German charter airline company Condor will slash up to 25% of its workforce to reduce costs and recover its business which is severely impacted by the coronavirus pandemic. The announcement was made by the airline’s Chief Executive Officer Ralf Teckentrup while speaking to German newspaper Frankfurter Allgemeine Sonntagszeitung weekly. “Like other airlines, we will have…
PaisaBazaar, the digital lending arm of PolicyBazaar recently said that it has laid off about 1,500 employees to bring down operational costs as the company’s business struggles due to the coronavirus pandemic. According to a Mint report, the layoffs constitute about half of the company’s workforce and are predominantly from roles involving operations and business…
San Francisco-based fintech startup Synapse is reportedly laying off 50% of its full-time workforce. According to a Forbes article citing an estranged employee, the company terminated 68 employees from its 130 strong workforce over a Zoom call. Founded by Sankaet Pathak, the company makes digital banking software for other fintechs, letting them quickly launch features…
Construction and earthmoving equipment manufacturer JCB India recently said that it has laid off about 400 permanent employees in order to align its workforce with the decline in demand due to the pandemic. As per a PTI report, the company said that the demand for its products dropped by a whopping 80% during May and…
German airline Lufthansa recently said that it might have to cut 22,000 jobs due to impact on business caused by the coronavirus pandemic. “The recovery in demand in the air transport sector will be slow in the foreseeable future,” the airline said. Speaking after a meeting with trade unions, a Lufthansa spokeswoman said the airline…
Elon Musk has become controversy’s favorite child. The serial-entrepreneur has been in news during the coronavirus pandemic for many reasons, starting from calling Tesla’s stock price “very high” to taking American astronauts into space on a Falcon rocket. But this time, things have turned worse for the founder of Tesla Inc. Days after Musk defied…
The coronavirus outbreak in India and its subsequent lockdowns have caused a migrant crisis in the country. The mass exodus of workers from various parts of the country to their hometown has been compared to the partition of India and Pakistan. Due to the closure of businesses and manufacturing industries, workers lost all of their…
The Chief Minister of Jharkhand, Hemant Soren has recently announced that he has allowed the Border Roads Organisation (BRO) to recruit about 11,800 skilled workers from the state for projects in the border and hilly areas. The state government had earlier denied permission to the BRO stating the welfare concerns of these workers. Just days…
British oil giant, BP has recently said that it plans to cut about 15% of its global workforce or 10,000 jobs in response to the coronavirus crisis. The company is also attributing the downsizing to its Chief Executive Officer Bernard Looney’s ambitious plan to reform the company into a renewable energy major. In a global…
Foodtech unicorn Swiggy recently announced that it is planning to shut down its Mumbai-based on-demand premium food delivery service Scootsy. The Bengaluru-based company had acquired Scootsy in 2018 but let it operate as an individual entity. The company now plans to merge the brand under the bigger umbrella of its main brand to establish its…
British luxury car manufacturer Bentley Motors recently announced that it is planning to lay off a quarter of its workforce, or about 1,000 jobs due to the impact of the coronavirus pandemic on the automobile industry. With the recent announcement, Bentley is the latest premium British firm to make significant job cuts following the coronavirus…
Canadian airplane and train manufacturer, Bombardier Inc recently announced that it would cut about 2,500 jobs or 11% of its aviation workforce. According to a Reuters report, the recent decision by the company is a direct result of the pandemic impacting the airline industry. The aviation industry has been among the worst hit by the…
Gulf-based air carriers Emirates and Etihad have recently said that they are extending the period of reduced pay for employees till September as both the companies attempt to save cash amid the coronavirus crisis. Both the companies have during the lockdown operated a limited number of flights, mostly outbound services from the UAE. The airlines…
India’s once household bicycle brand, Atlas Cycles recently announced that it has laid off about 700 employees as the company closes its last manufacturing unit in Delhi-NCR due to the lack of capital to run operations. However, company Chief Executive Officer NP Singh Rana claimed that the shutdown is temporary and the operations will be…
Singapore-based hospitality group Banyan Tree Holdings recently announced that it is undertaking “right-sizing” and restructuring to adapt to post-covid-19 industry outlook. In an exchange filing, the company said that it is undertaking a series of right-sizing and cost-saving exercises that has affected 10 to 15% cent of its global workforce. The development was first reported…