That is not all; the company will relocate its office from Tokyo to Kawasaki. The objective of the job cuts is to achieve 10 per cent profit margin by 2027 and attain better stability.

After a decade of financial struggle, Toshiba was bought over by a group led by Japan Industrial Partners (JIP) in a $13 billion deal.

The job cuts do not come as a shocker. In April 2024, Toshiba had revealed that it was contemplating a significant downsizing of its workforce in Japan, eyeing a reduction of about 5,000 positions. At the time, it was reported that the move would affect roughly seven per cent of its domestic staff.

The focus of these job cuts was primarily be on back-office roles within the company’s headquarters, with plans to implement them through voluntary retirement schemes. This proposed reduction would be the largest since the fallout from the 2015 accounting scandal.

The move, then, was anticipated to incur a loss of about 100 billion yen ($646 million), covering expenses such as special retirement packages and outplacement services. This restructuring is part of Toshiba’s attempt to streamline its operations by consolidating its energy, infrastructure, devices and IT divisions into its main headquarters, aiming for greater efficiency and synergy.

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The lender’s filings reveal that this is a major overhaul for the organisation, and probably its biggest.

It is expected that about 239 jobs will be cut in its primary banking unit, while 44 people will be let go from the broker-dealer arm. Three from the technology team will also be rendered jobless.

The job cuts do not come as a shock or a surprise because early this year the organisation had revealed its intention to axe 20,000 jobs by 2026. At the time, the organization had experienced a tough time with losses amounting to about $1.8 billion.

The reorgansiation exercise was also planned last year itself with the aim of simplifying the organisational structure and concentrating on the areas with potential for profit.

Recently, Citibank appointed Vis Raghavan as the head of its banking business. It is pertinent to mention here that Raghavan has moved from JP Morgan where he completed a successful tenure of about 20 years. At Citi, Raghavan will be second-in-command to Jane Fraser, CEO, Citi. He will serve as executive vice-chair, heading investment, corporate and commercial banking. Interestingly, the 57-year-old Raghavan has decided to move from JP Morgan close on the heels of being appointed the only head of investment banking there.

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The objective is reportedly to cut costs. The cuts will primarily be carried out in New York, Austin, Los Angeles and some locations outside of the US. The exact number of employees impacted has not been officially communicated yet. Some media reports even peg the figure at 100.

A townhall meeting is to take place today, 23 January following this announcement.

TikTok’s US workforce is about 7,000 strong, whereas its parent company, ByteDance has over 1,50,000 employees worldwide.

In October 2023, TikTok had grabbed headlines when it came to light that the popular short-video app had asked its managers to give lower ratings to employees during performance reviews. At the time, the company had told the media that the move was aimed at ensuring a fair distribution of performance ratings among its over one lakh employees worldwide. Reportedly, in mid-October, senior management and human resources staff conveyed to managers the directive to increase the allocation of performance evaluations at the bottom end of the company’s bell-curve rating system. This adjustment was also expected to significantly raise the number of subpar ratings assigned to certain teams, possibly doubling or even tripling them.

Earlier last year, the firm had also modified its bonus structure in a way that some employees believed would lead to smaller bonus payouts. TikTok’s annual bonuses are typically determined based on an individual’s performance reviews.

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This announcement closely follows the news of job cuts announced on both Twitch(the live-stream platform) and Audible (the audio-book division) by the tech giant just a week ago.

In 2022, Amazon launched Buy with Prime to provide stores/ retailers that aren’t on Amazon with shipping and delivery services through Amazon’s delivery system. About two years later, on 19 January, 2024, Amazon has shared news about reducing jobs in this Buy with Prime service. It plans to cut about five per cent of the total employees, which could impact around 30 jobs, according to sources cited by Reuters.

The company has promised to assist the laid-off staff members in finding new jobs within or outside the company. This latest round of job cuts comes after Amazon let go of about 500 employees from Twitch earlier this month.

In January, Amazon also made adjustments to its Prime Video and Amazon MGM Studios to be more flexible with their content. The company is cutting back on areas that aren’t doing well and putting more resources into projects that are likely to have a bigger impact.

Last year, the e-commerce firm let go of 27,000 employees in two rounds of job cuts. In the first round, about 18,000 were rendered jobless, while in the second round, about 9,000 were let go.

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The company announced the layoffs for the impacted employees before Christmas in December 2023.

To better meet consumers’ needs, the company has decided to move certain personal care positions from Singapore to the main markets in Asia. While confirming the layoffs, the company said that some roles will remain in Singapore.

The company did not specify the number of affected staff or disclose the countries where the marketing roles will be relocated.

However, it stated that the company understands the impact this may have on the laid-off employees and is making every effort to support them during this period.

In October 2023, Unilever shared plans for quicker growth, giving brand leaders the freedom to decide their brand’s purpose.

As part of broader changes to how Unilever makes beauty and personal care products, in November 2023, the company announced that it was planning to lay off 169 workers from its New York warehouses. Most of the job cuts will happen at the Amityville location, starting on 5 April, 2024.

Unilever mentioned that affected workers can apply for positions at other company sites. They will receive help through job- placement services and training programmes, and the company will also assist with relocation if needed.

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Sundar Pichai, CEO, Google, has conveyed that the employees should brace for more job cuts in 2024.

As per a report by The Verge, Pichai has indicated in a memo that Google will focus on “removing layers to simplify execution and drive velocity” in certain areas. He also clarified that the scale of job cuts will not be the same as that of last year, nor will it impact all teams.

YouTube’s workforce was about 7,137 strong before the latest cuts. Employees were informed of the cuts by Mary Ellen Coe, chief business officer, YouTube, via an e-mail.

Over the last one year, the ads slump has affected YouTube’s finances. Additionally, it has received strong competition from TikTok, the short-video service that youngsters widely use across the globe.

This has prompted the parent company, Google to seek out ways to cut costs.

