(Reuters) – Big technology firms and Wall Street titans are on a roll of layoffs across corporate America as companies seek to rein in costs to weather the global economic downturn.
Rapidly rising interest rates and weak consumer demand have forced firms such as Amazon, Walt Disney, Facebook owner Meta and US banks to cut their workforces.
Tech companies laid off more than 150,000 workers in 2022 as a pandemic-fueled demand boom quickly fades, according to tracking site Layoffs.fyi, and more layoffs are expected as growth slows in the world’s biggest economies.
Here are some of the job cuts announced by major US companies in recent weeks.
TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS
IBM Corporation:
The software and consulting firm said it would lay off 3,900 employees.
Spotify Technology SA:
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 tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023.
In October, the company laid off fewer than 1,000 employees across multiple divisions, Axios reported, citing a source.
Amazon.com Inc:
The e-commerce giant said the company-wide layoffs will affect more than 18,000 employees.
Meta Platforms Inc.:
Parent company Facebook said it will cut 13% of its workforce, or more than 11,000 employees, as it struggles with a weak advertising market and rising costs.
Intel Corporation:
CEO Pat Gelsinger told Reuters that “people actions” would be part of the cost-cutting plan. The chipmaker said it will cut costs by $3 billion in 2023.
Twitter Inc:
Following Elon Musk’s $44 billion takeover, the social media company has aggressively cut staff across teams ranging from communications and content curation to product and engineering.
Lyft Inc.:
The travel firm said it would cut 13% of its workforce, or about 683 employees, after it already cut 60 jobs earlier this year and froze hiring in September.
Salesforce Inc:
The software company said it would lay off about 10% of its workforce and close some offices as part of a restructuring plan, citing a difficult economy.
Cisco Systems Inc:
The networking and collaboration solutions company said it will implement a restructuring that could affect approximately 5% of its workforce. The effort will begin in the second quarter of fiscal 2023 and will cost the company $600 million.
HP Inc.:
The computing device maker said it plans to cut up to 6,000 jobs by the end of the 2025 fiscal year.
Rivian Automotive Inc:
The company is laying off 6% of its workforce in an effort to cut costs as the electric car maker, already struggling with dwindling cash reserves and a weak economy, prepares for an industry-wide price war.
Match group
Tinder’s parent company said it would lay off about 8% of its workforce, a day after forecasting first-quarter revenue that fell short of Wall Street expectations.
Dell Technologies Inc
The company is cutting about 6,650 jobs, or 5% of its global workforce, as the PC maker struggles with falling demand and braces for economic uncertainty.
Zoom Video Communications
The company said Tuesday it will cut about 1,300 jobs as demand for its video conferencing services slows as the pandemic eases, and will take up to $68 million in related charges.
eBay Inc
E-commerce company eBay Inc said on Tuesday it would lay off 500 employees worldwide, or 4% of its total workforce.
FINANCIAL SECTOR
Goldman Sachs Group Inc:
Goldman Sachs began laying off employees on Jan. 11 as part of sweeping cost-cutting efforts, with about a third of those affected in investment banking and global markets, a source familiar with the matter told Reuters.
The job cuts are expected to total just over 3,000, one of the sources said on Jan. 9, marking the bank’s biggest staff reduction since the financial crisis.
Morgan Stanley:
The Wall Street firm is expected to begin a new round of layoffs worldwide in the coming weeks, Reuters reported on Nov. 3 as its deal-making business took a hit.
Citigroup Inc:
The bank has cut dozens of jobs in its investment banking division as a slump in deals continues to weigh on Wall Street’s biggest banks, according to Bloomberg News.
BlackRock Inc:
The asset manager is cutting up to 500 jobs, Insider reports citing a memo.
Genesis:
The cryptocurrency firm has 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:
The cryptocurrency exchange said it will cut nearly 950 jobs, the third round of job cuts in less than a year after cryptocurrencies, already squeezed by rising interest rates, came under fresh pressure following the collapse of major exchange FTX.
Stripe Inc.:
The digital payments company is cutting about 14% of its workforce and will have about 7,000 employees after the layoffs, the company’s founders said in an email to employees.
CONSUMER AND RETAIL SECTORS
Beyond Meat Inc:
The vegan meat maker said it plans to cut 200 jobs this year, with the layoffs expected to save about $39 million.
Blue Apron Holdings Inc:
The online meal kit company said it will cut around 10% of its corporate workforce as it looks to cut costs and streamline operations. As of September 30, the company had about 1,657 full-time employees.
DoorDash Inc:
The food delivery firm, which has experienced a surge in growth during the pandemic, said it is cutting about 1,250 jobs.
Basic bath and more:
The retailer will lay off more staff this year as it tries to cut costs. Company executives said last year that the home goods retailer was cutting about 20% of its corporate supply chain workforce.
ENERGY AND RESOURCES
Dow Inc:
The US chemicals maker said it would cut around 2,000 jobs as it deals with challenges including inflation and supply chain disruptions.
Phillips 66:
The refinery cut more than 1,100 jobs as it seeks to meet a 2022 cost-savings goal of $500 million. Employees were informed about the reduction at the end of October.
HEALTH AND PHARMACEUTICAL SECTORS
Johnson & Johnson:
The pharmaceutical giant said it may cut several jobs amid inflationary pressures and a strong dollar, while Chief Financial Officer Joseph Volk said the healthcare conglomerate is looking to “right size.”
PRODUCTION SECTOR
3M Co:
The industrial conglomerate said it would cut 2,500 manufacturing jobs after reporting weaker profits.
(Reporting by Deborah Sophia in Bengaluru; Additional reporting by Akash Sriram, Grant Vaneik, Eva Mathews, Yuvraj Malik, Surasis Bose, Priyamvada Si and Manya Saini; Editing by Sriraj Kalluvilla, Vinaya Dwivedi and Sherry Jacob-Phillips)
