Major Layoffs In November: Schaeffler, Oracle, KPMG, Nissan, Bosch And More

Major Layoffs In November: 1% Club, the personal finance platform co-founded by Sharan Hegde and Raghav Gupta and backed by Nikhil Kamath, reduced its workforce by 15 per cent this month

The saga of layoffs continues in November as well, with some big firms firing thousands of employees to tackle the ongoing economic challenges around the world. Firms like Oracle, KPMG, Nissan, and many others laid off multiple employees this month to relieve their financial difficulties.

Here Is The List Of Some Of The Major Layoffs In November

KPMG Layoffs

KPMG, one of the "Big Four" accounting firms, announced this month that it has eliminated around 330 positions from its US audit team, representing less than 4 per cent of its nearly 9,000 audit employees. The decision was prompted by historically low employee turnover, which has affected staffing levels, according to a Bloomberg report citing sources familiar with the matter.

Schaeffler Layoffs

Schaeffler, the German manufacturer of automotive and industrial components, announced that it will cut 4,700 jobs across Europe in response to continued challenges in the automotive sector. This decision follows a tough third quarter, during which the company experienced a nearly 50 per cent decline in operating profit.

Oracle Layoffs

Oracle launched another major round of layoffs, with its Oracle Cloud Infrastructure (OCI) division facing some of the most significant cuts, according to a report by Channel Futures.

1% Club Layoffs

1% Club, the personal finance platform co-founded by Sharan Hegde and Raghav Gupta and backed by Nikhil Kamath, reduced its workforce by 15 per cent this month as part of a cost-cutting strategy. The move, driven by the adoption of AI, aims to streamline operations and improve efficiency.

Freshworks Layoffs

Dennis Woodside, CEO of Nasdaq-listed Freshworks, announced this month that the company would reduce its workforce by 13 per cent, resulting in around 660 job cuts. This decision is part of the SaaS firm's broader strategy to improve operational efficiency and streamline team processes.

Bosch Layoffs

German automotive components leader Bosch revealed plans to lay off 7,000 employees in response to ongoing business challenges. CEO Stefan Hartung also warned that further job cuts may be required as the company has fallen short of its financial targets for 2024.

AMD Layoffs

Advanced Micro Devices (AMD) has revealed plans to reduce its global workforce by 4 per cent, resulting in approximately 1,000 job cuts. According to a CNBC report, this decision is part of the company's efforts to streamline operations in response to a challenging economic landscape.

Nissan Layoffs

Nissan Motor plans to lay off or relocate approximately 1,000 employees in Thailand by the fall of 2025, according to a Japan Today report citing industry sources. The Japanese automaker, facing declining profits, is exploring restructuring options to manage costs better.

Ford Layoffs

Ford has announced plans to cut nearly 4,000 jobs across Europe by the end of 2027, representing about 14 per cent of its regional workforce. This decision comes as the automaker faces declining demand for electric vehicles (EVs) and increasing competition from Chinese manufacturers.

HSBC Layoffs

HSBC Holdings has asked hundreds of managers to reapply for roles in its newly formed corporate and institutional banking division. CEO Georges Elhedery is looking to streamline operations and enhance efficiency across the bank.