Tag: layoffs

Morgan Stanley Plans to Cut 2,000 Workers, Partly Due to AI | Entrepreneur

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Morgan Stanley is preparing to reduce its 80,000-person workforce by 2,000 employees later this month, marking the bank’s first significant round of layoffs since CEO Ted Pick took over in January 2024.

The workforce reduction will affect divisions across Morgan Stanley, except for its 15,000 financial advisers, per Bloomberg. The cuts are meant to keep costs down as executives face low attrition, or a low rate of employees leaving an organization through resignations, terminations, or retirements.

Some employees impacted by the layoffs will be let go due to performance issues, while others will be cut because AI and automation have replaced their roles within the bank. A source told Bloomberg that the bank expects to make more job reductions due to AI in the coming years.

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JPMorgan Is Reportedly Laying Off Around 1,000 Workers | Entrepreneur

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JPMorgan has begun laying off what is expected to be fewer than 1,000 employees, according to a report by Barron’s.

The outlet notes that this round of layoffs affected “several” Houston offices and some now-former employees were notified on February 5. However, this isn’t the end.

JPMorgan is set to announce job cuts in mid-March, May, June, August, and September, though Barron’s states it is not clear how many roles will be impacted by the planned layoffs throughout the year.

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Why You Should Pay Employees to Stop Working for You | Business.com

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Learn what voluntary severance is and when you should offer it.

The past few years have been somewhat tumultuous in terms of the labor force. The pandemic led to a massive wave of layoffs, which was followed by a rapid — and somewhat chaotic — rehiring of workers. Now, as businesses face high levels of inflation, a looming recession and economic uncertainty, many employers are rethinking those recent hires and starting to make cuts again.

An obvious and common way to cut labor costs is to lay off workers. According to the Layoffs.fyi database, more than 1,000 tech companies made layoffs in 2022, resulting in more than 150,000 employees being laid off. However, layoffs aren’t business owners’ only option when it comes to reducing their workforce. One alternative is to offer voluntary severance — paying your employees to quit.

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AWS takes a hit in latest round of Amazon layoffs | TechCrunch

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When Amazon announced it was laying off another 9,000 employees today, AWS employees were not exempt with Amazon CEO (and former AWS CEO) Andy Jassy announcing the cloud division would be included into today’s round.

TechCrunch is hearing that around 10% of today’s total came from AWS. The company would not confirm those numbers, instead referring to Jassy’s memo to employees that was published this morning as the gist of its statement.

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The companies backtracking on flexible work | BBC Worklife

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Amid looming economic instability and widespread layoffs, bosses are ordering their workers back to the office. Does it mark a permanent return to in-person work?

In January, Disney employees received a memo from CEO Bob Iger. Like other entertainment conglomerates, the media giant had been operating a hybrid-working policy, in which teams were allowed to work remotely twice a week. However, Iger explained in the memo, the company was now reversing course, mandating a four-day return to office beginning in March.

“As you’ve heard me say many times, creativity is the heart and soul of who we are and what we do at Disney,” he wrote. “And in a creative business like ours, nothing can replace the ability to connect, observe and create with peers that comes from being physically together, nor the opportunity to grow professionally by learning from leaders and mentors.”

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Coinbase to lay off 20% of staff as crypto winter continues | CNN Business

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The crypto winter is apparently not over yet. Coinbase announced Tuesday that it was laying off 950 people, about 20% of its staff. The job cuts come only a few months after another major round of layoffs. The crypto brokerage firm let 1,100 people go in June, about 18% of its headcount at the time.

Coinbase, like many other publicly traded and privately held crypto companies, has been hit hard by the massive plunge in the price of bitcoin and other cryptocurrencies. The price of bitcoin is hovering around $17,000 after peaking near $65,000 in late 2021.

Some crypto fans have been encouraged by the solid start for bitcoin so far in 2023. Bitcoin is up more than 4% since the start of the year, suggesting that crypto prices may have finally bottomed out.

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As startup layoffs continue, some perspective | TechCrunch

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Per Layoffs.fyi, a layoff tracker, over 16,000 tech workers lost their jobs in May, and June is off to a similarly brutal start. TechCrunch’s senior reporter Amanda Silberling and I have accidentally, and unfortunately, started working on a weekly column about the tech layoffs; what first started as a tip-over moment at Thrasio has soon expanded to startups regardless of sector, financing stage or if they had obvious growth tensions or not.

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12 red flags that your new job offer may be a scam | Fast Company

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Between the Great Resignation and the layoffs of the pandemic, there are a lot of people looking for new jobs these days. And that’s presenting a ripe opportunity for scam artists.

The Internal Revenue Service (IRS), on Monday, issued a warning to Americans about bad actors who use fake job offers to steal money and personal information, a continuation of a heart-of-the-pandemic scam. By gathering that information, the scam artists are able to file fraudulent unemployment claims in their name, which not only costs the government, but also could significantly impact the victim’s tax bill and eligibility for future benefits.

“They promise you a job, but what they want is your money and your personal information,” says the FBI.

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Microsoft Declares War on Middle Managers and Khaki Pants | Businessweek

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Welcome to Microsoft, Nokia employees—you’re out of a job.

So came the message on Thursday as Microsoft MSFT announced plans to fire as many as 18,000 people over the next year. The bulk of the layoffs, about 12,500 people, will come from the Nokia NOK devices and services business that Microsoft officially acquired in April. Most of the rest of the firings will affect people with overlapping jobs, furthering new Chief Executive Officer Satya Nadella’s pledge to create a leaner, meaner, faster-moving organization. Grrr.

It’s not easy firing this many people—especially when you’re Microsoft, which hardly ever fires anyone, and when you’re dealing with Finland, which also has a thing against firing people. The company did it with two memos and a press release. The first memo came from Nadella, who explained how the layoffs fit into the strategy outlined in his memo from last week. The second came from Stephen Elop, the former Nokia CEO and now Microsoft executive, who never really managed to revive Nokia’s business, delivered the pride of Finland into the clutches of Microsoft, and must be feeling some measure of guilt about all this. Right? A staggering 40,000 Nokia employees had already lost their jobs over the past few years, as the phonemaker transitioned from global market power to Harvard Business School case study.

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