Page 4 - Job Cuts

With seats slashed, Telangana faculty turn to delivery jobs to survive

Senior faculty members of engineering branches face layoffs and financial hardship as focus shifts to high-demand tech fields

PepsiCo closing 4 US bottling plants, cutting 400 jobs to streamline ops

PepsiCo said Wednesday it plans to close four US bottling plants and lay off nearly 400 workers as part of its efforts to streamline its operations. The company said the closures will impact 136 workers in Cincinnati; 131 in Chicago; 127 in Harrisburg, Pennsylvania; and fewer than 50 in Atlanta. The Chicago plant is the only one that will fully close. PepsiCo confirmed that closure earlier this week. The company said sales, delivery and warehouse functions will continue at the other three locations. Earlier this month, PepsiCo lowered its sales forecast for the year as consumers in the US, China and elsewhere pulled back on buying its drinks and snacks after years of price hikes. PepsiCo's North American beverage sales fell 3 per cent in both the second and third quarters of this year. PepsiCo's net income fell 5 per cent to USD 2.9 billion in the July-September period. The company has repeatedly said it is sharply focused on efficiency and productivity gains. PepsiCo, which is ba

McKinsey to cut 500 jobs in China, reducing ties with govt-linked clients

McKinsey's employee restructuring is aimed at separating its China unit from its global operations amid political pressure in the US over its work in Saudi Arabia and China

China's top private firms slash 300,000 jobs despite revenue growth in 2023

China's private economy contributes over half of the country's tax revenues, more than 60 per cent of its gross domestic product, and employs over 80 per cent of urban workers

PwC US to cut 1,800 jobs over restructuring, its first layoffs in 15 years

PwC's US unit will lay off around 1,800 workers, its first formal job cuts since 2009, as part of a restructuring process amid decreased demand for certain services, its US leader, Paul Griggs said

Goldman Sachs to lay off up to 1,800 employees amid annual review process

Goldman Sachs' annual review process has historically resulted in workforce reductions of 2 to 7%, depending on financial performance and market conditions

Apple cuts 100 jobs in digital services group as priorities shift

The layoffs included some engineering roles, and the biggest cuts were made to the team responsible for the Apple Books app and Apple Bookstore

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

China's youth jobless rate climbed to 17.1% in July as hiring held off

Around 12 mn students graduated this summer, but with even roles in remote areas attracting young Chinese with diplomas from top universities, aspiring professionals face toughest job market in years

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

RIL’s massive layoff drive; 11% jobs cut

In a significant development, India’s largest conglomerate undertook a massive layoff drive reducing its workforce by 11% in the fiscal year 2023-24. Watch the video to know the details.

Tech layoffs continue: Dell to slash 12.5K jobs in restructuring for AI era

Dell executives Bill Scannell and John Byrne communicated the layoffs through an internal memo, titled "Global Sales Modernisation Update", on August 6

Intel to cut thousands of jobs to reduce costs, layoffs to begin this week

Intel, which is scheduled to report second-quarter earnings Thursday, has about 110,000 employees, excluding workers at units that are being spun out

Unilever job cuts: HUL to assess parent's global initiatives for its biz

Unilever recently told employees it will slash a third of office-based jobs in Europe by end of 2025

CNN cuts about 100 jobs, to launch digital subscriptions before year's end

CNN is eliminating approximately 100 jobs and plans to debut its first digital subscriptions before the end of the year as the news network leans into reshaping its business. In a memo sent to staff on Wednesday, CNN CEO Mark Thompson said noted that it's cutting just 100 jobs out of a total workforce of approximately 3,500. He said that open roles were closed wherever possible in order to minimise the total layoffs. Media organisations, including CNN have struggled to grow audiences and revenue, and have sought to diversify what they're offering to customers. Thompson said that CNN's digital strategy must be ambitious enough to deliver the audiences and the revenue we need to maintain our unique journalistic firepower and succeed as a business. The executive said CNN will create subscription-ready products that offer news, analysis and context in new formats. He emphasised that there will be an effort to keep users on CNN.com's website longer and finding ways to get them to return

New British govt prioritising avoiding job cuts in Tata Steel talks

Tata, Britain's biggest steel producer, started closing one of its carbon-intensive blast furnaces on Thursday while the shutdown of its other one is slated for September

UBS signals it's mostly done cutting Asia jobs after Credit Suisse merger

The Swiss lender has been cutting thousands of staff following an emergency rescue of Credit Suisse last year in a government brokered deal. The takeover is due to close officially this week, says Koh

Australian telecom Telstra to cut nearly 2,800 jobs as competition stiffens

Telstra had more than 31,000 employees as of August 2023 according to its annual report

Tesla plans to fire 601 more employees in California amid falling sales

The electric carmaker said last month it would lay off 6,020 people in California and Texas, as part of the headcount cuts

Tesla ramps up job cuts in China as sales slowdown bites, many depts hit

It's unclear how many people will be affected and what impact it may have on Tesla's China operations