Luminar Cuts 20% of Staff in Restructuring Effort
Luminar Technologies, a leading developer of lidar sensors essential for self-driving vehicles, today announced a restructuring plan that includes a 20% reduction in its global workforce.
With over 800 full-time staff across facilities in the United States, Germany, Sweden, India, and China, the company also plans to reduce its global footprint by potentially sub-leasing portions of its existing facilities. Luminar expects the immediate implementation of this restructuring to result in an annual cost reduction of between US$50 million and US$65 million by the end of the current year.
Microsoft Expands Responsible AI Team to Over 400
Microsoft’s responsible AI team has over 400 employees. The move, outlined in the company’s first annual AI transparency report, highlights the growing importance of ethical AI practices within the tech industry. Microsoft’s team includes a diverse range of experts beyond traditional computer science, enabling them to proactively identify and mitigate potential biases in AI systems.
JPMorgan Announces Global Promotions for Asia, EMEA
In a sweeping move, JPMorgan Chase has promoted over 150 executives across Asia and the Europe, Middle East, and Africa (EMEA) regions. Sources reveal the bank’s commitment to diversity, with women representing a third of the EMEA promotions. These changes come amidst continued leadership restructuring in the region, including recent high-profile departures.
ICICI Bank CEO Denies Resignation Rumors
ICICI Bank has firmly refuted claims that its CEO Sandeep Bakhshi plans to step down. The bank condemned the report published by The Morning Context as “baseless” and “misleading,” suggesting it may be a deliberate attempt to harm the bank’s reputation.
OECD Predicts Steady Global Growth for 2024 & 2025
Despite lingering financial pressures, the global economy is projected to maintain steady growth, according to the OECD’s Economic Outlook. Global GDP growth is pegged at 3.1% for 2024 and a slightly higher 3.2% in 2025. The report highlights moderating inflation, improved consumer confidence, and a rebound in trade as positive signs.
International Travel Risks Come with a Hefty Price Tag
Business trips and overseas assignments can go seriously wrong, and a new report reveals the financial toll. International SOS and KPMG estimate failed assignments may cost companies up to USD 1.25 million each. The study emphasizes that investing in employee health, safety, and mental well-being isn’t just about morale – it’s a sound financial strategy.
American Express Invests Big in India’s Tech Talent
American Express signals its confidence in India’s workforce with a new, nearly million-square-foot campus in Gurugram. The LEED-certified facility boasts modern workspaces, health and wellness amenities, and is primed to support American Express’ global growth from India.
Atlassian’s AI Tool Promises to Transform Workplace Knowledge
Atlassian aims to transform how teams find and use information with the launch of Rovo. This AI-powered tool taps into the company’s “teamwork graph” to search across popular apps, provide insights tailored to your organisation, and streamline tasks. Rovo promises to unlock hidden knowledge and boost efficiency.
Freshworks CEO Shakeup: Founder Takes New Role
Freshworks’ leadership sees a shift as founder Girish Mathrubootham transitions to Executive Chairman, passing the CEO position to Dennis Woodside, former Dropbox COO and Google veteran. Mathrubootham seeks to focus on product strategy, while Woodside is poised to accelerate the company’s ambitious expansion plans.
HR Tech Firm AmbitionBox Identifies Inclusive Companies
AmbitionBox shines a light on gender diversity with its Top Rated Companies for Women to Work For 2024 awards. Based on reviews from over 2.8 lakh women employees, companies like JP Morgan, Genpact, HP, S&P Global, and Synchrony stand out for their commitment to creating inclusive workplaces.
UiPath Taps Tech Veteran for CTO Role
UiPath strengthens its technology leadership with the appointment of Raghu Malpani as Chief Technology Officer. Malpani, whose experience includes building platforms for Microsoft and Meta, is expected to drive UiPath’s innovation in the enterprise automation sector.
ALL CAUGHT UP …
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