Page 5 - Job Cuts

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.

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