Fortune reports that UBS plans to reduce the total combined headcount by roughly 30 per cent, or 35,000 individuals.

This estimate aligns with an approximate reduction of 30,000 predicted this month by analysts at Redburn. Credit Suisse's current headcount stands at approximately 45,000 employees.

<h2>How will the job cuts affect the global financial sector?</h2>

The reduction in staff at Credit Suisse is expected to exacerbate an already challenging year for global financial sector jobs, as other major banks such as Morgan Stanley and Goldman Sachs have also announced substantial cuts.

Watch |&nbsp;Credit Suisse is now a part of UBS | World Business Watch

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UBS had earlier signalled its intention to significantly scale back the size of Credit Suisse's investment bank, which experienced a $5.5 billion loss due to the Archegos Capital Management scandal in 2021.&nbsp;

Earlier this month, the company's chief executive Sergio Ermotti warned that the coming months will likely be "bumpy". He said that the UBS, and Credit Suisse merger will demand "waves" of difficult decisions, including regarding employment.

Although UBS initially planned to retain the top 20 per cent of dealmakers, particularly those focused on technology, media, and telecoms, many high-performing bankers have already left or been hired by rival institutions.&nbsp;

Also read |&nbsp;<a data-ctorig="https://www.wionews.com/world/silicon-valley-bank-to-cut-500-jobs-says-new-owner-report-596360" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/silicon-valley-bank-to-cut-500-jobs-says-new-owner-report-596360&amp;sa=U&amp;ved=2ahUKEwial-atieX_AhXmTmwGHahpC0gQFnoECAAQAg&amp;usg=AOvVaw1cP6ReS7Br9qR4j8hcpMqi" dir="ltr" href="https://www.wionews.com/world/silicon-valley-bank-to-cut-500-jobs-says-new-owner-report-596360" target="_blank">Silicon Valley Bank to cut 500 jobs, says new owner: Report</a>

UBS as per the Fortune report aims to retain most of Credit Suisse's private bankers, particularly in the Asia-Pacific region, where a few hundred private bankers are expected to join UBS's existing team of over 1,200.&nbsp;

As per the report, a source revealed that the company will also need to retain staff responsible for managing Credit Suisse's structured loans to wealthy clients and the equity derivatives books.

<h2>UBS and Credit Suisse integration</h2>

Regarding the Swiss domestic business, UBS reportedly intends to make a decision in the third quarter on whether to fully integrate it with its own Swiss unit, pursue alternative options such as spinning it off or listing it publicly, or adopt another approach.&nbsp;

The fate of the Swiss bank has drawn significant attention. The initial job cuts are likely to exclude roles related to the overlapping areas of the Swiss businesses. However, if the two domestic businesses are merged, it is estimated that up to 10,000 jobs could be eliminated.&nbsp;
(With inputs from agencies)

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UBS Group is preparing to reduce more than half of the Credit Suisse Group's workforce following the emergency takeover of the bank. The impact of these job cuts is expected to be felt primarily by bankers, traders, and support staff in Credit Suisse's investment bank located in London, New York, and certain parts of Asia.

UBS Group is preparing to reduce more than half of the Credit Suisse Group's workforce following the emergency takeover of the bank. The impact of these job cuts is expected to be felt primarily by bankers, traders, and support staff in Credit Suisse's investment bank located in London, New York, and certain parts of Asia. When will the job cuts happen? As per a report in Fortune, staff has been told to expect the cuts in three rounds, with the first round projected to take place by the end of July, followed by two additional rounds tentatively planned for September and October. UBS, which recently completed the acquisition and now has a combined workforce of approximately 120,000 employees, aims to save around $6 billion in staff costs over the coming years. Also read | Another jolt to Credit Suisse, court orders it to pay $926 million to Georgian ex-PM Quoting sources, Fortune reports that UBS plans to reduce the total combined headcount by roughly 30 per cent, or 35,000 individuals. This estimate aligns with an approximate reduction of 30,000 predicted this month by analysts at Redburn. Credit Suisse's current headcount stands at approximately 45,000 employees. How will the job cuts affect the global financial sector? The reduction in staff at Credit Suisse is expected to exacerbate an already challenging year for global financial sector jobs, as other major banks such as Morgan Stanley and Goldman Sachs have also announced substantial cuts. Watch | Credit Suisse is now a part of UBS | World Business Watch UBS had earlier signalled its intention to significantly scale back the size of Credit Suisse's investment bank, which experienced a $5.5 billion loss due to the Archegos Capital Management scandal in 2021. Earlier this month, the company's chief executive Sergio Ermotti warned that the coming months will likely be "bumpy". He said that the UBS, and Credit Suisse merger will demand "waves" of difficult decisions, including regarding employment. Although UBS initially planned to retain the top 20 per cent of dealmakers, particularly those focused on technology, media, and telecoms, many high-performing bankers have already left or been hired by rival institutions. Also read | Silicon Valley Bank to cut 500 jobs, says new owner: Report UBS as per the Fortune report aims to retain most of Credit Suisse's private bankers, particularly in the Asia-Pacific region, where a few hundred private bankers are expected to join UBS's existing team of over 1,200. As per the report, a source revealed that the company will also need to retain staff responsible for managing Credit Suisse's structured loans to wealthy clients and the equity derivatives books. UBS and Credit Suisse integration Regarding the Swiss domestic business, UBS reportedly intends to make a decision in the third quarter on whether to fully integrate it with its own Swiss unit, pursue alternative options such as spinning it off or listing it publicly, or adopt another approach. The fate of the Swiss bank has drawn significant attention. The initial job cuts are likely to exclude roles related to the overlapping areas of the Swiss businesses. However, if the two domestic businesses are merged, it is estimated that up to 10,000 jobs could be eliminated. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

UBS plans to sack 'more than half' or 35,000 Credit Suisse staff: Report

Grab, the prominent ride-hailing and food delivery app, is taking a significant step by cutting 1,000 jobs, which amounts to approximately 11 per cent&nbsp;of its workforce, as reported by the BBC.&nbsp;The decision, according to CEO Anthony Tan, is driven by the need to bring down costs and ensure the long-term affordability of services.

