Nokia announced plans to cut up to 10,000 jobs within two years to trim costs and invest more in research capabilities, as the Finnish telecoms group seeks to step up its challenge to Sweden’s Ericsson and China’s Huawei, according to Reuters report. After taking over the top job last year, Chief Executive Pekka Lundmark has…
JLR said that it would cut 2,000 jobs from its global salaried workforce, just days after announcing its luxury Jaguar brand will be entirely electric by 2025 and e-models of its entire lineup will be launched by 2030, according to Reuters report. “The full review of the Jaguar Land Rover organisation is already underway,” the…
Global pharmaceutical company, Viatris, has announced additional details of its previously disclosed multi-year global restructuring initiative. The restructuring initiative is part of the company’s previously announced roadmap to maximize long-term value creation and is intended to ensure the new company is optimally structured to sustainably achieve its bold mission while also delivering on its financial…
Neste has decided to shut down its refinery operations in Naantali, Finland by the end of March 2021. In the second phase of the transformation, the Porvoo refinery will be developed towards co-processing renewable and circular raw materials. These measures are expected to result in annual fixed cost savings of approximately EUR 50 million, the…
International Business Machines Corp (IBM) is planning to lay off around 10,000 of its employees to cut down costs on its services units showing slow growth as it prepares to split off its traditional technological services business from the rest of the company
Clariant, a sustainable and innovative specialty chemical company, has announced its plans to cut 1,000 positions in service and regional structures as part of its rightsizing program. “The Group plans to rightsize regional organizations and service units in order to avoid remnant cost, thereby reducing complexity and increasing agility post the expiration of transitory service…
Royal Dutch Shell announced its plans to slash up to 9,000 jobs as part of the company’s major overhaul to shift to low-carbon energy. The move will deliver the company an annual cost savings of up to $2.5 billion by 2022, the company stated. The company said that it would cut between 7,000 and 9,000…
Israeli software giant Amdocs is reportedly laying off about 1,000 employees in Israel and globally due to the impact of the coronavirus pandemic. According to a report by news website Calcalist, with $691mn of Amdocs’s $1bn quarterly income coming from U.S. clients and the uncertainty surrounding the financial recovery in the world’s largest economy due…
The airline industry has been in a soup since the coronavirus outbreak in China. As the outbreak turned into a pandemic, the aviation sector came to a total halt bringing the aerospace companies’ nightmares into reality. The tourism and aviation industry has been one of the most impacted industries in the economic ecosystem due to…
US-based department store chain, Macy’s recently said that it will lay off about 3,900 employees in an attempt to save cash due to the weak demand caused by the coronavirus pandemic. The reported job cuts are likely to be from corporate and management positions. The company currently has a strong workforce of about 123,000 employees.…
The Royal Bank of Scotland has initiated a major restructuring exercise in its overseas investment banking operations which might lead to massive layoffs. According to a Reuters report, the move is expected to affect about a quarter of RBS employees in the United St Citing sources from the bank, the report said that the lender…
Indonesia-based tech startup Gojek recently announced that it is laying off about 9% of its total workforce amid the coronavirus pandemic. The recent downsizing exercise at the company is expected to affect about 430 employees. In an official statement, the company said that the layoffs are part of a “long-term response to the Covid-19 pandemic”…
Finnish telecom equipment maker Nokia is reportedly planning to lay off about 1,233 jobs at its French subsidiary Alcatel-Lucent International. The move is expected to affect a third of the company’s workforce. The recent announcement from the 5G equipment maker comes in the wake of Europe’s transitioning to the 5G networks for mobile internet. The…
French carmaker Renault recently acknowledged that its global ambitions had been unrealistic and it is going ahead with a restructuring exercise. According to a Reuters report, the automobile manufacturer is planning to cut about 15,000 jobs, shrink production and restructure French plants. Owing to the declining sales due to the coronavirus pandemic, the company announced…
Indian unicorns are now struggling to keep their businesses afloat. Layoffs and salary cuts have now become a daily news from these new-age startups. Joining the likes of Swiggy, Zomato, and Uber, ride-hailing Indian unicorn Ola has decided to lay off staff. In a company blog post written by the CEO Bhavish Aggarwal, it was…