Thousands to lose jobs in Disney, Alibaba layoffs

Disney, this week has also begun removing several titles from its streaming platforms


Entertainment giant Disney has started its third round of layoffs and over 2,500 jobs are set to be cut. The final round of layoffs is expected to collectively remove over 7,000 roles, CNN reported. 

The layoffs are part of cost-cutting measures being initiated by CEO Bob Iger, who took over after previous boss Bob Chapek was ousted in November. It is unknown as to which division might be affected by the layoffs. 

The company, this week has also begun removing several titles from its streaming platforms. The development comes shortly after Disney scrapped its plans to build a nearly $900 million corporate campus in Florida. Disney had planned to move more than 2,000 employees from its headquarters in California to the new campus. 

Alibaba's cloud arm is laying off 7 per cent of its total workforce, Nikkei Asia reported on Wednesday. Alibaba Group Holding recently announced a full spinoff of the Cloud Intelligence Group within 12 months. Post this, Alibaba will not hold any stake in the company. Currently, the Cloud Intelligence Group has less than 20,000 staff. Of this about 1,000 people are set to lose their jobs in the layoffs. 

Last year, Alibaba, like other Chinese companies making efforts to cut costs, reduced its headcount by 20,000. this year, in the first quarter, the company let go of 4,500 of its staff. 

📣 The Week is now on Telegram. Click here to join our channel (@TheWeekmagazine) and stay updated with the latest headlines