LAYOFFS
Amazon & Google suspending green card applications: Why EB-5 visa a perfect fix for H-1B challenges and tech layoffs
The EB-5 visa program provides stability, job creation, and a streamlined immigration process, making it a reliable alternative for those facing uncertainties in the tech industry. With a direct path to green card status and economic growth opportunities, EB-5 offers a secure pathway to permanent residency.
Yes Bank restructures workforce, lays off 500 employees in cost-cutting move
While the layoffs have happened across several verticals ranging from wholesale to retail, the branch banking segment saw a large impact, one person cited above said. The people sacked have been given severance pay amounting to three months’ salary. “Yes Bank has launched an internal restructuring exercise at the advice of a multinational consultant. So far, around 500 have been asked to go and we can see more sackings in the coming weeks,” a person aware of the development said.
Elon Musk's X demands repayment from former Australian employees over pay error
Elon Musk's X admitted to a currency conversion error when paying out entitlements, which sometimes resulted in overpayments of up to $70,000. Earlier last year, thousands of former Twitter employees claimed they were cheated out of severance pay when the billionaire laid them off after acquiring the social media platform.
Ixigo IPO fully subscribed; more layoffs at Paytm
The initial public offering of subscription travel firm Ixigo sailed through on the first day on robust retail interest. Details on this and more in today's ETtech Top 5.
Bootstrapped SaaS startup Kissflow culls 11% workforce
Kissflow, a Chennai-based startup, announced the layoff of about 45 employees (11% of its workforce) across India, the US, and the UAE. The CEO, Suresh Sambandam, cited reasons such as procurement strategy shift and annual performance reviews. In 2022, the company had gifted BMWs to key staffers for employee appreciation.
Paytm lays off employees as part of restructuring, facilitates outplacement support
Paytm's sales employee headcount in March 2024 quarter dropped by about 3,500 to 36,521 personnel on a quarter-on-quarter basis, mainly due the impact of the Reserve Bank of India's ban on services of Paytm Payments Bank.
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BNPL startup Simpl undertakes another round of layoffs, rejigs senior leadership
Simpl, a Bengaluru-based consumer credit startup, laid off 30 employees after firing 160 executives. Senior executives Vatsal Jain, Ashwini Ravindranath, and Ramkumar Narayanan resigned. Earlier in April 2023, the BNPL startup let go 25% of its workforce or around 150 employees.
RBI cracks down on payment frauds; layoffs at Simpl
The central bank is setting up a panel headed by former NPCI chief Abhaya Hota to take on payment frauds. This and more in today’s ETtech Top 5.
Employee confesses about feeling stressed for not being laid off: 'I do the bare minimum'
A man shared his emotional experience on Reddit after his company laid off most of his team without prior communication. He highlighted the personal challenges his colleagues faced, such as supporting families and recent life changes. Despite not being laid off himself, he expressed guilt and stress, feeling unsure about his future at the company. The post received significant attention, with users discussing workload distribution and offering advice on handling survivor's guilt.
How startups are changing their hiring strategies to streamline costs
Facing a prolonged funding drought, startups are trying a new approach to cost-cutting. Layoffs continue, but some companies, like Swiggy and Ola, are strategically refilling certain open positions with lower-salaried junior staff, according to industry insiders.
Startup layoffs in 2024: Ola Electric, Byju’s, Flipkart among firms shedding jobs
Indian startups and large new-age companies have been cutting down their workforce since the beginning of this year.
Google cuts at least 100 jobs across its cloud unit: report
Alphabet-owned Google is laying off at least 100 employees from several teams in its cloud unit, CNBC reported on Monday. Roles in sales, operations, engineering, consulting, and 'go to market' strategy were some of the positions cut.
Microsoft to lay off about 1,500 employees at Azure cloud unit: report
Microsoft is cutting hundreds of jobs at its Azure cloud unit, impacting teams like Azure for Operators and Mission Engineering, as reported by Business Insider.
Ola Electric eyes leaner road to profitability, to cut 400-500 roles
Ola Electric, eyeing an IPO, is reportedly trimming its workforce by 400-500 employees to streamline operations. This number may change as the senior leadership is still concluding the scale of the layoffs. They are expected to hit multiple verticals, sources told ET.
