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Hindustan Times
2 days ago
- Business
- Hindustan Times
CEOs Trumpet Smaller Workforces as a Sign of Corporate Health
Big companies are getting smaller—and their CEOs want everyone to know it. The careful, coded corporate language executives once used in describing staff cuts is giving way to blunt boasts about ever-shrinking workforces. Gone are the days when trimming head count signaled retrenchment or trouble. Bosses are showing off to Wall Street that they are embracing artificial intelligence and serious about becoming lean. After all, it is no easy feat to cut head count for 20 consecutive quarters, an accomplishment Wells Fargo's chief executive officer touted this month. The bank is using attrition 'as our friend,' Charlie Scharf said on the bank's quarterly earnings call as he told investors that its head count had fallen every quarter over the past five years—by a total of 23% over the period. Loomis, the Swedish cash-handling company, said it is managing to grow while reducing the number of employees, while Union Pacific, the rail operator, said its labor productivity had reached a record quarterly high as its staff size shrank by 3%. Last week Verizon's CEO told investors that the company had been 'very, very good' on head count. Translation? 'It's going down all the time,' Verizon's Hans Vestberg said. The shift reflects a cooling labor market, in which bosses are gaining an ever-stronger upper hand, and a new mindset on how best to run a company. Pointing to startups that command millions in revenue with only a handful of employees, many executives see large workforces as an impediment, not an asset, according to management specialists. Some are taking their cues from companies such as which recently told staff that AI would likely lead to a smaller workforce. Wells Fargo Chief Executive Charlie Scharf said recently that the company had shrunk, in part, by using attrition 'as our friend.' Now there is almost a 'moral neutrality' to head-count reductions, said Zack Mukewa, head of capital markets and strategic advisory at the communications firm Sloane & Co. 'Being honest about cost and head count isn't just allowed—it's rewarded' by investors, Mukewa said. Companies are used to discussing cuts, even human ones, in dollars-and-cents terms with investors. What is different is how more corporate bosses are recasting the head-count reductions as accomplishments that position their businesses for change, he said. 'It's a powerful kind of reframing device,' Mukewa said. Leaving roles unfilled Large-scale layoffs aren't the main way companies are slimming down. More are slowing hiring, combining jobs or keeping positions unfilled when staffers leave. The end result remains a smaller workforce. Bank of America CEO Brian Moynihan reminded investors this month that the company's head count had fallen significantly under his tenure. He became chief executive in 2010, and the bank has steadily rolled out more technology throughout its functions. 'Over the last 15 years or so, we went from 300,000 people to 212,000 people,' Moynihan said, adding, 'We just got to keep working that down.' Bank of America has slimmed down by selling some businesses, digitizing processes and holding off on replacing some people when they quit over the years. AI will now allow the bank to change how it operates, Moynihan said. Employees in the company's wealth-management division are using AI to search and summarize information for clients, while 17,000 programmers within the company are now using AI-coding technology. One chat-based AI product is helping 750 employees reconcile trades. In the process, Moynihan said, the bank expects the technology will allow it to hire fewer full-time staff in that area or deploy head count elsewhere. Overall, Bank of America's staff size has fallen by 1,500 people since the beginning of the year, excluding summer interns. The company plans to bring on 2,000 early career employees later this year. When managing costs, 'It always starts with us with head-count discipline,' Alastair Borthwick, Bank of America's chief financial officer, told investors this month. In industries where AI is taking on white-collar corporate functions, there is often little unionization, and employees might feel powerless to push back, said Molly Kinder, a senior fellow at the Brookings Institution who is studying AI's effects on workers. She has been struck by how little public criticism companies have received when executives telegraph AI-related staffing reductions. 'I'm worried it's happening in plain sight with no blowback, no pushback, and it's going to become the norm,' she said. 'I don't think that's good news for the American worker.' Some employers seem almost to take pride in announcing efforts to increase revenue or profits while cutting staff or keeping head count flat. 'Something feels remarkably different about this moment,' she said. 