Page 12 - Layoff

Snap, owner of Snapchat, plans to lay off about 10% of its global workforce

The owner of Snapchat is cutting approximately 10 per cent of its worldwide workforce, or about 530 employees, the latest tech company to announce layoffs. Snap Inc. said in a regulatory filing that it currently estimates USD 55 million to USD 75 million in charges, mostly for severance and related costs. It expects the majority of the costs to be incurred in the first quarter. This isn't the first time Snap has eliminated jobs. The Santa Monica, California-based company announced in August 2022 that it planned to cut about 20 per cent of its global workforce. In the third quarter of 2023, it began winding down its AR Enterprise business, which included reducing its global employee headcount by approximately 3 per cent, according to a regulatory filing. There are 406 million daily average users that use Snapchat every day, on avarege, according to Snap's website. It has more than 5 million Snapchat+ subscribers. Snap is among several in the tech industry announcing layoffs. Micros

Strong hiring in most industries far outpaced high-profile layoffs

Blockbuster job growth in the past several months has coincided with high-profile layoff announcements by a number of large companies. So, how are both occurring at the same time? It's not as contradictory as it might seem. Recent job cuts have been concentrated mainly in just a few sectors: technology, finance and media. Relative to the US labour force of 160 million people, layoffs so far have been dwarfed by consistently vigorous hiring a monthly average of 2,48,000 jobs added over the past six months. The unemployment rate is still just 3.7 per cent, barely above a 50-year low. It turns out that many of the companies that are now shedding jobs had over-hired during the pandemic, when they thought the trends that emerged then especially a surge in online shopping would continue apace. As the economy has normalised, many of these companies have discovered that they no longer need so many employees and have responded with layoffs. In January, American businesses and other ...

Wipro on job cuts: Aligning business, talent to changing market environment

After startups and Big Tech, layoff season may have begun at the $245 billion Indian IT industry

Focused cuts, fewer layers: Tech industry layoffs enter new phase

Slashing tech work forces would have been anathema in Silicon Valley just a few years ago

Novavax announces fresh round of layoffs, plans to reduce 12% of workforce

Novavax said the decision is part of its intention to bring down expenses below $750 million this year, which it had disclosed during its third-quarter earnings call in November

PayPal to cut around 2,500 jobs as company grapples with competition

PayPal, which employed around 29,900 workers at the end of 2022, announced a similar round of cuts last January. The latest move will affect about 2,500 workers

PayPal to lay off around 2500 employees to 'right-size' the company

PayPal's CEO announced the laying off of around 2500 employees this year, which is 9 per cent of its global workforce, to 'right-size' the company

H&M to shut a quarter of Spanish stores and lay off 588 employees

The company will carry out the layoffs for unspecified organizational, productive and economic reasons, unions CCOO and UGT said in a joint statement

85 technology companies show exit door to over 23K employees this year

According to the layoff tracker layoffs.fyi, 85 companies have already handed pink slips to 23,770 employees in 2024. This is on the back of 2,62,595 employees being sacked by 1,187 companies last yr

Denim maker Levi Strauss & Co. to reduce at least 10% of its workforce

Levi's has about 20,000 workers globally, with roughly 5,000 corporate employees. The layoffs are expected to take place in the first half of 2024

Lloyds bank to cut around 1,600 branch jobs in digital transition

Rival Barclays also slashed thousands of jobs last year, with the majority falling in the bank's back office support unit, Reuters first reported in November

Business Insider to lay off 8% of workforce, to invest in growth verticals

Media companies have been under pressure over the past year as advertisers pull back on spending due to still-high borrowing costs

Microsoft lays off 1,900 Activision Blizzard, Xbox employees: Report

Blizzard President Mike Ybarra and Chief Design Officer Allen Adham are also leaving the company, while a previously announced survival game by Blizzard has been canceled, the report said

Swiggy planning fresh layoffs; may cut 7% from 6,000-strong workforce

Swiggy plans to reduce its employment by 7 per cent, affecting 400 employees across teams like technology, call centers, and corporate roles

TMS Ep614: Akasa Air, layoffs in 2024, rail stocks, semiconductor assembly

Is Akasa Air ready to fly higher? What will 2024 hold for layoffs in India? How to approach rail stocks ahead of Budget 2024? What is outsourced semiconductor assembly and testing? All answers here

Los Angeles Times fires 20% employees, largest in its 142-year-old history

Paper's owner Dr Patrick Soon-Shiong, defended the move, saying the organisation first needed to make progress towards building higher readership to make up for the heavy financial losses

Citigroup lays off more bosses as CEO addresses managing directors: Report

The bank last week said it would cut 20,000 jobs over the next two years, after a fourth quarter marred by one-off charges that resulted in a $1.8 billion loss

Google confirms fresh round of layoffs; 1,000 employees receive pink slips

Google aims to enhance support for small & medium businesses by restructuring its ad team through job cuts, as well as using AI to enhance efficiency

China's Harvest Fund cuts Hong Kong staff in pullback from offshore biz

Harvest is one of the first Chinese asset managers to make sizable layoffs in Hong Kong in recent years

Google fires Fitbit co-founders, lays off hundreds of employees: Here's why

Google is laying off hundreds of employees across multiple teams, with Fitbit co-founders James Park and Eric Friedman also leaving the company. Watch the video to know why