#JobCut

[brijeshtiwaripune]

Tech major IBM lays off 3,900 employees after missing annual target

With the firing of 3,900 workers on Wednesday, IBM Corp. joined the "layoff campaign" alongside other tech companies. According to the IT hub, the asset divestments included a layoff campaign. The company failed its yearly cash target, which has dimmed the excitement over exceeding revenue projections in the fourth quarter. Chief Financial Officer James Kavanaugh said with Reutersthe, the company was still dedicated to hiring new employee for client-facing research and development. In an official statement, IBM claimed that the layoffs were associated to the separation of its Kyndryl company and a portion of Watson Health, its AI division. According to IBM Corp., the layoffs will result in a $300 million charge between January and March, and according to Reuters, its shares also dropped 2% in extended trade. According to Jesse Cohen, senior analyst at Investing.com, the market appears to be unimpressed by the scale of the company's planned job cuts, which only represented 1.5% of its staff. The analyst continued, “Investors were hoping for deeper cost-cutting measures" . In contrast to its expectation of $10 billion, IBM's cash flow in 2022 was $9.3 billion due to higher-than-anticipated working capital needs. IBM's sales growth for 2022 was 5.5%, the highest in a decade. Read the full article

[enterprisewired]

Cisco Announces Workforce Reduction Amid Industry Downturn

Tech Giant to Cut 5% of Workforce, Eliminating 4,250 Jobs

In a move to streamline operations amidst a challenging industry landscape, Cisco, one of the leading technology companies, has announced plans to reduce its workforce by 5%. This decision will result in approximately 4,250 job cuts, contributing to a significant downsizing trend seen across the tech sector. The news has had an immediate impact on Cisco’s stock, with shares declining by as much as 9% in extended trading.

Industry-Wide Downsizing in 2024

Cisco’s decision reflects an industry-wide trend, as tech companies continue to implement cost-cutting measures in response to the market downturn that began two years ago. January marked a particularly active month for job cuts in the sector, with major players like Alphabet, Amazon, Microsoft, SAP, eBay, Unity, and Discord all announcing layoffs. According to Layoffs.fyi, 144 tech companies have already laid off nearly 35,000 workers in 2024.

Financial Performance and Guidance Challenges

Cisco’s workforce reduction comes on the heels of a 6% year-over-year decline in revenue for the quarter ending on January 27. The net income also experienced a dip, falling to $2.63 billion, or 65 cents per share, from $2.77 billion, or 67 cents per share, in the same period last year. The company attributed part of the challenging financial environment to delays in finalizing the $28 billion acquisition of monitoring and security software maker Splunk.

Cisco Is Cutting 5% of Workforce

CEO Chuck Robbins, in a conference call with analysts, provided guidance for the fiscal third quarter, calling for adjusted earnings per share between 84 to 86 cents on $12.1 billion to $12.3 billion in revenue. These figures fell short of analysts’ expectations, who were anticipating adjusted earnings of 92 cents per share on $13.09 billion in revenue.

For the full year, Cisco anticipates adjusted earnings per share in the range of $3.68 to $3.74 and revenue between $51.5 billion to $52.5 billion, below analysts’ projections of $3.86 in adjusted earnings per share and $54.26 billion in revenue.

Challenges and Caution in a Shifting Environment

During the conference call, Robbins acknowledged challenges impacting the guidance, citing a cautious approach due to heightened uncertainty in the macro environment. Additionally, customers are taking more time to deploy products received in recent quarters, contributing to slower-than-expected progress. Demand remains sluggish among telecommunications and cable service provider clients, adding further complexity to Cisco’s outlook.

Despite these challenges, Cisco announced a slight increase in its dividend, raising it by a penny to 40 cents per share. The company now faces the task of navigating a changing landscape while aiming to maintain its competitive edge in the technology sector.

Also Read: Tencent’s Riot Games Undertakes Global Workforce Reduction

[sifytech]

Layoffs: Surviving the new-age workplace!

Uma Iyer reflects on the future of layoffs in a post-pandemic economy witnessing the rise of Artificial Intelligence Read More. https://www.sify.com/technology/layoffs-surviving-the-new-age-workplace/

[ns-media-mediaentrepreneur]

This is how we can say that nothing is certain. #jobsecurity #Google #googlejobs #JobCut #nsmediadigitaldotcom #googleupdates https://www.instagram.com/p/CnuS4gqIzeT/?igshid=NGJjMDIxMWI=

[careermantradotorg]

Google has stated that 12,000 employees would be laid off internationally. Google CEO Sundar Pichai stated that the business conducted a “rigorous review across product categories” to verify that present jobs correspond with the company’s top priorities.

