Meta Slashes Jobs as AI Budget Rises
Meta Platforms is expanding layoffs while boosting investment in AI, signaling a shift to fund AI initiatives by reallocating resources from staff.
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Cost Cutting
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StanChart charts leaner path: 15% corporate-role cut by 2030 to lift returns
Standard Chartered will cut more than 15% of its corporate-function roles by 2030 to lift income per employee about 20% by 2028 and target ROE of ~15% in 2028 and ~18% in 2030. Of ~82,000 employees, about 52,000 work in support roles. CEO Bill Winters says the move funds sustainable growth and higher-quality returns; Jefferies calls the targets conservative. The bank recently posted a 17% profit rise but took a $190 million charge tied to Middle East conflict and is expanding Middle East trade, along with a new $300 million IFC-backed risk-sharing facility to bolster Africa’s supply chains.
Starbucks slashes 300 corporate roles as part of turnaround plan
Starbucks plans to cut about 300 corporate positions and close several U.S. offices as part of a broader turnaround effort to trim costs and streamline operations, affecting its Seattle headquarters and other corporate sites while continuing to focus on its store business.
LinkedIn Shortens the Roster and Tightens the Belt, According to an Internal Memo
LinkedIn is laying off employees across the Global Business Organization, marketing, engineering, and product teams while scaling back investments in marketing campaigns, vendor spend, customer events, and underutilized office space. The cuts, part of a broader shift to focus on high-impact priorities, will see Asia-Pacific staff notified separately and the Graz, Austria office closed. The moves come as Microsoft pursues cost-cutting efforts and the company reportedly offered buyouts to long-serving employees in related documents.
GM trims hundreds of IT roles to reshape its tech footprint
General Motors is laying off about 500-600 salaried IT workers, primarily in Austin, Texas and Warren, Michigan, as part of a broader workforce transformation to cut costs. The company confirmed the reductions but did not provide specifics and said it will support affected employees. GM continues to hire in IT, with openings in AI and autonomous-vehicle programs, and has previously laid off CAD engineers.
Cohen eyes eBay leadership with GameStop bid, pledging to run the company
Ryan Cohen says he intends to buy eBay and become its CEO, outlining a financing plan that uses GameStop’s cash and debt in a roughly $56 billion bid and proposing to split existing shareholders’ proceeds before rolling the rest into a GameStop–eBay merger. He argues cost‑cutting could boost eBay’s profitability and calls out what he sees as weak leadership and culture at eBay. Cohen has framed his personal frugality and public stunts as part of funding the deal, and eBay says it is reviewing the bid.
Apple Delays the iPhone 18 Standard to Extend iPhone 17’s Run, Leaker Claims
A leaker claims Apple is delaying the standard iPhone 18 due to global supply-chain shortages, downgrading its specs to cut costs, and extending the iPhone 17’s sales window. The plan reportedly includes an iPhone 18e and Air 2, with the 18 lineup launching in spring 2027 and Pro models arriving in fall 2026, as Apple aims to shore up mainstream market share against Android.
GameStop bids $55.5B to buy eBay, signaling a potential hostile takeover
GameStop offered to buy eBay for $55.5 billion at $125 per share (half cash, half stock), a bid that could turn hostile if rebuffed. GameStop owns about 5% of eBay and says it could use its 1,600 stores as authentication, fulfillment, and live‑commerce hubs. CEO Ryan Cohen argues the merger could unlock hundreds of billions in value and plans roughly $2 billion in annual cost cuts funded by a $20 billion loan and potential external investors. EBay has not commented on the offer, while posting strong Q1 results and moving ahead with the $1.2 billion Depop acquisition to attract younger shoppers.
Meta Plans 10% Layoff Round as Leaders Warn More Cuts May Follow
Meta is set to lay off about 10% of its staff next month and won’t rule out deeper cuts, with HR chief Janelle Gale noting morale has suffered and redeployment will occur as the company doubles down on AI via its Applied AI unit. CEO Mark Zuckerberg says AI automation isn’t driving the layoffs, despite efficiency gains from AI, and the company is also expanding its AI-related infrastructure spending to $125–$145 billion while boosting COBRA health coverage to 18 months; Meta’s headcount remains above 77,000 as it navigates costs and AI investments.
Microsoft Leans Into Cost Cuts With Early Retirement Plan for 7% of US Staff
Microsoft is reportedly offering an early voluntary retirement program to about 7% of its US workforce at senior-director level and below who have 20 years of service and are 50 or older, with a combined age-and-service total of 70, as part of a broader cost-cutting push tied to AI investments and pressure on Xbox/gaming margins. Details are expected on May 7, and sales-incentive participants are excluded.
Meta Cuts 8,000 Jobs in AI-Driven Restructuring
Meta Platforms announced a plan to cut about 8,000 jobs in a broad restructuring as it shifts resources toward AI initiatives, aiming to lower costs while preserving investment in growth areas.
Meta trims 8,000 jobs as AI ambitions accelerate
Meta is cutting about 8,000 jobs (roughly 10% of its workforce) as it ramps up AI investments and pursues efficiency, a move that mirrors broader tech-industry downsizing and is echoed by Microsoft offering buyouts to a similar number of employees.
Meta trims 8,000 jobs to curb AI cost pressures
Meta plans to lay off about 8,000 workers (roughly 10% of its workforce) as it pursues efficiency amid rising AI costs; management expects capital expenditures to rise by at least 60% this year versus 2025 to support AI initiatives, while free cash flow is projected to drop about 83% year over year. The move echoes similar cuts across Big Tech tied to AI investments and follows Meta’s earlier large-scale layoffs in 2022–23, with reports noting a potential keystroke-data collection effort to train its AI models.
Dundon’s Playoff Budget: The Cost-Cutting Saga in Portland
Portland earned a playoff spot amid turmoil, but the story has shifted to owner Tom Dundon’s reported cost-cutting moves during the postseason—ranging from restricting staff perks and skipping away-game media to pursuing the cheapest possible head coach—raising questions about the impact on team chemistry, performance, and fan perception.
Apple Rumored to Downgrade iPhone 18 to Save Costs
Leaker claims Apple will downgrade the iPhone 18’s display quality and A-series chip (potentially reducing GPU cores) to keep pricing aligned with the 18e, with EVT testing planned for June and a split launch strategy across the iPhone 18 lineup.