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What's behind this tidal wave of job cuts? Companies are grappling with rising costs, shrinking demand, and merciless competition

Massive Layoffs Rock Global Titans: Is Your Job Next?

What's behind this tidal wave of job cuts? Companies are grappling with rising costs, shrinking demand, and merciless competition

Hold onto your seats! Layoffs are sweeping across industries like wildfire. From tech giants to automakers, companies are making ruthless cuts. Skyrocketing costs, plummeting demand, and fierce competition are pushing them to the brink&mdash;and it's the workers who are feeling the heat!
In a jaw-dropping move, Japanese automaker Nissa* announces a massive 9,000 job cut after a disastrous year. With a staggering 93% drop in profit during the first half, they're slashing manufacturing capacity by 20%! CEO Makoto Uchida, taking a 50% pay cut himself, points to sluggish North American demand and cutthroat Chinese competition, where electric vehicle companies are zooming ahead.
Europe's largest automaker, Volkswagen, is also in turmoil! Reporting a 64% drop in third-quarter profits, the German giant warns of "painful" cuts ahead.
They're even considering **shutting down some of their German plants**. High production costs and intense EV competition from China are battering them. Their longstanding job protection policy might no longer shield workers from the impending storm!
The domino effect continues! Bosch, a major auto supplier, is laying off 7,000 employees as it struggles to meet yearly targets. Schaeffler, another German auto parts maker, is cutting 4,700 jobs after profits were nearly halved.
Also Watch: <a href="https://www.editorji.com/business-news/the-great-pay-divide-why-ceo-salaries-are-skyrocketing-while-worker-wages-stagnate-1731071810731">The Great Pay Divide: Why CEO Salaries Are Skyrocketing While Worker Wages Stagnate</a>
Even luxury automaker Audi isn't spared&mdash;they're slashing thousands of jobs outside production after a sharp fall in profits. The auto industry is in a full-blown crisis!
You think it's just the auto industry? Think again! Samsung is reportedly slashing 10% of its workforce in Southeast Asia and Australia in a bid for "operational efficiency."
The Mozilla Foundation, creators of the Firefox browser, has just let go of 30% of its team&mdash;and THIS is their SECOND round of layoffs this year!
Rumours are swirling at X, formerly known as Twitter, about another brutal round of layoffs targeting the engineering department. This would add to the 6,000+ jobs Elon Musk has already axed since taking over, including many safety staff responsible for content moderation.
Meanwhile, SaaS platform Freshworks is downsizing by 13%, impacting 660 employees worldwide. The layoffs are expected to rack up charges up to $13 million in Q4 2024!
So, what's behind this tidal wave of job cuts? Companies are grappling with rising costs, shrinking demand, and merciless competition. The result? Massive layoffs and an uncertain future for thousands of workers worldwide.
This is just the beginning! The corporate landscape is changing rapidly, and no one is safe.&nbsp;
Must Watch: <a href="https://www.editorji.com/business-news/what-s-behind-india-s-stock-market-correction-jefferies-view-explained-1731065626839">What's Behind India's Stock Market Correction? Jefferies' View Explained</a>

Alphabet, Google's parent company, laid off 100 employees in its cloud unit despite strong growth. Google Cloud reported $40 billion in annual revenue, while Alphabet's first-quarter revenue rose 15% to $80.54 billion

Google cuts jobs across teams in its Cloud unit

<h2>Alphabet, Google's parent company, laid off 100 employees in its cloud unit despite strong growth. Google Cloud reported $40 billion in annual revenue, while Alphabet's first-quarter revenue rose 15% to $80.54 billion</h2>

Tech giant Google continues to cut jobs as its Parent company Alphabet has laid off employees in Google's cloud unit. Google's cloud unit also happens to be one of the tech giant's fastest growing businesses globally.
<h3>Layoffs by Google</h3>
As per CNBC, Google had informed its employees about the job cuts last week and at least 100 positions are cut. The job cuts is seen across sales, consulting, &ldquo;go-to-market&rdquo; strategy, operations and engineering.
Google Cloud business reported $40 billion annual revenue as the company delivered strong first quarter results overall. Alphabet reported first quarter revenue of $80.54 billion which is 15% up from a year ago
CNBC report quoted a Google spokesperson and said that the cuts are incremental across teams to better align its go-to-market organization.&nbsp;
&ldquo;As we&rsquo;ve shared before, we continue to evolve our business to meet our customers&rsquo; priorities and the significant opportunity ahead,&rdquo; the spokesperson told CNBC. &ldquo;We maintain our commitment to investing in areas that are critical to our business and ensure our long-term success".
The report further added that some of those who lost their jobs had worked on the company&rsquo;s annual Google Cloud Next that took place in mid-April.&nbsp;
The tech giant had announced layoffs for the first time in January 2023. Since then, the company has announced numerous round of job cuts. Last month, Google cut at least 200 employees from its Core organisation that included key teams and engineers. Meanwhile, CEO Sundar Pichai has told the employees that Google would have fewer layoffs in the second hald of 2024.
Also watch: <a href="https://www.editorji.com/business-news/tech-layoffs-2024-microsoft-to-reportedly-cut-1-500-jobs-1717568470055">Tech layoffs 2024: Microsoft to reportedly cut 1,500 jobs</a>

