Microsoft to cut 9,000 jobs in fresh round of lay offs amid restructuring
Microsoft said on Wednesday it planned to reduce organisational layers with fewer managers and streamline its products, procedures and roles.The Seattle Times first reported on the layoffs earlier on Wednesday. Separately, Bloomberg News reported Microsoft's Barcelona-based King division, which makes the Candy Crush video game, is cutting 10 per cent of its staff, or about 200 jobs.Big Tech peers, which are investing heavily in artificial intelligence, have also announced job cuts.Facebook parent Meta earlier this year said it would trim about 5 per cent of its "lowest performers", while Alphabet's Google has also laid off hundreds of employees in the past year.advertisementAmazon has also cut jobs across its business segments, most recently in its books division. The company had earlier laid off employees in its devices and services unit, and communications staff.Economic uncertainties and rising costs have triggered layoffs across sectors in Corporate America, as companies rush to streamline operations and hedge against further cost pressures.- Ends
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
17 minutes ago
- Hindustan Times
Delhi man held for ₹2 crore cyber fraud, links with Chinese-linked syndicate
Gurugram: Faridabad police arrested a 39-year-old Delhi resident, who runs a hotel and nightclub in Dubai, for allegedly orchestrating a ₹2.02 crore cyber fraud in collaboration with a Chinese-linked syndicate, officials said on Friday. Faridabad police arrested a 39-year-old Delhi resident, who runs a hotel and nightclub in Dubai, for a ₹ 2.02 crore cyber fraud. (Getty Images) Bhupesh Arora, originally from Karnal and currently residing in northwest Delhi's Rohini Sector 11, operates a four-star hotel and eight nightclubs in Dubai, police said, adding that he was taken into custody on Wednesday upon returning to India and is now on a four-day police remand. According to investigators, Arora and his business partner, also based in Dubai, ran a cyber fraud operation alongside their hospitality ventures. The duo facilitated illegal fund transfers from India to Dubai using payment gateways, later converting the funds into cryptocurrencies and handing them over to Chinese handlers after deducting a commission. Police said Arora was compelled to return to India 20 days back on the directions of the Punjab and Haryana high court. Faridabad police had got a lookout circular issued for him against which he had moved the high court. Though the court had quashed the circular, it had directed him to come to India and cooperate with the Faridabad police by joining the investigation of the case. Yashpal Yadav, Faridabad Police PRO, said investigators traced Arora through a payment gateway account linked to him, into which ₹2.8 lakh of the duped money was transferred. 'This payment gateway helped us identify Arora. The bank account holder couldn't be traced and may have been created fraudulently,' he said. Arora allegedly retained 30% of the proceeds, with the remaining 70% going to his Dubai-based partner, who liaised directly with the Chinese network, Yadav said. Arora is the 12th person arrested in this case. Police are now pursuing his business partner and three others. 'We will issue an LOC against his partner so he can be arrested on arrival in India,' said Yadav. The victim, whose name police have witheld, a 51-year-old man from Sector 88 in Faridabad, was duped in January 2024 after falling for a fake investment scheme promoted through social media ads. Believing he was investing in stock markets, he transferred ₹2.02 crore to 11 different bank accounts. A case was registered at the Cybercrime Police Station (Central), and police have so far recovered ₹60 lakh, which was returned to the victim. The remaining amount, officers said, had already been siphoned abroad.
