attrition

Mid-senior level employees at HSBC were eagerly anticipating their bonuses, but instead, they received news of their layoffs. Employees at the vice president level and above were let go as part of the bank’s cost-cutting measures, and notably, they did not receive any bonuses. Although there has been no official announcement regarding this situation, a report from the Financial Times indicates that such sudden terminations are unusual for HSBC, which is traditionally known for treating its employees well. It appears that cost management has become a priority for the bank amid ongoing uncertainties, high interest rates, and economic challenges in the finance and banking sectors. HSBC has been focusing on enhancing profitability in its investment banking division, particularly since Ge...

Boeing has laid off approximately 180 employees at its Engineering and Technology Centre in Bengaluru, Karnataka. This decision is part of a global workforce reduction initiative, according to reports citing sources. Boeing’s Engineering and Technology Centres in Bengaluru and Chennai focus on advanced aerospace engineering work. The Bengaluru campus, wholly owned by Boeing, is one of the company’s largest investments outside the United States. These layoffs align with Boeing’s earlier announcement to reduce its global workforce by around 10 percent. In India, the reductions were reportedly carried out cautiously, with an emphasis on maintaining service quality, safety, and operational excellence. Boeing employs around 7,000 people in India, which remains an important market for the compan...

Morgan Stanley, which had a global headcount of at least 80,000 employees at the end of last year, is preparing to reduce its workforce. Following the recent layoff of 3,000 employees in China, the bank plans to cut its total workforce by two to three percent, resulting in approximately 2,000 employees being let go by the end of March. This reduction will exclude financial advisors. The aim of this workforce reduction is to improve operational efficiency. Reports indicate that these layoffs are not directly in response to current market conditions; rather, some will be based on employee performance while others will be tied to changes in location. However, it is noteworthy that Morgan Stanley continues to hire at senior levels within its investment banking division. The earlier job cuts in...

Siemens is set to reduce its global workforce by approximately 6,000 employees. Around 50 percent of these job cuts will occur in Germany, as the company aims to cut costs in response to slowing demand and challenging market conditions. The goal of these layoffs is to align production with the declining demand. In total, about 5,600 positions will be eliminated in the Digital Industries unit by the end of fiscal 2027, with 2,600 jobs specifically cut in Germany. This unit had previously been Siemens’ most profitable segment, driven by the popularity of its controllers and factory software. Additionally, the electric vehicle charging division will see around 450 jobs cut by 2025, including 250 positions in the domestic market. The automation sector, which employs 68,000 people, has been adv...

Citigroup has decided to reduce its reliance on third-party workers. The bank plans to hire more staff for its internal technology team and will lay off 30 percent of its information technology (IT) contractors. Reports indicate that Citigroup intends to work with only 20 percent of external contractors, down from the current 50 percent. Currently, the bank employs around 48,000 people in its IT division and aims to increase that number to 50,000, according to media reports. This change reflects the bank’s focus on expanding its internal technology team to enhance the safety and reliability of its systems and processes. Ultimately, Citigroup seeks to increase efficiency and revenue growth while strengthening its risk management and data governance. Recently, Citigroup has faced risin...

Redundancy programs at Volkswagen’s Cariad software unit will result in 1,600 job cuts by the end of this year. Cariad, established in 2020, is the automotive software division of the Volkswagen Group. Its purpose is to create and deliver synergistic digital technology for the company’s various car brands. According to the German business newspaper Handelsblatt, approximately 30 percent of Cariad’s workforce, which numbers 5,900 employees, will be affected by these layoffs. A transformation plan for Cariad was put in place about two years ago, aimed at increasing efficiency and enhancing performance at the software firm. Now, the focus has shifted to reducing headcount. Volkswagen (VW) has also been contemplating the closure of some plants in Germany as part of its effort...

Hewlett-Packard (HP), the American multinational company that manufactures computers and printers, is reducing its global workforce by approximately 2,000 employees. By October this year, the company’s workforce, which currently stands at 58,000, will be significantly downsized in an effort to save $300 million. While specific departments affected by the layoffs have not yet been announced, the cuts are expected to be strategically planned and will impact employees across various segments of the company. These workforce reductions will reportedly be carried out in consultation with local labor associations and will comply with the regulations and laws of the respective countries. In addition to the job cuts, HP is also undergoing a rebalancing initiative and exploring other areas for...

It hasn’t been long since Ola Electric laid off around 500 employees in November 2024. Now, the electric vehicle manufacturer, led by Bhavish Aggarwal, is again reducing its workforce to cut losses. These job cuts will affect various departments, including the charging infrastructure division, fulfillment, procurement, and customer relations. In this second round of layoffs, more than one-fourth of the workforce, excluding contract workers, will be affected. The company has reportedly restructured its operations and embraced automation to control costs, improve customer experience, and increase profit margins. In this process, it has eliminated redundant roles to maintain productivity. In the December quarter, Ola incurred a 50 percent increase in losses, rising from Rs 376 crore dur...

JioStar, the newly formed media giant resulting from the Reliance-Disney merger, is set to lay off approximately 600 employees across India. This decision is part of a significant restructuring effort aimed at optimizing resources and eliminating duplicate roles following the consolidation. The layoffs will impact employees from both Reliance and Star, as the company reorganizes its workforce. With JioStar now positioned as the country’s largest media and entertainment entity, the merger has created overlapping functions, making job cuts unavoidable. To facilitate the transition, JioStar is collaborating with an outplacement agency to help affected employees find new opportunities. The company has assured that existing health insurance and hospitalization benefits will continue until their...

Starbucks plans to lay off 1,100 corporate employees worldwide as part of a restructuring under Brian Niccol, the new chairman and CEO. This decision aims to streamline operations and enhance efficiency throughout the company. Employees were informed in a letter that the layoffs will be announced by midday on Tuesday, February 25, 2025. In addition to these layoffs, several hundred open and unfilled positions will also be eliminated. The company is focused on reducing complexity, increasing accountability, and improving integration within its operations. In January, Starbucks already conducted another round of layoffs, targeting corporate-level positions. The primary goal was to streamline operations by removing redundant roles and addressing internal inefficiencies that were believed to h...