Toshiba will cut up to 4,000 jobs in Japan amid restructuring under new ownership. The company will move offices from Tokyo to Kawasaki and aims for a 10% profit margin in three years. The delisting follows a $13 billion takeover by Japan Industrial Partners

Japan's Toshiba to cut 4,000 jobs in a restructuring drive

<h2>Toshiba will cut up to 4,000 jobs in Japan amid restructuring under new ownership. The company will move offices from Tokyo to Kawasaki and aims for a 10% profit margin in three years. The delisting follows a $13 billion takeover by Japan Industrial Partners</h2>

Japan's Toshiba on Thursday announced that it will cut up to 4,000 jobs domestically amid restructuring efforts under new ownership, reported Reuters. As per the report, Toshiba would relocate office functions from central Tokyo to Kawasaki, west of the capital, and target an operating profit margin of 10% in three years.
<h3>Restructuring in Toshiba</h3>
The firm delisted in December following a $13 billion takeover by a consortium led by private equity firm Japan Industrial Partners (JIP). The takeover came after a decade long scandal and upheaval.
As per Reuters, the consortium's efforts to engineer a turnaround at Toshiba are seen as a test for private equity in Japan, which used to be seen as "hagetaka" or vultures due to its rapacious reputation.
In Japan, PE firms are increasingly seen as an option for companies disposing of non-core assets or lacking succession candidates. Companies including photocopier maker Konica Minolta, cosmetics firm Shiseido and electronics firm Omron have also announced job cuts in recent months.
Also watch: <a href="https://www.editorji.com/business-news/walmart-to-cut-hundreds-of-corporate-jobs-asks-employees-to-relocate-report-1715667759095">Walmart to cut hundreds of corporate jobs; asks employees to relocate: Report</a>
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Microsoft Xbox is planning to shut down gaming studios including Arkane Austin, Tango Gameworks, Alpha Dog as part of its restructuring effors to bolster Xbox's game portfolio and nurturing new intellectual property

Microsoft layoffs: Xbox to shut down several gaming studios in cost-cutting effort

<h2>Microsoft Xbox is planning to shut down gaming studios including Arkane Austin, Tango Gameworks, Alpha Dog as part of its restructuring effors to bolster Xbox's game portfolio and nurturing new intellectual property</h2>

Tech giant Microsoft's Xbox has revealed its plans to shut down several gaming studios, including the renowned Arkane Austin amid a slowdown in gaming sector. This also comes as Microsoft positions itself as the &nbsp;latest publisher to undergo significant restructuring.
<h3>Layoffs by Microsoft</h3>
As per Reuters, the head of Xbox Game Studios Matt Booty in an internal memo disclosed that Tango Gameworks, the creator of "Hi-Fi Rush" and headquartered in Tokyo, along with Canada-based Alpha Dog, are among the studios facing closure. The scale of layoffs, however, is not disclosed yet.
As per Booty, the decision to streamline operations and shutter select studios aims to reallocate resources towards bolstering Xbox's game portfolio and nurturing new intellectual property. All the affected studios come under the umbrella of ZeniMax Media, which Microsoft acquired for $7.5 billion in 2021, alongside Bethesda.&nbsp;
Meanwhile, Microsoft's Xbox content and services segment reported a 62% jump in third-quarter revenue last month. This was largely driven by the Activision Blizzard acquisition.&nbsp;
As per Bloomberg, &ldquo;Grand Theft Auto&rdquo; maker Take-Two Interactive said it would shut down two subsidiary studios as part of a mass layoffs. At the start of the year, Microsoft had laid off 1,900 employees at Activision and Xbox
Also watch: <a href="https://www.editorji.com/business-news/microsoft-to-cut-1-900-jobs-across-its-video-gaming-divisions-1706250148712">Microsoft to cut 1,900 jobs across its video gaming divisions</a>

The restructure exercise which has lead to sacking 150 employees is aimed at turning the EBITDA profitable, according to Healthify's Co-founder and CEO Tushar Vashist

Healthify lays off 150 employees in restructuring exercise: Report

<h2>The restructure exercise which has lead to sacking 150 employees is aimed at turning the EBITDA profitable, according to Healthify's Co-founder and CEO Tushar Vashist</h2>

