Following a seven-minute meeting, International Business Machines Corp (IBM) disclosed plans for layoffs within its marketing and communications division, leaving employees grappling with uncertainty. <o:p></o:p>

Jonathan Adashek, the chief communications officer at IBM, broke the news during the session, without revealing specific figures, according to sources cited by CNBC.<o:p></o:p>

According to reports, IBM's move to streamline its workforce comes in the wake of CEO Arvind Krishna's previous statements outlining a shift towards integrating artificial intelligence (AI) into various functions, with the expectation of potentially replacing up to 30 per cent of roles with automation over five years. <o:p></o:p>

The company's emphasis on AI-led solutions has raised concerns about the future of traditional job roles within the tech giant. <o:p></o:p>

The decision to downsize reflects a broader trend within the technology industry, with approximately 204 tech companies collectively slashing nearly 50,000 jobs in 2024, as reported by layoffs.fyi. <o:p></o:p>

IBM's restructuring efforts aim to align its workforce with the changing technological landscapes, focusing on integrating AI technologies like WatsonX to enhance efficiency and productivity.<o:p></o:p>

Despite IBM's incremental revenue growth, the company has refrained from significant hiring initiatives, opting instead to prioritise AI integration and workforce balance. <o:p></o:p>

Notably, IBM's revenue from generative AI and WatsonX products doubled in comparison to the previous year, highlighting the company's quest towards AI-driven innovations.<o:p></o:p>

IBM's recent voluntary redundancy program in Europe indicates its transformative approach towards restructuring, with a large portion of the reduction targeted at Enterprise Operations &amp; Support (EO&amp;S), Q2C missions, and Finance &amp; Operations roles. <o:p></o:p>

Following a seven-minute meeting, International Business Machines Corp (IBM) disclosed plans for layoffs within its marketing and communications division, leaving employees grappling with uncertainty.

Following a seven-minute meeting, International Business Machines Corp (IBM) disclosed plans for layoffs within its marketing and communications division, leaving employees grappling with uncertainty. Jonathan Adashek, the chief communications officer at IBM, broke the news during the session, without revealing specific figures, according to sources cited by CNBC. According to reports, IBM's move to streamline its workforce comes in the wake of CEO Arvind Krishna's previous statements outlining a shift towards integrating artificial intelligence (AI) into various functions, with the expectation of potentially replacing up to 30 per cent of roles with automation over five years. The company's emphasis on AI-led solutions has raised concerns about the future of traditional job roles within the tech giant. The decision to downsize reflects a broader trend within the technology industry, with approximately 204 tech companies collectively slashing nearly 50,000 jobs in 2024, as reported by layoffs.fyi. IBM's restructuring efforts aim to align its workforce with the changing technological landscapes, focusing on integrating AI technologies like WatsonX to enhance efficiency and productivity. Despite IBM's incremental revenue growth, the company has refrained from significant hiring initiatives, opting instead to prioritise AI integration and workforce balance. Notably, IBM's revenue from generative AI and WatsonX products doubled in comparison to the previous year, highlighting the company's quest towards AI-driven innovations. IBM's recent voluntary redundancy program in Europe indicates its transformative approach towards restructuring, with a large portion of the reduction targeted at Enterprise Operations & Support (EO&S), Q2C missions, and Finance & Operations roles.

IBM announces job cuts amidst AI integration: Report

Would you ever volunteer to be laid off? A company has reportedly asked the employees who want to leave the company to come forward. It is called voluntary redundancy. Molly Gambhir tells you more.

Gravitas | Tech firm to employees: do you want to be laid off?

In 2024, traders closely monitor two key drivers of global markets: inflation and the impending US—presidential election. According to a recent survey by JPMorgan, 27% of traders foresee inflation as the most significant factor, followed by 20% who identify the November election as a major influencer.

What's driving global markets in 2024?

Logistics giant&nbsp;UPS&nbsp;said Tuesday it would cut about 12,000 jobs worldwide, shortly after reporting quarterly revenues that disappointed analysts.

In a conference call, CEO Carol Tome said the company was seeking to "align" its resources with&nbsp;UPS'&nbsp;priorities, adding that the cuts would save it around $1 billion in costs this year.

Three-quarters of the reductions are set to come in the first half, Tome noted.&nbsp;UPS&nbsp;has around 500,000 employees.

The chief executive also said that the layoffs mark a change in the way that the company works, in that these jobs are not expected to come back even if business volume rises again.

The announcement came shortly after&nbsp;UPS&nbsp;reported that its quarterly revenues were $24.9 billion for the fourth quarter of 2023, 7.8 per cent below the same period in 2022.

This was markedly less than the $25.4 billion figure that analysts expected as well.

For the full year,&nbsp;UPS&nbsp;reported a revenue fall of 9.3 per cent to $91 billion.

"2023 was a unique and difficult year and through it all we remained focused on controlling what we could control, stayed on strategy and strengthened our foundation for future growth," Tome said in a statement.

