Global Layoff: After TCS & IBM, its BP and Virgin: Finance Trading Times

Global Layoff: After TCS & IBM, its BP and Virgin

The layoff factor is working across the globe – not only in the present but also predicted for the future.

And yes, it is done by all big and reputed names considered to be the stalwarts of the markets. In India, it was TCS which went for a TCS layoff following TCS salary cuts. Then it was IBM which axed 700 jobs across all over India.

Things are happening in other parts of the world as well. UK based British Petroleum or BP has confirmed that it is set to layoff a total of 5000 jobs worldwide, that includes 1500 jobs in Britain alone. In Europe, companies usually do not cite lame reasons like “non-performing employees”, so BP has clearly said that they are firing employees because of 22% decline in the profits.

And that’s not all. Virgin Atlantic boss Sir Richard Branson has declared that if he succeeds in taking over the ailing mortgage bank of UK – the Northern Rock bank which is up for sale, then there will be job cuts. It is an interesting turn around, as initially the Virgin boss had declared that there will be no job cuts. However, the new details confirm that there may be job cuts at Northern Rock if Virgin succeeds in taking over Northern Rock Bank.
And that’s not all. Virgin Atlantic boss Sir Richard Branson has declared that if he succeeds in taking over the ailing mortgage bank of UK – the Northern Rock bank which is up for sale, then there will be job cuts. It is an interesting turn around, as initially the Virgin boss had declared that there will be no job cuts. However, the new details confirm that there may be job cuts at Northern Rock if Virgin succeeds in taking over Northern Rock Bank. Table of Contents
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