Daily News: After Amazon And Google, This Company Plans to Slash 9,000 Jobs. Deets Here


Layoff News: Several companies laid off its employees amid recession fears. Amazon CEO Andy Jassy warned employees that there will be more layoffs at the company in early 2023 “as leaders continue to make adjustments”.

Layoffs Continue: After Amazon And Google, This Company Plans to Slash 9,000 Jobs. Deets Here
Work From Home: Google employees resisted the new rules because they said they have been productively working from home.

New Delhi: Credit Suisse—Switzerland’s second-biggest bank has announced to slash 9,000 jobs in the next three years, in a bid to revamp its investment banking unit. Credit Suisse is at the centre of market turmoil amid rumours the bank could be on the brink of collapse. The bank has predicted a surprise Q4 pre-tax loss of up to USD 1.6 billion as the embattled bank undertakes a radical overhaul.

Amid the turmoil, the lender has lost nearly 60% of its market value this year alone, Al Jazeera reported.

“Credit Suisse has a poor track record that features Archegos and Greensill so there is not a lot of confidence. They have had CEO turnover. Further, the CEO’s internal letter to employees did not reassure if you have to explain to employees what is going on, it is a bad sign,” Campbell R Harvey, a professor at Duke University’s Fuqua School of Business, said.

This comes at a time when several companies laid off its employees amid recession fears. Amazon CEO Andy Jassy warned employees that there will be more layoffs at the company in early 2023 “as leaders continue to make adjustments”.

The massive job cuts have hit several divisions, especially the Alexa virtual assistant business that reportedly set to lose $10 billion this year as the voice assistant never managed to create an ongoing revenue stream.

Moreover, Alphabet, Google’s parent company, is reportedly gearing up to lay off about 10,000 “poor performing” employees, or 6 per cent of its workforce. Google plans to ease out 10,000 employees through a new ranking and performance improvement plan.

Meanwhile in India, nearly 16,000 employees have been asked to go by about 44 startups, led by edtech companies like BYJU’S, Unacademy, and Vedantu, as VC funding dried up. Other tech startups and unicorns that have laid off employees in India include Ola, Cars24, Meesho, LEAD, MPL, Innovaccer, Udaan and more.

Besides, thousands of contractual employees have also been let go, making 2022 the harshest year for workers in the technology sector.




Published Date: November 24, 2022 5:47 PM IST

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