In particular, the company noted drops in average daily volumes, both in its domestic and international business segments -- bogging down its revenues.

For the final quarter last year,&nbsp;UPS&nbsp;reported earnings per share of $1.87.

Logistics giant UPS said Tuesday it would cut about 12,000 jobs worldwide, shortly after reporting quarterly revenues that disappointed analysts. In a conference call, CEO Carol Tome said the company was seeking to "align" its resources with UPS' priorities, adding that the cuts would save it around $1 billion in costs this year.

Logistics giant UPS said Tuesday it would cut about 12,000 jobs worldwide, shortly after reporting quarterly revenues that disappointed analysts. In a conference call, CEO Carol Tome said the company was seeking to "align" its resources with UPS' priorities, adding that the cuts would save it around $1 billion in costs this year. Three-quarters of the reductions are set to come in the first half, Tome noted. UPS has around 500,000 employees. The chief executive also said that the layoffs mark a change in the way that the company works, in that these jobs are not expected to come back even if business volume rises again. The announcement came shortly after UPS reported that its quarterly revenues were $24.9 billion for the fourth quarter of 2023, 7.8 per cent below the same period in 2022. This was markedly less than the $25.4 billion figure that analysts expected as well. For the full year, UPS reported a revenue fall of 9.3 per cent to $91 billion. "2023 was a unique and difficult year and through it all we remained focused on controlling what we could control, stayed on strategy and strengthened our foundation for future growth," Tome said in a statement. In particular, the company noted drops in average daily volumes, both in its domestic and international business segments -- bogging down its revenues. For the final quarter last year, UPS reported earnings per share of $1.87.

Logistics giant UPS says it will cut 12,000 jobs, closes challenging year

American airlines group plans to lay off 656 workers who assist customers with misplaced baggage and other travel-related issues. The responsibilities of these staff are planned to be merged into other teams. The carrier announced on Monday that the move will impact 321 workers in Dallas-fort worth and 335 workers in Phoenix. This represents 8.2% of the roughly 8,000 staff members tasked with handling client complaints.

American airlines to lay off 656 workers

Big tech and media companies in the US have kicked off 2024 with fresh plans to cut jobs, signaling the spate of layoffs seen last year will likely continue as firms navigate persistent economic uncertainty.

Is 2024 the year the job market rebounds? | World Business Watch

The Los Angeles Times laid off nearly 115 journalists in one go over a Zoom call&nbsp;amid the company's financial turbulence.&nbsp;

With the layoffs, the newspaper cut down 20 per cent of its newsroom staff. Its owner and billionaire Patrick Soon-Shiong said that the layoffs were important to make the newspaper sustainable and refused to accept that the company was in any kind of turmoil.

The layoffs, which were announced by the newspaper on Tuesday (Jan 23), affected both union and non-union employees.&nbsp;

President of Media Guild of the West Matt Pearce, who represents unionised journalists of the Times, wrote on X that 94 union members were notified about being laid off on Wednesday (Jan 24), which is one-quarter of the union members but very few of them had originally anticipated.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/technology/google-ceo-sundar-pichai-tells-employees-to-expect-more-job-cuts-in-2024-report-681271">Google CEO Sundar Pichai tells employees to expect more job cuts in 2024: Report</a>

“We believe our decision to go on strike saved scores of newsroom jobs today,” said the Los Angeles Times Guild, in a statement on Wednesday, as it cited an email from the media company's COO and president.

Some of the staff who were laid off took to X to share their news. The staff who posted about layoffs included the chief and deputy chief of the paper’s D.C. bureau Kimbriell Kelly and Nick Baumann, and also Jeff Bercovici and Lindsay Blakely, the editor and deputy editor of the business section, along with others.

<h2>Soon-Shiong says layoffs are 'painful'&nbsp;</h2>

In an interview which was published in his own paper, Soon-Shiong said that the layoffs were “painful for all,” but added that they were part of a “real plan” of making the paper viable. He added that the newspaper had faced “tumultuous” years, but rejected the fact that the company was in chaos.&nbsp;

“We are not in turmoil,” Soon-Shiong said. The layoffs happened just two weeks after the newspaper’s executive editor Kevin Merida resigned after working for two and a half years.&nbsp;

Watch:&nbsp;Tech layoffs to continue in 2024?

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/tech-layoffs-to-continue-in-2024-675501/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The newspaper had already laid off 74 newsroom employees a few months ago. The fresh layoffs happened at the time when the newspaper got its first-ever Oscar nomination for the documentary short film ‘The Last Repair Shop’. &nbsp;

(With inputs from agencies)

The Los Angeles Times laid off nearly 115 journalists in one go over a Zoom call amid the company's financial turbulence. With the layoffs, the newspaper cut down 20 per cent of its newsroom staff.