[streamlinestories]

Elon Musk Sparks Fear Among Federal Workers with Call for Job Cuts

Elon Musk Sparks Fear Among Federal Workers with Call for Job Cuts

In a controversial move, Elon Musk has publicized the names of federal employees he believes should be cut, igniting widespread alarm among government workers and drawing criticism from various quarters. The tech billionaire, known for his outspoken views and unconventional approach, shared the list in a public forum, framing it as a step toward streamlining bureaucracy and increasing efficiency.

Critics argue that naming individuals in such a public manner could endanger their safety, compromise their careers, and foster a hostile environment. Many federal employees expressed fear and frustration, questioning the motives and potential repercussions of Musk’s actions.

"Elon Musk's statements are not only reckless but also a threat to public servants who work tirelessly for this country," said a representative of a federal workers’ union. "No one should have to fear for their job—or their safety—because of someone’s political or personal agenda."

Supporters of Musk argue that his actions shed light on inefficiencies within the government and spark a much-needed conversation about accountability and resource management. Some have praised his boldness, viewing it as a necessary disruption in a system they see as outdated.

However, legal experts have raised concerns over the ethical and legal implications of naming specific individuals. They point out that such actions could lead to harassment, violations of privacy, or even lawsuits.

As debates around Musk’s approach intensify, the incident underscores growing tensions between private sector influencers and public institutions. For now, federal agencies and advocacy groups are rallying to protect employees’ rights and ensure workplace safety amidst the backlash.

This developing story highlights the intersection of power, influence, and responsibility in the modern era. Stay tuned for further updates.

[rwnnews]

Boeing Lays Off 438 Labor Union Members Amid Broader Workforce Reductions.

Boeing Lays Off 438 Labor Union Members Amid Broader Workforce Reductions. SEATTLE, WA – Boeing has issued layoff notices to 438 members of the Society of Professional Engineering Employees in Aerospace (SPEEA) as part of a broader effort to reduce its global workforce by 10%. The layoffs, which affect both professional and technical workers, are part of a company-wide reduction that will see…

[rethinking-the-dollar]

GM’s Shocking Decision: 1,000 Software Jobs Cut - What’s Next?

[upyourfreedom]

Navigating the Future: Intel's AI Shift and Job Cuts

In the rapidly evolving tech landscape, major companies often face tough decisions to stay competitive and innovative. Intel, one of the world's leading semiconductor manufacturers, recently made headlines with a significant announcement. According to a report by AP News, Intel is set to cut jobs amid its strategic shift towards artificial intelligence (AI) and new chip technologies. This move reflects broader industry trends and raises important questions about the future of tech jobs and innovation.

The Big Announcement

Intel's decision to reduce its workforce is part of a larger strategy to focus on AI and advanced chip technologies. This shift is seen as crucial for maintaining Intel's competitive edge in an industry where AI is becoming increasingly vital. The company has faced challenges from rivals like AMD and Nvidia, who have made significant strides in AI and high-performance computing.

The job cuts, while difficult, are aimed at reallocating resources towards these emerging technologies. Intel's CEO, Pat Gelsinger, emphasized that this realignment is essential for driving future growth and innovation.

The Impact on Employees

Layoffs are never easy, and Intel's decision will undoubtedly affect many employees and their families. The company has stated that it will provide support and resources to those impacted, including severance packages and assistance with job placement. However, the news has raised concerns about job security in the tech industry, especially for those in roles that may be deemed less critical in the new AI-focused strategy.

The Broader Industry Context

Intel's move is not an isolated incident. The tech industry as a whole is experiencing a significant transformation driven by AI and machine learning. Companies are investing heavily in these areas to stay ahead of the curve. This often means shifting resources away from traditional roles and towards new, specialized positions.

Other tech giants have also made similar adjustments. For instance, Google, Microsoft, and Amazon have all announced investments in AI and cloud computing, sometimes accompanied by workforce reductions in other areas. This trend underscores the growing importance of AI in shaping the future of technology.

The Future of AI and Chip Technology

AI is poised to revolutionize numerous industries, from healthcare and finance to manufacturing and entertainment. For semiconductor companies like Intel, developing advanced chips that can efficiently power AI applications is crucial. These chips need to handle vast amounts of data and perform complex computations at high speeds.

Intel's investment in AI and chip technology aims to position the company at the forefront of this revolution. By focusing on innovation and cutting-edge research, Intel hopes to create products that will drive the next wave of technological advancements.