Homegrown healthtech startup Healthify has laid off 150 employees which represents about 27% of the entire workforce in a restructuring exercise, reported Inc42. As per the report, employees from sales and product teams were impacted the most by the job cuts that happened last week.
<h3>Layoffs by Healthify</h3>
Inc42 quoted Healthify's CEO Tushar Vashist and said that the restructuring exercise is undertaken with an aim to turn EBITDA profitable.&nbsp;
"In the next 3-4 months, our India business will turn EBITDA profitable and this restructuring was an unfortunate but important step in line with achieving this. We also have to make sure we have enough resource allocation for the global expasion", Healthify co-founder and CEO Tushar Vashist told Inc42.
Meanwhile, the firm has assured severance packages, extended insurance coverages and job placement assistance for the employees who are let go. The Inc42 report mentioned that 2 months of salary is given as severance pay and in some cases, accelerated stock investing period and leave encashment are given.
Healthify in 2021 cut around 150 jobs from various teams including SME (subject matter expert), quality analytics, product and marketing. The health and fitness startup that uses AI to track diet habits, fitness, and weight, as well as provide coaching services was founded in 2012.
Also Watch: <a href="https://www.editorji.com/business-news/tesla-to-layoff-6-000-employees-in-california-and-texas-amid-slowing-demand-report-1713940835339">Tesla to layoff 6,000 employees in California and Texas amid slowing demand: Report</a>
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HSBC holdings started the job cuts on Tuesday in Asia when it notified around a dozen bankers due to a slump in the flow of deals and mergers

HSBC to cut 20 more investment banking roles in Asia: Report

<h2>HSBC holdings started the job cuts on Tuesday in Asia when it notified around a dozen bankers due to a slump in the flow of deals and mergers</h2>

A slump in the flow of deals has been pushing investment banks to reduce the workforce. Joining a long list of global bank and financial services firms to cut jobs is HSBC Holdings. As per Reuters, HSBC is expected to cut 20 more investment banking jobs in Asia. With this, the total cuts reaches 30 this week.&nbsp;
<h3>Layoffs by HSBC</h3>
The Asia-centric lender started the job cuts in the region on Tuesday, when it notified around a dozen bankers.&nbsp;
Global rivals including UBS Group AG, Goldman Sachs Group Inc. and Citigroup Inc. have all had to make job cuts in their Asia offices over the past 18 months as stock sales and mergers tumble.&nbsp;
Morgan Stanley too had announced slashing of 50 investment banking jobs in the Asia-Pacific region, specifically in China and Hong Kong. The stock market and economic downturn in China impacted dealmaking activity in the country which lead to trimming several key banking jobs in China last year.&nbsp;
Over the past one year, the Initial Public Offering in Hong Kong have decreased, with proceeds dropping to the lowest in more than two decades last year. The money raised from IPOs fell another 29% in the first quarter to about US $605million, the worst three-month period since the global financial crisis.
Also watch: <a href="https://www.editorji.com/business-news/morgan-stanley-to-slash-about-50-investment-banking-jobs-in-asia-pacific-report-1713336079234">Morgan Stanley to slash about 50 investment banking jobs in Asia-Pacific: Report</a>

The job cuts in McKinsey will affect employees across various divisions, including design, data engineering, cloud, and software while the traditional consulting staff will not be affected

McKinsey to cut 360 jobs globally; here are the roles to be affected

<h2>The job cuts in McKinsey will affect employees across various divisions, including design, data engineering, cloud, and software while the traditional consulting staff will not be affected</h2>

McKinsey, a global consulting firm has announced its plans to cut 360 jobs globally which would affect 3% of its specialist and technically-skilled workforce. As per Bloomberg, the job cut will affect employees across various divisions, including design, data engineering, cloud, and software. However, the firm's traditional consulting staff will not be affected.
<h3>McKinsey job cut</h3>
As per Bloomberg, the reduction in workforce comes as part of &nbsp;the firm's efforts to adjust the size of certain capabilities to match its clients' evolving priorities.&nbsp;
"We invest to grow capabilities that match our clients' priorities, and adjust the size of a small number of others as appropriate," a McKinsey spokesperson said in an email statement. &ldquo;As part of this process, some roles will be eliminated within this small number of capabilities," as quoted by Bloomberg.
Also Read: <a href="https://www.editorji.com/business-news/mckinsey-offers-uk-employees-full-pay-for-9-months-if-they-volunteer-to-quit-1711972869228">McKinsey offers UK employees full pay for 9 months if they volunteer to quit</a>
The move also comes at a time when the consulting industry is struggling with a slowdown in demand for its services. Other major consulting firms including Ernst &amp; Young, PricewaterhouseCoopers, and Accenture Plc are also reducing the workforce after a hiring boom during the pandemic.
McKinsey that has a global workforce of more than 45,000 employees in 130 cities around the world has taken steps to address its performance concerns. This, despite generating a record $16 billion in revenue last year. The firm has given warning to around 3,000 of its consultants that their performance needs to improve, and has recently offered UK-based employees the option to take nine months' pay in exchange for their departure.

