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HSBC and Deloitte have revoked job offers to foreign graduates in the UK following new visa rules that raised the salary threshold for skilled worker visas to £38,700. HSBC's revocations affect digital innovation roles, and Deloitte withdrew about 35 offers

UK visa rules change: HSBC, Deloitte revoke job offers for foreign graduates in UK

<h2>HSBC and Deloitte have revoked job offers to foreign graduates in the UK following new visa rules that raised the salary threshold for skilled worker visas to &pound;38,700. HSBC's revocations affect digital innovation roles, and Deloitte withdrew about 35 offers</h2>

HSBC and Deloitte have revoked the job offers to foreign graduates in UK, after the government made Visa rules stringent. The United Kingdom has increased the salary threshold for skilled worker visas, from &pound;26,200 to &pound;38,700 for general workers, and to &pound;30,960 for individuals under 26.
<h3>Job offers revoked</h3>
The revoked job offers by HSBC affects graduates in the digital innovation sector slated to work in Sheffield. Deloitte, which hired over 2,700 staff last year, revoked about 35 offers, representing 3% of its incoming autumn graduates.
The affected graduates who have spent a substanial sums in their UK education expressed their disappointment to Financial Times. One individual told FT that they rejected three other job offers and spent &pound;50,000 on university fees, but now was facing the prospect of returning to their home country.
While HSBC consulted EY to review the visa eligibility changes, Deloitte noted that the new criteria rendered some roles ineligible for visa sponsorship. Meanwhile, KPMG has already cancelled the contracts for foreign graduates last month.
As per Financial Times, some HSBC graduates received impersonal automated messages from human resources, with no detailed explanation of the job offer withdrawals. HSBC acknowledged the situation, stating they must adhere to market regulations, and are in discussions with those affected.
<h3>Visa rule change</h3>
The changes in visa rules come as UK is looking to reduce high levels of legal migration. The Migration Advisory Committee recently recommended discontinuing the graduate visa program, which permits overseas students to work in the UK for two years post-graduation.
Also watch: <a href="https://www.editorji.com/business-news/canada-immigration-to-get-costly-as-government-hikes-permanent-residency-fees-1712232526194">Canada immigration to get costly as government hikes permanent residency fees</a>
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KPMG Layoffs 2023: Accounting firm KPMG to lay off about 7% of deal advisory staff in UK. Check here for more details.

KPMG Layoffs 2023: KPMG implements job cuts and pay freeze for deal advisory staff

KPMG implements job cuts and pay freeze for deal advisory staff

<h2>Prior to this, KPMG had announced targeted job cuts affecting 2.3% of its UK consultants (125 positions)</h2>

KPMG Layoffs 2023: KPMG is set to implement job cuts in the UK and freeze pay for its deal advisory staff due to a subdued deals market and challenging economic conditions. The cuts in the deal advisory team are expected to affect around 110 individuals, nearly 7% of the UK deals division's approximately 1,700-strong workforce.
<h3>KPMG Job Cuts</h3>
Earlier, KPMG had announced targeted job cuts affecting 2.3% of its UK consultants (125 positions). The firm employs about 17,000 people across its audit, consulting, tax, and deals practices, and these reductions were considered a last resort following efforts to reallocate staff to busier divisions.
Also read/watch - <a title="Chinese solar companies under Indian tax authorities investigation" href="https://www.editorji.com/business-news/chinese-solar-companies-under-indian-tax-authorities-investigation-1697603758891">Chinese solar companies under Indian tax authorities investigation</a>
Furthermore, deal advisory teams at KPMG will not receive pay raises this year, a departure from the usual practice of providing annual salary increases. Additionally, employees had been previously informed that this year's bonus pool would be smaller compared to the previous year.
Escalating costs and a lack of deal activity have created challenges for major advisory firms. Deloitte is cutting 800 jobs in the UK, and EY is reducing 150 positions in its financial services consulting sector. In the United States, the Big Four firms have conducted even larger staff reduction initiatives, impacting several thousand employees.
Also read/watch - <a title="RBI slaps penalties on ICICI Bank and Kotak Mahindra bank for breaching regulatory standards" href="https://www.editorji.com/business-news/markets/rbi-slaps-penalties-on-icici-bank-and-kotak-mahindra-bank-for-breaching-regulatory-standards-1697601136708">RBI slaps penalties on ICICI Bank and Kotak Mahindra bank for breaching regulatory standards</a>
KPMG noted, "A challenging economic environment has softened several markets, including the deals market, impacting demand in certain areas. As a result, we have put forward proposals to reduce headcount in select areas. Our priority is to support our people throughout this consultation."
It's worth mentioning that KPMG was recently fined a record &pound;21 million and directed to pay &pound;5.3 million in costs for failures in its auditing of the government outsourcer and construction group Carillion, which collapsed in 2018.

