RESTRUCTURING
Tech layoffs were just the start: 1.6 million more US job cuts could push America toward recession
US technology layoffs have crossed 200,000 in 2026, with Google, Microsoft, Amazon and other major companies cutting jobs. But the bigger concern is whether the trend will spread to retail and financial services, where another 1.6 million job losses could push unemployment higher and raise fears of a US recession.
MakeMyTrip enters shared mobility segment with majority stake in Quick Ride
MakeMyTrip announced the acquisition of a majority stake in Quick Ride, a shared mobility platform. The investment aims to strengthen its presence in the shared mobility segment, complementing existing ground transportation services. Quick Ride’s operations will be led by its current promoters under a new entity called Co Ride Mobility Private Limited. The acquisition reflects MakeMyTrip's strategy to expand its capabilities across various travel segments.
Why Big Tech companies Microsoft, Google, Meta and others are opting for voluntary buyouts
In response to fluctuating market demands, Meta has rolled out voluntary exit packages in France aimed at workforce restructuring. This initiative is part of a broader trend as tech giants like Google and Microsoft implement similar measures globally to optimize costs. These packages offer employees the choice to depart with financial incentives and transition support, showcasing a more favorable approach compared to traditional layoffs amidst economic uncertainty.
AI gains fail to cool rising staff costs at Indian IT services firms
Although artificial intelligence (AI) and automation are changing the traditional labour-intensive model of IT services, they have yet to bring down employee costs for the country’s top six IT services companies—Tata Consultancy Services (TCS), Infosys, HCLTech, Wipro, Tech Mahindra and LTM (formerly LTIMindtree).
Canva layoffs: CEO Melanie Perkins calls job cuts ‘hardest moment’ in company's history, says ‘deeply sorry’. Read full letter
Canva Group, recognized as a prominent Australian graphic design platform, is set to undergo significant changes with a restructuring plan that impacts its workforce. The company has announced the elimination of 1,271 jobs, representing about 22% of its total employees. After a decade of steady growth, this move aims to optimize operations.
Amagi, Shiprocket post profits; US polls’ impact on IT
Amagi’s Q2 profit surged nearly 30x while Shiprocket swung into the black for the first time. This and more in today’s ETtech Top 5.
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After laying off thousands, Meta now offers voluntary exit packages like Google and Microsoft. Here's all you need to know
Meta has launched a voluntary exit programme in France, designed to reorganize its team while pivoting towards artificial intelligence development. This attractive package includes severance pay, mobility leave, and extensive career support for transitioning employees. This initiative reflects a growing trend in the tech industry, as companies like Google and Microsoft are also adopting similar voluntary separation strategies. Employees wishing to participate must apply by November 5.
Outback Steakhouse Restaurant Closures 2026: Check full list of locations recently shut amid franchisee bankruptcy
Outback Steakhouse has closed 10 locations across four US states due to financial difficulties of a franchisee. The franchisee, Out West Restaurant Group, filed for Chapter 11 bankruptcy protection after struggling since 2018. These closures have raised concerns about potential future restaurant shutdowns but do not affect the entire chain. Bloomin' Brands plans to acquire the remaining franchise operations and provide financial support.
Sequoia Capital restructures operations after raising $10 billion, shuts London office
In a bold move, Sequoia Capital is undergoing a major restructuring by shutting down its London office and disbanding the Arc accelerator and Scouts programs. These changes come amid a leadership shift and a focus on selective investing. With approximately $10 billion raised in new funds, Sequoia is committed to backing European founders, albeit from its Bay Area hub.
BMW Q3 profit falls 15% as China competition weighs
BMW reported a 15% year-on-year decline in third-quarter net profit to 1.45 billion euros, a day after issuing its second profit warning of 2026. Intensifying competition from Chinese automakers, rising costs and weaker demand in China are weighing on the German luxury carmaker. Its vehicle deliveries in China plunged 24.8% during the quarter, while global deliveries fell 6.3%.