The Los Angeles Times laid off nearly 115 journalists in one go over a Zoom call amid the company's financial turbulence. With the layoffs, the newspaper cut down 20 per cent of its newsroom staff. Its owner and billionaire Patrick Soon-Shiong said that the layoffs were important to make the newspaper sustainable and refused to accept that the company was in any kind of turmoil. The layoffs, which were announced by the newspaper on Tuesday (Jan 23), affected both union and non-union employees. President of Media Guild of the West Matt Pearce, who represents unionised journalists of the Times, wrote on X that 94 union members were notified about being laid off on Wednesday (Jan 24), which is one-quarter of the union members but very few of them had originally anticipated. Also read: Google CEO Sundar Pichai tells employees to expect more job cuts in 2024: Report “We believe our decision to go on strike saved scores of newsroom jobs today,” said the Los Angeles Times Guild, in a statement on Wednesday, as it cited an email from the media company's COO and president. Some of the staff who were laid off took to X to share their news. The staff who posted about layoffs included the chief and deputy chief of the paper’s D.C. bureau Kimbriell Kelly and Nick Baumann, and also Jeff Bercovici and Lindsay Blakely, the editor and deputy editor of the business section, along with others. Soon-Shiong says layoffs are 'painful' In an interview which was published in his own paper, Soon-Shiong said that the layoffs were “painful for all,” but added that they were part of a “real plan” of making the paper viable. He added that the newspaper had faced “tumultuous” years, but rejected the fact that the company was in chaos. “We are not in turmoil,” Soon-Shiong said. The layoffs happened just two weeks after the newspaper’s executive editor Kevin Merida resigned after working for two and a half years. Watch: Tech layoffs to continue in 2024? The newspaper had already laid off 74 newsroom employees a few months ago. The fresh layoffs happened at the time when the newspaper got its first-ever Oscar nomination for the documentary short film ‘The Last Repair Shop’. (With inputs from agencies)

LA Times lays off 115 journalists over Zoom call amid financial turmoil

Riot Games, a subsidiary of Tencent Holdings and renowned for titles like "League of Legends," disclosed its plans to lay off approximately 11 per cent of its global workforce, amounting to 530 employees.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The decision, revealed in a blog post that included a letter from CEO Dylan Jadeja to employees, highlighted the impact on teams outside of core development. The move comes as digital games publishers, grappling with challenges in audience expansion amid high inflation, explore strategies to streamline operations. <o:p></o:p>

Riot's decision follows a trend in the industry, with Electronic Arts Inc. having implemented a 6 per cent staff reduction and downsizing office space in early 2022.<o:p></o:p>

In the letter to employees, Jadeja acknowledged the need for a more focused approach, stating, "Today, we're a company without a sharp enough focus, and simply put, we have too many things underway. Some of the significant investments we've made aren't paying off the way we expected them to. Our costs have grown to the point where they're unsustainable." <o:p></o:p>

The layoffs are seen as a strategic move to enable Riot to concentrate on its core portfolio of live games, including "League of Legends," "Valorant," "Teamfight Tactics," and "Wild Rift".<o:p></o:p>

Riot's decision includes discontinuing new game development under "Riot Forge" and making adjustments in the "Legends of Runeterra" game, affecting both staff and features. The restructuring aims to optimise the company's resources and prioritise its most successful and popular gaming titles. <o:p></o:p>

Tencent, which acquired a majority stake in Riot Games in 2011, maintains a strategic interest in the U.S. gaming market, holding stakes in Riot Games as well as fellow video game developer Epic Games.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Riot Games, a subsidiary of Tencent Holdings and renowned for titles like "League of Legends," disclosed its plans to lay off approximately 11 per cent of its global workforce, amounting to 530 employees.

Riot Games, a subsidiary of Tencent Holdings and renowned for titles like "League of Legends," disclosed its plans to lay off approximately 11 per cent of its global workforce, amounting to 530 employees. This is based on a Reuters report. The decision, revealed in a blog post that included a letter from CEO Dylan Jadeja to employees, highlighted the impact on teams outside of core development. The move comes as digital games publishers, grappling with challenges in audience expansion amid high inflation, explore strategies to streamline operations. Riot's decision follows a trend in the industry, with Electronic Arts Inc. having implemented a 6 per cent staff reduction and downsizing office space in early 2022. In the letter to employees, Jadeja acknowledged the need for a more focused approach, stating, "Today, we're a company without a sharp enough focus, and simply put, we have too many things underway. Some of the significant investments we've made aren't paying off the way we expected them to. Our costs have grown to the point where they're unsustainable." The layoffs are seen as a strategic move to enable Riot to concentrate on its core portfolio of live games, including "League of Legends," "Valorant," "Teamfight Tactics," and "Wild Rift". Riot's decision includes discontinuing new game development under "Riot Forge" and making adjustments in the "Legends of Runeterra" game, affecting both staff and features. The restructuring aims to optimise the company's resources and prioritise its most successful and popular gaming titles. Tencent, which acquired a majority stake in Riot Games in 2011, maintains a strategic interest in the U.S. gaming market, holding stakes in Riot Games as well as fellow video game developer Epic Games. (With inputs from Reuters)

Tencent's Riot Games announces significant workforce reductions

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

A recent survey of 750 business leaders reveals a growing trend: AI replacing jobs. In 2023, 37% of these leaders acknowledged AI-induced layoffs, with 44% expecting more in 2024. Major companies like Paytm and Google are at the forefront, integrating AI to enhance efficiency but at the cost of human jobs. Paytm's recent layoffs post AI implementation and Google's potential restructuring of its ad sales unit due to AI advancements highlight this shift.