By streamlining operations, Grab aims to optimise efficiency and maintain its competitive edge in the ever-evolving Southeast Asian market.

<h2>Grab's dominance in southeast Asia's digital landscape </h2>

Operating in eight Southeast Asian countries, Grab has become a ubiquitous "super-app" that offers a wide range of services, including ride-hailing, food delivery, and financial solutions.

The company solidified its position in 2018 by acquiring Uber's regional operations in a landmark deal. With an extensive presence in Malaysia, the Philippines, Singapore, Thailand, Vietnam, and beyond, Grab has established itself as the go-to platform for convenient on-demand services across the region.

Also read |&nbsp;<a href="https://www.wionews.com/world/chinese-tech-giant-alibaba-names-new-ceo-chairman-606778">Chinese tech giant Alibaba names new CEO, chairman</a>

<h2>Adapting to technological advancements and competitive challenges </h2>

CEO Anthony Tan acknowledges the rapid pace of change in the industry, emphasising the influence of cutting-edge technologies, such as generative AI.

Grab faces the imperative to stay at the forefront of innovation while also grappling with the rising cost of capital, which directly impacts the competitive landscape.

These formidable challenges have prompted the company's strategic decision to reshape its workforce and streamline operations, ensuring flexibility and resilience in the face of an ever-changing digital ecosystem.

Also watch |&nbsp;Meta's layoffs shrink workforce to 2021 level

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<h2>Global trend of job reductions</h2>

Grab's move aligns with a broader trend observed in the gig economy worldwide. Other industry players, including Indonesian ride-hailing firm GoTo, Grab's regional competitor, have previously reduced their workforce to adapt to evolving market dynamics.

Similarly, companies like Just Eat in the UK and Lyft in the US have implemented significant job cuts due to a combination of changing market conditions and the profound impact of the COVID-19 pandemic on the industry, reported the BBC.

By implementing a substantial reduction in its workforce, Grab demonstrates its commitment to ensuring long-term viability and maintaining a strong market position in Southeast Asia's digital landscape amidst technological advancements and economic challenges.

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Grab, the prominent ride-hailing and food delivery app, is taking a significant step by cutting 1,000 jobs, which amounts to approximately 11 per cent of its workforce, as reported by the BBC.

Grab, the prominent ride-hailing and food delivery app, is taking a significant step by cutting 1,000 jobs, which amounts to approximately 11 per cent of its workforce, as reported by the BBC. The decision, according to CEO Anthony Tan, is driven by the need to bring down costs and ensure the long-term affordability of services. By streamlining operations, Grab aims to optimise efficiency and maintain its competitive edge in the ever-evolving Southeast Asian market. Grab's dominance in southeast Asia's digital landscape Operating in eight Southeast Asian countries, Grab has become a ubiquitous "super-app" that offers a wide range of services, including ride-hailing, food delivery, and financial solutions. The company solidified its position in 2018 by acquiring Uber's regional operations in a landmark deal. With an extensive presence in Malaysia, the Philippines, Singapore, Thailand, Vietnam, and beyond, Grab has established itself as the go-to platform for convenient on-demand services across the region. Also read | Chinese tech giant Alibaba names new CEO, chairman Adapting to technological advancements and competitive challenges CEO Anthony Tan acknowledges the rapid pace of change in the industry, emphasising the influence of cutting-edge technologies, such as generative AI. Grab faces the imperative to stay at the forefront of innovation while also grappling with the rising cost of capital, which directly impacts the competitive landscape. These formidable challenges have prompted the company's strategic decision to reshape its workforce and streamline operations, ensuring flexibility and resilience in the face of an ever-changing digital ecosystem. Also watch | Meta's layoffs shrink workforce to 2021 level Global trend of job reductions Grab's move aligns with a broader trend observed in the gig economy worldwide. Other industry players, including Indonesian ride-hailing firm GoTo, Grab's regional competitor, have previously reduced their workforce to adapt to evolving market dynamics. Similarly, companies like Just Eat in the UK and Lyft in the US have implemented significant job cuts due to a combination of changing market conditions and the profound impact of the COVID-19 pandemic on the industry, reported the BBC. By implementing a substantial reduction in its workforce, Grab demonstrates its commitment to ensuring long-term viability and maintaining a strong market position in Southeast Asia's digital landscape amidst technological advancements and economic challenges. WATCH WION LIVE HERE:

Grab's cutback blitz: 1,000 jobs slashed for long-term affordability

In response to a stagnant deals market, Goldman Sachs, one of the world's leading investment banks, is set to initiate a fresh round of job cuts. The decision comes as the institution grapples with the ongoing challenges faced by the financial industry.&nbsp;

As per a Reuters report, fewer than 250 positions will be affected, encompassing various seniority levels, including partners and managing directors. The anticipated layoffs mark another significant move by Goldman Sachs, following a sizeable reduction earlier this year and additional job cuts in the previous year.

The current predicament faced by Goldman Sachs and its peers can be attributed to a confluence of factors.

The Federal Reserve's stringent interest rate hikes, implemented to combat inflation, have adversely impacted dealmaking activity. Moreover, the economic uncertainties stemming from the protracted conflict in Ukraine have further clouded the outlook for the financial sector. These circumstances have contributed to a decline in global mergers and acquisitions, reaching the lowest levels witnessed in over a decade during the first quarter of 2023. Simultaneously, the volume of initial public offerings has dropped to its lowest point since 2019.

Goldman Sachs&nbsp;Response And Industry Dynamics

Goldman Sachs intends to address these challenges by enhancing its efficiency ratio and bolstering profitability. The bank plans to reduce headcount, abstain from replacing departing staff, and trim other expenses as part of its strategy. The aim is to achieve a more favorable efficiency ratio by cutting costs. The bank has set a medium-term target of a 60 percent efficiency ratio, compared to the 68.7 percent reported at the end of March. The strategy also encompasses a targeted payroll reduction of $600 million.

