Latest news with #jobcuts
Yahoo
15 hours ago
- Business
- Yahoo
Bumble announces major layoffs affecting 30% of employees as company restructures
Bumble Inc. disclosed Wednesday that it will cut its workforce by 30%. The move comes as the dating app company seeks to realign its operating structure to "optimize execution on its strategic priorities," Bumble said in a Securities and Exchange Commission (SEC) filing. Approximately 240 people will lose their jobs in the planned layoffs. CEO and founder Whitney Wolfe Herd said in a message to staff that the company needed to "take decisive action to restructure to build a company that's resilient, intentional, and ready for the next decade." Bumble must become a "faster-more decisive, and more agile organization" while "prioritizing core product innovation and addressing the big opportunities in how technology shapes human connection" and "returning to a member-first approach and investing in member health," she said. Bumble projected it will have $13-18 million worth of charges from employee severance, benefits and other related charges in connection to the layoffs largely. Those will largely happen in the third and fourth quarters of this year. Read On The Fox Business App Laid-off employees will receive "structured" severance and "transitional support" from the company, according to Herd. Microsoft Plans 'Substantial' Job Cuts Across Xbox Division "These decisions were not made lightly, and we are deeply grateful for the contributions of every employee impacted. Our focus now is on moving forward in a way that strengthens our core business, continues to serve our members effectively, and positions us for future growth," a Bumble spokesperson told FOX Business. The job cuts will lead to annual savings of up to $40 million. Most of that will go towards "strategic initiatives including product and technology development," the company said in the SEC filing. Bumble also said that it now expects the dating app company to notch revenue between $244 million and $249 million for the second quarter. Its EBITDA for that three-month period, meanwhile, is forecasted to come in between $88 million and $93 million. Click Here To Read More On Fox Business In the first quarter, it saw its revenue drop year-over-year to $247.1 million. Bumble's stable of apps includes its namesake app, Bumble for Friends, Badoo and Geneva. In February, the company said it was shutting down two apps, Fruitz and Official, something it said would be completed in the first six months of this year. The company had a total of four million paying users at the end of the first article source: Bumble announces major layoffs affecting 30% of employees as company restructures Sign in to access your portfolio
Washington Post
20 hours ago
- Business
- Washington Post
Senate Republicans move to slash CFPB funding by half, risking hundreds of job cuts
NEW YORK — Senate Republicans have moved to cut the funding of the Consumer Financial Protection Bureau by roughly half, as part of President Trump's 'Big Beautiful Bill,' which is likely to lead to hundreds of job cuts at the nation's financial watchdog agency. It would be a major blow to the CFPB, which was created after the 2008 financial crisis to police potential bad actors in the financial services industry, and it would be a win for the GOP, who have largely wanted to make the CFPB go away since its creation.
BBC News
21 hours ago
- Business
- BBC News
Newcastle University staff strike ends in settlement
Strike action lasting almost four months by Newcastle University academics has and College Union (UCU) members began strike action in March after management announced it was to make a £20m reduction in the wage bill, equivalent to about 300 UCU said it had received assurances from university bosses no further job losses will be made next year, with more than 200 academics having taken voluntary severance University said it welcomed the settlement which meant striking staff would return to work on Monday. Prof Matt Perry, UCU Newcastle branch chair, said: "They had talked about 150 staff losing their jobs so that's a big win for us after taking serious industrial action. "But we believe that our dispute shows that industrial action can prevent job cuts in higher education." The strike has seen a number of city centre protests, including a National Demonstration earlier this month which saw UCU chapters from across the country gather in Newcastle in solidarity with striking academics. The union has also been critical about how higher education is funded, calling for universities to be funded through taxation as opposed to tuition finances have been in the spotlight since the Local Democracy Reporting Service revealed the institution was facing a £35m blackhole due to a decline in international students.A university spokesperson said it had reached its £20m target of salary savings in full and without the need for compulsory redundancies through a combination of voluntary severance, redeployments and other mitigating measures. "We welcome the decision from UCU to end their industrial action and we are pleased that the dispute has now ended by mutual agreement."This is an immensely challenging time for universities across the UK and we recognise that this has been a difficult period for both staff and students." Follow BBC Newcastle on X, Facebook, Nextdoor and Instagram.
