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Paramount Global began laying off staff Tuesday after the entertainment company said last week that it planned to slash 15% of its US-based workforce, amounting to roughly 2,000 positions.
In an internal memo viewed by Bloomberg, the company’s three co-chief executive officers told staff that the job cuts would take place in three phases and continue throughout the rest of the year. They said they expect 90% of the layoffs to be completed by the end of September.
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Layoffs are scheduled to take place May 20 as the company shifts more spending toward AI development.
Indeed's CEO stated the need to adapt to a more tech-driven age and simplify the hiring process.
Company leaders say the goal is to reduce complexities and allow for new positions to be created.
Layoffs of delivery drivers and package handlers will be accompanied by facility closures and other methods of cost-cutting.
Southwest has long boasted of never having an involuntary layoff over a history stretching back more than five decades.
