Latest news with #DeutscheBankConsumerConference
Express Tribune
10 hours ago
- Business
- Express Tribune
P&G to cut 7,000 jobs, exit brands
Listen to article Procter & Gamble will cut 7,000 jobs over the next two years as the Tide detergent maker contends with an uncertain spending environment, fuelled in part by US tariffs that have roiled numerous consumer companies. The world's largest consumer goods company also plans to exit some product categories and brands in certain markets, including some potential divestitures, as part of the broader two-year restructuring plan. "This is not a new approach, rather an intentional acceleration of the current strategy ... to win in the increasingly challenging environment in which we compete," executives said at a Deutsche Bank Consumer Conference in Paris on Thursday. The job cuts amount to about 6% of its workforce, which P&G characterised as part of its ongoing strategy. Notably, CFO Andre Schulten and operations head Shailesh Jejurikar said at the conference that the geopolitical environment was "unpredictable" and that consumers were facing "greater uncertainty." President Donald Trump's sweeping levies on trading partners have shaken global markets and sparked concerns of a recession in the United States. P&G on Thursday estimated about a $600 million before-tax hit in its fiscal year 2026, based on current tariff rates. The rates have frequently changed over the past few months. Overall, the trade war has cost companies at least $34 billion in lost sales and higher costs, a Reuters' analysis showed.
Yahoo
12 hours ago
- Business
- Yahoo
Procter & Gamble slashing up to 7,000 jobs amid restructuring effort
Procter & Gamble on Thursday said that it will cut up to 7,000 jobs, or 15% of its non-manufacturing workforce, over the next two years as part of a broader restructuring effort. "As always, employee separations will be managed with support and respect, and in line with our principles and values and local laws," P&G said. "Specific impacts by region or site are not available at this time." The two-year restructuring plan comes as consumer goods giants P&G and Unilever brace for muted demand in 2025, stemming from growing uncertainty due to U.S. tariffs. P&G's restructuring is not a reaction to a specific part of the external operational environment, which includes tariffs and other global headwinds. Disney Cuts Hundreds Of Tv And Film Jobs Amid Streaming Expansion "This is not a new approach, rather an intentional acceleration of the current strategy… to win in the increasingly challenging environment in which we compete," P&G executives said at a Deutsche Bank Consumer Conference in Paris on Thursday. With the organizational changes, P&G said it is seeking to make "roles broader, teams smaller, work more fulfilling and more efficient, including leveraging digitalization and automation." Read On The Fox Business App Under the restructuring, it is also looking to adjust its portfolio. That could include exiting some categories, brands and products in certain markets, as well as some possible brand divestitures. Chevron To Lay Off Approximately 200 Employees In Texas In 2025 Its portfolio changes will help "drive various benefits, including efficiencies, faster innovation, and cost reduction" within its supply chain as well, according to the company. "Looking ahead, consumers face greater uncertainty. Competition is fierce. The geopolitical environment is unpredictable. And technology is rapidly transforming nearly every aspect of daily life," P&G said. "At the same time, we can unlock significant growth by better meeting the needs of currently unserved and under-served consumers, expanding into new segments, and growing markets to best-in-class levels." The company said "disciplined execution of our integrated growth strategy and even more disciplined resource allocation" would help the company pursue "growth opportunities" and deal with "increasing near-term challenges." The maker of Tide detergent and Pampers diapers had about 108,000 employees as of June 2024. Microsoft Will Lay Off Nearly 6,000 Employees In Push For Efficiency P&G expects to record charges of $1 billion to $1.6 billion before tax over the two-year period, with a quarter of the charges expected to be non-cash. Reuters contributed to this article source: Procter & Gamble slashing up to 7,000 jobs amid restructuring effort
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Business Standard
19 hours ago
- Business
- Business Standard
Amazon lays off employees in Books division as part of cost-cutting plan
Amazon has announced a new round of job cuts, this time affecting its Books division. Fewer than 100 employees have been let go, including staff from Kindle operations and the popular book review platform, Goodreads. The company told Reuters the decision was aimed at improving efficiency and aligning with its long-term goals. 'We've made the difficult decision to eliminate a small number of roles within the Books organisation,' said an Amazon spokesperson. They added that the cuts were part of broader efforts to streamline operations. This is not the first time Amazon has reduced its workforce in recent months. Earlier layoffs have impacted several departments, such as the devices and services team, Wondery podcast unit, and its stores and communications staff. Amazon CEO Andy Jassy has been open about reducing 'unnecessary layers of management and internal bureaucracy.' His goal is to make the company more responsive and efficient in the face of changing economic conditions. Despite the job cuts, Amazon added around 4,000 roles in the first quarter of 2025. The latest round of layoffs was first reported by Business Insider, suggesting Amazon is continuing to make targeted changes to its workforce as part of its long-term strategy. P&G also announces major job cuts Meanwhile, Procter & Gamble (P&G) has also revealed plans to reduce its workforce by around 7,000 jobs — about 6 per cent of its total staff — over the next two years. This is part of a wider restructuring programme aimed at tackling uneven consumer demand and increased costs caused by tariff uncertainties. During the Deutsche Bank Consumer Conference in Paris, P&G executives mentioned they would also exit some product categories and brands in specific markets. The company said this restructuring could involve certain divestitures, though no specific details were shared. Wider job cuts across tech industry The tech sector continues to face widespread layoffs. According to layoff tracker Trueup, over 62,000 employees have lost their jobs across 284 companies during the first five months of 2025. Companies like Google, Microsoft, and Intel have all announced significant job reductions. In May 2025 alone, more than 16,000 tech workers were laid off. The report also noted that nearly 240,000 tech employees lost their jobs in 2024. Analysts suggest that global economic uncertainty, high interest rates, inflation, and over-hiring during the pandemic are key reasons for the ongoing job cuts. Many companies are now focused on "right-sizing" their teams to match current levels of demand. Microsoft, Meta Google restructure workforces Microsoft CEO Satya Nadella recently addressed the issue in a company Town Hall. According to reports, Nadella explained that the latest layoffs were part of a 'reorganisation rather than performance'. Google has also steadily reduced its workforce throughout 2025. In May alone, the company laid off around 200 people from its Global Business Organisation. Earlier, roles were cut from its Pixel hardware, Android, Chrome, and Google Cloud teams. These changes are reportedly linked to automation and a shift in business priorities. Meta, the parent company of Facebook, Instagram, and WhatsApp, is also expected to lay off around 3,600 employees in 2025. The company stated that this is part of a performance-based restructuring initiative.
