Deutsche Bank plans to cut 10% of 17,000 German retail jobs - source | Reuters

https://www.reuters.com/business/finance/deutsche-bank-plans-cut-10-17000-german-retail-jobs-source-2023-06-22/#

Deutsche Bank plans to cut 10% of 17,000 German retail jobs - source

Tom SimsJune 22, 20238:39 PM GMT+8Updated 6 min ago

The logo of Deutsche Bank is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo

FRANKFURT, June 22 (Reuters) - Deutsche Bank (DBKGn.DE) is drawing up plans to cut 10% of its 17,000 German retail jobs over the next few years as part of cost savings, a person with knowledge of the matter said on Thursday.

The plans at Germany's largest bank come as Claudio de Sanctis prepares to take over the retail unit, known as the private bank division, on July 1.

Deutsche Bank, which declined to comment on any cuts to retail jobs, has publicly said that it is identifying further cost savings and would be trimming jobs in certain areas to keep profits growing.

The reduction in retail jobs is in the planning phase and still subject to discussions with unions and worker representatives, the person said, adding that the bank will add staff in some areas while cutting in others.

There was no specific timeframe for the move.

The bank has in the past announced job cuts that never materialized. In 2019, it said it would cut 18,000 jobs as part of a major restructuring, but in the end it did not cut that many as business picked up again.

Deutsche, which in Germany also operates under the Postbank brand, has closed more than 300 retail branches in Germany over the past five years to around 1,000 currently.

The bank has been expected to continue to cut branches to curb expenses, Reuters has previously reported.

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S&P last month upgraded its outlook for the bank and said that the retail division has "considerable scope" to cut costs.

Deutsche Bank recently said it was streamlining its mortgage business, which is part of its retail bank.

The retail division has long suffered from low interest rates, dampening its revenue, but its fortunes have turned around with a surge in interest income as central banks try to stamp out inflation with higher interest rates.

Reuters Graphics

Manager Magazin first reported the plans.

Reporting by Tom Sims; editing by Matthias Williams, Madeline Chambers and Susan Fenton

Our Standards: The Thomson Reuters Trust Principles.

Thomson Reuters

Covers German finance with a focus on big banks, insurance companies, regulation and financial crime, previous experience at the Wall Street Journal and New York Times in Europe and Asia.

https://www.cnbc.com/amp/2023/04/26/chrysler-parent-stellantis-offering-buyouts-to-33500-us-employees.html

Chrysler parent Stellantis offering buyouts to 33,500 U.S. employees

Published Wed, Apr 26 2023 12:24 PM EDTUpdated Wed, Apr 26 2023 2:51 PM EDT

DETROIT — Stellantis is offering voluntary buyouts to about 33,500 U.S. employees, as the global automaker attempts to cut costs and head count.

The buyouts will be offered to 31,000 hourly employees with at least one year of employment and 2,500 salaried, nonunion employees who have 15 or more years with the company, the automaker said Wednesday. The company also is extending buyout offers to some employees in Canada, but did not disclose that number.

"In response to today's increasingly competitive global market conditions and the necessary shift to electrification, Stellantis is thoroughly reviewing its North American operations to improve efficiency, reduce costs and protect the competitiveness of our products to allow for further strategic investments to support our transformation," the company said in a statement.

The buyouts are the latest cuts for the auto industry. General Motors earlier this year offered buyouts to a majority of its salaried employees following performance-related layoffs, while Ford Motor recently announced significant job cuts in Europe.

Stellantis earlier this year also idled a Jeep plant in Illinois, placing about 1,200 workers on indefinite layoffs. Those employees were told they would be prioritized to fill needed positions vacated through the buyouts.

Deutsche Bank to cut 800 jobs after strong first quarter | Reuters

https://www.reuters.com/business/finance/deutsche-bank-posts-better-than-expected-profit-flags-job-cuts-2023-04-27/#

Deutsche Bank to cut 800 jobs after strong first quarter

Tom Sims3 minute readApril 27, 20234:57 PM GMT+8Last Updated 13 hours ago

The headquarters of Germany's Deutsche Bank are pictured in Frankfurt, Germany, September 21, 2020. REUTERS/Ralph Orlowski/File Photo

FRANKFURT, April 27 (Reuters) - Deutsche Bank (DBKGn.DE) is to cut 800 jobs in a new cost-saving drive after reporting a bigger than expected rise in profit for the first quarter, a volatile period globally for finance companies.

