The reorganisation would primarily affect management and support personnel, as the Dutch steel plant transitions to more sustainable production methods
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The affected employees were notified of their roles' elimination on Monday morning, marking the second workforce reduction in the games division this year
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Haim Feiglin, VP- Israel Builders Association, "Right now we are negotiating with India. We are awaiting an approval decision from the Israeli government. And we hope to hire 50,000 to 100,000 Indian workers to run the entire sector and restore it to normalcy"
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These reductions are the result of a major audit client terminating its relationship with the firm
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According to reports, the reorganisation is known internally as "Project Bora Bora" and is intended to give CEO Jane Fraser more direct control as she seeks to simplify the Wall Street behemoth and boost its stock price
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Despite reporting strong third-quarter results, the company revealed a restructuring plan that includes laying off 545 employees, including 90 in Redwood City
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According to reports, Starz's 10% layoffs are intended to align the company with growth sectors and prepare it for independent operation
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The new R&D centre at Hyderabad will focus on new product development. It will also serve as a strategic location for engineering, customer support and financial management
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