Deloitte became the second among the Big Four financial consulting giants to announce job cuts on Friday. The London-headquartered firm, which reported an annual revenue of $59.3 billion in 2022, reportedly told its staff that it will cut around 1,200 jobs in the United States.

Deloitte's job cuts come just four days after Ernst &amp; Young, another Big Four consulting giant, announced a similar measure, while citing "overcapacity" for laying off about 3,000 employees in the United States.

<h2>Deloitte layoffs: Who will be most affected?</h2>

According to a report in the Financial Times, the job cuts would entail 3 per cent reduction of total workforce at Deloitte's Risk and Financial Advisory division.

<h2>Big Four layoffs: Who is laying off how many?</h2>

In cumulative terms, the 3,000 people losing their jobs at Deloitte translate into 1.5 per cent of the company's total workforce in the United States.&nbsp;

Therefore, the job cuts at Deloitte are less deep than at Ernst &amp; Young four days ago, and the ones at KPMG in February.

ALSO WATCH |&nbsp;KPMG to cut 2% staff in US, several financial firms slash jobs

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While KPMG's job cuts in February affected close to 2 per cent of its total US workforce, about 5 per cent of Ernst &amp; Young's total workforce was affected as part of the job cuts announced by the company earlier this week.

<h2>Big Four layoffs: Post-pandemic hirings in spotlight</h2>

All Big Four financial advisory firms went on a hiring spree as the effect of Covid pandemic began receding. For instance, Deloitte's US headcount increased from 65,000 in 2021 to 80,000 by the end of last year.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/big-four-hiring-decline-ernst-young-blames-overcapacity-for-3000-job-cuts-583498">'Big Four' hiring decline: Ernst &amp; Young blames 'overcapacity' for 3,000 job cuts</a>

But layoffs are not just a Big Four-specific exercise in recent weeks.

Large-scale layoffs this week have rocked the corporate corners at Whole Foods, Meta and Opendoor.

Among others, San Francisco-based ride hailing platform Lyft Inc. also announced layoffs on April 21. While the company did not specify how many people will be affected, people familiar with the matter told Wall Street Journal that as many as 1,200 people will be affected in the layoff exercise.

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Deloitte became the second among the Big Four financial consulting giants to announce job cuts on Friday. The London-headquartered firm, which reported an annual revenue of $59.

Deloitte became the second among the Big Four financial consulting giants to announce job cuts on Friday. The London-headquartered firm, which reported an annual revenue of $59.3 billion in 2022, reportedly told its staff that it will cut around 1,200 jobs in the United States. Deloitte's job cuts come just four days after Ernst & Young, another Big Four consulting giant, announced a similar measure, while citing "overcapacity" for laying off about 3,000 employees in the United States. Deloitte layoffs: Who will be most affected? According to a report in the Financial Times, the job cuts would entail 3 per cent reduction of total workforce at Deloitte's Risk and Financial Advisory division. Big Four layoffs: Who is laying off how many? In cumulative terms, the 3,000 people losing their jobs at Deloitte translate into 1.5 per cent of the company's total workforce in the United States. Therefore, the job cuts at Deloitte are less deep than at Ernst & Young four days ago, and the ones at KPMG in February. ALSO WATCH | KPMG to cut 2% staff in US, several financial firms slash jobs × While KPMG's job cuts in February affected close to 2 per cent of its total US workforce, about 5 per cent of Ernst & Young's total workforce was affected as part of the job cuts announced by the company earlier this week. Big Four layoffs: Post-pandemic hirings in spotlight All Big Four financial advisory firms went on a hiring spree as the effect of Covid pandemic began receding. For instance, Deloitte's US headcount increased from 65,000 in 2021 to 80,000 by the end of last year. ALSO READ | 'Big Four' hiring decline: Ernst & Young blames 'overcapacity' for 3,000 job cuts But layoffs are not just a Big Four-specific exercise in recent weeks. Large-scale layoffs this week have rocked the corporate corners at Whole Foods, Meta and Opendoor. Among others, San Francisco-based ride hailing platform Lyft Inc. also announced layoffs on April 21. While the company did not specify how many people will be affected, people familiar with the matter told Wall Street Journal that as many as 1,200 people will be affected in the layoff exercise. 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.

Thousands set to lose jobs as 'Big Four' announce job cuts one after another

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

The mass layoffs continue at Facebook's parent company Meta. Media reports on Wednesday said that the tech giant has cut nearly 4000, including engineering and tech jobs this time. Prompting meta employees to express their frustration on the ongoing uncertainty regarding their jobs.

Another round of layoffs at Meta

Big tech companies have laid off thousands of employees this year. As per the report, in France, Google's parent company Alphabet has asked employees to resign voluntarily and get good severance packages in return.

Google offer 1-year salary to encourage employees to resign voluntarily

A small number of employees from one of Apple's retail teams are allegedly being let go. The manufacturer of mobile laptops is renowned for its exceptional track record in avoiding job cards. Many are surprised by the most recent layoff news because the tech behemoth has delayed sending out job cards.

Apple CUTS small number of retail team JOBS

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

Virgin Orbit, the rocket company of British billionaire Sir Richard Branson, announced that it is laying off 85 per cent of its staff after the firm failed to get new investment.

As per the media reports, the firm's operations will remain ceased for the foreseeable future. This comes weeks after the operations of the company were paused in an attempt to shore up its finances.

Earlier in 2023, Virgin Orbit was not able to complete the first satellite launch, using its rocket, from UK soil.

ALSO READ |<a href="https://www.wionews.com/business-economy/virgin-orbit-suspends-operations-furloughs-entire-workforce-as-financial-woes-bite-572587"> Virgin Orbit suspends operations, furloughs entire workforce as financial woes bite</a>

The shares of the company fell by more than 44 per cent during after-hours trading in New York on Thursday.

In a US regulatory filing, the firm said it made the decision "in order to reduce expenses in light of the company's inability to secure meaningful funding."

Virgin Orbit's layoffs will impact around 675 employees who "are located in all areas of the company."

It stated that $10.9 million (£8.8 million) has been injected by Sir Richard's investment firm Virgin Investments into Virgin Orbit "to fund severance and other costs related to the workforce reduction".

WATCH | Richard Branson's rocket company Virgin Orbit to layoff 675 employees

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Virgin Orbit said that, as per estimates, the final payments to the laid-off employees and other costs will sum up to around $15 million.

The announcement comes amid media reports that the company's head has informed its staff about the suspension of all activities till further notice.

"We have no choice but to implement immediate, dramatic and extremely painful changes," said Virgin Orbit chief executive Dan Hart in a meeting with employees, as per CNBC.

(With inputs from agencies)

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Virgin Orbit, the rocket company of British billionaire Sir Richard Branson, announced that it is laying off 85 per cent of its staff after the firm failed to get new investment.

Virgin Orbit, the rocket company of British billionaire Sir Richard Branson, announced that it is laying off 85 per cent of its staff after the firm failed to get new investment. As per the media reports, the firm's operations will remain ceased for the foreseeable future. This comes weeks after the operations of the company were paused in an attempt to shore up its finances. Earlier in 2023, Virgin Orbit was not able to complete the first satellite launch, using its rocket, from UK soil. ALSO READ | Virgin Orbit suspends operations, furloughs entire workforce as financial woes bite The shares of the company fell by more than 44 per cent during after-hours trading in New York on Thursday. In a US regulatory filing, the firm said it made the decision "in order to reduce expenses in light of the company's inability to secure meaningful funding." Virgin Orbit's layoffs will impact around 675 employees who "are located in all areas of the company." It stated that $10.9 million (£8.8 million) has been injected by Sir Richard's investment firm Virgin Investments into Virgin Orbit "to fund severance and other costs related to the workforce reduction". WATCH | Richard Branson's rocket company Virgin Orbit to layoff 675 employees Virgin Orbit said that, as per estimates, the final payments to the laid-off employees and other costs will sum up to around $15 million. The announcement comes amid media reports that the company's head has informed its staff about the suspension of all activities till further notice. "We have no choice but to implement immediate, dramatic and extremely painful changes," said Virgin Orbit chief executive Dan Hart in a meeting with employees, as per CNBC. (With inputs from agencies) 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

Sir Richard Branson's Virgin Orbit lays off 85 per cent of employees

Accenture Plc, the Irish-American IT company has announced to slash its working force by 19,000. This comes amid a worsening global economic outlook and the firing spree across the IT sector.&nbsp;

The company is also expecting a considerable dip in its annual revenue amid speculations that global companies might look forward to slashing their IT budgets amid the financial crisis. The company now estimates its annual revenue growth to be in the range of 8% to 10%, lower than the previously estimated range of 8% to 11%.

