From Alibaba to Morgan Stanley, industry giants are reluctantly becoming part of the increasing number of companies trimming their workforce. Faced with the aftermath of the pandemic and rising economic uncertainties, these corporate titans are recalibrating their strategies, stepping back from once-aggressive hiring plans. What began as a minor disturbance in late 2022 has now grown into a substantial challenge, with the wave of layoffs showing no signs of subsiding as we progress through 2023.
The tech industry, known for its constant growth, is at the centre of this challenge. In 2022 alone, Layoffs.fyi reports that over 164,969 tech workers lost their jobs, a significant jump from 80,000 in 2020 and 15,000 in 2021. In November 2023 alone, 64 tech companies laid off 7,026 employees, indicating an upswing in tech layoffs over the past two months after reaching their low point in September 2023.
To keep you in the loop, we've put together a list highlighting the latest layoffs and what they mean for the industry.
↓ Dec 12, 2023: Hasbro Announces Cut of 1,100 Jobs
Toy and game giant Hasbro is set to reduce its workforce by nearly 20%, citing a decline in sales during the crucial holiday shopping season. CEO Chris Cocks said in a memo to employees that approximately 1,100 jobs will be eliminated over the next 18 to 24 months, including 200 positions remaining from a previous round of cuts. Cocks attributed the decision to unforeseen and enduring market challenges, stating, "The market headwinds we anticipated have proven to be stronger and more persistent than planned."
↓ Dec 4, 2023: Spotify to lay off 17% of its workforce
Spotify announced a 17% reduction in its workforce, impacting over 1,500 employees. In a memo to staff, CEO Daniel Ek highlighted the decision to align Spotify with future goals and create a more impactful workforce. This marks Spotify’s third major round of layoffs this year, following earlier reductions in January (6% of staff) and June (additional roles in the podcast division). "To align Spotify with our future goals and ensure we are right-sized for the challenges ahead, I have made the difficult decision to reduce our total headcount by approximately 17% across the company," wrote the co-founder and CEO.
↓ Dec 3, 2023: EY announces 150 job cuts in the UK
EY is set to lay off 150 jobs in the UK, expanding its redundancy programme in response to declining demand for certain services within the Big Four firms. The move follows the initiation of 10 redundancy consultations over the past few months, doubling the total number of redundancies to 300 for the year. Affected staff include those in EY’s legal arm and EY-Parthenon, its strategy and transactions advisory business. Additionally, the closure of EY Riverview Law, acquired in 2018, will lead to a significant number of layoffs.
↓ Nov 30, 2023: Broadcom to lay off 1300 VMware employees
Following its acquisition of cloud-computing firm VMware, chipmaker Broadcom is set to lay off approximately 1,300 employees in California, as reported by Bloomberg. CEO Hock Tan's leaked email to employees revealed plans to review strategic options for two business units of VMware. The $69 billion acquisition of VMware by Broadcom was concluded on November 22 after obtaining regulatory approval from China.
↓ Nov 28, 2023: TikTok parent ByteDance plans mass layoffs
ByteDance, the company behind TikTok, is implementing substantial layoffs in its gaming division, Nuverse. This decision, prompted by two years of underwhelming performance, aims to restructure the gaming business for long-term strategic growth. ByteDance had rapidly expanded Nuverse to around 3,000 employees in 2021, maintaining a similar size in recent years, according to reports from Chinese tech news outlet LatePost. Additionally, ByteDance is exploring the divestment of its Shanghai-based studio Moonton, having engaged in discussions with a Saudi Arabia-based firm for this purpose.
↓ Nov 23, 2023: Barclays eyes 2,000 job reductions
Barclays is exploring a cost-saving plan to secure £1 billion ($1.25 billion), potentially involving up to 2,000 job cuts, mainly in the back office, according to Reuters. Led by Chief Executive C.S. Venkatakrishnan, Barclays is reviewing proposals to boost profitability, with potential cuts concentrated at Barclays Execution Services (BX). This initiative aligns with an overarching goal to trim expenses by up to £1 billion across the group over the next several years.
↓ Amazon scales back Alexa team to focus on AI
Amazon is slimming down its Alexa voice assistant unit as it pushes more resources into artificial intelligence capabilities. The company announced layoffs of hundreds of employees from the Alexa team on Friday.A lexa and Fire TV vice president Daniel Rausch revealed the cuts in a note to staff, citing the elimination of certain Alexa initiatives as the reason for the reductions. While Rausch did not provide an exact number, he described the layoffs as impacting "several hundred" roles.
The job cuts reflect Amazon's increased focus on AI advancement. With tech rivals rushing to capitalize on generative AI, Amazon aims to bolster its position in this high-stakes arena. In recent months, the company has rapidly integrated AI across its products and services.Amazon recently cut 180 jobs within its gaming division, resulting in the elimination of the entire team dedicated to Crown, an Amazon-backed Twitch channel.
