Cargill is laying off about 8,000 employees, or 5% of its global workforce, as part of a corporate restructuring aimed at improving competitiveness amid declining sales and profits. The layoffs, which include 475 jobs at its Minnetonka headquarters, are part of a broader strategy to streamline operations and cut costs following a significant drop in profits. The company is reorganizing its business units and reducing workforce layers to address market challenges and align with its 2030 plan.
Cargill Inc. is set to cut around 5% of its global workforce, equating to thousands of jobs, after failing to meet profit targets. The job reductions are part of the company's 2030 strategy and will affect senior leaders, though not the executive team. Cargill, the largest agricultural commodities trader, is the largest privately held company in the US.
Tesla CEO Elon Musk announced in a memo that the company will lay off more than 10% of its global workforce as part of cost reduction and productivity increase efforts. The decision comes as Tesla faces challenges including slowing electric vehicle sales growth, increased competition, and logistical disruptions. Musk acknowledged the difficulty of the decision and expressed gratitude to departing employees, while emphasizing the importance of remaining employees in driving the company's growth in auto, energy, and artificial intelligence technologies.
Nike is cutting 2% of its global workforce, amounting to over 1,600 jobs, as part of its cost-cutting measures to reinvest in growth areas like sport, health, and wellness. The company aims to save up to $2 billion over the next three years, with most of the savings directed towards accelerating innovation and increasing agility and responsiveness. This move comes after a reduction in annual sales outlook and falling short of second-quarter sales expectations.
Levi Strauss & Co. plans to cut up to 15% of its global workforce as part of a restructuring effort under new CEO Michelle Gass, with the layoffs expected to impact between 500 and 700 people. The company aims to tighten its belt amid macroeconomic challenges and issues in its U.S. wholesale business, and is implementing a global productivity initiative called Project FUEL to drive long-term profitable growth. Gass, set to take over as CEO at the end of the month, seeks to transform the company into a denim apparel lifestyle business amidst a trend of workforce reductions in various industries.
Dechert, a top 50 law firm, has announced a global reduction in force that will affect about 5% of its workforce, including attorneys and business professionals. The firm's leaders have stated that those affected will receive severance benefits and career counseling services. The reduction in force includes a redundancy process in the firm's London office and impacts a total of 55 lawyers and 43 business professionals. The firm cites its strategic plan and focus on growth as reasons for the layoffs.