Watch:&nbsp;Gravitas: Tech layoffs: Is your job safe?

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As per a statement released by the company, revenue for the current quarter is expected to be between $16.1 billion and $16.7 billion. Accenture reported that its new bookings increased by 13% to $22.1 billion during the quarter, while its revenues increased by 5% to $15.8 billion.&nbsp;

During the second quarter, Accenture reported business optimisation expenses of $244 million. Through the fiscal year 2024, the corporation projected that its total costs will be close to $1.5 billion.

The corporation disclosed that more than half of the layoffs will directly affect employees at its non-billable corporate functions. The company's shares increased 4 per cent before the closing bell.&nbsp;

Accenture's announcement comes amid a layoff spree in the IT and tech sector. Tech giants including Google, Meta and Amazon have already set in motion a wave of layoffs, and experts predict that it will last at least through the first half of 2023.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/amazon-announces-second-round-of-layoffs-9000-more-employees-to-lose-their-jobs-573984">Amazon announces second round of layoffs; 9,000 more employees to lose jobs</a>

As concerns about a coming recession grow, Amazon has announced another 9,000 job layoffs across its cloud services, advertising, and Twitch departments. Meta has also reduced its total workforce by 20,000 since September last year. Chief Executive Officer Mark Zuckerberg recently warned that the climate of layoffs might last for many years to come. 
 
(With inputs from agencies) 
&nbsp;

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Accenture Plc, the Irish-American IT company has announced to slash its working force by 19,000. This comes amid a worsening global economic outlook and the firing spree across the IT sector.

Accenture Plc, the Irish-American IT company has announced to slash its working force by 19,000. This comes amid a worsening global economic outlook and the firing spree across the IT sector. The company is also expecting a considerable dip in its annual revenue amid speculations that global companies might look forward to slashing their IT budgets amid the financial crisis. The company now estimates its annual revenue growth to be in the range of 8% to 10%, lower than the previously estimated range of 8% to 11%. Watch: Gravitas: Tech layoffs: Is your job safe? × As per a statement released by the company, revenue for the current quarter is expected to be between $16.1 billion and $16.7 billion. Accenture reported that its new bookings increased by 13% to $22.1 billion during the quarter, while its revenues increased by 5% to $15.8 billion. During the second quarter, Accenture reported business optimisation expenses of $244 million. Through the fiscal year 2024, the corporation projected that its total costs will be close to $1.5 billion. The corporation disclosed that more than half of the layoffs will directly affect employees at its non-billable corporate functions. The company's shares increased 4 per cent before the closing bell. Accenture's announcement comes amid a layoff spree in the IT and tech sector. Tech giants including Google, Meta and Amazon have already set in motion a wave of layoffs, and experts predict that it will last at least through the first half of 2023. Also Read | Amazon announces second round of layoffs; 9,000 more employees to lose jobs As concerns about a coming recession grow, Amazon has announced another 9,000 job layoffs across its cloud services, advertising, and Twitch departments. Meta has also reduced its total workforce by 20,000 since September last year. Chief Executive Officer Mark Zuckerberg recently warned that the climate of layoffs might last for many years to come. (With inputs from agencies) WATCH WION LIVE HERE ×

Accenture to lay off 19,000 employees as revenue growth tumbles

Amazon announced another round of layoffs on Monday (March 20). The company will fire 9,000 more employees in the coming weeks. This comes after the e-commerce giant fired some 18,000 employees in January.

The announcement of the fresh round of layoffs was made by CEO Andy Jassy in a memo to the staff on Monday. “Given the uncertain economy... and the uncertainty that exists in the near future, we have chosen to be more streamlined in our costs and headcount,” said Jassy.

According to media reports, the new cuts will happen predominantly from Amazon’s advertising units, Twitch livestreaming businesses, Amazon Web Services, cloud computing, PTX (people, experiences and tech), and human resources.&nbsp;

The Amazon CEO noted that the company had hired a substantial number of staff in the past few years. However, given the recent economic uncertainty, it has been forced to cut costs and fire employees.

“Some may ask why we didn’t announce these role reductions with the ones we announced a couple months ago”, said Jassy, in the memo. “The short answer is that not all of the teams were done with their analyses in the late fall; and rather than rush through these assessments without the appropriate diligence, we chose to share these decisions as we’ve made them so people had the information as soon as possible.”&nbsp;

Notably, the announcement was made following the second phase of the company’s annual budget process which was completed earlier this month. The layoffs also come amid reports of Facebook parent company Meta’s second round of job cuts, suggesting that more layoffs from other tech giants may be on the horizon.&nbsp;

“The overriding tenet of our annual planning this year was to be leaner while doing so in a way that enables us to still invest robustly in the key long-term customer experiences that we believe can meaningfully improve customers’ lives and Amazon as a whole”, said Jassy, as per CNBC.&nbsp;

(With inputs from agencies)

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Amazon announced another round of layoffs on Monday (March 20). The company will fire 9,000 more employees in the coming weeks. This comes after the e-commerce giant fired some 18,000 employees in January.

Amazon announced another round of layoffs on Monday (March 20). The company will fire 9,000 more employees in the coming weeks. This comes after the e-commerce giant fired some 18,000 employees in January. The announcement of the fresh round of layoffs was made by CEO Andy Jassy in a memo to the staff on Monday. “Given the uncertain economy... and the uncertainty that exists in the near future, we have chosen to be more streamlined in our costs and headcount,” said Jassy. According to media reports, the new cuts will happen predominantly from Amazon’s advertising units, Twitch livestreaming businesses, Amazon Web Services, cloud computing, PTX (people, experiences and tech), and human resources. The Amazon CEO noted that the company had hired a substantial number of staff in the past few years. However, given the recent economic uncertainty, it has been forced to cut costs and fire employees. “Some may ask why we didn’t announce these role reductions with the ones we announced a couple months ago”, said Jassy, in the memo. “The short answer is that not all of the teams were done with their analyses in the late fall; and rather than rush through these assessments without the appropriate diligence, we chose to share these decisions as we’ve made them so people had the information as soon as possible.” Notably, the announcement was made following the second phase of the company’s annual budget process which was completed earlier this month. The layoffs also come amid reports of Facebook parent company Meta’s second round of job cuts, suggesting that more layoffs from other tech giants may be on the horizon. “The overriding tenet of our annual planning this year was to be leaner while doing so in a way that enables us to still invest robustly in the key long-term customer experiences that we believe can meaningfully improve customers’ lives and Amazon as a whole”, said Jassy, as per CNBC. (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.

Amazon announces second round of layoffs; 9,000 more employees to lose jobs

The layoffs by US firms in January and February touched the highest since 2009, employment firm Challenger, Gray & Christmas reported. The tech sector accounted for more than a third of the over 1,80,000 job cuts announced. The layoffs in the US stood at 77,770 in February alone. The firms announced plans to hire 28,830 workers in February.

Job cuts by U.S. firms in Jan-Feb hit highest since 2009: Report

Mass layoffs continue, with over a third of the job cuts recorded in the tech sector. Michael Owen, president of the U.S. global center for cyber policy joins us to discuss what lies ahead.

Layoffs in the U.S. highest since 2009

Facebook's parent company Meta is planning another round of mass layoffs that could see thousands lose their jobs, according to a report by Bloomberg. The firings are expected to take place as early as next week, with those overseeing the developments looking to get it done before CEO Mark Zuckerberg goes on parental leave for the birth of his third child.

