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Financial challenges surfaced later, leading to layoffs beginning in June 2023

This Bengaluru-based startup lays off 80% of workforce amid funding struggles

Financial challenges surfaced later, leading to layoffs beginning in June 2023

Bengaluru-based ReshaMandi, specializing in silk yarn products, has laid off 80% of its workforce after failing to secure Series B funding. The company has been downsizing since last year, reducing its employee count from 500 in January 2023 to about 100 by the year's end. Reports indicate that around 300 employees are still awaiting their final dues and salaries. According to a report in Inc42, quoting the company's employees, ReshaMandi&rsquo;s downfall was due to rapid expansion across verticals, immediately before and after it raised funds in October 2021. Also read/watch - <a title="Hero MotoCorp to raise prices of select models by up to Rs 1,500 from July 1, 2024" href="https://www.editorji.com/business-news/hero-motocorp-to-raise-prices-of-select-models-by-up-to-rs-1-500-from-july-1-2024-1719214447644">Hero MotoCorp to raise prices of select models by up to Rs 1,500 from July 1, 2024</a> Founded in 2020, ReshaMandi raised over 40 million dollars in equity funding from investors. The company also secured nearly 300 crore rupees in debt from venture debt investors and lenders. Financial challenges surfaced later, leading to layoffs beginning in June 2023. Employees were reportedly asked to work without salaries for three months before being dismissed.

FedEx has reduced its overall workforce by nearly 22,000 over the last year

FedEx to cut up to 2,000 jobs in Europe amid weak demand

FedEx has reduced its overall workforce by nearly 22,000 over the last year

FedEx will eliminate up to 2,000 jobs in Europe as part of a cost-cutting drive in response to lackluster demand, the shipping company announced Wednesday.
The company, which is based in the southern state of Tennessee, said the targeted positions will cover back-office and commercial functions.
The plan is to eliminate between 1,700 and 2,000 jobs "subject to local law and consultation processes," the company said, adding that the process will unfold at a country-by-country level "with differing timelines across the region." Also read/watch - <a title="Fed keeps interest rates steady, expects only one cut this year" href="https://www.editorji.com/business-news/fed-keeps-interest-rates-steady-expects-only-one-cut-this-year-1718253651398">Fed keeps interest rates steady, expects only one cut this year</a>
The company said there would be no impact on customers or service.
"We're taking necessary actions to streamline many of our functions to reduce structural costs while continuing to deliver outstanding service to our customers," said Richard Smith, chief operating officer for FedEx's international division.
"We do not take these decisions lightly, but they are essential to putting FedEx on the right path for the future."
The job cuts come as FedEx doubles down on expense reduction and downsizing in response to demand across its businesses that ranged from flat to lower in the most recent quarter.

Silent layoffs is reportedly a common practice in the industry. It involves giving employees 30 days to find a new role within the company, failing which, the employees are asked to leave discreetly 

Silent layoffs hit India's IT sector; 20,000 jobs lost in 2023: Report

Silent layoffs is reportedly a common practice in the industry. It involves giving employees 30 days to find a new role within the company, failing which, the employees are asked to leave discreetly&nbsp;

Amid rising layoffs, IT sector employees have been one of the worst hit. Around 20,000 tech employees lost their jobs in silent layoffs in 2023, as per data from All India IT &amp; ITeS Employees' Union or AIITEU, quoted by Moneycontrol. The union suggests that the actual number could be even higher due to unreported cases. Silent layoffs is reportedly a common practice in the industry. It involves giving employees 30 days to find a new role within the company, failing which, the employees are asked to leave discreetly.
 Also read/watch - <a title="Electric ride-hailing company BluSmart seeks $300 million to expand its fleet" href="https://www.editorji.com/business-news/startups/electric-ride-hailing-company-blusmart-seeks-300-million-to-expand-its-fleet-1716886180939">Electric ride-hailing company BluSmart seeks $300 million to expand its fleet</a> In some cases employees are also asked to sign an NDA to get their full payout, AIITEU general secretary told Money Control, adding that with teams being downsized, existing employees are being made to work 14-16 hours a day as opposed to 10-12 hours a day earlier. The Moneycontrol report also quoted data from the Nascent Information Technology Employees Senate or NITES, which reported that 2,000-3,000 professionals lost their jobs at top Indian IT services companies in 2024 alone.

The company has decided to reduce the workforce to streamline operations and focus on its core business arm. The company aims to focus on its infrastructure and digital technology business.

Toshiba Layoffs: Company to reduce 7% of its workforce by cutting 5000 jobs in Japan

The company has decided to reduce the workforce to streamline operations and focus on its core business arm. The company aims to focus on its infrastructure and digital technology business.