These job cuts align with similar measures taken by rival firms in the industry. Morgan Stanley, another prominent investment bank, reportedly plans to eliminate around 3,000 positions in the second quarter, marking its second round of layoffs within six months. Likewise, Lazard Ltd, a key player in the financial sector, has announced a reduction of 10 percent in its workforce.

While Goldman Sachs is working towards improving its operational efficiency, these job cuts' implications on the institution and the broader financial sector remain uncertain. The decision aims to address the current challenging market conditions and enhance profitability. However, it also underscores the significant hurdles faced by investment banks in the face of subdued dealmaking and geopolitical uncertainties.

(With inputs from Reuters)

In response to a stagnant deals market, Goldman Sachs, one of the world's leading investment banks, is set to initiate a fresh round of job cuts. The decision comes as the institution grapples with the ongoing challenges faced by the financial industry.

In response to a stagnant deals market, Goldman Sachs, one of the world's leading investment banks, is set to initiate a fresh round of job cuts. The decision comes as the institution grapples with the ongoing challenges faced by the financial industry. As per a Reuters report, fewer than 250 positions will be affected, encompassing various seniority levels, including partners and managing directors. The anticipated layoffs mark another significant move by Goldman Sachs, following a sizeable reduction earlier this year and additional job cuts in the previous year. The current predicament faced by Goldman Sachs and its peers can be attributed to a confluence of factors. The Federal Reserve's stringent interest rate hikes, implemented to combat inflation, have adversely impacted dealmaking activity. Moreover, the economic uncertainties stemming from the protracted conflict in Ukraine have further clouded the outlook for the financial sector. These circumstances have contributed to a decline in global mergers and acquisitions, reaching the lowest levels witnessed in over a decade during the first quarter of 2023. Simultaneously, the volume of initial public offerings has dropped to its lowest point since 2019. Goldman Sachs Response And Industry Dynamics Goldman Sachs intends to address these challenges by enhancing its efficiency ratio and bolstering profitability. The bank plans to reduce headcount, abstain from replacing departing staff, and trim other expenses as part of its strategy. The aim is to achieve a more favorable efficiency ratio by cutting costs. The bank has set a medium-term target of a 60 percent efficiency ratio, compared to the 68.7 percent reported at the end of March. The strategy also encompasses a targeted payroll reduction of $600 million. These job cuts align with similar measures taken by rival firms in the industry. Morgan Stanley, another prominent investment bank, reportedly plans to eliminate around 3,000 positions in the second quarter, marking its second round of layoffs within six months. Likewise, Lazard Ltd, a key player in the financial sector, has announced a reduction of 10 percent in its workforce. While Goldman Sachs is working towards improving its operational efficiency, these job cuts' implications on the institution and the broader financial sector remain uncertain. The decision aims to address the current challenging market conditions and enhance profitability. However, it also underscores the significant hurdles faced by investment banks in the face of subdued dealmaking and geopolitical uncertainties. (With inputs from Reuters)

Goldman Sachs to shed jobs amid economic uncertainties

After reports of ford, Stellantis and other automakers cutting jobs worldwide, British engine maker Rolls Royce has dismissed reports of a job cut at its company. the rebuttal has come after a Sunday times report said that the company would cut 3,000 jobs.

Rolls Royce denies reports of job cuts

First Citizens, the new owner of now-collapsed Silicon Valley Bank's (SVB) US operations, has said that it plans to cut 500 roles previously held by SVB employees, reported BBC. The news outlet cited an e-mail by First Citizens' chief executive Frank Holding, who reportedly said the cut will affect&nbsp;"select SVB corporate functions and does not include any personnel in client-facing positions."

The story was first reported by US-based news website Axios.

BBC said that the job cuts may amount to around three&nbsp;per cent of the company's workforce.

SVB and Signature Bank's collapse had caused alarm globally, and investors along with governments had braced for a ripple effect. Soon after SVB's collapse, Swiss banking giant Credit Suisse was hastily acquired by rival UBS.&nbsp;It recently said that it was pressured by the Swiss government for the acquisition to prevent the collapse of Credit Suisse.

SVB's UK operations were acquired by HSBC for a nominal price of one&nbsp;pound.

Holding reportedly&nbsp;said in the e-mail that "The team in India that supports SVB is not impacted by the changes".

First Citizens, based in North Carolina in the US, has been acquiring troubled banks and has been one of the largest buyers of troubled banks in recent times.

<h2>CEOs grilled</h2>

Last week, CEOs of SVB and Signature Bank were grilled by US lawmakers in a hearing in US Congress.&nbsp;They were railed against for the lenders' risk management practices and lofty executive pay.&nbsp;

The hearing was the first significant public appearance of former Silicon Valley Bank chief executive Gregory Becker. During the hearing, he chose to characterise the bank as well-managed and blamed the collapse on factors beyond his control.

But the failure of both SVB and Signature Bank -- which also had former executives on the witness stand -- has been blamed in government reports on poor management, given the speedy growth of both lenders.

"You made a really stupid bet that went bad, didn't it?" asked Louisiana Republican Senator John Kennedy in an exchange with Becker over a decision to end a programme to manage interest rate risk as the Federal Reserve shifted policy.

"Senator, there were a series of events, unprecedented events that occurred that led us to where we are today," Becker said.

Georgia Democrat Raphael Warnock pressed Becker and asked if he felt he should have done anything differently. Becker said he, along with his other executives, "made the best decisions they could have" given the information at the time.

He was repeatedly asked about his compensation. Becker said that the decision rested with the bank's board. Becker's compensation over the last four years totalled USD 40 million. Becker said that the amount was decided by the bank's board.

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First Citizens, the new owner of now-collapsed Silicon Valley Bank's (SVB) US operations, has said that it plans to cut 500 roles previously held by SVB employees, reported BBC.