Gravitas | The AI job takeover is here; Will mass layoffs be on the rise now?

Japan's benchmark Nikkei Stock Average reached a new 33-year high on Monday morning as the stock market continues this year's solid performance. The average was at 33,853.46 as of 9:25 a.m., up 0.80% compared with Friday's closing, following a strong earnings season.

Tokyo stocks down in morning after Nikkei hits 33-year high

A US Federal judge accepted a 290 million dollar deal between JPMorgan Chase and Jeffrey Epstein's victims. The judge turned down a last-minute challenge from a group of state attorneys that would have delayed the payments to almost 200 victims. U.S. District Judge Jed Rakoff said the agreement would send a message to the financial industry and beyond. It removed claims that the bank ignored warning signs to keep Epstein as a client. Epstein was a very important client of JPMorgan from 1998 to 2013.

JPMorgan's $290 MN deal for victims gets court approval

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

The CEO of the world's largest bank has sounded the alarm bells over the state of the world economy. Jamie Dimon of JPMorgan has said that investors might be operating in the most unstable period in recent memory. Dimon has listed a number of risks threatening the global markets as well as his firm. They include Federal Reserve's quantitative tightening campaign, higher interest rates, growing u.S. Debt & geopolitical frictions.

Jamie Dimon worried about global market

JPMorgan Chase has agreed to pay 75 million dollars to settle claims relating to its connection with Jeffrey Epstein. The claims were brought forward by the U.S. Virgin Islands, alleging that the bank aided Epstein in his sex trafficking activities. Notably, this settlement was reached just four weeks prior to the scheduled trial and has brought a significant chapter of the Epstein scandal to a close.

JPMorgan resolves Epstein-related lawsuits

In a move aimed at streamlining its operations and adapting to changing market dynamics, Anheuser-Busch, the world's largest brewer, revealed its decision to lay off positions across its U.S. corporate staff. The restructuring, announced by the company spokesperson and quoted by CNN, is intended to simplify and reduce organisational layers to position the company for future long-term success. However, the layoffs will not affect frontline staff, including brewery and warehouse workers, drivers, and field sales personnel.

Anheuser-Busch clarified that the job eliminations would account for 'less than 2 per cent' of its U.S. employee population, which currently stands at over 19,000 nationwide. Based on this figure, approximately 380 positions are expected to be affected by the restructuring.

'Drunk in Controversy'

The move comes after recent market shifts that have presented challenges for the American beer giant. In a surprising turn of events, Mexican lager Modelo Especial, brewed by Constellation Brands, surpassed Bud Light, brewed by Anheuser-Busch, as the top-selling beer in the United States in May. For over two decades, Bud Light dominated the sales charts until a controversy involving transgender influencer Dylan Mulvaney hit the brand's reputation.

The controversy erupted when Mulvaney posted an Instagram photo featuring a custom can of Bud Light sent to her by the company. The post triggered a backlash from some conservative quarters, while LGBTQ+ advocates criticized Anheuser-Busch's response to the situation, considering it insufficient. As a result, Bud Light's sales experienced a significant decline in the U.S. market.

In light of these challenges, Anheuser-Busch CEO Brendan Whitworth acknowledged the difficulty of eliminating corporate positions. However, he emphasized that it was necessary to ensure the company's continued success in the long run.

Understanding industry trends

The job cuts are part of the broader effort by Anheuser-Busch InBev, the parent company, to reposition its operations and adapt to the evolving consumer preferences and industry trends. The company's diverse portfolio includes iconic brands like Budweiser and Bud Light, among others, which continue to enjoy strong support from beer enthusiasts worldwide.

Anheuser-Busch's recent challenges in the U.S. market have coincided with a broader trend of consumers increasingly favouring Mexican beers and spirits. The rise in popularity of Modelo Especial further amplified the competition, leading to a shift in the top-selling beer brand in the country. As a result, the company has been re-evaluating its strategies to address this changing landscape effectively.

(With Inputs from Agencies)

In a move aimed at streamlining its operations and adapting to changing market dynamics, Anheuser-Busch, the world's largest brewer, revealed its decision to lay off positions across its U.

