Latest news with #GlobalTech
Time of India
3 days ago
- Business
- Time of India
After Procter & Gamble cuts 7,000 jobs, Walmart now set to lay off over 100 tech workers in California
Walmart is planning to cut over 100 tech jobs in California as part of a bigger corporate layoff plan. The company says it's reshaping its teams to work faster and serve customers better. This comes soon after Procter & Gamble also announced major job cuts. Tired of too many ads? Remove Ads Here's why Walmart is cutting tech jobs Tired of too many ads? Remove Ads FAQs Walmart is cutting 106 tech jobs at its Global Tech office in San Bruno, California. These jobs will be permanently gone by August 22. These layoffs are part of a bigger plan by Walmart to cut around 1,500 corporate jobs across the U.S., as per job cuts will affect people working in global technology, U.S. e-commerce fulfillment, and advertising teams. Walmart says this is part of a 'restructuring' to help make decisions faster and to improve operations in a fast-changing business company wants to 'accelerate how we deliver and adapt' to customer needs. In their words, the goal is to 'sharpen focus' and deliver the kind of retail experience they think people will want in the is America's largest private employer with around 1.6 million workers in the U.S. Even though some jobs are being cut, Walmart says it is also creating new roles at the same time. But Walmart has refused to make any public comments about these specific layoffs, as per the report by San Francisco layoffs are happening just as Procter & Gamble also cut 7,000 jobs, showing a trend in big U.S. companies trimming workforce. Recently, during a company earnings call, Walmart warned that tariffs from the Trump administration might make things more expensive for customers, as per the layoff news, former President Trump posted on Truth Social that Walmart shouldn't raise prices and instead 'eat the tariffs' because it made billions in profits last leaders told Wall Street Journal that the layoffs are not because of trade or political issues, but instead are part of a long-term business plan, as per Wall Street says it's to make teams faster and more focused for future Walmart says the layoffs are part of a long-term business plan, not trade issues.
Yahoo
23-05-2025
- Business
- Yahoo
Walmart to slash roughly 1,500 corporate jobs
Walmart is eliminating members of its Global Tech team in an effort to increase efficiency, the company said in a memo to employees on Wednesday. Roughly 1,500 jobs will be cut as part of the restructuring, according to a person with knowledge of the matter. The layoffs will impact corporate employees, not store associates. The retailer said the cutbacks are intended to "speed up decision-making" and "remove layers and complexity," according to the email sent to employees by Suresh Kumar, Walmart's global chief technology officer and chief development officer and John Furner, president and CEO of Walmart U.S. "In Global Tech, we are evolving teams across the organization, with a focus on simplifying our structure to facilitate speed and innovation," the memo reads. "The world of technology is evolving at an unprecedented pace, and reshaping our structure allows us to accelerate how we deliver and adapt to the changing environment around us." As part of the restructuring, Walmart said it is eliminating roles while also opening some new ones. The world's largest retailer, headquartered in Bentonville, Arkansas, has approximately 1.6 million employees and 4,600 locations in the United States. Walmart last month said earlier this month that it will raise prices in response to tariffs. Walmart earned $4.4 billion in the quarter ended April 30, down from $5.1 billion in the year-ago period. Trump confronts South African president during White House meeting, repeats genocide claims Trump takes questions during meeting with South African president Rubio, Jayapal have fiery exchange about Afrikaner refugee's antisemitic tweet, student visas Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Hill
22-05-2025
- Business
- The Hill
Walmart slashing 1.5K corporate jobs
Retail giant Walmart is slashing around 1,500 corporate jobs after the company announced last week it plans to raise prices due to looming tariffs. 'We are reshaping some teams in our Global Tech and Walmart U.S. organizations where we have identified opportunities to remove layers and complexity, speed up decision-making, and help associates innovate rapidly,' two senior Walmart executives wrote in a Wednesday memo to associates, which was obtained by The Hill. 'We are eliminating roles as well as opening some new roles aligned with our business priorities and growth strategy, they added. Walmart's global chief technology officer and John Furner, the president and CEO of Walmart U.S., wrote in the memo that 'these changes are mainly focused on driving efficiency in the End-to-End Operations teams, ensuring we're serving them so they can best serve our customers.' 'We're also evolving the structure of our Walmart Connect marketing organization to position us for future success as we continue growing this business,' they said. The retail behemoth, which is headquartered in Bentonville, Ark, has around 1.6 million workers at 4,600 locations around the country. Walmart said last week that it would raise prices at stores due to the higher costs driven by President Trump's tariff agenda. 'We will do our best to keep our prices as low as possible, but given the magnitude of the tariffs, even at the reduced levels announced this week, we aren't able to absorb all the pressure given the reality of narrow retail margins,' Walmart CEO Doug McMillon said. Trump hammered Walmart over the weekend, urging the retail giant to 'eat the tariffs' and spare the consumers from the additional cost. 'Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain. Walmart made BILLIONS OF DOLLARS last year, far more than expected,' Trump wrote Saturday on Truth Social. ' 'Between Walmart and China they should, as is said, 'EAT THE TARIFFS,' and not charge valued customers ANYTHING,' the president added. 'I'll be watching, and so will your customers!!!'
