Oracle forecasts 33% increase in restructuring costs as new round of layoffs hits

Oracle began a new round of layoffs this week, sending early-morning termination emails to staff for the second time in six months. The latest wave began Monday with affected staff being told, “After careful consideration of Oracle’s current business needs, we have made the decision to eliminate your role as part of a broader organizational change,” according to BusinessInsider. Termination was immediate. That’s the same wording as in the previous wave of layoffs, which took place on March 31 and affected workers in the US, India, Canada, Mexico and Uruguay. In the 12 months to May 31, Oracle cut its global workforce from about 162,000 to about 141,000, a decline of roughly 13%. Oracle has made no public statement confirming the latest round of job cuts, but in a regulatory filing days earlier the company said it had set aside a further $700 million for restructuring charges, bringing the total charges this year to roughly $2.8 billion. What the new termination emails say Staff receiving the latest termination emails were told termination and compensation details would follow by DocuSign, Business Insider wrote. An internal document reviewed by the publication said severance terms…

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