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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Primarily, the employees at the smaller offices of Walmart  in Atlanta, Dallas or Toronto have been asked to relocate as per the Wall Street Journal.

However, as per reports, employees may be allowed to work remotely part time, provided they spend most of their time working from the physical office.

The workforce strength of Walmart at the start of 2024, was about 2.1 million, globally. It has been trying to reduce the headcount for a year now, in preparation for automation. In fact, it hopes to automate about 65 per cent of its stores over the next two years.

In March 2023, Walmart had laid off several employees at its five e-commerce fulfilment centres across the US due to a reduction or elimination of evening and weekend shifts. The impacted workers had been assured by the company that they would receive payment for 90 days during their job search at other Walmart locations, including technologically advanced e-commerce distribution centres. At the time, these layoffs had raised concerns about a possible economic recession in the US,

Cut to February 2024, in a bid to attract and retain talent in a competitive labour market, Walmart rolled out a two-pronged strategy— stock grants for managers and a 3-for-1 stock split. This move came amidst rising inflation and pressure to lower grocery prices, while the retail giant grappled with high turnover, particularly among managers.

By offering stock grants of up to $20,000, coupled with a revamped compensation package boasting higher base salaries and potential bonuses of 200 per cent, Walmart aimed to incentivise an ownership mentality and long-term commitment among its managers.

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Arebalo has been essaying the role of senior director, HR, US, for just over a year. Earlier, she has held many other positions in her six-year long tenure at the electric vehicle manufacturing firm.

Although hundreds of employees have been asked to leave Tesla recently, it is becoming increasingly clear that those placed higher up in the organisational hierarchy cannot sit back and relax. With Rebecca Tinucci, senior director, supercharger business and Daniel Ho, head of new products reportedly being let go recently, it is clear that Tesla’s senior executives are at risk too.

Rohan Patel, who headed Tesla’s public policy has also departed the firm in this attempt to streamline operations in preparation for the next phase of growth. Drew Baglino, chief, battery development is also reported to have left.

Additionally, Musk had also conveyed that those working in Tinucci’s and Ho’s teams will also be asked to leave. That means, about 500 employees will be affected as Tesla tries to desperately reduce headcount and cut costs.

Electric car sales have dropped drastically as Tesla posted a net profit of a mere $1.13 billion in January to March 2024, well below expectations.

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Most of those impacted were involved in the development of the tech responsible for Google’s best offerings as well as its global information technology infrastructure and user safety.

Asim Husain, vice president, Google Developer Ecosystem, conveyed to the employees that the company now wishes to work more closely with its partners and developer communities, which is why relocation to high-growth workforce locations was being considered.

As has been the practice, Google has offered severance packages as well as outplacement support to those impacted. The laid off employees will be allowed to apply for other positions within the organisation.

On 30 April, Google had let go employees from its Python, Flutter and Dart teams as part of a global restructuring. The reason for the headcount reduction was cited as the need for increasing efficiency and eliminating bureaucracy. The tech firm had, however, made it clear at the time that the layoffs were not companywide.

Before that, Google had grabbed headlines when it fired some employees who participated in sit-in protests against the company’s controversial $1.2 billion contract with Israel.

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That means, those in the top ranks are not being spared at Tesla. To add to that, there are reports that hundreds of employees will also be laid off.

It is pertinent to mention here that on 16 April Tesla had announced a significant restructuring plan, resulting in a 10 per cent reduction of its global workforce, potentially affecting around 14,000 employees worldwide. The move was to streamline operations and slash costs amidst recent challenges.

Now, with Rebecca Tinucci, senior director, supercharger business and Daniel Ho, head of new products reportedly being let go, it is clear that Tesla’s senior executives are at risk too. Additionally, Musk has also conveyed that those working in Tinucci’s and Ho’s teams will also be asked to leave. That means, about 500 employees will be affected as Tesla tries to desperately reduce headcount and cut costs.

Rohan Patel, who heads Tesla’s public policy will also depart in this attempt to streamline operations in preparation for the next phase of growth. Drew Baglino, chief, battery development is also reported to have left.

Electric car sales have fallen as Tesla posted a net profit of only about $1.13 billion in January to March 2024, which is way below expectations. The company had actually posted net profit of $2.51 billiion last year.

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After dedicating five years to Tesla, Murillo’s tenure abruptly ended on 15 April, 2024, with a single email. At 4:30 am, upon attempting to log in for work, he found his account deactivated. By 5:00 am, he received an email notifying him of his job elimination due to restructuring, devoid of any prior warning or explanation. The callous message simply stated that his position has been eliminated as part of restructuring.

Murillo sought clarification from his manager, only to receive a dismissive response. Upon arriving at the facility at 5:50 am and attempting to badge in, security informed him of his layoff, leaving him stunned in his car.

Reflecting on his journey at Tesla, Murillo shared the highs and lows of his five-year tenure recalling his personal sacrifices such as sleeping in his car to avoid lengthy commutes and utilising factory facilities for basic necessities. Despite his unwavering dedication, Murillo felt his loyalty was not reciprocated by the company.

LinkedIn users expressed their empathy and support to Murillo. Colleagues praised his contributions to the team, while others admired his resilience in the face of adversity. However, amidst the sympathetic messages, a user cautioned against over-commitment to employers, emphasising the importance of maintaining professional boundaries and always having a backup plan.

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Developers at Google use Python, which is a flexible object-oriented language, in Google’s build system..Dart offers the language and runtimes to drive Flutter apps, while also supporting other core developer tasks including formatting, analysis and code testing. Flutter is Google’s user-interface or UI toolkit used to create apps for mobile phones, the web, and desktop from a single codebase. Working with existing code, Flutter is popular with developers and organisations worldwide.

The tech firm has, however, made it clear that these layoffs are not companywide; that this workforce reduction is only aimed at a reorganisation; and that those affected will be allowed to apply for positions elsewhere within Google. The company will also help with outplacement and provide severance.

With this simplication of the structure and hierarchy, Googlers, it is hoped, will be able to focus more on the priorities of the organisation and its most innovative offerings.

