Page 9 - Job Cuts
Richard Branson's rocket company Virgin Orbit lays off 85% of workforce
In a US securities filing, the company announced a workforce reduction of approximately 675 employees, constituting approximately 85 per cent of the company's workforce "in order to reduce expenses"
 "Richard Branson's rocket company Virgin Orbit lays off 85% of workforce")
EV startup Lucid to lay off around 1,300 employees in upcoming months
Electric vehicle (EV) startup Lucid announced that it is laying off around 1,300 of its employees or 18 per cent of its workforce, within the upcoming months
 "EV startup Lucid to lay off around 1,300 employees in upcoming months")
In an open letter to Pichai, Google staff asks for better handling of cuts
In an open letter addressed to Chief Executive Officer Sundar Pichai, employees made a series of demands of the company, including freezing new hires, seeking voluntary redundancies
 "In an open letter to Pichai, Google staff asks for better handling of cuts")
Accenture to cut 19,000 jobs amid worsening global outlook, trims forecast
The company also trimmed its annual revenue growth and profit forecasts on Thursday, amid worries that recession-wary enterprises will cut technology budgets
Logitech lays off 300 employees as computer accessories sales drop
Swiss technology firm Logitech has laid off 300 employees amid the challenging global macro-economic environment, the media reported on Thursday.
Top headlines: UBS to buy Credit Suisse for nearly $3.25 bn amid turmoil
Business Standard brings you the top headlines at this hour
 "Top headlines: UBS to buy Credit Suisse for nearly $3.25 bn amid turmoil")
Disney instructs to identify layoff candidates, may cut 4K jobs in April
It is unclear whether Disney will start laying off employees in small batches or lay off thousands all at once
 "Disney instructs to identify layoff candidates, may cut 4K jobs in April")
Meta starts next round of layoffs with 1,500 jobs in recruiting, HR: Report
During an internal meeting with employees, Chief Executive Officer Mark Zuckerberg told employees the economic climate of layoffs and restructuring could last many years
 "Meta starts next round of layoffs with 1,500 jobs in recruiting, HR: Report")
Meta to cut 10,000 jobs, close about 5,000 open roles in efficiency push
The Facebook parent company has been marketing 2023 as a "year of efficiency" in an effort to improve its financial performance and achieve longer-term goals
 "Meta to cut 10,000 jobs, close about 5,000 open roles in efficiency push")
Facebook-parent Meta to cut 10,000 jobs in second round of layoffs
With the latest move, Meta expects expenses in 2023 to come in between $86 billion and $92 billion, lower than the $89 billion to $95 billion forecast previously
 "Facebook-parent Meta to cut 10,000 jobs in second round of layoffs")
Samsung lays off 3% employees at US semiconductor subsidiary: Report
The total number of employees at Samsung DSA is 1,200, of which 30 employees have been removed
 "Samsung lays off 3% employees at US semiconductor subsidiary: Report")
Facebook parent Meta plans additional layoffs over several rounds: Report
Meta Platforms, the parent company of Facebook is planning additional job cuts over several rounds in the next few months, according to media reports, reported The Wall Street Journal (WSJ)
 "Facebook parent Meta plans additional layoffs over several rounds: Report")
US jobless claims jump to 211,000, led by New York, California, shows data
Initial unemployment claims increased by 21,000 to 211,000 in the week ended March 4, Labor Department data showed Thursday
 "US jobless claims jump to 211,000, led by New York, California, shows data")
Twitter fires at least 50 in relentless cut on costs, says report
The job cuts impacted multiple engineering teams, including those supporting advertising technology
 "Twitter fires at least 50 in relentless cut on costs, says report")
Ericsson plans to lay off 8,500 staff worldwide to reduce expenses
This would be the largest layoff in the industry. Analysts predict that North America would likely be worst affected
 "Ericsson plans to lay off 8,500 staff worldwide to reduce expenses")
BASF to cut 2,600 jobs as firm adjusts to future without cheap Russian gas
Europe's competitiveness is increasingly suffering from overregulation, slow and bureaucratic permitting processes, and in particular, high costs for most production input factors
 "BASF to cut 2,600 jobs as firm adjusts to future without cheap Russian gas")
McKinsey plans to cut about 2K jobs in one of its biggest rounds of layoffs
The plan is expected to be finalized in the coming weeks, and the final number of roles to be eliminated from its 45,000 workforce could still change
 "McKinsey plans to cut about 2K jobs in one of its biggest rounds of layoffs")
Web development firm Wix lays off 370 workers in 2nd round of job cuts
Israeli cloud-based web development services company Wix has laid off 370 employees in a second round of job cuts, most of them in the customer service department in the US.
 "Web development firm Wix lays off 370 workers in 2nd round of job cuts")
GoDaddy CEO Aman Bhutani cuts 8% jobs amid tough macroeconomic situation
In an email to employees, Bhutani said that most impacted roles are in the US, affecting multiple levels in the company and every division
 "GoDaddy CEO Aman Bhutani cuts 8% jobs amid tough macroeconomic situation")
Open core firm GitLab to cut 7% jobs amid tough macroeconomic conditions
The company's most recent reported headcount was 1,630, implying that the round of redundancies will affect approximately 114 people, though that specific figure is dependent on its current headcount
 "Open core firm GitLab to cut 7% jobs amid tough macroeconomic conditions")