'Very happy with that' Fast-rising companies are at the forefront of figuring out how to do more with less. Garry Tan, chief executive of Y Combinator, the Silicon Valley startup accelerator, said this spring that the biggest change he sees in the startup ecosystem now is how effective companies can be with hardly any employees, using AI to grow. 'They can go from really zero to $10 million a year in revenue, sometimes in the course of less than 12 months, and they can do it with less than 10 people,' Tan said on a podcast. 'It's really sort of astonishing.' Verizon CEO Hans Vestberg rang the New York Stock Exchange's opening bell in June. Managers might face the heaviest toll. Intel CEO Lip-Bu Tan said Thursday that the company planned to lay off 15% of its staff, and cut layers of middle management, to help reverse its fortunes after falling behind such rivals as Nvidia. 'We need to rightsize and scale back the company,' Tan said. Some leaders acknowledge the human cost of such layoffs. Microsoft announced this month plans to cut another 9,000 workers, bringing its job cuts to 15,000 in the past two months. In a memo to staff on Thursday, Microsoft CEO Satya Nadella said the layoffs had weighed on him as the company reorients its business to AI. 'This is the enigma of success in an industry that has no franchise value,' Nadella wrote. 'Progress isn't linear. It's dynamic, sometimes dissonant, and always demanding.' Some reductions might have little to do with adoption of the technology and more with executives' desire to please investors. Efforts to reduce head count or restrain hiring show that an executive has a willingness to make tough calls, Sloane's Mukewa said. Companies such as Verizon are letting investors know they are pleased too. The company's head count is down roughly 4% from a year earlier, the telecommunication giant told investors last week. 'We have been very efficient on managing our resources,' Vestberg, the CEO, said. 'So, very happy with that.' Write to Chip Cutter at CEOs Trumpet Smaller Workforces as a Sign of Corporate Health
Mint
2 days ago
- Business
- Mint
CEOs trumpet smaller workforces as a sign of corporate health
Big companies are getting smaller—and their CEOs want everyone to know it. The careful, coded corporate language executives once used in describing staff cuts is giving way to blunt boasts about ever-shrinking workforces. Gone are the days when trimming head count signaled retrenchment or trouble. Bosses are showing off to Wall Street that they are embracing artificial intelligence and serious about becoming lean. After all, it is no easy feat to cut head count for 20 consecutive quarters, an accomplishment Wells Fargo's chief executive officer touted this month. The bank is using attrition 'as our friend," Charlie Scharf said on the bank's quarterly earnings call as he told investors that its head count had fallen every quarter over the past five years—by a total of 23% over the period. Loomis, the Swedish cash-handling company, said it is managing to grow while reducing the number of employees, while Union Pacific, the rail operator, said its labor productivity had reached a record quarterly high as its staff size shrank by 3%. Last week Verizon's CEO told investors that the company had been 'very, very good" on head count. Translation? 'It's going down all the time," Verizon's Hans Vestberg said. The shift reflects a cooling labor market, in which bosses are gaining an ever-stronger upper hand, and a new mindset on how best to run a company. Pointing to startups that command millions in revenue with only a handful of employees, many executives see large workforces as an impediment, not an asset, according to management specialists. Some are taking their cues from companies such as which recently told staff that AI would likely lead to a smaller workforce. Wells Fargo Chief Executive Charlie Scharf said recently that the company had shrunk, in part, by using attrition 'as our friend.' Now there is almost a 'moral neutrality" to head-count reductions, said Zack Mukewa, head of capital markets and strategic advisory at the communications firm Sloane & Co. 'Being honest about cost and head count isn't just allowed—it's rewarded" by investors, Mukewa said. Companies are used to discussing cuts, even human ones, in dollars-and-cents terms with investors. What is different is how more corporate bosses are recasting the head-count reductions as accomplishments that position their businesses for change, he said. 'It's a powerful kind of reframing device," Mukewa said. Large-scale layoffs aren't the main way companies are slimming down. More are slowing hiring, combining jobs or keeping positions unfilled when staffers leave. The end result remains a smaller workforce. Bank of America CEO Brian Moynihan reminded investors this month that the company's head count had fallen significantly under his tenure. He became chief executive in 2010, and the bank has steadily rolled out more technology throughout its functions. 