Last week’s layoff announcement impacted jobs in Google Assistant, that is, Google’s voice-operated product; its core-engineering division; and also across its augmented reality (AR) projects. Organisational changes have been going on at Google for some time now as part of which many roles have been done away with, worldwide.

YouTube plans to make meaningful investments in bigger priorities and better opportunities.

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The Singaporean media reported on 3 January 2024, that the employees received calendar invites for individual meetings with the human resources department, scheduled at the end of the workday on 2 January, 2024.

According to former employees, Loh Wee-Lee, ex-CEO, Lazada Singapore, was reportedly ‘asked to leave’ in August 2023. Lazada Singapore has been without an in-house communications department since last year.

Lazada and its parent company, Alibaba, have experienced several leadership changes since mid-2022. In June of that year, Li Chun, CEO, Lazada, was replaced by James Dong, who previously led Alibaba’s Thailand business and worked as a business assistant to Daniel Zhang, former CEO, Alibaba.

In June 2023, Daniel Zhang announced that he would step down as CEO and chairman to focus on Alibaba’s cloud division starting in September 2023. After 16 years with the Chinese e-commerce giant, Alibaba confirmed Zhang’s departure.

Lazada was established in 2012 by Germany’s technology incubator, Rocket Internet, with the aim of becoming Southeast Asia’s equivalent to Amazon.com. Alibaba acquired a controlling stake in Lazada for about $1 billion in 2016, marking Alibaba’s largest foreign deal at that time.

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The cuts span various sectors, including EY’s legal and advisory businesses. EY is closing EY Riverview Law, a legal services firm it acquired in 2018, resulting in significant layoffs.

Now, the job cuts are expanding to different parts of the business, especially in areas such as transactions and deal advisory, which are expected to face challenges until 2024. In April, after dropping Project Everest, a plan to separate audit and consulting, EY’s UK partners were told to expect cost-saving measures. In recent job cut talks, around 40 positions at EY-Parthenon and approximately 55 jobs at EY Riverview Law are expected to be affected.

The firm has announced a strategic assessment of its resource needs, proposing adjustments to align with market demand. The firm plans to prioritise the redeployment of employees when possible. The acquisition of Riverview was aimed at strengthening EY’s legal managed services division. 

The UK branch, with around 21,000 employees, saw a 5 per cent decrease in average earnings for partners, who earned an average of £761,000 in the last financial year.

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Shell’s primary objective is to enhance its performance in key low-carbon sectors, such as transportation and industry. The low-carbon division at Shell is dedicated to clean energy, leading the company toward environmentally friendly energy sources such as hydrogen. Additionally, the company intends to prioritise projects that yield higher profits, maintain a consistent level of oil production, and expand natural gas production.

This decision is part of a broader restructuring plan initiated by Shell’s CEO Wael Sawan, in line with the company’s commitment to becoming a ‘net-zero emissions energy business’ by 2050. It is also a strategic response to the company’s unsuccessful attempt to secure a portion of the $7 billion in federal funding for hydrogen energy development, which was distributed earlier this month.

Shell, officially known as Royal Dutch Shell, is a multinational energy company headquartered in the Netherlands and incorporated in the United Kingdom. It stands as one of the world’s largest oil and gas corporations, with operations across various segments of the energy industry, including oil and gas exploration, production, refining, marketing, and a growing focus on clean energy and low-carbon solutions.

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This is the second round of job cuts at LinkedIn this year, and will impact over three per cent of its workforce, which is presently 20,000 strong. About 700 were asked to leave only a few months ago.

This time, at least 500 from the research and development division will be asked to leave, along with about 137 from engineering and about 38 from the product team. Some from the talent and finance teams are also likely to be affected. With these cuts, the total number of cuts in 2023 will touch about 1,400 in 2023.

The platform has stated in an e-mail to employees that it is in the process of streamlining its processes and decision-making and is keen to keep investing in priority areas so that the firm’s future is secure and stable.

The company assures complete support to the laid-off employees so that they experience a smooth and respectful transition.

The platform has informed its employees that it has felt the need to evolve the work style and concentrate on areas that will help achieve the firm’s business goals. To achieve this, the organisation needs to restructure with an eye on agility and accountability. It is hoped that this will establish clear ownership and ensure more efficiency and transparency.

It is speculated that LinkedIn will most likely focus more on hiring talent from the artificial intelligence domain. It is a known fact that AI-driven articles drive the maximum traffic to LinkedIn. Therefore, the focus on AI is understandable.

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As per media reports, Patty Stonesifer, the interim chief executive officer, The Washing Post, has already conveyed this plan to the company’s 2,600 employees via an official e-mail. The newsroom itself employs 1,000 people, and the expected losses this year are about $100 million.

The organisation — owned by Jeff Bezos, founder, Amazon — has felt the need to take a serious look at its costs and expenses because now the situation requires focus on areas of growth. Bezos had bought the publication for $250 million a decade ago and has always maintained that he wanted the newspaper to make profits.

Subscriptions have been dwindling for some time now. From about three million subscribers three years ago, the number has come down to 2.5 million. Digital advertising is also on the wane. That is precisely why the publication had to resort to this decision to cut jobs.

It is pertinent to mention here that Fred Ryan, the former chief executive and publisher of the newspaper had quit in June 2023. Under his decade-old tenure, the publication had done extremely well with the newsroom expanding and subscriptions spiking. However, many senior and junior employees have left the organisation in the past two years.

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 Furthermore the company has plans to eliminate around 8,000 positions by the end of fiscal year 2024, as per Bloomberg reports. However, the spokesperson declined to comment on the possibility of further layoffs in other countries or divisions in the future.

During the start of 2023, Salesforce disclosed its intention to dismiss 10 percent of its global workforce, resulting in around 7,000 people losing their jobs across the world. The process of carrying out these layoffs, which occurred through a two-hour video call, received extensive media coverage. Unfortunately, Salesforce employees are facing another round of job cuts, this time affecting individuals in the sales and customer success departments.