BBC News
a day ago
- Automotive
- BBC News
Nissan Sunderland to cut 250 jobs as part of global shake-up
Nissan is looking to cut about 250 jobs from its UK factory, as part of a global shake-up in the face of weak sales.A spokesperson confirmed a voluntary leave scheme had opened to shop floor and office staff at the Sunderland plant this staff will not be affected by the move, which is intended to "support efficiency".The car manufacturer employs about 133,500 people globally, with about 6,000 workers in Sunderland. 'More resilient' In May, the company said it planned to cut 11,000 jobs globally and shut seven factories, bringing the total number of job cuts announced by the firm over the past 12 months to about 20,000.A spokesperson said the Sunderland plant remained "at the forefront of our electrification strategy"."In order to support future competitiveness, this week we are beginning discussions with some of our team in Sunderland about the opportunity to voluntarily leave Nissan, with support from the company," the spokesperson said."This will support the plant's efficiency as we aim to become a leaner, more resilient, business." Earlier in June, the car manufacturer unveiled details of its new Leaf electric vehicle, which is set to be built at the Sunderland site already builds the carmaker's Juke and Qashqai models. Follow BBC Sunderland on X, Facebook, Nextdoor and Instagram.
Daily Mail
a day ago
- Entertainment
- Daily Mail
EXCLUSIVE ITV staff anger as 'tone deaf' bosses throw extravagant 70th anniversary party amid job cuts
ITV bosses have angered staff by throwing an extravagant anniversary party despite announcing major budget cuts and job losses. The broadcaster sent out a companywide invitation this month explaining the bash will be in honour of their 70th birthday after the channel was set up in 1955. 'Celebrate our 70th in style', the invitation reads, 'enjoy delicious food and drinks, Instagram worthy photo opportunities and DJs' as future guests were informed of the one night only event set to take place at a west London location. But ITV staff, who have been told the dress code is 'platinum', feel bosses throwing a party amid hundreds of redundancies is 'tone deaf' and they would rather the expense be used to salvage someone's position. A source told MailOnline that 'no one feels like celebrating right now' after ITV announced Lorraine and Loose Women will be halving the number of jobs and significantly reducing the time they are on air. Panel show Loose Women confirmed they have axed their live studio audience from next year, which presenter Nadia Sawalha said was a 'devastating' change. A TV source explained: 'The feeling among staff is that the channel throwing a party is in really bad taste given hundreds of people are losing their jobs. 'The event will no doubt cost a large amount of money, and many believe that bosses should put those funds towards tying to limit redundancies. 'Many feel the tone is completely off, no one at ITV daytime, which is the biggest part of the business, feels like celebrating right now. 'The company has also made widespread cuts and redundancies across Emmerdale and Coronation Street as well as production labels Lifted, who make Love Island, and Multistory. No one feels throwing a big party right now is appropriate.' As well as the London party, studios in Manchester and Leeds have also been invited to a bash for the 70th anniversary, which ITV bosses feel is an unmissable milestone. A spokesperson for ITV said: 'As ITV marks its 70th anniversary this September we are holding staff events in London, Manchester and Leeds to which all staff at ITV have been invited. 'We're taking this opportunity to thank everyone for their efforts and commitment in continuing to produce award-winning, impactful and entertaining programmes. 'We are of course mindful of the impact the proposed changes to our Daytime productions in 2026 will have on some of our staff and we are working hard to support them.' ITV Studios confirmed last month they are slashing the budgets of its biggest daytime shows including Good Morning Britain, Lorraine, This Morning and Loose Women, meaning more than 220 of 440 staff involved will lose their jobs. This Morning, presented by Cat Deeley and Ben Shephard, will remain the same length while Good Morning Britain is being extended by 30 minutes and for the 22 weeks of the year that Lorraine is not airing, GMB plans to run an extra half hour. MailOnline revealed how Lorraine was given the option to present the last 30 minutes of Good Morning Britain, but she refused the 'insulting' offer and insiders believe her show will only run for another year. Meanwhile, GMB anchor Susanna Reid is reportedly negotiating a longer-term contract to become the 'face of the network.' Loose Woman Nadia has expressed her distress over the looming redundancies, saying she is particularly upset by the fact the show will no longer welcome a studio audience, which means her friend, warmup artist Lee Peart is also losing his job. She said: 'From next year there will be no Loose Women audience. I am totally devastated by this fact, I can't get over it at all.