Time of India
a day ago
- Business
- Time of India
Procter & Gamble to cut 7,000 jobs to rein in costs as tariff uncertainity looms
HighlightsProcter & Gamble announced plans to cut 7,000 jobs, approximately 6% of its workforce, over the next two years as part of a restructuring strategy to address fluctuating consumer demand and rising costs due to tariff uncertainties. The restructuring plan will involve exiting certain product categories and brands, with potential divestitures, to simplify the organizational structure and reduce costs amid challenging market conditions. The company is responding to the unpredictable geopolitical environment and increased consumer uncertainty, with a focus on pricing adjustments and cost cuts to mitigate the impact of tariffs imposed by the Trump administration. Procter & Gamble said on Thursday it would cut 7,000 jobs, or about 6%, of its total workforce over the next two years, as part of a new restructuring plan to counter uneven consumer demand and higher costs due to tariff uncertainty. The world's largest consumer goods company also plans to exit some product categories and brands in certain markets, executives said at a Deutsche Bank Consumer Conference in Paris, adding the program could likely include some divestitures without giving detail. The Pampers maker's two-year restructuring plan comes when consumer spending is expected to remain pressured this year, and global consumer goods makers including P&G and Unilever brace for a further hit to demand from even higher prices. "This is not a new approach, rather an intentional acceleration of the current win in the increasingly challenging environment in which we compete," executives said. President Donald Trump's sweeping tariffs on trading partners have roiled global markets and led to fears of a recession in the U.S., the biggest market for P&G. The company imports raw ingredients, packaging materials and some finished products into the U.S. from China. Trump's trade war has cost companies more than $34 billion in lost sales and higher costs, a Reuters analysis showed, a toll that is expected to rise. In April, the Tide detergent maker said it would raise prices on some products and that it was prepared to pull every lever in its arsenal to mitigate the impact of tariffs. Pricing and cost cuts were the main levers, CFO Andre Schulten had said then. On Thursday, Schulten and P&G's operations head Shailesh Jejurikar acknowledged that the geopolitical environment was "unpredictable" and that consumers were facing "greater uncertainty." The company had about 108,000 employees as of June 30, 2024, and said the job cuts would account for roughly 15% of its non-manufacturing workforce. P&G added that the restructuring plan would help simplify the organizational structure by "making roles broader" and "teams smaller". The plans to divest certain brands will also help adjust its supply chain in order to reduce costs, P&G said.
India.com
a day ago
- Business
- India.com
Bad news for employees of THIS company as it decides to cut 7000 jobs.... not WIPRO, Narayana Murthy's Infosys, TCS..., the company is...
Bad news for employees of THIS company as it decides to cut 7000 jobs.... not WIPRO, Narayana Murthy's Infosys, TCS..., the company is... President Donald Trump's sweeping tariffs on trading partners have roiled global markets and led to fears of a recession in the U.S., the biggest market for P&G. The company now has decided to cut 7,000 jobs, or about 6%, of its total workforce over the next two years. Procter & Gamble imports raw ingredients, packaging materials and some finished products into the U.S. from China. The company in its statement has said that this is being done as part of a new restructuring plan to counter uneven consumer demand and higher costs due to tariff uncertainty. The world's largest consumer goods company also plans to exit some product categories and brands in certain markets, executives said at a Deutsche Bank Consumer Conference in Paris, adding the program could likely include some divestitures without giving detail. The Pampers maker's two-year restructuring plan comes when consumer spending is expected to remain pressured this year, and global consumer goods makers including P&G and Unilever brace for a further hit to demand from even higher prices.