In a letter, Marc Benioff, CEO, Salesforce, announced the initial phase of job cuts for its employees. The letter cited challenging economic conditions and a more cautious approach by customers in their purchasing decisions as the reasons behind the decision. Benioff emphasised that for those impacted by the layoffs, the company’s priority is to provide comprehensive support, which includes a generous severance package. 

Impacted employees of the US, will receive five months’ pay, along with health insurance, career assistance, and other benefits to aid in their transition. Employees outside the U.S. will also receive similar support, with the company’s processes aligning with the employment laws in each respective country.

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It is reported that post the makeover, Google Assistant will be able to replicate ChatGPT and other chatbots, including Google’s Bard, and it will be powered by the “latest large language model or LLM”.

Employees have been reportedly informed of the rehauling of Google Assistant via an e-mail. The staff has been told that whilst the company is looking forward to the new ‘supercharged’ avatar of Google Assistant, the existing teams responsible for the maintenance of Assistant will undergo reorganisation, which may lead to certain roles being axed.

While the exact number of jobs that may be impacted has not been made public officially, media reports say that dozens may be affected.

Those impacted have been informed of the job cuts and the company has assured them support in handling this change, as per the internal mail seen by Axios.

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The restructuring process, which will be effective from July 1, will affect different departments in various ways. While some departments will see an increase in job positions, others will experience a reduction in the number of roles available.

Among the departments affected, the engineering department will be impacted the most, losing a significant number of positions. Other departments that will be affected include horticulture, town planning, central establishment, finance, and the press and information wing.

The decision to cut jobs has sparked different reactions among politicians. Some have approved the proposal, while others are expressing concerns about the lack of open discussion and are calling for more transparency in the process.

Officials from the MCD have clarified that the reduction in job positions will not lead to significant immediate layoffs. Instead, it will mainly affect the organisation’s future hiring plans. The total workforce is expected to decrease from its current number to a new total after the restructuring.

The primary objective of the restructuring is to streamline operations and improve the overall efficiency and cost-effectiveness of the MCD. The evaluation carried out by EY aimed to identify areas where changes could be made to achieve greater effectiveness in the organisation’s functioning.

As the implementation date approaches, there will be a need for sensitivity and careful handling of the situation to support those who may be impacted by the job cuts. 

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Attributing the layoffs to changes in the real estate market, Stoa is undergoing a reorganisation, retaining only around 20 employees. Despite the downsizing, the company is considering several potential deals.

Stoa’s founders include Israelis Or Agassi (CEO), Tom Sella, and Jonathan Saragossi, though the latter has already left the company. Their iBuyer software platform, FlipOS, was designed to enhance the efficiency of real estate investors in buying, refurbishing, and selling homes.

In a similar vein, US-based free streaming app Plex has also faced layoffs, affecting about 20 per cent of its workforce. The company’s advertising revenue decline has impacted all departments, leading to 37 job losses. Keith Valory, CEO, Plex cited the downturn in global advertising markets as a significant factor, making it challenging to predict how long the situation will persist. To achieve cash-flow positivity within 18 months, the company has opted for personnel expense reduction in order to reach profitability amid uncertain market conditions.

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The new plan involves transitioning Waze’s ad management to the global business organisation (GBO) and aligning it with Google Maps. Unfortunately, this strategic shift will result in layoffs across various departments involved in Waze Ads monetisation, including sales, marketing, operations, and analytics.

In a statement provided to Reuters, Google explained that the purpose of these changes is to enhance the long-term experience for Waze advertisers. As part of this transition, the company has reduced roles focused on Waze Ads monetisation. While the exact number of job cuts was not disclosed in the employee communication, it is known that the Waze unit currently employs over 500 individuals.

This recent announcement follows Alphabet’s earlier disclosure of layoffs impacting 12,000 employees, which accounted for 6 percent of the company’s workforce. The decision was prompted by a significant deceleration in revenue growth.  Alphabet has been taking various steps to enhance efficiency, including downsizing and discontinuing certain projects.

Since the end of last year, Google has been intergrating Waze into its Geo unit, which is accountable for managing maps. This organisational restructuring also involved the departure of former Waze CEO, Neha Parikh. The integration of Waze into Google Maps aims to streamline operations and provide users with a more unified and seamless experience.

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The bank is still planning its downsizing, and these plans will be discussed with unions and worker representatives. This inclusive initiative of the bank will ensure that the concerns of the employees are being taken into consideration. However, no specific time period is announced by the bank as to when the job cuts will take place.

Deutsche Bank is also taking steps to make mortgage operations, which is part of its retail banking division, more efficient and effective. The mortgage division was not generating sufficient revenues due to low-interest rates but when interest rates were raised to control inflation, the bank’s performance improved significantly.

Over the past few years, the German bank has already closed more than 300 of its retail branches and it now has approximately 1,000 branches operating in the country. The decision to close these branches was primarily aimed to reduce the bank’s expenses.

While job cuts will take place across the bank, it is heartening to note that new positions will be filled up in certain divisions as well.

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In Alphabet’s recent filing, it was revealed that CEO Sundar Pichai earned almost $226 million in 2022, while Google laid off 12,000 employees globally and suspended several services, including free snacks and laptops.

Google recently disclosed its intention to reduce its workforce by 6 percent, resulting in the elimination of 12,000 jobs. However, it has been reported that CEO Sundar Pichai’s annual earnings are over $200 million, which is over 800 times the median salary of the company’s employees.

Following the massive layoffs, Pichai announced that he will be taking a substantial pay cut in January 2023. It is yet unclear how much of a reduction in salary he will be taking.

In spite of Sundar Pichai’s announcement of a pay cut this year, the Google CEO earned significantly more than the previous year, receiving over 800 times the median salary of a Google employee. Of the $226 million paid to Pichai, $218 million was from the stock award portion, which is given to him every three years. In 2019, he was awarded $281 million.

Apart from the stock award, Pichai’s earnings for 2022 comprised a $2 million base salary and more than $5 million for private security detail.