First Citizens, the new owner of now-collapsed Silicon Valley Bank's (SVB) US operations, has said that it plans to cut 500 roles previously held by SVB employees, reported BBC. The news outlet cited an e-mail by First Citizens' chief executive Frank Holding, who reportedly said the cut will affect "select SVB corporate functions and does not include any personnel in client-facing positions." The story was first reported by US-based news website Axios. BBC said that the job cuts may amount to around three per cent of the company's workforce. SVB and Signature Bank's collapse had caused alarm globally, and investors along with governments had braced for a ripple effect. Soon after SVB's collapse, Swiss banking giant Credit Suisse was hastily acquired by rival UBS. It recently said that it was pressured by the Swiss government for the acquisition to prevent the collapse of Credit Suisse. SVB's UK operations were acquired by HSBC for a nominal price of one pound. Holding reportedly said in the e-mail that "The team in India that supports SVB is not impacted by the changes". First Citizens, based in North Carolina in the US, has been acquiring troubled banks and has been one of the largest buyers of troubled banks in recent times. CEOs grilled Last week, CEOs of SVB and Signature Bank were grilled by US lawmakers in a hearing in US Congress. They were railed against for the lenders' risk management practices and lofty executive pay. The hearing was the first significant public appearance of former Silicon Valley Bank chief executive Gregory Becker. During the hearing, he chose to characterise the bank as well-managed and blamed the collapse on factors beyond his control. But the failure of both SVB and Signature Bank -- which also had former executives on the witness stand -- has been blamed in government reports on poor management, given the speedy growth of both lenders. "You made a really stupid bet that went bad, didn't it?" asked Louisiana Republican Senator John Kennedy in an exchange with Becker over a decision to end a programme to manage interest rate risk as the Federal Reserve shifted policy. "Senator, there were a series of events, unprecedented events that occurred that led us to where we are today," Becker said. Georgia Democrat Raphael Warnock pressed Becker and asked if he felt he should have done anything differently. Becker said he, along with his other executives, "made the best decisions they could have" given the information at the time. He was repeatedly asked about his compensation. Becker said that the decision rested with the bank's board. Becker's compensation over the last four years totalled USD 40 million. Becker said that the amount was decided by the bank's board. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Silicon Valley Bank to cut 500 jobs, says new owner: Report

Hundreds of thousands have lost jobs across sectors in 2023 as technology behemoths raced to cut costs.&nbsp;

The job cuts in the technology sector neared 90,000 in January 2023 and came down to 39,471 in February, 37,662 in March, 19,807 in April and 11,491 in the month of May so far, according to&nbsp;layoffs tracking platform Layoffs.fyi.

The platform&nbsp;showed that 695 tech companies have executed job cuts of around 198,000 employees so far in 2023. In 2022, over 1,000 tech companies laid off more than 161,000 employees. This indicates about a 19 per cent increase in the number of tech professionals who have lost their jobs in 2023 compared to the previous year.

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According to a Business Today report, in January 2023, nearly 100,000 tech employees were affected globally as technology-majors such as Amazon, Microsoft and Google contributed to a high number of job cuts.&nbsp;

<h2>Why such mass layoffs?</h2>

Companies have cited reasons such as over-hiring during the pandemic's Work-From-Home era and uncertain global macroeconomic conditions.

Mark Zuckerberg-owned Meta eliminated thousands of positions across Facebook, WhatsApp, Instagram and Reality Labs, as part of the company's goal of "greater efficiency. Meta had a hiring-freeze through the first three months of 2023.&nbsp;

ALSO READ | Gravitas: Tech layoffs: Is your job safe?

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Among the 'Big Four' financial consulting giants, Ernst &amp; Young executed 3,000 job cuts in the United States last month.

KPMG laid off close to 2 per cent of its US staff in February.

Accenture has announced it would cut 2.6 per cent of its global workforce over the next 18 months.

McKinsey's restructuring will reportedly reduce about 3 per cent of its workforce in 2023.

Meanwhile, global telecom carrier Vodafone has declared plans to reduce its workforce by 11,000 employees over the next three years. The company aims to streamline both its headquarters and local markets, seeking a more simplified operational structure.

Adding to the challenging environment, Microsoft has decided not to provide salary increases to its salaried employees, including senior leaders, this year.

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Hundreds of thousands have lost jobs across sectors in 2023 as technology behemoths raced to cut costs. The job cuts in the technology sector neared 90,000 in January 2023 and came down to 39,471 in February, 37,662 in March, 19,807 in April and 11,491 in the month of May so far, according to layoffs tracking platform Layoffs.

Hundreds of thousands have lost jobs across sectors in 2023 as technology behemoths raced to cut costs. The job cuts in the technology sector neared 90,000 in January 2023 and came down to 39,471 in February, 37,662 in March, 19,807 in April and 11,491 in the month of May so far, according to layoffs tracking platform Layoffs.fyi. The platform showed that 695 tech companies have executed job cuts of around 198,000 employees so far in 2023. In 2022, over 1,000 tech companies laid off more than 161,000 employees. This indicates about a 19 per cent increase in the number of tech professionals who have lost their jobs in 2023 compared to the previous year. ALSO READ | Thousands set to lose jobs as 'Big Four' announce job cuts one after another According to a Business Today report, in January 2023, nearly 100,000 tech employees were affected globally as technology-majors such as Amazon, Microsoft and Google contributed to a high number of job cuts. Why such mass layoffs? Companies have cited reasons such as over-hiring during the pandemic's Work-From-Home era and uncertain global macroeconomic conditions. Mark Zuckerberg-owned Meta eliminated thousands of positions across Facebook, WhatsApp, Instagram and Reality Labs, as part of the company's goal of "greater efficiency. Meta had a hiring-freeze through the first three months of 2023. ALSO READ | Gravitas: Tech layoffs: Is your job safe? × Among the 'Big Four' financial consulting giants, Ernst & Young executed 3,000 job cuts in the United States last month. KPMG laid off close to 2 per cent of its US staff in February. Accenture has announced it would cut 2.6 per cent of its global workforce over the next 18 months. McKinsey's restructuring will reportedly reduce about 3 per cent of its workforce in 2023. Meanwhile, global telecom carrier Vodafone has declared plans to reduce its workforce by 11,000 employees over the next three years. The company aims to streamline both its headquarters and local markets, seeking a more simplified operational structure. Adding to the challenging environment, Microsoft has decided not to provide salary increases to its salaried employees, including senior leaders, this year. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Hundreds of thousands lose jobs in 2023 as tech giants race to cut costs

Job hunt platform, LinkedIn is axing about 4% of its workforce. It translates to 700 workers being laid off globally. The company also says it will shut its China focused app. For more, watch the video.

