Page 8 - Job Cuts

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

Automaker Stellantis to offer buyouts amid electric vehicle transition

Another automaker is trying to cut its workforce to trim expenses and stay competitive as the industry makes the long and costly transition to electric vehicles. Stellantis on Wednesday said it's offering buyouts to groups of white-collar and unionized employees in the U.S., as well as hourly workers in Canada. The cuts are in response to today's increasingly competitive global market conditions and the necessary shift to electrification, the company said in a prepared statement. Stellantis said it's looking to reduce its hourly workforce by about 3,500, but wouldn't say how many salaried employees it's targeting. The company has about 56,000 workers in the U.S., and about 33,000 of them could get the offers. Of those, 31,000 are blue-collar workers and 2,500 salaried employees. Another 8,000 union workers in Canada also will get offers, the company said. Stellantis, formed in the merger of Fiat Chrysler and France's PSA Groupe, says in a statement that it's reviewing its North .

3M to cut 6,000 positions globally to focus on high-growth businesses

The move comes as consumers are cutting back on discretionary spending as a series of interest rate hikes over the past year to bring down stubbornly high inflation

Lyft, Deloitte announce to lay off employees amid global meltdown

According to reports, the layoffs at Uber rival may affect 30 per cent of its 4,000 employees

Lyft plans job cuts, may hit 30% of employees as it struggles over profit

The Wall Street Journal earlier reported the cuts, adding that they could help Lyft slash 50% of its costs

Meta prepares more layoffs across its platforms for 'greater efficiency'

Meta already cut about 13% of its workforce, or about 11,000 jobs, in November. It also extended a hiring freeze through the first quarter

Disney poised to eliminate thousands of jobs next week to cut annual costs

As part of that effort, the company is paring its commitment to general entertainment, focusing more on franchise properties and well-recognized brands

Ernst & Young to slash 3,000 jobs in US due to 'overcapacity': Report

Joining the 'Big Four' consulting firms, global professional services provider Ernst & Young (EY) will slash around 3,000 jobs or 5 per cent of its workforce in the US, the media reported.

McDonald Corp reduces some employees' compensation, titles amid job cuts

McDonald's closed its offices for a few days earlier this week to have career conversations with all corporate employees, including those being let go

US-based firms sack over 270,000 employees in Q1, up by nearly 400%

"The technology sector is leading all industries, and this talent is in demand across industries. In fact, 38 per cent of all cuts are in the Tech sector," the report stated

Red cross to sack 15,000 employees amid decline in humanitarian aid budget

ICRC said its governing board last week approved $475.30 million in cost reductions over 2023 and early 2024

Twitter's contract workers sue company over Elon Musk's mass layoffs

The suit was brought on behalf of an unspecified number of workers hired by Twitter through employee staffing company TEKsystems Inc

Apple to cut some jobs; Walmart to fire more than 2,000, says report

The company is shedding positions in what it calls its development and preservation teams. Those groups are responsible for the construction and upkeep of Apple retail stores

Half a million white-collar job cuts since Oct 2022: Is this just a start?

There have been more than 500,000 job cuts announced around the world since October, as tracked by Bloomberg

McDonald's temporarily shuts US offices, plans major layoffs amid meltdown

McDonald's has more than 150,000 employees in corporate roles. About 70% of those employees are based outside the United States

Streaming firm Roku lays off 200 more employees, nearly 6% of its workforce

In November 2022, the streaming company had announced it was laying off 200 US employees, or roughly 7 per cent of its workforce