2023 Layoffs: A timeline of job-cuts in top companies
As the economy cools and consumer spending slows, the industry prepares for a stark reality. In January 2023 alone, over 60,000 employees lost their jobs in corporate layoffs in the U.S., signaling a major shake-up in the tech sector. Major tech players, including Google, Microsoft, Amazon, and Salesforce, have all announced significant cuts this year.
Although many tech companies have downsized, many are still larger than they were three years ago. Nonetheless, industry experts predict more cuts in 2023 due to the US Federal Reserve's interest rate hikes and economic slowdown.
Wedbush analysts predict that the trend of tech layoffs will continue in 2023, as Silicon Valley shifts from a period of rapid expansion to cost-cutting measures. In 2022, one in four layoffs were in the tech sector, despite an overall decline in layoffs.
As the industry adapts to the evolving economic climate, several companies across technology, banking, and media have already announced layoffs in 2023. Here is a list of those companies and layoff details.
↓ Amazon to cut 9,000 more jobs
Amazon is bracing for another round of layoffs, with 9,000 employees on the chopping block after the company's largest-ever dismissal spree. The job cuts will affect positions across departments, including its thriving cloud-computing and advertising ventures. This move indicates that the tech behemoth's cost-saving strategy is penetrating every facet of its operations, as other giants in the industry follow suit in cutting expenses. According to Andy, the company's decision to reduce costs and personnel is a response to the unpredictable economic climate.
↓ Credit Suisse to cut 9,000 jobs
Credit Suisse Group AG was already facing a challenging situation before being forced into crisis talks over the weekend. The Swiss lender had already been cutting 9,000 jobs as part of its turnaround strategy to save itself from further losses. However, its troubles are far from over as UBS Group has now agreed to acquire the struggling bank. With a combined workforce of nearly 125,000 employees, out of which 30% are based in Switzerland, the acquisition's potential impact on jobs remains uncertain.
↓ Meta plans to cut thousands of jobs in new round
Meta, the parent company of Facebook, has announced a plan to cut around 10,000 jobs in a fresh round of layoffs. The majority of job cuts will be announced in April and May, with some extending until the end of the year. This move comes after the company's announcement in November 2022 of a reduction of more than 11,000 jobs, or 13% of its workforce. The restructuring plan involves eliminating 5,000 planned job openings, discontinuing lower-priority projects, and streamlining middle management levels to create a more horizontal organisational structure.
↓ SiriusXM reduces workforce by 8%, cuts 475 jobs
SiriusXM has announced an 8% reduction in its workforce, resulting in the loss of 475 jobs. The move follows a review of the company's operations last November aimed at identifying areas for greater efficiency and agility. According to an email sent to employees by CEO Jennifer Witz, the layoffs will affect almost every department.
↓ Meta to lay off more workers in the coming week
Meta, the parent company of Facebook and Instagram, is set to lay off thousands of employees as part of a new round of cutbacks. Reports suggest that the world's largest social networking company is seeking to become a more efficient organisation by eliminating more jobs on top of a 13% reduction last year. In its first major layoff, Meta slashed 11,000 jobs.
↓ Atlassian to fire 500 staff amid tech cutbacks
Software company Atlassian has announced plans to lay off 500 workers, accounting for around 5% of its workforce, in response to ongoing cutbacks in the tech sector. Co-founders and Co-Chief Executives Mike Cannon-Brookes and Scott Farquhar stated that the downsizing is aimed at recruiting, programme management, and research, and that the savings will be reinvested in other areas of the company.
↓ Citigroup to cut 1% of jobs
Citigroup is moving to cut hundreds of jobs across all segments, affecting less than 1% of its 240,000-strong workforce. Reports suggest that the investment banking division will be among those affected, along with staff from the operations and technology organisation and the United States mortgage-underwriting arm.
↓ Airbnb reduces recruiting staff by 30% despite expansion plans
Airbnb is cutting its recruiting staff by 30% despite plans to expand this year, impacting 0.4% of its total workforce. While many of its tech peers have reduced their growth expectations due to higher interest rates and a slowdown in the sector, Airbnb has been among the few to avoid such drastic measures. The company's CEO, Brian Chesky, stated last year that the state of the economy would not affect how the business is run. Moreover, Chief Financial Officer Dave Stephenson emphasized on the latest earnings call that the company still has room to hire.
