UBS-Google Layoffs: The round of layoffs has not stopped; Thousands of employees will lose their jobs in Credit Suisse and Google WAZE.
Swiss Banking Group (UBS) is going to make massive layoffs at Credit Suisse. He has planned to cut about 35 thousand jobs. Let me tell you, these are more than half of its employees. According to the report, Credit Suisse has taken this step to avoid its rival in March. On the other hand, Google has also announced layoffs on Tuesday. It is being told that people will be removed from the mapping app Waze.
According to media reports, Credit Suisse had about 45 thousand employees. However, in the meantime, apprehensions arose among investors regarding its solvency and its effect was visible on the bank. To save the bank, the Swiss government organized a massive bailout.
It is being told that analysts had already warned that due to beating each other between the world’s two big banks, people may have to lose their jobs on a large scale. UBS itself has not yet commented on the layoffs, according to the report.
Combined, the two groups had around 120,000 employees at the end of last year, of whom 37,000 were in Switzerland. The report cited sources close to the companies as saying that there would be three layoffs this year. People will be fired at the end of first July, second in September and third in October. UBS chief executive Sergio Ermotti warned earlier this month that the coming months could see volatility.
Google will also lay off
Google has also announced layoffs on Tuesday. It is being told that the advertising system of the mapping app Waze is being merged with the Google advertising technology. For this reason, Alphabet-owned Google is laying off its mapping app Waze (WAZE). However, it is not yet clear how many people she will show the way out.
The company plans to move the advertising management of Waze to a global business organization and align it with Google Maps, which will result in layoffs in sales, operations, marketing and analyst roles related to the monetization of Waze ads.
Google says it has started transitioning Waze’s existing advertising system to Google advertising technology for a better and simpler experience for Waze advertisers. As part of this update, Waze has reduced those roles focused on ad monetization. Let us tell you that Google acquired Waze in the year 2013 for about $ 1.3 billion.
