Connect with us

Jobs

Barclays Eyes £1 Billion Cost-Cutting Plan Amidst Job Cut Speculations

Published

on

Barclays Africa Group

Barclays PLC is reportedly in the initial stages of formulating an ambitious cost-cutting plan that could result in savings of up to £1 billion ($1.3 billion) over the next few years.

The proposed measures, still under review by top management, might include a workforce reduction of as many as 2,000 jobs, primarily at Barclays Execution Services, the unit encompassing the bank’s back-office operations.

While discussions are ongoing, the plan aims to enhance profitability, potentially resulting in the elimination of 1,500 to 2,000 jobs, constituting approximately 2% of the bank’s total workforce.

Barclays is strategically evaluating actions to reduce structural costs as part of its efforts to drive future returns.

The bank anticipates that these cost-cutting initiatives might lead to significant additional charges in the fourth quarter.

Barclays, with total operating expenses of £16.7 billion last year, is grappling with a challenging financial landscape.

The bank’s share prices have declined by 11.5% this year, prompting Chief Executive Officer C.S. Venkatakrishnan to engage strategy advisers to devise plans aimed at reviving the bank’s share performance.

A Barclays spokesperson declined to comment on the ongoing discussions and proposals. The bank revealed last month that it would provide an investor update in February, coinciding with its full-year results announcement.

This update is expected to include a new strategic direction.

Barclays Execution Services Ltd. (BX), the unit potentially affected by these cost-cutting measures, had 22,334 full-time staff at the end of 2022.

The unit provides technology, operations, and functional services to various businesses within the Barclays group.

As the discussions evolve, the bank may prioritize layoffs in other areas to achieve its objectives in optimizing structural costs.

Investors await further details during the upcoming investor update, where Barclays is expected to outline its fresh strategy to navigate the complex financial landscape.

Continue Reading
Comments

Jobs

Job Cuts Hit Tesla: More Than 6,000 Positions Axed Across Texas and California

Published

on

Tesla Charger

Tesla Inc. has announced plans to slash over 6,000 jobs in Texas and California as part of CEO Elon Musk’s directive to trim more than 10% of the company’s global workforce.

The cuts come amidst a tumultuous period for the electric vehicle maker, which has faced challenges ranging from production bottlenecks to supply chain disruptions.

In Texas, where Tesla is headquartered and operates a major factory, 2,688 workers are set to lose their jobs.

The layoffs are scheduled to begin during a 14-day period starting June 14, as outlined in a WARN notice filed with the Texas Workforce Commission.

Also, Tesla revealed intentions to lay off 3,332 employees across multiple sites in California, according to separate WARN notices filed in the state.

The decision marks Tesla’s largest-ever round of job cuts, with the company boasting more than 140,000 employees globally before the restructuring initiative commenced.

Despite announcing a reduction of over 10% of its workforce on April 15, insiders familiar with Tesla’s plans suggest that the actual number of job losses could exceed 20,000.

The news of the layoffs comes as Tesla’s stock performance continues to struggle, with shares plummeting by 42% this year, marking the worst performance in the S&P 500 Index.

The company’s workforce in Austin, Texas, surpassed 22,000 employees at the end of last year, with its production facility responsible for manufacturing the Model Y and Cybertruck.

However, the extent to which factory jobs will be affected remains unclear amidst the restructuring efforts.

Continue Reading

Jobs

Heritage Bank Faces Union Action as NUBIFIE Protests Mass Layoffs

Published

on

heritage bank- Investors King

Amid mounting tension and grievances over alleged mass layoffs, the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) has led its members to the head office of Heritage Bank in Lagos.

NUBIFIE’s actions stem from Heritage Bank’s recent management decision to terminate the employment of over 1000 personnel without adhering to due process, prompting widespread outrage among affected workers and the union alike.

The union has made it clear that its picketing of the bank’s premises will persist until management addresses the sacked workers’ grievances and ensures the provision of rightful severance packages.

At the forefront of the protest, aggrieved ex-staff members have barricaded the entrance gate, obstructing access to and from the bank’s headquarters located at 143 Ahmadu Bello Way, Victoria Island, Lagos.

Reports reveal that Heritage Bank, under the leadership of Mr. Akinola George-Taylor, dismissed over 70 senior staff members within a year of his tenure. Moreover, numerous other employees were allegedly coerced into resigning, exacerbating the bank’s internal crisis.

Of significant concern is the failure to remit accrued entitlements and allowances owed to the affected staff.

Sources familiar with the matter have disclosed that the bank’s chief executive officer instigated the internal turmoil as part of a broader scheme to purge the institution of individuals suspected of loyalty to certain board members.

This purported purge is believed to be aimed at consolidating power and control over the bank, with the backing of a prominent shareholder seeking sole ownership and the removal of existing board members.

Despite efforts to seek clarification and comment from Heritage Bank’s head of Corporate Communications, Ozenna Utulu, no response has been forthcoming as of the time of reporting.

The standoff between Heritage Bank and NUBIFIE underscores the growing unrest within the banking sector and the urgent need for dialogue to address grievances and ensure fair labor practices.

As protests intensify and pressure mounts on the bank’s management, the outcome of these developments remains uncertain, leaving both employees and stakeholders on edge.

Continue Reading

Jobs

Google Fires 28 Workers Over Controversial Project Nimbus Protests

Published

on

Google has terminated 28 employees who participated in protests against the tech giant’s involvement in Project Nimbus, a joint venture with Amazon to provide AI and cloud services to the Israeli government.

The protests, organized by the No Tech for Apartheid group, took place across Google offices in New York City, Seattle, and Sunnyvale, California.

The demonstrations, which included a nearly 10-hour sit-in, culminated in the arrest of nine protesters on trespassing charges.

Subsequently, several workers received notices of being placed on leave, only to be informed of their dismissal by the company the following day.

Google cited the protesters’ interference with other employees’ work and refusal to vacate the premises despite multiple requests as the primary reasons for their termination.

The company’s response has reignited discussions about the balance between corporate policies, employee activism, and human rights advocacy.

Critics argue that the dismissals infringe on employees’ rights to engage in collective action related to working conditions, a stance supported by US labor laws.

Tech workers have increasingly voiced concerns about how the products they develop are used, highlighting ethical considerations in their industry.

The situation underscores the challenges faced by tech companies in managing internal dissent and navigating complex geopolitical issues.

Google’s handling of the protests has sparked internal debates about the company’s stance on the Middle East conflict and its approach to employee engagement.

Despite the firings, support for the protesters and their cause has grown, indicating ongoing tensions within the organization.

Google’s actions signal a broader reckoning within the tech industry regarding the responsibilities of corporations in addressing social and political issues.

As employees continue to advocate for change within their companies, the fallout from the Project Nimbus protests serves as a reminder of the ongoing struggle to balance corporate interests with ethical imperatives and employee rights.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending