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Tag: Layoffs

  • Axis Bank Disregards 100 Senior Staff Layoffs, Calls it a Regular Practice

    According to a media outlet, Axis Bank has confirmed that certain workers were asked to leave because of performance-related concerns, stating that this was a normal evaluation procedure for the institution.

     The lender in the private sector was responding to news that over 100 top staff members had been asked to resign. According to Amitabh Chaudhry, MD of Axis Bank, the bank does a thorough review cycle at the conclusion of every fiscal year, just like any other organisation.

    A Regular Practice in Banking Sector: Chaudhry

    During the release of the bank’s Q4 results, Chaudhry stated that while many staff receive rewards and promotions, some may perform poorly, which could result in challenging discussions.

    The banking sector have a variety of difficulties; some companies are doing well, while others are struggling. The bank still makes significant investments in various sectors, although withdrawals are occasionally unavoidable based on individual performance. This is a typical occurrence in our yearly cycle.

    Axis Bank’s fiscal fourth quarter earnings report, which was announced on April 24, showed a profit of INR 7,117 crore, up from INR 7,130 crore in the same quarter of FY24.

    The slower growth in other income had an effect on this. From INR 13,089 crore in the same time last year to INR 13,811 crore in Q4, net interest income increased by 6%.

    Axis Bank has announced a final dividend of 50%, or INR 1 per share at a face value of INR 2, in addition to releasing its financial results for the January–March 2025 period.

    According to the bank, this would need shareholder approval at the upcoming annual general meeting. Axis Bank has set July 4 as the record date to decide who will be entitled to collect the INR 1 dividend per share.

    Layoff has Become a Common Scenario in 2025

    With big companies like Google, Microsoft, and others continuing to reduce their workforces, layoffs in the tech sector are not expected to halt in 2025.

    Companies are still cutting employees in an effort to simplify operations, save money, and emphasise automation and artificial intelligence, even though these figures are much lower than the major layoffs that occurred between 2022 and 2023.

    Layoffs.fyi, a website that tracks layoffs in the industry, reports that 93 organisations have laid off nearly 23,500 tech workers so far this year, and the number is still growing. Google and Microsoft are apparently contemplating a new round of layoffs, according to the most recent job reduction reports.

    According to reports, AI-led restructuring and performance-based terminations are part of the corporations’ goals to increase the effectiveness of their personnel.

  • Several Days After Acquiring Team-BHP, Cars24 Fires More than 200 Employees

    More than 200 employees were let go by used automobile marketplace Cars24 as part of its cost-cutting initiatives in the technology and product verticals. The layoffs coincide with the recent completion of a new $131 million investment round by Spinny, a competitor of Cars24.

    A well-known media site broke the story of Cars24’s layoffs first, and since then, a lot more information about the company’s decision to fire more than 200 workers has surfaced.

    In a blog post, Cars24 founder and CEO Vikram Chopra stated that the company had to make the tough choice to let go of almost 200 of its coworkers in a variety of roles over the course of the last few weeks. How hard someone works is not the point of this. This relates to the firm’s wagers and the instances in which it made mistakes.

    Various Perks Offered to Exiting Employees and Reasons for Layoff

    Employees will receive severance support, a résumé, LinkedIn assistance, mentorship, resources for emotional wellness, and information about new employment within the network, according to Chopra.

    “The organisation has realised that some projects did not deliver what it expected,” he continued. A few positions were introduced too soon. When tested, a few theories just didn’t hold up. Additionally, there were instances in which Cars24 was unable to provide the kind of development or education that people genuinely needed.

    It is simple to place the blame on outside forces or the market. However, the brand is accountable. Cars24 purchased Team-BHP, India’s biggest automotive platform, in the days preceding the layoffs. It was a “small but meaningful step towards a more trustworthy auto ecosystem in India”, according to Chopra.

    Layoff has Become a Common Scenario in 2025

    With big companies like Google, Microsoft, and others continuing to reduce their workforces, layoffs in the tech sector are not expected to halt in 2025.

    Companies are still cutting employees in an effort to simplify operations, save money, and emphasise automation and artificial intelligence, even though these figures are much lower than the major layoffs that occurred between 2022 and 2023.

