Page 7 - Job Cuts

Britain witnesses recession and flood of job losses if rates hit 6%

The UK has so far weathered the cost of living crisis without falling into recession

Oracle lays off hundreds of employees at its health unit Cerner: Report

In May, another media report said that Oracle had laid off 3,000 employees at Cerner

Automotive digital marketplace TrueCar lays off 24% of its workforce

"The restructuring announced today better aligns our cost structure with our revenue base and is designed to make TrueCar a nimbler, more efficient company"

Data management provider Cohesity lays off employees, CMO moves on

The company had 2,289 employees (as of April 2023). Lucas, who became Cohesity CMO in 2018, has also left the company

Standard Chartered to trim more than 100 roles as part of cost cuts

"It is part of normal business activity to review our role requirements on an ongoing basis across the bank, to ensure that we remain effective in delivering our business strategy"

Reddit to hand pink slips to 5% of its workforce, reduce fresh hiring

The move aims to help the social media company Reddit to break even next year

IT cos need to rightsize bench to boost efficiency, stop layoffs: Experts

While other industries have single-digit bench sizes, tech firms typically have a larger bench size of as much as 30%, they say

Spotify cutting about 2% of its workforce, affecting roughly 200 employees

Spotify is cutting about 200 people, or 2 per cent of its workforce, as the streaming company reworks its podcast unit. Sahar Elhabashi, vice president, Head of Podcast Business, said in a memo that impacted employees would receive severance packages including extended health care coverage and immediate access to outplacement support. In January Spotify announced that it was cutting 6 per cent of its global workforce, or about 600 jobs. Elhabashi also said Monday that the Stockholm company would be combining podcast networks Parcast and Gimlet into its Spotify Studios operation. With these changes, we will accelerate into the next chapter for podcasts on Spotify with strong discovery and podcast habits for users, thriving monetisation and audience growth for creators, and a valuable, high-margin business for Spotify, Elhabashi said. In afternoon trading, shares rose nearly 3 per cent and briefly set a 52-week trading high.

Europe's fintech unicorn Taxfix lays off 120 employees to cut costs

"The macroeconomic funding environment has changed over the past months, and it is, therefore, more important than ever to position ourselves as an independent company for the long term"

Amazon workers upset over job cuts, return-to-office mandate stage walkout

A group of Amazon workers upset about recent layoffs, a return-to-office mandate and the company's environmental impact is planning a walkout at the company's Seattle headquarters Wednesday. The lunchtime protest comes a week after Amazon's annual shareholder meeting and a month after a policy took effect requiring workers to return to the office three days per week. We respect our employees' rights to express their opinions, the company said in a statement. As of Tuesday night, more than 1,800 employees had pledged to walk out around the world, with about 870 in Seattle, according to Amazon Employees for Climate Justice, a climate change advocacy group founded by Amazon workers. While some plan to gather at the Amazon Spheres a four-story structure in downtown Seattle that from the outside looks like three connected glass orbs others will participate remotely. Brad Glasser, an Amazon spokesperson, said there has been a good energy on the company's South Lake Union campus and at

Big Tech firms can sack more employees to boost productivity: Elon Musk

He said that Twitter was in a situation where you'd have a meeting of 10 people and "one person with an accelerator and nine with a set of brakes"

Alibaba to make significant job cuts, around 7% of workers, amid IPO plans

The company is offering severance packages to the impacted employees and also plans to transfer some workers to other parts of its business verticals

UK's largest network operator BT to cut 42% of jobs after fiber rollout

The company's workforce will drop to 75,000 to 90,000 people by the fiscal year ending in March 2030 from about 130,000 currently

Morgan Stanley weighs 7% cut in Asia-Pacific investment banking workforce

The New York-based firm already axed about 50 investment-banking jobs in Asia by the end of last year after a plunge in deals, and a significant number of those were China-focused roles

CRED-owned Happay lays off 35% of its workforce as 'restructuring exercise'

According to the report, Happay is giving impacted employees three months salary along with an extension of insurance coverage and some other additional benefits

Covid vaccine maker Novavax plans to cut 25% jobs to slash expenses

Novavax is cutting about a quarter of its workforce as the COVID-19 vaccine maker seeks to slash expenses while dealing with uncertain future revenue. The company said on Tuesday that it expects to trim next year's costs for research and development as well as selling, general and administrative expenses by about 40% to 50 per cent compared to 2022. The company had 1,992 full-time employees as of February 21, according to Securities and Exchange Commission filings. The job cuts announced on Tuesday would equate to 498 employees. Novavax's protein-based vaccine debuted long after alternatives from companies like Pfizer, Moderna and Johnson and Johnson had reached the market. Only about 88,458 doses of the Novavax vaccine have been administered in the United States, according to the Centres for Disease Control and Prevention. That compares to more than 400 million doses of market leader Pfizer's two-shot original vaccine and updated booster. The COVID-19 vaccine is Novavax's lone ..

Morgan Stanley may slash 3,000 jobs in second job cut round: Report

The job cuts will impact financial advisers and personnel supporting them within the wealth management division at Morgan Stanley, the report added

GAP job cuts will eliminate about 1,800 positions as part of restructuring

The cuts are in addition to the 500 corporate jobs that Gap eliminated in September. Gap had 95,000 employees as of the end of January

Deutsche Bank to cut 800 jobs after strong first quarter to save cost

Germany's biggest bank produced solid earnings at a time when banks had to be rescued in the United States and in Switzerland

Amazon shuts down health-focused Halo division, lays off employees

For employees who are impacted by this decision, Amazon is providing packages that include a separation payment, transitional health insurance benefits, and external job placement support