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French bank Societe Generale announces 900 job cuts in cost-cutting program

Livemint

Livemint · 1y ago

French bank Societe Generale announces 900 job cuts in cost-cutting program

French bank Societe Generale has announced plans to slash approximately 900 jobs at its Paris headquarters through voluntary departures. The move is part of the bank's cost-cutting program and represents less than 2% of its total workforce and around 5% of headquarters staff. The job reductions will be carried out through internal transfers, end-of-year support, or voluntary departures. This comes as banks around the world, including Deutsche Bank and Citigroup, seek to reduce headcount amid challenging market conditions.

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Societe Generale to launch dollar-pegged stablecoin

Economic Times

Economic Times · 1m ago

Societe Generale to launch dollar-pegged stablecoin

French bank Societe Generale will launch a dollar-backed stablecoin through its subsidiary SG-FORGE, becoming the first major European lender to issue a dollar-pegged cryptocurrency. Named USD CoinVertible, it will operate on the Ethereum and Solana blockchains and be publicly tradable from July. BNY Mellon will manage its reserves. SG-FORGE’s token aims to facilitate crypto trading, cross-border payments, foreign exchange transactions, and collateral and cash management, expanding in the growing stablecoin market.

STMicroelectronics CEO says 5,000 jobs to be cut in next 3 years

Economic Times

Economic Times · 2m ago

STMicroelectronics CEO says 5,000 jobs to be cut in next 3 years

STMicroelectronics plans to reduce its workforce by 5,000 jobs over the next three years, including 2,800 layoffs announced earlier. The company's cost-cutting strategy aims to save millions by 2027, with workforce reductions through attrition and early retirements. Discussions with stakeholders regarding the implementation, particularly challenging in Italy, are ongoing. The Italian and French governments, who hold a 27.5% stake, have expressed concerns over job cuts amidst the firm’s market downturn and allegations of insider trading.

Intel to lay off 15,000 employees as chipmaker tries to revive its business

Economic Times

Economic Times · 1y ago

Intel to lay off 15,000 employees as chipmaker tries to revive its business

Intel is cutting 15% of its workforce, around 15,000 jobs, in an effort to compete with rivals Nvidia and AMD. The company plans to save $10 billion by 2025 and align its cost structure with its new operating model. Intel reported a loss in its second quarter, along with a small decline in revenue, leading to a plunge in its stock value. The job cuts will be accompanied by an enhanced retirement offering and a voluntary departures program. Analysts suggest that cost-cutting measures alone may not be enough for Intel to redefine its position in the chip market.

Barclays bank to lay off over 450 employees in UK

Livemint

Livemint · 1y ago

Barclays bank to lay off over 450 employees in UK

Barclays is planning job cuts, primarily in head office roles at the vice-president level, as part of its cost-cutting strategy. The bank is also considering reducing around 5% of client-facing staff in the trading division and some dealmakers globally. These measures aim to improve efficiency and collaboration across teams, with a focus on reducing the cost-to-income ratio. Barclays CEO CS Venkatkrishnan has emphasized the importance of bank efficiency, with restructuring efforts costing the bank around $87 million in the first half of the year.

Britain's Lloyds shake-up puts around 2,500 jobs at risk

Livemint

Livemint · 1y ago

Britain's Lloyds shake-up puts around 2,500 jobs at risk

Lloyds, the largest high street bank in Britain, is set to put around 2,500 jobs at risk as part of a cost-cutting measure, according to a source. The bank plans to begin a consultation with staff in various roles, including analysts and product managers, with the possibility of job cuts after a selection process. The move comes as other banks in the country, such as Barclays, are also looking to reduce costs by slashing jobs.

Societe Generale offloads Zomato shares worth INR 117 Cr, picks up Policybazaar shares

Inc42 · 1y ago

Societe Generale offloads Zomato shares worth INR 117 Cr, picks up Policybazaar shares

Societe Generale sold over 86.5 lakh shares of Zomato in a block deal, amounting to INR 117.81 crore. These shares were then purchased by Marshall Wace, a British hedge fund. At the same time, Societe Generale acquired nearly 5 lakh shares of PB Fintech (parent company of Policybazaar) for INR 46.13 crore. This move comes amidst a sell-off by foreign institutional investors in the Indian equities market. Zomato has seen several block deals recently, while Policybazaar is expected to report profits starting Q3 FY24.

Over 1,250 Google workers sign petition demanding job security amid growing concerns over layoffs: Report | Mint

Livemint

Livemint · 6m ago

Over 1,250 Google workers sign petition demanding job security amid growing concerns over layoffs: Report | Mint

Over 1,250 Google employees in the US and Canada have signed an internal petition titled "Job Security," expressing concerns over the company's planned cost reductions for 2025 and ongoing layoffs. The petition highlights the anxiety and insecurity felt by staff, questioning job cuts despite Google's strong financial position. Employees demand voluntary buyouts before layoffs and guaranteed severance packages, following the remarks by CFO Anat Ashkenazi about impending cost-cutting to fund AI infrastructure investments.

Tech layoffs March 2024: Apple, IBM, Dell among IT majors that cut jobs

Livemint

Livemint · 1y ago

Tech layoffs March 2024: Apple, IBM, Dell among IT majors that cut jobs

Major tech giants like Apple, Dell, Ericsson, Turnitin, Zee, and IBM have implemented layoffs in March, citing reasons such as unsuccessful projects, cost-cutting measures, declining demand for certain products, and restructuring. These job cuts have contributed to the overall 56,858 tech job losses in 2024. The tech industry is trying to address over-hiring during the pandemic surge and adapt to a prolonged high-interest rate environment and tech downturn.

Sony is laying off 900 employees from its PlayStation unit

TechCrunch · 1y ago

Sony is laying off 900 employees from its PlayStation unit

Sony is cutting around 900 jobs in its PlayStation division, representing 8% of its global workforce. The layoffs will affect employees in the Americas, Japan, EMEA, and APAC regions. The decision to restructure comes as Sony aims to focus on long-term sustainability and delivering the best experiences for its community. The job cuts follow a recent decrease in demand for the PlayStation 5, leading to a revised sales forecast. Other gaming companies, including Microsoft, Activision Blizzard, and Unity, have also announced layoffs in recent weeks.

FPIs Reduce Stakes In Paytm Below 1%

Inc42 · 9m ago

FPIs Reduce Stakes In Paytm Below 1%

In the September quarter, the stake held by Societe Generale, UBS Principal Capital Asia, and Tiger Pacific Master Fund in Paytm decreased. The overall foreign portfolio investor (FPI) ownership in the company dropped from 20.04% to 16.77%. Paytm's shares closed 3.47% lower at INR 696.35 on the BSE.

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