    Layoffs.fyi, a website that tracks layoffs in the industry, reports that 93 organisations have laid off nearly 23,500 tech workers so far this year, and the number is still growing. Google and Microsoft are apparently contemplating a new round of layoffs, according to the most recent job reduction reports.

    According to reports, AI-led restructuring and performance-based terminations are part of the corporations’ goals to increase the effectiveness of their personnel.

    Vikram Chopra’s Linguistic Employment Dispute

    Last year, Chopra made headlines when he invited Bengaluru-based employees to Delhi, sparking a discussion about linguistic identity and workplace inclusion.

    Chopra’s post on X read: After living in Bengaluru for years, are you still unable to speak Kannada? It’s all right. Come to Delhi, or “Aa jao Dilli”.

    The Cars24 CEO went on, “If you would like to return, please write to me at vikram@cars24.com with the subject ‘Delhi meri jaan.’

  • More Meta Layoffs, Reality Labs Employees Now in the Firing Line

    According to reports, tech firm Meta has laid off employees in its Reality Labs division, mostly affecting hardware development and Oculus Studios teams. One of the projects affected is Supernatural, a virtual reality fitness game that Meta purchased for more than $400 million.

    According to the firm, the change is intended to increase productivity while maintaining the company’s commitment to creating content for Supernatural and Quest. These recent layoffs come after a larger round of job cuts in February.

    That month, Meta slashed about 3,600 positions, or around 5% of its global employment, citing performance-related issues. The precise number of layoffs is yet unknown. The layoffs are in line with CEO Mark Zuckerberg‘s goal of creating a more streamlined, flexible company.

    Meta Facing Outrage on Social Media

    Social media users reacted negatively to the February layoffs, with many blaming the corporation for putting executive compensation ahead of the livelihoods of normal workers.

    In addition to public outrage, a number of former Meta employees claimed that the layoffs weren’t just performance-based. Some said they were fired for reasons unrelated to their work performance or even while they were on authorised leave.

    Meta, one of the most popular social media sites in the world, mostly makes money via advertising. As it fights for the top spot in the rapidly changing field of generative AI technology, the company’s multibillion-dollar investment in AI infrastructure is fueled by that revenue stream.

    Ray-Ban Meta Glasses with AI will soon be Available in India

    The Ray-Ban Meta, one of Meta’s newest smart glasses, will soon be available in India, the company has revealed. These glasses, which are powered by Meta AI and provide a distinctive fusion of fashion and technology, were created in collaboration with the international eyewear manufacturer EssilorLuxottica.

    The glasses were first released in a few regions last year, but they are now being released in more nations, such as Mexico and the United Arab Emirates, with India likely to follow. The glasses, which are made for hands-free interaction, allow users to send messages, control music, translate languages, and ask questions by simply saying, “Hey Meta.”

    They can take pictures, record videos, and make calls via apps like Instagram, WhatsApp, and Messenger in addition to having built-in cameras and speakers.

    The Ray-Ban Meta spectacles were initially introduced in September 2023 as the successor to the original Ray-Ban Stories, which were released in 2021. With this new iteration, Meta has expanded app support, enhanced design, enhanced sound quality, and added more potent AI functions.

    The glasses are made to feel and look like standard Ray-Bans. However, they are now packed with smart technology that allows users to keep their phone in their pocket and stay connected.

  • Employees Given Five-Day Deadline by the Microsoft HR Head

    According to internal papers, Microsoft has adopted a new performance management guideline. The new policy allows underperforming employees to choose to take a reward and quit the firm rather than enrolling in a performance improvement plan (PIP).

    According to various reports, the company is now providing low-performing workers who choose to leave voluntarily with 16 weeks of compensation.

     This strategy is similar to Amazon’s contentious “Pivot” programme, which has come under fire for reportedly being created more to satisfy firing targets than to actually assist staff members in becoming better workers.

    Microsoft Rolling Out New Tool to Enhance Employees’ Performance

    Microsoft is implementing new and improved technologies to help accelerate high performance and quickly resolve negative performance, according to an internal email sent to managers on April 22 by Amy Coleman, the company’s new chief people officer.