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Wipro, in particular, has cut its job offers to freshers by nearly 50 percent and laid off at least 120 employees in Florida, citing business realignment needs as the reason.

The layoffs were disclosed in a Worker Adjustment and Retraining Notification (WARN) notice filed with the Florida Department of Economic Opportunity. The impacted employees include processing agents, team leaders, and a team manager. However, Wipro claims that the layoffs are an “isolated incident” and that other employees in the Tampa area remain unaffected.

Last month, Wipro also reduced the compensation packages it had promised to freshers who had successfully completed their training at the company. Previously, the company had pledged an annual compensation of Rs 6.5 lakh, but reports revealed that the compensation offers had been reduced to around Rs 3.5 lakh. Wipro explained that the change was due to the “changing macro environment” and that candidates were not being forced to accept the new offer. 

The company also stated that it has project engineer roles available for recruitment with an annual compensation of Rs 3.5 lakh and that the offer creates an immediate opportunity for candidates to start their careers and acquire new skills.

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As per a report from Challenger, Gray & Christmas, the month of January 2023 saw companies in the US axing about 1,02,943 jobs, while February saw about 77,770 people being laid off. Of the total layoffs in February, 21,387, that is 28 per cent, were from the tech sector alone.

In total, the tech sector let go as many as 63,216 jobs, as compared to the 187 jobs cut during the same period in 2022.

The reason for these layoffs is the fear of recession which is pushing employers to adopt cost-cutting measures.

The second highest number of job cuts happened in the healthcare and health products space, where about 9,749 people were asked to leave in February 2023 alone. In total, this year itself, the healthcare space has seen 16,482 jobs being cut, which is 85 per cent more than the 8,928 jobs cut during the same period last year.

This year, over 17.5 lakh job cuts have already been announced in the retail space. This is again a lot higher than the 761 jobs that were cut during the same time last year.

In the financial sector, about 17,235 jobs have been axed compared to the 1,148 jobs cut in January and February of 2022. The fintech sector is already looking at cutting 4,675 cuts in the first two months of the year. Compared to this, the financial space cut a total of merely 10,476 in the entire year 2022!

About 9,738 jobs will be cut in the media industry this year, which is a lot more compared to the 3,774 cuts announced in 2022.

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Even as Microsoft is planning to actively expand its in-house generative AI and Bing AI, the company cuts down its workforce. 

With creating rules and principles for the company’s AI initiatives Microsoft  is keeping up  “active Office of Responsible AI” tasks. Some former employees have noted that the ethics and society team played a critical role in ensuring that Microsoft products reflect the company’s principles. The team also reportedly developed a role-playing game called Judgement Day to help designers and team members learn about the potential harm that products can do.

Meanwhile, Microsoft is aggressively expanding its Bing AI across products, including its proprietary Prometheus search engine, which is now integrated into the Windows 11 taskbar. Microsoft is also partnering with OpenAI, the creator of the ChatGPT chatbot, to unveil the GPT-4 language module, which will be the successor to the GPT-3 module that powers ChatGPT.  

As AI continues to evolve, it will be important for tech companies like Microsoft to prioritise ethics and social responsibility to ensure that their products are not causing harm to individuals or society as a whole.

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Interestingly, Citigroup invested heavily in the upgradation of its technology infrastructure. The Bank has always maintained that spending on technology will reduce the dependency on manual labour in the long run, as processes become more efficient.

The Bank has been working on converting processes that require intense manual labour into processes enabled by technology.

As far as the investment banking unit is concerned, the Bank has been struggling amidst a slowdown across the industry. Revenue has already dipped 53 per cent compared to the previous year, and the trend may even continue. The demand for mortgage has also fallen recently with prices going up and mortgage rates spiking too.

These job cuts are said to be routine and very much part of the Group’s business plan. While managers have not been specifically instructed to cut jobs, the various divisions are dealing with various causes for layoffs.

Meanwhile, in India, where Citibank began operations in 1902, in Kolkata, the Bank has sold its entire retail banking assets to Axis Bank. The latter has acquired Citigroup’s India consumer business for Rs 11,603 crore. That means, all of Citibank’s consumer business in India will now be transferred to Axis Bank.

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GM’s move comes amid a series of cost-cutting efforts by automakers globally, as they face pressure from a slowdown in demand and increased competition.

These cuts were initially reported by the Detroit News and were disclosed by GM in January. However, the automaker did not plan on any layoffs at that time and did not characterise the recent cuts as such.

Hoffman stated that the job action taken on Tuesday follows the most recent performance calibration and supports managing the attrition curve as part of GM’s overall structural cost reduction effort. She stressed the importance of efficiency, stating, “In an environment where our competitors’ margins are improving, it’s imperative that we act now and focus on our own efficiency.” Furthermore, she emphasised the need for a culture shift that enables GM to hold itself accountable for achieving higher levels of operating that are now required to beat the competition.

Ford Motor recently announced that it will be reducing its workforce in Europe by cutting one in nine jobs, which translates to 3,800 positions in product development and administration. This strategic move is aimed at reducing costs in the region and consolidating engineering expertise in the United States.

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This is the first time one of the Big 4 is axing jobs even though many financial institutions and firms have been cutting jobs of late considering the stormy macroeconomic environment.

As reported by FT, KPMG’s business continues to be strong despite the uncertainty surrounding some divisions.

Recently, KPMG was in the news for its new centre of excellence in Saudi Arabia. This CoE is being given information technology support by Microsoft, Ericsson and Metakey. The Centre will be used to develop and adopt metaverse and digital twin technologies in Saudi Arabia and the Middle East in general.

In the UK, last month, KPMG posted double digit growth for the second year in succession. It saw a 16 per cent rise in revenue from £2.35 billion to £2.72bn. Its profit before tax went up from £436 million to £449m in the 12 months to September 2022.

