ShareChat sacks 5% of its employees, shuts Jeet11

The closing of ShareChat’s fantasy game segment Jeet11 resulted in the firing of between 100 and 120 employees. Over 2,500 employees work for the startup that is backed by Twitter.

In 2020, Jeet11 was introduced as ShareChat’s response to Dream11, which also has the support of New York-based investment firm Tiger Global.

US fintech firm FIS fires 400 employees in Pune

Due to internal reorganisation, the US-based fintech company Fidelity National Information Services (FIS) has decreased headcounts. Employees who FIS lays off are entitled to severance pay.

The news follows last week’s reports that FIS was considering laying off “thousands” of employees as a result of the company’s stock price decline of 44%.

Fashion giant H&M to lay off 1,500 workers

Despite a still-tight labour market, H&M started laying off employees as the first major European retailer in an effort to save $190 million annually in response to the rising cost of living.

H&M’s cost-saving measures would begin to take effect in the second half of 2022, while it will incur a restructuring charge of 800 million Swedish crowns in Q4.

Crypto exchange Kraken lays off 1,100 employees in cost-cutting drive

The exchange gave an explanation for the reduction, stating that this year’s “significantly lower trading volumes and fewer client sign-ups” forced it to slow down on hiring and steer clear of “large marketing commitments.”

About 30% of its workforce is comprised of the 1,100 affected workers. Dark macroeconomic conditions and even worse conditions in the crypto-land prompted exchanges to reduce costs.

DoorDash reduces headcounts by 1,250, will continue to take cost-saving measures

The affected employees will be compensated for 17 weeks, and their shares will vest in February 2023. CEO Tony Xu DoorDash was understaffed before the pandemic and had to speed up hiring to keep up with its growth.

Xu said DoorDash will continue to try to cut operating costs unrelated to personnel, but those efforts alone won’t be sufficient to narrow the gap.

Dailyhunt parent VerSe sacks 150 staff, declares company-wide pay cuts

The parent firm of the news aggregator Dailyhunt and the short video platform Josh, VerSe Innovation, has let go around 5% of its workers.

The company, which had raised $805 million at a $5 billion valuation, has reduced compensation for workers making more than Rs 10 lakh annually by up to 11%.

Tech layoffs: CEO of $4.5 bn insurance firm slams industry, says ‘these are humans’

Julian Teicke, CEO of Wefox, a $4.5 billion digital insurance company, has expressed “disgust” at tech companies laying off thousands of employees.

“These are people who may have left other jobs to join your company. These are people who may have relocated as a result of your actions. These are individuals who have possibly ended romantic relationships “.

853 tech firms fire over 137,492 employees worldwide in 2022 so far

More than 73,000 employees of US tech companies, including Meta, Twitter, Salesforce, Netflix, Cisco, Roku, and others, had been let go as of mid-November as a result of widespread employment layoffs.

Since the start of Covid-19, 1,388 IT companies have fired 233,483 workers in total, but 2022 has been the worst year for the industry.

Not fired, employees have resigned voluntarily: Amazon to India’s labour ministry

Amazon India has argued before the labour authorities that it has not fired any employees, only letting go of those who voluntarily chose to leave the company by accepting a severance package.

However, NITES has demanded an investigation, claiming that the company set a deadline of November 30 to finish the layoffs in India, which it claimed had negatively impacted the livelihoods of many people.

Tech layoffs: Over 25,000 employees lost jobs in the last few weeks

Thousands of people have been let go by three of the major tech companies, including Twitter, Meta, and Amazon, in the past few weeks.

After Elon Musk sacked 50% of the Twitter workers worldwide, Meta and Amazon followed suit. Nearly 10000 staff will also shortly be let go by Alphabet, the parent company of Google.

Union Labour Ministry serves Amazon with notice regarding layoffs in India

Amazon has been summoned by the deputy chief labour commissioner regarding the Voluntary Separation Program. Amazon India’s public policy manager has to attend a hearing on Nov 23.

“The company needs to submit an application to the authorities along with the reasons for such layoffs. Then the government will decide whether the layoffs can be permitted or not,” said NITES President Saluja.

HP to slash 6,000 jobs amid downturn in PC market

By the end of its fiscal year in 2025, HP will eliminate between 4,000 and 6,000 positions, making it the most recent tech company to join the layoffs trend.

A month after market analysts IDC and Gartner warned that the demand for computers is declining at its quickest rate in decades, the company announced the layoffs accompanying an 11% decline in quarterly sales.

More layoffs are incoming for Twitter employees

Elon Musk is thinking about making additional cuts that would affect the company’s sales and partnership teams. Uncertainty surrounds the size of the proposed reduction.

Musk reportedly directed Maggie Suniewick, the company’s head of partnerships, and Robin Wheeler, the company’s head of ad sales, to remove further staff on Friday. Both were dismissed following resistance.

 

Cisco to reduce headcounts by 4,100 or 5% in a ‘rebalancing’ move

A total of 4,100 jobs will be lost as a result of the change at Cisco, which employs 83,000 people worldwide.

Cisco’s Chairman and CEO, Chuck Robbins, withheld any information about layoffs because he would “be reluctant to go into a lot of detail here until we’re able to talk to them.”

Zomato to lay off 4% of workforce, already sacked 100 employees

At least 100 employees from various departments, including product, technology, catalogue, and marketing have already been impacted.

Zomato looks to cut costs and turn profitable, and the layoffs come soon after three top-level exits – Mohit Gupta, Rahul Ganjoo and Siddharth Jhewar – from the company in the last three weeks -.

Indonesia’s largest internet company GoTo reduces headcounts by 1,300 or 12%

In an effort to “accelerate its journey towards becoming a truly viable and financially independent business, focused on its core offers of on-demand, e-commerce, and financial technology services,” the company made the move.

In its decision to reduce employees in response to the global economic recession and rising interest rates, GoTo joins a large number of local and international peers.