THE HOT STORY

Microsoft offers redundancy to 60,000 staff

Microsoft is offering voluntary redundancy with compensation payments to 60,000 employees, more than a quarter of the company's global workforce, as it looks to manage costs and fund AI investments. Eligible staff include those working in finance and human resources in the UK, Canada, India, and the US. Marketing, commercial business and security teams are excluded. "This offer gives eligible employees who may be considering a future outside the company a new choice to make that transition now with support. It also gives participating organisations another way to adapt their workforce to changing needs," Amy Coleman, Microsoft's chief people officer, wrote to staff.

France 24

The Times

STRATEGY

Audi boss rebuked over appearance alongside Trump

The chairwoman of Germany’s IG Metall labour union has condemned Audi CEO Gernot Döllner’s appearance alongside Donald Trump at a Georgia campaign rally at which the US President announced the German automaker’s $4bn plan for a factory near Macon. Döllner thanked Trump for his support and described the project as a “fantastic opportunity” for Audi and the US. Christiane Benner said: “The way Gernot Döllner presented himself and Audi in the US is highly embarrassing, politically unacceptable and unworthy of the company and, above all, its employees.” Trump unveiled Audi's US factory plan with less than two weeks to go until Election Day on Nov. 3.

Bloomberg

Major Swiss job losses forecast if UBS relocates

The Swiss ‌Bank Employees Association (SBPV) has warned that as many as 12,000 jobs at UBS in Switzerland could be at risk if tougher capital rules prompt the lender to relocate. In a letter to lawmakers, the association said that a relocation, sale or merger of the bank could result in the loss of 10,000 to 12,000 of UBS's roughly 34,000 jobs in Switzerland. The projected losses - described in the letter as a "worst case" ⁠scenario - come on top of cuts already made at UBS as it completes it integration of rival Credit Suisse.

Reuters

Generali's German unit cuts around 800 jobs

Italian insurer Generali is to cut 800 jobs at its German unit - or about 9% of its current workforce of 9,100 employees - by the end of 2030 as part of ⁠a restructuring programme. The workforce reduction would be mainly implemented through retirements ‌and ⁠attrition, Generali said.

Reuters

Watchmaker Zenith to cut jobs

Swiss watchmaker Zenith plans to cut jobs. The LVMH-owned company has launched a consultation process that could result in the loss of up to half of its workforce in Switzerland as it shifts focus upmarket. Zenith could also cut about ⁠100 positions in international operations. "A staff consultation process was initiated today concerning a proposed strategic repositioning of the Maison," Zenith said on Thursday.

Reuters

The Local Switzerland

WORKFORCE

Netherlands 'will have to postpone construction targets due to staff shortages'

Taco van Hoek, director at the European Investment Bank (EIB), has said that the Netherlands will have to delay crucial construction targets due to severe staff shortages in the sector. The country is struggling to simultaneously increase housing, expand power grids, achieve sustainability goals, and maintain existing infrastructure, Van Hoek said.

NL Times

HIRING

New job postings in UK up 10%

UK businesses are increasing hiring ahead of this week's budget. In September, new job postings reached nearly 850,000, a 10% increase from last year, according to the Recruitment and Employment Confederation's (REC) labour market tracker. The total number of open roles in the UK has surpassed 1.9 million, the highest number since March 2024. Maxine Bligh, interim chief executive of REC, said: "This latest job report suggests employers are tentatively driving recruitment forward. The breadth of occupations showing growth is particularly encouraging."

The Times

RISK

Epicentr reports widespread destruction following Russian airstrikes

Epicentr, one of Ukraine's largest home improvement retailers, has reported extensive destruction across its distribution network following a series of Russian airstrikes targeting facilities in Kharkiv, Zaporizhzhia, Vinnytsia and Poltava within 24 hours. The retailer, which operates 53 shopping malls and 197 order collection centres across Ukraine, described the attacks as having caused the complete destruction of its distribution chain, following months of strikes on its infrastructure. Russia's defence ministry confirmed targeting logistics facilities, including one belonging to Epicentr, claiming they stored products intended for the Ukrainian military.

Bloomberg

HEALTH & WELLBEING

Roche bets on pill to thwart breast cancer

Bloomberg reports on how Roche is investing in giredestrant, an experimental pill which is being developed in-house for women by women to prevent breast cancer from growing or returning without the deleterious side effects of older treatments. German mother-of-three Ulrike Isselhard credits the treatment for turning her life around - she's now working full-time again - after energy- and optimism-sapping breast-removal surgery and two rounds of chemotherapy. Giredestrant has its roots in Roche's investment and eventual $47bn buyout of California’s Genentech, which began in 1990 and completed in 2009. Gina Wang, Sandra Milan and Ciara Metcalfe formed the core team behind giredestrant.

Bloomberg

INTERNATIONAL

Most employers plan to increase early-career hiring

AMS, A Korn Ferry Company, has released the “Class of 2030: The future of early careers” hiring report, revealing that 81% of employers intend to boost early-career hiring in response to AI's impact on junior roles. Susan Major, Global Managing Director of Early Careers and Campus at AMS, said: “Entry-level hiring is fundamental to the health of any organisation. It is how you bring in new skills, fresh thinking and build the talent you are going to rely on in the future. Our research shows employers recognise that . . . The roles themselves are evolving, and that makes investing in young talent even more important. Organisations need to think now about the people and skills they will need to grow and make sure they are creating the opportunities for those capabilities to develop.” The report is based on surveys of over 5,000 candidates and 500 HR leaders across 13 countries.

Los Angeles Times

OTHER

Heineken warns weight-loss drugs threaten beer sales

Heineken has warned British pubs that growing use of GLP-1 weight-loss drugs could reduce beer and cider sales as consumers drink less. The brewer recommends offering smaller servings, low-alcohol alternatives and food pairings to protect revenue. US research found households using the medications spent approximately 13.5% less on beer after two years. Heineken acknowledged changing drinking habits, although rival brewers remain cautious about attributing declining alcohol consumption directly to the drugs.

Reuters

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