Amazon starts layoffs 9,000 in HR and AWS cloud units

https://www.cnbc.com/amp/2023/04/26/amazon-starts-layoffs-impacting-hr-and-aws-cloud-unit.html

Amazon starts layoffs in HR and cloud units: Read the memos announcing the cuts

Published Wed, Apr 26 2023 10:55 AM EDTUpdated Wed, Apr 26 2023 1:58 PM EDT

Amazon on Wednesday began laying off some employees in its cloud computing and human resources divisions.

Amazon Web Services CEO Adam Selipsky and human resources head Beth Galetti sent notes to staffers in the U.S., Canada and Costa Rica informing them of the job cuts.

"It is a tough day across our organization," Selipsky wrote in the memo.

The layoffs are part of the previously announced job cuts that are expected to affect 9,000 employees. Last week, Amazon laid off some employees in its advertising unit, and it has let go of staffers in its video games and Twitch livestreaming units in recent weeks.

Amazon wrapped up a separate round of cuts earlier this year that affected approximately 18,000 employees. Combined with the cuts this month, it marks the largest layoffs in Amazon's 29-year history.

Deloitte will cut around 1,200 jobs in the United States

https://www.wionews.com/business-economy/thousands-lose-jobs-as-big-four-deloitte-ernst-young-kpmg-announce-job-cuts-one-after-another-584954

https://sg.finance.yahoo.com/news/roku-announces-laying-off-over-172905355.html

ROKU Announces Laying Off Over 6% of Its Workforce to Cut Costs

Fri, 31 March 2023 at 1:29 AM SGT

Roku, Inc. ROKU approved a restructuring plan to lower the company's year-over-year operating expense growth and prioritize projects that it believes will have a higher return on investment.

The decision is expected to impact approximately 200 employees, which is around 6% of the company's workforce. Shares of Roku rallied 2.7% in premarket trading on Mar 30, after the streaming-media company announced its cost-cutting plan.

Meta, Facebook’s Parent, to Lay Off Another 10,000 Workers - The New York Times

https://www.nytimes.com/2023/03/14/technology/meta-facebook-layoffs.html

Meta to Lay Off Another 10,000 Workers

It would be the tech company's second round of cuts since November. Mark Zuckerberg, its chief executive, has declared 2023 the "year of efficiency."

March 14, 2023Updated 4:42 p.m. ET

Mark Zuckerberg, Meta's chief executive, said last month that he did not want his company to be overstuffed with a layer of middle management.Jason Henry for The New York Times

By Mike Isaac

Mike Isaac reports on Meta and social networking from San Francisco.

Meta, the owner of Facebook and Instagram, said on Tuesday that it planned to lay off about 10,000 employees, or roughly 13 percent of its work force, the latest move to hew to what the company's founder, Mark Zuckerberg, has called a "year of efficiency."

Disney to cut 7,000 jobs in major revamp by CEO Iger | Reuters

https://www.reuters.com/business/disney-earnings-beat-estimates-visitors-crowd-theme-parks-2023-02-08/

Disney to cut 7,000 jobs in major revamp by CEO Iger

Dawn Chmielewski4 minute readFebruary 9, 20233:52 PM GMT+8Last Updated 3 hours ago

LOS ANGELES, Feb 8 (Reuters) - Walt Disney Co (DIS.N) on Wednesday announced a sweeping restructuring under recently reinstated CEO Bob Iger, cutting 7,000 jobs as part of an effort to save $5.5 billion in costs and make its streaming business profitable.

The layoffs represent an estimated 3.6% of Disney's global workforce.

