Report Wire

Tag: Layoffs 2024

  • PwC layoffs: Massive job cuts announced after client exodus in China | Company News

    New Delhi: PwC is reducing its workforce across its operations in China because many corporate clients are leaving, reported Bloomberg. This has negatively impacted the accounting firm’s revenue outlook in the region.

    According to the report, it claims that PwC China is laying off at least 100 employees from various teams in offices located in Beijing, Shanghai, and other locations. The report also mentioned that more than half of one team has been affected by the layoffs although the total number of cuts across the firm was not immediately confirmed. (Also Read: Budget 2024: Government Employees’ Union Presents Demands Ahead of July 19 Protest)

    “In light of changes to the external environment, we are making some adjustments to better optimize our organizational structure to align with market demand,” a spokesperson from PwC informed Bloomberg. (Also Read: ITR Filing 2024: Step-by-Step Guide To File Income Tax Returns And Choose Right ITR Form)

    The spokesperson further added “These adjustments are a difficult decision. We are actively communicating with our people and will ensure that the plan is in compliance with all relevant labor laws in China,”.

    Previously, concerns over regulatory penalties and the departure of Chinese corporate clients caused significant anxiety among PwC China employees which led some to explore other career opportunities.

  • Flipkart Announces Annual Workforce Restructuring: 1,000 Employees To Be Let Go |

    New Delhi: In its annual restructuring move, e-commerce giant Flipkart, owned by Walmart, is set to part ways with approximately 1,000 employees, constituting around 5 percent of its workforce. The decision comes as part of the company’s routine performance-based job cost cuts, sources familiar with the matter informed Moneycontrol.

    Employee Count And Exclusion Of Myntra Staff

    As of now, Flipkart has a workforce of around 22,000 people based in Bengaluru, excluding employees from the e-commerce fashion portal Myntra. (Also Read: Azim Premji Gifts Rs 500 Crore Worth Wipro Shares To Sons Rishad And Tariq)

    No Immediate Response From Flipkart

    According to a Moneycontrol report, the website has reached out to Flipkart for comments on the development, but the company has not provided an immediate response to queries regarding the job cuts. (Also Read: Riding The Billions: Meet Indian Tycoon Whose Company Powers Luxury Giants BMW, Mercedes Benz, Rolls Royce And Net Worth Is Rs…)

    CEO’s Townhall Insights

    During a town hall with employees on January 25, Flipkart CEO Kalyan Krishnamurthy shared insights into the company’s financial health. He assured employees that the company’s financial situation is on the upswing and anticipates a significant improvement by the end of the year.

    Potential Impact On IPO Plans

    Krishnamurthy hinted at the possibility of delaying Flipkart’s Initial Public Offering (IPO) until 2025. The decision is attributed to the expectation of better unit economics by that time, positioning the company for a more favorable IPO.

    Positive Developments In Business

    Despite the restructuring, Krishnamurthy highlighted positive developments within Flipkart. He mentioned that the company’s United Payments Interface (UPI) project is taking shape and undergoing testing with a limited group of users.

    Additionally, he reported that Flipkart’s mobile app business is now turning profitable, indicating positive trends and growth in the business.