this company to layoff 10,000 workers; details inside
Maersk, a Danish shipping and logistics company, to lay off 10,000 workers amid inflationary pressure. A.P. Møller – Mærsk A/S, also known as Maersk, said “worsening” prices for shipping by sea required 10,000 job cuts at the company.
Maersk also reported a steep drop in third-quarter profit. The shipping company said it would cut at least 10,000 jobs in the wake of overcapacity, rising costs and weaker prices. Vincent Clerc, CEO of Maersk Line, said “Our industry is facing a new normal with subdued demand, prices back in line with historical levels and inflationary pressure on our cost base.”
Maersk to lay off 10,000 workers
Maersk is set to lay off 10,000 workers in order to reduce costs and increase savings. The layoff will be conducted in major cost-cutting measures. The layoff will reduce Maersk’s global workforce to below 100,000. Previously, the company reduced its workforce from 110,000 in January to below 100,000. The layoff will save the business £600m next year.
When will Maersk lay off employees?
Maersk will lay off employees in the coming months. Some 2,500 of the 3,500 job roles will be cut in the coming months. Other workers will be laid off in 2024. The company had already begun to cut costs by laying off employees.
Layoff tsunami continues to affect employees. Various companies have already laid off workers in major cost-cutting measures. Splunk, an American software company based in San Francisco, will lay off around 560 employees soon. Condé Nast, a global mass media company, has planned to cut hundreds of jobs.
Liberty Mutual, an American diversified global insurance company, will lay off 850 workers. Nokia, a Finnish multinational telecommunications company, is set to lay off 14,000 workers. LinkedIn, a business and employment-focused social media platform, is set to lay off 668 workers.
Rolls-Royce, an aero-engine manufacturing company, is set to lay off 2,500 employees. Stack Overflow, founded by Jeff Atwood and Joel Spolsky in 2008, is set to lay off 100 workers. Citigroup, an American multinational investment bank and financial services company, will lay off thousands of employees.