Amazon India is shifting its Bengaluru headquarters from the World Trade Centre to a new location near the airport, triggering concerns about the impact on the WTC’s occupancy and employee commute times. The move, part of a larger cost-cutting strategy, will see Amazon reduce its office space costs by two-thirds.
Intel, facing financial challenges, has reinstated free coffee and tea for its employees after cutting back on other benefits. The decision reflects the company’s recognition that maintaining a positive work environment is crucial despite cost-cutting measures. This move comes after Intel laid off 15,000 workers and reduced reimbursements for expenses like internet and travel.
Chevron Corp. has unveiled a new cost-cutting plan that could lead to job losses in the US. The oil giant aims to achieve $3 billion in structural savings through asset sales, technology adoption, and workflow optimization. The plan involves shifting some operations to its new $1 billion innovation hub in Bengaluru, India, which is hiring engineers and digital service professionals.
Meta CEO Mark Zuckerberg’s commitment to efficiency is evident in the company’s recent cost-cutting measures and even the WiFi password at the Meta Connect conference, which was set to ‘effici3ncy’. While Zuckerberg has been cutting costs, Meta is still heavily investing in AI and other technologies, signaling a strategic balance between efficiency and innovation.
Apple is changing its movie strategy, moving towards smaller-budget productions to contain costs. The company plans to release a dozen movies annually, most costing under $100 million, following its recent big-budget flops. Apple is also considering a hybrid release strategy for future films, with limited theatrical releases followed by streaming on Apple TV+. This shift comes as streaming giants like Netflix, Disney+, and Amazon continue to fight for market share in the fiercely competitive SVOD space.
Paramount Global, the parent company of CBS, Comedy Central, and MTV, is undertaking a second round of layoffs as part of its cost-cutting measures. The company expects to complete 90% of the reductions by the end of the day, impacting divisions like CBS News. The layoffs are part of Paramount’s strategy to accelerate streaming profitability and adapt to the evolving media landscape.
Amazon’s decision to end its work-from-home policy and mandate a return to full-time office work in January has sparked debate. Former employees claim the move is driven by cost-cutting measures, citing practices like ‘silent sacking’ to push employees out. However, the move also offers potential economic benefits for local communities around Amazon’s headquarters.
UnitedHealth Group has announced it will remove AbbVie’s blockbuster drug Humira from its preferred reimbursement lists starting in 2025, opting for lower-cost biosimilars instead. This move follows similar decisions by Cigna and CVS Health, marking a significant shift in the U.S. pharmaceutical market as health plans prioritize cost-cutting measures.
Samsung Electronics, the world’s leading manufacturer of smartphones, TVs, and memory chips, is reportedly planning to cut its overseas workforce by up to 30% in some divisions. The job reductions, expected to be completed by year’s end, are part of a cost-cutting strategy to navigate slowing global demand for tech products and increase profitability.
Eastman Chemical Company (EMN) is facing headwinds from weak demand in certain markets, but is implementing cost-cutting measures and relying on its innovation-driven growth model to maintain profitability. The company’s shares are up 22.1% in the past year, outperforming its industry.
