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Recent Large Job Cuts
Rukmani Gupta
Feb 19, 2020
1806
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Below are the recent news of Job Cuts by Giants
1. HSBC plans to cut 35,000 jobs as profit drops 33%
HSBC on Tuesday said it would cut around 35,000 jobs and dramatically overhaul its business after its profit plunged by a third in 2019.
The bank plans to reduce its global headcount by roughly 15% to 200,000 over the next three years, a company spokesperson said, although the precise figures have not been finalized.
2. Over 3,000 temporary jobs cut due to slowdown: Maruti Suzuki
ver 3,000 temporary employees have lost jobs with Maruti Suzuki India (MSI) due to the ongoing slump in the automobile industry, a top company executive has said.
MSI Chairman R C Bhargava said contracts of the temporary workers were not renewed due to the slowdown while asserting that permanent workers have not been impacted.
Read More at The Hindu Business Line
3. Bosch to Cut Thousands of Jobs in India as Auto Sales Slump
Bosch Ltd., the Indian unit of the world’s largest auto-parts supplier, plans to join its parent, Robert Bosch GmbH in cutting jobs as the South Asian nation witnesses one of its worst auto sales slowdowns in decades. The German company will cut “a couple of thousand” jobs in India in the next four years, India Managing Director Soumitra Bhattacharya said. About 10% of 3,700 white-collar jobs and and a slightly higher percentage of 6,300 blue-collar jobs will be cut, he added in an interview in Bangalore on Dec. 30.
Read More at Bloomberg Quint
4. ShopClues lays off 200 people to cut costs
E-commerce platform ShopClues has laid off about 200 employees as it struggles to rein in costs in the hyper-competitive online shopping segment in India. According to sources, ShopClues has sacked about 200 people as its efforts to find a buyer failed.
When contacted, a ShopClues spokesperson said the company has been steadily reducing its workforce mostly in operating functions as it leverages gains from technology.
5.IBM Fired as Many as 100,000 in Recent Years, Lawsuit Shows
IBM has fired as many as 100,000 employees in the last few years in an effort to boost its appeal to millennials and make it appear to be as “cool” and “trendy” as Amazon and Google, according to a deposition from a former vice president in an ongoing age discrimination lawsuit.
The technology company is facing several lawsuits accusing it of firing older workers, including a class-action case in Manhattan and individual civil suits filed in California, Pennsylvania and Texas last year.
“We have reinvented IBM in the past five years to target higher-value opportunities for our clients,” IBM said in a statement. “The company hires 50,000 employees each year.”
