Google Institutional Investor Calls For 30K Jobs Cut
The billionaire hedge fund manager that runs a major Google investor isn't satisfied with the record 12,000 redundancies the US tech giant is making, and wants to see thousands more forced out of the organization. From a report: Estimated to be worth around $8 billion, Sir Christopher Hohn reportedly paid himself $1.8 million a day last year and is the boss of The Children's Investment Fund. He had already agitated for change in November when he implored Google execs to cut costs by reducing headcount, paying staff less, and killing off profitless business. Whether Google listened to TCI Fund or not is a moot point, but Sundar Pichai last week confirmed that 12,000 of its employees were to be booted because it hired heavily during the pandemic for a "different economic reality to the one we face today." Yesterday, he told a town hall meeting of Googlers that not hiring risked losing business. Google's workforce went from 120,000 in 2020 to nearly 187,000 at the end of September, and it is now under pressure due to slowing sales and shrinking profits. Hohn at TCI now wants to see even more dramatic action taken by senior management. "Over the last five years, [Google parent] Alphabet has more than doubled its headcount, adding over 100,000 employees, of which over 30,000 were added in the first nine months of 2022 alone," he said in the latest letter to Pichai. Hohn adds, "The decision to cut 12,000 jobs is a step in the right direction, but it does not even reverse the very strong headcount growth of 2022. Ultimately management will need to go further. [...] Importantly, management should also take the opporunity to address excessive employee compensation. The media salary at Alphabet in 2021 amounted to nearly $300,000, and the average salary is much higher. "
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