LinkedIn axes 700 positions globally

US taxi service Lyft will see more job cuts as part of a cost cutting measure. A Wall Street Journal report said that over 4,000 employees, or 30% of Lyft's workforce, are likely to lose their jobs.

Lyft opts for a second round of layoffs

Walt Disney is set to eliminate nearly 7,000 jobs next week, including about 15% of the staff in its entertainment division.

Disney to cut 7,000 jobs amid more layoffs

Ernst & Young's US arm said that it was firing 3,000 job cuts or five per cent of its American workforce. Less than a week ago, the firm called off a split between its auditing and consulting units, but a spokesperson said the cuts are unrelated to the scuttled plan.

Ernst And Young announces 3,000 job cuts in US due to overcapacity

US burger chain McDonald’s is temporarily closing off its offices earlier this week in the US and preparing to lay off its employees, the Wall Street Journal (WSJ) newspaper has reported.

The move is part of a broader company restructuring plan for the burger giant amidst concerns about a slowing economy.

In an internal memo to its employees in the US and international staff last week, the US fast food chain has asked its employees to work from home from Monday to Wednesday so that it can inform them virtually about the company's lay off plans, the WSJ reported on Sunday.

It has also asked employees to cancel all in-person meetings with vendors and other outside parties at its headquarters.&nbsp;

“During the week of April 3, we will communicate key decisions related to roles and staffing levels across the organization,” the company said in the message viewed by the WSJ.&nbsp;

It has asked staff who don’t have access to a computer during the week to provide personal contact information to their manager.&nbsp;

“We want to ensure the comfort and confidentiality of our people during the notification period,” the company said.

More than 150,000 people are employed globally with McDonald’s, with 70 per cent of them located outside of the US, the company said in February.&nbsp;

However, it has not commented how many employees are being laid off over the course of this week.

In January, McDonald’s had indicated that it may take “difficult” decisions about changes to its corporate staffing levels by April, as part of a broader strategic plan for the burger chain.&nbsp;

At that time, Chief Executive Chris Kempczinski said that the company wants to move forward with its retrenchment policy as they were expected to save money, but didn’t have a set dollar amount or the number of jobs he was looking to cut.

“Some jobs that are existing today are either going to get moved or those jobs may go away,” Kempczinski was quoted as saying.

(With inputs from agencies)

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US burger chain McDonald’s is temporarily closing off its offices earlier this week in the US and preparing to lay off its employees, the Wall Street Journal (WSJ) newspaper has reported.

US burger chain McDonald’s is temporarily closing off its offices earlier this week in the US and preparing to lay off its employees, the Wall Street Journal (WSJ) newspaper has reported. The move is part of a broader company restructuring plan for the burger giant amidst concerns about a slowing economy. In an internal memo to its employees in the US and international staff last week, the US fast food chain has asked its employees to work from home from Monday to Wednesday so that it can inform them virtually about the company's lay off plans, the WSJ reported on Sunday. It has also asked employees to cancel all in-person meetings with vendors and other outside parties at its headquarters. “During the week of April 3, we will communicate key decisions related to roles and staffing levels across the organization,” the company said in the message viewed by the WSJ. It has asked staff who don’t have access to a computer during the week to provide personal contact information to their manager. “We want to ensure the comfort and confidentiality of our people during the notification period,” the company said. More than 150,000 people are employed globally with McDonald’s, with 70 per cent of them located outside of the US, the company said in February. However, it has not commented how many employees are being laid off over the course of this week. In January, McDonald’s had indicated that it may take “difficult” decisions about changes to its corporate staffing levels by April, as part of a broader strategic plan for the burger chain. At that time, Chief Executive Chris Kempczinski said that the company wants to move forward with its retrenchment policy as they were expected to save money, but didn’t have a set dollar amount or the number of jobs he was looking to cut. “Some jobs that are existing today are either going to get moved or those jobs may go away,” Kempczinski was quoted as saying. (With inputs from agencies) WATCH WION LIVE HERE

McDonald’s shuts offices in US temporarily, prepares for layoffs: Report

Indeed.com, a website that lists jobs, announced&nbsp;Wednesday (March 22)&nbsp;that it would lay off over 2,200 workers, or nearly 15 per cent&nbsp;of its workforce.&nbsp;

“The cuts come from nearly every team, function, level and region,” at the company, CEO Chris Hyams said in a memo released by the company. “The specific decisions on who and where to cut were extremely difficult, but they were made with great care,” the memo added.

Indeed's projection that the labour market will continue to cool down following "the recent post-COVID boom" led to the decision to make job cuts at the 2004-founded company, according to Hyams. The company believes that the its main source of income from job postings, would continue to drop in fiscal years 2023 and 2024, as reported by CNN.&nbsp;

“Last quarter, US total job openings were down 3.5 per cent&nbsp;year-over-year, while sponsored job volume fell 33 per cent. In the US, we are expecting job openings will likely decrease to pre-pandemic levels of about 7.5 million, or even lower over the next two to three years,” Hyams added.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/tech-giant-apple-seeking-changes-in-indias-labour-laws-heres-why-574780">Tech giant Apple seeking changes in India's labour laws. Here's why</a>

Employees outside the UK, Ireland, the Netherlands, and Japan were expected to get an email letting them know their status within an hour of the memo's release. "Your Job Has Not Been Impacted" will be the subject line of an email sent to employees who will keep their jobs. "Your Position Has Been Impacted" will be the email subject line for those who were laid off.