↓ Citigroup to cut 1% of jobs
Citigroup plans to cut hundreds of jobs across all of its segments, impacting less than 1% of its workforce of 240,000 employees. While reports indicate that the investment banking division will be affected, the firm has not given a broad mandate for managers to cut employees. Staff from the firm's operations and technology organisation and its US mortgage-underwriting arm are expected to be impacted.
↓ Mental health startup Cerebral to cut 15% of staff
Mental health startup Cerebral is reportedly reducing its workforce by 15%. This latest round of layoffs is part of Cerebral's yearlong plan to reorganise the company. Business Insider first reported the news. The company previously laid off 20% of its employees in October 2021 to meet patient demand and lower growth targets. Last summer, the company also eliminated some contract jobs, including nurse practitioners.
↓ Twitter hit by more job cuts in latest round
Twitter has launched a new cost-cutting initiative under Elon Musk's ownership, resulting in yet another wave of layoffs. The exact number of affected employees is still unknown, but sources suggest it could be in the dozens. According to reports, some workers received their pink slips via email on a late Saturday evening, while others were unceremoniously cut off from the internal system and informed of their fate via Twitter.
↓ McKinsey announces one of its largest layoffs
McKinsey is reportedly set to undertake one of its largest rounds of job cuts in history, with plans to eliminate almost 2,000 positions. The consulting giant's management team is finalising the plan, which will mainly target support staff in non-client-facing roles.
And the final number of roles to be eliminated from its 45,000 workforces could still change, according to reports. That headcount is up from 28,000 just five years ago and 17,000 in 2012.
“We are redesigning the way our non-client-serving teams operate for the first time in more than a decade so that these teams can effectively support and scale with our firm,” DJ Carella, a company representative, said in an email. JPMorgan to lay off about 30 investment banking staff in Asia Pacific.
↓ JPMorgan sheds nearly 30 investment banking roles
JPMorgan is going to cull up to 30 investment bank jobs in Asia-Pacific this week, media reports said. The crackdown on staff would see the majority of employees based in Greater China packing their bags and going, as deal flows in its biggest growth market in the region struggle to rebound. The cuts to its Hong Kong and China-based bankers are the biggest seen in years, though they make up less than 5 per cent of its investment banking headcount in the region.
Most of those affected are junior-level bankers. The cuts impact bankers both with a regional and China-focused remit. The move comes as investment banks seek to reduce costs globally.
↓ Vimeo to cut 11% of employees - 11% of its workforce
Vimeo has launched latest round of layoffs, which would impact 11% of its workforce. In an email to staff, Vimeo CEO Anjali Sud said, "This was a very hard decision that impacts each of us deeply," Sud wrote in an email addressed to "Vimeans." "It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment."
↓ Yahoo's layoff plan to impact 1,600 employees
Yahoo announced a mass layoff plan, which would impact 20 per cent of its total workforce. This decision comes as part of a major reorganisation of the company’s ad tech division as reported by Axios. The layoffs will affect more than 50% of Yahoo's ad tech employees, which amounts to more than 1,600 people. Yahoo CEO Jim Lanzone said that the mass firings are not due to financial compulsion but rather tactical changes to the company’s business advertising unit, which will boost Yahoo’s overall profitability.
↓ Vodafone gears up for biggest round of job cuts in 5 years
Vodafone layoffs are reportedly the next in line, ready to impact hundreds as the world economy struggles to cope. As per latest updates, these Vodafone gears up for biggest round of job cuts in last five years. According to a report in the Financial Times, Vodafone is resorting to these job cuts as the telecoms group is trying to rein in costs and revive its performance. Moreover, the company is looking to axe hundreds of jobs, mostly in its London headquarters.
↓ TikTok-owner ByteDance cuts hundreds of jobs in China
TikTok's China-based owner ByteDance has laid off hundreds of workers across multiple departments. The layoffs affected employees at Douyin, the Chinese version of TikTok with 600 million daily active users, as well as its gaming and real estate operations. The lay-offs at ByteDance were first reported by the Chinese media outlet Jiemian.
