Adding to the unemployment crisis caused by coronavirus pandemic, online lending marketplace LendingClub Corp recently announced that it would lay off 460 employees, including President Steven Allocca, as part of a restructuring plan to slash costs. The layoffs represent roughly a third of the company’s total workforce of 1,538 people as of Dec. 31, 2019.…
The coronavirus pandemic has proved to be a pain in the back of businesses, especially new-age startups. The pandemic followed by a nationwide lockdown has severely affected the businesses and operations of many organizations that are now finding it hard to tide over the unprecedented crisis. Companies have now resorted to tough cost-cutting measures in…
The novel coronavirus pandemic has brought the global economy on its knees. Business is not as usual and layoffs or salary cuts have become a daily routine now. The pandemic has impacted several businesses and organizations so much that some are even planning on to file bankruptcy if the crisis is not solved easily. Starting…
Alphabet and Google CEO Sundar Pichai has donated ₹5Cr to non-profit Give India, thus matching Google’s earlier donation of ₹5Cr to the online NGO donation platform. Thanking Pichai, Give India in a tweet said, “Thank you @sundarpichai for matching @Googleorg’s Rs 5 crore grant to provide desperately needed cash assistance for vulnerable daily wage worker…
The state of Maharashtra has become the worst affected state in India due to the coronavirus pandemic. The state so far has confirmed 1,619 positive cases and about 140 people have lost their lives. The state’s capital Mumbai, which is also the financial capital of India has since last month came to halt. Organizations which…
Boston-based restaurant management platform Toast recently announced that it has laid off about half of its staff as the coronavirus pandemic forces restaurant closure globally. Citing restaurant sales decline as the reason, CEO of Toast Chris Comparato through a company blog said, “During the month of March, as a result of necessary social distancing and…
The ongoing coronavirus pandemic has brought the world order to a halt. Every routine that we used to follow has now been altered. In the face of restrictive movements and closure of many schools and colleges, students, who were supposed to be studying and preparing for their exams in coming months, are facing a void.…
Private banking company Kotak Mahindra Bank recently announced that the group’s leadership team has unanimously and voluntarily opted to take a 15% cut in compensation for the financial year 2020-21. The Managing Director of the bank, Uday Kotak has personally opted to forgo his salary, and will receive Re 1/- as compensation. The bank in…
The novel coronavirus outbreak has put brakes on the global economy. The once highly interconnected world has now imposed travel bans and countries have gone into a lockdown. Businesses are closed and employees are now asked to work from home. But the remote working concept is only limited to certain kinds of jobs. The manufacturing…
The coronavirus pandemic has hit the global economy worse than the 2008 financial crisis. Industry experts predict that the impact of the pandemic will last longer than a year. Some industry bodies are also estimating that the pandemic would cost upto 2.5mn jobs globally. Worst-hit among all sectors of the economy, is the small scale…
The airline industry globally is suffering the most due to the coronavirus pandemic. The novel coronavirus, which first originated in China, has now spread to almost every corner of the world forcing governments to take tough actions. Several countries have imposed national and international lockdown and put a ban on movement to prevent the transmission…
Online marketplace Flipkart recently announced a partnership with Uber to provide people across Bangalore, Mumbai, and Delhi access to everyday essentials, amidst the ongoing national lockdown. This partnership will keep vital supply chains running and will address the growing needs of Flipkart customers to receive essential goods at their doorsteps every day. It will also…
Bengaluru-based travel tech startup Treebo has recently asked its employees to opt for voluntary resignations as a result of a sharp decline in sales due to the ongoing coronavirus pandemic. According to media reports, Treebo is in the process of letting go of 30-35% of its 400-strong workforce and the company’s co-founders and leadership team…
Embibe, a Bengaluru-based ed-tech startup secures an investment of Rs 500 crore from Reliance. According to the Reliance company’s filings with the Ministry of Corporate Affairs, Reliance Industries will invest an additional Rs 500 crore in Embibe as it doubles down on the education technology venture it had acquired in April 2018. About Rs 30…
The novel coronavirus which originated from China has now started to engulf India. So far, the virus has claimed more than 80 lives in India and infected more than 3,000 people. The COVID-19 pandemic presents an unprecedented challenge to the nation. This crisis calls for an even stronger and concerted action from corporate citizens to…