Tag Archives: Cuts

Oyo plans job cuts amid worries over aggressive expansion plan

In the past month, homegrown hotel startup Oyo has replaced the chief executive officer of its new real estate business, received a host of complaints from hotel partners and witnessed the exit of a joint venture partner in the home market of its largest investor, SoftBank. Now, Oyo plans to cut jobs in India to reduce costs ahead of an expected slowdown ... Read More »

Tech startups and incubators applaud FM’s tax cuts and CSR initiatives

Bengaluru: The latest corporate tax cuts announced by the finance ministry will the reduce cost of capital and incentivize more investments in the consumer Internet segment, according to tech startups and investors in the startup space. The Finance Ministry last week effectively reduced corporate taxes for domestic companies to 25%, down from around 30%. Apart from this, the ministry also widened ... Read More »

Job cuts continue in auto, ancillary sectors; IT, BPO industries hire more

Auto and ancillary sectors saw a 17% dip in jobs in July 2019 (Image: Reuters) The ongoing economic slowdown has hit employment in key industries such as automobiles and ancillaries, but it’s the IT and BPO sectors which offer some silver lining to those seeking jobs. While the IT industry has been the ruling employment provider for some months now, ... Read More »

Production Cuts, Job Losses on the Cards for Slowing Auto Industry

After denting the auto sector’s profitability, the consumption slowdown along with the upcoming shift to BS-VI standards will further decelerate production, leading to eventual job losses. Industry insiders point out that slowdown, which is a culmination of high GST tax rates, farm distress, stagnant wages, and liquidity constraints, has led to the month-on-month sales de-growth. Besides, inventory pile-up at the ... Read More »

Nissan plans job cuts, where will axe fall in India?

CHENNAI: Japanese automobile giant Nissan Motor Corporation’s announcement of plans to cut over 12,500 jobs globally has provoked intense speculation in the country on where the axe will fall in its Indian operations. While in their announcement made on Thursday, Nissan has not listed the 14 sites or locations where it will cut the jobs, there are reports circulating that 1,700 jobs will be lost ... Read More »

Huawei planning major job cuts in US: Report

Chinese telecoms giant Huawei, which is subject to US sanctions over concerns about its ties to the government in Beijing, is planning to make major job cuts at its US operations, The Wall Street Journal reported. The layoffs are expected at Huawei’s US-based research and development arm, Futurewei Technologies, the paper reported, citing unnamed people familiar with the situation. The ... Read More »

Job cuts in Deutsche Bank: From NYC to Bengaluru, employees’ careers end in an envelope, a hug and a cab ride

A Deutsche Bank employee in Bengaluru told Reuters that he and several colleagues were told first thing that their jobs were going. (Reuters) Summoned by HR to be handed a Deutsche Bank envelope, many of its staff across the world then left their desks for the last time on Monday, shown the door by their German employer within hours of ... Read More »

Deutsche Bank axes whole teams in Asia-Pacific as 18,000 job cuts begin

As part of the overhaul, the bank will scrap its global equities business and also cut some of its fixed income operations Whole teams in Deutsche Bank’s Asian operations were told their positions were gone on Monday, as the lender began axing 18,000 jobs globally in one of the biggest overhauls to an investment bank since the aftermath of the ... Read More »

HSBC mulls job cuts in investment banking to salvage margins: Report

HSBC Holdings is mulling over extensive job cuts  in the company’s investment banking unit to salvage its financials, sources told Bloomberg. As many as 500 jobs are on the chopping block with Greg Guyett, who heads the Global Banking vertical, expected to begin the process by mid-June, the wire added. The vertical employs 24,000 in HSBC. The report noted that this is ... Read More »

BuzzFeed loses 11 staff in Australia amid global job cuts

BuzzFeed is cutting 11 jobs in Australia as part of its global strategy. Photograph: no credit The Australian arm of BuzzFeed will have to cut 11 staff as a global downsizing strategy targets 200 of the digital publisher’s international workforce. BuzzFeedOz news reporter Alice Workman said she and every member of the news team received a letter about redundancies on Tuesday morning which indicated ... Read More »