↓ Pinterest cuts about 150 jobs, or 5% of its total workforce
Pinterest Inc. laid off about 150 employees, or less than 5% of its total workforce in February's first week, joining a flurry of technology companies that are firing workers to cut costs. The job cuts came from teams across the San Francisco-based company, though not all were affected to the same degree.
↓ GitLab to reduce workforce by 7%
GitLab is the latest tech company to announce a round of layoffs, as the developer operations (DevOps) giant revealed today that it's reducing its headcount by 7%. "The current macroeconomic environment is tough, and as a result, companies are still spending but they are taking a more conservative approach to software investments and are taking more time to make purchasing decisions," GitLab co-founder and CEO Sid Sijbrandij wrote in a letter to an employee that it also published to its website.
↓ Sprinklr cuts 4% of global workforce amid a slowdown
Customer experience firm Sprinklr has laid off roughly 4% of its global workforce—or more than 100 employees—as it realigns its headcount amid the ongoing economic slowdown. Sprinklr started the layoffs and is cutting its workforce in India, the US, and other regions. A Sprinklr spokesperson said that the “strategic business decision” affected employees across certain targeted regions, segments, and support functions.
↓ Twilio axes roughly 1 in 5 staff in a fresh round of layoffs
Twilio said it plans to cut 17 percent of its workforce and close additional office locations, having previously shed office staff in 2022. The telephony software and service provider said it expects to incur charges ranging from $100 million to $135 million in workforce reduction expenses.
Twilio is estimated to have almost 9,000 employees, so the cuts should affect about 1,500 people. The company, founded in 2008, is offering laid-off employees 12 weeks of base pay, plus one week for every year of service, among other compensation. It cut 11 percent of its staff just five months ago.
↓ Microsoft’s GitHub slashes headcount by 10%
Microsoft-owned software development platform GitHub has announced that it plans to cut 10% of its workforce, requiring the remainder of its employees to work from home to cut costs. According to reports, the move is intended to safeguard the firm’s immediate stability and protect the short-term health of its business. GitHub CEO Thomas Dohmke sent an email to all employees and wrote, “To start, we will align our work with the areas where we can best impact these goals and our customers’ needs across all of our products. Unfortunately, this will include changes that will result in a reduction of GitHub’s workforce by up to 10% through the end of FY23."
↓ GoMechanic lays off 70% staff, says made grave errors in judgment
Car repair startup GoMechanic has announced it is laying off 70 per cent of its workforce as the company struggles to raise funds amid serious concerns about accounting troubles. In a LinkedIn post, GoMechanic Co-Founder Amit Bhasin said the Sequoia India-backed company made “grave errors in judgment” as it followed growth at all costs.
↓ Zoom to lay off 1,300 employees, or about 15% of its workforce
Zoom announced plans to cut about 1,300 workers, or 15% of its workforce, according to a blog post on the company’s website. CEO Eric Yuan wrote in the blog post that as the world continues to adjust to life after the Covid pandemic, the company needs to adapt to the “uncertainty of the global economy” as well as “its effect on our customers.” Zoom experienced a huge boom during the pandemic when people were forced to work from home and turned to video chat software to stay in touch with colleagues, friends, and family.
↓ VinFast cuts about 80 jobs in North America, including US CFO
Electric-vehicle maker VinFast has cut about 80 jobs in North America, including its US chief financial officer, raising questions about the health of the Vietnamese company ahead of a possible stock listing. Rodney Haynes, finance chief of VinFast US, has left amid a restructuring of the business, according to people familiar with the situation. There were also layoffs in Canada, the people said, asking not to be identified as the matter wasn’t public.
↓ Car-sharing firm Getaround lays off 10% of workforce
The US-based car-sharing company Getaround has announced laying off about 10 per cent of its workforce. The layoffs are part of a restructuring aimed at putting Getaround on the path to "sustainable profitability and long-term growth", according to the company. The restructuring plan will also include significant reductions to other operating expenses, including reducing the company's contract workforce, and outside professional services.
↓ Rivian to lay off 6% of its workforce as EV price war concerns grow
Electric truck maker Rivian Automotive said it is laying off 6% of its workforce in a bid to conserve cash as it braces for a possible industry-wide price war.
