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SAIC's planned reductions include slashing 30% of jobs at SAIC-GM, 10% at SAIC Volkswagen, and over half at its Rising Auto EV arm, sources told Reuters.
Getaround, a company that helps vehicle owners rent out their cars, trucks and SUVs to other peers, is cutting 30% of its North American workforce as part of a restructuring. The company said in a statement it will restructure its workforce and operations to reduce costs in hopes of extending its cash runway and accelerating "its path to profitability." Getaround wouldn't disclose the number of workers it currently employs in North America or in Europe, where it also operates.
This move follows a series of layoffs across different divisions, including Pixel, Nest, Fitbit, Google Assistant, and core engineering.
In 2023, major global banks such as UBS Group AG (NYSE: UBS) and Wells Fargo & Co (NYSE: WFC) executed extensive job cuts, eliminating over 60,000 positions collectively. This marked one of the most substantial workforce reductions since the financial crisis. Investment banks witnessed plummeting fees for the second consecutive year, prompting Wall Street to defend profit margins by reducing headcount. Also Read: US Banks Could See $160B In Potential Losses From Commercial Real Estate Sector Col
Qualcomm, the world's largest maker of smartphone chips, has announced plans to significantly reduce its workforce. The company is set to lay off approximately 1,258 employees in its California offices, representing around 2.5 percent of its total workforce.