The fired employees&nbsp;will receive their regular pay checks until the end of March, along with a 16-week severance package, the company said.

The Indeed layoffs follow Amazon's big layoff announcement on Tuesday. &nbsp;Approximately 9,000 people will be laid off, mostly from Amazon Web Services, People Experience and Technology (PXT), advertising, and Twitch, according to CEO Andy Jassy.

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Indeed.com, a website that lists jobs, announced Wednesday (March 22) that it would lay off over 2,200 workers, or nearly 15 per cent of its workforce. “The cuts come from nearly every team, function, level and region,” at the company, CEO Chris Hyams said in a memo released by the company.

Indeed.com, a website that lists jobs, announced Wednesday (March 22) that it would lay off over 2,200 workers, or nearly 15 per cent of its workforce. “The cuts come from nearly every team, function, level and region,” at the company, CEO Chris Hyams said in a memo released by the company. “The specific decisions on who and where to cut were extremely difficult, but they were made with great care,” the memo added. Indeed's projection that the labour market will continue to cool down following "the recent post-COVID boom" led to the decision to make job cuts at the 2004-founded company, according to Hyams. The company believes that the its main source of income from job postings, would continue to drop in fiscal years 2023 and 2024, as reported by CNN. “Last quarter, US total job openings were down 3.5 per cent year-over-year, while sponsored job volume fell 33 per cent. In the US, we are expecting job openings will likely decrease to pre-pandemic levels of about 7.5 million, or even lower over the next two to three years,” Hyams added. ALSO READ | Tech giant Apple seeking changes in India's labour laws. Here's why Employees outside the UK, Ireland, the Netherlands, and Japan were expected to get an email letting them know their status within an hour of the memo's release. "Your Job Has Not Been Impacted" will be the subject line of an email sent to employees who will keep their jobs. "Your Position Has Been Impacted" will be the email subject line for those who were laid off. The fired employees will receive their regular pay checks until the end of March, along with a 16-week severance package, the company said. The Indeed layoffs follow Amazon's big layoff announcement on Tuesday. Approximately 9,000 people will be laid off, mostly from Amazon Web Services, People Experience and Technology (PXT), advertising, and Twitch, according to CEO Andy Jassy. WATCH WION LIVE HERE:

Job listing company Indeed to let go over 2,200 employees, almost 15% of its workforce

Meta, the owner of Facebook and Instagram, is planning a fresh round of layoffs and will cut thousands of employees as soon as this week. Meta is eliminating more jobs, on top of a 13% reduction in November, in a bid to become a more efficient organization.

Meta plans to cut thousands of jobs this week: Reports

Twitter has reportedly laid off about 10 per cent of its remaining workforce, or at least 200 employees. The move comes as part of Elon Musk's ongoing effort to reduce costs since acquiring the social media platform in October.

Twitter reportedly fires 200 employees in fresh round of job cuts

Job cuts are continuing and now reports are saying that Facebook's parent company, Meta, is likely to go for a fresh round of drop cuts which would affect thousands of workers. This time, the move will be a part of reorganisation and downsizing efforts of social media firm.

Another round of jobs cuts at Meta, thousands of workers could be impacted: Reports

KPMG has become&nbsp;the first among the world's four biggest accountancy firms to slash jobs in the US.&nbsp;Reports show KPMG is cutting close to 2% of its workforce in the US.&nbsp;The development comes amid a turbulent macroeconomic outlook.&nbsp;The darkening economic backdrop has pressured consumers and soured demand in several industries — including several financial firms, wall street banks, asset managers and big tech companies that have slashed jobs in the recent months.

According to a Financial Times report, the job cuts at KPMG will impact close to 700 employees.&nbsp;The report also showed&nbsp;that KPMG has been experiencing difficulties as a result of a decline in merger and acquisition (M&amp;A) activity, which has negatively impacted its deal advisory business and decreased demand for I-T and strategic consulting, along with the other Big Four firms EY, Deloitte, and PricewaterhouseCoopers (PwC).

ALSO READ | <a href="https://www.wionews.com/business-economy/private-equity-firm-carlyle-buys-a-majority-stake-in-indias-vlcc-551062">Private equity firm Carlyle buys a majority stake in India's VLCC</a>

In an emailed response to Reuters, a spokesperson for KPMG said, "Our business and outlook remain strong. However, we have experienced prolonged uncertainty affecting certain parts of our Advisory business that drove outsized growth in recent years."

According to the FT, KPMG tried to reduce costs by delaying the start date for new hiring, cutting travel expenses, and moving a number of advisory staff members to the audit and tax divisions of the company.

Media reports also show&nbsp;that many businesses over hired during the COVID-19 pandemic in the mistaken belief that the need for I-T consulting and deal advising work would remain the same.

KPMG stated that they have seen protracted uncertainty affecting certain aspects of their advising business that fuelled outsized growth in recent years.&nbsp;The consulting firm also mentioned how tough the activities were and how they affected people's lives.

According to the company, it is offering its employees a comprehensive benefits package that includes severance pay, health insurance, assistance for their mental health and wellbeing, career counselling, and possibilities for learning and growth.

The wave of mass layoffs that began with startups and internet companies in 2022 has since spread to a number of other industries, including the financial sector, which has recently reduced workforce.

Big Tech companies have reduced nearly 60,000 jobs last month alone, cutting back on the hiring spree which surged during the pandemic.

After a decade of explosive growth, Silicon Valley pivoted to a cost-cutting mode.

WATCH | KPMG to cut 2% staff in US, several financial firms slash jobs

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Last year, the tech industry saw a record high of 1 in 4 layoffs, with the largest companies announcing further cuts in 2023.