Zoom will lay off 1,300 employees and CEO is taking a massive pay cut - CNN

https://amp.cnn.com/cnn/2023/02/07/tech/zoom-layoffs/index.html

Zoom will lay off 1,300 employees and CEO is taking a massive pay cut

(CNN) — Zoom on Tuesday said it will lay off about 1,300 employees, or approximately 15% of its staff, becoming the latest tech company to announce significant job cuts as a pandemic-fueled surge in demand for digital services wanes.

Boeing is cutting 2,000 HR and finance jobs, outsourcing some to India - CNN

https://amp.cnn.com/cnn/2023/02/07/business/boeing-job-cuts/index.html

Boeing is cutting 2,000 HR and finance jobs, outsourcing some to India

New York(CNN) — Boeing plans to cut about 2,000 white-collar jobs in finance and human resources, and it will be shifting some of that work to an outside contractor in India.

FedEx lays off 10% of officers and directors amid cooling demand

https://www.cnbc.com/amp/2023/02/01/fedex-lays-off-officers-directors-amid-cooling-demand.html

FedEx is laying off 10% of its officers and directors amid cooling demand

Published Wed, Feb 1 2023 12:11 PM ESTUpdated Wed, Feb 1 2023 4:02 PM EST

FedEx is cutting more than 10% of its officers and directors, CEO Raj Subramaniam announced Wednesday, as the company slashes corporate jobs to cut costs amid cooling consumer demand.

"Unfortunately, this was a necessary action to become a more efficient, agile organization. It is my responsibility to look critically at the business and determine where we can be stronger by better aligning the size of our network with customer demand," Subramaniam said in a letter to FedEx team members.

Dell to Cut About 6,650 Jobs, Battered by Plunging PC Sales

Dell to Cut About 6,650 Jobs, Battered by Plunging PC Sales

https://www.bloomberg.com/news/articles/2023-02-06/dell-dell-lays-off-about-6-650-employees-in-latest-tech-cuts

https://www.cnbc.com/amp/2023/01/31/paypal-to-lay-off-2000-employees-in-coming-weeks-about-7percent-of-workforce.html

PayPal to lay off 2,000 employees in coming weeks, about 7% of workforce

Published Tue, Jan 31 2023 2:31 PM ESTUpdated Tue, Jan 31 2023 4:00 PM EST

Dan Schulman, CEO, Paypal speaking at the World Economic Forum in Davos, Switzerland, Jan. 23, 2020.

Adam Galacia | CNBC

PayPal on Tuesday announced plans to lay off 2,000 employees, or around 7% of its workforce, according to a release posted to the company's website.

President and CEO Dan Schulman wrote in the release that PayPal is working to address the "challenging macroeconomic environment." He said the company has made progress focusing resources on core priorities and rightsizing its cost structure, but that there is more work to be done.

Philips to cut 13% of jobs in safety and profitability drive | Reuters

https://www.reuters.com/markets/europe/philips-scraps-6000-jobs-drive-improve-profitability-2023-01-30/

Philips to cut 13% of jobs in safety and profitability drive

Bart H. Meijer3 minute readJanuary 31, 20233:21 AM GMT+8Last Updated 18 hours ago

AMSTERDAM, Jan 30 (Reuters) - Dutch health technology company Philips (PHG.AS) will scrap another 6,000 jobs worldwide as it tries to restore its profitability and improve the safety of its products following a recall of respiratory devices that knocked off 70% of its market value.

Half of the job cuts will be made this year, the company said on Monday, adding that the other half will be realised by 2025.

Tesco To Layoff Over 2,000 Employees; Managerial Roles To Be Affected

https://www.india.com/news/tesco-layoffs-job-cuts-over-2000-employees-managerial-roles-to-be-affected-full-details-5877413/

Tesco layoffs: Adding to the long list of companies that have announced layoffs, British supermarket chain Tesco became the latest to trim its workforce. Over 2,000 employees at Tesco may be laid off as part of cross-cutting measure, according to a report by Bloomberg.

Salesforce to Lay Off 10 Percent of Staff (8,000 jobs) and Cut Office Space - The New York Times

https://www.nytimes.com/2023/01/04/technology/salesforce-layoffs.html

Salesforce to Lay Off 10% of Staff and Cut Office Space

The software company plans to cut around 8,000 jobs as business slows for tech companies. "We hired too many people leading into this economic downturn," Salesforce's chief executive said.

