Tech giants and Wall Street giants are leading a wave of layoffs in the U.S. as they try to control costs to combat the global economic downturn.
Rapidly rising interest rates and weak consumer demand have forced companies like Amazon, Walt Disney, Meta Platforms – the parent company of Facebook and Instagram – and US banks to cut their staff.
Tech companies laid off more than 150,000 workers in 2022 amid a sharp drop in demand due to the pandemic, according to tracking website Layoffs.fyi, and more layoffs are expected as growth in the world’s largest economy slows.
Yahoo prepares for mass layoffs – 1,600 workers laid off, 20% of its workforce
Disney: Announces 7,000 layoffs to save costs
Wall Street: Technology, Media and Telecommunications
IBM Corp: The IT group will cut approximately 3,900 jobs, or just over 1% of its workforce, in layoffs related to its strategic change in direction.
Spotify SA Technology: Music streaming service Spotify is cutting 6% of its workforce, or about 600 jobs.
Alphabet Inc: Alphabet Inc is cutting 12,000 jobs, its chief executive said in a memo.
Microsoft Corp: The US technology giant said it will cut 10,000 jobs by the end of the third quarter of 2023. The company laid off less than 1,000 employees across various divisions in October, Axios reported, citing a source.
Amazon.com Inc: The e-commerce giant announced that company-wide layoffs will affect more than 18,000 employees.
Meta Platforms Inc: Facebook’s parent company has announced it will cut 10,000 jobs, just four months after laying off 11,000 workers.
Intel Corp: Chief Executive Pat Gelsinger told Reuters the workers would be part of a cost-cutting plan. The chipmaker said it will cut costs by $3 billion in 2023.
Twitter Inc: The social media company has laid off at least 200 employees, or about 10% of its workforce, the New York Times reported. The layoffs come after Twitter laid off about 3,700 people, representing about half of its workforce, in November shortly after Elon Musk bought the company.
Lyft Inc: The company said it will cut 13% of its workforce, or about 683 workers, after cutting 60 jobs earlier this year and freezing hiring in September.
Salesforce Inc: The software company said it will cut about 10% of its workforce and close some offices as part of a restructuring plan, citing a challenging economy.
Cisco Systems Inc: The networking and collaboration solutions company said it will conduct restructuring that could affect about 5% of its workforce. The reforms will begin in the second quarter of fiscal year 2023 and will cost the company $600 million.
HP Inc: The company said it expects to cut up to 6,000 jobs by the end of fiscal year 2025.
Labor Day Inc: The software company will cut about 500 jobs, or 3% of its workforce, citing a tough macroeconomic environment.
NetApp Inc: The cloud company announced an 8% reduction in its global workforce. The company had 12,000 employees on April 29, 2022.
Rivian Automotive Inc: The company is cutting 6% of its workforce in an effort to cut costs as the EV maker, already struggling with dwindling cash reserves and a weak economy, prepares for an industry-wide price war.
A group of matches: Tinder’s parent company announced it will cut about 8% of its workforce, a day after forecasting first-quarter earnings below Wall Street expectations.
Dell Technologies Inc: The company will cut about 6,650 jobs, or 5% of its global workforce, as the PC maker grapples with declining demand and economic uncertainty.
Palantir Technologies Inc: A data analytics company announced that it has cut about 2% of its workforce. Palantir, known for its work with the CIA, had 3,838 full-time employees as of December 31, 2022.
Wall Street: The financial industry
Goldman Sachs Group Inc: Goldman Sachs began layoffs on Jan. 11 in a major cost-cutting effort, with about a third of those affected coming from its investment banking and global markets division, a source with knowledge of the matter told Reuters. The job cuts are expected to exceed 3,000, one of the sources said on January 9, which would be the biggest staff reduction for the bank since the financial crisis.
Morgan Stanley: The Wall Street giant is expected to begin another round of global layoffs in the coming weeks, Reuters reported Nov. 3, as trading activity picked up pace.
Citigroup Inc: The bank cut more jobs in its investment banking division as the recession continues to hit Wall Street’s biggest banks, Bloomberg News reported.
BlackRock Inc: The asset manager is cutting up to 500 jobs, Insider reported, citing a memo.
The beginning: The cryptocurrency firm has cut 30 percent of its workforce in the second round of layoffs in less than six months, a person with knowledge of the matter told Reuters.
Coinbase Global: A cryptocurrency exchange has said it will cut nearly 950 jobs, the third round of layoffs in less than a year after the cryptocurrency, already under pressure from high interest rates, came under fresh pressure following the collapse of major cryptocurrency exchange FTX.
Stripe Inc: The digital payments company is cutting its workforce by about 14% and will have about 7,000 employees after the layoffs, according to an email sent to employees by the company’s founders.
Wall Street: Consumers and the retail industry
Beyond Meat Inc: The vegan meat producer said it plans to cut 200 jobs this year, with the layoffs expected to save about $39 million.
Blue Apron Holdings Inc. stock price: The online food company announced it will cut about 10% of its corporate workforce as it tries to cut costs and streamline its operations. The company had about 1,657 permanent employees as of September 30.
DoorDash Inc: The food delivery company, which has seen significant growth during the pandemic, said it is cutting its corporate workforce by about 1,250 employees.
Bed Bath & More: The retail industry will cut more jobs this year in an effort to cut costs. Last year, company executives said the home goods retailer was cutting nearly 20 percent of its workforce and supply chain.
Wall Street: The energy sector and retail
Dow Inc: A US chemical company has announced that it will cut about 2,000 jobs as it faces challenges including inflation and supply disruptions.
Phillips 66: The refiner cut at least 1,100 jobs as it tries to meet its goal of $500 million in cost savings by 2022. The cuts were communicated to workers in late October.
Wall Street: Health and the pharmaceutical industry
Johnson & Johnson: The pharmaceutical giant said it may cut some jobs amid inflationary pressures and a strong dollar, with chief financial officer Joseph Wolk saying the group is looking for “right size”.
Wall Street: The construction industry
3M Co: An industrial group has said it will cut 2,500 manufacturing jobs after reporting lower profits.