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(Reuters) – U.S. companies, from tech majors to consumer firms, are bracing for a potential economic downturn by shrinking their employee base to streamline operations.
Job cuts announced by U.S.-based employers jumped 13% to 33,843 in October, the highest since February 2021, according to a report.
Here are some of the major job cuts announced in recent weeks:
Amazon.com Inc:
The e-commerce giant has laid off some employees in its devices group as a person familiar with the company said it still targeted around 10,000 job cuts, including in its retail division and human resources.
Meta Platforms Inc:
The Facebook-parent said it would cut 13% of its workforce, or more than 11,000 employees, in one of the biggest tech layoffs this year as it grapples with a weak advertising market and mounting costs.
DoorDash Inc:
The food delivery firm, which enjoyed a growth surge during the pandemic, said it was reducing its corporate headcount by about 1,250 employees.
AMC Networks Inc:
The cable TV network said it would cut about 20% of its U.S. workforce, as it announced Chief Executive Officer Christina Spade had stepped down, less than three months into the role.
Kraken:
The cryptocurrency exchange said it would cut its global workforce by 30%, or about 1,100 employees, citing tough market conditions that have crippled demand for digital assets this year.
Citigroup Inc:
The bank eliminated dozens of jobs across its investment banking division, as a dealmaking slump continues to weigh on Wall Street’s biggest banks, Bloomberg News reported.
Morgan Stanley:
The Wall Street powerhouse is expected to start a fresh round of layoffs globally in the coming weeks, Reuters reported on Nov. 3, as dealmaking business takes a hit.
Intel Corp:
Chief Executive Officer Pat Gelsinger told Reuters “people actions” would be part of a cost-reduction plan. The chipmaker said it would reduce costs by $3 billion in 2023.
The adjustments would start in the fourth quarter, Gelsinger said, but did not specify how many employees would be affected.
Microsoft Corp:
The software giant laid off under 1,000 employees across several divisions in October, Axios reported, citing a source.
Johnson & Johnson:
The pharmaceutical giant has said it might cut some jobs amid inflationary pressure and a strong dollar, with CFO Joseph Wolk saying the healthcare conglomerate is looking at “right sizing” itself.
Twitter Inc:
The social media company laid off half its workforce across teams ranging from communications and content curation to product and engineering following Elon Musk’s $44 billion takeover.
However, Bloomberg later reported Twitter was reaching out to dozens of employees who lost their jobs, asking them to return.
Lyft Inc:
The ride-hailing firm said it would lay off 13% of its workforce, or about 683 employees, after it already cut 60 jobs earlier this year and froze hiring in September.
Warner Bros Discovery:
Film subsidiary Warner Bros. Pictures is planning to cut a number of jobs in distribution and marketing that will reduce headcount by 5% to 10%, Bloomberg News reported.
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.
Stripe Inc:
The digital payments firm is cutting its headcount by about 14% and will have about 7,000 employees after the layoffs, according to an email to employees from the company’s founders.
Chime Financial Inc:
The online banking firm has laid off 12% of its employees, or about 160 jobs, a spokesperson said.
Opendoor Technologies Inc:
The property-selling platform is laying off about 550 employees, Chief Executive Officer Eric Wu said, adding that the company had already reduced its workforce by more than 830 positions.
Phillips 66:
The refiner reduced employee headcount by over 1,100 as it seeks to meet its 2022 cost savings target of $500 million. The reductions were communicated to employees in late October.
Chesapeake Energy Corp:
The U.S. shale gas producer cut about 3% of its workforce, sources told Reuters, as the company readies a sale of South Texas oil properties.
Seagate Technology Holdings Plc:
The memory chip firm announced a restructuring plan including reducing worldwide headcount by about 8%, or 3,000 employees.
Arrival SA:
The EV startup said it plans to further “right-size” the organization, which could have a “sizable impact” on its global workforce, mostly in the UK.
The company in July said it may cut up to 30% of workforce in restructuring.
Coinbase Global:
The cryptocurrency exchange said it planned to cut over 60 jobs, in its recruiting and institutional onboarding teams.
The move marks a second round of jobs cuts at the company this year, and comes at a time when cryptocurrencies have been roiled by extreme volatility as investors dump risky assets.
Walt Disney Co:
The media giant is planning to freeze hiring and cut some jobs, according to a company memo seen by Reuters.
Roku Inc:
The video-streaming device maker said it would reduce its headcount by 5%, or about 200 employees, due to “current economic conditions”.
Cisco Systems Inc:
The networking and collaboration solutions company said it will undertake restructuring which could impact roughly 5% of its workforce. The effort will begin in the second quarter of the fiscal year 2023 and cost the company $600 million.
HP Inc:
The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025.
CNN:
Warner Bros Discovery-owned CNN’s top boss Chris Licht informed employees in an all-staff memo that job cuts were underway.
Buzzfeed Inc:
The online media company said it will cut about 12% of its workforce. As of Dec. 31 last year, the company had 1,522 employees in six countries.
(Reporting by Deborah Sophia in Bengaluru; Additional reporting by Akash Sriram, Granth Vanaik and Yuvraj Malik; Editing by Anil D’Silva, Sriraj Kalluvila and Shounak Dasgupta)