Google was hogging headlines recently when it fired some employees who participated in sit-in protests against the company’s controversial $1.2 billion contract with Israel. The tech giant took a firm stance against the demonstrations, issuing a stern warning in an internal memo against violating company policies during protests.

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This isn’t the first time the company is reducing its workforce size. In December 2021, the Indian startup had laid off 150 of its staff members at a time when the world was gripped by the fear of recession. At the time, the company had told media that the difficult decision had to be made because the market had not behaved as expected and the company had been unable to see growth at the rate it had expected. Roles in quality analytics, product and marketing as well as subject-matter expert (SME) roles were impacted during that layoff round.

The latest layoff round accounts for about 15-20 per cent of the workforce and the company has reportedly assured the impacted employees of the required support in terms of severance, insurance coverage extension and outplacement service.

As per media reports, the affected employees will be paid two months’ salary and even leave encashment.

Tushar Vashisht, Mathew Cherian and Sachin Shenoy had founded the digital health and wellness firm in 2012, making health and fitness services accessible via technology.

The brand’s AI-enabled HealthifySnap feature is popular with fitness freaks as it identifies the foods and provides their nutritional details so that meals can be tracked accurately. It also offers a personalised AI coach for guidance and notifications.

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In December 2023, the sports brand had revealed its intention to launch a cost-saving initiative that will bring down expenditure by $2 billion in three years’ time. At the time, the company had also revealed that it would be spending about $400 million in severance pay to the impacted employees. Two months later, in February 2024, Nike had revealed its plans to do away with two per cent of its global workforce. That is, it was gearing to axe at least 1,600 jobs. It was also revealed that those working at the Nike stores and distribution centres, as well as the members of the innovation team were expected to be spared.

The next phase of trimming will take place in June end.

The workforce strength of Nike as of 31 May, 2023, was about 83,700.

This isn’t the first time Nike is trying to axe jobs. In 2020, it had let go 700 amidst the pandemic.

Meanwhile, Nike has found itself amidst a controversy due to an Olympic 2024 uniform meant for the US track and field members. The uniform was criticised for being too skimpy.

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In September 2023, after finalising the merger of Credit Suisse into UBS, the latter had revealed that it was going to completely absorb Credit Suisse’s 100 year-old Swiss division. This absorption was to involve axing about 3,000 jobs across the country. This is part of UBS’ redressal strategy for Credit Suisse, which was taken over by UBS in March 2023.

While specific numbers are yet to be officially revealed by UBS, analysts believe that about 30,000 to 35,000 jobs may be axed worldwide, which will result in huge savings. About 50 to 60 per cent of former Credit Suisse employees will be impacted by these layoffs reports SonntagsZeitung.

Earlier, in August 2023, UBS announced its intention to do away with one in 12 jobs in Switzerland, which would cut costs by over $10 billion.

The first wave will impact about 25 to 30 per cent of former Credit Suisse employees as their roles may no longer be required.

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According to his LinkedIn post, Bogdan’s termination happened because the human resources department “adopted the hub & spoke model for L&D” that he was pitching. In his own words, “Sadly, when my division already had their L&D team in place, there wasn’t a seat at the table for me.”

Bogdan is clearly not ready to retire yet as he feels “There is still so much that I want to contribute. So now begins the journey of finding my second career.”

He spent 30 years in the area of product development before switching to people development. He had joined Microsoft as software design engineer in 1991. By 2000, he had become architect-WPF/XAML.

In 2006, he was elevated to software development lead-Zune. From 2009 to 2014 he served as principal software development manager-Windows Phone. 2014 to 2018 he served as partner software development lead-Windows.

The next almost four years were spent as partner software development manager-UWP XAML.

It was only 2021 that he took on the role of director of learning and development, Microsoft Windows after three decades of product development.

Now seeking roles as software engineering consultant, learning and development consultant, director of learning and development, career coach, or mentor, Bogdan holds a bachelor’s degree in computer science from Virginia Tech.

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The layoff will primarily affect back-office roles and tech employees, mostly in London, New York and Hong Kong. About 20 traders and portfolio managers or money managers will also be laid off.

Globally, the asset management firm has over 1,100 employees across its offices in NewYork, London, Hong Kong, Abu Dhabi and others. In India, the firm has an office in Bengaluru.

It is reported that over 20 traders were let go in March 2024 too.

The firm has over the years invested on creating a robust infrastructure systems. Therefore, it now needs less people for maintenance.

It is pertinent to mention here that the hedge fund had increased its headcount substantially in the last few years. In fact, from a team of 150, it managed to grow to a 1,000+ strong global team in just about the last five years. This growth is attributed to increase in the assets under management from six billion dollars to 35.

However, media reports say that the firm is still hiring in various areas including digital assets, relative value bond investing and systematic equities.

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For gamers, this is disappointing news because this means, the next edition of the popular ‘Gand Theft Auto’ series—which was to be out some time next year— may be delayed further.

The company is planning to discard or cancel some of its games that are in the development stage, to reduce costs. The move is expected to save the company over $165 million annually.

While the gaming industry saw a boom and surge in demand during the pandemic, things have not been as bright post the pandemic. The spending behavior of customers has been inconsistent given the economic uncertainty.

Reports based on research have apparently shown that gamers are spending less time playing. Growth in revenue may, in all probability, will be way lower than pre-pandemic levels for another at least another year or so.

Interestingly, Take-Two is in the process of acquiring Gearbox Software from the Embracer Group.

The New York City-based American video-game holding company was founded by Ryan Brant in 1993. It publishes popular games including Battleborn, BioShock, Borderlands, Evolve, Mafia, Sid Meier’s Civilization, The Darkness, XCOM.

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While earlier the bank was expected to do away with about 5,000 jobs, it seems to have cut at least 2,000 more roles than was decided. Since the plan was to do away with 20,000 jobs by 2026, it remains to be seen whether more than expected numbers of roles will be eliminated in the remaining two phases of headcount reduction.

Notifications have been issued to a significant number of people already. Not all are being asked to exit immediately. Some are serving 90 days’ notice period.