In a move aimed at streamlining its operations and adapting to changing market dynamics, Anheuser-Busch, the world's largest brewer, revealed its decision to lay off positions across its U.S. corporate staff. The restructuring, announced by the company spokesperson and quoted by CNN, is intended to simplify and reduce organisational layers to position the company for future long-term success. However, the layoffs will not affect frontline staff, including brewery and warehouse workers, drivers, and field sales personnel. Anheuser-Busch clarified that the job eliminations would account for 'less than 2 per cent' of its U.S. employee population, which currently stands at over 19,000 nationwide. Based on this figure, approximately 380 positions are expected to be affected by the restructuring. 'Drunk in Controversy' The move comes after recent market shifts that have presented challenges for the American beer giant. In a surprising turn of events, Mexican lager Modelo Especial, brewed by Constellation Brands, surpassed Bud Light, brewed by Anheuser-Busch, as the top-selling beer in the United States in May. For over two decades, Bud Light dominated the sales charts until a controversy involving transgender influencer Dylan Mulvaney hit the brand's reputation. The controversy erupted when Mulvaney posted an Instagram photo featuring a custom can of Bud Light sent to her by the company. The post triggered a backlash from some conservative quarters, while LGBTQ+ advocates criticized Anheuser-Busch's response to the situation, considering it insufficient. As a result, Bud Light's sales experienced a significant decline in the U.S. market. In light of these challenges, Anheuser-Busch CEO Brendan Whitworth acknowledged the difficulty of eliminating corporate positions. However, he emphasized that it was necessary to ensure the company's continued success in the long run. Understanding industry trends The job cuts are part of the broader effort by Anheuser-Busch InBev, the parent company, to reposition its operations and adapt to the evolving consumer preferences and industry trends. The company's diverse portfolio includes iconic brands like Budweiser and Bud Light, among others, which continue to enjoy strong support from beer enthusiasts worldwide. Anheuser-Busch's recent challenges in the U.S. market have coincided with a broader trend of consumers increasingly favouring Mexican beers and spirits. The rise in popularity of Modelo Especial further amplified the competition, leading to a shift in the top-selling beer brand in the country. As a result, the company has been re-evaluating its strategies to address this changing landscape effectively. (With Inputs from Agencies)

Brews & Blues: Anheuser-Busch Restructures with Layoffs

Tesla is sacking some of its employees working on battery production lines at its Shanghai plant, Bloomberg reported Friday. The move comes amidst an aggressive price war in China, where electric car manufacturers are offering incredible discounts to grab a larger market share.

However, it was not clear how many employees would be fired or what was the reason behind these layoffs. But a Mint report indicated that the process of installing automation equipment at the plant was underway, which could replace human labour.

As per media reports, around 1,000 workers are employed at the two battery production lines at the plant. 
Make no mistake, Tesla’s Gigafactory in Shanghai is its largest and most productive plant, employing more than 20,000 workers in total and producing more than a million cars in a year.

<h2>Sacked employees offered to work at alternative workshops</h2>

As per the Mint report, the sacked employees have been offered to work at alternative workshops within the Shanghai factory, such as stamping, painting, or general assembly.

Watch:&nbsp;Tesla’s stock soars by $57 billion

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The process is a part of the ongoing restructuring programme at the Tesla factory, a decision regarding which was taken earlier this week.

<h2>Ongoing price war in China’s EV market</h2>

Tesla on Friday declared that it will offer a cash bonus equivalent to $500 to new buyers of its top car models in China if they produce a referral code given by an existing owner. Tesla would offer new buyers of its Model Y and Model 3 vehicles a cash rebate of 3,500 yuan ($483) if they could cite a referral from an existing owner, reported Reuters.

Tesla also announced that new buyers will be given free access to its Enhanced Autopilot driver-assistance system for 90 days.&nbsp;

<a href="https://www.wionews.com/business-economy/tesla-secures-big-win-in-crash-case-court-says-autopilot-feature-did-not-fail-584976">Also read:&nbsp;Tesla secures big win in crash case, court says autopilot feature did not fail</a>

Tesla has made significant price cuts for its Model 3 sedan and Model Y in China, in an effort to compete in the country's electric vehicle market. The base price of the Model 3 has been reduced by 14 per cent, while the Model Y's price has been lowered by 10 per cent. This move by Tesla comes after the company joined forces with 15 other companies, including prominent Chinese EV manufacturers like Nio, Li Auto, and Xpeng.&nbsp;

They made a pledge organised by the China Association of Automobile Manufacturers to avoid engaging in "abnormal pricing."&nbsp;

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Tesla is sacking some of its employees working on battery production lines at its Shanghai plant, Bloomberg reported Friday. The move comes amidst an aggressive price war in China, where electric car manufacturers are offering incredible discounts to grab a larger market share.