Facebook owner Meta has termed 2023 as the&nbsp;"year of efficiency", reflecting the mood among large companies towards having a leaner organisation to lower costs.

After Facebook CEO Mark Zuckerberg dubbed 2023 as the "Year of Efficiency", the social media giant eliminated hundreds of staff and reduced expenditure plans.

Separately, last week, The Financial Times reported that Meta had put off finalising the budgets for several teams because it was getting ready to cut more jobs.&nbsp; 
 
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KPMG has become the first among the world's four biggest accountancy firms to slash jobs in the US. Reports show KPMG is cutting close to 2% of its workforce in the US.

KPMG has become the first among the world's four biggest accountancy firms to slash jobs in the US. Reports show KPMG is cutting close to 2% of its workforce in the US. The development comes amid a turbulent macroeconomic outlook. The darkening economic backdrop has pressured consumers and soured demand in several industries — including several financial firms, wall street banks, asset managers and big tech companies that have slashed jobs in the recent months. According to a Financial Times report, the job cuts at KPMG will impact close to 700 employees. The report also showed that KPMG has been experiencing difficulties as a result of a decline in merger and acquisition (M&A) activity, which has negatively impacted its deal advisory business and decreased demand for I-T and strategic consulting, along with the other Big Four firms EY, Deloitte, and PricewaterhouseCoopers (PwC). ALSO READ | Private equity firm Carlyle buys a majority stake in India's VLCC In an emailed response to Reuters, a spokesperson for KPMG said, "Our business and outlook remain strong. However, we have experienced prolonged uncertainty affecting certain parts of our Advisory business that drove outsized growth in recent years." According to the FT, KPMG tried to reduce costs by delaying the start date for new hiring, cutting travel expenses, and moving a number of advisory staff members to the audit and tax divisions of the company. Media reports also show that many businesses over hired during the COVID-19 pandemic in the mistaken belief that the need for I-T consulting and deal advising work would remain the same. KPMG stated that they have seen protracted uncertainty affecting certain aspects of their advising business that fuelled outsized growth in recent years. The consulting firm also mentioned how tough the activities were and how they affected people's lives. According to the company, it is offering its employees a comprehensive benefits package that includes severance pay, health insurance, assistance for their mental health and wellbeing, career counselling, and possibilities for learning and growth. The wave of mass layoffs that began with startups and internet companies in 2022 has since spread to a number of other industries, including the financial sector, which has recently reduced workforce. Big Tech companies have reduced nearly 60,000 jobs last month alone, cutting back on the hiring spree which surged during the pandemic. After a decade of explosive growth, Silicon Valley pivoted to a cost-cutting mode. WATCH | KPMG to cut 2% staff in US, several financial firms slash jobs Last year, the tech industry saw a record high of 1 in 4 layoffs, with the largest companies announcing further cuts in 2023. Facebook owner Meta has termed 2023 as the "year of efficiency", reflecting the mood among large companies towards having a leaner organisation to lower costs. After Facebook CEO Mark Zuckerberg dubbed 2023 as the "Year of Efficiency", the social media giant eliminated hundreds of staff and reduced expenditure plans. Separately, last week, The Financial Times reported that Meta had put off finalising the budgets for several teams because it was getting ready to cut more jobs. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

KPMG becomes the first Big Four consulting firm to cut jobs, fires 700 employees in US

The United States-based planemaker, Boeing, on Monday (February 6) confirmed that they are going to cut about 2,000 white-collar jobs in the company’s finance and human resources departments through a combination of attrition and layoffs, as per media reports. This comes after a report in the Seattle Times which first reported about the possible “reductions this year” primarily in the two departments.&nbsp;

The Arlington, Virginia-based company said that it will continue to “simplify our corporate structure”, in the context of these job cuts. This comes a month after the planemaker announced that it will hire some 10,000 workers this year after hiring 15,000 people last year. However, at the time Boeing had said that it would cut some support positions.&nbsp;

Boeing has also confirmed that it will be outsourcing at least one-third of those jobs to Tata Consulting Services (TCS) in Bengaluru, India, as per media reports. Last month, the company also indicated that it would lower “staffing within some support functions” which was meant to enable it to better align resources to support current products and technology development.&nbsp;

“Over time, some of our corporate functions have grown quite large. And with that growth tends to come bureaucracy or disparate systems that are inefficient…So we’re streamlining,” said a senior director of communications at Boeing, Mike Friedman, to the Seattle Times. According to the report, there are some 5,800 employees in the company, out of which at least a quarter will be affected, with at least 1,500 jobs cut from finance and up to 400 more in human resources.&nbsp;

Additionally, Friedman also spoke about how the planemaker will make sure to hire more production workers and engineers which would ensure the overall growth of Boeing. In 2021, the planemaker had planned to cut more than 150 finance jobs in the US in a bid to simplify its corporate structure and focus on manufacturing and product development.&nbsp;

(With inputs from agencies)&nbsp; 
 
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The United States-based planemaker, Boeing, on Monday (February 6) confirmed that they are going to cut about 2,000 white-collar jobs in the company’s finance and human resources departments through a combination of attrition and layoffs, as per media reports.