More than 98 per cent of the bank is now functioning in eight layers with the CEO at the top. That means, managers will have much more control on an average with the span being increased two fold. As per media reports, even the internal governance committees have been dissolved.

In the remaining phases, the bank is expected to go in for business divestments and reduction of tech and support staff.

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

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About 3,000 members of the development division are presently working out of Switzerland, while 2,000 are based out of the US.

These layoffs are in addition to the restructuring exercise at the Basel-based firm, which is expected to see the 78,000-strong workforce being reduced by about 8,000.

In February 2022, Novartis India (NIL) had entered into a sales and distribution agreement with Dr Reddy’s Laboratories for a select range of medicines. Post this development, it had found that certain roles had been rendered redundant, or existed in surplus. Therefore, the company had announced its intentions to let go about 400 of NIL employees.

Novartis India, which is the Indian arm of the Switzerland-based healthcare company, had ended up spending about Rs 75 crore in costs and ex-gratia compensation under the employee separation scheme (ESS). In addition to the severance package, the Company had offered to help the affected employees with outplacement services.

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As per the latest report by Bloomberg, over 600 employees have been rendered jobless in California after Apple closed its car and smartwatch display projects. The number was revealed in the filings with the California Employment Development Department.

While The electric car project had not been publicised and was mostly kept under wraps, it had eaten up a lot of resources over the past ten years or so, which had begun to worry senior executives. Additionally, the leadership of the team as well as its strategies had undergone many changes over time. The display project was experiencing many challenges in terms of costs, engineering issues and supplier matters.

In February itself, the impacted employees, mainly comprising hardware engineers and car designers were given three months to get themselves moved to other suitable roles within Apple failing which they were told that they would have to leave the company.

It is reported that about 371 people were let go at the primary car project office in Santa Clara, California. There was a ripple effect in the satellite offices too.

As was revealed in February, some team members were reassigned to other teams, including those working on the artificial intelligence (AI) and robotics projects.

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The main banking division, that is, Citibank will see 363 employees being laid off, while others will be let go from the technology and broker-dealer divisions as per the financial institution’s filings with the State Department of Labour.

On 20 March, Citigroup had revealed its decision to trim up to 168 positions at the Dublin office. At the time, it had 3,000 employees in |Ireland. The layoff was part of Citigroup’s aim to slash 20,000 jobs over the next two years.

In early March, Citigroup had announced that it would let go 286 of its employees in New York as part of its attempt to cut its workforce strength by eight per cent, globally. It had stated then that it hoped to complete this reorganisation by 2026.

The recent job cuts do not really come as a surprise as the reorgansiation exercise was planned last year itself with the aim of simplifying the organisational structure and concentrating on the areas with potential for profit.

It is pertinent to mention here that Jane Fraser, CEO, Citigroup, witnessed her total compensation rising by six per cent to $26 million in Februaru 2024, reflecting a $1.5 million base salary, a $3.7 million cash bonus, and $20.8 million in deferred stock.

This increase was attributed to her successful execution of major organisational changes, praised as the most significant since the 2008 financial crisis.

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Money Control reports that the termination process was sudden and immediate, with one employee, who tried to record the call, being blocked by the HR executive who made the call. He had already been told that that was his last working day, and that his name was on the list of employees to be let go that had been shared by the management. The employees were reportedly not given any reason for the termination, which led to speculations that it could be because of the inability to meet targets or because they belonged to a certain pay band.

The phone calls are being followed up by emails asking the affected employees to hand over all the property that was assigned to them by the company so that their full and final settlement can be processed. This round of layoffs has had maximum impact on the members of the sales team.

It is expected that in this latest round of terminations at least 100 will be affected, and the number may even go up to 500.

Earlier, the processing of salaries in February was delayed multiple times due to the funds raised through the rights issue (special stock sale) being kept in a separate account as per the request of some important investors. The total amounted to approximately $250-$300 million. At the time, Raveendran, founder and CEO, Byju’s, had written to over 20,000 employees, expressing regret and citing challenges in processing salaries due to capital shortages and the delay despite available funds.

Byju’s has let go at least 10,000 employees over a period of two years amidst a funds crunch.

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With return on investment being adversely affected amidst the high competition in Europe, mobile carriers are also cutting down expenditure on networks. To add to the woes, there is the availability of open radio access networks technology, which allows carriers to conveniently use several vendors, leading to stiff competition in the network components space.

Around the same time in 2023, Ericsson had announced plans to let go 1,400 people from its then 14,500-strong workforce in Sweden. That is, about 10 per cent of the Swedish workforce. It had, at the time, assured that the entire layoff process would be carried out in a professional manner with utmost respect to the impacted staff. The plan then was to carry out the process via a voluntary programme. It had resorted to the layoffs as it had fallen short of expected earnings in Q4.

Before the announcement of these layoffs, the Company had revealed its intention to reduce costs by about $880 million by the end of 2023, amidst a global slowdown in markets, including North America.

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The notice that sought mandatory remote work resulted in employees being terminated enmass when they joined the call. As per some media reports, Stellantis plans to outsource work to countries where labour would be less expensive, such as Mexico, Brazil and even India.

Like many other global firms focusing on profitability, the Italian-American automotive manufacturing company, associated with brands such as Jeep and Chrysler, also seems to be looking towards developing countries for better efficiency at lower costs.

Stellantis is offering a significant severance package to the affected employees, along with support to ensure smooth transition.

Earlier this year, on 15 January 2024, Stellantis had announced plans to temporarily lay off approximately 2,250 employees at its Mirafiori plant in Turin, Italy. Apart from Italy, Stellantis NV announced that 539 temporary workers in its US factories were laid off permanently after a review of operations. The affected workers— primarily lower-paid temporary employees from General Motors and Ford Motor—were notified on 12 January 2024. The move was resorted to because of a drop in demand.

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The trimming will be carried out in the coming months and will see people being terminated basis their performance, as is the annual process. The move, as per Bloomberg, will affect employees in various arms including research, global markets, and investment banking

The British multinational universal bank is calling this just another review process, which is undertaken regularly so that only the best are retained in the talent pool. The exact number of terminations has yet to be communicated officially by the bank.