Jan. 4, 2023

Salesforce is laying off about 8,000 employees and cutting back on office space.Jim Wilson/The New York Times

Salesforce, the business software giant, said on Wednesday that it planned to lay off 10 percent of its work force, or about 8,000 employees, and scale back office space because of concerns about the economy.

"The environment remains challenging, and our customers are taking a more measured approach to their purchasing decisions," Marc Benioff, the company's co-chief executive, said in a note to employees announcing the cuts.

SAP to Cut 3,000 Jobs After Profit Plunges - WSJ

https://www.wsj.com/articles/sap-job-cuts-q4-earnings-report-2022-11674724001

SAP to Cut 3,000 Jobs After Profit Plunges

Software maker seeks buyer for Qualtrics customer, employee analysis unit

By William Boston

Updated Jan. 26, 2023 at 6:48 am ET

SAP plans to cut about 2.5% of its global workforce.Photo: Arnd Wiegmann/REUTERS

BERLIN—Software company SAP SE joined the ranks of tech companies announcing job cuts this year, saying it would shed up to 3,000 positions after a steep profit drop in late 2022.

After growing rapidly at the height of the Covid-19 pandemic, technology companies have been laying off workers mainly in the U.S., with large employers such as Facebook parent Meta Platforms Inc. and Amazon.com Inc. shedding thousands of jobs last year. 

Hasbro warns of weak holiday quarter results, cuts 1,000 jobs

https://www.cnbc.com/amp/2023/01/26/hasbro-stock-tanks-as-company-cuts-jobs-warns-of-weak-fourth-quarter.html

Hasbro warns of weak holiday quarter results, cuts 15% of its workforce

Published Thu, Jan 26 2023 4:24 PM ESTUpdated 6 Hours Ago

Hasbro said Thursday it would eliminate around 1,000 employee positions and warned of weak holiday-quarter results.

Shares of the toy maker fell more than 6% in extended trading.

BlackRock is cutting 500 jobs as Wall Street layoffs continue - CNN

https://amp.cnn.com/cnn/2023/01/11/investing/blackrock-layoffs/index.html

BlackRock is cutting 500 jobs as Wall Street layoffs continue

New York(CNN) — BlackRock, the world's largest asset manager, is cutting about 500 jobs following a period of rapid hiring.

A spokesperson for BlackRock told CNN on Wednesday that the layoffs amount to less than 3% of the company's workforce.

BlackRock (BLK), a leader on Wall Street, has been on a major hiring spree in recent years.

The company hasn't conducted a major round of layoffs since 2019 and has increased its headcount by about 22% over the past three years, a BlackRock spokesperson told MarketWatch, adding the job cuts are coming in the face of an "unprecedented market environment."

Goldman Sachs readies biggest layoffs since the financial crisis | Reuters

https://www.reuters.com/business/finance/goldman-sachs-start-cutting-thousands-jobs-midweek-sources-2023-01-09/

Goldman Sachs readies biggest layoffs since the financial crisis

Scott Murdoch3 minute readJanuary 10, 20236:12 AM GMT+8Last Updated 16 days ago

Jan 9 (Reuters) - Goldman Sachs Group (GS.N) will start cutting thousands of jobs across the firm from Wednesday, two sources familiar with the move said, as it prepares for a tough economic environment.

Just over 3,000 employees will be let go, one of the sources said, but the final number is yet to be determined. That scale of layoffs would be the largest since the 2008 financial crisis, one of the sources said.

https://www.yahoo.com/entertainment/vimeo-slashes-staff-11-2nd-204204815.html

Vimeo Slashes Staff by 11% in 2nd Wave of Layoffs in 6 Months

January 5, 2023

Vimeo has chopped down its workforce by 11 percent in a new sweep of layoffs, the video hosting platform said Wednesday in a company blog post.

"Today we made the decision to reduce the size of our team by 11%. Everyone whose job is impacted has received an email and an invite for a meeting with their team leader and HR," read the letter from Vimeo CEO Anjali Sud, who thanked the impacted employees for their contributions. "This was a very hard decision that impacts each of us deeply. It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment."