    Workers on PIPs are now faced with a difficult decision. They are now confused with either to embrace the improvement plan with its strict performance goals or accept the severance pay and leave the organisation.

    At the company, the separation programme is known as the “Global Voluntary Separation Agreement (GVSA)”. The compensation will no longer be available to those who choose the PIP, and they only have five days to decide.

    As per the poll mentioned in Coleman’s Email-

    Would you consider taking a payout to leave the company if you were identified as a low performer?

    •No, I would prefer to try to improve

    •Yes, I would take the payout

    Two Year Rehire Ban

    Employees who quit during a PIP or after receiving poor performance reviews are likewise prohibited from being hired again for two years under the new policy. Furthermore, employees who are not performing at their best will be prohibited from transferring to other positions within Microsoft.

    After months of performance reviews at every level of the organisation, Microsoft fired over 2,000 failing workers earlier this year without providing severance pay. According to Coleman’s email, these modifications are meant to promote a culture of accountability and development while producing a consistent and transparent experience across the globe.

    The year-round availability of the performance improvement process will give managers the flexibility to swiftly and openly address performance concerns while giving staff members a choice.

    Layoffs Become a Typical Occurrence in 2025

    With big companies like Google, Microsoft, and others continuing to reduce their workforces, layoffs in the tech sector are not expected to halt in 2025. Companies are still cutting employees in an effort to simplify operations, save money, and emphasise automation and artificial intelligence, even though these figures are much lower than the major layoffs that occurred between 2022 and 2023.

  • Over 20% of Intel’s Workforce will be Let Go this Week

    According to a media report, tech giant Intel Corporation intends to announce layoffs at some point this week. The report further revealed that the job cuts would involve a personnel reduction of more than 20% in order to “eliminate bureaucracy”.

    Intel’s layoffs are intended to “streamline management and rebuild an engineering-driven culture”. The chip giant undergoes significant reorganisation under its new CEO, Lip-Bu Tan who took over company’s operations in March 2025.

    In an effort to turn around the faltering chipmaker, more than 20% of Intel’s workforce would be let go. After years of lagging behind Nvidia in artificial intelligence (AI) processors, Tan hopes to challenge competitors with this move.

    Dropping Sales Figures Resulting in Layoffs

    Intel has previously implemented layoffs in an effort to improve its financial status. Up to 15,000 workers were let go in August 2024, bringing the company’s total workforce to 108,900 at the end of the year. Intel employed 124,800 people in 2023, the year before.

    Due to Nvidia’s technological advancements, the Santa Clara-based traditional chipmaker has recorded three years in a row of dropping sales and red statistics. Tan has promised to develop more interesting products and spin off Intel assets that aren’t essential to its purpose.

    Tan said at the Intel Vision conference in March that Intel needed to repair its balance sheet, replace the engineering expertise it lost, and better align its manufacturing processes with the demands of prospective customers.

    Tan will have a crucial chance to further lay out his strategic perspective on 24 April when Intel releases its first-quarter earnings. Wall Street does not anticipate that Intel will return to its previous sales heights very soon, if at all, even though analysts say the company’s revenue drops are now at their most severe.

     Tan was hired after Pat Gelsinger, the previous CEO, left last year due to his inability to carry out his recovery strategy.

    Gelsinger had adopted a bold and costly plan to increase Intel’s production capacity and re-establish the company as a significant force in the custom chip industry.

    Layoffs have Become a Common Scenario in 2025

    With big companies like Google, Microsoft, and others continuing to reduce their workforces, layoffs in the tech sector are not expected to halt in 2025. Companies are still cutting employees in an effort to simplify operations, save money, and emphasise automation and artificial intelligence, even though these figures are much lower than the major layoffs that occurred between 2022 and 2023.

    Layoffs.fyi, a website that tracks layoffs in the industry, reports that 93 organisations have laid off nearly 23,500 tech workers so far this year, and the number is still growing. Google and Microsoft are apparently contemplating a new round of layoffs, according to the most recent job reduction reports.