The objective of the layoffs is to enhance profitability in the investment banking division and to be able to respond to investors who have been doubting the viability of the institution’s Wall Street operations. The investment bank division is supposedly eating up more capital compared to other divisions.

Plans have been laid out to increase profitability under the guidance of CS Venkatarishnan, chief executive officer, Barclays. As part of these plans, its advisory will be given a boost. Additionally, the institution will be focusing on industries that will be most active in the near future. The aim is to ensure that the bank consumes less but contributes more, which will result in higher returns.

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The UK government has cancelled a section of the HS2 high-speed line. New train commissions for the same have also been postponed. Unless the company is guaranteed more orders by the British government, it will consider moving its production to Poland or India.

The company is readying to introduce a commuter train-manufacturing platform, Adessia, which can churn out battery and hydrogen-powered rolling stock. These trains will take the place of Aventra trains, which were produced at Derby, for several railway networks. However, in the absence of any guarantee regarding future orders from the government, Alstom has decided to stop production, putting 3,000 employees at risk of being rendered jobless. Discussions with the Department of Transport about future orders have borne no fruit either.

Contracts of about 1,300 workers have already been terminated.

It is reported that these 3,000 jobs at the plant further support 12,000 to 15,000 jobs in the national supply chain. That means, the impact of this plant’s closure will be widespread.

It is expected that by May, activity at the plant will be nil.

Meanwhile, in India, Alstom has delivered the first batch of two three-car trains to the Bhopal and Indore Metro Rail Corporation (MPMRCL). These were locally assembled at a factory in Savli.

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The airline, owned by the Tata Group, has assured that it is fulfilling all obligations as per contract.

The last year and a half has seen the airline evaluating the suitability of individual employees for various non-flying roles. Two rounds of VR schemes were also offered during this time, along with opportunities for the employees to reskill themselves.

Efforts have been on to ensure more agility and efficiency within the organsiation, in alignment with a business model that will support expansion.

In July of 2023, in an endeavour to ensure that staff members were made aware of what was expected of them, Air India had decided to state job descriptions with clarity and also lay out specific goals for its workforce. For this, it had relied on a new performance-management system for the non-flying employees. This was part of the Tata Group’s attempts to revive the national carrier, and in the process, bring about more transparency and fairness in the appraisal system. This digitised performance-management process, under the Rise.AI project of the carrier, was intended to clearly convey what the employees were expected to deliver. The new system was also aligned with the pre-existing Vihaan.AI goals of the airline. Vihaan.AI was the name given to the Tata Group’s transformation plan for Air India under which it intends to grow the airline’s fleet and network, and also revamp its customer proposition, ensuring reliability, sustainability and innovation.

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The company has assured its support to the affected employees. Opportunity will be given to the impacted staff members to apply for new positions that emerge from the restructuring.

This is just one of the few changes that are happening at PwC Australia ever since it was disrupted by a scandal in January 2023. It had come to light that the financial services firm was leaking confidential information pertaining to the government in order to bag new business. Its partners had been accused of sharing sensitive data pertaining to the commencement date of a new tax law that would significant impact multinational firms, including Google. The company had reportedly been following wrong practices for years. With the scandal tarnishing the image of PwC Australia, many executives were sacked, including the CEO. The firm’s profitable government consulting practice was passed on to Allegro Funds, a private-equity company, for a

PwC Australia sacked a string of executives, including CEO Tom Seymour, and offloaded its lucrative Australian government advisory business for a mere $0.63 to safeguard contracts from the repercussions of the scandal. As a result of this offloading, a new firm called Scyne Advisory came into being.

However, as part of a reformation exercise, PwC Australia was to appoint a new external chief risk officer, rehaul the firm’s culture and link the pay of partners with ethical behaviour. The firm will continue to hire and focus on growth.

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This news comes after CEO Arvind Krishna indicated a shift towards AI in May 2023, suggesting a pause in hiring for roles replaceable by automation. The company has already shed positions through voluntary redundancy programs, aiming to streamline operations particularly in Europe.

The announcement, delivered by chief communications officer Jonathan Adashek in a brief meeting, reflects IBM’s strategy to adapt to a changing market landscape. This could involve increased use of AI to enhance efficiency, potentially mirroring the plan announced last year to replace nearly 8,000 jobs with AI-powered solutions.

Despite the layoffs, IBM expects to maintain its overall headcount by the end of the year. This aligns with comments by CFO James Kavanaugh in January, suggesting similar restructuring costs to 2023, when the company reduced its workforce by 3,900.

IBM’s decision reflects broader trends within the tech industry. With over 200 tech companies laying off nearly 50,000 employees in 2024 alone, including giants like Alphabet, Amazon, and Unity, the industry is undergoing a significant shift. Economic uncertainties and post-pandemic adjustments likely play a role in these cutbacks. Additionally, in the competitive AI space, IBM may be facing pressure from stronger players like Microsoft, Google, and Amazon.

As the industry evolves, IBM’s restructuring efforts aim to position the company for future success by leveraging AI and streamlining operations. While the immediate impact falls on marketing and communications employees, this move signifies a larger strategic shift within IBM.

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AlShaya has been successfully running the operations of various known Western brands in the region since 1890 when it was established in Kuwait. It has had the rights to run Starbucks coffee outlets in the Middle East since 1999.

The jobs cuts have already begun, and have been attributed primarily to the boycott of Western brands amidst the war in Gaza that commenced almost six months ago. The war has had an adverse impact on business in the area, with first-quarter results being below expectations. Sales were affected not just in the Middle East but also in the US, with the company being pressurised to take a stand in the Gaza issue.

AlShaya has reportedly assured that the impacted employees and their families will be given relevant help and support.

The Starbucks unit operates about 2,000 outlets in 13 countries, across the Middle East, North Africa, and Central Asia.

Earlier, in January, AlShaya had revealed its plans to scale back in Egypt because of the economic situation, inflation and currency devaluations.

