The ongoing coronavirus pandemic has forced the world to a standstill. Markets are closed, roads are empty, people are locked inside their houses and business is not as usual. The novel virus which first originated in China has now become a global headache. So far the virus has infected more than 470,000 cases and claimed…
Bengaluru-based scooter rental startup Bounce has recently laid around 20% of its workforce in as a cost-cutting measure, as an Entrackr report. Most of these lays are from mid and senior-level with high salary packages. According to the report, the company has decided to let go of about 120 employees primarily from an internal project…
The travel industry has been in a soup since the coronavirus outbreak. With many countries closing their borders and visas getting rejected, the travel and tourism industry is getting severe blows. Start-ups, in travel aggregation and vacation planning, have seen their business almost coming to a complete halt in the last two months, and for…
The company plans to lay off about half of 6,000 employees from its China operations. The recent coronavirus outbreak has forced the travel industry on its knees forcing businesses to take tough measures. Indian hospitality unicorn OYO Hotels and Homes is reportedly cutting down its global workforce by about 5,000 to 25,000 people. The biggest…
Barclays Plc has plans to cut about 100 senior jobs that are mostly related to trading roles across its corporate and investment bank, as the British lender seeks to rein in costs. Barclays has started trimming managing director and director positions, mainly in London and Asian financial hubs. The fact got confirmed by people familiar…
Audio equipment seller Bose Corporation has recently announced its plan to shut all its 119 retail stores worldwide across Australia, North America, Europe, and Japan. The move is a significant shift towards selling all its products online. The company said that it will be closing 119 of its remaining stores over the next few months.…
Cab aggregator Ola is in the process of laying off some of its employees to cut down losses. The layoffs include senior managers as well as mid-level employees. As per a report in Entrackr, the company is in the process of laying off 20 percent of its employees. The layoffs are part of the company’s measures…
Last week during the HP’s 2019 Securities Analyst Meeting (“SAM”), the company provided details on its strategy and opportunities for long-term growth, along with its financial outlook for fiscal 2020. HP Inc. announced a fiscal year 2020 restructuring plan to simplify its operating model and become a more digitally enabled company. The company expects to…
Tata Motors’s subsidiary Jaguar Land Rover Limited is likely to cut jobs next year as part of its £2.5 billion cost-saving plans. However, the UK-based luxury carmaker declined to comment on reports. After a loss of £90 million in the three months to September, hit by falling sales in China and Europe, JLR started focusing on improving profitability and cashflow.…
Bombardier Inc., the multinational aerospace and transportation company based in Canada on Thursday announced its plans to cut 5,000 jobs as part of an effort to streamline operations and reduce costs. The Canadian plane and train maker has production and engineering sites in 28 countries and nearly 70,000 employees worldwide. Bombardier is currently in the middle…
Jet Airways, the major Indian international airline based in Mumbai has reportedly fired 20 employees including some senior-level executives to curtail costs. Its reported that the loss-making airline had recently asked 15 of its managerial level employees from various departments including engineering, security, and sales, to leave the company. Earlier, Naresh Goyal-promoted Jet Airways has delayed payment of…
Cognizant, a multinational corporation that provides IT services, including digital, technology, consulting, and operations services has asked 200 of its senior level employees to resign their job. The reason behind firing is believed to be Cognizant’s focus on “newer digital requirements”, the Times of India reported, adding the company would bear around $35 million in…
Novartis International AG, a Swiss multinational pharmaceutical company based in Basel, will cut around 2,550 jobs in Switzerland and UK over the next 4 years as the pharmaceutical firm is planning to boost its revenue and focus on new medicines. It is one of the largest pharmaceutical companies by both market capitalization and sales. The Swiss drugmaker…
Finland based telecommunications and consumer electronics company Nokia has cut 250 jobs at its site in Naperville, United States, and it is speculated that another 250 workers will lose their positions, a report by Crain’s Chicago Business said late on Monday. A Nokia spokesman confirmed to New York Times that jobs had been cut as part…
Siemens AG (SIE)’s new Chief Executive Officer Joe Kaeser has plans to eliminate over 15000 jobs. The company has already been undertaking job cuts and certail realignment in its businesses following the “Siemens 2014” efficiency program, however it seems that the number of planned cuts have swelled after Joe Kaeser stepping in the CEO’s role.…