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Google CFO Announces Finance Team Restructuring in Memo, Emphasizing Shift Towards AI?


Ruth Porat, Alphabet’s chief financial officer, said in a note on Wednesday. The company is restructuring its financial resources, including layoffs and redundancies, with the funds being used to invest in strategic projects.

“The tech industry is in the midst of a major platform shift,” Porat said in a memo obtained by CNBC. As a business, we can make decisions about where and when to invest while simultaneously producing goods that benefit these billions of consumers and offering prompt solutions to our customers do business.”

These new moves follow a broader effort by Google to shift staff and resources to continue investing in new technologies, such as artificial intelligence, that have slowed advertising growth. In January, CEO Sundar Pichai told employees that more jobs would be cut by 2024, but did not say which groups would be affected. Porat said the change will affect internal economic blocs and external economic blocs in the Asia-Pacific region, including Europe, the Middle East and Africa.

“Sites” for major projects will also be established in Bangalore, Mexico City, Dublin, Chicago and Atlanta, Porath wrote. The company said it plans to maintain a significant presence in the San Francisco Bay Area. “Over the past year, we’ve been talking about building strong traditional financial institutions around the world,” Porat said. “With this plan, we may operate more effectively, adhering to FinnOgs’ business hours while staying open around the clock.”

Tech Lens: Are Google and Rivian Good?

Layoffs continue at Google and Rivian, with both companies laying off workers on Wednesday, part of a wave of layoffs in the technology sector this year.

Although the company as a whole was not affected, Google did lay off some employees. The company does this as part of its normal business. Affected employees can apply for internal positions.

Google has neither confirmed nor denied reports that Business Insider’s finance divisions (including Google Finance, Business Services, and Financial Operations) and real estate divisions will be affected. (One employee said the announcement of the changes was “awesome.”) However, a Google spokesperson confirmed to Quick Company that the company is not leaving.

In addition to modern graphics, Google’s restructuring will move some jobs abroad and to the United States, where the company has invested. Includes transportation to facilities.

Will Google Unveil a Second Set of Features This Year?

Google LLC will lay off more employees today in its second layoff this year.

According to Business Insider, most of the cuts will affect the company’s finance and real estate divisions. A Google spokesperson confirmed the news that the layoffs are part of a restructuring program. That, will move jobs to growth centers in Atlanta, Chicago, India, Ireland and Mexico.

“As we’ve said, we’re committed to prioritizing our company and the great opportunities ahead,” a company spokesperson said. “Many of our teams have made modifications for 2023 and the first half of 2024, eliminating range and changing equipment for high-quality manufacturing to better take advantage of these opportunities.” be more efficient and effective.”

Google has not confirmed where the cuts will be made, but Business Insider. Says, they will impact the company’s finances, business services, and financial performance. In an email to employees, Ruth Porat, Google’s president, chief investment officer and chief financial officer. Said,the restructuring would expand other operations to include centres in Bengaluru, Mexico City and Dublin.

Laid-off employees are encouraged to apply for other open positions within the company. It is not yet known how many jobs will be eliminated in total, and no jobs were eliminated. Because, California did not have official notification of job growth.




Blog By:- ExpertSadar

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