The job cuts are a part of organisational restructuring efforts and comes weeks after the company's co-founder Aditya Kothari quit

Short video app 'Chingari' announces layoffs; to cut 20% of workforce

The job cuts are a part of organisational restructuring efforts and comes weeks after the company's co-founder Aditya Kothari quit

Indian short video app Chingari has announced layoffs that would affect 20% of its workforce, reported Inc42. The app gained popularity after India banned Tik tok in June 2020.&nbsp;
Chingari has mentioned organisational restructuring as the reason for the job cut. "We deeply regret the need for these workforce reductions of 20% as a part of Chingari's organisational restructuring. These were one of the toughest decisions for our management and we understand the impact they have on our employees. We are appreciative of their contributions and commitment to Chingari," confirmed a Chingari spokesperson to Inc42.
This comes weeks after the company's co-founder Aditya Kothari quit. As per Inc42, tech team was the most affected due to the layoff. The employees who are let go would be given a severance package of 2 months salary along with an extension of health insurance by three months.&nbsp;
This restructuring announcement comes four months after Chingari received fresh funds from Atops for user growth, product development, global expansion, and to ramp up its engineering team.

In an effort to streamline its  operations and amid a weakening global economic environment, LinkedIn to cut 716 jobs affecting over 3% of its workforce. 

Despite revenue growth, LinkedIn set to cut 716 jobs, close down China-focused job application

In an effort to streamline its&nbsp; operations and amid a weakening global economic environment, LinkedIn to cut 716 jobs affecting over 3% of its workforce.&nbsp;

Microsoft owned LinkedIn is set to cut 716 jobs which is 3.5% of the total employees. LinkedIn employs around 20,000 employees. The tech company reportedly, will close down its China-focused job application too. This comes depsite LinkedIn having reported revenue growth every quarter for the last year. Other factors also include a weakening global economic outlook and a drop in demand.&nbsp;
LinkedIn's CEO Ryan Roslansky wrote a letter to his employees, in which he mentioned that the job cuts were to streamline the company's operations which would remove layers to make quick decisions.&nbsp;
As per Business Today, although the China-focused job application will be closed, LinkedIn will still have a presence in China to assist companies operating there to hire and train employees outside the country.&nbsp;
LinkedIn has now joined a line of tech companies that had laid off about 2,70,000 people in the past 6 months. Microsoft that bought LinkedIn in 2016 for $26 billion has announced around 10,000 job cuts in recent months.&nbsp;

IBM CEO Arvind Krishna has said that the company is planning to freeze hiring for roles that can be replaced by AI over the period of 5 years. This would affect about 7,800 jobs

IBM to freeze hiring for roles that AI can replace: CEO Arvind Krishna

IBM CEO Arvind Krishna has said that the company is planning to freeze hiring for roles that can be replaced by AI over the period of 5 years. This would affect about 7,800 jobs

IBM is planning to pause hiring for roles that the company thinks can be replaced by artificial intelligence in the coming years. This would roughly affect 7,800 jobs.
Krishna said that hiring in back-office functions like human resources will be suspended or slowed. These non-client facing roles employ as much as 26,000 workers. &ldquo;I could easily see 30% of that getting replaced by AI and automation over a five-year period&rdquo;, said Arvind Krishna.
IBM CEO also mentioned that more mundane jobs of providing employment verification letters or moving employees between departments will likely be fully automated. However, he also added that some HR functions, such as evaluating workforce composition and productivity, probably won&rsquo;t be replaced over the next decade.
As per Business Standard, IBM currently employs about 260,000 workers and continues to hire for software development and customer-facing roles. Finding talent is easier today than a year ago, Krishna said. The company announced job cuts earlier this year, which may amount to about 5,000 workers once completed.