Facebook's parent company Meta is planning another round of mass layoffs that could see thousands lose their jobs, according to a report by Bloomberg. The firings are expected to take place as early as next week, with those overseeing the developments looking to get it done before CEO Mark Zuckerberg goes on parental leave for the birth of his third child. A global slowdown and an impending recession have decreased the profit margins of nearly every tech giant and Meta - the world's largest social networking company - has borne the brunt of it as well. The fresh firings come in the backdrop of Meta slashing its 13 per cent workforce, or roughly 11,000 employees in November last year. Read more: Laid off Meta employees 'at loss of words', ask for work opportunities on social media The new round of firings was foreshadowed by Zuckerberg himself, who hinted that more such layoffs were in the offing, as the company attempted to make itself leaner at the base level. “I obviously can’t sit here and promise you that nothing will happen in the future because it’s a very volatile environment,” said Zuckerberg before adding, “But what I can say is that for where we are right now, that’s what I foresee.” Zuckerberg has dubbed 2023 as the “year of efficiency” and keeping the motto in mind, the managers have given subpar ratings to the employees in the latest round of performance reviews. Experts believe that it has been done to make sure the layoff process goes on smoothly. WATCH | Another round of jobs cuts at Meta, thousands of workers could be impacted: Reports × “We’ve always had a goal-based culture of high performance, and our review process is intended to incentivise long-term thinking and high-quality work, while helping employees get actionable feedback,” a Meta spokesperson was quoted as saying by Wall Street Journal. Meta is not the only company to have announced mass layoffs. Amazon has already slashed its workforce by 18,000 while Google and Microsoft have culled their headcount by 12,000 and 10,000 respectively. Companies like Twitter, HP Goldman Sachs, Phillips, Adobe, Lyft and Coinbase Global have also cumulatively fired over 14,000 employees. Read more: Thousands of employees at Facebook parent company Meta receive subpar reviews, signals more job cuts: Reports (With inputs from agencies) WATCH WION LIVE HERE:

Meta gears up for fresh round of firings, thousands could lose jobs: Report

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

There has been a growing trend in the automotive industry towards cost-cutting measures and streamlining operations. General Motors' announcement of cutting executive-level and broader jobs is part of the automaker's efforts to reduce its structural costs and enhance efficiency.

The cost-cutting drive comes after GM's announcement in January that it aims to save $2 billion in costs over the next two years. The decision by GM comes in response to similar actions taken by other significant automakers, such as Ford Motor and Stellantis, to cut expenses and streamline their operations. &nbsp;The company's broader attempts to streamline operations include the anticipated "low hundreds" of job cutbacks.&nbsp;

In her letter to employees, GM Chief People Officer Arden Hoffman emphasised the need for a "culture shift" to hold the company accountable for achieving higher operating efficiency. She also stressed the importance of having the "winning team" to beat the competition and achieve the company's goals.

Watch: US: General Motors on cost-cutting drive, cuts hundreds of jobs | World Business News

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The decision by GM and other manufacturers to reduce expenses and streamline operations coincides with the industry's need for increased efficiency and the growth of competition. The development of electric and driverless vehicles, which need a large amount of funding and R&amp;D, also puts pressure on automakers.

GM and other manufacturers' cost-cutting initiatives aim to improve their competitiveness and financial performance in light of difficult market conditions. There has been a wave of layoffs across corporate America, with major tech companies and Wall Street titans at the forefront.

Also read| <a href="https://www.wionews.com/business-economy/general-motors-recall-140000-chevy-bolts-from-us-canada-markets-545443">General Motors recalls 140,000 Chevy Bolts from US, Canada markets</a> 
&nbsp;

Companies like Amazon, Walt Disney, Facebook owner Meta, and American banks have had to cut back on staff due to rising interest rates and sluggish consumer demand.

Tracking site Layoffs.fyi predicts that in 2022, as the demand boom spurred by the pandemic quickly faded, technology companies laid off more than 150,000 workers. &nbsp;As growth slows in the world's largest economies, additional layoffs are anticipated this year.

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There has been a growing trend in the automotive industry towards cost-cutting measures and streamlining operations. General Motors' announcement of cutting executive-level and broader jobs is part of the automaker's efforts to reduce its structural costs and enhance efficiency.

There has been a growing trend in the automotive industry towards cost-cutting measures and streamlining operations. General Motors' announcement of cutting executive-level and broader jobs is part of the automaker's efforts to reduce its structural costs and enhance efficiency. The cost-cutting drive comes after GM's announcement in January that it aims to save $2 billion in costs over the next two years. The decision by GM comes in response to similar actions taken by other significant automakers, such as Ford Motor and Stellantis, to cut expenses and streamline their operations. The company's broader attempts to streamline operations include the anticipated "low hundreds" of job cutbacks. In her letter to employees, GM Chief People Officer Arden Hoffman emphasised the need for a "culture shift" to hold the company accountable for achieving higher operating efficiency. She also stressed the importance of having the "winning team" to beat the competition and achieve the company's goals. Watch: US: General Motors on cost-cutting drive, cuts hundreds of jobs | World Business News × The decision by GM and other manufacturers to reduce expenses and streamline operations coincides with the industry's need for increased efficiency and the growth of competition. The development of electric and driverless vehicles, which need a large amount of funding and R&D, also puts pressure on automakers. GM and other manufacturers' cost-cutting initiatives aim to improve their competitiveness and financial performance in light of difficult market conditions. There has been a wave of layoffs across corporate America, with major tech companies and Wall Street titans at the forefront. Also read| General Motors recalls 140,000 Chevy Bolts from US, Canada markets Companies like Amazon, Walt Disney, Facebook owner Meta, and American banks have had to cut back on staff due to rising interest rates and sluggish consumer demand. Tracking site Layoffs.fyi predicts that in 2022, as the demand boom spurred by the pandemic quickly faded, technology companies laid off more than 150,000 workers. As growth slows in the world's largest economies, additional layoffs are anticipated 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.

General Motors cuts jobs, joins big tech firms' lower costs plan

Google, which recently laid off thousands of employees globally, is now laying off the robots that cleaned cafeterias at its headquarters. A report by Wired recently said that Alphabet's "Everyday Robots"&nbsp;project — a unit under Google's experimental X laboratories — has been shut down by Google's chief executive officer (CEO) Sundar Pichai.

More than 100 wheeled one-armed robots that were trained by the project to clean cafeterias, separate trash and recycling and open doors, are being laid off. “Everyday Robots will no longer be a separate project within Alphabet,” Denise Gamboa, director of marketing and communications for the project, said, reported Wired.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/google-layoffs-late-night-email-terminates-453-employees-in-india-562943">Google layoffs: Late-night email terminates 453 employees in India</a>

Everyday Robots had emerged from the rubble of at least eight robotic acquisitions by Google 10 years back. A former employee said that from its earliest days, the project struggled with whether its mission was to pursue advanced research or deliver a product to market. More than 200 people were employed and robotics experts estimated that the robots likely cost thousands of dollars,&nbsp;which was expensive for Alphabet.&nbsp;

“It’s unfortunate to see it shut down,” the former employee said, adding robots could do meaningful work in a general way. "I don't think it’s a sign of a lack of progress. With the right focus, in five years you could have a meaningful product in the market."

For the last few years, Alphabet has been developing an integrated hardware and software system for learning, including the transfer of knowledge from the virtual to the actual world. The robots slowly gained a greater grasp of the world around them and became more adept at executing ordinary activities, using a combination of machine learning techniques like reinforcement learning, collaborative learning, and learning from demonstration.

With the robot division now shut down, some of its technology could be used for other divisions.

 
 
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Google, which recently laid off thousands of employees globally, is now laying off the robots that cleaned cafeterias at its headquarters. A report by Wired recently said that Alphabet's "Everyday Robots" project — a unit under Google's experimental X laboratories — has been shut down by Google's chief executive officer (CEO) Sundar Pichai.

