Tag Archives: Job Cuts

Zomato has reportedly laid off 600 customer support associates within a year of hiring them as the company increasingly integrates artificial intelligence (AI) to streamline operations and cut costs. The move comes amid slowing growth in its core food delivery business and mounting losses in its quick-commerce arm, Blinkit, according to a Moneycontrol report.

German sportswear giant Puma has announced plans to cut 500 jobs globally and shut down unprofitable stores, citing weak consumer demand in the United States. The decision follows disappointing quarterly and annual forecasts, which led to a sharp 23% decline in Puma’s stock, according to a report by Reuters.

DBS, the largest bank in Singapore, has announced plans to cut approximately 4,000 jobs over the next three years as it increases the adoption of artificial intelligence (AI) technologies. The move signals a significant shift in the banking sector, where automation and AI are set to take over tasks previously handled by human employees.

Starbucks Corp. has announced plans to eliminate 1,100 corporate jobs as part of a restructuring strategy aimed at increasing efficiency and accelerating the company’s turnaround. The job cuts, representing about 7% of Starbucks’ global corporate workforce, will not affect employees working in company-operated stores, warehouses, or production facilities.

Bengaluru: IT giant Infosys has come under fire after reportedly laying off nearly 700 freshers from its Mysuru campus, according to claims made by the IT employees' union, Nascent Information Technology Employees Senate (NITES). The terminations have sparked widespread outrage on social media, with netizens expressing shock and sympathy for the affected employees.

Meta, led by CEO Mark Zuckerberg, is set to fire 3,600 employees next week as part of its latest round of mass layoffs, targeting 5% of its "lowest performers." The notices will be sent out starting Monday at 5 AM local time in most countries, including the United States, according to a report by Reuters.

In a new round of layoffs, American tech giant Microsoft has begun firing employees based on their job performance, with some individuals not receiving severance pay and losing healthcare benefits immediately, according to a Business Insider report.

Intel is set to undertake significant job cuts as part of a strategic effort to recover market share and bolster its finances, according to Bloomberg News. The company has not yet officially announced the layoffs, but reports suggest an announcement could come as early as this week. Shares of the chipmaker saw a slight uptick of about 1% following the news, though the stock has plunged by 40% this year.

In a stark indication of ongoing economic challenges, the technology sector witnessed a wave of layoffs in April 2024, with over 20,000 employees losing their jobs across various companies. This surge in job cuts reflects a broader trend of layoffs in the tech industry, with at least 271 companies having let go of 78,572 employees since the beginning of the year, as reported by layoffs.fyi.

Tesla, led by tech mogul Elon Musk, is reportedly gearing up to lay off over 10% of its worldwide workforce, a move that could affect more than 14,000 employees. The decision, aimed at streamlining operations and reducing duplication of roles, comes amidst a period of rapid growth for the electric vehicle maker.