This extraordinary performance comes after the firm invested strongly, including £130m on new hires, alliances and technology in keeping with its long-term growth strategy. In May 2022, KPMG’s UK employees received a special overnight hike in the range of £2,000 and £4,000. This increment was so designed that the junior employees ended up enjoying the maximum benefit proportionally. The consultancy firm also gave away significant bonuses of over £105 million. In total KPMG’s yearly wage bill went up by £132m.

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With companies gearing up to face the economic slowdown, hiring has either been frozen altogether or slowed down tremendously. Job are also being axed in big numbers.

As per the report by Challenger, Gray & Christmas, Inc., while economy-wide layoffs are low on the whole, the number of organisations that have announced job cuts has increased of late. The tech sector has seen maximum job cuts, with thousands being rendered jobless at Amazon, Meta, Alphabet, Microsoft, Twitter, PayPal and others.

About 1,10,793 job cuts have been announced since November 2022. In January, 2023, the tech sector saw 158 per cent more job cuts than December 2022.

The media industry announced 754 cuts in January, the highest monthly total since June 2021. Of these, 360 were in digital, print and broadcast news companies, reveals the report.

While firms had revealed their intention to hire 32,764 employees in January, mainly in the entertainment and leisure space, the number has come down 58 per cent, than what was announced in January 2022. It is 37 per cent less than what was announced in December 2022.

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On the app, called Grapevine, the Indian employee mentions how despite being amongst the retained staff, he does not feel happy or lucky for being amongst the retained staff because ““You can hear people breaking down and crying in the office”. Going by the user name ‘Batman 1’, it is assumed that the employee is a male, who is evidently finding it difficult to work when co-workers are being fired around him.

In the ongoing layoffs, about 18,000 are expected to be rendered jobless at the e-commerce company, globally. In India, around 1,000 are to be let go this month itself, and the process is already underway.

The saddened employee’s post has gone viral. His post mentions that 75 per cent of his team has been laid off leaving him with no motivation to work. He goes on to say how he had to rely on alcohol to drink his sadness away. He also mentions that he couldn’t sleep the whole night and that he was planning to call in sick the next day.

Some of those who reacted to his post point out that the fired employees were being well compensated and that they should feel lucky at a time when companies are letting go staff without paying them a decent severance.

Amazon has reportedly assured a fair and transparent layoff and also promised five months’ pay as a severance package.

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The impacted staff members have been informed and asked to get in touch with their team leaders and the human resources department.

Earlier last year, that is, in July 2022, the platform had asked about six per cent of its workforce to leave. Since then, economic affairs have taken a turn for the worse, given the rising inflation and fears of recession across the world.

In the third quarter, Vimeo incurred operating losses to the tune of about $22.9 million. It lost about one lakh subscribers.

Post these layoffs, the Company hopes to recover rapidly with a more focussed strategy and a leaner team. The company wishes to rely less on the market and have more control while pursuing its profitability goals.

The almost two-decade old New York-based video-sharing and services platform went public on the New York Stock Exchange. It boasts of a subscriber base of more than 260 million, including large corporates and organisations, as well as small businesses and content creators.

Anjali Sud is the CEO of the platform, who reportedly called this layoff decision a very tough but responsible one.

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According to the Wall Street Journal, 17,000 jobs may be axed, affecting employees in various divisions including human resources, Alexa, as well as retail.

While layoffs at Amazon had begun last year, in November itself, the numbers were expected to be around 10,000. Now, it seems rising inflation and less than expected pace of growth are forcing it to cut more jobs and reduce costs, just as many organisations across the world are doing.

Seattle-based Amazon had increased pay packages last year to attract quality talent.

With fuel prices rising, the e-commerce giant ended up spending a lot more on shipping. In fact, it reportedly spent about $19.9 billion in the third quarter of 2022, on shipping, which is 10 per cent more than what it used to.

Amazon recently obtained a loan of about $8 billion from various banks, to meet corporate needs and fulfil working capital needs. This is one of the measures taken by the Company in preparation for the uncertainties and difficult times ahead.

The Company has also stopped corporate hiring in its retail business, closed down its telehealth service, along with various call centres in the US, and has also reportedly cut budgets for its delivery-robot project.

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The affected employees have been talking about these job cuts on social media and seeking help with placements.

According to a report in Silicon Valley Business Journal, Chuck Robbins, CEO, Cisco has admitted to this being a ‘rightsizing’ exercise without giving any details.

The US-based multinational digital communications technology conglomerate is reportedly planning to support the impacted employees as much as possible and also offer them severance packages.

According to the first quarter earnings report (Q1 2023) of Cisco, the Company had made $13.6 billion in revenue, which is about six per cent more than what it made during the same period last year, that is, year-on-year.

In November 2022, when the Company had revealed its intentions to lay off 4,000 people, it had denied that it was a cost-cutting exercise. The Company had, at the time, preferred to called it a ‘rebalancing’. It was disclosed that Cisco sought to focus and invest more on cloud-delivered products. In fact, the Company had even claimed to have generated new openings in the new areas of focus.

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Musk had said that those who wish to stay should be ready to put in extra hours and follow a ‘hardcore’ work culture or accept the severance pay being offered and leave.

A significant number of engineers and techies had preferred to put in their papers enmasse and exit last week.

Now, Musk is reportedly all set to sack more employees, this time in the sales and partnership verticals of Twitter.

It is reported that Musk has asked leaders across the organisation to terminate more employees. Some of the leaders / managers who refused to yield have been asked to leave.

Musk, who is the CEO of Tesla, had acquired Twitter, the social-media platform for $44 billion after months of negotiations, in October 2022.

Immediately after acquisition Musk had decided to lay off about half of the 7,500 strong workforce at Twitter. He had also done away with the work-from-home option altogether.

Additionally, Musk had fired even the top leaders, including Parag Agrawal, the CEO of Twitter. Ned Segal, the chief financial officer and Vijaya Gadde, the legal and policy executive, as well as Sean Edgett, the general counsel were also asked to leave.