Google, which recently laid off thousands of employees globally, is now laying off the robots that cleaned cafeterias at its headquarters. A report by Wired recently said that Alphabet's "Everyday Robots" project — a unit under Google's experimental X laboratories — has been shut down by Google's chief executive officer (CEO) Sundar Pichai. More than 100 wheeled one-armed robots that were trained by the project to clean cafeterias, separate trash and recycling and open doors, are being laid off. “Everyday Robots will no longer be a separate project within Alphabet,” Denise Gamboa, director of marketing and communications for the project, said, reported Wired. ALSO READ | Google layoffs: Late-night email terminates 453 employees in India Everyday Robots had emerged from the rubble of at least eight robotic acquisitions by Google 10 years back. A former employee said that from its earliest days, the project struggled with whether its mission was to pursue advanced research or deliver a product to market. More than 200 people were employed and robotics experts estimated that the robots likely cost thousands of dollars, which was expensive for Alphabet. “It’s unfortunate to see it shut down,” the former employee said, adding robots could do meaningful work in a general way. "I don't think it’s a sign of a lack of progress. With the right focus, in five years you could have a meaningful product in the market." For the last few years, Alphabet has been developing an integrated hardware and software system for learning, including the transfer of knowledge from the virtual to the actual world. The robots slowly gained a greater grasp of the world around them and became more adept at executing ordinary activities, using a combination of machine learning techniques like reinforcement learning, collaborative learning, and learning from demonstration. With the robot division now shut down, some of its technology could be used for other divisions. 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.

After staff, Google now lays off over 100 robots that cleaned cafeterias: Report

As part of its cost-cutting strategy, telecom equipment manufacturer Ericsson will layoff 8,500 workers globally, according to a memo written to staff members and seen by Reuters news agency.&nbsp;

"The way headcount reductions will be managed will differ depending on the local country practice," Chief Executive Borje Ekholm wrote in the memo. "In several countries, the headcount reductions have already been communicated this week," he said.

This would be Ericsson's biggest layoff in the telecom&nbsp;sector. Technology giants like Microsoft, Meta, and Google have fired thousands of workers due to their financial situations. The corporation, which has over 105,000 employees globally, revealed on Monday that it would eliminate 1,400 positions in Sweden.&nbsp;

Also Read | <a href="https://www.wionews.com/world/junior-doctors-to-go-on-72-hours-strike-in-england-565573">Junior doctors to go on 72-hour strike in England</a>

Ericsson did not specify which location would be most impacted. As demand weakens in several countries, particularly North America, the corporation declared in December that it will slash expenses by 9 billion crowns ($880 million) by the end of 2023.

"It is our obligation to take this cost out to remain competitive," Ekholm said in the memo. "Our biggest enemy right now may be complacency."

Also Read | <a href="https://www.wionews.com/world/us-announces-new-sanctions-targeting-russian-banks-defence-industry-semiconductor-access-565534">US announces new sanctions on Russian banks, defence sector, blocks semiconductor access</a>

This comes more than a month after the business released lower-than-anticipated fourth-quarter results. Even in high-margin countries like the US, global sales of its 5G equipment have slowed down.&nbsp;

Ericsson has made it clear that it wants to decrease costs, and that would include making significant cuts. The firm is embarking on cost-cutting initiatives, which would include decreasing consultants, real estate, and staff numbers, the company's Chief Financial Officer Carl Mellander previously told news agency Reuters.

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With reference to the cuts, Mellander stated, "It's different from geography to geography, some are starting now, and we'll take it unit by unit, considering the labour laws of different countries."&nbsp; 
 
(With inputs from agencies)

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As part of its cost-cutting strategy, telecom equipment manufacturer Ericsson will layoff 8,500 workers globally, according to a memo written to staff members and seen by Reuters news agency.

As part of its cost-cutting strategy, telecom equipment manufacturer Ericsson will layoff 8,500 workers globally, according to a memo written to staff members and seen by Reuters news agency. "The way headcount reductions will be managed will differ depending on the local country practice," Chief Executive Borje Ekholm wrote in the memo. "In several countries, the headcount reductions have already been communicated this week," he said. This would be Ericsson's biggest layoff in the telecom sector. Technology giants like Microsoft, Meta, and Google have fired thousands of workers due to their financial situations. The corporation, which has over 105,000 employees globally, revealed on Monday that it would eliminate 1,400 positions in Sweden. Also Read | Junior doctors to go on 72-hour strike in England Ericsson did not specify which location would be most impacted. As demand weakens in several countries, particularly North America, the corporation declared in December that it will slash expenses by 9 billion crowns ($880 million) by the end of 2023. "It is our obligation to take this cost out to remain competitive," Ekholm said in the memo. "Our biggest enemy right now may be complacency." Also Read | US announces new sanctions on Russian banks, defence sector, blocks semiconductor access This comes more than a month after the business released lower-than-anticipated fourth-quarter results. Even in high-margin countries like the US, global sales of its 5G equipment have slowed down. Ericsson has made it clear that it wants to decrease costs, and that would include making significant cuts. The firm is embarking on cost-cutting initiatives, which would include decreasing consultants, real estate, and staff numbers, the company's Chief Financial Officer Carl Mellander previously told news agency Reuters. Watch | WION Speed News: UN General Assembly votes on Ukraine peace resolution × With reference to the cuts, Mellander stated, "It's different from geography to geography, some are starting now, and we'll take it unit by unit, considering the labour laws of different countries." (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.

Swedish telecom giant Ericsson to go on cost-cutting with layoff of 8,500 employees

The firms to go for layoffs is Global Management Consultant firm Mckinsey that has laid off 2,000 employees. The move will impact support staff who do not have any direct contact or clients of the company.

Employee reduction plan: Mckinsey to cut around 2,500 jobs | World Business News

As mass layoffs continue across sectors globally, Linkedin has emerged as a space for people to vent and share their experiences.

LinkedIn gains popularity amid mass layoffs

A report by the Wall Street Journal, citing people familiar with the matter, on Friday (February 17) claimed that Facebook parent company Meta gave thousands of employees below-average ratings in a recently concluded round of performance review. This comes months after the tech giant announced that it would fire 11,000 employees and after the recent poor reviews the company leadership believes that it would prompt more workers to quit in the upcoming weeks, reported the WSJ.&nbsp;

The people speaking to the publication also said that the company has also cut a bonus metric which is one of the several steps senior executives are taking after CEO Mark Zuckerberg dubbed 2023 as the “year of efficiency”. Additionally, the sources also told WSJ that the company leadership is hoping that the subpar reviews would lead to employees quitting in the upcoming week. However, if enough people do not quit, Meta may consider another round of layoffs, said the report.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/laid-off-meta-employees-at-loss-of-words-ask-for-work-opportunities-on-social-media-532946">Laid off Meta employees 'at loss of words', ask for work opportunities on social media</a>

“Realistically, there are probably a bunch of people at the company who shouldn’t be here,” said Zuckerberg, in a town hall last year. The sources also said that at least 10 per cent of employees in the company have been given a “meets most” rating and that this is the second lowest of the five possible ratings at Meta. Therefore, some employees have taken this as a sign to look for new job opportunities, reported WSJ citing anonymous sources.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/explained-why-did-meta-fire-13-per-cent-of-its-employees-whats-in-store-for-the-facebook-parent-company-533887">Meta layoffs EXPLAINED: Why did Meta fire 13% of its employees? What next for the Facebook parent company?</a>

This also comes months after a report by Insider citing two people familiar with the matter had made a similar claim and said that Meta wanted their managers to rank double the number of employees as low performing in their annual performance review. Additionally, the publication also reported that Meta will roughly double the number of employees receiving the downgraded “needs support” (the lowest rating) from “met most” expectations when compared to last year’s review cycle.&nbsp; 
&nbsp;

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A report by the Wall Street Journal, citing people familiar with the matter, on Friday (February 17) claimed that Facebook parent company Meta gave thousands of employees below-average ratings in a recently concluded round of performance review.

A report by the Wall Street Journal, citing people familiar with the matter, on Friday (February 17) claimed that Facebook parent company Meta gave thousands of employees below-average ratings in a recently concluded round of performance review. This comes months after the tech giant announced that it would fire 11,000 employees and after the recent poor reviews the company leadership believes that it would prompt more workers to quit in the upcoming weeks, reported the WSJ. The people speaking to the publication also said that the company has also cut a bonus metric which is one of the several steps senior executives are taking after CEO Mark Zuckerberg dubbed 2023 as the “year of efficiency”. Additionally, the sources also told WSJ that the company leadership is hoping that the subpar reviews would lead to employees quitting in the upcoming week. However, if enough people do not quit, Meta may consider another round of layoffs, said the report. ALSO READ | Laid off Meta employees 'at loss of words', ask for work opportunities on social media “Realistically, there are probably a bunch of people at the company who shouldn’t be here,” said Zuckerberg, in a town hall last year. The sources also said that at least 10 per cent of employees in the company have been given a “meets most” rating and that this is the second lowest of the five possible ratings at Meta. Therefore, some employees have taken this as a sign to look for new job opportunities, reported WSJ citing anonymous sources. ALSO READ | Meta layoffs EXPLAINED: Why did Meta fire 13% of its employees? What next for the Facebook parent company? This also comes months after a report by Insider citing two people familiar with the matter had made a similar claim and said that Meta wanted their managers to rank double the number of employees as low performing in their annual performance review. Additionally, the publication also reported that Meta will roughly double the number of employees receiving the downgraded “needs support” (the lowest rating) from “met most” expectations when compared to last year’s review cycle. 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.

