Page 4 - Job Cuts

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

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

Toshiba to slash 5,000 jobs in Japan in latest bid to restructure: Report

The Tokyo-based company is downsizing noncore businesses and will book a one-time cost of roughly ¥100 billion ($650 million) as a result, Nikkei reported without saying where it got the information

Morgan Stanley plans biggest round of job cuts in Asia Pacific in years

The final size and timing of the cuts may change, the people said. A media representative for the New York-based bank declined to comment.

Apple cut at least 600 jobs in US when car and screen projects stopped

At the end of February, Apple began to wind down both initiatives, which were seen as major moonshot efforts to advance the company's technologies or enter sizable new areas

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

Job cuts: McKinsey offering some staff nine months' pay to leave firm

McKinsey and its peers in the consulting world have trimmed headcount, delayed start dates and slowed the pace of hiring over the past year amid declining demand from clients

Dell reduces workforce as part of broader cost cuts, limits external hiring

The layoffs come after sluggish demand for its personal computers for nearly two years partly contributed to a 11% drop in revenue in fourth-quarter earnings posted last month

Barclays to cut hundreds of jobs in investment banking to trim costs

The cuts are expected to take place in the coming months and are part of the firm's annual cutting of low performers, the people said.