Page 5 - Job Cuts

Unilever to separate its ice cream biz, cut 7,500 jobs in restructuring bid

The move is part of a broader restructuring as Schumacher tries to jumpstart growth. Unilever said the job cuts, which will affect mainly office-based roles, are part of a plan to achieve €800 million

Bumble to cut 350 jobs, plans overhaul in bid to revive slowing user growth

Bumble had more than 950 full-time employees at the end of 2022, of which about 770 are located outside of the US, according to a separate filing

US Army slashing 5% jobs in major revamp to prepare for future wars

The US Army is slashing the size of its force by about 24,000, or almost 5 per cent, and restructuring to be better able to fight the next major war, as the service struggles with recruiting shortfalls that made it impossible to bring in enough soldiers to fill all the jobs. The cuts will mainly be in already-empty posts not actual soldiers including in jobs related to counter-insurgency that swelled during the Iraq and Afghanistan wars but are not needed as much today. About 3,000 of the cuts would come from Army special operations forces. At the same time, however, the plan will add about 7,500 troops in other critical missions, including air-defence and counter-drone units and five new task forces around the world with enhanced cyber, intelligence and long-range strike capabilities. According to an Army document, the service is significantly overstructured and there aren't enough soldiers to fill existing units. The cuts, it said, are spaces not faces and the Army will not be .

CEO's pay hiked to $26 mn in 2023, Citigroup says amid 20,000 job cuts plan

Jane Fraser's pay included a base salary of $1.5 million and a cash bonus of $3.7 million as well as $20.8 million in deferred performance-linked stock, the company said

Cisco latest firm to announce job cuts; 2024 tech layoff tally hits 35,000

US firm Cisco system said that it's been hit by a temporary "pause" in orders from customers who are busy installing equipment they've already acquired

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

Morgan Stanley planning to eliminate several hundred jobs in wealth unit

The bank's shares have been the worst-performing among its biggest US peers this year, down about 10%

Continental to cut 7,150 jobs in savings push at struggling auto unit

Some 17 sites in the Rhine-Main area will be reviewed in addition to some other locations, a company spokesperson said Wednesday

Job cuts at Citi, Deutsche Bank show the future has arrived on Wall Street

Both executives were speaking in 2017, and while they may have been early, their predictions are beginning to pan out

Meta, Amazon job cuts in 2023, belt-tightening pay off for investors

The question now becomes whether leaner, more focused versions of Meta and Amazon can continue to strive for the bold and ambitious tech advancements that have made them household names

Deutsche Bank will cut 3,500 jobs even as it records $4.5 billion profit

Deutsche Bank said on Thursday that it would cut 3,500 jobs as part of efforts to slash costs by 2.5 billion euros (USD 2.7 billion) through next year and boost profits even as Germany's largest lender benefits from higher global interest rates. The bank said it would seek to streamline its marketing network and computer systems and software as it seeks to cut costs. It said the reduction in the number of positions would mostly be for jobs that don't involve directly dealing with customers. The announcement came alongside the release of annual profit figures showing the bank made 4.2 billion euros (USD 4.5 billion) last year, a decline of 16 per cent compared with 2022. It was, however, the fourth straight year in which the bank made a profit. The bank has benefited along with its peers from the global rise in interest rates, which can increase the profit margin between what the bank pays out in interest and what it can earn. CEO Christian Sewing said the results demonstrated ...

Nasdaq planning to cut hundreds of jobs amid integration of Adenza

Nasdaq is considering cutting some positions and may reallocate others in a bid to minimize redundancies, according to people familiar with the matter

Job cuts in Britain 'least bad option', will continue talks: Tata Steel CEO

The steelmaker will close its two blast furnaces in Britain by the end of this year, axing up to 2,800 jobs at its Port Talbot steelworks in Wales

Job cuts in Britain 'least bad option', will continue talks: Tata Steel CEO

The steelmaker will close its two blast furnaces in Britain by the end of this year, axing up to 2,800 jobs at its Port Talbot steelworks in Wales

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)

eBay plans to cut 1,000 jobs, reduce contractors to sharpen focus

The e-commerce company said it needs to be "more nimble" in the face of a "challenging" economic environment

After Google, Amazon announces job cuts; hundreds to get pink slips

The latest job cuts by Amazon will impact the employees of Prime Video and Amazon MGM Studios. The news coincided with Google's similar announcement to layoff employees on Wednesday

Amazon's Twitch to cut 500 employees, 35% of staff amid concerns on losses

The new chief has struggled to stem losses, however. Twitch undertook two rounds of layoffs last year, cutting over 400 positions, part of wider job reductions at Amazon.

Global corporate landscape 2023: Mergers, closures, and leadership shifts

From acquisitions & mergers to resignations 2023 has been a year of significant milestones in the global corporate world. Here is a recap on all the major event that unfolded in 2023

Spotify axes 17% of workforce in third round of layoffs this year

Spotify says it's axing 17 per cent of its global workforce, the music streaming service's third round of layoffs this year as it moves to slash costs while focusing on becoming profitable. In a message to employees posted on the company's blog on Monday, CEO Daniel Ek said the jobs were being cut as part of a strategic reorientation. The post didn't specify how many employees would lose their jobs, but a spokesperson confirmed that it amounts to about 1,500 people. Spotify had used cheap financing to expand the business and invested significantly in employees, content and marketing in 2020 and 2021, the blog post said. But Ek indicated that the company was caught out as central banks started hiking interest rates last year. We now find ourselves in a very different environment. And despite our efforts to reduce costs this past year, our cost structure for where we need to be is still too big, he said. Ek said the leaner structure of the company will ensure Spotify's continued ...