The technology sector saw the most number of job cuts of 14,224 in March 2024 followed by the US government that had let go 36,044 employees mostly within Veterans Affairs and the United States Army

US layoffs rise 7% in March; highest ever in 14 months: Report

<h2>The technology sector saw the most number of job cuts of 14,224 in March 2024 followed by the US government that had let go 36,044 employees mostly within Veterans Affairs and the United States Army</h2>

Driven by job cuts in technology and government-sector, layoffs in the United States rose 7% in March which is the highest since March 2023, reported Reuters. However, the report also noted that the job cuts announced at the year to date are down 5% from a year ago.
<h3>Job cuts in US</h3>
Reuters quoted outplacement firm Challenger, Gray &amp; Christmas and said that the job cut announcements increased to 90,309 in March from 84,638 in February. Compared to March last year, the job cut has increased just slightly by 0.7%. In March 2023, 89,703 jobs were cut.
Sector wise, the technology sector saw the most number of job cuts in the first quarter announcing 14,224 in March and 42,442 since the year began. This was followed by the US government that had let go 36,044 employees which is the highest since September 2011. The US government is mostly reducing headcount within Veterans Affairs and the United States Army.
Also Read: <a href="https://www.editorji.com/business-news/amazon-layoffs-2024-several-hundred-roles-reduced-in-amazon-s-web-services-arm-1712205711223">Amazon Layoffs 2024: Several hundred roles reduced in Amazon's Web Services arm</a>
As per Challenger, employers mostly cited cost-cutting and restructuring efforts as reasons for job eliminations.
&ldquo;Many companies appear to be reverting to a &lsquo;do more with less&rsquo; approach. While technology continues to lead all industries so far this year, several industries, including energy and industrial manufacturing, are cutting more jobs this year than last,&rdquo; said Andy Challenger, senior vice president of Challenger, Gray &amp; Christmas, Inc
In an indication of the US job market faring much better than last year in the wake of higher interest rates, the first three months of 2024 has seen only 257,254 layoffs as against 270,416 job cuts in last year's first quarter.
Meanwhile, a report from payroll processor ADP on Wednesday indicated a greater-than-expected 184,000 private-sector jobs were created last month, and the government on Friday is expected to report about 200,000 payroll jobs overall were added in March.
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While Unifor which is the union representing the employees has said that the employees were let go via a video call, Bell has refuted the claims saying the terminated employees had a session with HR over severance package

Canada based Bell lays off over 400 workers in a virtual video call

<h2>While Unifor which is the union representing the employees has said that the employees were let go via a video call, Bell has refuted the claims saying the terminated employees had a session with HR over severance package</h2>

Canada based Telecommunications giant Bell has laid off over 400 employees in a virtual video meeting, according to Unifor - the union representing the employees. In a press release, the union has also condemned the way in which the employees were let go, terming the&nbsp; impersonal manner of the terminations as, 'beyond shameful'.
<h3>Layoffs by Bell</h3>
The workers who were let go were declared as surplus in 10-minute video calls. As per Unifor, a manager read out a notice without allowing employees or union representatives to ask questions.
"Our members, who have devoted years of service to this telecoms and media giant, are being repaid with pink slips," said Daniel Cloutier, Unifor's Quebec director, in a statement.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/dell-lays-off-6-000-employees-in-cost-cutting-effort-1711460279778">Dell lays off 6,000 employees in cost cutting effort</a>
Meanwhile, Bell's communications director, Ellen Murphy in a statement disputed Unifor's claims. The statement said that the company had informed the union regarding the layoffs and had held discussions for over 5 weeks. The statement further said that the firm met its obligations under collective bargaining agreements.&nbsp;&nbsp;
Murphy added that terminated employees also had individual HR meetings to discuss the severance packages. The layoffs came after Bell announced plans to eliminate 4,800 positions which is about 9% of its workforce. The Telecommunications giant also maintains that the layoffs is part of a restructuring effort
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In a new regulatory filing Expedia has mentioned that the total pre-tax charges and cash expenditures associated with the restructuring actions are expected to be between $80 million and $100 million

Expedia Layoffs 2024: Travel platform Expedia to cut 1,500 jobs globally amid moderating travel demand

Travel platform Expedia to cut 1,500 jobs globally amid moderating travel demand

<h2>In a new regulatory filing Expedia has mentioned that the total pre-tax charges and cash expenditures associated with the restructuring actions are expected to be between $80 million and $100 million</h2>