Hans India
20 minutes ago
- Hans India
Sebi bans US-based Jane Street from securities market
Markets regulator Sebi has barred US-based Jane Street Group (JS Group) from the securities markets and directed the group to disgorge unlawful gains of Rs4,843 crore for allegedly manipulating stock indices through positions taken in derivatives segment. This could be the highest disgorgement amount ever directed by the Securities and Exchange Board of India (Sebi). In its interim order, the regulator has debarred JSI Investments, JSI2 Investments Pvt Ltd, Jane Street Singapore Pte Ltd, and Jane Street Asia Trading -- entities collectively referred to as the Jane Street Group -- from trading until further notice, while continuing its investigation. Established in 2000, Jane Street Group LLC is a global proprietary trading firm in the financial services industry. It employs more than 2,600 people across five offices in the US, Europe, and Asia, and conducts trading operations in 45 countries. The Jane Street (JS) Group has come under Sebi's scrutiny for allegedly manipulating index levels in the stock market to earn illegal profits, primarily through the highly liquid Bank Nifty and Nifty index options segments. Meanwhile, shares of Nuvama Wealth Management, which is the trading partner of JS Group for Indian stock market, fell over 10 per cent to Rs7,280.50 on NSE. An investigation by Sebi revealed that over 21 expiry days between January 2023 and May 2025, the group executed large trades in the underlying cash and futures markets to influence index movements and profit from massive positions in the options market. Two key strategies were identified-- one involved buying heavily in Bank Nifty stocks and futures in the morning and selling them aggressively in the afternoon to create a softer close, while the other involved concentrated selling or buying in the last two hours of the expiry day to sway index levels. These actions helped the group earn illegal profits of about Rs4,843 crore, even as they incurred smaller losses in cash and futures trades, the regulator said. Sebi also noted that between January 2023 and March 2025, the JS Group recorded substantial trading activity across various segments of the market. The group made gains of Rs44,358 crore from index options trading, which formed the bulk of their profits. However, these were partially offset by losses of Rs7,208 crore in stock futures, Rs191 crore in index futures, and Rs288 crore in the cash market. After accounting for all gains and losses, the JS Group reported a net total profit of Rs36,671 crore during this period, Sebi noted. The case stems from media reports in April 2024, which suggested that Jane Street and its related entities may have used unauthorised proprietary trading strategies in the Indian options market. Sebi noted that the JS Group continued to carry out suspicious trading activities, mainly near market closing on expiry day, by making large and aggressive trades to unfairly influence the index, even after receiving a warning in February and making promises to the NSE to stop such practices. 'Such egregious behaviour, in clear disregard/ defiance of the explicit advisory issued to them by NSE in February 2025, amply demonstrates that unlike the vast majority of Foreign Portfolio Investors and other market participants, JS Group is not a good faith actor that can be, or deserves to be, trusted. In the face of such a strong prima facie case that allowing the JS Group to continue as before may severely compromise investor protection on an extraordinary scale, Sebi has a duty to directly intervene,' Sebi added. Accordingly, Sebi said, 'the total amount of unlawful gains earned by the JS Group from the alleged violations, Rs4,843.57 crore, shall be impounded jointly and severally.' The entities have been restrained from accessing the securities market and are further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly. Additionally, banks where the entities are holding accounts have been directed to ensure that no debits are made, without Sebi's permission, except for the purpose of complying with this order.
Time of India
38 minutes ago
- Time of India
Everwild, Perfect Dark and other games that are getting cancelled after latest Microsoft layoffs
Microsoft has announced substantial layoffs impacting as many as 9,000 employees across its various divisions, also impacting its Xbox division, with numerous studio closures, game cancellations and widespread layoffs. The exact number of affected Xbox employees remains undisclosed. Reports indicate that over 70 staff members at Turn 10 Studios, the developer behind Forza Motorsport, will be let go, affecting the "vast majority" of the studio's personnel. Major game projects face setbacks The impact on Xbox's game development ecosystem is severe, with multiple studios and projects reportedly hit: Rare and Everwild: British developer Rare has seen its highly anticipated game, Everwild, canceled, as per Gamespot. Announced in 2019, the project was reportedly in development for a decade and underwent a reboot, but ultimately failed to find the right direction. The Initiative and Perfect Dark: One of Microsoft's newer studios, The Initiative, is reportedly closing, leading to the cancellation of its first game, a new Perfect Dark. Reports from May 2024 had indicated the game was in "rough shape." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo A New ZeniMax MMORPG: A new multiplayer online role-playing game (MMORPG) from The Elder Scrolls Online developer ZeniMax Online Studios, reportedly codenamed "Blackbird" and in development since 2018, has also been canceled. Longtime executive Matt Firor is also departing the company, the report said. Romero Games: Funding for a new, unannounced game from Romero Games, headed by John and Brenda Romero, has been canceled by its publisher, believed to be Microsoft. Brenda Romero's social media post indicated a "strategic decision made at a high level within the publisher," with an affected staffer directly attributing their job loss to "the recent Xbox layoffs." Microsoft job cuts result in widespread layoffs across key game developers Beyond game cancellations and studio closures, numerous other developers integral to Xbox's portfolio have reportedly faced significant staffing reductions: Turn 10 Studios: The Forza Motorsport developer was reportedly hit hard, with nearly 50% of its staff let go, though the exact number remains unconfirmed. Raven Software: An esteemed Call of Duty co-development studio, responsible for Black Ops 6 (2024) and Black Ops 7 (2025), was affected. High Moon Studios: A long-time Call of Duty co-developer, known for its contributions to Call of Duty: Warzone, has also been impacted. Sledgehammer Games: Another prominent Call of Duty co-developer, Sledgehammer Games, has faced layoffs as part of the wider Microsoft cuts. Blizzard and Warcraft Rumble: Blizzard has announced that support for Warcraft Rumble will cease in its current form, with no new content added. While some employees will shift roles, as many as 100 people are reportedly being laid off. Halo Studios: The development team formerly known as 343 Industries, currently working on multiple upcoming Halo titles, was also affected by the widespread layoffs. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