In an email to employees that was seen by CNBC, CEO RJ Scaringe said improving the company’s operating efficiency must be a “core objective.” The company is focusing on ramping up production of its R1 trucks and the EDV delivery vans it builds for Amazon as well as on the development of its upcoming, smaller R2 vehicle platform.
↓ Disney cuts 7,000 jobs as Bob Iger seeks US$5.5 bn in savings
The Walt Disney Company is undergoing a restructuring, which is going to result in 7,000 people losing their jobs. That's around 3.6% of their global workforce. The announcement was made by CEO Bob Iger on February 9 after their latest earnings call showed a drop in revenue and increased operating losses. According to Iger, the company will be taking a closer look at the cost of everything they produce in television and film.
↓ Google’s Pichai said the firm will lay off 12,000 employees
On January 20, Google announced culling 12,000 headcounts, or about 6% of its 186,000-strong global workforce. The cuts apply "across Alphabet—product areas, functions, levels, and regions," CEO Sundar Pichai said. Pichai told employees that the Silicon Valley company simply hired too fast during the pandemic. "Over the past two years we've seen periods of dramatic growth," Pichai wrote in an email that was also posted on Alphabet's corporate blog. "To match and fuel that growth, we hired for a different economic reality than the one we face today."
↓ Amazon to slash 18,000 roles in biggest job cut in history
The e-commerce company announced its intention to slash about 18,000 positions, a downshift that began in November and continue into this year. That's just a fraction of its 1.5 million-strong global workforce. The cuts mostly affect white-collar employees in some of the company's less profitable sectors, including the division responsible for its voice assistant, Alexa. "Amazon has weathered uncertain and difficult economies in the past, and we will continue to do so," Chief Executive Officer Andy Jassy said earlier this month in a memo to employees. "These changes will help us pursue our long-term opportunities with a stronger cost structure." In his memo, Jassy said that Amazon would provide severance, transitional health benefits, and job placement to affected workers.
↓ Meta lays off 11,000 staff over struggle on metaverse venture
The parent company of Facebook in November laid off 11,000 people, about 13% of its workforce. Meta has struggled more than many tech companies this year; its user base has shrunk, while CEO Mark Zuckerberg has put billions of dollars into building what he calls the "metaverse," to the consternation of its investors. The company's stock has lost two-thirds of its value since peaking in August 2021.
↓ Microsoft plans to cull up to 10,000 jobs as it focuses on AI
In January, the software company said it would cut about 10,000 jobs, or almost 5% of its workforce, as it refocuses its strategy on artificial intelligence and away from hardware. In the two years ending in June 2022, Microsoft had expanded from 163,000 workers to 221,000. Microsoft will cut 10,000 jobs in the latest round of staff redundancies to hit the tech industry. Microsoft Chief Executive Satya Nadella said that while customer spending had grown during COVID, more people were now choosing to "exercise caution".
↓ eBay goes ahead with plan to slash 4% of its workforce
The online marketplace said in February it would cut 500 jobs, or about 4% of its global workforce, according to an internal email included with a securities filing. The layoffs allow the company "to invest and create new roles in high-potential areas," CEO Jamie Iannone said in the message. They will also "[simplify] our structure to make decisions more effectively and with more speed," he said. CEO Jamie Iannone said the company decided to make layoffs after examining the global macroeconomic environment over the past several months. “Importantly, this shift gives us additional space to invest and create new roles in high-potential areas —new technologies, customer innovations, and key markets—and to continue to adapt and flex with the changing macro, ecommerce and technology landscape,” Iannone wrote in the release.
↓ Dell to fire 6,650 workers - 5% company's workforce
Dell Technologies said that it will lay off about 6,650 workers globally, becoming the latest technology company to do so, the media reported. The cuts will include five per cent of the company's global workforce, reports Bloomberg, citing sources. "The company is experiencing market conditions that continue to erode with an uncertain future," Co-Chief Operating Officer Jeff Clarke, was quoted as saying. Clarke told employees that previous cost-cutting measures, such as a halt in hiring and travel restrictions, are no longer sufficient. In February, the computer company announced it would slash 5% of its workforce due to a "challenging global economic environment." The Texas-based company has about 133,000 employees, according to its most recent annual report, putting the layoffs on track to eliminate about 6,600 jobs.
