Lendlease is cutting 10 percent of its global workforce as the real estate giant works to implement a five-year turnaround plan. A Lendlease spokesman on Tuesday confirmed the company will lay off about 740 people. Overseas workers will take the brunt of the job losses, with five percent of the company’s Australian staff receiving redundancies….
US Tech Sector Continues Laying Off Large Number of Employees
American tech firms have announced thousands of layoffs this year so far, with reasons for these terminations ranging from over-hiring during the pandemic, worries about a potential recession, and efforts to cut costs. Salesforce set the tone for the tech industry’s layoffs this year in January when it announced that 8,000 employees would be terminated….
Vaccine Maker Announces 25 Percent Layoffs as Pandemic Worries Subside
May 9, 2023
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COVID-19 vaccine maker Novavax has announced that it will lay off a quarter of its employees as the company faces “substantial challenges” this year amid the easing of the pandemic. Novavax is focusing on “significantly reducing” its expenses while maintaining critical capabilities that are necessary to execute the company’s operating plans, the firm said in…
New York Radio Broadcaster Laying Off 8 Percent of Employees
March 7, 2023
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Business & MarketsCompanieseconomyNew YorkrecessionRegional & State NewsSiriusXM stationstaff layoffsState Newstech industryUS
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Satellite radio firm SiriusXM has announced a reduction in its employee count, in line with the overall trend among tech companies firing workers in the past few months. “After a review of our business, we have made the decision to reduce the size of our workforce by 475 roles, or 8 percent,” CEO Jennifer Witz…
Amazon Pauses Headquarter Construction in Virginia After Revenue Losses
Amazon has decided to pause construction activities at its second headquarters in Arlington, Virginia, following a poor 2022 financial performance that saw the company register over $2 billion in losses. The Seattle-based e-commerce giant is developing its Arlington base, HQ2, in two phases—the Met Park and PenPlace. The company has decided to pause construction in…
Zoom Slashing Workforce by 15 Percent, CEO to Take 98 Percent Salary Cut
Communications firm Zoom announced plans to lay off more than 1,000 employees globally after a pandemic-fueled growth spurt and subsequent decline, with the chief executive announcing a 98 percent reduction in his salary. “We have made the tough but necessary decision to reduce our team by approximately 15 percent and say goodbye to around 1,300…
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…
Philips to Layoff 6,000 More Workers as Company Struggles With Profitability
January 30, 2023
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Business & MarketsCompanieseconomyfiring employeesPhilips Electronics N.V.recessionRespiratory Devicesleep therapy devicesstaff layoffs
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Multinational corporation Philips intends to cull thousands of jobs in a bid to boost profitability as the company tries to refocus on health technology, a decision which comes after shares crashed following a recall of its respiratory devices in 2021. Amsterdam-based Philips plans on scrapping 6,000 jobs, with half of the cuts to be implemented…
Hasbro Shaving Off 15 Percent From Global Workforce as Top Executive Leaves Toy Firm
Global branded entertainment leader Hasbro announced a 15 percent reduction in its workforce as well as the exit of its chief operating officer while projecting weaker revenues for the fourth quarter. In October 2022, Rhode Island-headquartered Hasbro announced that it would deliver $250–300 million in annualized run-rate cost savings by the end of 2025. In…
Timber Shortages Make Paper Mill Workers Face Uncertain Future
Hundreds of workers at a large paper mill in regional Victoria could soon be stood down because of a timber shortage while the company considers its long-term future. The Opal Australian Paper mill at Maryvale in the Latrobe Valley is due to run out of materials to make white paper about December 23. Its supplier, government-owned…
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