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News on Medial
Barclays bank to lay off over 450 employees in UK
Livemint
·
1y ago
Medial
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.
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Related News
Over 100 Indian startups laid off more than 15,000 staff this year: Report
Livemint
·
1y ago
Medial
According to Layoffs.fyi data, over 100 Indian startups laid off more than 15,000 employees in 2023 due to the funding winter. Byju's, an ed-tech startup, had to lay off 2,500 employees and its founder, Byju Raveendran, pledged his home to raise funds for salaries. The economic challenges forced startups to reduce costs, including marketing expenses and employee salaries. Globally, more than 1,160 tech companies laid off 2,602,238 employees this year, with Indian startups witnessing a 65.8% drop in funding between January and November 2023.
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ETtech Explainer: Why AI startup Builder. ai is filing for bankruptcy despite backing from Microsoft and QIA
Economic Times
·
3m ago
Medial
Builder.ai, a UK-based AI startup backed by Microsoft and Qatar Investment Authority, is filing for bankruptcy after a lender, Viola Credit, seized $37 million of its $50 million debt, leaving only $5 million. This financial strain forced the company to lay off most employees, with remaining funds inaccessible for overseas payments. Founded in 2016, Builder.ai aimed to simplify app development. Operational challenges and financial mismanagement led to leadership changes and eventual insolvency proceedings.
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Return of pink slips? Intel, Microsoft, Tinder parent Match hit by layoffs
Economic Times
·
1y ago
Medial
Despite a brief slowdown earlier this year, tech companies are once again resorting to job cuts to control costs. Over 120,000 employees have been laid off by 384 tech companies this year. Major players like Intel, Microsoft, and Match Group have all announced significant layoffs. Indian tech startups are also facing challenges and have been forced to lay off employees due to a tough funding environment. Companies like Ola Electric, Paytm, and Byju's have announced substantial job cuts.
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TCS to cut 2% of workforce, affecting around 12,000 jobs - The Economic Times
Economic Times
·
1m ago
Medial
Tata Consultancy Services (TCS) is set to lay off around 2% of its workforce, impacting over 12,000 employees, due to macroeconomic uncertainties and AI-driven disruptions. The affected employees will receive severance packages, outplacement services, and extended benefits. This move is part of TCS's strategic initiative to realign its workforce and invest in new technological areas. The decision follows a notable decline in job additions among major IT firms, reflecting broader industry challenges.
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Paytm Payments Bank to cut about 20% of staff as business halt looms
Economic Times
·
1y ago
Medial
Paytm, the Indian digital payments firm, is planning to lay off nearly 20% of its staff at its banking unit as the future of the unit remains uncertain due to a central bank deadline to halt most operations. Paytm Payments Bank, in which Paytm holds a 49% stake, was ordered by the Reserve Bank of India (RBI) to stop accepting credit transactions or deposits by March 15 following compliance breaches. Paytm's shares have plummeted since the regulatory clampdown and employees are frustrated as management had previously guaranteed no layoffs. It is unclear what purpose the banking staff will serve after the halt.
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FedEx Supply Chain Layoffs in Memphis to Impact 600 workers
StartupTalky
·
2d ago
Medial
FedEx Supply Chain in Memphis will lay off over 600 employees due to a business shift. The company filed a WARN notice indicating that 611 workers at its Quest Way and Challenge Drive operations will be affected. This transition involves moving significant operations to a new third-party logistics provider and is expected to complete by October 2025. FedEx is coordinating with local workforce boards to assist impacted employees with relocation, severance, or other job opportunities within the organization.
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Paytm Layoffs: 20% Workforce Reduction in Annual Evaluation Cycle
StartupTalky
·
1y ago
Medial
Paytm, facing regulatory scrutiny, is reportedly planning to lay off 20% of its workforce as part of its yearly evaluation cycle. The Reserve Bank of India (RBI) has raised concerns over inadequate due diligence in Paytm's payment banks. The company is also undergoing a technology overhaul, shifting towards AI-driven operations. Amidst fears of job cuts and regulatory chaos, employees are uncertain about the company's future. However, Paytm maintains that these adjustments are based on performance evaluations and position fit. The layoffs highlight the evolving nature of Paytm's operations as it seeks efficiency while taking care of its staff.
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BYJU's Ex-Employees charge company of missing full And final settlement deadline
OutlookIndia
·
1y ago
Medial
Former employees of edtech giant BYJU'S have accused the company of failing to meet the deadline for full and final settlement of laid-off workers. The workforce at BYJU'S has decreased from 50,000 in October 2022 to 31,000-33,000. Employees have taken to social media platforms and email to express their grievances about delayed payments and lack of resolution from the company. BYJU'S has not provided any comment on the matter. The company had previously announced plans to lay off around 3,500 employees in October.
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Reliance Retail Denies Closure and Layoff Rumors at Milkbasket
IndianStartupNews
·
2y ago
Medial
This news covers the denial by Reliance Retail of any plans to shut down Milkbasket or lay off its staff. Reliance emphasizes that while Milkbasket is integrating with JioMart, employees will be reassigned to different roles but not lose their jobs.
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TCS layoffs: No employee has complained, IT firm tells Karnataka labour authority - The Economic Times
Economic Times
·
23d ago
Medial
Tata Consultancy Services (TCS) met with Karnataka's labour officials following complaints from the Karnataka State IT/ITeS Employees Union regarding impending layoffs. The IT giant is set to lay off 12,000 employees globally, raising concerns over labour law violations. Although TCS representatives claimed to be unaware of the precise number and location of layoffs, they were asked to address employee grievances. Further discussions are scheduled, despite TCS not recognizing the union or any specific employee complaints.
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