Cost Cutting

HSBC’s belt-tightening is the latest sign that lenders are starting to prepare for central banks around the world to begin to cut interest rates in the coming months.

Lockheed Martin to cut 1% of its jobs in cost-cutting push

Lockheed Martin (LMT.N) plans to cut 1% of jobs this year to reduce costs and streamline operations, according to a spokesperson.

Indian edtech firms leverage AI to curb cash burn, growth hiring

Firms are finding new use cases for AI including grading and feedback, co-pilot for teachers and students, and even sprucing up CVs of students, helping them to cut costs and reduce hiring.

Cred-owned Happay sacks 35% of staff in a restructuring exercise

Kunal Shah-led Cred acquired Happay in a cash-and-stock deal worth $180 million to add to its suite of fintech offerings in 2021. The company's early backers include Sequoia and Prime Venture Partners,

Apple delays bonuses for some and limits hiring in latest cost-cutting effort

The shift will reduce the frequency of bonuses for a portion of Apple’s corporate workforce, said the people, who asked not to be identified because the plan hasn’t been announced publicly.

Sequoia-backed Bounce lays off 5% of staff to cut costs

Having been severely hit by the pandemic, Bounce pivoted to making EVs, Bounce Infinity, while slowing down the bike rental operation

Amazon begins cost-cutting review, unprofitable business units under scanner: Report

Amazon has reportedly asked staff working in some of the unprofitable units to find jobs elsewhere in the company.

Lyft to lay off 683 employees in cost-cutting push

Lyft's latest move follows a hiring freeze earlier this year and 60 job cuts in July.

SoftBank cuts about 150 staff globally - source

Notices are going out to employees on Thursday and will affect around 30% of employees across the two businesses, the person said, declining to be identified as the information is not public.

We expect international tourism to revive in the second half of FY23 and add to our profitability: Thomas Cook MD Madhavan Menon

The domestic tourism market will return to pre-pandemic levels by the July-September period, says Menon.

Exclusive | Government plans to shut down 'redundant bodies' to rationalise cost

The Union Textile Ministry in August abolished the All India Handicrafts Board and the All India Handloom Board — advisory bodies that were created to help the government in “formulation of the overall development programmes” in the handicrafts and handloom sectors, “keeping in view socio-economic cultural and artistic perspective”.

Hiring hit as Cognizant undergoes restructuring; layoffs may touch hundreds: Report

The job cuts will affect a few hundred employees – mostly those with over eight years’ experience, as new CEO Brian Humphries looks to slash spends

Not the right time to demerge textiles biz now: Technocraft

"Though the revenue is not very high in drum closures business, the bottom line is good because we are continuously in the process of cost cutting, saving in raw material and labour", Sharad Saraf, MD, Technocraft Industries India told CNBC-TV18.

McDonald's may shift some jobs to India in cost-cutting move

Fast food giant McDonald's may be planning to outsource jobs to India as part of a USD 500 million cost reduction plan it announced last November, a media report said

See aluminium prices to be around USD 1,550-1650 a tonne: Nalco

TK Chand of Nalco said that company has taken cost-cutting measures and is focussing on higher production levels.

HSBC workers face pay cut as bank slashes costs

It comes as management are under increased pressure to limit costs ahead of year-end reporting.

Here's how Air India can be resuscitated

Data shows that going local and cutting down on international flights could turn out to be the single-biggest cost-saving measure.

Inflation may hurt food biz, focus on cost cutting: Godrej

Adi Godrej, chairman of Godrej Group says the group would be equally focused on its local and international businesses, but sees the international business growing faster.

Godrej mulls moving plants from Vikhroli to cut cost

Godrej & Boyce Mfg Co today said it is looking at shifting some of its manufacturing plants from Vikhroli in Mumbai to other locations to cut costs as it stares at a sales growth of less than 5 percent this fiscal due to the economic slowdown.

US chief executives can't break cost-cutting habit

More than three years into the recovery, US CEOs are still relying on cost cuts to prop up earnings.

DLF cuts staff strength by 30% after outsourcing activities

Realty major DLF cut its employee strength by 1100 or 30 percent in 2012-13 after outsourcing its construction and facility management activities.

Nokia Siemens to close small factory in India

Nokia Siemens Networks would shut down a small factory in India in July as a part of cost cutting strategy.

HSBC cuts over 22,000 jobs worldwide in Jan-Sept

Global banking giant HSBC today said it has reduced employees strength by almost 22,000 in less than a year as part of cost-cutting programme. The bank had 2,67,000 employees at the end of September, 2012, almost 22,000 lower than that on December 31, 2011.

IT sector slows down hiring to cut costs

The information technology sector in the country witnessed steep decline in hiring activities as most companies embraced cost-cutting measures to tide over uncertain economic conditions.

The management that rode a Ferrari

Managements that use or buy things for their utility value are far superior than ones that purchase things for showcase splendour, writes Equitymaster.