Toshiba one of the largest manufacturers of personal computers, consumer electronics, and home appliances, is set to reduce 7% of its workforce by cutting 5000 jobs in Japan. Toshiba was once one of the biggest employers in the nation.
The restructuring move as reported by Nikkei is aimed at streamlining operations and cutting down costs from non-core business arms. The company aims to focus on its infrastructure and digital technology business.
Layoff is not an isolated event associated only with Toshiba. In Japan, other major companies like Shiseido, Omron, and Konica Minolta have also laid off employees and announced plans to do further layoffs. The layoffs come at a time when global behemoths like Amazon and Google have also laid off thousands of employees.
Toshiba currently employs around 65,000 employees in Japan. If the layoff gets carried it will mark one of the biggest layoffs in the company since 2015. The layoff that year reduced 7000 jobs due to accounting irregularities.
&ldquo;The restructuring plan is a pillar of the Japanese conglomerate's effort to improve its profitability as part of its midterm management plan to be announced in May," said the report.
&ldquo;The company will begin discussions with its labor union as early as May to determine how many positions to cut in each business unit," it added.
&nbsp;

Managers of McKinsey in the UK division are offered 9 months of paid leave and career coaching who are interested in departing the company

McKinsey offers UK employees full pay for 9 months if they volunteer to quit

<h2>Managers of McKinsey in the UK division are offered 9 months of paid leave and career coaching who are interested in departing the company</h2>

Global management consulting firm McKinsey has opted for an unconventional route to cut down its headcount. As per British newspaper The Times, the company has announced that it will offer career coaching and 9 months of full paid leave for its employees who are interested in departing the company.
<h3>Workforce reduction</h3>
This comes amidst its efforts to decrease its workforce in response to a downturn in the sector. The 9 months leave is given to managers in the UK division. The 9 month salary could add up to hundreds of thousands of pound. 9 months later, the staff members will have to leave McKinsey even if they are unable to find a new job during this period.
Also Read: <a href="https://www.editorji.com/business-news/general-electric-plans-layoffs-for-1-000-lm-wind-power-employees-1711704681152">General Electric set to layoff 1,000 LM Wind Power employees</a>
Amid the downturn in Consulting, McKinsey had previously attempted to reduce its workforce. As per Bloomberg, the company had announced plans to cut approximately 1,400 jobs, which accounts for around 3% of its workforce last year. The publication has further mentioned that McKinsey had given poor performance ratings to 3,000 employees who were given around three months to improve their performance, or they may be advised to leave the company.

Cisco Layoffs 2024: The Networking Titan cites shifting market trends as a reason for workforce reduction.

Cisco Layoff: Tech Giant Responds to Changing Market Trends

Cisco's choice to reduce its workforce is prompted by difficulties arising from a decrease in demand for its products.

Cisco announces workforce downsizing amidst shifting market trends

<h2>Cisco's choice to reduce its workforce is prompted by difficulties arising from a decrease in demand for its products.</h2>

Cisco is set to initiate a significant round of layoffs this week as part of its strategy to refocus on growth areas. The move comes amidst a broader trend in the tech industry of companies streamlining their operations to adapt to changing market conditions.
While the exact number of employees to be affected has not been disclosed by Cisco, sources familiar with the matter suggest that the announcement could come as early as this week, coinciding with the company's upcoming earnings call on February 14. With a global workforce of 84,900 in fiscal 2023, the anticipated layoffs are expected to make a notable dent in Cisco's employee count, reported Business Today.
The decision to downsize comes as Cisco faces challenges stemming from a decline in demand for its products. In a previous earnings call, the company revised its full-year revenue and profit forecasts downwards, citing a slowdown in orders. This shift in demand reflects customers' current focus on deploying and integrating existing products rather than investing in new ones.
However, Cisco is not alone in its restructuring efforts. The tech sector as a whole has been grappling with layoffs and uncertainty since the latter part of 2022. Various companies have been trimming their workforces as they seek to cut costs and streamline operations in response to changing market dynamics.
Nokia, a prominent telecom maker, recently announced plans to reduce its workforce by over 10,000 employees worldwide, including a significant number in India. This decision comes as part of Nokia's broader restructuring initiative aimed at enhancing profitability and competitiveness in the global market.
Other major tech firms such as Amazon, Alphabet, and Microsoft have also implemented layoffs in recent weeks, affecting various divisions and regions. Additionally, startups like Snap and eBay have announced workforce reductions as they navigate evolving business landscapes.
As the tech industry continues to undergo transformations, companies like Cisco are making strategic decisions to realign their priorities and pursue growth opportunities in an ever-changing market environment. Also Watch: <a href="https://www.editorji.com/business-news/spicejet-to-cut-1400-jobs-amidst-a-cash-crunch-1707715819444">SpiceJet to cut 1400 jobs amidst a cash crunch</a>

This action is a component of the banking group's comprehensive cost-cutting initiative. Accounting for just under 2% of the total bank workforce, this downsizing corresponds to approximately 5% of the personnel based at the headquarters.

Societe Generale announces 900 job cuts at Paris headquarters in strategic cost-cutting move 

This action is a component of the banking group's comprehensive cost-cutting initiative. Accounting for just under 2% of the total bank workforce, this downsizing corresponds to approximately 5% of the personnel based at the headquarters.