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This is the third time people are being asked to leave in the in the past three to four months. In July, Microsoft had laid off about one per cent of its workforce, that is, about 1,800 people across consulting, customer and partner solutions, as part of what it called a restructuring exercise. In August again, it laid off 200 more, which was rather unexpected because at the time of the July layoff the Company had revealed plans to hire more people soon.

The August round affected the research and development team. The members were asked to look for alternatives and leave within two months or accept a severance. At the time, it was also reported that the software company was trying to cut costs and expenditure. It had asked employees to control expenditure on external training, business travel and official get-togethers. Media reports had suggested that managers had already begun paying for the food and drinks for team meets from their own pockets instead of billing the same to the Company.

Microsoft is not the only tech company to resort to layoffs. Many organisations across the globe, especially in the tech and IT space, have either resorted to job cuts or have imposed a hiring freeze.

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The Company will report quarterly results on 27 October and that is when the layoffs are expected to happen, as reported by Bloomberg. About 12,000 job cuts are expected as the Company endeavours to cut costs.

By end of October, thousands will be rendered jobless, that is, about 20 per cent of the staff, as it has been a rather challenging time for manufacturers of semiconductors.

As on July 2022, Intel had a workforce strength of about 1,13,700.

Intel has been facing stiff competition in the PC processors market. In fact, the Company had predicted that its sales in 2022 would be about $11 billion less than expected. With margins having shrunk already, the revenue may drop by 15 per cent in the third quarter.

This will not be the first time that layoffs will happen at Intel. About six years ago, 11 per cent of its workforce was asked to leave on the same day that it had made its quarterly earnings public.

This year too, a similar announcement is expected when the Q3 earnings are reported later this month.

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While the move, it is hoped, will help streamline things, some employees will have to be let go.

As reported by Bloomberg News, Michale Vale, who heads the Company’s safety and industrial unit, has conveyed the layoff plans to his team saying that the decision to reduce the team size was unavoidable.

The Company, which produces consumer goods and also operates in the areas of industry, worker safety and US health care, reportedly hired about 95,000 people at the end of 2021.

Now, it has realised that for continued growth, it needs to prioritise not only its investments but also its resources, for which adjustments will have to be made in terms of roles and responsibilities.

The safety and industrial division accounts for 3M’s maximum revenue. Last year, it gave the Company 34 per cent of its total sales of about $35 billion.

The Company had indicated that it would focus on the health-care operation, from where close to one fourth of its sales comes. Amongst other things, 3M offers a range of products in the transportation, electronics and consumer markets.

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The exact number of people that will be affected at Ford Blue — its internal combustion engine (ICE) vehicles unit — and Ford Model E — its electric vehicles (EVs) unit — is yet to be officially revealed.

The employees have been informed that these changes are in keeping with the rapid pace at which the business environment and the operation of the industry are changing.

These job cuts are part of Ford’s way of tackling material costs as well as costs related to quality.

The memo sent out to the employees by Bill Ford, chairman, Ford and Jim Farley, CEO, Ford admits that it is not easy to cut jobs and acknowledges with gratitude the contribution made by the employees to the Company’s growth.

Ford and Farley promise that the Company will fulfil its duty towards the impacted workers by providing them relevant benefits and also help them find new jobs.

The chairman and CEO explain to the employees in the memo that the present cost structure of Ford is rather uncompetitive, and therefore, it is time to address the same and redeploy resources.

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Bloomberg reports that these recruiters were responsible for hiring contractual talent for Apple. As many as 100 contractual workers have been laid off. These workers have been reportedly told that they would be given two weeks’ salary and medical benefits, and that the job cuts were necessary for the financial stability of the Company.

Tim Cook, CEO, Apple had stated that Apple would continue hiring and investing in specific areas, but the spending would be more cautious considering the uncertainties surrounding the market.

This news of layoffs at Apple comes close on the heels of Sundar Pichai, CEO, Google, indicating that Google has more employees than it has work. Earlier this month, he had made it quite clear that the productivity of the tech major’s workforce is below expectations and rather worrisome.

Pichai conveyed to the employees that the fact that productivity is way lower than it should be is a cause for concern, considering the size of the workforce. Revealing that the Company has been unable to achieve the set targets despite such a large team, he went on to urge employees to actively work towards a culture that is more focussed on the mission of the Company as well as on its products and customers.

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A couple of months ago, the CEO of Snapchapt had indicated that hiring will be slowed down. Employees had been told that the Company would be hiring only about 500 people compared to the 2,000 that were hired over the last one year. Investors had also been told not to expect revenues to grow at the expected pace.

However, the photo-sharing service is yet to officially reveal the exact number of job cuts it is planning across the Company. Its managers are reportedly still working out the cuts.

The Company is said to have incurred a net loss of about $422 million. In the previous year, the loss was about $152 million. The forecast doesn’t look too bright either.

A hiring slowdown is not new presently, as most tech majors are either pausing or freezing hiring amidst fears of recession. Rising inflation, the Ukraine war and supply-chain challenges are only adding to the woes.

Snapchat was recently in the news when it announced the launch of a new ‘Family Centre’ feature to allow parents to see who their children or teenagers are messaging or chatting with on the app, without revealing the content of the messages. These supervision tools are aimed at ensuring the online safety of children.

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The fear of recession and the rising inflation have only added to the uncertainties. The employees at the fulfilment centres and those part of the distribution network have been most impacted.

The Company also plans to go slow on hiring, henceforth, like so many other firms.

While Amazon still has a 15 lakh- strong workforce, it admits that the rate at which it has been hiring has been the slowest in about four years.

Last year, Amazon had reduced net headcount by 27,000. Then, it had hired many people in the first quarter when the omicron variant was creating a havoc. This year, in the first quarter, it had hired about 14,000 more.

Now with pandemic having waned, it realises that the excess staff is adversely affecting productivity.

Amazon workers have been in the news for some time now. A few weeks ago, the workers at one of the warehouses revealed how closely their work was monitored and inspected in great detail. They were always under tremendous pressure to be accurate and quick in their work. They were issued disciplinary notices even if the minutest of errors was found in the work. They were warned that if these errors occurred six times in a year, they would be terminated.

