Investment banking giant Credit Suisse could reportedly cut as many as 5,000 jobs as the scandal-hit bank seeks to turnaround its reputation and reduce costs, according to Reuters. Snap, the California-based developer of mobile app Snapchat, announced plans to lay off more than 1,200 employees (roughly 20% of its staff), in its second round of job cuts this summer, according to an internal memo obtained by CNN. California tech startup Nutanix announced plans to cut 270 (4% of its workforce) by the end of October, according to a Securities and Exchange Commission filing, in an effort to reduce expenses. Real estate firm Re/Max announced plans to lay off 17% of its workforce by the end of the year, with a goal of bringing in $100 million in annual mortgage-related revenue by 2028. JPMorgan Chase — the nation’s largest bank — laid off and reassigned more than 1,000 of its 274,948 employees, citing rising mortgage rates and increased inflation.

Source: Forbes October 13, 2022 08:37 UTC