Business
Volkswagen and Oracle announce major job cuts
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Volkswagen and Oracle announce major job cuts
Volkswagen plans to cut up to 100,000 jobs globally, while Oracle has reduced its workforce by 21,000 over the past year.
- Volkswagen CEO Oliver Blume said the company is assessing cuts of up to 100,000 jobs worldwide, double its previous target of 50,000.
- Blume stated that Volkswagen's costs are 20% higher than rivals and that the company must reduce outgoings further.
- Oracle disclosed in its annual financial filing that its employee count fell by about 21,000 to 141,000 full-time workers as of May 31.
- Oracle said the reduction was driven by AI integration and resulted in restructuring costs of $1.8 billion.
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