Attrition
JPMorgan Chase starts planned layoffs for 2025
In February, JPMorgan is set to see some employees leave the organization due to the planned layoffs that have already begun. While cuts will continue throughout the year, around 1,000 employees will be asked to exit this month, and most of them were notified last week. The bank is also looking into the redeployment of affected employees as part of its usual management practices. Despite these layoffs, the bank does not plan to halt its hiring process. According to Reuters, there are currently 14,000 job vacancies available. By the end of 2024, JPMorgan’s workforce had grown to over 317,000 employees, and the bank reported record annual profits for the previous year. However, in February 2023, JPMorgan Chase & Co caused a stir in the industry by announcing layoffs for hundreds of...
Porsche intends to cut an additional 1900 positions by 2029
Porsche, the renowned German manufacturer of luxury and sports cars, is planning to eliminate 1,900 jobs over the next couple of years. This decision is driven by several factors: intense competition in the automobile industry, rising manufacturing costs, and a slowdown in market demand. Additionally, the transition to electric vehicles has not progressed as positively as anticipated, compounded by challenging geopolitical and economic conditions worldwide. Porsche’s global workforce, which consists of 42,000 employees, will be reduced; however, media reports indicate that this will not involve compulsory redundancies. Job cuts began in 2024 when many temporary worker contracts were not renewed. In December 2024, there were reports that Porsche was preparing to reduce its workforce i...
Trump’s new 1:4 rule may potentially eliminate entire departments by reducing the federal force
Federal agencies have been directed to hire only one employee to replace every four terminated employees. This is the latest order from U.S. President Donald Trump, who, in consultation with Elon Musk—head of the Department of Government Efficiency (DOGE)—is working to reduce the workforce of the U.S. government. Last month, the Trump administration offered full-time federal employees the option of receiving their salary until September if they chose to resign immediately. This “Deferred Resignation Program” allowed employees to earn a salary while their work was reduced and their roles gradually eliminated. The initiative was expected to save billions of dollars, with at least five percent of the federal workforce anticipated to accept the offer. The deadline for employees to ...
Workday layoffs: 1,700 employees affected by cuts, or 8.5% of workforce
Workday, the finance and human resources software company, has announced it will reduce its workforce by 8.5%, resulting in approximately 1,750 employees losing their jobs. This decision is part of the company’s strategy to expand its global presence while prioritizing the increasing demand for artificial intelligence (AI). Workday aims to maximize its potential and leverage the strong foundation it already has in place.As of October last year, the company had a workforce of over 20,000 employees. Those affected by the layoffs will receive official communication soon.Carl Eschenbach, CEO of Workday, described the decision to downsize as a difficult yet necessary step. The company hopes that this move will lead to faster decision-making, increased innovation, and greater accountabilit...
Ubisoft cuts 185 Jobs amid Restructuring
Ubisoft, the renowned French video game giant, is facing another challenging chapter as it undertakes significant global layoffs. The company has announced a reduction of 185 jobs, affecting employees in the UK, Germany, and Sweden. These changes include downsizing at its Newcastle-based Ubisoft Reflections, as well as the Düsseldorf and Stockholm offices. In addition, Ubisoft has confirmed the closure of its Leamington Spa studio in the UK. Formerly known as FreeStyleGames, this studio gained recognition for its work on the DJ Hero series while under Activision’s ownership. Ubisoft acquired the studio in 2017, but in recent years, it has transitioned into a support role. While a few staff members from Leamington Spa have been retained on remote contracts, the majority of employees h...
Google announces a voluntary exit program for platforms and devices team.
Google has announced a voluntary exit program for employees in its Platforms & Devices division. This program is available to US-based employees working on Android (including Auto, TV, Wear OS, and XR), Chrome, ChromeOS, Google Photos, Google One, Pixel, Fitbit, and Nest. The initiative was communicated via a memo, which confirmed that the program does not extend to other divisions, such as Search or AI. This announcement comes a year after the company merged its Pixel hardware and Android software teams into a single unit. The merger of Pixel and Android created a large organization with overlapping responsibilities. Over the past few months, employees have gained clarity regarding their roles. Some expressed concerns about the lack of voluntary exit options in previous restructuring ...
