Australian telco giant Telstra has started a new round of job cuts as the company progresses with its cost-saving strategy to remain competitive in the market. On July 20, Telstra said the latest changes within the company had resulted in “a net reduction of around 472 jobs.” Most of the lost positions were reported to…
George Soros’ Foundation Slashing 40 Percent of Staff
George Soros’ foundation, which is now controlled by the billionaire activist’s son, plans to cut 40 percent of its workforce, according to reports and a statement from the Open Society Foundations (OSF) The board of directors of OSF, which George Soros founded in 1979 and personally led until about a month ago, has approved “significant…
BT to Cut up to 55,000 Jobs by 2030 Amid Shift to AI
The UK’s largest broadband and mobile provider will cut up to 55,000 jobs—more than 40 percent of its workforce—by the end of the decade amid plans to shift to artificial intelligence (AI) and automated services. Telecoms giant BT Group has around 130,000 employees but said it plans to reduce that number to between 75,000 and…
Major Tech Company to Cut 11,000 Jobs as Part of ‘Turnaround’ Plan
Vodafone, one of the world’s largest telecommunications services, has become the latest tech company to announce mass layoffs as part of a “turnaround” plan to help the carrier regain its competitive edge following periods of underperformance. In a statement on Tuesday, newly appointed CEO Margherita Della Valle said the layoffs will include 11,000 employees over a…
Artificial Intelligence Is Expected to Cut 8,000 Jobs in IBM: CEO
International Business Machines Corp. expects to pause hiring for roles as roughly 7,800 jobs could be replaced by artificial intelligence (AI) in the coming years, CEO Arvind Krishna told Bloomberg News on Monday. Hiring specifically in back-office functions such as human resources will be suspended or slowed, Krishna said, adding that 30 percent of non-customer-facing…
Amazon CEO Says Rising Costs Are a ‘Critical Challenge’ as Inflation Pressures Remain
Despite a past year full of challenges, Amazon’s CEO said he is optimistic for the future and that cost-cutting will have a positive result. Andy Jassy said in the letter to shareholders for 2022, published Thursday, that “AWS is now an $85 billion annual revenue run-rate business,” referring to Amazon Web Services, the world’s biggest…
First-Quarter Job Cuts Jump by Nearly 400 Percent as Companies Struggle With Economic Conditions
Jobs cuts about quadrupled during the first quarter, registering the highest first-quarter cuts since 2020, according to data from a recent report, with worries about the economy and market being the number-one reason for the layoffs. In first quarter 2023, U.S.-based employers announced 270,416 job cuts, which is a 396 percent increase compared to the…
Qantas Plans Full Throttle Expansion
March 2, 2023
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Australia’s largest domestic and international airline will hire more than 30,000 frontline workers over the next 10 years, purchase state-of-the-art aircraft and establish a new academy. The hiring spree is considered Qantas’ most significant move to fill in the gaps after it slashed thousands of jobs during the pandemic. The major Australian airline on March…
NPR Cuts Roughly 10 Percent of Workforce Amid ‘Darkened’ Financial Outlook
The National Public Radio (NPR) is cutting roughly 10 percent of its current workforce as the network’s financial outlook recently “darkened considerably” amid declining advertising revenue, NPR’s executive officer announced on Thursday. “At a time when we are doing some of our most ambitious and essential work, the global economy remains uncertain. As a result,…
Boeing to Slash 2,000 Jobs, ‘Streamlining’ Will Include Work Outsourced to India
American aviation firm Boeing intends to lay off two thousand jobs this year as part of a reduction in certain support services, with a part of the work shifted to India, after the firm had earlier committed to hiring 10,000 workers in 2023. “We expect about 2,000 reductions primarily in Finance and HR through a…
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