The tech industry continues to face significant disruptions as economic uncertainty and the rapid rise of AI drive major changes. With the growing emphasis on artificial intelligence, companies are restructuring and cutting jobs to align with new technological priorities. Industry giants like Dell, GM and Intel have announced large-scale layoffs in their strategic shift towards AI. These sweeping changes are profoundly reshaping the workforce and impacting the broader tech ecosystem.

The numbers are alarming: Layoffs.fyi reports that over 135,811 tech employees have lost their jobs due to layoffs from 429 companies globally so far in 2024. Let's delve into the specific layoff announcements

Goldman Sachs to slash 1,800 jobs

Goldman Sachs is preparing to cut 1,300 to 1,800 jobs, representing 3-4% of its global workforce, as part of its annual strategic resource assessment (SRA). The layoffs, impacting various divisions, are a standard part of the bank’s review process. Despite the reductions, Goldman Sachs expects its headcount to increase by the end of 2024.

General Motors cuts over 1,000 jobs

General Motors is set to lay off over 1,000 salaried employees worldwide from its software and services division as part of a review aimed at streamlining operations.  This move follows recent leadership changes, including the departure of former Apple executive Mike Abbott, who left the company in March due to health issues after less than a year.

Cisco to lay off 6,000 employees

After laying off approximately 4,000 employees in February this year, Cisco Systems reportedly plans a second wave of job cuts. This move is expected to affect thousands of employees, as the company shifts its focus to higher-growth areas like cybersecurity and artificial intelligence. 

Dell fires 12500 employees

Dell announced cutting 12500 jobs, affecting around 10% of the global workforce. The move is aimed at restructuring the company. Tech giant Dell is undergoing a dramatic restructuring, eliminating approximately 12,500 jobs. This is the second wave of layoffs for the company in less than 15 months, as it accelerates its shift toward artificial intelligence (AI).

Intel plans to cut thousands of jobs

Before Dell, US-based chip maker Intel Corporation unveiled plans for a significant workforce reduction, aiming to lay off approximately 15,000 employees—15% of its global workforce—as part of a broader initiative to achieve $10 billion in cost savings by 2025. The announcement came following the release of the company's second-quarter 2024 earnings on August 1, 2024.

Microsoft lays off the DEI team

Effective July 1, Microsoft reportedly laid off its internal team, responsible for managing diversity, equity, and inclusion (DEI).  The reason for the reported layoff was mentioned as "changing business needs,". According to a report by Business Insider, the layoffs that took effect on July 1, have sparked controversy within the company.

Salesforce cuts more jobs

After cutting 700 jobs earlier this year, Salesforce Inc. announced another round of job cuts in July. The company eliminated 300 jobs. According to the media report, the latest job cut was aimed at streamlining operations. In a statement, the company confirmed that it had pared some jobs, without getting specific. San Francisco-based Salesforce pared roughly 10% of its total workforce at the start of 2023. They also closed some offices. The company increased its workforce by over 50 per cent during the pandemic. 

Cohere lays off 5% of staff

Soon after raising $500 million in new cash from investors including Cisco, AMD, Fujitsu, Salesforce, Oracle, and Nvidia, AI start-up Cohere announced a layoff at the company. The startup reduced its workforce by 5%. However, it is not clear who will be impacted due to the impending layoff at the company. The company currently deploys 400 employees.