In a bid to streamline operations and trim costs, Societe Generale, France's third-largest listed bank, has unveiled plans to cut approximately 900 jobs at its Paris headquarters. The move is part of a broader cost-cutting program initiated by the banking group. Representing less than 2% of the bank's overall workforce, this reduction equates to about 5% of the staff located at the headquarters.
Societe Generale outlined that the job cuts would be executed through various means, including internal transfers, end-of-year support, and voluntary departures. The announcement follows the strategic roadmap presented in September by the bank's new CEO, Slawomir Krupa, aiming to achieve a $1.8 billion reduction in costs by 2026 compared to 2022.
The banking sector is witnessing a global trend of downsizing, with Societe Generale following suit as the impact of rising interest rates diminishes. Deutsche Bank recently declared its intention to eliminate up to 3,500 jobs, primarily in the back office, as part of its efforts to streamline its marketing network and enhance operational efficiency.
In the United States, Citigroup Inc. has also joined the wave of job cuts, disclosing plans to shed 20,000 roles. CEO Jane Fraser outlined that the reduction involves 5,000 employees in the current reorganization, another 5,000 from selling businesses, and an additional 10,000 from support functions like technology and operations.
Societe Generale's move reflects ongoing challenges faced by financial institutions globally as they navigate changing economic landscapes and seek to adapt to evolving market conditions. The voluntary departure approach underscores the bank's commitment to managing workforce changes with sensitivity and flexibility. Also Watch: <a href="https://www.editorji.com/business-news/wipro-to-lay-off-hundreds-of-mid-level-employees-to-improve-margins-report-1706690648395#google_vignette">Wipro to lay off hundreds of mid-level employees to improve margins: Report</a>

PayPal Layoffs 2024: PayPal Holdings to cut 2,500 jobs (9% of workforce) under CEO Alex Chriss, aiming to "right-size" for profitable growth in the competitive fintech sector.

PayPal Layoffs 2024: Payments firm PayPal Holdings to cut 2,500 jobs amidst economic downturn

PayPal plans to cut 2,500 jobs (9% of workforce) under CEO Alex Chriss, aiming to "right-size" for profitable growth in the competitive fintech sector.

PayPal announces major workforce reduction with 2,500 job cuts

<h2>PayPal plans to cut 2,500 jobs (9% of workforce) under CEO Alex Chriss, aiming to "right-size" for profitable growth in the competitive fintech sector.</h2>

PayPal Layoffs 2024: In a recent development, PayPal Holdings, a prominent payments firm, is set to trim approximately 2,500 jobs, constituting around 9% of its global workforce, according to a letter from the CEO, Alex Chriss, seen by Reuters on Tuesday.
<h3>PayPal Layoffs Reason</h3>
Chriss, who assumed the role of CEO recently, conveyed to the company's staff that the decision aims to "right-size" the organization, involving both direct cuts and the elimination of open positions throughout the year. The affected employees are expected to receive notifications by the end of the week.
"We are doing this to right-size our business, allowing us to move with the speed needed to deliver for our customers and drive profitable growth," mentioned Chriss in the letter, emphasizing the need for strategic adjustments.
In November, Chriss had signaled plans to enhance revenue beyond transaction-related volume, aiming to streamline the company and reduce costs.
PayPal has faced challenges with its low-margin business products, witnessing robust growth, while its branded products have encountered a slowdown, primarily due to heightened competition from tech giants like Apple.
Investors are closely watching Chriss, a former senior executive at Intuit, with hopes that he can stimulate a revival in PayPal's stock. The company's shares had declined nearly 14% the previous year, missing out on the broader sector-wide rebound in high-growth technology shares.
Notably, last week, PayPal unveiled plans to launch new artificial intelligence-driven products and a one-click checkout feature, showcasing efforts to stay competitive in the dynamic fintech landscape. Concurrently, rival Block, led by Twitter co-founder Jack Dorsey, has also initiated job cuts as part of its cost-reduction strategy.
Also Read: <a href="https://www.editorji.com/business-news/judge-nullifies-elon-musk-s-staggering-56-billion-tesla-pay-board-under-scrutiny-1706675505861">Judge nullifies Elon Musk's staggering $56 billion Tesla pay, board under scrutiny</a>

The possibility of future layoffs has created unease among Audible employees. Carrigan's reluctance to confirm the cessation of job cuts and his focus on customer-centric initiatives indicate a strategic pivot for Audible in the face of challenges 

Audible Layoffs: CEO Stays Silent on Potential Job Cuts

Audible CEO refused to confirm the end of layoffs amidst industry-wide job cuts

The possibility of future layoffs has created unease among Audible employees. Carrigan's reluctance to confirm the cessation of job cuts and his focus on customer-centric initiatives indicate a strategic pivot for Audible in the face of challenges&nbsp;

