UPS will lay off 12,000 jobs, and PayPal will lay off 2,500 employees

PayPal Holdings, a provider of payment services, may fire roughly 2,500 workers this year. In contrast, United Parcel Service Inc. (UPS) might fire 12,000 employees or roughly 2.5% of its workforce. Wipro, a domestic IT company, has announced plans to lay off 100 employees. According to PayPal CEO Alex Chris, the company may have to fire around 9% of its workforce this year to restructure the company. This is what we must do to advance more quickly and experience profitable growth. We'll keep making investments in sectors that can spur our expansion.

Tech giant Salesforce has also decided to provide 700 workers (1% of the workforce) with an alternative. In 2023, the company let go of 10% of its workforce. By the end of the December quarter of 4 IT companies, the number of employees of four major IT companies TCS, Infosys, Wipro and HCL had decreased by 50,875 employees.

Wipro is planning to lay off hundreds of mid-level employees to improve margins. Informing the personnel started at the beginning of this month. Wipro has the lowest margins among the four major IT companies. Keeping its business and talent in line with the changing market environment is an important part of the company's strategy, according to Amar Ujala.

UPS CEO Carol Tome said last year was difficult and disappointing. Volume, revenue and operating profit declined across all business segments. Now the company aims to cut costs by one billion dollars. The company's full-year revenue will be between $92 billion and $94.5 billion. The company's quarterly revenue fell to $24.9 billion from $27 billion a year ago. Officials said that even if business recovers, there will be no recruitment back to these posts. The company also wants to sell Coyote, a truckload brokerage business it purchased in 2015.