Job Cut News

Pfizer layoffs: Pharma giant Pfizer is set to cut hundreds of jobs in Switzerland as part of the company's multi-year cost reduction program. Here's how many jobs the company plans to cut by the end of 2025.

UBS may cut 10,000 jobs by 2027, a report said. A reduction of 10,000 positions would amount to a roughly 9% cut in Swiss bank's workforce, which stood at around 110,000 employees at the end of 2024.

The deal would place the streaming giant's HBO brands under the Netflix umbrella and also hand control of the historic Warner Bros studio over to Netflix

The news comes on the back of the Trump administration's decision to impose 50% tariffs on foreign steel, which Algoma said had severely hit its ability to access the market across the border.

Omnicom layoffs: Omnicom Group is set to cut more than 4,000 jobs and close several agency brands after taking over Interpublic Group in $13.5 billion deal. The layoffs will mainly impact administrative roles and certain leadership positions.

Swire layoffs: Swire Group is set to cut nearly 10% of its employee jobs at the company's Hong Kong office as the firm aims to streamline its operations amid China's economic slowdown. Swire Pacific's 79% of its revenues come from the Hong Kong, China markets.

Tami Erwin, former CEO of Verizon Business, wrote an open letter to the company's laid-off employees. She urged them to grieve and emphasised the importance of people over technology.

ABN Amro NV plans to cut 5,200 jobs under CEO Marguerite Berard to enhance profitability. The reduction will be finalised in three years. The bank aims for a 12% return on equity by 2028 and has made significant acquisitions to strengthen its position.

Amazon, which joined several other big tech companies in announcing major layoffs, reported the data in Worker Adjustment and Retraining Notification, or WARN, filings to state agencies.

Layoffs in the US surged in October, with 153,000 job cuts reported, the worst since 2003. Major companies are reducing staff, particularly in the tech and retail sectors, citing cost-cutting measures and the impact of AI.