Tag: restructuring
Cognizant cuts 3,500 jobs in post-COVID, hybrid work restructuring plan
Technology services and consulting company Cognizant is set to lay off around 3,500 employees, approximately 1% of its global workforce, and reduce office space in an effort to cut costs.
Despite the company reporting a 3% increase in net profit year-on-year, Cognizant was “carefully monitoring what remains an uncertain macroeconomic environment and with its potential for shifts in client priorities,” said CEO Ravi Kumar on a call with analysts after Cognizant released its first quarter 2023 financial results.
Chief, a professional network for women leaders, cuts staff amid restructuring effort
Chief, a professional network designed for women in leadership, has cut 14% of staff, or 43 jobs today, saying in an email seen by TechCrunch that the move is a response to the economy and that the outfit is restructuring to further focus on member experience. The layoff largely hit Chief’s U.S. employees as the […]
Chief, a professional network for women leaders, cuts staff amid restructuring effort by Natasha Mascarenhas originally published on TechCrunch
Dow Jones Newswires: Mitsubishi Electric shares gain on restructuring of loss-making car parts business
: Clorox to lay off about 200 amid ongoing restructuring
Electronic Arts are laying off 6% of employees in a new “restructuring”
Electronic Arts has become the latest tech company to suffer mass layoffs. Today the publisher announced a new “restructuring” which will impact roughly 6% of their total workforce, or over 700 employees if an SEC filing from March 2022 is any estimate.
EA “restructuring” sees 6% of total staff losing their job
EA has laid off roughly 6% of its total staff, the latest in a series of industry-wide cuts as both gaming and tech as a whole show signs of struggling.
This information comes from the EA website, where a statement by CEO Andrew Wilson has been posted to the public following its initial rounds to staff. The statement starts with assuring employees that EA is operating from “a position of strength”, before addressing news of the layoffs.
“As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams,” writes Wilson. “These decisions are expected to impact approximately six percent of our company’s workforce. This is the most difficult part, and we are working through the process with the utmost care and respect.”
EA Is Laying Off 6% Of Its Workers And Restructuring
EA has announced it’s laying off 6% of its employees and undergoing restructuring. The news comes via an official EA blog post, also shared internally with employees, and EA said it had already begun notifying staff of layoffs in early 2023.
Workers affected will continue to receive layoff notices until the beginning of the new fiscal year starting in April. SEC documents show that EA had 12,900 employees as of March 2022, suggesting the 6% amounts to about 774 employees being affected.
EA boss Andrew Wilson told staff that the company will prioritize “building games and experiences that entertain massive online communities, creating blockbuster interactive storytelling, and amplifying the power of community in and around our games with social and creator tools.”
Lucid to lay off 1,300 employees in restructuring
Lucid Group, the U.S. automaker that produces the luxury all-electric Air sedan, is cutting its workforce by 18% as part of a restructuring, the company disclosed in a regulatory filing. The layoffs, which will affect 1,300 employees, will be completed by the end of the second quarter. Lucid expects to incur about $24 million to […]
Lucid to lay off 1,300 employees in restructuring by Kirsten Korosec originally published on TechCrunch
Meta lays off another 13 percent of its workforce in second round of ‘restructuring’ cuts
On Tuesday, Mark Zuckerberg personally announced another round of layoffs through his Facebook page. Meta has been in the middle of a restructuring effort since eliminating about 11,000 positions last November. The CEO says that this time the company is looking to eliminate another 10,000 employees, which is about 13…