JOB CUTS

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• JPMorgan cuts at least six investment banking jobs in Hong Kong

  ​The U.S. bank laid off at least six bankers in Hong Kong this week, the sources said, who declined to be named as they are not authorised to speak to media.

  

• Elon Musk lays off Tesla senior executives in fresh job cuts: Report

  Tesla CEO Elon Musk is reducing senior management and laying off hundreds of employees due to falling sales and the pace of layoffs. Rebecca Tinucci, senior director of Tesla's Supercharger business, and Daniel Ho, head of new products, will leave. Musk also announced the dismissal of everyone working for Tinucci and Ho, including the roughly 500 employees in the Supercharger group.

  

• France's Casino supermarket chain to axe up to 3,200 jobs

  French supermarket group Casino said Wednesday it would axe between 1,300 and 3,200 jobs as part of a reorganisation following its recent takeover led by Czech billionaire Daniel Kretinsky. Kretinsky arrived at the head of a group of main creditors who oversaw a debt restructuring deal in March.

  

• Bosch flags further cost cuts, staff reductions

  "For 2024, we aren't expecting any economic tailwind," Chief Financial Officer Markus Forschner said at the group's annual press conference. "Restructuring and process improvements will also have a negative impact at first, with their positive effect coming only after a delay."

  

• Five waves of UBS layoffs to start in June

  "In total, 50-to-60% of ex-CS (Credit Suisse staff) will probably be laid off over the five rounds," SonntagsZeitung quoted a source it described as an insider as saying.

  

• Bosch flags further cost cuts after giving 'subdued' outlook for 2024

  "For 2024, we aren't expecting any economic tailwind," Chief Financial Officer Markus Forschner said at the group's annual press conference. "Restructuring and process improvements will also have a negative impact at first, with their positive effect coming only after a delay."

  

• 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.

  

• Morgan Stanley cuts dozens of investment banking jobs in Asia-Pacific

  Bankers based in Hong Kong and mainland China are going to be affected the most, they said. All of the sources declined to be named as they were not authorised to speak to media.

  

• US, Canadian companies kick off 2024 with layoffs

  While hopes of a soft landing have grown in recent months, companies continue to be cautious as the outlook on rate cuts by the Federal Reserve remains uncertain. Here is a snapshot of job cuts announced so far in 2024.

  

• US, Canadian companies kick off 2024 with layoffs

  While hopes of a soft landing have grown in recent months, companies continue to be cautious as the outlook on rate cuts by the Federal Reserve remains uncertain. Here is a snapshot of job cuts announced so far in 2024.

  

• Thyssenkrupp steel to reduce Duisburg production capacity, cut jobs

  The steel division's executive board said production capacities would be reduced to approximately 9 million to 9.5 million tons per year, which roughly corresponds to the shipping level of the past three years. Today production capacity at the site is designed for around 11.5 million tons.