Canva layoffs: Affected staffers to get 6 months’ pay, a MacBook, and $10,000 to start up
Canva has announced significant changes that will impact around 1,271 team members, driven by a downturn in revenue growth. To improve project management and empower decision-making, teams will be consolidated. From January, employees will need to work in the office two to three times a week. A support package will provide generous severance, healthcare benefits, and career assistance, alongside a grant program to help exiting employees pursue new career paths.
India’s IT sector needs a new talent architecture
Growing demand for AI-related services is challenging providers, as they struggle to generate significant revenue. Companies must redesign their workforce models to capture opportunities in an AI-driven market. Existing talent architectures focus on old skill sets and hierarchies, which are becoming less relevant. Investing in specialized roles and capabilities will better align with the new market demands.
First husband, then wife lose their tech jobs in US, newborn baby at home and healthcare coverage worries. Heartbreaking post highlights growing anxiety among tech workers
Ha Nguyen, a founder and managing partner, shared the heartbreaking story of a US-based tech couple who lost their jobs one after another while caring for their newborn baby. With healthcare coverage at risk, the couple faces mounting uncertainty. Her post highlighted the human cost of tech layoffs and called for greater support for affected employees.
Canva layoffs severance package: From six months’ salary, $10,000 grants to MacBooks, here’s what company has promised affected employees following a 22% workforce reduction
Canva layoff news: Canva Group has announced plans to lay off approximately 1,271 employees as part of a major restructuring effort. The company aims to consolidate its teams to enhance operational efficiency and clarify ownership. Employees affected by the layoffs will receive a generous severance package, which includes financial support for their future endeavors. Canva will require some staff to relocate to Sydney, where product teams will be centralized.
Canva layoffs: Top manager feels ‘deja vu’, urges colleagues to ‘to be kind’ after 1,271 job cuts
Canva employee Artemi Ollin says the company's decision to cut 1,271 jobs feels like “déjà vu” after he experienced layoffs at Google. In a LinkedIn post, he urged affected colleagues to prioritise their wellbeing and encouraged remaining employees to offer support through referrals, recommendations or simply a kind word. Canva is restructuring after growth slowed.
Canva to cut about 22% of staff as growth slowdown triggers restructuring
Australian graphic design platform Canva Group said on Wednesday it would cut 1,271 jobs, or about 22% of its workforce, as part of a restructuring after growth slowed for the first time in a decade.
Freshworks crosses $1 billion ARR as enterprise push lifts growth
Revenue for the July-September quarter rose to $245.4 million from $215.1 million a year earlier. Net profit stood at $18.3 million, compared with a loss of $4.7 million in the year-ago period. Its non-GAAP operating margin expanded to 29.8% from 21% a year earlier, while adjusted free cash flow increased 29% to $73.9 million.
Lenders accept Supreme Housing's Rs 522-crore settlement offer
Canara Bank along with other lenders accepted a ₹522-crore one time settlement offer from Supreme Housing and Hospitality. This settlement will help the company resolve debts close to ₹700 crore, representing a 75% recovery for involved banks. The one-time settlement includes both fund and non-fund exposure from corporate guarantees given to subsidiary entities.
Air India CEO targets lower costs, higher passenger yields to steer airline towards profitability
Air India CEO Tewolde Gebremariam said the airline is working to reduce operating costs and improve passenger yields as it pursues a financial turnaround. The plan includes bringing unit costs in line with industry levels, restructuring its Delhi network, expanding international flights from Mumbai and exploring Bengaluru as a third hub.
Disney weighs sweeping layoffs, with thousands of jobs at risk as CEO Josh D'Amaro targets 20% cost cuts
Walt Disney is reportedly considering cutting thousands of jobs as part of a cost-saving restructuring initiative. The company's leadership has requested managers to identify 20% in annual cost savings. This decision follows challenges including reduced box office revenue and increased competition in streaming. Disney aims to reallocate some of the savings into film, TV programming, and theme park ventures.