Tesla is sacking some of its employees working on battery production lines at its Shanghai plant, Bloomberg reported Friday. The move comes amidst an aggressive price war in China, where electric car manufacturers are offering incredible discounts to grab a larger market share. However, it was not clear how many employees would be fired or what was the reason behind these layoffs. But a Mint report indicated that the process of installing automation equipment at the plant was underway, which could replace human labour. As per media reports, around 1,000 workers are employed at the two battery production lines at the plant. Make no mistake, Tesla’s Gigafactory in Shanghai is its largest and most productive plant, employing more than 20,000 workers in total and producing more than a million cars in a year. Sacked employees offered to work at alternative workshops As per the Mint report, the sacked employees have been offered to work at alternative workshops within the Shanghai factory, such as stamping, painting, or general assembly. Watch: Tesla’s stock soars by $57 billion × The process is a part of the ongoing restructuring programme at the Tesla factory, a decision regarding which was taken earlier this week. Ongoing price war in China’s EV market Tesla on Friday declared that it will offer a cash bonus equivalent to $500 to new buyers of its top car models in China if they produce a referral code given by an existing owner. Tesla would offer new buyers of its Model Y and Model 3 vehicles a cash rebate of 3,500 yuan ($483) if they could cite a referral from an existing owner, reported Reuters. Tesla also announced that new buyers will be given free access to its Enhanced Autopilot driver-assistance system for 90 days. Also read: Tesla secures big win in crash case, court says autopilot feature did not fail Tesla has made significant price cuts for its Model 3 sedan and Model Y in China, in an effort to compete in the country's electric vehicle market. The base price of the Model 3 has been reduced by 14 per cent, while the Model Y's price has been lowered by 10 per cent. This move by Tesla comes after the company joined forces with 15 other companies, including prominent Chinese EV manufacturers like Nio, Li Auto, and Xpeng. They made a pledge organised by the China Association of Automobile Manufacturers to avoid engaging in "abnormal pricing." WATCH WION LIVE HERE ×

Tesla announces layoffs at Shanghai plant amid reports of automation

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

The National Geographic magazine has laid off its last remaining staff writers. According to a report by The Washington Post on Thursday (June 29), the cutback involves some 19 editorial staffers in all, who had been notified in April that these terminations were coming.

The National Geographic magazine has laid off its last remaining staff writers. According to a report by The Washington Post on Thursday (June 29), the cutback involves some 19 editorial staffers in all, who had been notified in April that these terminations were coming. Article assignments would now be contracted out to freelancers or pieced together by editors. The report added that the layoffs also eliminated the magazine’s audio department. Tuesday's layoffs were the second over the last nine months, and the fourth since a series of ownership changes started in 2015. Staffers confirm exiting magazine on Twitter Several departing staffers confirmed the news of exiting National Geographic on Twitter. "My new National Geographic just arrived, which includes my latest feature—my 16th, and my last as a senior writer. NatGeo is laying off all of its staff writers. I’ve been so lucky. I got to work w/incredible journalists and tell important, global stories. It’s been an honor," writer Craig Welch tweeted. Another writer at the magazine Doug Main, meanwhile, tweeted, "National Geographic is laying off its staff writers, including me." My new National Geographic just arrived, which includes my latest feature—my 16th, and my last as a senior writer. NatGeo is laying off all of its staff writers. I’ve been so lucky. I got to work w/incredible journalists and tell important, global stories. It’s been an honor. pic.twitter.com/VOt6KydD5Z — Craig Welch (@CraigAWelch) June 28, 2023 × The staffers laid off also include Debra Adams Simmons, who was in September 2022 promoted to vice president of diversity, equity and inclusion at National Geographic Media. The layoffs come a month after it was reported that National Geographic will no longer be sold on newsstands in the United States starting next year. National Geographic among most widely read magazines in US National Geographic remains among the most widely read magazines in the United States. The Washington Post report said that at its peak in the 1980s, the magazine reached 12 million subscribers in the US and millions more overseas. Speaking to the publication via email, National Geographic spokesperson Chris Albert said that staffing changes would not affect the company's plans to continue publishing a monthly magazine “but rather give us more flexibility to tell different stories and meet our audiences where they are across our many platforms.” 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.

National Geographic magazine lays off last remaining staff writers, to stop newsstands' sale from 2024

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

Here, we bring you the news that is trending across WION's social media platforms- Byjus an Indian education technology powerhouse is the latest company to join the layoff wagon as it prepares to cut jobs due to the ongoing issues with foreign lenders.

Byju's to cut jobs, sales, and marketing teams to face the heat

After falling in revenue growth Meta has begun its latest layoff cycle after around 11,000 employees were laid off in the previous cycle between February and March. Meta is now gearing up for another round of layoffs and restructuring probably will shed another 10,000 job roles which will hit sales and marketing roles.

Meta begins new layoff cycle, will shed 10, 000 roles

The Chinese government convened top tech companies this week and warned them of consequences if they cut off technology sales to the country, US media reported on Saturday.

The meeting followed US President Donald Trump's move last month to blacklist Chinese tech giant Huawei over national security concerns, threatening the firm's global ambitions and ramping up the months-long trade battle between the two countries.

Earlier this week, the Chinese government summoned executives from American firms Dell and Microsoft and South Korea's Samsung, among others, to warn them that any moves to ramp down their businesses in China may lead to retaliation, The New York Times reported.

