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.

Amazon cuts deep: largest layoffs in company's history hit cloud computing, ad teams

Ahead of a possible US Fed hike, job openings fell to a 2-year low in march. That is a clear indication that the U.S job market is cooling sharply.

Job openings near two-year low as layoffs jump

Morgan Stanley, one of the top advisory firms, is planning to eliminate 3,000 positions by the end of June. That's 5% of the bank's workforce. The cuts are expected to impact banking and trading staff the most.

Morgan Stanley plans to cut 3,000 jobs amid worsening economic outlook

Amazon, a major digital company, has started its third wave of layoffs. The most recent round of layoffs, which affected personnel in its cloud computing and human resources departments, came a month after Amazon CEO Andy Jassy revealed the business would fire 9,000 workers.

Layoffs at Amazon: Cloud computing and human resources department impacted

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

Lyft opts for a second round of layoffs

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) 
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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

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