CBS News
22-05-2025
- Business
- CBS News
Walmart to lay off roughly 1,500 employees from its corporate tech workforce
Walmart is eliminating members of its Global Tech team in an effort to increase efficiency, the company said in a memo to employees on Wednesday. Roughly 1,500 jobs will be cut as part of the restructuring, according to a person with knowledge of the matter. The layoffs will impact corporate employees, not store associates. The retailer said the cutbacks are intended to "speed up decision-making" and "remove layers and complexity," according to the email sent to employees by Suresh Kumar, Walmart's global chief technology officer and chief development officer and John Furner, president and CEO of Walmart U.S. "In Global Tech, we are evolving teams across the organization, with a focus on simplifying our structure to facilitate speed and innovation," the memo reads. "The world of technology is evolving at an unprecedented pace, and reshaping our structure allows us to accelerate how we deliver and adapt to the changing environment around us." As part of the restructuring, Walmart said it is eliminating roles while also opening some new ones. The world's largest retailer, headquartered in Bentonville, Arkansas, has approximately 1.6 million employees and 4,600 locations in the United States. Walmart last month said earlier this month that it will raise prices in response to tariffs. Walmart earned $4.4 billion in the quarter ended April 30, down from $5.1 billion in the year-ago period.
Business Insider
26-04-2025
- Business
- Business Insider
I spent 16 hours at a tech investment banking conference and there was a sense of disbelief Trump has been so bad for Wall Street.
At the closing party this week for the Jefferies Private Growth Conference held on the rooftop of a Santa Monica hotel, bankers and venture capitalists lined up to see a tarot card reader. Perhaps they were eager to talk to anyone who could provide clairvoyance after weeks of market turmoil sparked by President Donald Trump's trade war. Hopes that dealmaking and IPOs would roar back to life in 2025 were suddenly dashed on Liberation Day, and no one knows how long the uncertainty will last. (The Trump administration has argued that while tariffs inflict short-term pain, they will result in greater long-term prosperity.) "Everything right now is impacted by complete uncertainty," said Jason Greenberg, co-head of Global Tech, Media and Telecom Investment Banking at Jefferies. "If you told me what the objectives are, normally I can say, 'OK, here's what's probably likely to happen.' But I have no idea." This beachside conference, hosted by the investment bank Jefferies, brings together hundreds of bankers, VCs, and tech founders who were supposed to be here to greenlight deals. Instead, the tariffs have caused a dreaded holding pattern. "It's frustrating," said Greenberg. "There's a plethora of late-stage companies that are IPO ready. If it weren't for the tariffs, you would've seen an enormous number of IPOs this year." The bankers I spoke with said the only comparison to the current moment they can remember is the beginning of Covid, when so much seemed unknown. That this crisis is completely self-inflicted makes it worse, especially since many here hoped Trump would be a boon for Wall Street, these bankers noted. "I thought his tariff talk was simply somewhat rabble-rousing," said one banker who asked to remain anonymous. "I don't think anyone could have predicted this." Just over a month ago that Google announced it was buying Wiz for $32 billion, exactly the sort of blockbuster acquisition bankers hoped would spur more dealmaking under a more business-friendly administration. But then came Liberation Day, and the market uncertainty. "There's a little bit of disbelief," another banker said. "If you talk to investors, sponsors, and private growth investors, there's a sense this can't be for real. This cannot keep going." When asked if he knew any companies that would benefit from the tariffs, he replied, "No one is excited about tariffs." "The timing couldn't have been worse," said a third banker who asked his name not be used, who said he had four deals ready to close that are now all paused. "We don't know the period of uncertainty. It could last for two days, or it could last for a year. We could wake up tomorrow and Trump could say, 'never mind, it's a joke,' or he could say 'we're going to war with China.'" Looking for silver linings Bankers usually only get paid when deals are completed, so it is their job to remain sanguine even in the face of frustration. So, despite the rockiness, the bankers I spoke to all expressed hope that this trade war could end just as quickly as it began. "No one here is feeling doom and gloom," said Jimmy Williams, Jefferies' Head of West Coast Technology, Media, and Telecommunications Equity Markets. "I think most people look at all this as just a blip." The IPO window could open again in as little as a few weeks, said Williams. "I don't think that you need a China-US trade deal inked before people are willing to take the risk," Williams said. "I just think that you need the expectation that there will be some negotiated agreement in the future." There is also a strong economy, at least for now, and the excitement around AI, which people here hope can fuel a once-in-a-generation bonanza of wealth. "Some of these companies are growing at paces we've never seen before early in their life cycle," said Cameron Lester, Co-Head of Technology, Media and Telecom Investment Banking at Jefferies. "There's a belief that we'll get back to business." One of Lester's clients is so eager to go public that its board convenes a meeting every 48 hours to assess market conditions. "There are a lot of high-quality technology companies looking to raise capital and/or explore M&A," Lester said. "They just need the market not to be gyrating like this." Faire, a wholesale marketplace, has been on the short list of companies expected to go public when the IPO window opens. Jason Lee, its chief financial officer, was at the conference to meet with bankers and investors and said he's trying to take the tariffs in stride. "We focus on what we can control," Lee said. "The markets won't be shut forever."