3M's move to cut jobs comes after the manufacturer witnessed a decline in sales, post the boom during the pandemic. With these layoffs, The company hopes to cut costs and revive its troubled operations. 

3M to cut 6,000 jobs in CEO’s latest move to blunt sliding sales

3M's move to cut jobs comes after the manufacturer witnessed a decline in sales, post the boom during the pandemic. With these layoffs, The company hopes to cut costs and revive its troubled operations.&nbsp;

3M Co. is cutting another 6,000 jobs as the manufacturer steps up its efforts to pare expenses and turn around its ailing operations.
The reductions, part of an ongoing restructuring, are expected to trim annual costs by as much as $900 million, 3M said in a statement reporting first-quarter earnings. The company has now announced 8,500 total job cuts this year, which would equate to about a 10% decline in its global workforce.
While 3M Chief Executive Officer Mike Roman said in a statement that these actions would further simplify operations and improve profitability, investors mostly shrugged.
The stock rose less than 1% at 9:32 a.m. in New York. Shares of the St. Paul, Minnesota-based manufacturing giant had declined 12% this year, the worst performance in the Dow Jones Industrial Average.
&ldquo;There have been countless efficiency initiatives here, and little to show for it over the years,&rdquo; JPMorgan analyst Steve Tusa wrote in research note. &ldquo;This seems like more of the same.&rdquo;
The results highlight how the maker of Post-it notes, respirators and smartphone display materials is struggling to shake off weak demand for consumer goods, electronics and more of its roughly 60,000 products. Sales of virus-filtering respirators coming off pandemic-fueled highs and China&rsquo;s choppy economic reopening have also weighed on 3M&rsquo;s results.
The company reiterated its annual forecast for organic sales to decline as much as 3% and adjusted earnings to be as much as $9 a share.
3M in January announced plans to cut 2,500 manufacturing jobs to respond to the soft demand environment, the latest in a series of restructuring moves announced since Roman was named CEO in 2018.
The restructuring actions announced this year will result in pretax charges of as much as $900 million, the company said.

In a cost-cutting effort, General Motors Co., has bought out 5,000 employees globally. This would save the company $1 billion on an annual basis starting this year

General Motors co. layoffs: Buys out 5,000 employees

In a cost-cutting effort, General Motors Co., has bought out 5,000 employees globally. This would save the company $1 billion on an annual basis starting this year

General Motors co., has bought out 5,000 employees in a cost-cutting effort. According to Chief Financial officer Paul Jacobson this move will save $1 billion on an annual basis starting this year.&nbsp;
The buyouts were offered to all U.S. salaried staff with at least 5 years of experience at the company and for international executives who have worked for at leat 2 years in the company. As per Bloomberg Prime, the voluntary buyouts cover 6% of GM&rsquo;s 81,000 white-collar employees and should allow the Detroit automaker to avoid involuntary dismissals.&nbsp;
"The company will take about a $1 billion charge in the first quarter, but that the downsizing will save the company about $1 billion on an annual basis", said Paul Jacobson at Bank of America conference in New York. Jacobson also added that the company encourages the employees to consided the buyout.
GM in a statement mentioned that involuntary job cuts are not a consideration at this point as a result of the voluntary reductions. The automaker announced its plans to buyout employees last month as an alternative to job cuts.&nbsp;
As per Bloomberg Prime, GM is trying to conserve cash as it spends $35 billion over the next several years to convert its lineup of internal-combustion vehicles to all-electric powertrains. The company plans to offer 30 electric models globally by 2025.
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As per Economic Times, Unacademy plans to cut its workforce by 12%

Unacademy cuts 12% workforce

EdTech startup Unacademy cuts its workforce by 12% in yet another round of layoffs

EdTech startup Unacademy cuts its workforce by 12% in yet another round of layoffs

Edtech startup Unacademy has laid off 380 employees which is 12% in another round of layoff. As per a report by Economic Times, the company's CEO Gaurav Munjal had sent out an internal memo regarding the layoffs.&nbsp;&nbsp;
The note from Munjal reportedly said, "We have taken every step in the right direction to make our core business profitable, yet it&rsquo;s not enough. We have to go further, we have to go deeper. Unfortunately, this has led me to take another difficult decision. We will be reducing the size of our team by 12% to ensure that we can meet the goals we are chasing in the current realities we are facing"
Earlier, the edtech sold off CodeChef, anacquisition it made in 2020. Unacademy had reduced its workforce by 1,350 in 2022. The start-up had also cancelled appraisals for the year FY 2022-23 and had promised stock options for the employees.