In early February, it was reported that the Kuwait-based Alshaya Group was planning to sell a minority stake in its Starbucks franchise business in the Middle East.

Apollo Global Management Inc, a US private-equity firm and the Public Investment Fund (PIF) of Saudi Arabia had shown interest in acquiring a stake at the time.

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The news of their layoff was quite unexpected and took the workers by surprise, as is clear from a video that has gone viral on social media. It shows an employee’s surprised and shocked reaction to the news.

These contract workers now feel that they may have been fired without any notice because of their demand for better remuneration; that this was the company’s way of retaliating.

Both Google and Cognizant claim that the contracts of their contract workers came to an end on the “natural” date of expiry. Cognizant also maintains that the layoffs are part of its business operations and that affected staff members would enjoy seven weeks with pay to look for alternative jobs or apply for suitable roles within the firm.

Interestingly, these contract workers had voted in favour of unionisation in 2023 and had been demanding a hike, better benefits, and more flexibility in terms of return-to-office policies.

Google had refrained from negotiating with them as they were not considered regular ‘employees’. This was seen as an illegal act by the National Labour Relations Board or NLRB. In fact, NLRB brought in a rule to make it harder for companies to escape accountability in unionisation attempts by third-party or on-contract staff.

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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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These job cuts are aligned with EA’s “strategic priorities and growth initiatives.”

This move is part of the company’s ongoing optimisation of its global real-estate footprint to better support the company’s business objectives.

Furthermore, the memo revealed to the staff that the company is discontinuing certain games and ceasing development on future licensed intellectual properties that are not deemed viable in the evolving industry landscape.

As of 2023, EA had around 13,400 employees.

These job cuts follow a similar workforce reduction of six per cent in March of the previous year, that is, 2023, attributed to global macro-economic uncertainties. At the time, the company had communicated to the employees about its increased focus on its portfolio, moving away from projects incongruent with its strategy, reviewing real- estate holdings, and restructuring select teams.

Founded in 1982, EA is renowned for its diverse portfolio of video games across various genres. The company’s sports division, EA Sports, has produced iconic franchises such as FIFA and Madden NFL that dominates the American football-gaming scene.

Beyond sports, EA’s Battlefield series stands out in the first-person shooter genre. Meanwhile, the Need for Speed series offers exciting arcade-style racing experiences. Additionally, EA has ventured into other realms with successful titles such as ‘Star Wars Jedi: Fallen Order’, an action-adventure game set in the Star Wars universe.

Meanwhile, another company in the gaming space, Sony, announced plans to lay off approximately 900 employees in its PlayStation division, constituting 8 per cent of its workforce. The US-based PlayStation Studios’ employees associated with Naughty Dog, Insomniac Games, as well as its technology, creative and support teams will be impacted.

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The electric car project had not been publicised and was mostly kept under wraps. However, it had eaten up a lot of resources over the past ten years or so, which had begun to worry senior executives. Additionally, the leadership of the team as well as its strategies had undergone many changes over time.

The impacted employees, especially the hardware engineers and car designers have been given three months to get themselves moved to other suitable roles within Apple failing which they will have to leave the company.

The project was started as a new means of income for Apple at a time when sale of hardware had more or less stagnated. Once ready, the car was expected to be sold at a price of about $100,000.

Project Titan was the name given to the electric car project within the organisation. Almost 5,000 people were part of the project once, which was headed by Dough Field (who was once associated with Tesla and had moved on to join Ford).

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As far as the studios in the UK and Europe are concerned, the London studio will be shut down in total and jobs will be axed in the development studios, Guerrilla and Firesprite.

The London Studio had come into existence in 2002 post merger of two other London-based studios under PlayStation. In the last 20 years or so, it has developed many game series including SingStar, a karaoke game and the football title, This is Football.

This move to downsize was reportedly taken after much consideration and discussion amongst the leadership. The measure was felt necessary to help the company to continue its business growth and development as was reportedly communicated by Jim Ryan, chief, PlayStation, to his employees.

Due to decreased sales of gaming consoles (PS5) in the last quarter of 2023, the Sony Group had already reduced its revenue forecast. Only 8.2 million units were sold as against the targeted shipment of 25 million units. It is expected that about 21 million units of PS5 will be sold this financial year.

It has hardly been a month since Microsoft announced its intention to let go 1,900 people from its gaming division, including some from Activision-Blizzard, which it had recently acquired. Clearly, the gaming industry is going through a rough patch, worldwide.

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The restructuring will allow Expedia to invest more heavily in key areas for future expansion, following a period focused on technical enhancements, according to a company spokesperson. This shift in focus aligns with the recent appointment of Ariane Gorin as CEO, effective May 13. Gorin, previously leading the fast-growing enterprise division, is expected to drive a renewed growth strategy.

The decision follows disappointing holiday sales and a lower-than-expected outlook for the current quarter. In Q4 2023, Expedia’s gross bookings fell short of analyst expectations, reaching $ 21.7 billion compared to the anticipated $ 22 billion. The company faces challenges from online travel competitors such as Airbnb and Booking Holdings, necessitating a strategic shift.

The job reductions, affecting around 9 per cent of the company’s 17,100 employees as of 2023, were communicated to impacted individuals starting on Monday. Notably, around half of Expedia’s workforce is already engaged in technology-related roles, highlighting the company’s continued commitment to technical advancements alongside its renewed focus on growth.

This strategic restructuring, coupled with a leadership change, signifies Expedia’s proactive approach to navigating a competitive landscape and positioning itself for future success.

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The restructuring aims to achieve cost savings and ensure sustained profitability. Furthermore, the majority of the job cuts are expected to affect sales and operations roles, impacting individuals involved in selling Nokia products and ensuring smooth operational processes.

The company is restructuring its operations in India, redefining its processes and personnel responsibilities. The reason for these changes is primarily the challenges Nokia is currently facing in the Indian market.

Reportedly, the demand for its technology, particularly in the realm of 5G, has diminished, with major Indian corporations reducing their expenditure on Nokia products. This shift in market dynamics is impeding Nokia’s success in India.