Salesforce to Lay Off 10 Percent of Staff (8,000 jobs) and Cut Office Space - The New York Times

https://www.nytimes.com/2023/01/04/technology/salesforce-layoffs.html

Salesforce to Lay Off 10% of Staff and Cut Office Space

The software company plans to cut around 8,000 jobs as business slows for tech companies. "We hired too many people leading into this economic downturn," Salesforce's chief executive said.

Jan. 4, 2023

Salesforce is laying off about 8,000 employees and cutting back on office space.Jim Wilson/The New York Times

Salesforce, the business software giant, said on Wednesday that it planned to lay off 10 percent of its work force, or about 8,000 employees, and scale back office space because of concerns about the economy.

"The environment remains challenging, and our customers are taking a more measured approach to their purchasing decisions," Marc Benioff, the company's co-chief executive, said in a note to employees announcing the cuts.

Spotify to trim 6% (600 jobs) of workforce in latest tech layoffs | Reuters

https://www.reuters.com/technology/spotify-trim-6-workforce-2023-01-23/

Spotify to trim 6% of workforce in latest tech layoffs

Reuters2 minute readJanuary 23, 202311:47 PM GMT+8Last Updated 3 days ago

Jan 23 (Reuters) - Spotify Technology SA (SPOT.N) said on Monday it plans to cut 6% of its workforce and would take a related charge of up to nearly $50 million, adding to the massive layoffs in the technology sector in preparation for a possible recession.

The tech industry is facing a demand downturn after two years of pandemic-powered growth during which it had hired aggressively. That has led firms from Meta Platforms Inc (META.O) to Microsoft Corp (MSFT.O) to shed thousands of jobs.

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"Over the last few months we've made a considerable effort to rein in costs, but it simply hasn't been enough," Chief Executive Daniel Elk said in a blog post announcing the roughly 600 job cuts.

Meta Lays Off More Than 11,000 Employees - The New York Times

https://www.nytimes.com/2022/11/09/technology/meta-layoffs-facebook.html

Meta Lays Off More Than 11,000 Employees

The parent of Facebook, Instagram and WhatsApp reduced its work force by 13 percent and extended a hiring freeze through the first quarter of next year.

Nov. 9, 2022

Mark Zuckerberg, Meta's chief executive, met with executives on Tuesday about the layoffs.Pete Marovich for The New York Times

Since Mark Zuckerberg founded Facebook in 2004, the Silicon Valley company has steadily hired more employees. At the end of September, it had amassed its largest-ever number of workers, totaling 87,314 people.

But on Wednesday, the company — now renamed Meta — began cutting jobs, and deeply.

Meta said it was laying off more than 11,000 people, or about 13 percent of its work force, in what amounted to the company's most significant job cuts. The layoffs were made across departments and regions, with areas like recruiting and business teams affected more than others. The divisions that were not cut as steeply included engineers working on projects related to the metaverse, the immersive online world that Mr. Zuckerberg has bet big on, two people with knowledge of the matter said.

Amazon set to begin new round of layoffs affecting over 18,000 people

https://www.cnbc.com/amp/2023/01/18/amazon-set-to-begin-new-round-of-layoffs-affecting-over-18000-people.html

Amazon set to begin new round of layoffs affecting more than 18,000 people

Published Wed, Jan 18 2023 8:54 AM ESTUpdated Wed, Jan 18 2023 6:33 PM EST

The Amazon Spheres, part of the Amazon headquarters campus, right, in the South Lake Union neighborhood of Seattle, Washington, U.S., on Sunday, Oct. 24, 2021.

Chona Kasinger | Bloomberg | Getty Images

Amazon on Wednesday will begin a fresh round of job cuts in what's expected to become the largest workforce cuts in its 28-year history.

Earlier this month, CEO Andy Jassy said the layoffs would affect more than 18,000 employees, primarily in its human resources and stores divisions. Amazon said in November it was looking to cut staff, including in its devices and recruiting organizations. CNBC reported at the time that the company was looking to lay off about 10,000 employees.