Paytm expects near-term impact on revenue, profitability due to regulatory action: Vijay Shekhar Sharma
Paytm’s parent, One 97 Communications Ltd, is taking steps to “strengthen the governance framework across our group entities (especially regulated entities)” by appointing subject matter experts as advisors of independent directors, says founder Sharma in letter to shareholders. Going forward in the ongoing fiscal, Paytm also anticipates reduction in employee costs.
Job site Indeed cuts around 1,000 jobs in second layoff in two years
Indeed's layoffs were announced by chief executive officer Chris Hyams in a company memo. This development comes as the job listing platform grapples with a significant downturn in job postings and a cooling labor market.
Tesla's EV charging team layoffs threaten to slow Biden's program to electrify highways
Elon Musk's Tesla charging team changes jeopardize fast-charging station deployment, influencing Biden's U.S. highway electrification. NEVI program, with $5 billion funding, encounters delays. Various key players like EVgo and ChargePoint brace for potential opportunities amidst Tesla's alterations.
IT companies Cognizant, Capgemini hired 1.5 lakh less hands in 2023
Global hiring decline in 2023 impacted major IT companies like Cognizant and Capgemini. Indian IT firms also faced headcount reductions. Everest Group attributed layoffs to Covid over-hiring, while Gen AI influenced hiring decisions.
Peloton CEO Barry McCarthy steps down, fitness equipment maker to cut 15% jobs
Barry McCarthy resigns as Peloton CEO, leading to 15% job cuts. Karen Boone and Chris Bruzzo step in as interim co-CEOs. Jay Hoag appointed board chair amid CEO search process.
Google lays off at least 200 employees from its ‘Core’ teams: report
Google laid off 200 core team employees to cut costs. These core teams build Google's main products and keep users safe online. The company is moving some of these jobs to India and Mexico. This follows earlier layoffs in 2023 as Google restructures to focus on AI.
Google lays off employees from key teams ahead of developer conference: report
Layoffs at Google's Flutter, Dart and Python teams come weeks after the tech giant terminated staff from its real estate and finance teams as well. Google has said the layoffs are not company-wide.
Ola Cabs CEO Hemant Bakshi resigns; company to layoff 200 employees
Ola Cabs' CEO Bakshi leaves. This comes as the firm is preparing to file draft listing papers in the next three months.
Tesla to lay off over 6,000 employees in Texas, California, notices show
Tesla plans 6,020 job cuts in Texas & California, 12% at Austin gigafactory. Musk to address falling demand & $25,000 car cancellation due to high interest rates. Buffalo, NY sees 285 job cuts.
Content-to-commerce platform The Good Glamm Group lays off 150 employees
The Good Glam Group said it is working with a new organisational framework to rejig its operations, which led to the layoffs over the past 15 months. As a part of this restructuring, the Mumbai-based firm has also made certain elevations, including appointment of Manan Jain as group COO, Kartik Rao as group chief people's officer, and Ashish Jadhav as group head of product.
Google layoffs: Tech giant undertakes fresh job cuts in cost optimisation push
Alphabet-owned Google is undergoing a restructuring, with layoffs and expansion plans in key hubs like India, Chicago, Atlanta, and Dublin. Concerns are being raised about further job cuts amid economic uncertainties as Google seeks to enhance efficiency and align resources with product objectives.
'Grand Theft Auto' maker Take-Two to lay off 5% of staff, scrap some projects
Take-Two Interactive Software plans to cut 5% of its workforce, around 600 employees, and cancel projects to achieve $165 million in annual savings. The company's shares rose by 1%, aligning with industry trends.
Apple laid off 600 employees after car, smart screen projects shut shop: report
Apple layoffs come amid a wider restructuring in the tech industry. As per the report, 371 employees were let go from Apple’s main car-related office in Santa Clara, California, while dozens more at multiple satellite offices were impacted. Both the self-driving car and smartwatch products were scrapped by the tech giant earlier this year.
Amazon Web Services lays off hundreds of tech, sales staff: report
Amazon Web Services has laid off a few hundred employees in its unit that works on technology for physical retail stores, and several hundred more in its sales, marketing and global services division, news site The Information reported on Wednesday.
TCS layoffs: US techies allege Indian IT major of employment discrimination
According to a report in the Wall Street Journal, more than 20 employees have filed complaints against TCS, alleging preferential treatment towards individuals on H-1B visas.
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