Hence, to streamline its organisational structure, the company is considering eliminating key roles, including those responsible for financial, technological and legal aspects. Additionally, the company is classifying its operations into three primary groups: mobile networks, cloud and network services, and network infrastructure. Each group will concentrate on specific facets of Nokia’s business in the Indian market.

Recently, Nokia appointed Tarun Chhabra as the new leader for its operations in India. Set to commence his role on 1 April, Chhabra will oversee Nokia’s mobile networks in India.

Nokia’s sales in India have experienced a significant decline, plummeting by 33 per cent in the latter part of 2023. This downturn is attributed to reduced technology purchases by Indian companies.

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With people cutting down on spending, the company expects sales to be weak this year.

In December 2023, the brand had revealed that it would lay off hundreds from its workforce to cut costs of up to $2 billion. It had also revealed that it would be spending about $400 million in severance pay to the impacted employees. At the time it was known as to how many employees would be impacted.

The last time the company had decided to trim its workforce, about 700 employees had been rendered jobless amidst the pandemic, in 2020.

As per media reports, this second major layoff round has been resorted to because the company has been forced to take measures to cut costs across various divisions due to dwindling sales. Sales over the last past quarter or so have gone up merely by about one per cent. In 2017, Nike had trimmed its workforce by about 745 in Oregon, where it happens to be the largest company. Globally, Nike has a workforce of well over 83,000 as of 31 May 2023.

The job cuts will begin to be implemented today, while the second phase will be completed by the end of this quarter.

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Creditors and employees are expected to be informed soon of the measures to be adopted next.

If the business goes into administration, it will not only bring some relief from debts, but will also make the business leaner. This move, it is hoped, will help revitalise the UK brand and make it stable and secure for the future.

It is true that the company has been battling a financial crisis for some time now.

Launched in 1976, The Body Shop was sold by the owner, late Dame Anita Roddick, to L’Oreal, the French cosmetics brand, for £652m in 2006, a year before she died. A decade later, L’Oreal sold The Body Shop to Brazil’s Natura for about £800 million. Recently, it was bought over by Aurelius, the equity firm.

The brand reportedly has about 10,000 direct employees and 12,000 indirect ones who are employed by the franchises. It operates about 3,000 stores in more than 70 countries.

Its retail operations in India began in 2006, under Quest Retail, an Indian franchise.

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The company has also closed offices in six locations in an attempt to save about $7 million a year.

Once well know for the smartphones it manufactured and other related devices, BlackBerry is now ready to focus on increasing profits and cash flow. It hopes to achieve $100 million in yearly net profit improvements. It also seeks to expand margins and reduce costs so that it is able to attain about $55 million of the targeted $100 million within this quarter itself.

By the fourth quarter of FY2025, BlackBerry hopes to achieve positive operating cash flow.

BlackBerry has been able to set up its IoT and cybersecurity divisions as individual entities, with the help of teams constituted for the purpose and consultants from outside. Not long ago, it managed to raise $200 million by offering convertible debentures. This move helped it to reduce its debts and ensure liquidity and stability in the longer term.

The BlackBerry line of phones and services was originally established and maintained by the Canadian company, BlackBerry, from 1999 to 2016. Later, it was licensed to multiple companies.

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The airline, citing the need to align ‘companywide costs with operational requirements,’ aims to shave off its Rs 60 crore monthly salary bill. Employees have already started receiving termination notices, adding to the existing hardship of delayed January salaries. Despite assurances of ‘no funding delays’ and ongoing fundraising efforts, SpiceJet’s financial struggles are evident.

Last year, in May, on the occasion of its 18th anniversary, SpiceJet had announced that it would increase the salary of its captains to Rs 7.5 lakhs per month for flying 75 hours. This salary hike was to be effective from May, 2023. Additionally, a tenure-linked monthly loyalty reward programme was also introduced for captains, which can amount to up to a lakh per month, in addition to their regular remuneration.

Trainers and first officers had also seen an increase in their salaries proportionate to the hike given to the captains. In November 2022, SpiceJet had already revised the salaries of its pilots, raising the captains’ salary to Rs 7 lakhs per month for 80 hours of flying.

SpiceJet’s troubles extend beyond internal issues. The Delhi High Court recently ordered the airline to settle outstanding dues of $ 4 million to engine lessors by February 15th. This adds to a string of legal battles with creditors and lessors over unpaid dues, resulting in court reprimands and settlements.

SpiceJet’s troubles are further compounded by a shrinking fleet and intensifying competition. Compared to its 2019 peak of 118 planes and 16,000 employees, it now operates just 30 planes and employs 9,000. This decline coincides with the emergence of new budget carriers such as Akasa Air, further squeezing SpiceJet’s market share.

Despite the challenges, SpiceJet managed to secure over $108 million in January, aligning with its $ 270 million fundraising target. However, the recent court order directing a Rs 50 crore payment to former promoters and another insolvency petition filed by a creditor raise concerns about its long-term viability.

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It is expected that the figure will be made public post the earnings call later this week. The company reportedly feels that its revenues were below expectations because of a decrease in orders.

After eliminating 4000 roles in 2022, the US-based tech infrastructure firm had announced plans to cut more jobs in Silicon Valley, in September 2023, in an attempt to restructure.

The company had said then that with heightened competition, particularly in cloud-based networking companies, it wished to pivot its attention towards software and services while moving away from hardware.

At the time, Cisco had stated that it would provide severance packages to all the departing employees, and also assist them in securing new employment opportunities using outplacement services. It had clarified that the layoffs had nothing to do with cost cutting, as the company’s financial health was quite robust. The primary goal of this rebalancing The company had revealed its intention then to allocate resources strategically toward the company’s transformation, enabling better fulfilment of customer expectations in the evolving technology landscape.

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The move comes as the Ukraine-based company, wishes to better position itself for an AI-centric future. Media reports suggest that Grammarly conducted a thorough analysis of its organisational structure, assessing the current skill sets of its workforce, aligning them with its future strategic goals.