In a recent internal meeting, Audible CEO Bob Carrigan addressed concerns about recent layoffs within the Amazon unit, but refused to confirm that the job cuts are over.
Just two weeks after the company reduced its staff by 5%, Carrigan faced a wave of questions from employees, reflecting heightened anxieties about job security and the overall morale within the company.
During the meeting, an employee directly asked Carrigan about the possibility of more layoffs this year. However, the CEO opted not to give a definitive answer, instead emphasizing the "very aggressive action" taken earlier in the year and acknowledging the prevailing anxiety among employees.
"I've always said that I can't make any promises &mdash; I can't do that. We took action, and we have a plan now for the year that we're going to go and execute on, and we should be focused on our customers," Carrigan stated.
The uncertainty surrounding potential layoffs has left Audible employees uneasy about their future within the company. Carrigan's refusal to confirm the end of layoffs and his emphasis on customer-centric initiatives suggest a strategic shift for Audible amidst economic uncertainties.
The aftermath of the recent workforce reduction has already contributed to a sense of unease among employees, and Carrigan's statements leave room for speculation about the company's future actions. Additionally, the recent layoffs at other tech giants like
Google and Microsoft add to the overall climate of uncertainty. Google reportedly cut 1,000 more employees in a recent round of layoffs, while Microsoft announced the elimination of 1,900 roles from its Xbox and Blizzard gaming divisions to streamline costs and make better strategic decisions.
This trend across the tech industry further heightens concerns about job stability and the overall economic landscape.
Also Read: <a href="https://www.editorji.com/business-news/markets/china-attempts-to-curb-stock-market-plunge-with-short-selling-crackdown-1706510843931">China attempts to curb stock market plunge with short selling crackdown</a>

Business Insider is set to lay off around 8% of its staff and the employees who are let go will be given a severance package of minimum 13 weeks pay and medical coverage through May

News Website Business Insider to layoff around 8% of its workforce

<h2>Business Insider is set to lay off around 8% of its staff and the employees who are let go will be given a severance package of minimum 13 weeks pay and medical coverage through May</h2>

Joining the wave of layoffs is news website Business Insider whose CEO Barbara Peng said on Thursday that the firm is set to lay off around 8% of its staff.&nbsp;
"We have already begun to refocus teams and invest in areas that drive outsize value for our core audience," Peng said in a post on Business Insider's website. "Unfortunately, this also means we need to scale back in some areas of our organization."
<h3>Severance package</h3>
Business Insider will offer the outgoing employees a minimum of 13 weeks pay and medical coverage through May.
German publishing giant Axel Springer SE which acquired a majority stake in Insider in 2015,&nbsp; retired the "Business Insider" name in 2021 as it looked to expand coverage. However, the decision was called off when co-founder Henry Blodget stepped down as the CEO of the publication in November.
<h3>Layoffs by Media companies</h3>
As per Reuters, media companies have been under pressure over the past year as advertisers pull back on spending due to still-high borrowing costs. Other news publications including the Los Angeles Times and Conde Nast too had laid off staff.
Like media industry, layoff is also largely seen in Tech industry. According to Layoffs.fyi, more than 60 other tech companies, including Amazon.com Inc. and Google parent Alphabet Inc., have let go almost 11,000 employees so far this year

As costs have grown beyond sustainability, Riot Games has announced that 11% of the global staff who are not directly involved in game development will be laid off

Tencent Holdings' Riot games to layoff 11% of its global staff

<h2>As costs have grown beyond sustainability, Riot Games has announced that 11% of the global staff who are not directly involved in game development will be laid off</h2>

Tech layoff:&nbsp;Tencent Holdings' subsidiary Riot Games is planning to layoff 11% of its global staff affecting 530 employees. CEO Dylan Jadeja in a blog post informed the employees of the layoff with a letter
<h3>Riot Games Layoff Reason</h3>
The company stated that teams not directly involved in game development will be most affected by the layoffs. The job cuts come as gamers are hesitating to buy expensive titles or are sticking to fewer games due to high inflation. This trend is seen across the digital gaming industry. Last year, &nbsp;Electronic Arts Inc cut 6% of its staff and reduced office space.
Also Read: <a href="https://www.editorji.com/business-news/google-layoffs-unhappy-over-mass-layoffs-google-employees-plan-protests-1705928281846">Google layoffs: Unhappy over mass layoffs, Google employees plan protests</a>
In the letter Jadeja explained that the investments they had made aren't paying off the way it was expected and that cost have grown.
"We're a company without a sharp enough focus, and we have too many things underway. Some of the significant investments we've made aren't paying off the way we expected them to. Our costs have grown to the point where they're unsustainable", the letter states.
In a blog post Jadeja and co-founder Marc Merrill mentioned that the layoffs will allow Riot to concentrate on its live games portfolio, which includes "League of Legends", "Valorant", "Teamfight Tactics", and "Wild Rift".
The gaming company is also planning to halt new game development under "Riot Forge" and reduce some staff and features in "Legends of Runeterra". Riot Games, based in Los Angeles, is known for popular games like "League of Legends".&nbsp;

YouTube Layoffs 2024: Following Google cuts, YouTube loses 100 jobs in restructuring move.

YouTube Layoffs 2024: 100 Jobs Cut as YouTube Restructures Operations

YouTube Layoffs 2024: Following Google Cuts, YouTube Loses 100 Jobs in Restructuring Move.