     According to reports, AI-led restructuring and performance-based terminations are part of the corporations’ goals to increase the effectiveness of their personnel.

  • 200 Workers are Fired by US Mortgage Giant Fannie Mae, Primarily Associated with Telugu Groups

    As part of a reorganisation process, the American mortgage company Fannie Mae laid off 700 workers. Of these, 200 were primarily Telugu-born and were sacked on “ethical grounds” due to financial irregularities. Allegedly, at least 200 Indian-American workers were let go for working with Telugu groups to misuse Fannie Mae’s matching grants programme. One Indian-American congressman has asked the firm for a statement in the wake of the widespread layoffs. Fannie Mae, also referred to as the Federal National Mortgage Association (FNMA), is a government-owned company in the United States. Telugus make up the majority of the 200 employees who were sacked for salary theft, according to sources. The matching grants programme is intended to encourage charitable contributions and is a payout that is an extension of employees’ compensation.

    How Employees Misuse Company to Craft the Scam?

    The fired employees allegedly worked with charitable groups, some of which were connected to the Telugu community in the US, and fabricated donations to obtain company funding, according to a report released by a media outlet. One of these groups is the Telugu Association of North America (TANA), which is the subject of the dispute. According to the article, one of the fired employees is the spouse of a former American Telugu Association (ATA) president, and another is the regional vice president of the TANA organisation. Already, TANA was being scrutinised for allegedly misusing corporate matching grants. A joint investigation between the FBI, IRS, and DOJ is underway. According to the report, Apple dismissed over 100 workers in January for allegedly abusing its matching grants programme. The workers allegedly conspired with nonprofits to fabricate documents and syphon off matching funds for their own use.

    Congressman Putting Blame on Fannie Mae

    TANA is not the only non-profit group engaged with the problem, according to people who are aware of the development. Investigations were reportedly underway on other associations as well. On April 9, Indian-American Congressman Suhas Subramanyam stated that he had been informed that Fannie Mae had accused hundreds of his Indian-American constituents of engaging in fraudulent activities and dismissed them without carrying out a thorough investigation or presenting supporting documentation. According to a media report, Subramanyam defended the workers and demanded an “immediate” answer from the business, arguing that they were entitled to due process.

    Indian-American lawmakers are now standing up for the Telugu workers who were fired by Fannie Mae. Even though fraud should be treated with zero tolerance, a thorough investigation and procedure should be followed before terminating an employee. For this, the members of Congress are battling it out.

  • Confirmation of May Layoffs at Goldman Sachs with an Average Severance Pay of $80,000

    In May, Goldman Sachs will reduce its workforce. Today, the company affirmed that it intends to refine its “pyramid” and implement its “annual performance review process”. It anticipates paying a $150 million severance fee in the process. Dennis Coleman, the CFO of Goldman, stated on 15 April’s investor call that $150 million will be spent on severance expenses during the second quarter. As it was previously reported in the media, Goldman plans to reduce its workforce by 3-4% in Q2, which translates to approximately 1,900 job losses. According to reports, Goldman is urging other VPs and managing directors (MDs) to relocate to less expensive areas like Salt Lake City, as vice presidents are anticipated to be the first to be fired. Goldman will pay severance payments of about $80,000 per person on average if it fires 1,900 employees in May. In the first quarter, Morgan Stanley laid off 2,000 employees and reported paying $144 million in severance costs, or $72k per employee. Goldman aims for an operating margin or efficiency ratio of 60%. The efficiency ratio for the first quarter was 60.6%.

    No Fundamental Shift in the Business: Solomon

    David Solomon, CEO of Goldman Sachs, also discussed the future, stating that there is no sign of a “fundamental shift” in the company’s operations since the imposition of tariffs and that any possible repercussions would probably be minor. He reaffirmed that Goldman is still a “big, diverse, strong-earning business”; he joked that this description may also work as a catchy tagline should he ever go back to his previous side profession as a DJ. This most recent round of layoffs is part of a larger trend by which international financial institutions are readjusting their workforces in response to changing business requirements and economic challenges. Although the impacted employees will surely feel unsettled as a result of the layoffs, Goldman Sachs is making a larger effort to remain flexible, profitable, and competitive in a difficult market climate.