Thousands of employees at Facebook parent company Meta receive subpar reviews, signals more job cuts: Reports

The online recruitment-offering site, LinkedIn, is now facing layoffs, cutting down the number of employees working in the recruitment team. The cloud of Layoffs 2023 is now hovering on the heads of the employees working at LinkedIn.

According to the reports, Microsoft's plan to lay off around 10,000 employees is now knocking on the doors of LinkedIn. The Information published a report announcing that employees have been laid off in the recruitment department of LinkedIn on Monday (February 13).

The report further stated that Microsoft has confirmed layoffs in LinkedIn. Microsoft spokesperson said that they have handed pink slips to certain employees. However, the number of employees who have been impacted by the layoffs in LinkedIn has not been confirmed as of yet.

ALSO READ |&nbsp;<a href="https://www.wionews.com/technology/meta-delays-setting-team-budgets-fresh-layoffs-on-cards-561024">Meta delays setting team budgets, triggers speculation of more layoffs</a>

Hiring has also been slowed by LinkedIn, as per The Information's report.

No layoffs planned

In November 2022, a freeze in hiring was announced by the employment-based social networking website.

LinkedIn's Chief Executive Ryan Roslansky, while speaking to CNBC-TV18 in November 2022, had stated that they had no plans for layoffs however a hiring freeze would be implemented by them in certain verticals.

However, 2023 didn't turn out as per the stated plans as 10,000 employees were impacted by Microsoft's layoffs, the ripples of which also touched LinkedIn's shores. The layoffs carried out in Microsoft this year also impacted employees working for GitHub, Azure and Metaverse.

WATCH | Massive layoffs hurting sacked Indians in the US

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Employees announce end of employment

Meanwhile, a few employees took to the platform to announce their end of employment with the company. LinkedIn's ex-staff member Nicole Zawacki (who was employed as "diversity, inclusion and belonging sourcing lead") wrote that it will take a "little time" for her to process.

"Today I'm taking a little time to myself to process, but if anyone has any positions within Talent Acquisition or your Diversity team, or know of someone who does, I would sincerely appreciate any advice,” Zawacki posted.&nbsp;

Another employee Melanie Quandt, who was handed the termination letter a week ago, said she is "super disappointed with the small benefits and severance offered," and added that it would take a lot to "trust an employer again”.

In her post, Quandt stated, "Never lost a job in my 25 years in my career ... super disappointed with the small benefits and severance offered. Feeling awful for all of us that were impacted. It will take a lot for me to trust an employer again."

(With inputs from agencies)

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The online recruitment-offering site, LinkedIn, is now facing layoffs, cutting down the number of employees working in the recruitment team. The cloud of Layoffs 2023 is now hovering on the heads of the employees working at LinkedIn.

The online recruitment-offering site, LinkedIn, is now facing layoffs, cutting down the number of employees working in the recruitment team. The cloud of Layoffs 2023 is now hovering on the heads of the employees working at LinkedIn. According to the reports, Microsoft's plan to lay off around 10,000 employees is now knocking on the doors of LinkedIn. The Information published a report announcing that employees have been laid off in the recruitment department of LinkedIn on Monday (February 13). The report further stated that Microsoft has confirmed layoffs in LinkedIn. Microsoft spokesperson said that they have handed pink slips to certain employees. However, the number of employees who have been impacted by the layoffs in LinkedIn has not been confirmed as of yet. ALSO READ | Meta delays setting team budgets, triggers speculation of more layoffs Hiring has also been slowed by LinkedIn, as per The Information's report. No layoffs planned In November 2022, a freeze in hiring was announced by the employment-based social networking website. LinkedIn's Chief Executive Ryan Roslansky, while speaking to CNBC-TV18 in November 2022, had stated that they had no plans for layoffs however a hiring freeze would be implemented by them in certain verticals. However, 2023 didn't turn out as per the stated plans as 10,000 employees were impacted by Microsoft's layoffs, the ripples of which also touched LinkedIn's shores. The layoffs carried out in Microsoft this year also impacted employees working for GitHub, Azure and Metaverse. WATCH | Massive layoffs hurting sacked Indians in the US Employees announce end of employment Meanwhile, a few employees took to the platform to announce their end of employment with the company. LinkedIn's ex-staff member Nicole Zawacki (who was employed as "diversity, inclusion and belonging sourcing lead") wrote that it will take a "little time" for her to process. "Today I'm taking a little time to myself to process, but if anyone has any positions within Talent Acquisition or your Diversity team, or know of someone who does, I would sincerely appreciate any advice,” Zawacki posted. Another employee Melanie Quandt, who was handed the termination letter a week ago, said she is "super disappointed with the small benefits and severance offered," and added that it would take a lot to "trust an employer again”. In her post, Quandt stated, "Never lost a job in my 25 years in my career ... super disappointed with the small benefits and severance offered. Feeling awful for all of us that were impacted. It will take a lot for me to trust an employer again." (With inputs from agencies) 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

Job-providing platform, LinkedIn, sacks employees from its recruitment team

US motor giant Ford plans to cut 3,800 jobs across Europe, including 1,300 in the UK and 2,300 in Germany, as it positions to switch to the production of a smaller range of electric vehicles.&nbsp;

The company's plan to cut one in nine jobs is part of its global drive to cut costs.&nbsp;

The US carmaker said the focus on EV manufacturing is the need of the hour as it restructures to let go of product development and administration staff in Europe.&nbsp;

&nbsp;In Germany, the company plans to lay off around 2,300 staff, about 1,300 in the UK, and 200 in the rest of Europe, which is about one in nine jobs.&nbsp;

&nbsp;Ford says it wants to reduce staff through voluntary schemes. The company said the planned layoffs were needed to "revitalise business in Europe".&nbsp;

According to Ford, the job losses will result in a "leaner, more competitive cost structure".&nbsp;

<h2>Ford to cut 3200 jobs in Europe, aims to move some product development back</h2>

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"These are difficult decisions, not taken lightly," said Martin Sander, Ford’s European electric vehicle (EV) operation and head of its German business.&nbsp;

"We recognise the uncertainty it creates for our team, and I assure them we will be offering them our full support in the months ahead," Sander said.&nbsp;

The carmaker said that the shakeup will open the door to a lucrative future and allow it to compete with rival automakers in Europe.&nbsp;

The European continent has seen considerable economic and political difficulties in recent years.&nbsp;

Ford is investing $50 billion to electrify its line of products, switching to a smaller range with higher prices to offset rising costs.&nbsp;

The US firm will retain about 3,400 engineers in Europe to improve on the basic technology offered by their American counterparts and adapt it for European customers.&nbsp;

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US motor giant Ford plans to cut 3,800 jobs across Europe, including 1,300 in the UK and 2,300 in Germany, as it positions to switch to the production of a smaller range of electric vehicles.

