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News on Medial
US bank Citigroup to remove 20,000 jobs over next couple of years
Livemint
·
1y ago
Medial
Citigroup has announced plans to cut 20,000 jobs over the next couple of years as part of a corporate reorganization aimed at increasing profitability and returning cash to shareholders. The move will bring the bank's headcount down to around 180,000 by 2026, compared to 240,000 at the end of 2022. This downsizing also takes into account the expected spinoff of Citigroup's Mexico subsidiary, Banamex. Source: Livemint
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Apple to create 20,000 US jobs as Tim Cook announces $500B investment; says, ‘We are bullish on the future!’ | Company Business News
Livemint
·
5m ago
Medial
Apple has announced a $500 billion investment in the United States over the next four years, creating 20,000 jobs focused on R&D, silicon engineering, software development, AI, and machine learning. A manufacturing facility in Houston will open in 2026 and an Apple Manufacturing Academy in Detroit aims to advance businesses' manufacturing techniques. This investment aligns with Apple's strategy to strengthen US-based innovation and technological development.
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Resurgent India to raise headcount, open new offices in growth push
VCCircle
·
11m ago
Medial
Resurgent India Ltd, an investment bank focusing on debt raising and stressed asset advisory, is set to increase its workforce and open new offices. The Gurugram-based merchant bank plans to triple its headcount in the next couple of years, aiming to surpass 300 employees by the end of 2024 and a team of over 700 in the next two years. Resurgent India will expand its presence in Gujarat, Chhattisgarh, Karnataka, and Tamil Nadu. The company offers various services including debt syndication, NBFC funding, ESG advisory, and mergers and acquisitions.
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Apple announces $500 billion investment in US amid tariff threats that could affect iPhone
YourStory
·
5m ago
Medial
Apple plans to invest over $500 billion in the US over four years, including hiring 20,000 employees and building a new factory in Texas. This announcement follows discussions with President Trump, who emphasized domestic manufacturing to avoid tariffs. The new factory in Houston will focus on server production, creating thousands of jobs. This investment mirrors a similar initiative from 2018. Additionally, Apple introduced the iPhone 16e, featuring new AI innovations.
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What is Stargate, a $500-bn venture of OpenAI, SoftBank & Oracle?
Inshorts
·
6m ago
Medial
US President Donald Trump on Tuesday announced a joint venture between ChatGPT-maker OpenAI, Japanese firm SoftBank and cloud giant Oracle that'll invest in building US' AI capabilities. The alliance, called Stargate, will invest $500 billion at least over the next four years. The project aims to support the "re-industrialisation of US" and create hundreds of thousands of jobs, OpenAI said.
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Citigroup layoffs reach 7000 mark
Livemint
·
1y ago
Medial
Citigroup employees are anticipating management changes and potential layoffs as the next phase of the bank's overhaul plan, led by CEO Jane Fraser, is expected to be announced next week. The bank aims to simplify its structure by reducing management layers, eliminating roles, and centralizing decision-making. While specific details about the layoffs are yet to be disclosed, Citigroup had already incurred severance charges of $650 million this year from cutting 7,000 positions. The restructuring aims to refocus the firm on its key businesses.
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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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French bank Societe Generale announces 900 job cuts in cost-cutting program
Livemint
·
1y ago
Medial
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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Gujarat eyes 1,500 apartments to house Tata fab staff, suppliers
Economic Times
·
1m ago
Medial
The Gujarat government is developing 1,500 residential units in Dholera to accommodate Tata Group employees and suppliers involved in India’s first semiconductor fabrication unit. Currently, 275 apartments are available; 250 are occupied. An additional 1,000 apartments will be ready by early next year. These facilities are part of the Dholera Special Investment Region, which includes various amenities. Tata Electronics’ project, costing Rs 91,000 crore, is expected to generate over 20,000 jobs.
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Taiwanese chip-making giant TSMC gets $6.6 billion for Arizona project
Livemint
·
1y ago
Medial
Taiwan Semiconductor Manufacturing (TSMC) will receive up to $6.6 billion in government funding for its factory complex in Arizona. In addition, TSMC plans to invest over $65 billion and expand the manufacturing complex to include a third chip factory, which will produce cutting-edge 2-nanometer chips. This initiative is part of a broader goal to bring chip-making back to the US and improve national security. The project is projected to create over 20,000 construction jobs and 6,000 permanent jobs. TSMC's investment in Arizona is seen as a strategic move to diversify its production footprint beyond Taiwan.
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Zomato vs DoorDash: Homegrown food delivery platform performs better than US maj
Livemint
·
1y ago
Medial
Indian food delivery platform Zomato has outperformed its US-based counterpart DoorDash, according to brokerage firm Elara Securities. Zomato's food delivery adjusted revenue grew 29.4% YoY to ₹20.3 billion in Q4CY23, surpassing DoorDash's 27% YoY revenue growth to $2.3 billion. In terms of gross order value (GOV) growth, Zomato achieved 27% compared to DoorDash's 22%. Both companies are focused on building a loyal customer base and sustainable growth, with Zomato expecting its topline to grow by 50% over the next couple of years. DoorDash is set to invest aggressively in new verticals, such as grocery.
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