Job Cut

Mastercard plans to cut 3% of staff worldwide before Sept 30 amid overhaul

That would work out to about 1,000 people, based on its reported employee count at the end of last year

Cisco cuts 7% of workforce, as it shifts focus to AI, cybersecurity

Cisco Systems is planning to lay off 7% of its employees, its second round of job cuts this year, as the company shifts its focus to more rapidly growing areas in technology, such as artificial intelligence and cybersecurity. The company based in San Jose, California, did not specify the number of jobs it is cutting. It had 84,900 employees as of July 2023. Based on that figure, the number of jobs cut would be about 5,900. In February, Cisco announced it would cut about 4,000 jobs. The networking equipment maker said in June that it would invest $1 billion in tech startups like Cohere, Mistral and Scale to develop reliable AI products. It recently also announced a partnership with Nvidia to develop infrastructure for AI systems. Cisco's layoffs come just two weeks after chipmaker Intel Corp announced it would cut about 15,000 jobs as it tries to turn its business around to compete with more successful rivals like Nvidia and AMD. Intel's quarterly earnings report disappointed investo

Intel to lay off nearly 17,500 workers, suspend dividend in turnaround push

Intel, which employed 116,500 people as of June 29, excluding some subsidiaries, said the majority of the job cuts would be completed by the end of 2024

11% increase in US dollar withdrawals in India since May 2023: Report

Software engineers, consultants made the most such withdrawals in 18 countries, says payroll company Deel

Ola Cabs CEO Hemant Bakshi resigns; company to lay off 10% employees

Hemant Bakshi's exit coincides with company's impending restructuring efforts, poised to impact at least 10 per cent of the workforce

Tracking mood on Brahmaputra Mail: Where wage loss is the real bogeyman

Job scarcity, price hikes, and a first class bias - the voices echo down the Brahmaputra Mail's corridors. Dhruvaksh Saha buys a ticket to reality

Tesla lays off more than 10% of global workforce amid dwindling sales

Musk last announced a round of job cuts in 2022, after telling executives he had a "super bad feeling" about the economy

McKinsey starts eliminating around 360 jobs as client demand slows

The firm has warned about 3,000 of its consultants that their performance was unsatisfactory and will need to improve

Byju's laying off employees via phone calls, dropping notice period: Report

The latest round of layoffs at edtech firm is estimated to affect between 100 to 500 employees

Ericsson to slash 1,200 Swedish jobs in bid to cut costs amid lower sales

The company also plans to cut costs separately by eliminating facilities and the use of consultants and will streamline processes, it said in a statement on Monday

Online travel firm Expedia to eliminate 1,500 jobs as its growth moderates

The company and its online travel peers such as Airbnb Inc. and Booking Holdings are contending with moderating travel growth

RBC's US unit cuts about 100 jobs after financial losses, regulatory fine

RBC had injected about $2.95 billion into the US unit in October to bolster its capital, as a part of management actions to improve profitability at City National

Artificial intelligence driving more layoffs than companies want to admit

Experts struggle to get an accurate picture of just how many jobs are being eliminated as AI rapidly advances

Tesla asks managers which jobs are critical, stoking layoff fears: Report

Tesla sent out a single-line query for each job after canceling some employees' biannual performance reviews, some of the people familiar with the matter told Bloomberg

Ebay cutting 1,000 jobs, it's latest tech company to reduce workforce

Online retailer eBay Inc will cut about 1,000 jobs, or an estimated 9% of its full-time workforce, saying its number of employees and costs have exceeded how much the business is growing in a slowing economy. It marks the latest layoffs in the tech industry. CEO Jamie Iannone said in a message to employees on Tuesday that the company also will reduce how many contracts we have within our alternate workforce over the coming months. Those who are being laid off will be told through Zoom calls with their bosses, Iannone said, requesting that people work from home Wednesday to allow privacy for those conversations. We need to better organise our teams for speed allowing us to be more nimble, bring like-work together, and help us make decisions more quickly, he said in the note, which was posted online. These changes are difficult, but I'm confident that by working together we will become stronger than ever, Iannone added. San Jose, California-based eBay is the latest tech company to

Focused cuts, fewer layers: Tech industry layoffs enter new phase

Slashing tech work forces would have been anathema in Silicon Valley just a few years ago

UPS to cut 12,000 jobs, shares drop nearly 6% in premarket trading

UPS slid before the opening bell on Tuesday as the package delivery company announced that it's eliminating approximately 12,000 jobs and looking at strategic options for its Coyote truck load brokerage business. Last year union members at UPS voted to approve a tentative contract agreement, putting a final seal on contentious labor negotiations that threatened to disrupt package deliveries for millions of businesses and households nationwide. On a conference call on Tuesday morning, CEO Carol Tome said that by reducing the company's headcount UPS will realise USD 1 billion in cost savings. We are going to fit our organisation to our strategy and align our resources against what's wildly important, Tome said. She also announced that this year UPS is returning to a policy of having its employees back in the office five days a week. United Parcel Service Inc. anticipates 2024 revenue in a range of approximately USD 92 billion to USD 94.5 billion. Analysts surveyed by FactSet predic

TikTok cuts 60 jobs in sales, advertising division as tech layoffs continue

The positions affected were based in Los Angeles, New York, Austin and overseas, a company spokesperson said

SAP to restructure 8,000 jobs in push towards AI, shares hit record

The company said it will spend 2 billion euros ($2.2 billion) on the programme to either retrain employees with AI skills or to replace them through voluntary redundancy programs

SAP unveils restructuring plan to trim costs, move to affect 8,000 jobs

Separately, SAP reported a 5 per cent gain in fourth-quarter non-IFRS revenue to €8.47 billion ($9.2 billion)