US motor giant Ford plans to cut 3,800 jobs across Europe, including 1,300 in the UK and 2,300 in Germany, as it positions to switch to the production of a smaller range of electric vehicles. The company's plan to cut one in nine jobs is part of its global drive to cut costs. The US carmaker said the focus on EV manufacturing is the need of the hour as it restructures to let go of product development and administration staff in Europe. In Germany, the company plans to lay off around 2,300 staff, about 1,300 in the UK, and 200 in the rest of Europe, which is about one in nine jobs. Ford says it wants to reduce staff through voluntary schemes. The company said the planned layoffs were needed to "revitalise business in Europe". According to Ford, the job losses will result in a "leaner, more competitive cost structure". Ford to cut 3200 jobs in Europe, aims to move some product development back "These are difficult decisions, not taken lightly," said Martin Sander, Ford’s European electric vehicle (EV) operation and head of its German business. "We recognise the uncertainty it creates for our team, and I assure them we will be offering them our full support in the months ahead," Sander said. The carmaker said that the shakeup will open the door to a lucrative future and allow it to compete with rival automakers in Europe. The European continent has seen considerable economic and political difficulties in recent years. Ford is investing $50 billion to electrify its line of products, switching to a smaller range with higher prices to offset rising costs. The US firm will retain about 3,400 engineers in Europe to improve on the basic technology offered by their American counterparts and adapt it for European customers. WATCH WION LIVE HERE

Ford to cut 3,800 jobs across Europe as focus shifts toward EV  

According to a report by Business Insider, Google has made an error in the calculation of stock severance which was to be received by the laid-off employees. Subsequently, in an email sent on Thursday (February 9) seen by the media outlet, the tech giant apologised to its former employees, informing that its earlier email mentioned an incorrect number of stocks as part of the severance package. This comes weeks after Google announced its decision to cut six per cent of its workforce which amounts to 12,000 jobs.&nbsp;

After the announcement, the employees were sent details of their individual severance package, while the tech giant had said that it would offer 16 weeks’ salary plus two weeks for every additional year at Google, full salary for their notice period, as well as other benefits. Furthermore, the company also said it would accelerate at least 16 weeks of GSU vesting. Announcing the layoffs, Google CEO, Sundar Pichai, had also said that those affected will receive bonuses and remaining vacation time in addition to six months of healthcare, immigration support, and so on.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/googles-shared-dip-after-ai-chatbot-bard-flubs-answer-in-new-ad-heres-what-happened-560132">$100 bn wiped off Alphabet's shares after Google AI chatbot 'Bard' flubs answer</a>

Reportedly, the miscalculation occurred because the company counted the stock grants twice. This led many laid-off employees to receive at least tens of thousands of dollars less than initial estimates while others reportedly accused Google of creating confusion due to the lack of clarity in initial emails. A former employee of the tech giant who found out that they would be receiving at least 40 per cent fewer stocks than expected told Business Insider that it was like a ‘second kick in the stomach’.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/technology/google-cuts-12000-jobs-6-of-global-workforce-554451">Google joins layoff spree, slashes 12,000 jobs across world, offers 16 weeks’ severance pay</a>

“Admittedly, I had done my own rough calculations. I thought to myself: huh, that number (of stocks) seems pretty high. But then I thought: Maybe this is them saying, ‘Hey, we're taking care of you because we did a shitty thing to you at the last minute’,” said the ex-employee to the publication. Meanwhile, in its latest email, Google People Operations apologising for the inaccurate numbers said, “The severance package that we explained in the support site, detailed documentation and publicly was correct, but it was inaccurately reflected in the email we sent.”&nbsp;

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According to a report by Business Insider, Google has made an error in the calculation of stock severance which was to be received by the laid-off employees. Subsequently, in an email sent on Thursday (February 9) seen by the media outlet, the tech giant apologised to its former employees, informing that its earlier email mentioned an incorrect number of stocks as part of the severance package.

According to a report by Business Insider, Google has made an error in the calculation of stock severance which was to be received by the laid-off employees. Subsequently, in an email sent on Thursday (February 9) seen by the media outlet, the tech giant apologised to its former employees, informing that its earlier email mentioned an incorrect number of stocks as part of the severance package. This comes weeks after Google announced its decision to cut six per cent of its workforce which amounts to 12,000 jobs. After the announcement, the employees were sent details of their individual severance package, while the tech giant had said that it would offer 16 weeks’ salary plus two weeks for every additional year at Google, full salary for their notice period, as well as other benefits. Furthermore, the company also said it would accelerate at least 16 weeks of GSU vesting. Announcing the layoffs, Google CEO, Sundar Pichai, had also said that those affected will receive bonuses and remaining vacation time in addition to six months of healthcare, immigration support, and so on. ALSO READ | $100 bn wiped off Alphabet's shares after Google AI chatbot 'Bard' flubs answer Reportedly, the miscalculation occurred because the company counted the stock grants twice. This led many laid-off employees to receive at least tens of thousands of dollars less than initial estimates while others reportedly accused Google of creating confusion due to the lack of clarity in initial emails. A former employee of the tech giant who found out that they would be receiving at least 40 per cent fewer stocks than expected told Business Insider that it was like a ‘second kick in the stomach’. ALSO READ | Google joins layoff spree, slashes 12,000 jobs across world, offers 16 weeks’ severance pay “Admittedly, I had done my own rough calculations. I thought to myself: huh, that number (of stocks) seems pretty high. But then I thought: Maybe this is them saying, ‘Hey, we're taking care of you because we did a shitty thing to you at the last minute’,” said the ex-employee to the publication. Meanwhile, in its latest email, Google People Operations apologising for the inaccurate numbers said, “The severance package that we explained in the support site, detailed documentation and publicly was correct, but it was inaccurately reflected in the email we sent.” 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.

Google apologises after miscalculating severance packages, laid-off employees receive fewer stocks

According to a new report by Financial Times, tha giant Meta is planning another round of layoffs and has delayed finalizing the budgets of its multiple teams.

Reports: Meta delays budgets of multiple teams as it plans more job cuts

Canopy Growth Corp., backed by Corona beermaker Constellation Brands Inc., will shut major operations and eliminate more than a third of its workforce, as per Bloomberg reports, citing the plummeting marijuana industry in Canada, and the failure to meet expectations due to the existence of a thriving black market.

Canopy Growth Corp., backed by Corona beermaker Constellation Brands Inc., will shut major operations and eliminate more than a third of its workforce, as per Bloomberg reports, citing the plummeting marijuana industry in Canada, and the failure to meet expectations due to the existence of a thriving black market. The downsizing of Canada’s second-largest pot producer is the second restructuring that is taking place in less than 12 months. Coupled with the layoffs announced in April 2022, Canopy has estimated a saving of almost US$230 million and even a profit margin, helping it become the right size for Canada, and enter the US markets through Canopy US, reported Bloomberg. On a conference call, Chief Executive Officer David Klein cited Canada’s thriving black market for the revenue dip. “Today, there are two very different cannabis markets in Canada. One that’s legal, highly taxed and regulated, and one that’s thriving and illicit,” he said, estimating that the black market represents about 40 per cent of Canada’s overall cannabis sales. That has meant that the $7 billion marijuana market that was supposed to materialize in Canada hasn’t come to fruition, Klein said, and forces companies like his to try to compete on price with illegal operators who don’t have to pay taxes. Also read | Oil prices jump over 2% as Russia announces plan to slash production by 500,000 barrels a day Canopy dropped 17 per cent in New York on Thursday (February 9), with shares having dropped 74 per cent in the past 12 months. The company will transition to an “asset-light” model in Canada, sourcing many of its products from outside parties, and limiting production operations. The changes effectively signify the end of Canopy’s cannabis cultivation facility in Smiths Falls, Ontario. “Canopy must reach profitability to achieve our ambition of long-term North American cannabis market leadership,” Canopy CEO Klein said in the statement. Canopy was once Canada’s most profitable marijuana company — now it’s second to Tilray Inc, as per Bloomberg report. WATCH WION LIVE HERE:

Canopy Growth Corp. to lay off a third of its workforce, plans transition to 'asset-light' model

Media conglomerate News Corp on Thursday announced that it will be laying off 1,250 employees after the company failed to meet the estimate for second-quarter earnings because of it lagging behind in its digital real estate businesses and news.&nbsp;Higher interest rates and rising inflation have forced companies to curb their&nbsp;marketing and ad spend, which dented the major sources of revenue of conglomerates like News Corp, which has major publishing platforms like New York Post and the Wall Street Journal in the US, and the Times and the Sun in the UK under its umbrella.

ALSO READ | <a href="https://www.wionews.com/business-economy/tech-layoffs-2023-dell-to-lay-off-6500-employees-cut-5-of-its-global-workforce-amid-uncertain-future-559204">Tech layoffs 2023: Dell to lay off 6,500 employees, cut 5% of its global workforce amid 'uncertain future'</a>

In a statement, News Corp chief executive Robert Thomson said, "A surge in interest rates and acute inflation had a tangible impact on all of our businesses."