The United States-based planemaker, Boeing, on Monday (February 6) confirmed that they are going to cut about 2,000 white-collar jobs in the company’s finance and human resources departments through a combination of attrition and layoffs, as per media reports. This comes after a report in the Seattle Times which first reported about the possible “reductions this year” primarily in the two departments. The Arlington, Virginia-based company said that it will continue to “simplify our corporate structure”, in the context of these job cuts. This comes a month after the planemaker announced that it will hire some 10,000 workers this year after hiring 15,000 people last year. However, at the time Boeing had said that it would cut some support positions. Boeing has also confirmed that it will be outsourcing at least one-third of those jobs to Tata Consulting Services (TCS) in Bengaluru, India, as per media reports. Last month, the company also indicated that it would lower “staffing within some support functions” which was meant to enable it to better align resources to support current products and technology development. “Over time, some of our corporate functions have grown quite large. And with that growth tends to come bureaucracy or disparate systems that are inefficient…So we’re streamlining,” said a senior director of communications at Boeing, Mike Friedman, to the Seattle Times. According to the report, there are some 5,800 employees in the company, out of which at least a quarter will be affected, with at least 1,500 jobs cut from finance and up to 400 more in human resources. Additionally, Friedman also spoke about how the planemaker will make sure to hire more production workers and engineers which would ensure the overall growth of Boeing. In 2021, the planemaker had planned to cut more than 150 finance jobs in the US in a bid to simplify its corporate structure and focus on manufacturing and product development. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Boeing to cut at least 2,000 white-collar jobs in finance and HR; will outsource their work to TCS

The Dutch online marketplace OLX is cutting off 15 per cent&nbsp;of its global workforce, or around 1,500 workers, and is the latest company to do so in recent days.

“OLX is reducing its global workforce by 15% which affects staff across all countries, business units, and job functions. We are taking necessary measures to reduce cost structure in light of changing macroeconomic conditions,” a company spokesperson confirmed to&nbsp;Financial Express.

“Regrettably,” added the spokesperson, “this means we are reducing the size of our workforce. We are sorry to part ways with these valuable contributors. But, doing so is necessary to meet our future ambitions. Ensuring that our employees are treated fairly and with respect, is at the forefront of our attention at this time.”

The exact number of employees impacted by the change in India is unknown. Financial Express claimed that the engineering and operations teams are the worst hit in India, citing sources familiar with the case.&nbsp;

Also watch |&nbsp;Philips layoffs hit 6,000 jobs as the company attempts to improve its profitability

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OLX, which started operating internationally in 2006, has more than 20 brands globally. It allows for the purchase and selling of products in a variety of categories, including apparel, electronics, furniture, and automobiles, as per its website.&nbsp;

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The Dutch online marketplace OLX is cutting off 15 per cent of its global workforce, or around 1,500 workers, and is the latest company to do so in recent days. “OLX is reducing its global workforce by 15% which affects staff across all countries, business units, and job functions.

The Dutch online marketplace OLX is cutting off 15 per cent of its global workforce, or around 1,500 workers, and is the latest company to do so in recent days. “OLX is reducing its global workforce by 15% which affects staff across all countries, business units, and job functions. We are taking necessary measures to reduce cost structure in light of changing macroeconomic conditions,” a company spokesperson confirmed to Financial Express. “Regrettably,” added the spokesperson, “this means we are reducing the size of our workforce. We are sorry to part ways with these valuable contributors. But, doing so is necessary to meet our future ambitions. Ensuring that our employees are treated fairly and with respect, is at the forefront of our attention at this time.” The exact number of employees impacted by the change in India is unknown. Financial Express claimed that the engineering and operations teams are the worst hit in India, citing sources familiar with the case. Also watch | Philips layoffs hit 6,000 jobs as the company attempts to improve its profitability OLX, which started operating internationally in 2006, has more than 20 brands globally. It allows for the purchase and selling of products in a variety of categories, including apparel, electronics, furniture, and automobiles, as per its website. WATCH WION LIVE HERE:

OLX to lay off 15 per cent of its workforce globally, almost 1,500 employees to be impacted

In-house massage therapists made up more than two dozen of those who lost their jobs in Google's most recent wave of layoffs, which occurred last week.

27 in-house massage therapists were among the 1,845 employees that lost their positions with the company in the state of California, according to filings that CNBC reported on Tuesday. 24 of the massage therapists who lost their employment worked at the company's Mountain View, California, headquarters, while three additional massage therapists who worked at the company's campuses in Los Angeles and Irvine, California, also lost their jobs.

Many IT firms, including Google, have recently let go of thousands of workers.

Some of the workforce cutbacks are attributed to businesses hiring too many people during the COVID-19 pandemic.

Also read |&nbsp;<a href="https://www.wionews.com/technology/google-buckles-under-indias-anti-trust-ruling-allows-android-users-to-choose-default-search-engine-555983/amp">Google buckles under India’s anti-trust ruling, allows Android users to choose default search engine</a>

In its largest wave of layoffs to date, Alphabet, the parent company of Google, has slashed 12,000 jobs. Six percent of its workforce was affected by the round of layoffs.

Sundar Pichai, CEO of Google, said in an email to staff members that the company is eliminating positions across a number of divisions following a "rigorous review," saying that due to the company's "dramatic growth" over the previous two years, they hired more people than&nbsp;actually required.

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In-house massage therapists made up more than two dozen of those who lost their jobs in Google's most recent wave of layoffs, which occurred last week. 27 in-house massage therapists were among the 1,845 employees that lost their positions with the company in the state of California, according to filings that CNBC reported on Tuesday.

In-house massage therapists made up more than two dozen of those who lost their jobs in Google's most recent wave of layoffs, which occurred last week. 27 in-house massage therapists were among the 1,845 employees that lost their positions with the company in the state of California, according to filings that CNBC reported on Tuesday. 24 of the massage therapists who lost their employment worked at the company's Mountain View, California, headquarters, while three additional massage therapists who worked at the company's campuses in Los Angeles and Irvine, California, also lost their jobs. Many IT firms, including Google, have recently let go of thousands of workers. Some of the workforce cutbacks are attributed to businesses hiring too many people during the COVID-19 pandemic. Also read | Google buckles under India’s anti-trust ruling, allows Android users to choose default search engine In its largest wave of layoffs to date, Alphabet, the parent company of Google, has slashed 12,000 jobs. Six percent of its workforce was affected by the round of layoffs. Sundar Pichai, CEO of Google, said in an email to staff members that the company is eliminating positions across a number of divisions following a "rigorous review," saying that due to the company's "dramatic growth" over the previous two years, they hired more people than actually required. WATCH WION LIVE HERE:

Cutting back on massages: Google fires almost 27 massage therapists amid mass layoffs

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