Job cuts at Accenture: IT services & consulting firm to lay off 19,000 staff

Over half of these departures will consist of people in Accenture's non-billable corporate functions, the filing said.&nbsp;

IT services and consulting firm Accenture will lay off 2.5 per cent or 19,000 employees over a period of the next one and half years, the company said in a regulatory filing.
Accenture currently employs over 7 lakh people and is estimated to have the largest employee base of 3 lakh people in India.
"While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs. Over the next 18 months, these actions are expected to result in the departure of approximately 19,000 people (or 2.5 per cent of our current workforce)," the company said in a regulatory filing.
Over half of these departures will consist of people in Accenture's non-billable corporate functions, the filing said.&nbsp;
Commenting on the layoffs, the company also said that &ldquo;The people impact is estimated to be 2.5% of our current global workforce. This may differ by market and by country, as a consequence of our different footprint and growth, and should not be taken as a figure applicable to all geographies.&rdquo;.&nbsp;

After the UBS-Credit Suisse merger, role rationalisation may lead to job losses at India-based tech centres. Both offices together employ 14,000 employees across 3 cities in India

UBS-Credit Suisse Merger: Thousands of Indian jobs at risk

After the UBS-Credit Suisse merger, role rationalisation may lead to job losses at India-based tech centres. Both offices together employ 14,000 employees across 3 cities in India

Thousands of Indian jobs could be at risk following the takeover of Credit Suisse by UBS. Employees working at the banks' technology offices in India may lose their jobs, reported The Economic Times.&nbsp;
Both companies together have 14,000 employees in the technology wing across three cities in India. Many of these jobs will be impacted when UBS starts rationalising its roles and focuses on cost reduction, especially those working at Credit Suisse.&nbsp;
However, Business Standard has reported that Credit Suisse's banking employees in India could benefit from the takeover. The report has claimed that since UBS has smaller operations in India, it is likely to retain most of Credit Suisse's banking employees.
In a deal orchestrated by regulators, banking giant UBS is buying crisis-hit Credit Suisse for almost $3.25 billion. Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs (USD 54 billion) failed to reassure investors and the bank's customers.
The UBS-Credit Suisse deal is likely to be completed by the end of 2023.

After sacking 7000 employees in february, the entertainment conglomerate Disney is considering sacking 4000 more this April, as per reports. 

Disney mulling 4000 jobs cuts in second round of layoffs 

After sacking 7000 employees in February, the entertainment conglomerate Disney is considering sacking 4000 more this April, as per reports. 

Disney likely to layoff 4000 employees

After sacking 7000 employees in february, the entertainment conglomerate Disney is considering sacking 4000 more this April, as per reports.&nbsp;

Entertainment conglomerate Disney is likely to layoff 4000 employees in April. According to Business Insider, the firm has instructed its managers to propose budget cuts and prepare a list of employees who would be laid off.
This comes after the company sacked 7000 employees in February for restructuring, cutting content and trimming payroll. The company&rsquo;s CEO Bob Iger in February said that the move was &ldquo;necessary to address the challenges we&rsquo;re facing today&rdquo;.
Apart from this, Disney has also announced a reduction in general entertainment aimed at adults. It is also considering its options over what to do with the streaming service Hulu. Hulu is owned two-thirds by Disney and one-third by Comcast Corp.
This comes ahead of Disney's annual meeting on 3 April.&nbsp;

During the Corona pandemic, there was a significant increase in the sales of the company, but now due to the high inflation rate as well as the opening of offices and schools, the sales of computers have come down significantly in the recent past.

This company will fire thousands of employees, know the reason?

According to the report, the layoffs can be announced as early as this month.  In this layoff, about 20% employees are from sales and marketing divisions. Intel, on the other hand, declined to comment on the job cuts. 

