Job cuts

On Thursday, Britain's mobile provider BT Group announced that it plans to cut as many as 55,000 jobs by 2030.  BT Group's CEO Philip Jansen said the company is moving towards digitizing its operations and simplifying its structure, which would rely on a much...

IT service giant International Business Machines Corp. (NYSE:IBM) is banking on technology to tide over the vagaries of an inclement economic environment. What Happened: IBM plans to pause or slow down hiring for back-office roles like human resources, which could potentially be replaced by AI and...

Technology and social media giant Meta Platforms (NASDAQ: META) is set to report first-quarter financial results after market close Wednesday. Here are the key earnings expectations from analysts and what the big items are to watch. Analyst Estimates: For the first quarter, analysts are expecting...

Walt Disney Co.’s (NYSE: DIS) streaming business has seen workforce reduction amid the company’s broader overhaul efforts to boost profitability. What Happened: Burbank, California-based Disney has eliminated 300 positions in Beijing, China, in its streaming business, the Wall Street...

Meta Platforms Inc (NASDAQ: META) is planning more job cuts in several rounds over the coming months.  The first round of layoffs is expected to be announced next week, and it would hit the non-engineering roles, people familiar with the matter told The Wall Street Journal. The...

Japanese automaker Toyota Motor Corp. (NYSE: TM) has agreed to provide the largest wage hike to employees in 20 years. What Happened: After the first round of negotiations, Toyota agreed to give the largest wage hikes in two decades according to its union, stated a report in Bloomberg. See...

Goldman Sachs Group Inc (NYSE:GS) CEO David Solomon reportedly told a private gathering of the bank's top executives he had erred by not trimming jobs earlier in 2022. Solomon said he was responsible for being slow in trimming headcount and cutting down on investments in new projects...

Since taking over social media platform Twitter, job cuts and working for Elon Musk have been popular topics. In November 2022, Benzinga polled its Twitter followers to find out how people feel about working for Musk. What Happened: Musk completed a $44 billion acquisition of Twitter last year. The...

The creator of the company that launched Filecoin (CRYPOT: FIL), Protocol Labs, a technology company that develops computing infrastructure, has laid off 21% of its workforce, citing a global economic downturn and an extended cryptocurrency winter as reasons for the move. The layoffs...

Goodyear Tire & Rubber Co (NASDAQ: GT) said it is taking cost savings actions citing the challenging industry environment and cost pressure driven by inflation.  The company expects the planned rationalization and workforce reorganization to result in an approximately 5%...

Hasbro, Inc (NASDAQ: HAS) said it will eliminate nearly 15% of its global workforce in 2023 with the reductions to take place over the course of the next “several weeks.” What Happened: Pawtucket, Rhode Island-headquartered Hasbro said the reductions coupled with ongoing systems and...

Major Wall Street indices recorded mixed performance on Wednesday as investors and traders assessed the latest set of corporate earnings, including that of Microsoft Corp (NASDAQ: MSFT) which provided weak guidance during its earnings call. The Nasdaq Composite closed 0.18% lower, while the S&P...

Newell Brands Inc (NASDAQ: NWL) has launched a restructuring and savings initiative, Project Phoenix, resulting in the elimination of approximately 13% of office positions. The company will begin reducing headcount in 1Q23, with most of these actions completed by the end of 2023. In...

Wayfair Inc (NYSE: W) revealed a reduction of approximately 1,750 employees, representing 10% of its global workforce as of Dec. 31, 2022. This includes approximately 1,200 or 18% of corporate employees. Inclusive of the August 2022 restructuring, the labor portion of the plan...

Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google has decided to cut 12,000 jobs globally. CEO Sundar Pichai said that the eliminations reflect a rigorous review across product areas and functions to ensure that its people and roles were aligned with its...