Friday, April 26

Tag: Job cut

More than 20 million US Jobs vanish in April
USA

More than 20 million US Jobs vanish in April

US businesses cut an unprecedented 20.2 million jobs in April, an epic collapse as the coronavirus outbreak closed of offices, factories, schools, construction sites and stores that propel the US economy. The Wednesday report from payroll company ADP showed the tragic depth and scale of job losses that left no part of the world's largest economy unscathed. The leisure and hospitality sector shed 8.6 million workers last month. Trade, transportation and utilities let 3.4 million people go. Construction firms cut nearly 2.5 million jobs, while manufacturers let go of roughly 1.7 million employees. This private industry report comes two days ahead of the official monthly figures from the U.S. Labor Department. Economists expect that report will show 21 million job losses, accor...
German Bank Deutsche slash 18,000 jobs by 2022
BUSINESS

German Bank Deutsche slash 18,000 jobs by 2022

Germany's biggest lender Deutsche Bank would stop all share trading activity & cut 18,000 jobs by 2022, as the former leading light of the country's financial sector looks to escape years of turmoil. The slashing of around one in five of its workforce, to 74,000 employees, is an unprecedented round of departures for Deutsche. The bank said the layoffs would reduce annual costs by six billion euros ($6.7 billion) over the same period. "Today we have announced the most fundamental transformation of Deutsche Bank in decades," chief executive Christian Sewing said, dubbing the scheme "a restart for Deutsche Bank". The lender did not immediately make clear where the axe would fall. But with executives looking to find synergies in the integration of subsidiary Postbank and centr...
Know Why Television Media Firm NDTV Is Firing 25% Of Its Employees
News

Know Why Television Media Firm NDTV Is Firing 25% Of Its Employees

The layoff trend has reached India now! We recently witnessed international companies like Teva, ESPN, GE and Siemens laying off a considerable number of employees. Now an Indian media firm NDTV added its name to the list. As per the filings in stock exchange, the television media firm will be firing 25 percent of its total task-force by the next month as it plans on focusing on English and Hindi news and digital content business solely. "The strategy we are adopting calls for a far leaner operation which will feed only our core business: our English and Hindi news channels, and NDTV Convergence and its digital teams that run our news and other apps and websites," the statement filed by NDTV said. NDTV will be minimizing its ancillary business that NDTV worked hard to expand over a sp...
Infosys Will Hire 20,000 People, Fired Only 400 People This Year
News

Infosys Will Hire 20,000 People, Fired Only 400 People This Year

IT services major Infosys today said it will hire 20,000 people this year as against only 400 people being asked to leave on performance grounds and termed reports of large-scale job losses as "overstated". Infosys COO UB Pravin Rao said the technology-driven transformation presents new opportunities for companies like Infosys. "With respect to all the talks of layoffs, it's regular performance based things that we do every year. The number is really 300-400, which is consistent with what we have seen every year," Rao told reporters after a 30-minute meeting with IT Minister Ravi Shankar Prasad. He said the country's second largest software exporter is "creating more jobs, adding more people and letting go of only minuscule number of people, purely from performance related perspec...