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With about one lakh employees in its workforce, if Tesla is going ahead with laying off 10 per cent, about 10,000 people may be rendered jobless.

According to Business Insider, a project lead, a senior regional warehouse manager, a few trainers as well as a CGI animation lead are amongst those who have been asked to leave. Clearly, senior and managerial-level positions are also being affected by the layoffs.

Social-media posts by the laid-off employees reveal that some of them actually relocated because of their job at Tesla. Most of them speak well of their experience at Tesla and have found it hard to digest the news of layoff.

Quite recently, Tesla also cancelled three hiring events in China scheduled for June 2022.

Musk had grabbed headlines when he said that he expected all employees to return to office full time and that those who failed to do so could expect to be rendered jobless. He had made it clear to Tesla employees that he expected everyone to put in 40 hours of in-person work.

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Recently, Caixabank had acquired Bankia to become the biggest bank in Spain. Not long after, it announced its intentions to close over 1,500 branches, that is, more than a fourth of its over 5,000 branches, in an endeavour to shift to the online mode. In early June, the Bank had announced that all its customers would now be able to use its ATMs to access the same digital banking solutions available to them on the Bank’s mobile app and website.

It has now decided to cull only about 14.5 per cent of its 44,400-strong workforce spread over 5,500+ branches, after agreeing to some of the demands put forth by the unions.

Following a massive strike across the country in protest against the layoffs — in which almost 70 per cent of the Bank’s branches in Spain were closed — the Bank got down to negotiations with the unions and agreed to reduce the number of layoffs and also increase the compensation to those being asked to leave. Also, the Bank will now implement the job cuts through voluntary redundancies.

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To achieve its gender-diversity goals, and have more women in the senior ranks, the Bank will have to ensure that about 50 per cent of all the hires made for new senior positions are women. However, this will not affect the individual hiring decisions and the Bank will continue to go for candidates who are best suited for various roles.

The Bank believes that more women in its senior rungs will only make it a stronger entity, as diverse teams perform better and have the ability to adapt to changes faster. In 2018, there were only 18.1 per cent women at the managing director level, and this figure improved only marginally to 18.4 per cent in 2020, thanks to the COVID-19 related disruptions.

Due to the job cuts and organisational restructuring that had to be resorted to due to the pandemic, the Bank has been unable to achieve the gender goals that it had set for itself almost two years ago, even though it has been focusing on offering opportunities to women, especially freshers, for internship.

In Germany, as per the law, 30 per cent of all supervisory boards should consist of women, with at least one woman as management board member.

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The move is part of a restructuring and cost-cutting exercise that will csot the Company about $715 million. As part of this exercise, the Company also plans to reduce site fragmentation in the long run.

The Company has been facing stiff competition in the 5G equipment space and has failed to grow the business.

This planned rehaul will reduce the 90,000-strong workforce to about 80,000 or 85,000 over a period of 24 months.

Since the appointment of the new CEO in 2020, the Company has been focussing on succeeding in the 5G space.

Media reports observe that the Company has let go about 11,000 of its employees in the past few years. It is estimated that its workforce would have reduced by 20 per cent in five years’ time.

Nokia’s share price has decreased by 50 per cent compared to what it was about six years ago, at the time of the acquisition of Alcatel-Lucent.

Now, Nokia’s cloud and network services business plans to align portfolios and streamline service models and operations, focus more on research and development and increase productivity by reducing site fragmentation.

Similarly, its mobile networks division will also invest further in 5G R&D and speed up the process to digitalise its processes.

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Up to 450 jobs may go at one of the two retail networks in Germany, as part of the branch closures announced in 2020.

It is reported that discussions are on with labour representatives on ways to develop the private clientele in the country and also shrink the workforce.

In December 2020, Deutsche Bank’s retail banking sector had announced plans to close 200 branches over a period of two years, which meant that about a 100 branches of Deutsche Bank and another 100 at Postbank were to be shut. When the German bank took over Postbank, an agreement was signed that stated around 50 Postbank branches could be closed in a year. This announcement did not come as a surprise then because the industrial sector as well as various banks in Germany were implementing mass redundancies and rationalisation plans.

At that time, a programme at Deutsche Bank was already in operation for a while, wherein about 18,000 full-time positions worldwide out of the strength of 92,000, were being eliminated by the end of 2022. The aim was to save about € 3.3 billion.

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The drastic fall in demand for air travel has taken a toll on the airlines across the globe. Philippine Air is operating less than 30 per cent of pre-pandemic flights in a week.

The Airline had resorted to furloughs as well as flexible work arrangements earlier. However, w.e.f March, it has been trying to put a check on capital expenditure, reduce salaries, cut down on expenses and defer lease payments.

The parent company, PAL Holdings, has incurred a net loss of about $164.8 million in the third quarter alone.

Meanwhile, in Canada, Sunwing Airlines and Sunwing Vacations have been given a $ 375 million Large Employer Emergency Credit (CUGE) loan, which they will use to protect jobs. These loans are available to large employers in Canada who are unable to obtain finance from other sources to meet the needs of running their organisations.

The two entitites together have a workforce strength of almost 3,000 on the rolls. The Canada Emergency Business Financing Corporation (CFUEC) is trying to provide financial assistance to these airlines to stay afloat.

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Earlier, in July last year, quite a few senior people had been asked to leave, including the head of its private banking business. The Bank will also witness Bill Winters, its CEO leaving to be replaced by Simon Cooper, who is reportedly the most eligible internal candidate right now.

The Bank has been working towards improving returns and achieving 10 per cent return on equity, but the pandemic had slowed things down. Last year, it was revealed that the Bank was being pressurised by investors to decrease costs and push up its share prices. Starting February, it will resume cutting jobs — a task it had put on hold due to the pandemic— from its 85,000-strong workforce.

In November 2020, Standard Chartered had revealed its intention to offer flexible work models to almost 75,000 of its employees across 55 markets, in the next three years. By 2023, more than 90 per cent of its workforce is expected to follow some hybrid work model, starting next year.

