Petroliam Nasional Bhd (Petronas), Malaysia's state-owned oil and gas enterprise, is set to reduce its workforce by approximately 10% as part of an overarching restructuring strategy to manage costs amid declining oil prices. CEO Muhammad Taufik announced that the company will reduce its personnel by over 5,000 employees and those affected will be notified in phases over the next year, alongside a hiring freeze extending to December 2026.
Burberry Group Plc $BRBY.L, a renowned British luxury fashion brand, is once again capturing market attention with recent announcements from its new CEO, Joshua Schulman. In light of a global decline in demand for luxury goods, the company is taking decisive measures to restructure its business and return to a successful model.
Recently, Match Group Inc. $MTCH announced a significant workforce reduction, affecting approximately 325 positions, which represents 13% of its total staff of 2,500 employees. This decision marks the latest attempt by the new CEO, Spencer Rascoff, to fundamentally transform the company that operates popular dating applications.
In mid-2024, Berkshire Hathaway $BRK-A announced significant changes within its auto insurance subsidiary, Geico. As part of a strategic restructuring plan, the company has made dramatic moves to reduce staff numbers at the insurer. These measures are aimed at boosting efficiency and restoring Geico's standing, which has fallen behind its competitors in the industry.
Intel Corporation $INTC is set to announce plans for a workforce reduction exceeding 20% as part of its strategy to enhance operational efficiency and eliminate bureaucratic inefficiencies. This initiative, reported by Bloomberg News, represents a critical step in the company’s efforts to realign its engineering culture under the guidance of new CEO Pat Gelsinger.
In a global environment marked by economic uncertainty and heightened tariff restrictions under the previous Trump administration, Volvo Group $VOLV-B.ST is implementing decisive measures to adjust to the evolving market landscape. Recent statements by the North American division indicate that the company will be reducing its workforce by up to 800 employees over the next three months at three of its US plants.
Tata Steel Ltd., one of the largest steel producers in the world, has announced plans to cut approximately 1,600 jobs in the Netherlands. This move is part of a strategy to optimize costs and finance the transition to more environmentally friendly steel production. The decision is influenced by changes in the economic landscape in Europe and several global factors pressuring the demand for steel products.
Dell Technologies has announced a reduction in its workforce by 10% for the fiscal year 2025, while reaffirming its commitment to diversity and inclusion. This information was disclosed in a statement by the server manufacturer specializing in artificial intelligence.
Siemens AG, one of the world's leading technology and automation companies, has decided to reduce its global workforce by approximately 6,000 employees. This decision is part of the company's strategy to adapt to current market conditions, especially in the manufacturing automation sector, which is facing challenges due to declining demand.
Grubhub’s CEO Howard Migdal recently announced a significant workforce reduction, with approximately 500 positions being eliminated. This strategic move comes in the wake of the company’s recent acquisition completion and subsequent business integration with the innovative startup Wonder, now led by a former Walmart executive.
Grubhub $GRUB, one of the largest food delivery services in the United States, has announced a 23% reduction in its workforce, equating to approximately 500 employees. This decision is part of the ongoing integration with Wonder Group Inc., the owner of the popular service Blue Apron $APRN. This news serves as a key signal for the market, indicating that the company is preparing for significant changes.
