As it happened: CNN, H&M and DoorDash announce job cuts

Global tech giant Google has unveiled a new performance management system, which may fire thousands of unproductive staff, according to reports. Layoffs and a slower hiring procedure are being considered by huge firms as a way to boost their sales.

The Information, a technology-focused website, was cited in many news stories as mentioning the new performance management system, which, when put into place early next year, may allow human resource managers to fire failing Google employees.

As the US tech sector continues to be affected by the weakening global economy, PC maker Hewlett Packard announced it would lay off up to 6,000 workers over the next three years.

HP, which employs approximately 61,000 workers, said it wanted to save $1.4 billion year through 2025.

Enrique Lores, CEO of HP, said in a statement that the strategy "will enable us to better serve our customers and drive long-term value creation by reducing our costs and reinvesting in key growth initiatives to position our business for the future."

By 2024, when the majority of them are anticipated to experience recessions, Bloomberg Economics predicts that unemployment would increase by around 3.3 million across developed nations. Even while that is a significant number of jobs lost, it is less than the 5.1 million jobs lost during the comparatively moderate downturn that started in 2001 and is dwarfed by the size of the two most recent global recessions.

Kraken, a cryptocurrency exchange, announced on Wednesday that it would reduce its global workforce by 30 per cent, or roughly 1,100 workers, citing challenging market circumstances that have severely hampered demand for digital assets this year.

The company stated that "macroeconomic and geopolitical factors have weighed on financial markets," since the start of this year."

Kraken said it has seen a drop in trading volumes and fewer client sign-ups, and that the layoffs will reduce total headcount to where it was a year ago.

DoorDash CEO Tony Xu says the company is cutting costs by laying off 1,250 people. In an internal memo accessed by Bloomberg, Xu said that the company will be looking to cut around $2 billion from its third quarter budget and as a result, it will lay off around six per cent of the total workforce.

Lightspeed Venture Partners-backed edtech startup Teachmint has laid off 45 employees or about five percent of its workforce across departments in a restructuring exercise as it looks to build 'long-term efficiencies' amid a funding winter.

H&M has decided to sack 1,500 employees globally as part of cross cutting measures. “The cost and efficiency programme that we have initiated involves reviewing our organisation and we are very mindful of the fact that colleagues will be affected by this,” H&M CEO Helena Helmersson was quoted as saying by news agency Reuters.

Warner Bros Discovery-owned CNN's top boss Chris Licht sent an all-staff memo about the upcoming layoffs. Licht said that a limited number of people will lose their job due to the upcoming process. "I know these changes affect both our departing colleagues and those who remain," Licht wrote. "And we have resources to support you."