'Over the last 15 years or so, we went from 300,000 people to 212,000 people," Moynihan said, adding, 'We just got to keep working that down." Bank of America has slimmed down by selling some businesses, digitizing processes and holding off on replacing some people when they quit over the years. AI will now allow the bank to change how it operates, Moynihan said. Employees in the company's wealth-management division are using AI to search and summarize information for clients, while 17,000 programmers within the company are now using AI-coding technology. One chat-based AI product is helping 750 employees reconcile trades. In the process, Moynihan said, the bank expects the technology will allow it to hire fewer full-time staff in that area or deploy head count elsewhere. Overall, Bank of America's staff size has fallen by 1,500 people since the beginning of the year, excluding summer interns. The company plans to bring on 2,000 early career employees later this year. When managing costs, 'It always starts with us with head-count discipline," Alastair Borthwick, Bank of America's chief financial officer, told investors this month. In industries where AI is taking on white-collar corporate functions, there is often little unionization, and employees might feel powerless to push back, said Molly Kinder, a senior fellow at the Brookings Institution who is studying AI's effects on workers. She has been struck by how little public criticism companies have received when executives telegraph AI-related staffing reductions. 'I'm worried it's happening in plain sight with no blowback, no pushback, and it's going to become the norm," she said. 'I don't think that's good news for the American worker." Some employers seem almost to take pride in announcing efforts to increase revenue or profits while cutting staff or keeping head count flat. 'Something feels remarkably different about this moment," she said. Fast-rising companies are at the forefront of figuring out how to do more with less. Garry Tan, chief executive of Y Combinator, the Silicon Valley startup accelerator, said this spring that the biggest change he sees in the startup ecosystem now is how effective companies can be with hardly any employees, using AI to grow. 'They can go from really zero to $10 million a year in revenue, sometimes in the course of less than 12 months, and they can do it with less than 10 people," Tan said on a podcast. 'It's really sort of astonishing." Verizon CEO Hans Vestberg rang the New York Stock Exchange's opening bell in June. Managers might face the heaviest toll. Intel CEO Lip-Bu Tan said Thursday that the company planned to lay off 15% of its staff, and cut layers of middle management, to help reverse its fortunes after falling behind such rivals as Nvidia. 'We need to rightsize and scale back the company," Tan said. Some leaders acknowledge the human cost of such layoffs. Microsoft announced this month plans to cut another 9,000 workers, bringing its job cuts to 15,000 in the past two months. In a memo to staff on Thursday, Microsoft CEO Satya Nadella said the layoffs had weighed on him as the company reorients its business to AI. 'This is the enigma of success in an industry that has no franchise value," Nadella wrote. 'Progress isn't linear. It's dynamic, sometimes dissonant, and always demanding." Some reductions might have little to do with adoption of the technology and more with executives' desire to please investors. Efforts to reduce head count or restrain hiring show that an executive has a willingness to make tough calls, Sloane's Mukewa said. Companies such as Verizon are letting investors know they are pleased too. The company's head count is down roughly 4% from a year earlier, the telecommunication giant told investors last week. 'We have been very efficient on managing our resources," Vestberg, the CEO, said. 'So, very happy with that." Write to Chip Cutter at
Yahoo
6 days ago
- Business
- Yahoo
The Board of Loomis has resolved to repurchase shares during the third quarter 2025
The Board of Directors of Loomis AB has resolved to repurchase shares by virtue of the authorization granted by the Annual General Meeting 2025. STOCKHOLM, July 24, 2025 /PRNewswire/ -- The repurchase may commence on June 28, 2025, end not later than on September 29, 2025, and comprise an amount up to a maximum of SEK 200 million. Repurchase shall be made on Nasdaq Stockholm, on one or more occasions, at a price within the prevailing price interval registered at each point in time (being the interval between the highest buying price and the lowest selling price). Payment for repurchased shares shall be made in cash. Danske Bank A/S, Danmark, Sverige Filial will administrate the repurchase and based on the trading order given by Loomis, take trading decisions independently of Loomis with regards to the timing of the acquisitions. Reporting will be made via the stock exchange in accordance with applicable rules. The repurchase is made for the purposes set forth in the general meeting's authorization. The company's current holding of own shares amounts to 549,953. The total number of shares in Loomis, including the company's own shares, amounts to 68,500,000. This press release is also available on the company's website, For more information, please contact: Jenny BoströmHead of Sustainability and +46 79 006 45 92 This information was brought to you by Cision The following files are available for download: The Board has resolved to repurchase shares during the third quarter 2025 View original content: SOURCE Loomis AB 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