    Layoffs have Become a Common Scenario in 2025

    With big companies like Google, Microsoft, and others continuing to reduce their workforces, layoffs in the tech sector are not expected to halt in 2025. Companies are still cutting employees in an effort to simplify operations, save money, and emphasise automation and artificial intelligence, even though these figures are much lower than the major layoffs that occurred between 2022 and 2023. Layoffs.fyi, a website that tracks layoffs in the industry, reports that 93 organisations have laid off nearly 23,500 tech workers so far this year, and the number is still growing. Google and Microsoft are apparently contemplating a new round of layoffs, according to the most recent job reduction reports. According to reports, AI-led restructuring and performance-based terminations are part of the corporations’ goals to increase the effectiveness of their personnel.

  • In May, Microsoft Might Announce Further Layoffs as Part of its Restructuring

    A media outlet has revealed that Microsoft is considering laying off another group of employees as early as May in an effort to further streamline its organisational structure. The tech firm wants to increase the proportion of engineers to non-technical employees in project teams. Therefore, it is anticipated that the projected layoffs will target middle management positions. The change is in line with a similar initiative by Andy Jassy, the CEO of Amazon, who has supported a more lean organisational structure throughout the business. The report claims that Microsoft is looking into ways to give managers more “span of control”, which would allow them to supervise a greater number of workers. According to the report, a sizable percentage of employees may be impacted by the cuts, while the precise number of possible job losses is unknown.

    Layoffs Becoming a Latest Trend in Global Tech World

    The strategy of layoffs is consistent with a larger trend in the technology sector. Businesses like Google and Amazon have also been trying to improve team structures by increasing the proportion of supervisors to individual contributors. As part of a company-wide efficiency drive, Google CEO Sundar Pichai said in December that vice president and manager positions would be cut by 10%. According to reports, Microsoft is concentrating on lowering the “PM ratio”—the proportion of product or program managers to engineers—across all teams. This ratio, which measures the percentage of engineers to non-builders at Amazon, is called the “Builder Ratio”. According to reports, Charlie Bell, the security chief at Microsoft and a former high-ranking official at Amazon, is pursuing similar objectives within the company. The possible reorganisation would come after Microsoft announced that it had slashed almost 2,000 jobs earlier this year, citing the departure of underperforming workers as the reason. Employees who scored lower on the company’s “ManageRewards slider” performance rating system may also be the focus of the next round.

    AI Also Becoming a Larger Threat

    Proponents of leaner structures point out that the growing use of artificial intelligence (AI) at all stages of product development is also driving this trend. OpenAI CEO Sam Altman hinted that AI may eventually eliminate the need for software engineers entirely. Altman hinted that in future, smaller and more efficient teams may eventually replace bigger developer workforces. He stated, “Each software engineer will just do much, much more for a while.” Being one of the top tech businesses in the world, Microsoft’s organisational changes could be a hint of things to come for other tech companies trying to strike a balance between automation, innovation, and staff efficiency.

  • 600 Customer Service Representatives are Let Go by Zomato

    According to media sources, Zomato decided to fire 600 customer service representatives only a year after they were hired. The aforementioned action is part of the company’s response to its growing reliance on automation to save expenses. This move also added more fire to the rumours of Zomato witnessing a decline in its primary food delivery service. Zomato has also been having trouble with its rapid commerce division, Blinkit, which has been losing more money. Under the Zomato Associate Accelerator Program (ZAAP), the company hired close to 1,500 customer service representatives. This move was aligned with the firm’s aim of advancing these employees into a variety of positions in supply chains, operations, sales, and other departments within a year. Nevertheless, the contracts of a large number of these employees were not extended.

    Terminated Without Giving a Valid Reason

    A month’s salary was being offered as compensation to the affected employees. They had, however, been let go without warning. According to a statement released by the media, one of the customer service representatives claimed that most of the workers hired under the ZAAP programme were let go without giving a reason. Employees also think that their jobs are no longer necessary because Zomato is using AI more and more to automate its customer service system. It should be noted that Zomato just introduced Nugget. It is an AI-powered customer service platform that currently manages millions of support requests for Blinkit, Hyperpure, and Zomato every month.