YouTube layoffs: Amid restructuring, Google to cut 100 jobs at YouTube

<h2>Although affected individuals can apply for other positions at YouTube, there is no guarantee of securing a new position, and the dismissals will occur after a 60-day notice period.</h2>

YouTube Layoffs 2024: In a sweeping restructuring process, Google's wave of layoffs has now reached YouTube, resulting in the termination of 100 employees from various teams, including operations and creator management. This move comes after the tech giant initially announced job cuts for 1,000 employees, extending the impact to its subsidiary.
Mary Ellen Coe, YouTube's chief business officer, addressed the situation in an official statement, noting that the affected employees, primarily in America and the Asia-Pacific region, will be notified by the end of the day. While these individuals will have the opportunity to apply for other positions within YouTube, there is no assurance of securing a position, and the dismissals are set to take effect after a 60-day notice period.
Google, the parent company to YouTube, is also downsizing in other departments, including engineering, services, and its voice-activated product, Google Assistant. A spokesperson emphasized that these changes are part of a broader strategy to align resources with the company's major product priorities and enhance efficiency. Google reassured its commitment to supporting affected employees as they seek new opportunities both within the company and externally.
Alphabet CEO Sundar Pichai addressed the entire Google workforce in an internal memo, warning of impending job cuts across the company. Pichai acknowledged the challenges ahead, stating, "We have ambitious goals and will be investing in our big priorities this year." He emphasized the necessity of tough choices to create the capacity for these investments.
The trend of job cuts extends beyond Google, with companies like Duolingo, Pixar, Instagram, Audible, Prime Video, and more also announcing layoffs in January 2024. As the tech industry undergoes significant shifts, employees across various sectors are bracing for the impact of these organizational changes.

The repercussions of these challenging decisions have reverberated through various sectors, affecting hardware, advertising sales, trust and safety, shopping, maps, policy core engineering, and YouTube teams.

Google to cut more jobs this year, CEO Sundar Pichai asks employees to brace themselves 

The repercussions of these challenging decisions have reverberated through various sectors, affecting hardware, advertising sales, trust and safety, shopping, maps, policy core engineering, and YouTube teams.

Google CEO Sundar Pichai has informed employees to expect more job cuts this year. The announcement comes after Google laid off over a thousand employees across various departments since January 10. In an internal memo, Pichai revealed that the layoffs this year aim at &ldquo;removing layers to simplify execution and drive velocity in some areas&rdquo; . He also cautioned employees to brace themselves for additional cuts in the future. The impact of these &ldquo;tough choices&rdquo; has already been felt across multiple divisions, including hardware, ad sales, trust and safety, shopping, maps, policy core engineering, and YouTube teams. However, Pichai stressed that these layoffs and reorganisations, while significant, do not mirror the scale of the 12,000 job cuts executed by Google around the same time last year. &ldquo;These role eliminations are not at the scale of last year&rsquo;s reductions, and will not touch every team,&rdquo; Pichai wrote in the memo. He acknowledged the emotional toll on employees, stating, &ldquo;But I know it&rsquo;s very difficult to see colleagues and teams impacted&rdquo;. Many of these changes are already announced, though to be upfront, some teams will continue to make specific resource allocation decisions throughout the year where needed, and some roles may be impacted. &nbsp;
Also Watch: <a href="https://www.editorji.com/business-news/88-of-professionals-plan-for-a-job-change-in-2024-says-linkedin-report-1705491936522">88% of professionals plan for a job change in 2024, says LinkedIn report</a>

At the end of the December quarter, Infosys concluded with 322,663 employees, signifying four consecutive quarters of declining workforce. Together, Infosys and TCS experienced a year-on-year decrease of 34,851 employees.

IT workforce shrinks: TCS and Infosys witness significant Q3 headcount decline

At the end of the December quarter, Infosys concluded with 322,663 employees, signifying four consecutive quarters of declining workforce. Together, Infosys and TCS experienced a year-on-year decrease of 34,851 employees.

In the third quarter of the current fiscal year, both Tata Consultancy Services (TCS) and Infosys, the leading IT services giants in India, witnessed a substantial decline in their employee headcounts. Business Standard reported that TCS experienced a sequential reduction of 5,680 employees, while Infosys saw a decrease of 6,101 during the same period.&nbsp;
Infosys closed the December quarter with 322,663 employees, marking the fourth consecutive quarter of a declining workforce. Collectively, Infosys and TCS observed a year-on-year reduction of 34,851 employees. TCS, with a current workforce of 603,305, expressed its commitment to hiring 40,000 freshers from campuses in the ongoing fiscal year.
While Infosys reported a lowered attrition rate of 12.9% in Q3FY24, down from the previous quarter's 14.6%, TCS similarly experienced a reduced attrition rate of 13.3% compared to 14.9% in the previous quarter. The decline in headcount has raised concerns within the IT sector, particularly impacting engineering graduates, as both companies traditionally heavily recruit from campuses.
Milind Lakkad, TCS's Chief HR Officer, reassured that attrition is trending down and is now within their range of comfort at 13.3%. In response to challenges about employees returning to the office, Lakkad stated, "Almost 65 per cent of employees have returned to the office," addressing concerns about employee relocations by emphasizing that mobility is inherent to the job and contributes to career growth.
While TCS actively pursues campus hiring to counterbalance the headcount decline, Infosys, for the time being, has not indicated an immediate need for campus recruitment in FY24.&nbsp; Also Watch: <a href="https://www.editorji.com/business-news/markets/mukesh-ambani-re-joins-100-billion-club-after-surge-in-reliance-stock-1705043025539">Ambani Back in the Big League: Billionaire Reclaims $100 Billion club after surge in Reliance stock</a>

Popular gaming and chat platform Discord laysoff 17% of employees in a bid to streamline operations.What does the future hold for gamers and online communities?

