Major Layoffs In June 2024: Google, Meta, Microsoft, Ola Electric, Yes Bank And More

Major Layoffs In June: This month, widespread layoffs impacted thousands of employees worldwide, spanning from tech giants like Google and Meta to companies across various other sectors

Major Layoffs In June: Layoffs have become increasingly prevalent across various sectors as companies are grappling with economic uncertainties, shifting consumer demands, and operational challenges exacerbated by the ongoing global situation. Several companies have made significant staff reductions this month, contributing to the ongoing wave of layoffs that is affecting a large number of employees. 

In June 2024, widespread layoffs impacted thousands of employees worldwide, spanning from tech giants like Google and Meta to companies across various other sectors.

Microsoft Layoffs

Microsoft fired around 1,500 employees, significantly impacting divisions such as the mixed reality team responsible for HoloLens 2. This move comes after an earlier round of layoffs in which Microsoft laid off more than 10,000 employees, highlighting continuous restructuring efforts within the company. The Azure for Operators and Mission Engineering teams also experienced considerable downsizing, affecting hundreds of employees.

Google Layoffs

Alphabet, Google's parent company, reportedly laid off its workforce across various teams within Google's cloud division, one of its most rapidly expanding sectors. Last week, internal communications reviewed by CNBC revealed that the company informed its employees about these reductions related to the cloud business. Positions in sales, consulting, "go-to-market" strategy, operations, and engineering are among those impacted by the layoffs. According to sources familiar with the matter, at least 100 positions have been affected by these recent job cuts.

Ola Electric Layoffs

Ola Electric reportedly trimmed its workforce by approximately 400 to 500 employees across various divisions. The firm's decision aims to reduce operational costs ahead of its planned initial public offering (IPO). Reports suggest that while some affected employees may be substituted with new hires at a significantly lower cost, overall workforce reduction is anticipated.

Simpl Layoffs

Simpl, a Buy Now Pay Later (BNPL) startup, reportedly laid off around 30 employees following a more extensive layoff of 160 individuals less than a month ago. As with the previous round, these recent layoffs have also impacted employees across multiple departments.

Meta Layoffs

Meta was reportedly reduced its number of vice presidents within the company. CEO Mark Zuckerberg has framed a year marked by efficiency, which included a significant reduction of over 20,000 Meta employees, as a lasting aspect of Meta's operations. This ongoing focus on performance and restructuring is leading to gradual downsizing in various teams, affecting executives.

Chegg Layoffs

Chegg, the American education technology company, announced this month that it would lay off approximately 441 employees, constituting 23 per cent of its global workforce, as part of a restructuring initiative aimed at enhancing focus and efficiency. 

YES Bank

YES Bank reportedly initiated a restructuring process that has led to the layoff of approximately 500 employees, with the possibility of additional layoffs in the coming months. The recent job cuts have impacted multiple departments within YES Bank, particularly its wholesale and retail operations, while the branch banking segment has been notably affected.