1/18, 7:09 PM (Source: TeleTrader)
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Amazon starts the biggest round of layoffs in its history

Amazon Inc. started informing its employees affected by the largest job cuts in its history, CNBC reported on Wednesday.

In two accompanying memos sent by the company’s worldwide retail chief Doug Herrington and human resources head Beth Galetti, the tech giant outlined that its aim to improve its cost structure following the challenges of the COVID-19 pandemic led to the decision to go forward with the layoffs. In the United States, employees will have a 60-day non-working transitional period with full pay and benefits plus additional weeks of severance and a separation payment.

Most workers across the world will have received the notification by the end of the day, with the exception of China, where the reductions will be announced after the Lunar New Year celebrations.

Baha Breaking News (BBN) / MX