Laid Off Tech Workers Quickly Find New Jobs

Laid Off Tech Workers Quickly Find New Jobs

Most laid off tech workers are finding jobs shortly after beginning their search, a new survey shows, as employers continue to scoop up workers in a tight labor market. About 79% of workers recently hired after a tech-company layoff or termination landed their new job within three months of starting their search, according to a … Read more

TuSimple Plans Layoffs That Could Cut at Least Half Its Workforce Next Week

TuSimple Plans Layoffs That Could Cut at Least Half Its Workforce Next Week

Self-driving trucking company TuSimple Holdings Inc. TSP -3.75% plans to cut potentially at least half of its workforce next week, people familiar with the matter said, as it scales back efforts to build and test autonomous truck-driving systems. A staff reduction of that size would likely affect at least 700 employees, the people said. As … Read more

Hennes & Mauritz to lay off 1,500 workers, book restructuring charge of around $75.6 million

Hennes & Mauritz to lay off 1,500 workers, book restructuring charge of around $75.6 million

STOCKHOLM–Sweden’s Hennes & Mauritz AB said Wednesday that it expects to book a restructuring charge of just over 800 million Swedish kronor ($75.6 million) in the fourth quarter related to its cost-cutting program. The fashion retailer HM.B, +0.49% has previously outlined plans to reduce annual administrative and overhead costs by around SEK2 billion in a … Read more

Twitter Lays Off Some Sales Employees After They Committed to Twitter 2.0

Twitter Lays Off Some Sales Employees After They Committed to Twitter 2.0

Elon Musk extended his job-cutting at Twitter Inc., laying off some employees in sales after they had signed on to the billionaire’s vision for the social-media platform, people familiar with the matter said. The exact scope of the latest cuts couldn’t be immediately learned. One employee said he found out early Monday that he had … Read more

BlockFi Prepares for Potential Bankruptcy as Crypto Contagion Spreads

BlockFi Prepares for Potential Bankruptcy as Crypto Contagion Spreads

Cryptocurrency lender BlockFi Inc. is preparing a potential bankruptcy filing after halting withdrawals of customer deposits and acknowledging it has “significant exposure” to bankrupt exchange FTX, people familiar with the matter said.  BlockFi paused withdrawals and limited activity on its platform last week, saying it couldn’t operate business as usual given the uncertainty about FTX. … Read more

Meta’s Mark Zuckerberg Says He Is Accountable as Company Preps for Mass Layoffs

Meta’s Mark Zuckerberg Says He Is Accountable as Company Preps for Mass Layoffs

Meta Platforms Inc. will begin laying off employees on Wednesday morning, Chief Executive Mark Zuckerberg told hundreds of executives on Tuesday. The coming cuts are expected to total many thousands of employees and will likely be the largest of the year to date in the tech sector, The Wall Street Journal previously reported.

Facebook Parent Meta Is Preparing to Notify Employees of Large-Scale Layoffs This Week

Facebook Parent Meta Is Preparing to Notify Employees of Large-Scale Layoffs This Week

Meta Platforms Inc. META 2.11% is planning to begin large-scale layoffs this week, according to people familiar with the matter, in what could be the largest round in a recent spate of tech job cuts after the industry’s rapid growth during the pandemic. The layoffs are expected to affect many thousands of employees and an … Read more

Elon Musk Says Twitter Has Had Massive Revenue Drop as Layoffs Begin

Elon Musk Says Twitter Has Had Massive Revenue Drop as Layoffs Begin

Twitter Inc. has suffered “a massive drop in revenue” because of advertisers cutting back on using the social-media platform, new owner Elon Musk said Friday, as the company started sweeping layoffs just over a week after the billionaire took it over. Mr. Musk, in a tweet Friday, blamed the cutback in advertising on “activist groups … Read more

Lyft Plans to Lay Off About 700 Employees in Second Round of Job Cuts

Lyft Plans to Lay Off About 700 Employees in Second Round of Job Cuts

Lyft has more than 4,000 employees, which don’t include its drivers. Photo: Sebastian Hidalgo for The Wall Street Journal Updated Nov. 3, 2022 12:05 pm ET Lyft Inc. LYFT 0.24% said it is cutting 13% of staff, or nearly 700 jobs, the latest technology company to say it needed to reduce costs ahead of choppy … Read more

Credit Suisse Resets With a Retreat From Wall Street

Credit Suisse Resets With a Retreat From Wall Street

Credit Suisse Group AG plans to cut thousands of jobs and raise around $4 billion in fresh capital as it funds a retreat from Wall Street deal making and trading and attempts to recover from a near-existential crisis. The sweeping overhaul is an attempt to move on from a period of scandals, hefty losses, executive … Read more