Online travel platform Expedia on Monday announced job cuts affecting 1,500 or 9% of its global workforce. This comes as a part of its "organizational and technological transformation".
&ldquo;With so much technical achievement over the last 12 months and so much tech debt behind us, we now are obliged to take a close look at roles, skills, teams, and locations to ensure that our resources are focused in the right areas,&rdquo; Kern wrote in the memo, obtained by GeekWire. &ldquo;While this review will result in us eliminating some roles, it will also allow us to continue to invest in core strategic areas.&rdquo;
<h3>Expedia Performance</h3>
The firm, earlier this month had warned &nbsp;that revenue would moderate in 2024 as air ticket prices drop. Expedia had also announced that CEO Peter Kern is stepping down in May.
"The business continues to evaluate the appropriate allocation of resources to ensure the most important work continues to be prioritized," an Expedia Group spokesperson told Reuters.
Also Read: <a href="https://www.editorji.com/business-news/us-based-vice-media-to-lay-off-several-hundreds-to-stop-website-publishing-1708669564835">US based Vice Media to lay off several hundreds, to stop website publishing</a>
Expedia has also mentioned in a new regulatory filing that the total pre-tax charges and cash expenditures associated with the restructuring actions are expected to be between $80 million and $100 million.
As per Reuters, travel companies are tempering expectations for 2024, a sign that demand is expected to grow more slowly this year. Last week, Booking Holdings forecast slower first quarter and full-year growth in bookings as U.S. travel demand normalizes.

Vice Media will no longer publish content on its website and is planning to partner with established media companies to distribute their digital content

US based Vice Media to lay off several hundreds, to stop website publishing

<h2>Vice Media will no longer publish content on its website and is planning to partner with established media companies to distribute their digital content</h2>

Vice media has decided to put a stop to publishing content on its website and lay off &nbsp;"several hundred" people from its staff of over 900 employees over the next week, reported Associated Press.
<h3>Layoffs by Vice Media</h3>
Vice Media's CEO Bruce Dixon in a memo said that it was no longer cost-effective for Vice to distribute digital content, including news, and that now the company would lay more emphasis on the other channels of distribution.
"With this strategic shift comes the need to realign our resources and streamline our overall operations at Vice," Bruce Dixon, chief executive of Vice Media Group, told employees in a memo, copies of which were posted online by several Vice reporters.
"Regrettably, this means that we will be reducing our workforce, eliminating several hundred positions", he added.
Employees affected by the layoffs will be notified early next week.
Also Read: <a href="https://www.editorji.com/business-news/nokia-overhauls-india-operations-set-to-cut-around-250-jobs-1708487900809">Nokia overhauls India operations, set to cut around 250 jobs</a>
Millennial-focused and known for its edgy news and lifestyle content, Vice had been among the rising stars of a new breed of digital media firms but struggled as advertising revenues shrank.
This also signals to the financial problems plaguing the media industry in the US. lmost all big legacy media brands like The Wall Street Journal, The Washington Post, Vox Media and The Los Angeles Times have announced job cuts. Meanwhile digital platforms like Messenger, BuzzFeed News and Jezebel have shut down in the US.
<h3>Vice Media's Future plans</h3>
CEO Dixon also added that the company will partner with established media companies to distribute their digital content.
"will look to partner with established media companies to distribute our digital content, including news, on their global platforms, as we fully transition to a studio model," said Dixon.
Vice media was valued at a stunning $5.7 billion six years ago, but ended up filing for bankruptcy last May. The next month a group of creditors led by Fortress Investment Group picked up the company for a relative song, at $350 million.
Many digital media startups have been unable to convert enthusiasm for their brand into the kinds of revenues that investors had projected. A slowdown in the online advertising market and tightening of credit conditions last year made the situation increasingly challenging for relatively young media companies like Vice

Move comes after the company laid off around 100 executives, including top-level positions

Vedanta Group company, Sterlite Technologies slashes salaries by 15-25% after layoffs

<h2>Move comes after the company laid off around 100 executives, including top-level positions</h2>

Sterlite Technologies Limited, a leading Indian optic fibre cable manufacturer headquartered in Pune, has implemented salary cuts of 15% to 25% affecting almost half of its 3,500-strong employee base.
The decision, made due to challenging business conditions exacerbated by a lack of new orders, has put significant strain on the company.
The move comes after the company's reported restructuring in 2023, resulting in the departure of around 100 executives, including top-level positions.
According to an Economic Times report, Sterlite Technologies Limited (STL) initiated salary cuts after divesting from non-core businesses due to market dynamics. Facing financial strain, the company opted for cost-saving measures amid challenging conditions.
Reportedly, employees at the executive level, particularly in Band - 4 and above, were impacted by the salary reductions, causing widespread uncertainty among the workforce. While STL officially denied implementing pay cuts, it acknowledged restructuring compensation temporarily for mid to senior-level employees to adapt to the market.
STL's financial challenges are evident from its net debt of Rs 3,121 crore, prompting urgent cost optimization measures. Notably, top leadership, including Vice Chairman Pravin Agarwal and Managing Director Ankit Agarwal, received substantial salaries in 2023, highlighting the need for operational expense reassessment.