What This Means for Job Seekers

For job seekers and those currently employed in the tech industry, Intel's announcement highlights the importance of staying adaptable and continually updating skills. As companies pivot towards AI and other emerging technologies, there will be a growing demand for expertise in these areas.

Professionals should consider investing in education and training in AI, machine learning, data science, and related fields. By acquiring these in-demand skills, individuals can enhance their career prospects and remain competitive in a changing job market.

Conclusion

Intel's decision to cut jobs as part of its shift towards AI and new chip technologies is a significant development in the tech industry. While it brings challenges for affected employees, it also underscores the critical importance of AI in shaping the future of technology. For companies, staying competitive means embracing innovation, even when it requires difficult decisions.

As the industry continues to evolve, professionals must adapt and seize opportunities in emerging fields. By doing so, they can contribute to the exciting advancements that lie ahead in the world of AI and beyond.

For more details on Intel's announcement, you can read the full article here.

Feel free to share your thoughts on this development and how you see the future of AI and tech jobs unfolding.

[usnewsper-business]

Student Debt Relief, Job Losses, and Money in Politics: How 2023 Shook Our Finances #bigmoneyinpolitics #consumerspendingdecline #corporations #corruptinginfluenceofmoney #COVID19pandemic #darkmoney #economicuncertainty #highereducationcost #jobcuts #majortechnologycompanies #MichaelBloomberg #politicaladvertising #studentloanforgiveness #techlayoffs #wealthydonors

[techxoner]

2024 opens with a tech industry bloodbath, as companies like Google, Microsoft, and Amazon slash jobs. Explore the prominent cases, understand the driving factors, and get insights into the uncertain future of tech employment.

[enterprisewired]

Barclays Set to Trim 2,000 Jobs in a £1 Billion Cost-Cutting Initiative

Barclays is on the brink of reducing its workforce by up to 2,000 positions as part of a sweeping £1 billion cost-saving endeavor to bolster its profitability. The plans for job redundancies surfaced recently, primarily impacting departments such as legal, human resources, and compliance, excluding roles in customer-facing branches or the investment banking sector.

Strategy to Reduce Expenses

The move aligns with Barclays’ CEO, CS Venkatakrishnan’s strategy to curtail expenses within the organization, responding to pressures from the financial district to uplift the bank’s dwindling share prices.

The restructuring drive is anticipated to focus on the segment internally known as Barclays Execution Services, where the shift towards digitization has rendered numerous roles redundant. Currently employing around 87,000 individuals globally, Barclays houses 44,000 workers in the UK alone.

Venkatakrishnan also referred to as Venkat, hinted at reshaping the bank’s expenditure trajectory last month, emphasizing room for improvement across various bank divisions. The announcement comes amidst a 15% decline in Barclays’ shares this year, resulting in diminishing profits, prompting stakeholders to urge Venkat to reinvigorate the institution’s financial standing.

Barclays Plans £1 Billion Cost Cuts, Reuters Says

Analyst Predictions

Analysts predicted a cost reduction between £500 million and £1.5 billion. Benjamin Toms, an RBC analyst, highlighted the significance of these cost actions for investors, foreseeing the unveiling of the plan’s magnitude and potential advantages.

Accompanying the imminent job cuts, the bank is anticipated to downsize its office spaces, contributing to overall cost reductions. The bank is expected to disclose further details regarding the layoffs during the full-year results announcement slated for February.

While previously warning investors of substantial cuts as part of an impending strategic review, Barclays’ current financial status depicts stabilized costs, hinting at the potential for increased shareholder value through further savings.

Proposing an Overhaul

Venkat’s proposed overhaul marks a pivotal move since assuming leadership in 2021, following his role as chief risk officer. Similar maneuvers to streamline operations have been witnessed at rival banks like Citigroup, evidencing the intensified competition in the banking landscape.

Although the bank refrained from explicitly terming Venkat’s actions as a “restructuring,” the impending shake-up is poised to reduce administrative roles significantly, possibly altering the bank’s operational landscape. This news arrives in tandem with Barclays’ recent announcement of plans to close an additional 16 bank branches in early 2024.

Barclays declined to provide comments regarding the impending changes.

Curious to learn more? Explore our articles on Enterprise Wired

[wnewsguru]

क्वालकॉम में माइक्रोचिप निर्माताओं की छंटनी की जा रही है

[careermantradotorg]

Google’s parent company Alphabet announced about 12,000 job cuts globally on Friday, becoming the latest US tech giant to undertake a massive restructuring.

[zoofsoftware]

Pov: companies making budget cuts these days

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