Tag Archives: Workforce reduction

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.

In a bid to boost employee morale following a significant reduction in workforce, Intel has decided to reinstate free coffee and tea for its staff. The tech giant had previously halted several employee perks, including free beverages and fruits, as part of broader cost-cutting measures.

Sharan Hegde, the CEO of the financial literacy company 1% Club, has come under scrutiny following the announcement of a 15% workforce reduction. The layoffs have sparked debate, particularly given Hegde’s status as a prominent financial influencer, known for his career built around financial education and promoting sound money management.

Kissflow, a Chennai-based Software-as-a-Service (SaaS) firm specializing in cloud-based work management products, has recently undertaken a workforce reduction, resulting in the layoff of approximately 15% of its employees. This decision comes in the wake of product realignment and routine performance evaluations.

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.

Paytm, the popular online payments platform, has refuted recent reports claiming a significant reduction in its workforce by 25-50%. The company has dismissed these reports as 'baseless' and clarified that it is currently engaged in its annual appraisal process, which is a routine practice and not indicative of layoffs.

SpiceJet, a prominent low-cost carrier in India, has initiated workforce reduction measures aimed at saving 1 billion rupees ($12 million) annually as part of its turnaround and cost-cutting strategy. The airline's decision comes following fund infusion efforts aimed at reviving its grounded planes amidst financial challenges.