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Citi to cut 3,500 technology jobs in China as part of global revamp
Economic Times
·
2m ago
Medial
Citigroup Inc plans to cut approximately 3,500 jobs at its technology centers in Shanghai and Dalian, China, as part of a global revamp aimed at downsizing tech operations and enhancing risk and data management. This reduction is expected to finish by the start of the fourth quarter. Recently, it was reported that Citi also cut about 200 IT contractor positions in China to streamline its operations further.
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Citigroup starts layoff talks after management overhaul: Report
Livemint
·
1y ago
Medial
Citigroup (Citi) is reportedly at risk of laying off technology staff with overlapping functions as part of its restructuring efforts. The bank recently announced plans to strip out a layer of management and cut jobs in its largest reorganization in nearly two decades. CEO Jane Fraser aims to boost profits and the stock price by gaining more direct control over the bank's businesses. Executives overseeing revenue-producing units held calls to explain the changes to their teams, emphasizing a reduction in bureaucracy and a focus on profit-making activities.
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Amazon shuts down Shanghai AI research lab: FT report - The Economic Times
Economic Times
·
17d ago
Medial
Amazon is closing its Shanghai AI lab amid rising US-China tensions, aligning with increased US scrutiny on American companies in China. This move is part of Amazon's global strategy to cut jobs, similar to actions by other tech giants like Microsoft and Meta, who are focusing more on artificial intelligence. The lab shutdown reflects strategic shifts in response to geopolitical challenges and broader industry trends towards AI reliance.
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Walmart to Slash 1,500 Corporate Jobs in Major Restructuring Move
StartupTalky
·
2m ago
Medial
Walmart plans to cut around 1,500 corporate jobs as part of a restructuring initiative to streamline operations. The layoffs will affect divisions like Walmart Connect, e-commerce fulfillment in U.S. stores, and global technology operations. This move aligns with a broader trend where large corporations, including Amazon and Goldman Sachs, are downsizing due to increased AI adoption and economic uncertainties. Walmart employs over 2.1 million people globally but is restructuring to better fit long-term objectives.
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Burberry to Slash 1700 Jobs Amid £66M Loss
StartupTalky
·
2m ago
Medial
Burberry plans to cut 1,700 jobs, about 20% of its global workforce, following a £66M loss, as part of a restructuring initiative led by CEO Joshua Schulman. The focus shifts to heritage staples and high-margin leather accessories. While financial improvements were noted, such as a £26 million adjusted operating profit for 2025, the brand faces challenges with declining global sales and economic uncertainties. The company is eyeing both cost-cutting and strategic refocusing to revive its fortunes.
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UBS to cut 90 jobs in Asia private wealth and investment banking
Livemint
·
1y ago
Medial
UBS Group AG is reportedly planning to cut about 90 jobs in its Asia private wealth and investment banking divisions in March due to the impact of China’s stock market downturn and a decline in dealmaking. The planned job cuts would include about 70 positions in the private bank and 20 positions in the global banking division. The reduction in private banking staff is one of the largest in Asia and is driven by a sharp decline in wealth from the Greater China region. Other global banks have also been cutting jobs in Asia due to the weak deal market.
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Morgan Stanley to slash 13% investment banking jobs in Hong Kong and China
Livemint
·
1y ago
Medial
Morgan Stanley is planning to cut about 50 investment banking jobs in the Asia-Pacific region, with the majority of the reductions being in Hong Kong and China. The planned cuts represent about 13% of the 400 bankers in the region, excluding Japan. This move comes as China's economy is struggling with a real estate crisis and doubts over growth. The final size and timing of the cuts are subject to change. Other global financial firms are also reducing expenses and cutting investment banking staff in Asia due to deteriorating US-China relations and a deal drought.
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Volkswagen layoffs: German carmaker to cut thousands of jobs, shut at least three plants | Company Business News
Livemint
·
9m ago
Medial
Volkswagen is reportedly planning to cut jobs and close three factories in Germany as part of a deeper overhaul. The works council head, Daniela Cavallo, confirmed the plans at a meeting with workers, stating that no German plant is safe. However, no details have been provided on the number of job cuts or the specific plants affected. The move comes as the carmaker faces financial pressures and declining demand from China and Europe. CEO Oliver Blume has previously stated that Germany is losing its manufacturing hub position and action needs to be taken.
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Amazon trims jobs in devices and services unit
Economic Times
·
2m ago
Medial
Amazon has cut around 100 jobs in its devices and services unit, including roles related to Kindle, Echo, Alexa, and Zoox self-driving cars, as part of regular business reviews and efforts to improve efficiency. The cuts are a small part of the unit, with no specific details on the divisions affected. This follows previous reductions in Alexa-related jobs and other internal teams. Amazon aims to streamline operations under CEO Andy Jassy's leadership.
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Tech layoffs: Over 27,000 jobs lost in August 2024; Intel, Cisco and IBM lead the wave
Livemint
·
11m ago
Medial
Tech layoffs in August 2024 impacted the industry as major players like Intel, Cisco, and IBM made significant job cuts. Over 27,000 workers lost their jobs across 40 companies. Intel plans to eliminate 15,000 jobs, while Cisco intends to reduce its workforce by 6,000. IBM is withdrawing its R&D operations from China, resulting in 1,000 job losses. German chipmaker Infineon plans to cut 1,400 jobs. Other notable layoffs include GoPro, Apple, Dell Technologies, ReshaMandi, and Brave. These layoffs highlight the ongoing volatility in the tech industry.
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US firms up $6.2 billion Micron funding to boost chipmaking
Economic Times
·
8m ago
Medial
The Biden administration has finalized an investment of nearly $6.2 billion in Micron Technology to boost domestic semiconductor production. The move is part of ongoing efforts to reduce dependency on foreign countries, particularly China, for semiconductors. The funding aims to bring advanced memory semiconductor technology development and production to the US, securing leadership in artificial intelligence and protecting national security. This investment is part of the CHIPS and Science Act, which intends to strengthen the US semiconductor industry. Micron plans to invest significantly in New York, Idaho, and Virginia, creating jobs and supporting a stable supply of its technology.
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