Govt set to tweak MSP norms for periodic price hikes of minor forest products
The Centre is planning to restructure the minimum support price mechanism for minor forest produce. This change aims to provide periodic hikes to benefit tribal communities relying on forest produce. TERI has been tasked to study the current MSP framework and assess potential rationalization. Concerns regarding stagnant MSP rates sparking exploitation among forest-dependent communities have been raised in parliamentary discussions.
Homebuyers’ body FPCE urges PM Modi to restructure RERA as consumer protection law
The Forum for People’s Collective Efforts has urged Prime Minister Narendra Modi to overhaul the Real Estate (Regulation and Development) Act. They emphasize the critical need to distinguish consumer protection from the promotion of the real estate sector, citing persistent enforcement challenges. The group reveals that many homebuyers are facing financial losses due to stalled projects.
Luxury cruise’s ‘Resident Wikipedia’ CEO deletes apology letter to stranded passengers after offering hope of saving its ‘never-ending’ voyage
Kathy Villalba, CEO of Villa Vie Residences, expressed sincere regret towards Odyssey residents affected by fuel shortages, forced to disembark in Cambodia. She recognized the turmoil brought on by rising fuel costs due to the US-Iran conflict, which has led the company to temporarily halt operations. As they consider restructuring options, the surge in fuel expenses has raised serious concerns about their operational viability.
Hello Sunshine Layoff: 30 employees sacked after reacquisition by Reese Witherspoon and French media company Mediawan
Around 30 employees have been laid off from Hello Sunshine after its reacquisition by Reese Witherspoon and French media company Mediawan. The company will now be restructured to focus on film and TV production, Reese's Book Club, digital marketing and partnerships. This follows a number of financial difficulties and staff cuts at the company.
Noel Tata seeks board scrutiny of SP Group's Rs 25,000 crore exit plan, Tata Sons restructuring
Noel Tata has asked the Tata Sons board to examine Shapoorji Pallonji Group's Rs 25,000-crore funding proposal through a capital reduction and separately evaluate Tata Trusts' restructuring plan to preserve the holding company's unlisted status. Both proposals are slated for discussion at the November 26 board meeting.
Global Market: European automakers get earnings boost as Chinese competition weighs on recovery
European automakers have received a boost from recent earnings, but their recovery remains fragile. Rising competition from Chinese manufacturers, costly technological shifts and structural weaknesses continue to cloud the sector's long-term growth prospects.
Noel Tata sends two letters over SPG's Rs 25,000 crore request and to evaluate merger options to avoid D-St listing
Noel Tata sends two letters to Tata Sons Board today: to examine a Rs 25,000 crore funding request from minority shareholder Shapoorji Pallonji (SP) Group through a proposed capital reduction and detailed evaluation of a restructuring proposal made by Sir Dorabji Tata Trust and Sir Ratan Tata Trust on September 28 to merge two operating subsidiaries, Tata Electronic Systems Solutions (TESS) and Tata Consulting Engineers (TCE), with Tata Sons.
MTAR Technologies gets NCLT nod to merge two wholly owned subsidiaries
MTAR Technologies has received NCLT approval to merge its wholly owned subsidiaries Gee Pee Aerospace and Defence and Magnatar Aero Systems into the parent company. The restructuring aims to simplify the corporate structure, consolidate operations, reduce administrative costs and improve efficiency.
Jetblue CEO says company not in talks with its creditors: Report
JetBlue Airways CEO Joanna Geraghty has denied reports of debt restructuring talks with creditors, seeking to assure investors after a sharp selloff in the airline’s bonds. Her remarks follow reports that creditors hired restructuring advisers PJT Partners and Akin Gump, raising concerns about the carrier’s financial stability as it continues to struggle to return to profitability.
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