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Tag: job cut

  • Amazon CEO says job cuts to exceed 18,000 roles

    Amazon CEO says job cuts to exceed 18,000 roles

    Amazon.com’s layoffs will now stretch to more than 18,000 roles as part of a workforce reduction it previously disclosed, Chief Executive Andy Jassy said in a public staff note on Wednesday.

    The layoff decisions, which Amazon will communicate starting January 18, will largely impact the company’s e-commerce and human-resources organizations, he said.

    The cuts amount to 6 per cent of Amazon’s roughly 300,000-person corporate workforce and represent a swift turn for a retailer that recently doubled its base pay ceiling to compete more aggressively for talent.

    Jassy said in the note that annual planning “has been more difficult given the uncertain economy and that we’ve hired rapidly over the last several years.”

    Amazon has more than 1.5 million workers including warehouse staff, making it America’s second-largest private employer after Walmart it has braced for likely slower growth as soaring inflation encouraged businesses and consumers to cut back spending and its share price has halved in the past year.

    It began letting staff go in November from its devices division, with a source telling Reuters at the time it was targeting 10,000 job cuts.

    In number, its layoffs now surpass the 11,000 job cuts at Facebook-parent Meta Platforms Inc as well as reductions at other tech-industry peers.

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  • StanChart Axes Several Hundred Jobs

    StanChart Axes Several Hundred Jobs

    Standard Chartered will kick off a fresh round of job cuts, joining rivals that have resumed reductions amid an economically crippling coronavirus pandemic.

    The London-headquartered lender will cut several hundred jobs globally, according to a report citing unnamed sources without additional details.

    A small number of roles are being made redundant in line with our commitment to transforming the bank and ensuring its future competitiveness, according to a statement from the bank which houses around 85,000 employees.

    In March, many top players in the industry made a concerted move to pause job cuts to support households that have been undoubtedly feeling the strains from the pandemic.

    Standard Chartered said it also did not «intend to make any layoffs because of the pandemic» and that workers who have lost their jobs will be paid until the end of the year in addition to a severance payment.

    The recent round of job cuts is not the result of any impact from the COVID-19 pandemic, the bank added.

    Standard Chartered is not alone in accelerating cost-cutting efforts following an industry-wide pause in March.

    Deutsche Bank was the first major bank to restart after abruptly ended a hiatus on staff dismissals in May to resume plans to ax 18,000 jobs or 20 percent of its workforce. Also in May, British rival HSBC not only resumed its overhaul, which originally included plans to slash 35,000 job but also deepened cuts due to increasing market and economic headwinds.

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  • HSBC Plans Yet Another Round of Job Cuts

    HSBC Plans Yet Another Round of Job Cuts

    Up to 10,000 jobs across HSBC are under threat as interim chief executive officer Noel Quinn plans to cuts costs.

    British multinational bank HSBC is set to embark on its largest cost-cutting exercise in years, and facing the ax are up to 10,000 high-paying roles across the group, citing two people close to the matter.

    The latest round oaf job cuts follows the August announcement that the lender would be laying off up to 2 percent of its global workforce (4,754 of 237,865 jobs at that time) as part of the overall group strategy to cut 4 percent of the bank’s wage costs.

    One of the sources said the cost-cutting drive and job cuts could be announced as soon as later this month, when the group announces its third-quarter results.

    Asia a Bright Spot

    There’s some very hard modelling going on. We are asking why we have so many people in Europe when we’ve got double-digit returns in parts of Asia,» a source was quoted as saying.

    The bank will also continue to hire staff in high-growth regions Asia, where the bank generates 80 percent of its profits, another person said.

  • Cisco to cut up to 5,500 jobs

    Cisco to cut up to 5,500 jobs

    Cisco has revealed plans to cut up to 5,500 jobs after reporting flat revenue for its full financial year a 2% decline in revenue for the fourth quarter.

    The networking vendor said it will restructure to cut costs in lower growth areas, and allow it to focus its investment on priority areas including IoT, next generation data centers and the cloud.

    The restructuring will eliminate up to 5,500 positions, or around 7% of Cisco’s total global workforce. It will commence this quarter.

    Cisco made the announcement as it revealed that revenue for FY16 was flat at $49.2 billion. Excluding the contribution of Cisco’s service provider video CPE equipment, which Cisco sold to Technicolor for $600 million last year, revenue would have grown 2%.

    Likewise, Cisco’s Q2 revenue declined 2% year-on-year to $12.6 billion, but grew 2% excluding video CPE revenues.

    Net income grew 20% for the full year to $10.7 billion, and 21% in the fourth quarter to $2.8 billion.

    “We continue to execute well in a challenging macro environment. Despite slowing in our service provider business and emerging markets after three consecutive quarters of growth, the balance of the business was healthy with 5% order growth,” Cisco CEO Chuck Robbins said.

    “This growth and balance demonstrates the strength of our diverse portfolio. Our product deferred revenue from software and subscriptions grew 33% showing the continued momentum of our business model transformation.”

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