Tech Layoffs 2024: As clients in the telecom industry restrict spending, prioritizing clearing their excess inventory of networking gear, Cisco is set to layoff 5% of its global workforce affecting over 4,000 jobs

Cisco Layoffs 2024: Cisco Systems to layoff 5% of its global workforce affecting 4,000 jobs

As clients in the telecom industry restrict spending, prioritizing clearing their excess inventory of networking gear, Cisco is set to layoff 5% of its global workforce affecting over 4,000 jobs

Cisco to layoff 4,000 employees globally; cuts annual revenue target

<h2>As clients in the telecom industry restrict spending, prioritizing clearing their excess inventory of networking gear, Cisco is set to layoff 5% of its global workforce affecting over 4,000 jobs</h2>

Tech firm Cisco Systems has said that it would layoff 5% of its global workforce affecting over 4,000 jobs. The firm has also lowered its annual revenue target to $51.5 billion - $52.5 billion range, from the previous estimate of $53.8 billion to $55 billion.
The shares of Cisco declined by over 5% during extended trading on February 14.&nbsp;
<h3>Cisco layoffs&nbsp;</h3>
Cisco concluded the previous year with almost 85,000 employees and is undergoing layoffs and a broader restructuring effort to concentrate on high-growth areas.&nbsp;
Analysts expect demand for Cisco's products to remain under pressure, as clients in the telecom industry restrict spending, prioritizing clearing their excess inventory of networking gear.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/cisco-announces-workforce-downsizing-amidst-shifting-market-trends-1707724810795">Cisco announces workforce downsizing amidst shifting market trends</a>
The decision to downsize comes as Cisco faces challenges stemming from a decline in demand for its products. In a previous earnings call, the company revised its full-year revenue and profit forecasts downwards, citing a slowdown in orders. This shift in demand reflects customers' current focus on deploying and integrating existing products rather than investing in new ones.
However, &nbsp;Cisco is not alone in its restructuring efforts. The tech sector as a whole has been grappling with layoffs and uncertainty since the latter part of 2022. Various companies have been trimming their workforces as they seek to cut costs and streamline operations in response to changing market dynamics.
Other major tech firms such as Amazon, Alphabet, and Microsoft have also implemented layoffs in recent weeks, affecting various divisions and regions. Additionally, startups like Snap and eBay have announced workforce reductions as they navigate evolving business landscapes.

Licious was founded in 2015 by Abhay Hanjura and Vivek Gupta, is backed by Singapore-based investor Temasek

Meat delivery startup Licious cuts 3% of workforce

<h2>Licious was founded in 2015 by Abhay Hanjura and Vivek Gupta, is backed by Singapore-based investor Temasek</h2>

Omnichannel meat brand, Licious has asked 3 per cent of its employees to leave the company. This decision affects as many as 80 of their workers.
Licious, in a statement on Friday, said it has more than ₹800 crore in cash from previous fundraising rounds. It added that its online business was operating-margin positive and on track to achieve Ebitda profitability by the end of FY25.
&ldquo;With significant investments in the brand, deeper backward integration and an active pursuit of automation in the supply chain, Licious will focus on expanding the market potential and reach in the next financial year," Licious said in the statement.&nbsp; Also read/watch - <a title="EPFO to halt credits, deposits into EPF accounts linked with Paytm Payments Bank" href="https://www.editorji.com/business-news/epfo-to-halt-credits-deposits-into-epf-accounts-linked-with-paytm-payments-bank-1707458021696">EPFO to halt credits, deposits into EPF accounts linked with Paytm Payments Bank</a>
&ldquo;We are reprioritising our cost outlays, considering the new growth levers. In doing this, it is unfortunate that we have to separate with some employees who have been a part of our journey," the company said.
According to a Moneycontrol report, the development comes months after it was reported that the Bengaluru-based unicorn had seen its revenues stagnate while its monthly cash burn remained unchanged.
Licious, which was founded in 2015 by Abhay Hanjura and Vivek Gupta, is backed by Singapore-based investor Temasek.

Despite the troubling wave of layoffs, there's a bright side: heightened recruitment for AI-related positions. Companies actively pursue skilled professionals to propel innovation in this pivotal field.

Tech giants slash 32k jobs in 2024 amidst ongoing layoffs wave

Despite the troubling wave of layoffs, there's a bright side: heightened recruitment for AI-related positions. Companies actively pursue skilled professionals to propel innovation in this pivotal field.

In 2022, the global economy faced significant challenges, and the tech sector was no exception. Layoffs were rampant, signaling tough times ahead. As the world stepped into 2024, hopes for a turnaround were high, but unfortunately, the trend of job cuts persists, with no end in sight.
Since the beginning of January, reports have emerged of tech giants like Google, Microsoft, Meta, and others implementing workforce reductions. According to data from Layoffs.fyi, over 32,000 tech employees have already been laid off in 2024, indicating a worrisome trend that may continue throughout the year.
Snapchat's parent company, Snap, joined the ranks of companies announcing layoffs, revealing plans to cut 10 percent of its global workforce, affecting 540 employees. E-commerce giant eBay also announced layoffs, following a period of heavy hiring during the pandemic.
Experts attribute the ongoing job cuts to several factors, including over-hiring during the pandemic and recent interest rate hikes. Roger Lee, founder of Layoffs.fyi, explains that tech companies are still adjusting their staffing levels to compensate for previous over-hiring, compounded by prolonged economic challenges.
Additionally, the race for artificial intelligence (AI) supremacy is reshaping workforce dynamics. Companies like OpenAI, Microsoft, and Google are prioritizing AI talent, leading to a shift in hiring and restructuring efforts. Despite layoffs in other areas, the demand for AI-related roles remains strong, with thousands of job postings in fields like AI research, machine learning, and robotics.
While the wave of layoffs is concerning, there is a silver lining in the form of increased recruitment in AI-related roles. Companies are actively seeking skilled professionals to drive innovation in this critical area, offering opportunities for those with expertise in AI and machine learning.
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Tech Giant Microsoft is set to lay off 1,900 employees accounting to 8% of employees from its gaming division including recently acquired Activision Blizzard 