↓ PwC Australia announces significant layoffs
PwC Australia is set to lay off 338 employees due to a slowing economy and the aftermath of a national scandal involving leaked tax documents. The firm attributes these cutbacks to a major audit client terminating its association with PwC.
↓ Citigroup's reorganisation plans indicate 10% job cuts
Citigroup's CEO, Jane Fraser, aims to reduce redundancy by eliminating positions such as regional managers, co-heads, and roles with overlapping responsibilities. The actual extent of these layoffs, expected to surpass the initially suggested 10%, remains undisclosed.
↓ KPMG contemplates 6% reduction in deal advisory employees
KPMG is reportedly considering a reduction of approximately 100 positions within its deal advisory business in the UK, reflecting decreased client demand.
↓ LinkedIn announces second round of layoffs in 2023
LinkedIn is letting go of around 668 employees across its engineering, product, talent, and finance teams in its second round of layoffs this year. Between the two rounds, LinkedIn will have cut nearly 1,400 jobs in 2023.
↓ Cisco Systems plans to cut 350 jobs in Silicon Valley
Cisco Systems is set to lay off 350 employees in Silicon Valley, following a previous termination of approximately 4,000 employees as a cost-cutting measure. The recent filing with California's Employment Development Department details the affected positions.
↓ UBS Initiates Wealth Management Job Cuts in Asia
UBS is cutting around 100 jobs in its wealth management business in Asia, responding to a downturn in client activity after completing its takeover of Swiss rival Credit Suisse.
↓ Intel omplements job cuts affecting 100 employees
Intel has laid off more than one hundred employees in the United States as part of its cost-cutting measures, impacting various teams within the company.
↓ GrubHub lays off about 15% of workforce
Facing economic challenges and increased competition, GrubHub laid off approximately 15% of its workforce in June, amounting to roughly 400 staff.
↓ Sequoia eeduces talent team by one-third
Sequoia, the venture capital firm, laid off seven employees in its operations team, affecting approximately one-third of the talent pool responsible for recruiting startups in its portfolio.
↓ Binance lays off over 1,000 Employees
Binance, amidst federal investigations and regulatory challenges, has laid off 1,000 employees, marking a significant reduction in its workforce.
↓ Shopify cuts 20% of workforce
Shopify, a key player in e-commerce, laid off 20% of its workforce in May, citing a need to refocus on its core mission.
↓ SoundCloud announces 8% staff layoffs
SoundCloud, in its ongoing efforts to achieve profitability, laid off 8% of its staff in May, aiming to become profitable by the fourth quarter of the year.
↓ Auto supplier Autoliv to cut 8,000 jobs
Auto supplier Autoliv, a leading provider of automotive safety systems, has announced plans to accelerate global cost reductions with a specific focus on improving operational efficiency in its European operations. The company intends to cut approximately 8,000 jobs, including 6,000 direct positions and up to 2,000 indirect positions, representing around 11% of its total workforce. These measures aim to optimize the company's geographic footprint, reduce costs, and drive long-term improvement in margins and cash flow.
↓ Alibaba's cloud business to cut 7% of staff
Alibaba's cloud division has initiated job cuts, reducing its workforce by approximately 7% in preparation for a planned spinoff and potential initial public offering (IPO), according to a report by Bloomberg. With a preliminary valuation of over $30 billion, Alibaba Cloud is well-positioned for an IPO, leveraging its established business model. CEO Daniel Zhang envisions the cloud unit surpassing Alibaba in size, with nearly $12 billion in sales achieved in 2022.
↓ Meta new round of layoffs to impact partnerships
Meta, the parent company of Facebook, is set to undergo significant layoffs, primarily affecting the partnerships and marketing divisions. According to a report from the International Business Times, CEO Mark Zuckerberg previously stated that the company's business teams would be affected by layoffs scheduled for late May.
↓ Soundcloud to lay off eight percent of its staff
SoundCloud, which previously reduced its workforce by 20 percent due to the challenging economic climate, is now announcing an additional 8 per cent staff cut. The company is framing this reduction as a necessary decision to ensure business health and achieve profitability in the current year. Similar to other companies like Google, Meta, and Amazon, SoundCloud is attributing the layoffs to restructuring and cost-cutting measures.
↓ JioMart Layoffs: 1,000 employees cut, 9,900 jobs at risk
JioMart, the online shopping platform of Reliance Retail, has initiated layoffs, affecting over 1,000 employees. Additionally, the company plans to eliminate approximately 9,900 more positions in the near future. This strategic move is aimed at enhancing profit margins and follows concerns raised by traditional distributors regarding potential disruptions in the supply chain due to JioMart's disruptive pricing approach, according to reports.