American companies were told "that the Trump administration's move to cut off Chinese companies from American technology had disrupted the global supply chain, adding that companies that followed the policy could face permanent consequences," the newspaper reported.&nbsp;

Companies based outside the United States were told that as long as they maintained business as usual, they wouldn't be punished, the newspaper reported.

Last Friday, Facebook announced it would cut Huwaei off from its popular social networking app to comply with the US sanctions, further isolating the company that has become the world's second-largest smartphone vendor.

Google made a similar announcement in May.

Washington and Beijing resumed their trade battle last month when negotiations in the US ended without a deal and US President Donald Trump raised tariffs on $200 billion in Chinese goods.

Beijing retaliated with its own tariff hike on billions of dollars worth of US goods.&nbsp;

The US move to cut Huawei off from American hardware came next, but was delayed by 90 days to prevent economic disruptions.

The Chinese government convened top tech companies this week and warned them of consequences if they cut off technology sales to the country, US media reported on Saturday.

The Chinese government convened top tech companies this week and warned them of consequences if they cut off technology sales to the country, US media reported on Saturday. The meeting followed US President Donald Trump's move last month to blacklist Chinese tech giant Huawei over national security concerns, threatening the firm's global ambitions and ramping up the months-long trade battle between the two countries. Earlier this week, the Chinese government summoned executives from American firms Dell and Microsoft and South Korea's Samsung, among others, to warn them that any moves to ramp down their businesses in China may lead to retaliation, The New York Times reported. American companies were told "that the Trump administration's move to cut off Chinese companies from American technology had disrupted the global supply chain, adding that companies that followed the policy could face permanent consequences," the newspaper reported. Companies based outside the United States were told that as long as they maintained business as usual, they wouldn't be punished, the newspaper reported. Last Friday, Facebook announced it would cut Huwaei off from its popular social networking app to comply with the US sanctions, further isolating the company that has become the world's second-largest smartphone vendor. Google made a similar announcement in May. Washington and Beijing resumed their trade battle last month when negotiations in the US ended without a deal and US President Donald Trump raised tariffs on $200 billion in Chinese goods. Beijing retaliated with its own tariff hike on billions of dollars worth of US goods. The US move to cut Huawei off from American hardware came next, but was delayed by 90 days to prevent economic disruptions.

Facebook's parent company Meta eliminates jobs, sacks India's top executives

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.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/thousands-lose-jobs-as-big-four-deloitte-ernst-young-kpmg-announce-job-cuts-one-after-another-584954">Thousands set to lose jobs as 'Big Four' announce job cuts one after another</a>

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

The global e-commerce giant Amazon In. has laid off 500 employees across verticals in India, local media reported.

The layoffs will impact its cloud division AWS as well as People Experience and Technology Solutions (PXT) or HR and support verticals.

The retrenchment is part of the March announcement when the company announced that it was terminating 9,000 employees from Amazon Web Services (AWS), Twitch, advertising, and HR.

This recent round of layoffs at the tech firm marks the second phase of workforce reductions. In January, Amazon had let 18,000 people in January following the decline of tech stocks worldwide.

"We completed the second phase of our planning this month, it led us to these additional 9,000 role reductions", stated a memo by Amazon CEO Andy Jassy shared with employees in March.

<h2>Layoffs at Amazon: Cloud computing and human resources department impacted</h2>

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"I'm writing to share that we intend to eliminate about 9,000 more positions in the next few weeks —mostly in AWS, PXT, Advertising, and Twitch," he said.

"This was a difficult decision, but one that we think is best for the company long term," he added.

AWS CEO Adam Selipsky had initially mentioned that the layoffs at AWS would start from North American, and then reach globally.

"Both our company size and the size of our team have grown significantly in recent years, driven by customer demand for the cloud and the unique value that AWS offers. This growth has come quickly as we have moved as fast as we could to build what customers needed," Selipsky had said.

Amazon CFO Brian Olsavsky attributed the layoffs to slow growth of AWS as the business customers were anticipating market turbulence and adopting a more cautious approach to spending.

Notably, Amazon's e-commerce business in India has experienced a slowdown in growth, highlighting the challenging market conditions the company is facing in the country.

(With inputs from agencies)

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The global e-commerce giant Amazon In. has laid off 500 employees across verticals in India, local media reported. The layoffs will impact its cloud division AWS as well as People Experience and Technology Solutions (PXT) or HR and support verticals.