Microsoft to cut 1,900 jobs across its video gaming divisions

<h2>Tech Giant Microsoft is set to lay off 1,900 employees accounting to 8% of employees from its gaming division including recently acquired Activision Blizzard&nbsp;</h2>

Tech employees face a brutal start to 2024 as layoffs continue. Following Google, Amazon, another Tech Giant Microsoft is set to lay off 1,900 employees from its gaming division including recently acquired Activision Blizzard. Microsoft acquired the gaming platform for $69 billion last year.
<h3>Layoffs Gaming Firms</h3>
As per Bloomberg, Microsoft gaming chief Phil Spencer in an email wrote that the cuts represented about 8% of Microsoft&rsquo;s 22,000 gaming workers.
&ldquo;Together, we&rsquo;ve set priorities, identified areas of overlap, and ensured that we&rsquo;re all aligned on the best opportunities for growth,&rdquo; Spencer wrote.
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Earlier this week, Riot Games announced layoff of 11% of its global staff affecting 530 employees. The job cuts come as gamers are hesitating to buy expensive titles or are sticking to fewer games due to high inflation.
Another gaming firm Blizzard Entertainment is cancelling a survival game codenamed Odyssey and parting ways with President Mike Ybarra and Chief Design Officer Allen Adham, the company&rsquo;s co-founder.
According to Layoffs.fyi, more than 60 other tech companies, including Amazon.com Inc. and Google parent Alphabet Inc., have let go almost 11,000 employees so far this year

Notable companies like Frontdesk, Google, Amazon, and Unity have&nbsp;announced job cuts

Layoffs 2024: January sees over 7,500 job cuts by tech companies globally

<h2>Notable companies like Frontdesk, Google, Amazon, and Unity have&nbsp;announced job cuts</h2>

In the first two weeks of 2024, layoffs surged in the tech industry, affecting over 7,500 employees, as per Layoffs.fyi. Notable companies like Frontdesk, Google, Amazon, and Unity have announced job cuts. Frontdesk terminated 200 employees in a 2-minute Google video call. Google and Amazon, have announced significant job cuts across various departments. Unity, a gaming company, also has plans to lay off 25% of its workforce, amounting to 1,800 employees. In fact, both Google and Amazon have indicated further job cuts in 2024, aligning with their significant investments in generative AI. Analysts anticipate smaller, more targeted layoffs, with companies striving to catch up in the AI race offsetting their substantial tech investments. Google to layoff jobs in ad team tweak Google on Tuesday confirmed it is eliminating "a few hundred" positions from its global ad team, amid a push to use artificial intelligence for efficiency and creativity.
The job cuts to its "large customer" sales team are intended to result in better support for small and medium size businesses advertising on Google's platform, according to the internet giant.
Expansion of small business ad teams at Google was expected by the company to result in increased hiring this year.
Google made no mention of generative AI, which is disrupting many sectors including advertising.
Last week, Google's cloud computing unit announced new AI tools to help retailers "personalize online shopping, modernize operations, and transform in-store technology rollouts."

Tech Layoffs 2024: Tech giants Google and Amazon have announced yet another round of layoffs due to cost cutting.

Tech Layoffs 2024: Google, Amazon implement massive workforce reductions

Layoff wave 2024: Google, Amazon implement massive workforce reductions

<h2>Last year, the online retail behemoth, Amazon cut more than 27,000 jobs as part of a wave of US tech layoffs</h2>