“The initiatives now underway, including an expected 5 per cent headcount reduction, or around 1,250 positions this calendar year, will create a robust platform for future growth,” he added.

The company's shares fell by 1.4 per cent in extended trading after its first quarterly report since Rupert Murdoch had pulled out from a proposal to reunite News Corp&nbsp;and Fox Corp, which is headed by his son Lachlan Murdoch.

The conglomerate will carry out lay offs across all businesses, which will help in making annual savings of at least $130 million.

WATCH | Disney to lay off 7,000 employees to make business more profitable

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The company stated that it is likely to witness one-time costs related to withdrawal Fox-News Corp proposal as well as exploration of a sale of Move Inc, which was previously announced, in the third quarter.&nbsp;

The Dow Jones division, under which the Wall Street Journal falls, reported an increase of 11 per cent&nbsp;in revenues to $563 million in the quarter, reflecting growth in its professional information business.

(With inputs from agencies)

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Media conglomerate News Corp on Thursday announced that it will be laying off 1,250 employees after the company failed to meet the estimate for second-quarter earnings because of it lagging behind in its digital real estate businesses and news.

Media conglomerate News Corp on Thursday announced that it will be laying off 1,250 employees after the company failed to meet the estimate for second-quarter earnings because of it lagging behind in its digital real estate businesses and news. Higher interest rates and rising inflation have forced companies to curb their marketing and ad spend, which dented the major sources of revenue of conglomerates like News Corp, which has major publishing platforms like New York Post and the Wall Street Journal in the US, and the Times and the Sun in the UK under its umbrella. ALSO READ | Tech layoffs 2023: Dell to lay off 6,500 employees, cut 5% of its global workforce amid 'uncertain future' In a statement, News Corp chief executive Robert Thomson said, "A surge in interest rates and acute inflation had a tangible impact on all of our businesses." “The initiatives now underway, including an expected 5 per cent headcount reduction, or around 1,250 positions this calendar year, will create a robust platform for future growth,” he added. The company's shares fell by 1.4 per cent in extended trading after its first quarterly report since Rupert Murdoch had pulled out from a proposal to reunite News Corp and Fox Corp, which is headed by his son Lachlan Murdoch. The conglomerate will carry out lay offs across all businesses, which will help in making annual savings of at least $130 million. WATCH | Disney to lay off 7,000 employees to make business more profitable The company stated that it is likely to witness one-time costs related to withdrawal Fox-News Corp proposal as well as exploration of a sale of Move Inc, which was previously announced, in the third quarter. The Dow Jones division, under which the Wall Street Journal falls, reported an increase of 11 per cent in revenues to $563 million in the quarter, reflecting growth in its professional information business. (With inputs from agencies) 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

News Corp announces 1,250 jobs cut after missing estimates of second-quarter

JPMorgan Chase & Co has laid off hundreds of mortgage workers hours after the business announced intentions to recruit some bankers. Earlier in the day JPM announced intentions to increase its employment of bankers serving small companies by more than 500 through 2024 up from more than 2,300 at present.

JPMorgan lays off hundreds of mortgage workers

If you think the layoff season is over, you are in for yet another bad news. This time it is coming from Mouse House, the entertainment giant Disney. In reaction to sluggish subscriber growth and rising competition for streaming consumers, Disney on Wednesday made a major announcement. It said that it was making efforts to achieve $5.5bn in cost savings by taking sweeping corporate restructuring. The Result? A slashing of 7,000 jobs, which is estimated to be 3.6% of Disney’s global workforce.&nbsp;

Earlier, many giants including Google, Microsoft, Amazon, Ford, Meta and others announced huge job cuts.&nbsp;

Disney shares rose 4.7% to $117.22 in after-hours trading, reported Reuters.&nbsp;

Also Read | <a href="https://www.wionews.com/world/twitter-bird-caged-in-turkey-after-anger-swamped-social-media-over-erdogans-quake-response-560125">Twitter bird 'caged' in Turkey after anger swamped social media over Erdogan's quake response</a>

Investors earlier expressed their concerns that the media company was over spending on global streaming business. In the latest announcement, it said that the company will reorganize itself into three main segments: an entertainment division that includes film, television, and streaming; an ESPN division that focuses on sports; as well as Disney theme parks, experiences, and goods.

According to Disney, the restructure will streamline processes, increase business&nbsp;efficiency, and reduce costs. Disney is the most recent media corporation to announce job losses. Prior to this, Disney revealed that its Disney+ streaming media division lost more than $1 billion and had its first quarterly decline in subscriptions.

Also Read | <a href="https://www.wionews.com/world/is-god-gender-neutral-church-of-england-to-explore-terms-for-god-in-prayers-560147">Is God gender-neutral? Church of England to explore terms for God in prayers</a>

Disney last made cuts when it announced in November 2020 that it would fire 32,000 employees, mostly from its amusement parks. It was&nbsp;during the pandemic peak. The&nbsp;layoffs&nbsp;were made in the first part of the fiscal year 2021.&nbsp;

Watch | <a href="https://www.wionews.com/videos/turkiye-earthquake-survivors-recall-horror-560099">Turkiye earthquake survivors recall horror</a>

The job cuts announcement comes under recently reinstated CEO Bob Iger. "This reorganization will result in a more cost-effective, coordinated approach to our operations," Iger reportely told analysts on a conference call. "We are committed to running efficiently, especially in a challenging environment," he added.

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If you think the layoff season is over, you are in for yet another bad news. This time it is coming from Mouse House, the entertainment giant Disney. In reaction to sluggish subscriber growth and rising competition for streaming consumers, Disney on Wednesday made a major announcement.

If you think the layoff season is over, you are in for yet another bad news. This time it is coming from Mouse House, the entertainment giant Disney. In reaction to sluggish subscriber growth and rising competition for streaming consumers, Disney on Wednesday made a major announcement. It said that it was making efforts to achieve $5.5bn in cost savings by taking sweeping corporate restructuring. The Result? A slashing of 7,000 jobs, which is estimated to be 3.6% of Disney’s global workforce. Earlier, many giants including Google, Microsoft, Amazon, Ford, Meta and others announced huge job cuts. Disney shares rose 4.7% to $117.22 in after-hours trading, reported Reuters. Also Read | Twitter bird 'caged' in Turkey after anger swamped social media over Erdogan's quake response Investors earlier expressed their concerns that the media company was over spending on global streaming business. In the latest announcement, it said that the company will reorganize itself into three main segments: an entertainment division that includes film, television, and streaming; an ESPN division that focuses on sports; as well as Disney theme parks, experiences, and goods. According to Disney, the restructure will streamline processes, increase business efficiency, and reduce costs. Disney is the most recent media corporation to announce job losses. Prior to this, Disney revealed that its Disney+ streaming media division lost more than $1 billion and had its first quarterly decline in subscriptions. Also Read | Is God gender-neutral? Church of England to explore terms for God in prayers Disney last made cuts when it announced in November 2020 that it would fire 32,000 employees, mostly from its amusement parks. It was during the pandemic peak. The layoffs were made in the first part of the fiscal year 2021. Watch | Turkiye earthquake survivors recall horror The job cuts announcement comes under recently reinstated CEO Bob Iger. "This reorganization will result in a more cost-effective, coordinated approach to our operations," Iger reportely told analysts on a conference call. "We are committed to running efficiently, especially in a challenging environment," he added. 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.

Disney next in line for layoffs, to cut 7,000 jobs in cost-saving efforts

Tech companies including Meta, Twitter, Google are firing employees left, right and centre. Where does this leave your job security? Are you next in the line? Will you be fired too? Listen in to Molly Gambhir.

Gravitas: Tech layoffs: Is your job safe?

If reports are to be believed, after laying off around 12000 employees and in the wake of a tough macroeconomic situation, Google's CEO Sundar Pichai may take a massive pay cut in his salary.

Addressing the employees of Google in a town hall meeting, Pichai stated that the annual bonus of all roles above the "senior vice president" level will face a significant reduction.