USA Today
22-07-2025
- Sport
- USA Today
Mickey Loomis reacts to Tyrann Mathieu's retirement: 'We were a little surprised'
New Orleans Saints safety Tyrann Mathieu made a surprise retirement announcement on Tuesday, the start of Saints training camp, but it didn't come as a big shock for general manger Mickey Loomis. Loomis spoke with the media in his annual pre-training camp press conference and said that Mathieu had come to him in recent days to inform the team of his decision. "We had a little advance notice on that, so it wasn't like we were surprised," Loomis said. "We were a little surprised but we had some advance notice. And we just have so much respect for Tyrann and what he's accomplished, and he's a legendary Louisiana player, legendary NFL player. Really appreciate his time with us, he's fantastic. I don't have enough good things to say about him. I have a lot of good things to say about him. What a great career. Just wish him all the best." He's had a career anyone would be proud of, with three Pro Bowl selections and three spots on the Associated Press All-Pro team. Mathieu was also recognized on the Pro Football Hall of Fame's All-Decade Team of the 2010s. And he's a Super Bowl champion, too. But he turned 33 in May and his family has gotten larger. His priorities aren't what they were. For him to go out on his own terms is a great thing. Where do the Saints go from here at safety? They signed Justin Reid in free agency and drafted Jonas Sanker, adding to a group that already includes Jordan Howden, J.T. Gray, and Ugo Amadi. Terrell Burgess was another free agent pickup after he tried out in minicamp. But don't be surprised if they add another veteran now that Mathieu is stepping away.
NBC Sports
22-07-2025
- Sport
- NBC Sports
Tyrann Mathieu announces his retirement
The Honey Badger is calling it a career. Saints safety Tyrann Mathieu has formally announced his retirement on Tuesday in a social media post. 'As I hang up my cleats, I'm filled with gratitude as I close this chapter of my life and officially retire from the game that's shaped me in every way,' Mathieu wrote. 'From my first snap in college to my final play in the NFL, this journey has been nothing short of a blessing. Football gave me purpose, discipline, and memories that will stay with me forever. But more than anything, it gave me a community. 'To every coach who believed in me, every teammate who battled beside me, and every fan who showed up, cheered, and rode with me through the highs and lows, thank you. You gave me strength when I needed it most, and your love carried me farther than I ever imagined. 'I hope I made you proud out there. This isn't goodbye — it's just the next chapter.' Mathieu, 33, had re-worked his contract to stay with the Saints earlier this offseason. But now, he's elected to pass on that opportunity. 'We had a little advance notice on that, so it wasn't like we were surprised today,' Saints G.M. Mickey Loomis said in his Tuesday press conference. 'I'm a little surprised, but we had some advance notice. Just have so much respect for Tyrann and what he's accomplished. He's a legendary Louisiana player, legendary NFL player. Really appreciate his time with us. He was fantastic. And I don't have enough good things to say about him — a lot of good things to say about him. What a great career and just wish him all the best.' Loomis added he thought this just came up in the last few days and didn't make an effort to talk Mathieu out of it. 'I wouldn't do that, especially a player of his experience,' Loomis said. 'He understands himself better than anyone. So, I wouldn't do that.' 'I just think he's one of those guys who commands respect by his actions, his deeds,' Loomis added. 'He's got a great message. He's very thoughtful, intelligent, super smart player. About all the right things on the football field and his experiences in life. He's just fantastic.' A Cardinals third-round pick in 2013 after playing his college ball at LSU, Mathieu played his first five seasons with Arizona before signing with Houston as a free agent. He then signed with the Chiefs in 2019, helping propel the club to a Super Bowl victory over the 49ers as a first-team All-Pro. He was again an All-Pro in 2020, as the Chiefs won a second consecutive AFC title. Mathieu made his way back to Louisiana in 2022, signing with the Saints in free agency. He started all 17 games for New Orleans over the last three seasons, recording 10 interceptions and 24 passes defensed for the franchise. In all, Mathieu appeared in 180 career games with 171 starts. He finishes as a three-time All-Pro and a three-time Pro Bowler with 36 interceptions, 100 passes defensed, seven forced fumbles, eight fumble recoveries, and 11.0 sacks.