Sportswear Giants Adidas and Puma are considering job cuts
Adidas is reportedly planning to reduce its workforce in Germany by up to 500 employees. In contrast, its competitor Puma is considering various cost-cutting measures. The exact number of employees affected by Adidas’s decision has not been officially disclosed. Sources cited by Reuters indicate that Bjoern Gulden, CEO of Adidas, intends to cut some jobs from its team of 5,800 at the headquarters in Herzogenaurach, Germany. Gulden has been pursuing decentralization for some time to foster greater accountability within individual markets, rather than having all responsibilities concentrated at the headquarters. In January 2024, Gulden acknowledged the challenges the company faced after a tumultuous year marked by controversies, including antisemitic remarks, declining sales, and internal di...
CNN announces around 200 layoffs as it strives to modernise operations
CNN and NBC, two major American news networks, are preparing to reduce their workforce. CNBC reports that CNBC will lay off 200 employees from its global workforce of 3,500, while NBC News plans to cut fewer than 50 positions. Approximately six percent of CNN’s workforce will be affected by these layoffs. According to CNBC, CNN aims to restructure by focusing on a digital audience and enhancing its digital subscription products. This workforce reduction is expected to lead to significant cost savings and facilitate team consolidation, which will ultimately contribute to the long-term sustainability and success of the network. It’s important to note that CNN has reported its lowest ratings ever in 2024 among adults aged 25 to 54. This decline highlights the changing behavior and preferences...
Amazon cuts 200 jobs in its retail segment in North America
Amazon has announced layoffs affecting approximately 200 employees within its North American retail division. This decision is part of the company’s ongoing efforts to optimize its business structure and prioritize key areas. The layoffs primarily target Amazon’s core retail division, which includes a variety of businesses such as private label brands, the Prime membership program, consumables, and operations related to fashion and fitness. This move reflects Amazon’s strategy to streamline its operations in response to changing market demands. Since 2022, Amazon has been implementing significant cost-cutting measures under the leadership of CEO Andy Jassy. The company has reduced its workforce by approximately 27,000 employees across various departments, marking the larg...
Meta to replace 3,600 low-performing employees with new recruits
Meta is focused on building a workforce composed solely of high performers. The company plans to lay off 3,600 employees who have not met performance expectations, intending to replace them with new hires. This decision, announced by CEO Mark Zuckerberg, will impact five percent of Meta’s workforce of 72,400 employees, according to a report by Bloomberg. The specific numbers of affected employees in the U.S. versus those outside the country have not yet been officially disclosed. Zuckerberg aims to ensure that the company retains and attracts only top-quality talent. Traditionally, poor performers have been let go gradually over the course of a year, but this process is now being expedited. This approach also allows for the introduction of fresh talent while swiftly addressing underperform...
Pocket FM to lay off 75 employees to push for profitability
Pocket FM, an audio series platform, is reducing its workforce as part of its restructuring efforts. The company is laying off 75 employees, primarily from the technology division. In an earlier round of layoffs in October 2023, it let go of 50 employees, and before that, 200 contract writers were terminated. According to Moneycontrol, these layoffs are intended to ensure the company’s growth, success, and sustainable operations in the long run. Some media reports suggest that the job cuts may not stop at 75, indicating that the process could continue. In April 2024, Pocket FM completed its first Employee Stock Ownership Plan (ESOP) buyback, totaling $8.3 million. This buyback saw active participation from both current and former employees. At that time, the company emphasized its c...
Microsoft admits job layoffs across major divisions based on performance
According to reports, Microsoft is prepared to focus on performance and is preparing to reduce employment. According to Business Insider, it is evident that the organisation has made the decision to take poor performance seriously. In 2023 and 2024, the corporation laid off roughly 10,000 and 4,000 employees, respectively. The gaming division suffered the most in the earlier rounds due to its poor performance. The amount of positions that would be eliminated has not been formally announced this time. As part of a reorganisation effort following its $68.7 billion acquisition of Activision Blizzard, Microsoft lay off over 650 Xbox team members in September. Employees were informed in an official memo at the time that marketing, human resources, and other corporate and supporting departments ...