World’s largest footwear maker, Nike recently warned its employees of possible job cuts as the company shifts its focus towards online shopping. The recent development from the company comes just days after it posted a net loss of $790mn, its first in more the two years. The company attributed the loss in part to the…
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…
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…
Data storage company Seagate Technology recently announced that it is laying off 500 employees across 12 countries as part of a cost cutting strategy. The laid off employees make up about 1% of the company’s global workforce, according to a regulatory filing. The development was first reported by the Business Journal. However, when the news…
World’s largest public relations firm Edelman recently announced that it is reducing its global workforce by 7% as the coronavirus pandemic impacts business severely. The recent development comes just three months after CEO Richard Edelman promised employees of secured jobs during the pandemic. In a virtual town hall to staff, Richard said the consultancy is…
Airplane manufacturer Boeing recently announced that it is going ahead with a downsizing exercise as coronavirus pandemic severely impacts the airline industry. The company said that it is eliminating more than 12,000 jobs in the United States, including 6,770 involuntary layoffs. The company also disclosed it plans “several thousand remaining layoffs” in coming months but…
US-based IT services firm Cognizant has recently offered a voluntary separation package for select employees in the United States. As the company weighs its prospect due to the COVID-19 pandemic, it has offered the scheme to employees who move to the bench between May 1 to August 31, 2020. According to an internal email, the…
Computer hardware company IBM or International Business Machines Corp recently announced that it is planning to lay off an unspecified number of employees across five states in the United States. Incidentally, this is the first time the global tech giant is executive layoff exercise under the new Chief Executive Officer Arvind Krishna’s leadership. The company…
American magazine and multi-platform publisher, The Atlantic recently announced that it is laying off 68 employees as the coronavirus pandemic diminishes their event and advertising revenues, reported The New York Times. The cuts represent 17% of its staff. In an internal memo sent by Chairman David Bradley, the staff was informed that even though the…
Ride-hailing giant Uber recently said that it has decided to lay off 3,000 more employees as coronavirus-led restrictions has reduced the demand for ride-hailing services. These job cuts are in addition to the 3,700 Uber had announced earlier this month. The employees were informed about the decision by Chief Executive Officer Dara Khosrowshahi in an…
Ride-hailing giant Uber Technologies recently announced that it has decided to lay off 3,700 employees or 14% of its workforce due to the impact of the pandemic on the company’s business. According to the US SEC filing made by the company on May 2, the company is all set to execute a plan put in…
Cloud-computing company Nutanix has reportedly confirmed furloughing a total of 1,465 employees in the United States, nearly 25% of the company workforce globally. According to a report by CRN, the company is reducing headcount due to “uncertain business conditions” stemming from the coronavirus pandemic. Speaking to the news website CRN, the company said that it…
US-based hospitality firm Airbnb Inc recently announced that it has decided to lay off about 25% of its workforce, nearly 1,900 employees due to the impact of coronavirus pandemic on travel industry. Announcing the decision, company Founder Brian Chesky in a memo said that the company’s business has been hit hard as the pandemic has…
Layoffs have become an everyday news during the ongoing coronavirus pandemic. There have been numerous reports from the talent ecosystem about companies handing over pink-slips to employees to survive the crisis and conserve cash. Though most of the job cuts so far were only limited to medium or junior level employees, in a very surprising…