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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.

Related News

Job cuts in Tata Steel's UK operations inevitable: CEO T V Narendran

YourStory

YourStory · 1y ago

Job cuts in Tata Steel's UK operations inevitable: CEO T V Narendran

Tata Steel's CEO, T V Narendran, has stated that around 2,500 workers at the company's UK operations will inevitably lose their jobs as the firm transitions to the low-emission electric arc furnace (EAF) process. This move is part of Tata Steel's decarbonisation plan and will reduce production costs and CO2 emissions. However, unions are protesting against the job losses. In September 2023, the company and the UK government agreed on a joint investment plan of £1.25 billion ($1.75 billion) to implement decarbonisation measures at the Port Talbot steel-making facility.

PhysicsWallah plans ₹2,500 crore takeover of Drishti IAS

Inshorts · 4m ago

PhysicsWallah plans ₹2,500 crore takeover of Drishti IAS

Alakh Pandey-led edtech startup PhysicsWallah is in talks to acquire Drishti IAS coaching in a deal that could be valued at around ₹2,500 crore, reports claimed. Reports of potential acquisition come as PhysicsWallah gears up for its IPO. Earlier this month, Moneycontrol reported that PhysicsWallah filed draft papers through the confidential pre-filing route to raise ₹4,600 crore via an IPO.

Paypal fires 2500 and UPS fires 12000 employees

Livemint

Livemint · 1y ago

Paypal fires 2500 and UPS fires 12000 employees

Payments firm PayPal is considering cutting around 2,500 jobs, or 9% of its global workforce, by 2024. CEO Alex Chriss cited the need to "right-size" the business to deliver for customers and drive profitable growth. In a separate move, logistics company UPS plans to lay off 12,000 employees to offset soft demand and higher labour costs. Both companies are taking measures to streamline operations and improve financial performance.

Tech layoffs are hitting companies that are doing just fine

Business Insider

Business Insider · 1y ago

Tech layoffs are hitting companies that are doing just fine

Typing assistant startup Grammarly recently announced that it would be cutting around 230 roles as part of a business restructuring, despite the company's strong financial position. The layoffs were made as part of an adjustment to the AI-enabled workplace of the future and the rise of AI chatbots and personal agents as competitors. Grammarly is not alone in this, as 141 tech companies have made layoffs this year, affecting 34,250 workers. This trend shows that employees are at risk of losing their jobs even at companies that are not experiencing financial troubles.

Supreme Court puts on hold govt's fact-check unit notification

Economic Times

Economic Times · 1y ago

Supreme Court puts on hold govt's fact-check unit notification

The Supreme Court has put a stay on the government's notification to set up a Fact Checking Unit (FCU) under the Press Information Bureau. The FCU was established to identify fake news related to the Union government's activities on social media platforms. The stay will remain until the Bombay High Court decides on the constitutionality of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Amendment Rules of 2023. The government had issued the notification to combat the spread of false or misleading information, with telecom service providers and social media intermediaries required to take down such content or risk legal action.

UK govt buys semiconductor facility key to defence

Economic Times

Economic Times · 10m ago

UK govt buys semiconductor facility key to defence

The UK government has acquired a semiconductor factory in northeast England in order to secure the supply chain to the country's armed forces. The facility, previously at risk of closure, is the only secure site in the UK capable of producing gallium arsenide chips, which are used in electronic devices and military platforms. The government purchased the factory from Coherent Inc and will be named Octric Semiconductors UK. The acquisition secures around 100 jobs and is a signal of the government's support for domestic defense production.

Tata Steel job losses in focus as Keir Starmer-led UK govt takes over, union suspends strike

Livemint

Livemint · 1y ago

Tata Steel job losses in focus as Keir Starmer-led UK govt takes over, union suspends strike

The UK government is focused on preventing job losses at Tata Steel, as discussions are underway between the government and the company. Up to 2,800 jobs are at risk as Tata Steel plans to close two carbon-intensive blast furnaces. The government is also supporting the company's transition to lower-carbon technologies. Workers at Tata Steel suspended a strike they had planned after the company warned that the furnaces would close if the strike proceeded. The newly elected Labour Party government aims to sign a £500 million support package to build less carbon-intensive electric-arc furnaces.

Millionaire Bryan says his face blew up after injecting donor's fat proteins, shares pic

Inshorts · 8m ago

Millionaire Bryan says his face blew up after injecting donor's fat proteins, shares pic

Tech millionaire Bryan Johnson, who's spending around ₹16 crore/year to get an 18-year-old's body, revealed that his face blew up after he injected a donor's fat-derived extracellular matrix to restore his facial fat. He said the allergic reaction got so worse, he couldn't even see. Bryan added he lost facial fat as he reduced caloric consumption from 2,500 to 1,950/day.

Fully remote workers are at the highest risk of being replaced by AI, a Stanford professor says

Business Insider

Business Insider · 1y ago

Fully remote workers are at the highest risk of being replaced by AI, a Stanford professor says

According to an Economics professor at Stanford University, fully remote workers are at the highest risk of being replaced by AI. Roles such as data entry, call centers, HR, and payroll that are 100% remote and repetitive are particularly vulnerable. However, it may be impractical for AI to replace in-person workers, as robots are clunky and inefficient. Hybrid workers, who work from the office a certain number of times a week, may even benefit from AI's productivity. The impact of AI on the workforce continues to be debated, with some studies suggesting significant disruption and up to 300 million jobs impacted worldwide.

Over 21,000 jobs in audio electronics segment at risk due to China's rare earth curbs: Elcina estimates

Economic Times

Economic Times · 1m ago

Over 21,000 jobs in audio electronics segment at risk due to China's rare earth curbs: Elcina estimates

Over 21,000 jobs in India's audio electronics sector are at risk due to China's restrictions on rare earth metal exports, as per ELCINA. China's export licensing on essential rare earth metals like terbium and dysprosium has disrupted global supply chains, impacting India's hearables and wearables industry. This shift has led to increased dependency on fully assembled imports from China, risking both direct and indirect jobs, particularly in regions like Noida and South India.

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