    Zomato’s Second Layoff Within Short Span of Time

    On 28 March, a former Zomato employee claims in a widely shared Reddit post that the firm unexpectedly and without warning fired over 300 employees. According to the former worker, who says he was one of those affected, the decision was made based on an “average lateness” of only 28 minutes over three months—and this after he had demonstrated good performance and a solid track record. The post claims that Zomato failed to notify the staff of this significant change or provide them with an opportunity to address or resolve their attendance problems. They were astonished when they were unceremoniously terminated instead.

    The user blasted the corporation for treating employees like “disposable” and called this “a cold termination”. Outrage over job security and business ethics in India’s startup sector was sparked by the post, which soon gained popularity. Similar tales were recounted by numerous Reddit users, who questioned the justice of such sudden dismissals. One poster, who claimed to be a current Zomato employee, detailed how quickly the terminations occurred, including how Slack accounts were disabled, access was refused, and staff members were let go without being given a chance to explain themselves. A lawyer encouraged impacted employees to take action and not take this lying down while offering legal support. Employees are being encouraged by users to “fight for the compensation” they are entitled to. Another ex-Zomato employee claimed they were let go for an unclear cause and that they were not informed that differences in login times would be considered non-compliance.

  • Zomato Under Fire After Implementing Mass Layoff Without Prior Notice

    A former Zomato employee claims in a widely shared Reddit post that the firm unexpectedly and without warning fired over 300 employees, sparking uproar. According to the former worker, who says he was one of those affected, the decision was made based on an “average lateness” of only 28 minutes over three months—and this after he had demonstrated good performance and a solid track record. The post claims that Zomato failed to notify the staff of this significant change or provide them with an opportunity to address or resolve their attendance problems. They were astonished when they were unceremoniously terminated instead. The user blasted the corporation for treating employees like “disposable” and called this “a cold termination.”

    A Post on Reddit Quickly Gained Popularity

    Outrage over job security and business ethics in India’s startup sector was sparked by the post, which soon gained popularity. Similar tales were recounted by numerous Reddit users, who questioned the justice of such sudden dismissals. One poster, who claimed to be a current Zomato employee, detailed how quickly the terminations occurred, including how Slack accounts were disabled, access was refused, and staff members were let go without being given a chance to explain themselves. A lawyer encouraged impacted employees to take action and not take this lying down while offering legal support. Employees are being encouraged by users to “fight for the compensation” they are entitled to. Another ex-Zomato employee claimed they were let go for an unclear cause and that they were not informed that differences in login times would be considered non-compliance.

    Lack of Job Security in Indian Startup Sector

    Despite early indications of a market rebound, the 2024 Indian startup scene was characterised by large personnel cutbacks due to a number of causes. Notably, in order to adapt to the new business reality, some well-known companies were forced to announce significant layoffs, including Ola Electric, Paytm, Byju’s, Swiggy, and Flipkart. 11,250 positions were cut in the first half of the year alone, which had a significant effect on the labour dynamics of the industry while being less than in the past. Each company saw a different number of layoffs; for example, Byju’s reduced about 500 employees, Flipkart reduced 1,100 to 1,500, Ola Electric reduced 300 to 500, and Ola Cabs reduced 200 roles. Additionally, Paytm Payments Bank reported a notable layoff of about 555 workers, or 20% of its total staff.

    The need for profitability, restructuring initiatives, previous overhiring during expansion times, changes in market dynamics, strategic business changes, and regulatory obstacles affecting particular industries were some of the factors that led to this wave of layoffs. Beyond the immediate loss of jobs, these layoffs have an impact on the Indian startup ecosystem’s short- and long-term prospects. Innovation may be slowed down in the near future as a result of talent loss and low staff morale. On the other hand, these changes might eventually make Indian startups more competitive and sustainable. How businesses adjust and how the larger ecosystem reacts to these changes will determine the overall impact.