Read about the latest business news updates, including Citigroup’s plans to lay off 1% of its workforce, Foxconn’s announcement to create 1 lakh jobs in India, Airbnb’s layoffs, YouTube’s CEO’s plans to use AI to revolutionize video content, and Amazon Pay’s penalty for non-compliance with RBI regulations. Stay up-to-date on the latest developments in the business world.
- Citigroup, one of the world’s largest banks, plans to lay off 1% of its workforce or around 2,400 employees across various divisions, including its investment banking division. This move comes as the bank looks to streamline its operations and cut costs. Despite this, Citigroup plans to continue hiring in areas such as risk management and compliance.
- Foxconn, a major supplier of iPhones, announced that it will set up a new manufacturing facility in Telangana, India, which is expected to create one lakh jobs for young people over the next 10 years. This move is part of Foxconn’s ongoing efforts to expand its operations in India and tap into the country’s growing tech industry.
- The Reserve Bank of India (RBI) has imposed a penalty of over Rs 3.06 crore on Amazon Pay for non-compliance with certain regulations related to Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) direction. The RBI has been cracking down on companies that fail to comply with its regulations in recent years, as it looks to protect consumers and ensure the stability of the financial system.
- In a letter outlining the platform’s priorities for 2023, YouTube’s new CEO, Neal Mohan, highlighted the importance of harnessing the power of AI to transform video content and enable creators to accomplish seemingly impossible tasks. Mohan also pledged to roll out various AI tools for creators in the coming months, which will help them create more engaging and innovative content.
- Online hospitality company Airbnb has announced layoffs, with 30% of its recruiting staff being let go, affecting 0.4% of its total workforce of 6,800 people. The company has been hit hard by the COVID-19 pandemic, which has led to a significant decline in travel and tourism. Despite this, Airbnb remains optimistic about its long-term prospects and plans to continue investing in new products and services to meet the changing needs of its customers.