The global e-commerce giant Amazon In. has laid off 500 employees across verticals in India, local media reported. The layoffs will impact its cloud division AWS as well as People Experience and Technology Solutions (PXT) or HR and support verticals. The retrenchment is part of the March announcement when the company announced that it was terminating 9,000 employees from Amazon Web Services (AWS), Twitch, advertising, and HR. This recent round of layoffs at the tech firm marks the second phase of workforce reductions. In January, Amazon had let 18,000 people in January following the decline of tech stocks worldwide. "We completed the second phase of our planning this month, it led us to these additional 9,000 role reductions", stated a memo by Amazon CEO Andy Jassy shared with employees in March. Layoffs at Amazon: Cloud computing and human resources department impacted "I'm writing to share that we intend to eliminate about 9,000 more positions in the next few weeks —mostly in AWS, PXT, Advertising, and Twitch," he said. "This was a difficult decision, but one that we think is best for the company long term," he added. AWS CEO Adam Selipsky had initially mentioned that the layoffs at AWS would start from North American, and then reach globally. "Both our company size and the size of our team have grown significantly in recent years, driven by customer demand for the cloud and the unique value that AWS offers. This growth has come quickly as we have moved as fast as we could to build what customers needed," Selipsky had said. Amazon CFO Brian Olsavsky attributed the layoffs to slow growth of AWS as the business customers were anticipating market turbulence and adopting a more cautious approach to spending. Notably, Amazon's e-commerce business in India has experienced a slowdown in growth, highlighting the challenging market conditions the company is facing in the country. (With inputs from agencies) WATCH WION LIVE HERE

Amazon lays off 500 employees in India across different verticals

E-commerce company Amazon began laying off employees in its human resource and cloud computing divisions on Wednesday as part of the previously announced job cuts that will affect 9,000 people.

According to CNBC, the layoffs affect&nbsp;two of Amazon's most profitable businesses, Amazon Web Services (AWS) and advertising. Both businesses have experienced stagnation&nbsp;in recent months as companies trim their spending amid the challenging economic environment.

Some teams within AWS were also part of an earlier round of layoffs. Moreover, some job cuts are also expected in AWS's professional services division, which helps customers troubleshoot issues with their cloud infrastructure.

No business division is safe&nbsp;

In recent weeks, it has also laid off people in its video games and Twitch livestreaming divisions. When combined with the cuts made earlier this month, it represents the greatest layoffs in Amazon's 29-year history.

Amazon&nbsp;has been cutting costs to prepare for an economic slowdown and slower growth in its main retail division. This includes halting corporate recruiting, cancelling experimental projects, and limiting warehouse expansion.

According to media reports, Amazon has also discontinued the Halo Band, Halo View, and Halo Rise devices and its Halo division.

The company announced that Amazon Halo devices and the Halo app will cease to work from August 1. For the employees affected by this decision, the company has offered packages that include a separation payment, transitional health insurance benefits, and external job placement assistance.

The Covid-19 pandemic led to a significant boost in AWS' headcount&nbsp;as companies, government agencies, and schools transitioned to the cloud network.

However, given&nbsp;the uncertain&nbsp;business and macroeconomic climate in 2023, AWS CEO&nbsp;Adam&nbsp;Selipsky wrote in a memo that the company&nbsp;must focus on identifying and putting its resources behind its top priorities — "those things that matter most to customers and will move the needle for the business."&nbsp;

Despite the layoffs, Amazon's shares surged over 3 percent&nbsp;in afternoon trading on Wednesday. Investors will keenly watch whether the company's&nbsp;cost-cutting efforts have improved profitability, when Amazon reports first-quarter earnings after the bell on Thursday.&nbsp;

E-commerce company Amazon began laying off employees in its human resource and cloud computing divisions on Wednesday as part of the previously announced job cuts that will affect 9,000 people.

E-commerce company Amazon began laying off employees in its human resource and cloud computing divisions on Wednesday as part of the previously announced job cuts that will affect 9,000 people. According to CNBC, the layoffs affect two of Amazon's most profitable businesses, Amazon Web Services (AWS) and advertising. Both businesses have experienced stagnation in recent months as companies trim their spending amid the challenging economic environment. Some teams within AWS were also part of an earlier round of layoffs. Moreover, some job cuts are also expected in AWS's professional services division, which helps customers troubleshoot issues with their cloud infrastructure. No business division is safe In recent weeks, it has also laid off people in its video games and Twitch livestreaming divisions. When combined with the cuts made earlier this month, it represents the greatest layoffs in Amazon's 29-year history. Amazon has been cutting costs to prepare for an economic slowdown and slower growth in its main retail division. This includes halting corporate recruiting, cancelling experimental projects, and limiting warehouse expansion. According to media reports, Amazon has also discontinued the Halo Band, Halo View, and Halo Rise devices and its Halo division. The company announced that Amazon Halo devices and the Halo app will cease to work from August 1. For the employees affected by this decision, the company has offered packages that include a separation payment, transitional health insurance benefits, and external job placement assistance. The Covid-19 pandemic led to a significant boost in AWS' headcount as companies, government agencies, and schools transitioned to the cloud network. However, given the uncertain business and macroeconomic climate in 2023, AWS CEO Adam Selipsky wrote in a memo that the company must focus on identifying and putting its resources behind its top priorities — "those things that matter most to customers and will move the needle for the business." Despite the layoffs, Amazon's shares surged over 3 percent in afternoon trading on Wednesday. Investors will keenly watch whether the company's cost-cutting efforts have improved profitability, when Amazon reports first-quarter earnings after the bell on Thursday.

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