Page 3 - Job Loss

Crypto exchange Coinbase fires 950 people, shuts down several projects

The crypto company in June last year eliminated 18 per cent of its workforce, or nearly 1,100 people

Amazon plans to lay off around 1,000 employees in India: Report

E-commerce company Amazon plans to lay off around 1,000 employees in India as part of its biggest retrenchment exercise across the globe, according to sources. The company has announced the elimination of over 18,000 roles across the globe due to uncertain economic conditions. "The decision to eliminate 18,000 job roles across the globe will impact about 1,000 employees in India," the source said. Another source said Amazon has 1 lakh employees in India and the decision will impact 1 per cent of staff in the country. When contacted, an Amazon India spokesperson did not offer any comment but shared the blog link of Amazon CEO Andy Jassy where he has informed the company's decision to eliminate 18,000 roles across the globe. "Between the reductions, we made in November and the ones we're sharing today, we plan to eliminate just over 18,000 roles. Several teams are impacted; however, the majority of role eliminations are in our Amazon Stores and PXT organisations," Jassy said. As of

TikTok owner ByteDance slashes thousands of jobs across multiple depts

The New Year will now be critical for ByteDance, as it faces political uncertainties amid national security concerns over TikTok in the US

For tech industry, 2022 was a year of mass layoffs; 2023 likely to be worse

The tech layoffs this year have exceeded the job cuts the sector faced globally during the financial crisis of 2008-2009 triggered by the Lehman Brothers' collapse

SaaS major Freshworks lays off 90 employees globally; 60 in India

The company's founder chief executive, Girish Mathrubootham too termed it as a structural change, rather than a company-wide layoff

Urban unemployment rate drops for fifth quarter to 7.2%: NSO survey

The unemployment rate among men and women has been estimated at 6.6 and 9.4 per cent, respectively

Twitter influences some people's jobs but it isn't helping your career

In an era when all workers are supposed to sustain a personal brand that in theory will insulate us from job losses, something important could be lost if the site disappears

Zomato to lay off 3% of its total workforce to reduce costs: Report

Zomato, which currently has nearly 3,800 employees, stated that layoffs will be based on regular performance

Amid mass layoffs by Musk at Twitter, Koo offers to hire affected employees

Koo co-founder Mayank Bidawatka, in a tweet on Friday, offered to hire some of the Twitter ex-employees

Indonesian Internet firm GoTo lays off 12% of its workforce to reduce costs

According to TechCrunch, GoTo joins scores of local and global peers in its decision to cut the workforce to navigate the economic slowdown and rising interest rates

Laid-off tech employees find it hard to get jobs amid global slowdown

Most of those who lost their jobs at Big Tech companies recently are struggling to get jobs as there is a freeze on new hirings at nearly every top firm amid recession fears

Belt-tightening measures key to surviving pink slip, say experts

Cautious spending, reduced debt burden, and opting for gig work can help

Redfin to cut another 13% workforce, shuts down subsidiary RedfinNow

Online real estate broker Redfin is cutting 862 employees and shutting down its instant-cash-offer subsidiary RedfinNow, another casualty of two-decade high interest rates stoked by the Federal Reserve's fight against inflation. The job cuts amount to 13% of Redfin's workforce, the company announced in a regulatory filing. Redfin also laid off 470 employees in June, blaming slowing home sales. Redfin has slashed more than a quarter of its workforce since April 2022 on the assumption that the housing downturn will last at least through 2023, it said in the filing. The average U.S. long-term mortgage rate is hovering around 7%, partially a result of the Fed raising rates six times this year at it tries to stem four-decade high inflation. Fed officials have boosted their benchmark lending rate by three-quarters of a point at its last four meetings, sowing fears that its heavy-handed policy could tip the U.S. into a recession. More rate hikes are expected into next year, though inflati

You're fired! Layoff crisis getting out of control at unicorns in India

A growing list of top tech unicorns or companies with over $1 billion valuation each is laying-off employees in an attempt to conserve cash and focus on profitability amid a funding winter this year

After Twitter, Meta Platforms likely to fire thousands of employees

Will be first broad headcount reduction in the tech giant's 18-year history

'No choice', says Elon Musk as he justifies massive layoffs at Twitter

Amid massive layoffs at Twitter across the world, including in India, and the subsequent backlash, the microblogging site's new owner Elon Musk on Saturday justified the move, saying there was "no choice" when the company was losing millions of dollars daily. The company posted a net loss of USD 270 million in the second quarter ended June 30, 2022 compared to a profit of USD 66 million in the same period a year ago. "Regarding Twitter's reduction in force, unfortunately there is no choice when the company is losing over $4M/day," Musk tweeted. "Everyone exited was offered 3 months of severance, which is 50% more than legally required," he added. Hundreds of employees were handed the pink slips at Twitter on Friday as Musk, 51, started overhauling the social media platform which he bought for a whopping USD 44 billion late last month. In a letter to employees obtained by multiple media outlets on Friday, the company said employees would find out by 9 am Pacific Standard Time if th

B2B unicorn Udaan fires around 350 employees on cost cutting measures

B2B unicorn udaan has fired 300-350 employees across India on account of role redundancies and cost cutting measures, according to sources. Few of the employees told PTI that they were intimated about the layoff on Friday morning and told that the human resource department will reach out to them for final paperwork. Sources aware of the development said around 300-350 people have been laid off from the company. When contacted, udaan confirmed the development without sharing the number of employees hit by the decision. "As we move forward in our journey towards making udaan a profitable company, the efficiency enhancement drive and the evolution in business model has created some redundancies in the system, with some roles no longer required. As a responsible organisation, we are working towards providing all requisite support to the impacted employees," a company spokesperson said. The spokesperson said over the last few years, udaan has made significant investments to build a ...

Kerala govt to meet Byju's executives on Nov 2 as 170 staff asked to resign

A meeting was called by the officials of the labour department on October 25, but the company did not appear for meeting

Slowdown bites industry in Haryana; demand down 80%, 95k lose jobs: Report

From Rohtak to Bahadurgarh and Sonipat to Panipat, production at industrial units badly hit, says a media report

Ola to let go of 1,000 employees; hiring aggressively for EV biz: Report

As Ola ramps up its hiring for the electric mobility biz, the urban mobility firm is in the process of firing nearly 1,000 employees, a report said