On one hand, American defence sector is doing a great job by signing deals between the warring nations making billions of dollars rather than brokering peace and on the other hand, its corporates seems to be on firing mood.
Bank of America which is one of the biggest banks in the U.S. is laying off its employees belonging to the operations and technology division. The second biggest U.S has laid off workers who worked in the Charlotte, N.C., headquarters.
Chief Executive Brian Moynihan earlier laid a plan to reduce the fixed costs and lay-off comes at a time when BOA is hiring on the other hand. The number of employees who have been laid off is not yet been revealed by the bank. Though it also hires on one hand, the old employees seem to be burning a hole on the pocket of the giant.
Chief Operating Officer Tom Montag said the global banking and markets unit has roughly 1,300 applications that cost about $1.3 billion to maintain and run.The bank is cutting costs by shuttering data centers and moving information to technology firms which are much cheaper comparatively.
NIKE, the World’s largest sports apparel maker has announced a cut 2% of its global workforce, or about 1,400 workers from it’s existing 70,000 global workers, as a result of a corporate restructuring. It has proposed a new corporate structure called “Customer Direct Offense,” will focus on 12 cities across 10 countries, including New York London, Tokyo and Barcelona, which is expected to represent 80% of the company’s growth through 2020.
Nike which was under criticism for employing labourers at a fraction of cost of what a EPL Footballer gets paid is now restructuring its functions. The company will report based on four operating segments – North America; Europe, Mideast and Africa (EMEA); Greater China; and Asia-Pacific and Latin America (APLA). Each region will have a Vice President to lead it.
The job cuts comes at a time when President Donald Trump has already come hard on overseas I.T Companies mostly from India and China forcing them to employ Americans by forcing the companies with VISA restrictions on expatriate employees.