Produced by: Tarun Mishra
Designed by: Mohsin Shaikh
Recent layoffs at several major multinational corporations shed light on the ongoing challenges in the business landscape. Here's an in-depth look at the layoffs across various organisations
Ford has announced a layoff impacting 700 employees at a Michigan EV plant, attributing these measures to various constraints, including supply-chain shortages. An additional 500 layoffs are linked to upstream effects from facilities affected by the UAW strike, totalling nearly 2,500 job losses since the strike's onset
LinkedIn, owned by Microsoft, is eliminating 668 positions across its engineering, product, talent, and finance teams. The move is part of an effort to adapt its organisational structures and streamline decision-making processes
At the Washington Post, layoffs span across all functions within the company. An internal memo highlights the urgency to invest in growth priorities, following similar cuts at media outlets such as NPR, Vox, Vice Media, ESPN, and the Los Angeles Times
General Motors has cut 155 employees across multiple facilities in Toledo, Ohio, Lansing, Michigan, and Marion, Indiana. These layoffs come as a result of the United Auto Workers strike, which has already led to over 2,300 job cuts within the company
Stellantis, the parent company of Chrysler, Jeep, and Dodge, has laid off 570 employees primarily at a Michigan engine plant. Additionally, metal facility Sodecia Automotive Detroit has let go of 143 of its 232 employees, citing reduced work due to the strike
Citigroup has seen a significant reduction in its headcount, cutting 2,000 jobs in the third quarter. This brings the company's total severance charges for the year to $650 million, with a cumulative job loss of around 7,000 positions
Finnish telecommunications equipment group Nokia is responding to a third-quarter sales slump by unveiling a cost-cutting plan that includes slashing up to 14,000 jobs. This initiative aims to achieve savings ranging from 800 million euros to 1.2 billion euros by 2026, transforming the workforce from 86,000 employees to 72,000-77,000
Bank of Nova Scotia on Wednesday said that it plans to reduce its global workforce by approximately 2,700 positions, which represents 3% of its total workforce. These workforce reductions by Bank of Nova Scotia are notably the most substantial among Canadian banks, surpassing the efforts made by Royal Bank of Canada and Bank of Montreal, both of which have also trimmed their employee numbers as a response to heightened operational costs
TCS, one of India's IT giants, has also made adjustments to its employee headcount. The company saw a net decrease of 6,333 employees in the latest quarter, reflecting a proactive hiring strategy and improved attrition management. Executive Vice President of TCS, Milind Lakkad explained, “Our strategy of proactively hiring bright freshers and investing in training them with the right skills is paying off. With that talent coming on stream and with reduced attrition, we were able to recalibrate our gross additions, keeping it below the departures during the quarter, driving up productivity and enhancing project outcomes.”
Infosys, another prominent IT company from India, reported a dip in headcount, down by 16,454 compared to the previous year. The company's CEO, Salil Parekh, acknowledged the uncertain macroeconomic environment and highlighted the company's ability to pivot and meet evolving client needs while delivering productivity and cost savings at scale