In this layoff, about 20% employees are from sales and marketing divisions. Intel, on the other hand, declined to comment on the job cuts.&nbsp;

Intel Corp, the world's largest semiconductor manufacturer, is going to lay off thousands of employees. This disclosure has been made in a recent Bloomberg report. According to the report, the layoffs can be announced as early as this month. In this layoff, about 20% employees are from sales and marketing divisions. Intel, on the other hand, declined to comment on the job cuts.&nbsp;
Bloomberg said the company had 113,700 employees as of July.&nbsp;
During the Corona pandemic, there was a significant increase in the sales of the company, but now due to the high inflation rate as well as the opening of offices and schools, the sales of computers have come down significantly in the recent past. Due to this there has been a decline in the sales of the company.

Domestic IT companies could slash headcounts by a massive 3 million by 2022 due to automation as per a report by Nasscom.&nbsp;
Software firms in India currently employ over 16 million people out of which 9 million are employed in low-skilled services and BPO roles. It is these roles in BPOs&nbsp;and low skilled services that are likely to see a big hit over the next year.&nbsp;Nasscom&nbsp;estimates that over 30% of this category of employees will be out of a job&nbsp;principally driven by the impact of robot process&nbsp;automation or RPA. The tech industry is estimated to save close to $100 billion in salary costs due to the automation updates.&nbsp;

IT industry is set to cut 3 million jobs by the next year!

Tech sector is booming, then why are they looking to cut 3 million jobs by next year?

Domestic IT companies could slash headcounts by a massive 3 million by 2022 due to automation as per a report by Nasscom.&nbsp;
Software firms in India currently employ over 16 million people out of which 9 million are employed in low-skilled services and BPO roles. It is these roles in BPOs&nbsp;and low skilled services that are likely to see a big hit over the next year.&nbsp; Nasscom&nbsp;estimates that over 30% of this category of employees will be out of a job&nbsp;principally driven by the impact of robot process&nbsp;automation or RPA. The tech industry is estimated to save close to $100 billion in salary costs due to the automation updates.&nbsp;

Hit from the pandemic,&nbsp;online platform for booking movie tickets and entertainment events BookMyShow has laid off 200 people. This is second round of layoffs for the online portal.&nbsp;Taking to social media,&nbsp;Ashish Hemrajani, founder and chief executive officer of BookMyShow said "COVID-19 has taught me many lessons and I learnt another one today. As we let go of 200 of the most incredibility talented and performance driven individuals, each and everyone has messaged, thanking me for the opportunity, the love for BookMyShow&nbsp;and asking me if they could help me in any possible way."The company also&nbsp;reached out to multiple companies requesting for outplacement of these employees. Hemrajani&nbsp;wrote in his tweet "Finding each of them a new home, where a new journey can begin, was the easy choice. So if you have leads, please DM me and we will do the needful."This is second round of layoffs for the company that had reduced staff by 270 people in May last year. BookMyShow&nbsp;has seen a bit hit in revenues as 65% of income was dependent on movie ticket bookings which have been nil for over a year now.&nbsp;

Pandemic Pain: BookMyShow lays off 200 employees

Pandemic Pain: BookMyShow lays off 200 employees, CEO&nbsp;reaches out to find placements for those laid off.&nbsp;

Hit from the pandemic,&nbsp;online platform for booking movie tickets and entertainment events BookMyShow has laid off 200 people. This is second round of layoffs for the online portal.&nbsp; Taking to social media,&nbsp;Ashish Hemrajani, founder and chief executive officer of BookMyShow said "COVID-19 has taught me many lessons and I learnt another one today. As we let go of 200 of the most incredibility talented and performance driven individuals, each and everyone has messaged, thanking me for the opportunity, the love for BookMyShow&nbsp;and asking me if they could help me in any possible way." The company also&nbsp;reached out to multiple companies requesting for outplacement of these employees. Hemrajani&nbsp;wrote in his tweet "Finding each of them a new home, where a new journey can begin, was the easy choice. So if you have leads, please DM me and we will do the needful." This is second round of layoffs for the company that had reduced staff by 270 people in May last year. BookMyShow&nbsp;has seen a bit hit in revenues as 65% of income was dependent on movie ticket bookings which have been nil for over a year now.&nbsp;

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