The Bank had undertaken an employee survey wherein it was learned that approx. 60 per cent of its staff was willing to follow a hybrid work model.

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These job cuts will help the Company attain some level of stability. While some employees will be asked to stop working w.e.f from end of January, some will work till March 2021. The full-time staff will be given severance of two weeks’ pay for each year of their tenure, up to a maximum of 52 weeks of pay and a minimum of three months’ pay, for staff who have served for less than year. Health insurance for three months and outplacement service will also be provided.

The media industry in the US reportedly witnessed over 30,000 job cuts in 2020.

Meanwhile, in Denmark and Britain, Vestas, the wind-turbine manufacturing company, is reducing its staff to integrate its onshore and offshore operations. It will lay off about 220 people.

In October 2020, the Company had revealed its plan to take full ownership of its joint venture with Mitsubishi Heavy Industries as part of a $838 million deal to accelerate growth in offshore wind.

In Israel, McAfee is slashing about 60 jobs as it gears to shut down its Israeli development centre. The platform-security company, headquartered in San Jose, will move its Israeli operations overseas to cut costs. In order to do this, it will let go about 60 employees from the R&D department and about 10 from the sales team of its Tel Aviv centre.

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The Company has suffered a dip in business with stadiums, bars and movie halls remaining out of operation during the pandemic. However, it maintains that it has resorted to this major overhaul not because of the pandemic alone, but also because it has been trying to align with the changing tastes and behaviours of the consumers. The COVID-19 pandemic has only speeded up this process.

The workforce will be reduced through layoffs and voluntary buyouts. The restructuring will also result in costs of about $350 million to $550 million.

Earlier this year, in August, Coca-Cola had offered its employees in North America (Canada and the US) early-departure packages. About 40 per cent of the employees were eligible for the package at the time. It had also revealed then that involuntary cuts were around the corner.

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The German bank realises that a decentralised presence is cost effective, and allowing employees in low-cost areas throughout the US to work from anywhere is working in its favour. It is hoped that New York will remain a significant hub. However, the move to smaller offices puts half the workforce under threat of being laid off.

Earlier this month, the Bank had revealed its intention to lower its 2022 adjusted costs by $363 million, higher than what had been previously announced. This is all due to the pandemic that has changed work habits and the way offices are functioning today.

Twitter, Google and Facebook have already announced their plans to continue with the work-from- home arrangement till mid-2021. Several banks are seriously looking at ways to shuffle their office locations and adjust the on-site work after the pandemic begins to wane. Deutsche Bank already has 2,000 staff in Jacksonville, Florida in its human resources department , whereas it has about 600 employees in its risk team.

The Frankfurt-based bank intends to leave its iconic offices at 60 Wall Street for its new headquarters at Manhattan’s Columbus Circle sometime next year.

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Apparently, effort was made to salvage the situation via a deal with JD Sports, which failed to work out. Since April, Debenhams has been struggling with finances and trying to recover. However, with the ongoing pandemic and its economic effects, there is too much uncertainty in the retail space and hopes of a complete recovery seem slim. In Denmark, however, Magasin du Nord, Danish its subsidiary, will continue to run independently.

Debenham is not the only name in the retail space that has been impacted. Arcadia, the retail Group that owns Topshop, Burton, Dorothy Perkins, Evans and Wallis, is also going through a very bad financial phase and has fallen into administration. About 13,000 people may be laid off. However, no official announcement has been made about the number of jobs that may be impacted.

Debenhams’ existing workforce is mostly surviving on governmental assistance, that is, the UK government’s furlough scheme that was rolled out during the pandemic.

Arcadia is the biggest concession operator in Debenhams, and is responsible for about five per cent of its sales. Therefore, when Arcadia collapsed, even the buyers interested in bailing out Debenhams seem to have decided against the move.

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The Dutch bank will restrict its international operations to northwestern Europe and focus mainly on the Netherlands. The Bank’s expenses are hoped to come down to €4.7 billion per year post the layoffs, with most clients embracing digitisation and the number of branches being reduced.

This is not the first time the Bank is slashing jobs. It has asked thousands of employees to leave ever since a crisis had forced the Dutch government to intervene and provide assistance. At the time it had a bigger workforce of over 100,000 across the world. The Dutch government continues to have a 56 per cent stake in the Bank.

In August 2020, it had decided to quit from Brazil, Australia, Asia and the US. The plan was to continue only clearing operations and stop all trade and commodity financing. This move itself will slash about 800 jobs, while other departments will be trimmed in two years’ time. Care will be taken to minimise the impact on the workforce, through natural attrition and reskilling in positions where there may be shortages.

The Bank hopes to function with a leaner staff, whose roles will become more challenging as automation takes over.

ABN Amro will also go over its real-estate costs, considering remote working is here to stay. It is looking at selling off its head office and taking part of it on lease.

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The French food company is expected to save $ 1.19 billion by 2023. A part of this amount will be reinvested in its growth plan and the rest will go towards securing margin expansion.

This move will redirect the French food giant to the profit trajectory path by the second half of 2021. It is expected to recover its pre-Covid profit margin in two years’ time. Danone is also expected to reach the three to five per cent profit margin in its mid-term growth target.

The Company’s shift from a category-led to a local organisational model, will be gradually implemented in 2021 with 1500-2000 job cuts, globally. At least one in four jobs in its global headquarters will be cut. These job cuts amount to two per cent of its total workforce.

Danone started with a sustainability approach in the beginning of 2020, and is now changing to address its internal management shortcomings.

The Company is willing to move its headquarters closer to its French base in Paris. This will help it revive its European dairy division and cope with the losses in its bottled water division, with the pandemic forcing restaurants to close their shutters.

Abandoning its layered hierarchy, Danone is looking at giving more authority to local management.

Its operating margin is expected to exceed 15 per cent by 2022, as the investors and the Company itself adapt to the major changes.

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