Popular Chat App Discord Layoffs 2024 : 17% Workforce Reduction Announced 

Discord is set to layoff 170 employees and will be giving the departing employees five months salary, benefit continuation, three months of outplacement services, and equity vesting of awards scheduled for February 1, 2024

Messaging app Discord to lay off 17% of employees to increase operational efficiency

<h2>Discord is set to layoff 170 employees and will be giving the departing employees five months salary, benefit continuation, three months of outplacement services, and equity vesting of awards scheduled for February 1, 2024</h2>

Popular messaging application Discord is set to lay off 17% of its employees affecting 170 of them across different departments. This comes as the company is aiming to refine its focus and operational efficiency.&nbsp;
CEO Jason Citron conveyed this decision in an all-hands meeting and an internal memo obtained by The Verge.
<h3>Discord Layoffs 2024</h3>
In the memo, Citron mentioned that this reduction is not a hastily made choice but a necessary step to better serve Discord's users, improve the business, and uphold its mission in the long run.&nbsp;
"Today, we are increasingly clear on the need to sharpen our focus and improve the way we work together to bring more agility to our organisation. This is what largely drove the decision to reduce the size of our workforce", Citron said in the memo.
Also Read: <a href="https://www.editorji.com/business-news/layoff-wave-2024-google-amazon-implement-massive-workforce-reductions-1704961162043">Layoff wave 2024: Google, Amazon implement massive workforce reductions</a>
The memo shared by Citron outlined the next steps for employees, including the receipt of individual emails by 10:30 a.m. PT to confirm the impact on their employment. Departing team members will attend a meeting at 11:00 a.m. PT to discuss next steps, while remaining employees will regroup in the afternoon at 1:00 p.m. PT to address the future of the company.
Discord is offering departing employees five months of salary, benefit continuation, three months of outplacement services, and equity vesting of awards scheduled for February 1, 2024
Earlier in August, the company downsized by 4% and the latest announcement is the largest staff reduction exercise.&nbsp;
<h3>Discord Performance</h3>
Discord saw a substantial growth with its workforce increasing fivefold since 2020. Citron acknowledged that this rapid expansion led to taking on more projects, resulting in decreased operational efficiency.
The company has raised approximately $1 billion in funding, boasting a cash balance of over $700 million. Discord aims to achieve profitability this year, with discussions about a potential public offering ongoing since rejecting a $12 billion acquisition offer from Microsoft in 2021.
Discord is a communication platform that allows users to chat via text, voice, and video. It's designed for communities and groups, providing features like servers, channels, and roles to organise discussions

 InMobi Layoffs 2024: Adtech Company InMobi cuts 125 jobs constituting 5% of its global workforce, as part of a comprehensive AI-led restructuring. 

InMobi layoffs 2024:  Adtech Company InMobi cuts 125 jobs in major restructuring move

 InMobi emphasized the sweeping influence of AI globally and the rapidly evolving needs and expectations of its customers, including brands, agencies, and developers. 

InMobi adopts AI-first approach, cuts 125 jobs in major restructuring move

<h2>InMobi emphasized the sweeping influence of AI globally and the rapidly evolving needs and expectations of its customers, including brands, agencies, and developers.</h2>

InMobi Layoffs 2024: In a significant move echoing the recent trend in the Indian corporate landscape, Bengaluru-based advertising technology company InMobi is set to slash 125 jobs, constituting 5% of its global workforce, as part of a comprehensive AI-led restructuring. This follows the footsteps of Paytm, which implemented job cuts last month in a bid to recalibrate its operations.
According to sources cited in a report by the Economic Times, InMobi is currently in the midst of overhauling its operations, adopting an AI-first approach that spans technology, organizational structure, and workforce. The process is expected to be concluded by the end of this month.
The company acknowledges the inevitability of AI impacting various business facets such as customer interaction, communication, sales, and overall business processes, prompting the need for an organizational realignment.
In a statement responding to queries, InMobi emphasized the sweeping influence of AI globally and the rapidly evolving needs and expectations of its customers, including brands, agencies, and developers.
The company refrained from directly addressing the impending job cuts but asserted that the changes were proactive measures to address the evolving market dynamics, maintain competitiveness, and achieve global success in the current decade and beyond.
InMobi, backed by major players such as Google, Jio Platforms, and Mithril Capital, operates through two subsidiaries &ndash; InMobi Ads, a business-to-business entity focusing on advertising technology, and Glance, a consumer technology business-to-consumer company known for its smart lock screen technology platform designed for Android-based smartphones.
Glance, operational in six markets, including Japan, Indonesia, Brazil, Mexico, and Colombia, has announced plans to expand into the US and Europe in the coming months.
The move by InMobi reflects the broader trend in Indian workplaces embracing AI-led transformations, aiming to optimize processes and stay ahead in an increasingly competitive global landscape.
Also Watch: <a href="https://www.editorji.com/business-news/layoff-wave-2024-google-amazon-implement-massive-workforce-reductions-1704961162043">Layoff wave 2024: Google, Amazon implement massive workforce reductions</a>

BlackRock Layoffs 2024: BlackRock cut 600 jobs as the company aims to focus on tech and plans revenue surge in private markets.