"All roles above the senior vice president level will witness ‘very significant' reduction in their annual bonus. For senior roles, the compensation is linked to company performance," Pichai stated during the town hall, according to reports.

ALSO READ | <a href="https://www.wionews.com/india-news/google-to-cooperate-with-india-antitrust-watchdog-after-android-ruling-554611">Google to cooperate with India antitrust watchdog after Android ruling</a>

While the Google CEO did not clarify whether he will take a salary cut, as per what he said it appears that there is a high chance that he may take a massive salary cut himself.

Pichai also did not specify the percentage of salary cut which will happen and for how long will it remain so. A few weeks before the layoffs, Pichai had received a major salary hike.

At that time, Pichai was recognised by Google’s parent company Alphabet for his "strong performance" as CEO. Pichai, who received an equity award every three years, was awarded two tranches of PSUs, each with a target value of $63 million and was also gifted Alphabet's restricted stock units worth $84 million.

As per a filing from 2020, the annual salary of Pichai was disclosed by Google to be $2 million. IIFL Hurun India Rich List 2022, had stated that there was a decline in the total net worth of the Google CEO by 20 per cent, which currently stands at INR 5,300 crore.

WATCH | Trending on WION: Google fires almost 27 massage therapists amid mass layoffs

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Around 12,000 employees were sacked by Pichai on January 20 to reduce operation costs as fears of a massive global recession loomed.

In the letter addressed to the employees, Pichai&nbsp;said that Google, which is now almost 25 years old, is very likely to go through difficult economic times.

"These are important moments to sharpen our focus, re-engineer our cost base, and direct our talent and capital to our highest priorities," he stated.

(With inputs from agencies)

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If reports are to be believed, after laying off around 12000 employees and in the wake of a tough macroeconomic situation, Google's CEO Sundar Pichai may take a massive pay cut in his salary.

If reports are to be believed, after laying off around 12000 employees and in the wake of a tough macroeconomic situation, Google's CEO Sundar Pichai may take a massive pay cut in his salary. Addressing the employees of Google in a town hall meeting, Pichai stated that the annual bonus of all roles above the "senior vice president" level will face a significant reduction. "All roles above the senior vice president level will witness ‘very significant' reduction in their annual bonus. For senior roles, the compensation is linked to company performance," Pichai stated during the town hall, according to reports. ALSO READ | Google to cooperate with India antitrust watchdog after Android ruling While the Google CEO did not clarify whether he will take a salary cut, as per what he said it appears that there is a high chance that he may take a massive salary cut himself. Pichai also did not specify the percentage of salary cut which will happen and for how long will it remain so. A few weeks before the layoffs, Pichai had received a major salary hike. At that time, Pichai was recognised by Google’s parent company Alphabet for his "strong performance" as CEO. Pichai, who received an equity award every three years, was awarded two tranches of PSUs, each with a target value of $63 million and was also gifted Alphabet's restricted stock units worth $84 million. As per a filing from 2020, the annual salary of Pichai was disclosed by Google to be $2 million. IIFL Hurun India Rich List 2022, had stated that there was a decline in the total net worth of the Google CEO by 20 per cent, which currently stands at INR 5,300 crore. WATCH | Trending on WION: Google fires almost 27 massage therapists amid mass layoffs Around 12,000 employees were sacked by Pichai on January 20 to reduce operation costs as fears of a massive global recession loomed. In the letter addressed to the employees, Pichai said that Google, which is now almost 25 years old, is very likely to go through difficult economic times. "These are important moments to sharpen our focus, re-engineer our cost base, and direct our talent and capital to our highest priorities," he stated. (With inputs from agencies) 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

After sacking 12000 employees, Google's CEO Sundar Pichai to take massive pay cut?

Philips layoffs are here and have reportedly affected close to 6,000 employees. As per a media report, the Dutch health technology company said that Philips layoffs would lead to the scrapping of 6,000 jobs as the company tries to restore its profitability.

Philips layoffs hit 6,000 jobs as the company attempts to improve its profitability

Germany's enterprise application software-maker SAP will cut 3,000 jobs or 2.5 per cent of its total workforce globally. SAP will also explore the options to sell off its 71 per cent stake in Qualtrics, another software company in Germany that focuses on the cloud computing business. The company will cut a little more than 200 jobs in Germany, where it is currently headquartered.

SAP now joins the likes of Alphabet-owned Google, Microsoft, Amazon and Meta who announced thousands of layoffs in recent times in what some of them said was part of their efforts to brace for more difficult economic conditions.

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/gravitas-why-are-tech-giants-laying-off-thousands-549863">Gravitas: Why are Tech Giants laying off thousands?</a>

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“We expect only a moderate cost saving impact for 2023, and a more pronounced one in 2024, about 300 million euros to 350 million in run rate savings as of 2024,” Chief Financial Officer Luka Mucic said in a call with journalists, Reuters reported.&nbsp;

Strong rise in revenues, still layoffs

The layoffs come after SAP reported a 30 per cent revenue increase in its cloud business in the fourth quarter, stoked&nbsp;by strong demand for its software.

SAP has also started the process to sell its stake in Qualtrics, which it had bought for $8 billion in 2018 and took it public in 2021 at a valuation of nearly $21 billion. Qualtrics current valuation stands at $7 billion.

“(The sale) would result in a quite significant one-time gain,” Mucic said. “This would materially increase the profit performance of SAP, but it's currently not reflected in the outlook,” Luca Mucic said.

ALSO READ |&nbsp;<a href="https://www.wionews.com/technology/ford-plans-3200-job-cuts-in-europe-plans-to-move-some-work-to-the-us-555314">Ford to cut 3,200 jobs in Europe; plans to move some work to the US</a>

SAP forecast core operating profit of 8.8-8.9 billion euros at constant currencies for this year. It also expects cloud revenue at constant currencies for 2023 to rise to 15.3-15.7 billion euros, from 12.56 billion euros last year.

SAP has also been signing more customers.

“We are going to announce a unique strategic partnership with BMW betting on SAP on all dimensions — one of the biggest deals ever, which was signed yesterday,” Chief Executive Christian Klein said.

(With inputs from agencies)

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Germany's enterprise application software-maker SAP will cut 3,000 jobs or 2.5 per cent of its total workforce globally. SAP will also explore the options to sell off its 71 per cent stake in Qualtrics, another software company in Germany that focuses on the cloud computing business.

Germany's enterprise application software-maker SAP will cut 3,000 jobs or 2.5 per cent of its total workforce globally. SAP will also explore the options to sell off its 71 per cent stake in Qualtrics, another software company in Germany that focuses on the cloud computing business. The company will cut a little more than 200 jobs in Germany, where it is currently headquartered. SAP now joins the likes of Alphabet-owned Google, Microsoft, Amazon and Meta who announced thousands of layoffs in recent times in what some of them said was part of their efforts to brace for more difficult economic conditions. ALSO WATCH | Gravitas: Why are Tech Giants laying off thousands? × “We expect only a moderate cost saving impact for 2023, and a more pronounced one in 2024, about 300 million euros to 350 million in run rate savings as of 2024,” Chief Financial Officer Luka Mucic said in a call with journalists, Reuters reported. Strong rise in revenues, still layoffs The layoffs come after SAP reported a 30 per cent revenue increase in its cloud business in the fourth quarter, stoked by strong demand for its software. SAP has also started the process to sell its stake in Qualtrics, which it had bought for $8 billion in 2018 and took it public in 2021 at a valuation of nearly $21 billion. Qualtrics current valuation stands at $7 billion. “(The sale) would result in a quite significant one-time gain,” Mucic said. “This would materially increase the profit performance of SAP, but it's currently not reflected in the outlook,” Luca Mucic said. ALSO READ | Ford to cut 3,200 jobs in Europe; plans to move some work to the US SAP forecast core operating profit of 8.8-8.9 billion euros at constant currencies for this year. It also expects cloud revenue at constant currencies for 2023 to rise to 15.3-15.7 billion euros, from 12.56 billion euros last year. SAP has also been signing more customers. “We are going to announce a unique strategic partnership with BMW betting on SAP on all dimensions — one of the biggest deals ever, which was signed yesterday,” Chief Executive Christian Klein said. (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.

Layoffs and firings: German software-maker SAP to cut thousands of jobs

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