Notably, key positions such as the head of brand design, head of human insights, and 17 software engineers are reported to have been affected, according to the San Francisco Chronicle.

In the country of its origin, Ukraine, Grammarly plans to lay off around 37 workers. The company has expressed its commitment to providing support for affected employees. Team members from Ukraine are set to receive compensation for a duration of six months, along with additional payments covering health insurance and career coaching.

Furthermore, terminated employees will be allowed to retain the laptops and other equipment issued by the company.

Grammarly is an AI-powered writing assistant that helps users improve their grammar, spelling and style. It integrates seamlessly into various platforms, offering real-time suggestions and corrections. Its core functionalities include reviewing spelling, grammar, punctuation, clarity, engagement and identifying mistakes in English texts. Additionally, it offers plagiarism detection and suggests replacements for identified errors.

The company has offices in San Francisco, Kyiv, New York City, Vancouver and Berlin.

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The move is part of the company’s comprehensive restructuring initiative aimed at cutting costs and redirecting resources toward further investments in music and fostering the company’s growth over the next decade.

The majority of the cost savings will be channelled into adopting new technologies, along with bolstering its core music units.

The job cuts will be concentrated in specific areas, including the in-house ad sales business and various support functions. Additionally, a significant portion of the layoffs will impact the company’s owned and operated media properties, such as Uproxx, HipHopDX, IMGN, and Interval Presents.

The company anticipates completing severance payments amounting to $85 million by the conclusion of 2026.

Despite the workforce reduction, Warner Music released early earnings reports showcasing a record 11 per cent revenue growth for the quarter ending 31 December, 2023. The company, which boasts five of the top 10 songs in the current Billboard Hot 100, asserts that the move is part of a strategic response to the evolving landscape of the music and entertainment sectors.

The news was communicated to employees through an internal memo by Robert Kyncl, CEO, Warner Music. He revealed that the efforts to inform impacted employees have already commenced, with the majority expected to be notified in about seven months, that is, by September 2024.

Kyncl expressed gratitude for the dedication and hard work of those who will be exiting, assuring a thoughtful and respectful transition process.

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The laid-off employees will be given support in terms of money and benefits. They will also be helped with outplacement. Additionally, they will be allowed to apply for new roles within Amazon too.

It is pertinent to mention here that One Medical, which also offers virtual care and in-person care services, was acquired by Amazon in an over three billion dollar deal in February, 2023. Amazon Pharmacy, on the other hand, was launched earlier, in 2020, post acquisition of Pill Pack about two years before that. Pill Pack used to be a firm that offered prescription-by-mail service.

Neil Lindsay, senior vice president, Amazon Health Services, has reportedly informed the employees that the company is looking at areas where its resources can be relocated and invest more in innovations and experiences that will have a direct effect on the stakeholders, that is, the platform’s members, patients and customers.

The healthcare businesses have witnessed growth with customer satisfaction reaching more than satisfactory levels for Amazon Clinic. Therefore, Amazon will continue its efforts to simplify the healthcare process and system, say media reports.

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As of June 2023, Estee Lauder had approximately 62,000 employees, globally.
The decision comes as a part of an extension of its Profit Recovery Plan for fiscal years 2025 and 2026, impacted by a decrease in demand from Chinese customers for higher-priced luxury items.

Additionally, the company believes that this move will strategically position it for long-term sustainability and profitability. It is hoped that the plan will facilitate sales growth and enhance overall agility and speed-to-market.

Estee Lauder anticipates achieving incremental operating profits ranging from $1.1 billion to $1.4 billion in fiscal years 2025 and 2026, surpassing the previously estimated $800 million to $1 billion. The company anticipates potential charges before taxes in the range of $500 million to $700 million.

Simultaneously, the company revised its annual profit forecast for the second time due to a slowdown in its US business. The company now expects a full-year 2024 adjusted profit per share between $2.08 and $2.23, down from the earlier projection of $2.17 to $2.42.

Estée Lauder, founded in 1946 by Estée and Joseph Lauder, is a renowned American multinational cosmetics company. It offers a wide range of skincare, makeup, fragrance, and hair- care products.

The company’s iconic brands include Estée Lauder, Clinique, MAC and Bobbi Brown, among others. Embracing a customer-centric approach, the company has a strong presence in high-end department stores and also operates its standalone boutiques.

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In September 2023, Snap had axed about 150 jobs in the augmented reality (AR) division. The year before that, in August 2022, Snapchat, the multimedia instant messaging app and service, had laid off some members of its team (20 per cent of the workforce) when Snap had reported losses of almost $10 billion and its shares dipped following the poor quarterly performance in July 2022.

The company has assured support to the impacted employees. In fact, as per a regulatory filing, Snap will end up spending $55 million to $75 million in this round of layoffs.

Snap is reportedly trying to reorganise the workforce and do away with hierarchies wherever possible, so that there is more and better collaboration amongst the employees, in person. The revenue of the social-media platform primarily relies on digital advertising.

As a positive corrective measure, the company has initiated a $500 million share buyback scheme.

It was only last week that Evan Spiegel, CEO, Snap, had to appear before the Senate Judiciary Committee, to testify in the issue of the adverse impact of the platform on impressionable young minds.

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The bank outlined plans to optimise its marketing network and streamline its computer systems and software to achieve the targeted cost reductions. The job cuts will primarily affect positions not directly involved in customer interactions.

Recently, the Bank released its annual profit figures, revealing a 16 per cent decline to 4.2 billion euros ($4.5 billion) compared to 2022. Despite this dip, it marked the fourth consecutive year of profitability. The positive financial performance is attributed to the global upswing in interest rates, contributing to a widened profit margin between interest payments and earnings.

In June, last year, the bank announced to reduce its retail job workforce by 10 per cent, affecting around 1,700 jobs out of the total 17,000 positions. The reason cited behind this layoff was to improve its profitability and cut some operational costs.

However, in July, it decided to expand its operations in India and to hire thousands of employees in the country.

The company also officially released a statement that revealed that it had already hired over 2,500 people in India since January 2023 and expects to continue hiring in the coming months.