BlackRock Layoffs 2024: BlackRock to cut 3% of global workforce, to lay off over 600 employees amid industry shifts

BlackRock, the world's largest asset manager, previously cut 500 jobs globally in 2023 amid industry changes. The company aims to focus on tech and plans revenue surge in private markets.

BlackRock to cut 3% of global workforce in 2024, to lay off over 600 employees

<h2>BlackRock, the world's largest asset manager, previously cut 500 jobs globally in 2023 amid industry changes. The company aims to focus on tech and plans revenue surge in private markets.</h2>

BlackRock Layoffs 2024: BlackRock the globe's preeminent asset management company, announced plans to trim its global workforce by approximately 600 employees, marking around a 3% reduction, in response to significant shifts in the industry landscape.
In an internal memo addressed to staff, CEO Larry Fink and President Rob Kapito highlighted the unprecedented pace of transformation within the financial sector. "We are witnessing the most rapid evolution in our industry since BlackRock's inception," the memo stated.
The memo emphasized the burgeoning preference for Exchange-Traded Funds (ETFs) as the primary investment tool, encompassing both index and active investment strategies. Fink and Kapito underscored the pivotal role of advancing technologies in revolutionizing not just the asset management sector but also other industries.
Despite the workforce reduction, the company remains focused on overall growth, anticipating an expanded staff by year-end. BlackRock is strategically enlarging specific segments of its operations, particularly in Europe and Asia.
BlackRock's decision to downsize aligns with recent industry trends. Several major asset management firms, such as Wellington Management and T. Rowe Price Group Inc., have recalibrated their workforce and financial allocations in response to market dynamics.
Embracing a comprehensive approach, BlackRock aims to position itself as a comprehensive investment solution, offering an array of equity, bond, and money-market funds alongside tailored strategies for private assets. The company is also looking to substantially augment its revenue from private markets, aiming for a doubling within the next five years.
<h3>BlackRock Job Cuts</h3>
This reduction follows earlier downsizing initiatives by BlackRock, including a 2.5% reduction (approximately 500 employees) announced in January of the previous year, followed by additional cuts in June, affecting less than 1% of its workforce.
The firm, which reported $9.1 trillion in client assets as of September 30, is slated to disclose its fourth-quarter earnings later this week. BlackRock faced slight market fluctuations, with a 1.8% decline in its shares this year, following a 15% surge in 2023. The company observed its initial quarterly outflows since the pandemic's onset in 2020, with $13 billion withdrawn from long-term investment funds, although it reported substantial inflows in ETFs and index mutual funds.
Also Watch: <a href="https://www.editorji.com/business-news/economy/white-collar-jobs-dip-16-in-dec-amid-cautious-recruitment-across-it-and-other-sectors-1704813468608">White collar jobs dip 16% in Dec amid cautious recruitment across IT and other sectors</a>

Xerox Layoffs 2024: Xerox, a digital printing and document management technology company, plans to reduce its workforce by more than 3000 to introduce a new organizational structure and operating model.

Xerox Layoffs 2024: Xerox announces 15% workforce reduction, shifts focus to digital services

The intended restructuring seeks to streamline core print products, boost global service efficiency, and prioritize IT and digital services, per the company's official statement.

Xerox announces 15% workforce reduction, shifts focus to digital services

<h2>The intended restructuring seeks to streamline core print products, boost global service efficiency, and prioritize IT and digital services, per the company's official statement.</h2>

Xerox Layoffs 2024: Xerox, a global leader in digital printing and document management, has revealed plans to reduce its workforce by 15%, impacting over 3,000 employees in a bid to streamline its operational structure. The company has around 20,500 employees.
The proposed overhaul aims to simplify its product offerings within its core print business, enhance efficiency in its global business services, and intensify focus on IT and other digital services, as outlined in the company's official release.
In a statement, Xerox CEO Steven Bandrowczak emphasized that the move towards a business unit operating model aligns with their client-centric approach, seeking to accelerate product and service delivery while optimizing operating efficiencies across all served geographies. This restructuring also involves a redesign of the executive team to facilitate the implementation of the new model.
The layoffs, expected to be executed in this quarter, signify a significant shift in Xerox's organizational strategy. However, beyond the information provided in the release, representatives for Xerox have abstained from commenting further on the matter.
This decision to downsize the workforce comes as part of a broader initiative to adapt to changing market demands and technological landscapes. Despite the potential for improved efficiency and streamlined operations, the layoffs underscore the challenging nature of corporate reorganization and its human impact.
Xerox, a company renowned for its innovations in the printing and document management sphere, faces a pivotal moment in its evolution as it strives to align its operations with the rapidly evolving digital landscape while navigating the implications of this substantial workforce reduction.
Also Watch: <a href="https://www.editorji.com/business-news/startups/layoff-2024-frontdesk-lays-off-entire-workforce-during-short-gmeet-call-1704287358616#google_vignette">Layoff 2024: Frontdesk lays off entire workforce during short GMeet call</a>

