Financial companies led the wave of layoffs, announcing 23,238 job cuts, according to a report shared by Forbes in the beginning of the year. The technology sector followed closely, with 15,806 layoffs, while the food production industry reported 6,656 job losses. The retail sector also faced significant downsizing, cutting 5,364 positions. Dunzo Slashes Workforce by 75% Amid Financial Turmoil: ReportDunzo, a well-known hyper local delivery platform, has reportedly laid off a staggering 75% of its workforce due to severe financial constraints. The company, which has been struggling with overdue payments to both employees and vendors, made this drastic decision as part of an urgent cost-cutting strategy aimed at sustaining its operations.According to a report by Financial Express (FE), Dunzo recently dismissed approximately 150 employees, which constitutes about 75% of its entire workforce. This move is a clear indication of the financial distress the company is facing. With the layoffs, Dunzos staff has been reduced to a skeletal team of only 50 employees, focusing primarily on core supply and marketplace operations.According to the people known to the subject, the recent layoffs have left Dunzo with a significantly reduced team, primarily focusing on its core supply and marketplace functions. This strategic downsizing is part of a broader effort to manage costs more effectively and ensure the company can meet its financial commitments. The layoffs, which took place on August 31, 2024, were confirmed by Layoffs.fyi, an online platform that tracks job cuts across industries.Apart from this, health startup Kenko Health has also shut stop its operations after the company ran out of funds and could not secure the license from the regulatory further.Goldman Sachs to Cut 1300-1800 Jobs in Strategic LayoffsDelivery platforms and tech industry are not alone to do the layoffs. Reports claim that investment banking giant Goldman Sachs is preparing to cut 3-4% of its global workforce, amounting to approximately 1,300 to 1,800 jobs. This move is part of the banks annual Strategic Resource Assessment (SRA), a process designed to evaluate and adjust its staffing levels.According to the statistics, Goldman Sachs employs around 45,300 people globally, and the planned layoffs will impact various divisions within the bank. According to The Wall Street Journal, the SRA, which was temporarily paused during the COVID-19 pandemic, has resumed, leading to these job cuts.Tony Fratto, a spokesman for Goldman Sachs, downplayed the significance of the layoffs, stating, Our annual talent reviews are normal, standard, and customary, but otherwise unremarkable. Despite the planned job cuts, Fratto noted that the overall headcount at Goldman Sachs is expected to be higher at the end of 2024 compared to 2023.Over 1,500 Employees Laid Off Amid Crisis in Satyams Ramalinga Raju-Linked FirmIn a dramatic turn of events, over 1,500 employees of Brane Enterprises Private Limited, a tech firm linked to Satyam Computers infamous founder Byrraju Ramalinga Raju, were abruptly terminated on August 2, 2024. The layoffs have left many employees in financial distress, struggling to manage their personal finances.The company, associated with Ramalinga Raju, who is widely known as a convict in the Satyam Computers scam has been under intense scrutiny. Despite Rajus past, many employees viewed him as a mentor until the recent financial crisis unfolded. The abrupt termination of over 1,500 employees across Bengaluru, Hyderabad, and other parts of India has highlighted the precarious nature of employment in the tech industry.Indian Media Faces Job Loss Surge Amid Industry TurmoilAccording to the numbers shared by exchange4media, the Indian media industry is currently grappling with a significant rise in job losses, with layoffs increasing by 15% compared to the previous year. This surge is particularly pronounced in the print and TV sectors, which have seen job cuts rise by 20% and 18%, respectively.Even digital media, once seen as a haven for journalists, has not been spared, with a 10% increase in layoffs.The recent wave of layoffs in the media sector has affected an estimated 200-400 professionals across print, TV, and digital newsrooms over the past six months. The job cuts have impacted reporters, copy editors, video journalists, production professionals, assignment teams, and content producers across all levels.Factors Contributing to the CrisisExperts attribute the increase in layoffs to several factors, including the rationalization of costs and broader industry trends. The recent split of Bennett, Coleman & Co. Ltd. (BCCL) between the Jain brothers has created uncertainty within the media conglomerate. The failed merger between Zee and Sony Pictures Networks India has further destabilized the industry, leading to additional job losses.The upcoming merger between Star India and Viacom18 is also expected to have significant implications for the Indian media market, potentially leading to further consolidation and restructuring.The Global Layoff Crisis: A Growing ConcernThe rise in layoffs within the Indian media industry mirrors a global trend of increasing job losses across various sectors. According to recent statistics, global layoffs have surged by 35% compared to the previous year. Experts warn that unless there is a significant improvement in economic conditions, the trend of layoffs is likely to continue, posing a serious threat to workers worldwide.No industry has been spared including food, transportation, education, finance, media and many more, according to the statistics shared by layoffs.fyi.These layoffs reflect the broader economic challenges facing these industries, as companies grapple with financial pressures and shifting market dynamics. The job reductions across these sectors highlight the ongoing struggle to balance costs while navigating an uncertain economic landscape, with the financial and technology sectors being the hardest hit.