The major roles and skills the company required were in cloud migration, artificial intelligence ( AI) and machine learning ( ML). The company was also looking to upskill its existing workforce in these areas.

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The move follows a challenging period for PayPal, marked by declining revenue, share performance, and a more than 20 per cent drop in shares over the past year. This downturn prompted the company to adjust its full-year forecast for adjusted operating margin. An internal memo shared with employees by Alex Chriss, CEO, PayPal, emphasised that the company wishes to focus on improving its efficiency. Hence, it is considering several cost-cutting measures.

The job reduction will be implemented throughout the year, impacting both existing roles and planned hires. All the affected employees will receive notifications of their job termination by the end of the week, as outlined in the internal memo.

Notably, PayPal had already undertaken a similar workforce reduction in January of the previous year, eliminating 2,000 positions globally, constituting seven per cent of its total staff. The online payments firm attributed this decision to the challenging macro-economic environment it was battling at the time.

Referring to these layoffs, the company also emphasised the necessity to adapt to the evolving world, changing customer dynamics, and the shifting competitive landscape. The company acknowledged the need for continual transformation in response to these factors.

The tech industry is witnessing a pervasive trend of layoffs, with many tech companies, including Meta, Amazon, Microsoft, Google, TikTok and Salesforce, collectively laying off around 25,000 workers in the first month of 2024. Google initiated the trend by cutting over a thousand jobs in its Assistant and hardware units, while Amazon, Salesforce, Microsoft and others followed suit with significant workforce reductions.

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With a December quarter margin of 16 per cent, Wipro lags behind TCS (25 per cent), Infosys (20.5 per cent), and HCL Tech (19.8 per cent).

This pressure, coupled with a post-pandemic slowdown in its consulting business, particularly after acquiring Capco – for $1.45 billion in 2021, a major investment initiative by CEO Thierry Delaporte – has forced the company’s hand.

The restructuring primarily focuses on mid-level executives stationed onsite, with termination notices issued earlier this month.

Wipro’s ‘Left-Shift’ strategy aims to streamline operations by delegating tasks traditionally handled by higher tiers to lower ones, leveraging automation and optimising efficiency.

In response to queries, a Wipro spokesperson emphasised the company’s commitment to aligning business strategies with the evolving market landscape. The spokesperson stated that Wipro is investing in technology and talent to enhance client and employee experiences.

Despite the necessity for cost optimisation, CEO Thierry Delaporte faces criticism for the loss of senior talent and the potential impact on employee morale. However, the company remains committed to a strategy that balances margin improvement and sustainable growth.

Wipro, while acknowledging the need to adapt to a changing market, emphasises its commitment to both clients and employees through investments in technology and talent development.

The company’s restructuring marks a critical juncture in its journey. The success of its ‘Left-Shift’ strategy and its ability to balance margin improvement with sustainable growth will determine whether this move paves the way for future success or stumbles under the weight of employee discontent.

In a broader context, Wipro’s move reflects a global trend in the tech industry, where companies, including global peers like SAP, Alphabet, Microsoft, and PayPal, are implementing job cuts to improve profit margins.

Recent financial results showed a decline in Wipro’s total headcount for the fifth consecutive quarter, reporting a net reduction of 4,473 employees during the October to December quarter of 2023. However, the attrition level eased, reaching a 10-quarter low of 14.2 per cent for the third quarter of the financial year.

Wipro’s cost-cutting measures are indicative of IT solutions firms globally, reducing headcounts as they invest in artificial intelligence (AI) to maximise profits. The strategic restructuring aligns with Wipro’s vision to build a resilient, agile, and high-performance organisation in a rapidly evolving market environment.

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The news came alongside Alphabet’s (the parent company of Google) fourth-quarter earnings report, which showed a return to double-digit revenue growth driven by YouTube and cloud computing. However, while ad sales grew, they lagged behind other areas, and the company’s stock dipped after the announcement.

Interestingly, Alphabet credits its profit boost in the past quarter to increased investments in artificial intelligence. Pichai sees AI as a key driver across all Google endeavours, stating, “Each of these is already benefiting from our AI investments and innovation.”

Amidst the cost-cutting measures and restructuring, Google continues to innovate and invest in AI. This focus on technology advancement, combined with a return to revenue growth, suggests the company is aiming for long-term success while adapting to changing market dynamics.

Pichai’s memo to employees acknowledged the difficulty of the cuts but emphasised their necessity for “creating the capacity for this investment.” He promised to streamline operations by “removing layers” in various departments, but assured employees the cuts wouldn’t be as extensive as last year’s.

The restructuring, targeting departments such hardware, advertising, and search, is likely to continue throughout the year, with Pichai warning employees to expect further job cuts in the coming months. He emphasises that these measures are not a reflection of individual performance but are necessary to “make tough choices” and position Google for ambitious goals.

Google’s continued focus on streamlining operations through both AI integration and personnel reduction suggests a company in flux. While Pichai assures that future cuts won’t be as extensive as 2023’s, the message is clear: Google is prioritising efficiency and restructuring, and further job cuts remain a possibility in the months ahead.

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Carol Tome, CEO, UPS, has also revealed the company’s intention to sell its Coyote truck-brokerage business in a bid to cut costs amidst a demand slowdown and labour expenses. However, the company managed to stay afloat and focus on its strategy to secure its future and ensure the foundation remains strong for growth.

Shares of the company fell 7.6 per cent. Its annual sales dipped 9.3 per cent, and the company expects an improvement in 2024 of just over one per cent. Delivery volumes fell 7.5 per cent in Q4 due to the slow demand in Europe and the US. Profits will not see much increase because the new labour deal that came into effect in August will prove to be expensive. UPS expects sales for 2024 to be in the range of $92 billion to $94.5 billion.

The shipping company is now working to recover the business that was lost when people preferred to shop from physical stores after pandemic-related restrictions were lifted. Inflation only added to the company’s woes as consumers lost purchasing power.

The firm hopes to concentrate more on delivery of medical supplies, which is expected to bring in more profits.

This year, UPS expects its employees to return to office for five days a week.

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