Global Layoffs Surge in Banks and Tech Companies

Layoffs are continuing across global companies as major firms focus on cost reduction and automation. International banking giant Standard Chartered has announced plans to cut nearly 7,800 jobs by 2030. Most of the affected employees are expected to be from back-office operations in Chennai, Bengaluru, Shenzhen in China, and Warsaw in Poland.

According to Bill Winters, these layoffs could impact nearly 15 percent of the company’s workforce. He stated that the bank is increasingly adopting AI based tools to handle back office operations more efficiently and at a lower cost. However, the company will give priority to employees willing to undergo reskilling and move into new roles.

Meanwhile, tech giant Meta is reportedly preparing for another round of layoffs. Around 8,000 employees are expected to be affected this time. Reports suggest that employees may receive official communication through email early Wednesday morning. The company has also reportedly advised staff to work from home, leading to anxiety among employees over possible job cuts.