↓ Disney set for third round of job cuts
Deadline reports that Disney has initiated its third round of layoffs, affecting an estimated 2,500 jobs across the company. Unlike previous rounds, this wave of layoffs does not specifically target any division. While television experienced significant cuts in the previous round, it has seen relatively fewer layoffs this time. Disney CEO Bob Iger previously stated that this round is expected to be the final major one, although minor cuts may still occur in the coming months.
↓ Morgan Stanley weighs cutting 7% of Asia investment bank jobs
Investment bank Morgan Stanley is contemplating a 7% downsizing of its investment banking staff in the Asia-Pacific region, with the most significant impact being felt in China, according to reports. These cuts are part of Morgan Stanley's global plan to eliminate around 3,000 jobs by the end of the current quarter. Bloomberg earlier revealed that the job cuts would account for approximately 5% of staff, excluding financial advisers and support personnel in the wealth management division.
↓ LinkedIn cuts over 700 jobs
LinkedIn, the Microsoft-owned social media platform, announced that it would eliminate 716 jobs and discontinue its job application service in China, citing a decline in demand. According to CEO Ryan Roslansky's letter to staff, the job cuts will be in the sales, operations, and support departments, with the aim of streamlining operations and reducing bureaucracy to enable more efficient decision-making.
↓ Meesho cuts 251 jobs to hasten path to profitability
Meesho, an Indian social commerce startup backed by Fidelity, Prosus, SoftBank, Sequoia India, and Meta, has announced its second round of job cuts, eliminating around 15% of its workforce, or 251 roles. The move comes as the company aims to reduce expenses and achieve sustained profitability, acknowledging the "economic reality." The Bengaluru-based startup had cut 150 jobs about a year ago.
↓ Deutsche Bank to cut 800 jobs after strong first quarter
Deutsche Bank has announced that it will reduce its workforce by 800 employees as part of a new cost-saving initiative. This decision comes after the bank reported a higher than anticipated increase in profit during the first quarter, despite significant volatility for finance companies worldwide. The bank's executives have stated that this is just one of several measures they are taking to reduce costs by an additional 500 million euros in the coming years. This marks a reversal of the bank's recent trend of staff expansion, and as of the end of the first quarter, Deutsche Bank had a total workforce of 86,712 employees.
↓Amazon axes Halo health unit, lays off employees
Amazon has notified its Halo customers that it is closing its Halo Health department, which will take effect on July 31. As part of this announcement, the company disclosed that there would be job cuts and that individuals who bought hardware in the past year would receive complete refunds. This includes items such as Amazon Halo View, Halo Band, Halo Rise, and several accessories.
↓IBM-owned Red Hat to lay off 4% of workforce
Red Hat, an open-source solution provider owned by IBM, has announced that it plans to lay off approximately 4% of its global workforce, affecting about 760 employees. The company's CEO stated that the decision was necessary to ensure competitiveness in a changing business landscape. The layoffs come as part of a trend among IT companies to reduce their workforce.
↓Temasek-backed Open implements layoffs
Open, a fintech unicorn backed by Temasek, has laid off 47 employees as part of its efforts to optimise operations. The company's founders, Anish Achuthan, Mabel Chacko, Ajeesh Achuthan, and Deena Jacob, have also taken a 50% pay cut to achieve profitability, according to reports.
↓Mark Zuckerberg implements fresh round of layoffs
Meta, the parent company of Facebook, has initiated a new round of layoffs, targeting software engineers and technical employees, as part of cost-saving measures. This comes after already letting go of 21,000 employees in the past. Employees in technical roles, such as user experience, software engineering, graphics programming, and others, are being affected by these recent job cuts.
↓BuzzFeed news unit to close as focus shifts to HuffPost
BuzzFeed Inc has announced plans to close its news division, consolidating its news content within HuffPost, and reducing its workforce by 15%. This resulted in a 10% drop in shares for the digital media company. BuzzFeed CEO Jonah Peretti stated that the second round of job cuts would impact 180 employees across various teams, including business, content, tech, and admin. This comes after the company had previously implemented a 12% staff reduction in December.
↓ Disney set for another round of job cuts
Walt Disney Company is planning another round of job cuts after recently laying off 7,000 employees. According to reports, the cuts are expected to affect thousands of positions, including those in the entertainment division, as well as corporate roles and employees in every region where Disney operates.
↓Indeed to slash 2,200 jobs in drastic cutback
Indeed.com has announced to cut around 2,200 jobs, which accounts for nearly 15% of the company's workforce. According to CEO Chris Hyams, the job cuts will be across all functions, levels, and regions of the company. Hyams stated in a memo that the decision was difficult, but it was made with great care.
↓Logitech announces layoffs of 300 employees
Logitech International, the maker of computer accessories, has announced that it will lay off around 300 employees in a major global re-organisation. The company's spokeswoman, Nicole Kenyon, stated in an email that the decision was regrettable and that the slump in business followed the pandemic boom when computer peripherals were in high demand during work-from-home mandates.
↓ 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.