Jan 11 (Reuters) – Big tech companies and Wall Street titans are leading a series of U.S. corporate layoffs as businesses seek to rein in costs to ride out the economic downturn.
Rapidly rising interest rates, weak consumer demand and China’s economic slowdown have forced companies like Amazon, Walt Disney, Facebook-owner Meta and US banks to cut staff.
As the demand boom caused by the pandemic fades rapidly, tech companies laid off more than 150,000 workers in 2022, according to tracking site Layoffs.fyi, and more layoffs are expected as job growth grows. largest economies in the world is starting to slow down.
Here are some of the job cuts by major US companies announced in recent weeks:
Technology, media and telecommunications companies:
Amazon.com Inc (AMZN.O):
The e-commerce giant said the company-wide layoffs would affect more than 18,000 employees.
Meta Platforms Inc (META.O):
Facebook’s parent company said it would cut 13% of its workforce, or more than 11,000 employees, as it grapples with a weak advertising market and rising costs.
Intel Corp (INTC.O):
CEO Pat Gelsinger told Reuters the “human actions” would be part of a cost-cutting plan. The chipmaker said it will cut costs by $3 billion in 2023. read more
Microsoft Corp (MSFT.O):
The software giant laid off fewer than 1,000 employees across multiple divisions in October, Axios reported, citing a source.
The social media company aggressively downsized across teams ranging from communications and content curation to product and engineering after Elon Musk’s $44 billion buyout.
Lyft Inc (LYFT.O):
The ride-sharing company said it would lay off 13% of its workforce, or about 683 employees, after already cutting 60 jobs earlier this year and freezing hiring in September.
Salesforce Inc (CRM.N)
The software company said it would lay off around 10% of its employees and close some offices as part of its restructuring plan, citing a tough economy.
Cisco Systems Inc (CSCO.O):
The networking and collaboration solutions company said it would undertake a restructuring that could affect around 5% of its workforce. The effort will begin in the second quarter of fiscal 2023 and cost the company $600 million.
HP Inc (HPQ.N):
The computing device maker said it plans to cut up to 6,000 jobs by the end of fiscal 2025.
Goldman Sachs Group Inc (GS.N):
Goldman Sachs began laying off staff on Jan. 11 as part of a sweeping cost-cutting drive, with about a third of those affected coming from the investment banking and global markets division, a source close to the firm told Reuters. case.
Job cuts are expected to be just over 3,000, one of the sources said on Jan. 9, which would be the biggest job cut for the bank since the financial crisis.
Morgan Stanley (MS.N):
The Wall Street powerhouse is set to begin a new round of layoffs around the world in the coming weeks, Reuters reported on November 3, as business takes a hit.
Citigroup Inc (CN):
The bank has cut dozens of jobs in its investment banking division as a slump in transactions continues to weigh on Wall Street’s biggest banks, Bloomberg News reported.
BlackRock Inc (BLK.N):
The asset manager is cutting up to 500 jobs, Insider reported, citing a memo.
The cryptocurrency firm cut 30% of its workforce in a second round of layoffs in less than six months, a person familiar with the matter told Reuters.
Coinbase Global (COIN.O):
The cryptocurrency exchange said it would cut nearly 950 jobs, the third round of downsizing in less than a year after cryptocurrencies, already squeezed by rising interest rates, took a hit. came under renewed pressure following the collapse of major exchange FTX. Read more
The digital payments company is cutting its workforce by around 14% and will have around 7,000 employees after the layoffs, according to an email to employees from the company’s founders.
Consumer and retail businesses:
Beyond Meat Inc (BYND.O):
The vegan meat maker said it plans to cut 200 jobs this year, with the layoffs expected to save around $39 million.
Blue Apron Holdings Inc (APRN.N):
The online meal kit company said it will cut around 10% of its workforce as it seeks to cut costs and streamline operations. The company had approximately 1,657 full-time employees as of September 30.
DoorDash Inc (DASH.N):
The food delivery business, which has seen strong growth during the pandemic, said it was cutting its workforce by about 1,250 employees.
Bed Bath and Beyond (BBBY.O):
The retailer will lay off more employees this year in a bid to cut costs. Last year, company executives said the home goods retailer was cutting about 20% of its corporate and supply chain workforce.
Companies in the energy and resources sector:
Phillips 66 (PSX.N):
The refiner has cut its workforce by more than 1,100 employees as it seeks to meet its cost savings target of $500 million for 2022. The cuts were communicated to employees in late October.
Health and pharmaceutical companies:
Johnson & Johnson (JNJ.N):
The pharmaceutical giant said it could cut some jobs amid inflationary pressures and a strong dollar, with chief financial officer Joseph Wolk saying the healthcare conglomerate was considering “right sizing”.
Reporting by Deborah Sophia in Bengaluru; Additional reporting by Akash Sriram, Granth Vanaik, Eva Mathews, Yuvraj Malik and Manya Saini; Editing by Vinay Dwivedi, Shounak Dasgupta, Shinjini Ganguli and Maju Samuel
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