Latest news with #layoffs
Bloomberg
7 hours ago
- Business
- Bloomberg
PwC Plans Cuts, Lower Pay Rises on Tougher Market Conditions: FT
PricewaterhouseCoopers LLP is planning layoffs in the UK and lower salary increases amid a broader market slowdown, the Financial Times reports. PwC intends to cut around 175 junior auditors by August and told its UK staff they would receive a 2.5% pay rise from July, less than the 3% last year, according to the FT, citing unidentified people familiar with the matter.
New York Times
10 hours ago
- Business
- New York Times
Trump Administration Rescinds Voice of America Layoffs After Errors in Notices
The Trump administration on Friday rescinded the layoff notices it had sent to employees at Voice of America after employees discovered errors in documents detailing the terms that could later nullify or significantly delay President Trump's attempts to gut the news organization. The email rescinding last week's layoff notices was sent by Voice of America's human resources office to employees based in Washington, where around 90 percent of its union-protected employees reside, according to the layoff plan the Trump administration sent to Congress earlier this month. But those reporters and support staff are not being called back to work, and Voice of America's parent agency, U.S. Agency for Global Media, 'will be running another RIF in the near future,' the email said, referring to federal layoffs with the acronym for 'reductions in force.' Hundreds of journalists and support staff at Voice of America had been scheduled to be laid off on Sept. 1. Kari Lake, a close Trump ally and the senior adviser to the global media agency, is leading the effort to gut Voice of America. She said in an email that her plan to reduce the agency's work force by 85 percent 'has remained unchanged.' 'The email that went out today allows employees to access and update their personnel files ahead of completion of the RIF,' Ms. Lake said. The Trump administration has accused Voice of America of spreading partisan 'propaganda,' calling it 'the voice of Radical America.' Want all of The Times? Subscribe.
CBS News
11 hours ago
- Business
- CBS News
Chicago Public Schools lays off 161 employees, cuts 209 vacant positions amid $734 budget shortfall
Chicago Public Schools officials on Friday announced more than 160 layoffs, and the elimination of more than 200 vacant positions, mostly among workers in its central office and citywide staff, as the district faces a $734 million budget gap for next year. A CPS spokesperson said 67 central office and network office workers were laid off, along with seven Chicago Teachers Union positions, and 87 employees represented by SEIU Local 73 – nearly all of whom were crossing guards. CPS officials also eliminated 166 vacant central office positions, 19 vacant CTU positions, and 24 vacant crossing guard positions. None of the layoffs or position reductions involved staff assigned to schools, according to CPS. "Chicago Public Schools remains committed to using every available dollar to support student learning and school communities, despite the District's ongoing and well-documented funding challenges. In continuing preparation of the Fiscal Year 2026 budget, CPS is taking a careful and strategic approach to reduce spending while minimizing the impact on classrooms," CPS spokesman Evan Moore said in a statement. Earlier this week, at her first school board meeting, interim Chicago Public Schools CEO announced the district's budget shortfall for the 2025-26 school year had grown from $529 million to $734 million. CPS normally releases a budget plan for the school district in June, but has yet to finalize a spending plan for the upcoming school year. Chicago Teachers Union President Stacy Davis Gates recently called on the district to take out a loan to address the shortfall and avoid cuts. She also said the district needs to do more to persuade Illinois lawmakers to provide CPS more money in the annual budget, arguing the state's education funding formula calls for the district to receive $1.2 billion more each year.
Yahoo
13 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
Yahoo
16 hours ago
- Business
- Yahoo
Bumble reduces workforce in company-wide restructuring effort. Does it have a future?
The dating app company Bumble, which launched in 2014, had separated itself from competitors by creating a platform where women initiate the conversation by sending the first message. This strays from competitors who allow either person to message first. Additionally, the app has Bumble BFF mode, where users can meet new friends, and Bumble Biz mode, where professionals can connect and share knowledge in an easygoing and more comfortable setting, according to Bumble. But in a securities filing report this week, Bumble announced it will be laying off 30% of its global workforce. Bumble was a privately owned entity until 2021, when it went public. Since then, it has struggled in the market, with its stock down more than 35% over the last year as of Wednesday, and nearly 92% since 2021, per The Associated Press. The report released by Bumble on Wednesday disclosed that the board had approved the proposed cuts as the company 'realigns its operating structure to optimize execution on its strategic priorities.' The report did not immediately disclose when the layoffs would be implemented, but the securities filing implied that the process would extend to the end of the year, with severance for impacted employees numbering anywhere between $13 million to $18 million. In a note sent to employees on Wednesday, Bumble CEO and founder Whitney Wolfe Herd wrote, 'This is a hard note to write — and I know it's a hard one to read. But I've always promised to lead with honesty, clarity, and care, even when it's difficult.' Wolfe Herd continued, 'Bumble, like the online dating industry itself, is at an inflection point. In recent months, we've been rebuilding — returning to what makes us trusted, unique, and deeply human. But intentional rebuilding requires hard decisions. Today, we are marking one of the most difficult: we are reducing the size of our team. This decision is not a reflection of any individual but rather where we are going as a company and what we are building for.' Wolfe Herd had just stepped back into her role as CEO in March, after leaving the company in January 2024, per AP. With these layoffs, the dating app developer will save an estimated $40 million annually, according to CNBC. CNN noted that Bumble's latest employee changes are 'the latest warning sign that younger users are growing frustrated and abandoning online dating, forcing companies like Bumble to search for new ways to innovate, including putting a stronger emphasis on using artificial intelligence to find matches.' Rival developer Match Group, responsible for dating apps Hinge and Tinder, is also struggling in the market. As of May, the company reduced its workforce by 13%, which affected 300 employees, per Fortune. Tinder is releasing new features to keep users engaged, such as the app's new 'Double Date' feature, which allows friends to have joint profiles, enabling users to match in pairs and plan double dates for their first in-person meeting, per Business Insider.