Founded in 2017, Frontdesk specialized in managing over 1,000 furnished apartments across the United States

Layoff 2024: Frontdesk lays off entire workforce over a short GMeet call

<h2>Founded in 2017, Frontdesk specialized in managing over 1,000 furnished apartments across the United States</h2>

In 2024, Frontdesk, an online rental platform, notably became the initial tech startup to lay off its entire 200-person workforce through a concise "two-minute Google Meet call." The company has terminated its entire 200-person workforce via a brief two-minute Google Meet call, setting off discussions about challenges faced by emerging tech firms, especially in the proptech sector. Frontdesk CEO, Jesse DePinto, conveyed the grim news to employees, stating that the company would be &ldquo;filing for a state receivership, an alternative to bankruptcy.&rdquo; The layoffs, which included full-time, part-time workers and contractors, occurred on Jan 2nd during &ldquo;a two-minute Google Meet call,&rdquo; according to TechCrunch report. Also read/watch - <a title="Adani-Hindenburg case verdict: Adani Group stocks soar after Supreme Court ruling" href="https://www.editorji.com/business-news/markets/adani-hindenburg-case-verdict-adani-group-stocks-soar-after-supreme-court-ruling-1704266318384">Adani-Hindenburg case verdict: Adani Group stocks soar after Supreme Court ruling</a>
Founded in 2017, the startup managed 1,000+ furnished US apartments, but its failure to secure additional capital led to the drastic action.
&ldquo;Frontdesk was apparently still optimistic about its ability to raise more capital; the startup had posted on LinkedIn openings for several jobs, including a chief of staff role, just two months ago,&rdquo; as per TechCrunch report report, highlighting the suddenness of the layoffs despite recent recruitment efforts.
This move adds to the growing number of global tech layoffs, with over 425,000 employees affected worldwide in the last two years, including 36,000 in India alone. In 2023, the tech and startup sector witnessed nearly 260,000 job terminations, reflecting the industry's vulnerability to macroeconomic shifts.&nbsp;

Third Wave Coffee Layoffs 2023: Zerodha's Nikhil Kamath-backed Third Wave Coffee lays off 120 employees after $35 million funding round.

Third Wave Coffee Layoffs 2023: Zerodha's Nikhil Kamath-backed Third Wave Coffee axes over 120 employees

Third Wave Coffee axes over 120 employees after $35 million funding round

<h2>Established six years ago, Third Wave Coffee boasts a network of cafes across multiple Indian cities, including Hyderabad, Coonoor, Bengaluru, Delhi (NCR), Mumbai, Chandigarh, and Pune</h2>

Third Wave Coffee Layoffs 2023: Third Wave Coffee, a Bengaluru-based firm known for its specialized coffee offerings and curated menu, has made headlines after reportedly letting go of more than 100 employees. This move comes months following the company's successful Series C funding round that raised $35 million.
According to a Moneycontrol report, departures were seen across various departments including technology, finance, marketing, business development, and the app division, marking the first significant layoffs in the company's history. Unfortunately, this scenario isn't unique, as other companies like Bizongo and Euler Motors also underwent employee reductions after securing substantial funding.
Also read/watch - <a title="Ram temple inauguration: Ayodhya gears up for boost in tourism economy" href="https://www.editorji.com/business-news/economy/ram-temple-inauguration-ayodhya-gears-up-for-boost-in-tourism-economy-1702612430953">Ram temple inauguration: Ayodhya gears up for boost in tourism economy</a>
Established six years ago, Third Wave Coffee boasts a network of cafes across multiple Indian cities, including Hyderabad, Coonoor, Bengaluru, Delhi (NCR), Mumbai, Chandigarh, and Pune. Out of approximately 109 stores, half are operational in Bengaluru.
Despite plans to expand further by adding 50-60 outlets in smaller cities following the recent funding, the company faced the unexpected task of downsizing. Over the past 24 months, Third Wave Coffee has accumulated over $60 million in funding from three rounds, counting investors such as WestBridge Capital, Creagis, Sujeet Kumar from Udaan, and Nikhil Kamath from Zerodha.
Post the Series C funding, Creagis held a 13.61% stake, while WestBridge and Sujeet Kumar owned 32.62% and 5.64%, respectively. Co-founders Sushant Goel, Ayush Bathwal, and Anirudh Sharma collectively retained 26.03% ownership.
In the competitive landscape, Third Wave Coffee faces rivals such as Blue Tokai, Sabko Coffee, Rage Coffee, Slay Coffee, Sleepy Owl, and Seven Beans Co

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