↓ IBM announces plan to slash 3,900 jobs - 1.5% of its workforce
The company plans to cut about 3,900 workers, its chief financial officer declared in January. The cuts amount to about 1.5% of the company's global workforce and come even as IBM posted better-than-expected revenue for the most recent quarter. IBM last year said it would invest tens of billions of dollars across New York's Hudson Valley to spur semiconductor manufacturing.
↓ SoFi laying off 65 employees in cuts to mortgage operations
Online lender Social Finance Inc. is laying off dozens of employees in its mortgage division, an area the company previously highlighted for its growth prospects, according to people familiar with the matter. The San Francisco-based financial technology company told staffers it is cutting around 65 jobs, roughly 5% of its 1,300-person workforce, the people said. The layoffs are centered in SoFi’s mortgage operations centers in Healdsburg, Calif., and Cottonwood Heights, Utah.
↓ PayPal to fire 2,000 jobs - 7% of workforce across brands
The digital payments company said in January it was cutting 2,000 jobs, or about 7% of its workforce, as it contends with what it called "the challenging macro-economic environment." PayPal said the cuts would affect different brands unequally, although it did not specify further.
↓ Philips scraps 6,000 jobs in a drive to improve profitability
Philips' Chief Executive, Roy Jakobs, announced a reduction of 6,000 roles globally by 2025. "2022 has been a very difficult year for Philips and our stakeholders, and we are taking firm actions to improve our execution and step up performance with urgency," Jakobs said in a statement.
↓ SAP is laying off up to 3,000 staff - 2.5% of its workforce
Business application giant SAP is laying off up to 3,000 employees—about 2.5 percent of its global workforce—joining a growing list of IT vendors cutting their payrolls this month. “This will impact up to 3,000 positions and will include a headcount reduction amounting to about 2.5 percent of our workforce,” CEO Christian Klein said on the call, according to a transcript posted on Seeking Alpha.
↓ 3M steps up efforts to cut 2,500 manufacturing jobs
3M announced in January that it would cut 2,500 manufacturing jobs after reporting a lower profit, as the U.S. industrial conglomerate faces a demand slowdown in its unit that sells products including notebooks, air purifiers, and respirators. The move comes as corporate America has seen a string of layoffs as companies try to rein in costs amid fears of a potential economic downturn.
↓ Ford to cut 3,200 jobs across Europe to cut costs
In the last week of January, Ford Motor Co. joined the ongoing layoffs with plans to cut 3,200 jobs across Europe, mainly in Germany, reports said, quoting Germany's IG Metall union. The U.S. automaker plans to move some product development work to the United States. The planned workforce reduction is part of the company's efforts to cut costs to face ongoing macroeconomic conditions amid recession fears.
↓ Spotify looks to trim 6% of its global workforce
Spotify last month announced it was cutting 6% of its global workforce as the music streaming company contends with a gloomy economic environment that has seen consumers and advertisers alike limit their spending. Spotify has a total workforce of around 9,800 people, which means the cuts will impact about 600 employees. According to its LinkedIn profile, the company employs 5,400 people in the U.S. and 1,900 in Sweden.
↓ Goldman Sachs announces plan to sack 3,200 staff
Investment giant Goldman Sachs has begun a massive round of job cuts around the world as it tightens its belt in the face of falling profits. The cuts will affect up to 3,200 staff, or roughly 6.5% of the bank's workforce, including staff in the UK. The cuts are among the biggest made by banks this year as economic uncertainty puts lenders under pressure.
↓ Coinbase cuts 20% of its employees - about 950 jobs
The cryptocurrency trading platform cut roughly 20% of its workforce, or about 950 jobs, in January. It's the second round of layoffs in less than a year, with 1,100 workers losing their jobs in June.
↓ Lyft to slash 13% of its workforce
The ride-hailing service said in November it was cutting 13% of its workforce, almost 700 employees. The layoffs affect its corporate employees since Lyft's army of drivers are considered independent businesses, not employees of the transportation company.