Lloyds Banking Group is hiring 300 tech experts for its AI development, focusing on agentic AI. This move precedes a new strategic plan from CEO Charlie Nunn and comes amid industry-wide AI adoption, with potential future job cuts despite current hiring.
Meta has started laying off thousands of employees globally, sending out emails to notify affected staff. CEO Mark Zuckerberg sent a company-wide memo expressing gratitude to departing employees and assuring others of no further layoffs this year.
Rolling coverage of the latest economic and financial newsStarmer faces fight to survive as Streeting and Rayner eye leadership bidsGovernment bond yields are rising across the board this morning, although UK debt is leading the losses.US and eurozone borrowing costs have also pushed higher, on concerns that the lack of progress towards ending the Iran war will lead to higher oil prices, more inflation, and higher interest rates.Inflationary headwinds as a consequence of the conflict in the Middle East are weighing on a number of UK businesses. We have already heard from companies like Next, Asos, Sainsbury’s and WH Smith which have warned of higher costs. Now shares in Victrex have shed almost 6% today on the back of a profit warning. It anticipates weaker annual profit before tax of between £42m and £44m for fiscal 2026, falling short of estimates for £46.6m. First half underlying pre-tax also profit dropped by 18% to £19m.The UK mid-cap polymer maker says the Iran war will push up energy and raw material inflation. The company is responding by reducing headcount by 10% to cut costs elsewhere. Continue reading...
Meta is cutting 8,000 jobs on May 20 as CEO Mark Zuckerberg rebuilds the company around small, AI-powered teams. With capex hitting a record $125–145 billion this year, CFO Susan Li admitted there's no clean answer for what Meta's ideal headcount even looks like anymore. The company wants builders who can ship alone what teams once built together—and is letting everyone else go.
Meta is cutting 8,000 jobs on May 20 as CEO Mark Zuckerberg rebuilds the company around small, AI-powered teams. With capex hitting a record $125–145 billion this year, CFO Susan Li admitted there's no clean answer for what Meta's ideal headcount even looks like anymore. The company wants builders who can ship alone what teams once built together—and is letting everyone else go.
Zoho founder Sridhar Vembu echoed Meta engineer Arnav Gupta's views on AI-driven job cuts. Both highlight that escalating AI costs, coupled with rising server prices, are forcing tech companies to reduce headcount. This economic response aims to control expenses, rather than solely reflecting an 'AI productivity miracle' at present. Layoffs continue until companies effectively leverage AI for tangible outcomes.
Zoho founder Sridhar Vembu echoed Meta engineer Arnav Gupta's views on AI-driven job cuts. Both highlight that escalating AI costs, coupled with rising server prices, are forcing tech companies to reduce headcount. This economic response aims to control expenses, rather than solely reflecting an 'AI productivity miracle' at present. Layoffs continue until companies effectively leverage AI for tangible outcomes.
Hong Kong schools have recorded net student rises for two consecutive years, with the current academic year seeing an increase of about 7,200 pupils, a surge that an industry leader has attributed to the influx of dependants of admitted talent. The Education Bureau published enrolment figures on its website on April 28. The data covers all government, aided, private, international and direct subsidy scheme schools at the time of the annual headcount exercise in September 2025. To determine the...
Uber is strategically slowing headcount expansion to channel more investment into artificial intelligence, according to CEO Dara Khosrowshahi. AI is proving to be a powerful accelerator, boosting engineer productivity by generating a significant portion of code changes. This shift aims to enhance efficiency across all company operations, making the AI investment highly compelling.
Microsoft has unveiled its first voluntary retirement program, offering eligible US employees a package including five years of healthcare coverage (one fully paid), cash severance up to 39 weeks' pay, and accelerated stock vesting. This initiative aims to reduce headcount ahead of the new fiscal year, following recent layoffs and executive departures.
Microsoft has unveiled its first voluntary retirement program, offering eligible US employees a package including five years of healthcare coverage (one fully paid), cash severance up to 39 weeks' pay, and accelerated stock vesting. This initiative aims to reduce headcount ahead of the new fiscal year, following recent layoffs and executive departures.
Coinbase will cut roughly 14% of its workforce, citing a combination of market volatility and the how AI is quickly changing how the company operates.
Coinbase will cut roughly 14% of its workforce, citing a combination of market volatility and the how AI is quickly changing how the company operates.
Microsoft CFO Amy Hood announced the company expects headcount to decrease year over year as it evolves operations for increased pace and agility. The announcement follows thousands of job cuts and a voluntary buyout program impacting around 7% of US workforce. The company reported $83 billion quarterly revenue with $32 billion net income, while Azure is forecast to grow 39-40%. Microsoft's first-ever voluntary retirement program targets employees with age plus years of service totaling 70 or more, with about 8,750 workers eligible.
The secretary of the second-largest department says she has been trying to reduce headcount by natural attrition, but that further job cuts are needed by the end of the financial year to fit within the department's budget.
Microsoft announced Hosted Agents in Foundry Agent Service, providing each AI agent with its own dedicated enterprise-grade sandbox in the cloud. CEO Satya Nadella stated every agent will need its own computer, while VP Rajesh Jha argued AI agents functioning as users represent seat opportunities that could offset reduced human headcount.
Microsoft is addressing concerns that AI-driven productivity gains will reduce software licensing revenue by introducing 'Hosted Agents' in its Foundry platform. The company proposes licensing AI agents as individual 'seats', potentially offsetting headcount reductions.
Meta announces layoffs of approximately 8,000 employees (10% of workforce) and will leave 6,000 positions unfilled to fund AI investments, with projected costs of $162-169bn next year. Meanwhile, Microsoft offers voluntary buyouts to around 8,750 US workers as both tech giants grapple with escalating AI infrastructure expenses.
Domestic flight bookings in China rose 8% year-on-year and package tours were up 10% ahead of Labour Day, even as jet fuel prices doubled. Travelers are making more value-conscious decisions, favoring rural destinations and short-haul regional trips over premium travel, according to China Trading Desk survey.