Tech Layoffs 2024: There seems to be no sign of the layoffs wave abating in 2024. Two of the biggest global tech companies Google and Amazon have announced yet another round of layoffs.
Google Layoffs 2024: Google is laying off hundreds in various divisions. The job cuts include workers in voice-based Google Assistant, augmented reality hardware, and the central engineering organization, reported Bloomberg. This aligns with the company's ongoing efforts to streamline expenses.
"A few hundred roles are being eliminated in DSPA with the majority of impacts on the 1P AR Hardware team. While we are making changes to our 1P AR hardware team, Google continues to be deeply committed to other AR initiatives, such as AR experiences in our products, and product partnerships," reads Google's statement.
Amazon Layoffs 2024: In a parallel move, Amazon is also reportedly layings off several hundreds of employees in its Prime Video and MGM Studios segment. In an internal memo sent to Amazon employees on Wednesday announced that the reason for the reduction is to reduce or discontinue investments in certain areas while increasing investment and focus on content that deliver the most impact.
"Throughout the past year, we've looked at nearly every aspect of our business with an eye towards improving our ability to deliver even more breakthrough movies, TV shows, and live sports in a personalised, easy to use entertainment experience for our global customers," reads the memo by Hopkins .
"As a result, we've identified opportunities to reduce or discontinue investments in certain areas while increasing our investment and focus on content and product initiatives that deliver the most impact. As a result of these decisions, we will be eliminating several hundred roles across the Prime Video and Amazon MGM Studios organisation."
Twitch, a livestreaming platform owned by Amazon, is also reportedly cutting 35% of its workforce, approximately 500 employees. Last year, the online retail behemoth cut more than 27,000 jobs as part of a wave of US tech layoffs.
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GM Layoffs 2023: General Motors to lay off 1300 workers across 2 plants in Michigan, USA as vehicle production ends. Check for more details here.

General Motors Layoffs 2023: General Motors to cut over 1,300 jobs at two plants in Michigan

Less than a month after a new labor contract approving wage hike was approved, General Motors is cutting more than 1,300 hourly jobs in two plants in U.S' Michigan which will be effective from January 1

General Motors to cut over 1,300 jobs at two plants in Michigan

<h2>Less than a month after a new labor contract approving wage hike was approved, General Motors is cutting more than 1,300 hourly jobs in two plants in U.S' Michigan which will be effective from January 1</h2>

General Motors Layoffs 2023: General Motors co is cutting more than 1,300 hourly jobs in two plants in U.S' Michigan. This comes less than a month after a new labor contract was ratified by its unionized workforce. The new labour contract approved wage hike for the employees
<h3>General Motors (GM) layoffs</h3>
As per a regulatory filing, the automaker is laying off 945 employees in a plant at Lake Orion, Michigan outside Detroit and 369 workers in Lansing Michigan. The staff reduction will be effective from Jan 1.
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The Lake Orion plant manufactures the Chevy Bolt electric car. As per Bloomberg, the plant will cease production of the electric car at the end of the year. The plans to build electric pickups there until 2025, one year later than it had initially projected. The Lansing factory produces the Cadillac CT4 and CT5 models, as well as the Chevrolet Camaro sports sedan. General Motors has said that it will stop making this sedan next month.

Citigroup Layoffs 2023: In a restructuring effort, Citigroup is planning to cut over 300 senior management roles. Check here for more details.

Citigroup Layoffs 2023: Over 300 senior manager roles cut in latest rejig

In a restructuring effort to eliminate layers of management and get rid of co-head structures to speed up decision making across the bank Citigroup is planning to cut over 300 senior management roles 

Citigroup Layoffs: Over 300 senior manager roles cut in latest rejig

<h2>In a restructuring effort to eliminate layers of management and get rid of co-head structures to speed up decision making across the bank Citigroup is planning to cut over 300 senior management roles&nbsp;</h2>

Citigroup Layoffs 2023: As part of Chief Executive Officer Jane Fraser&rsquo;s efforts to restructure Citigroup, the company is eliminating more than 300 senior manager roles. As per Bloomberg, the Wall Street giant started announcing job cuts, which affect staffers two levels below Fraser&rsquo;s executive management team, on Monday
<h3>Citigroup Job Cuts</h3>
This move effectively means that 10% of Citi's senior managers will lose their jobs. Citigroup in a Statement mentioned that the company has informed the employees of the next layer of changes across many of their businesses and functions as they continue to align Citi&rsquo;s organizational structure with their new, simplified operating model.
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The statement also read that the restructuring may involve certain difficult decisions. &ldquo;As we&rsquo;ve acknowledged, the actions we&rsquo;re taking to reorganize the firm involve some difficult, consequential decisions, but we believe they are the right steps to align our structure with our strategy and ensure we consistently deliver excellence to our clients&rdquo;, Citigroup said in a statement.
<h3>Citigroup Layoffs - Restructuring Efforts</h3>
Fraser is aiming to eliminate layers of management and get rid of co-head structures to speed up decision making across the bank. The restructuring efforts will see workforce reduction across the globe over the next year.&nbsp;
&ldquo;Building a winning bank requires a great deal of commitment, hard work and resilience from each of us,&rdquo; Fraser said in a memo to staff. &ldquo;I&rsquo;m fully aware we&rsquo;re asking a lot of our people.&rdquo;
This restructuring is set to be New York-based Citigroup&rsquo;s biggest in two decades. It includes abandoning the firm&rsquo;s two core operating units and instead focusing on five key businesses: trading, banking, services, wealth management and US consumer offerings.

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