Big Tech firms are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn.
Persisting inflation leading to interest rate hikes, weak consumer demand, and an economic slowdown in China have forced firms from Amazon to Walt Disney and banks to trim their workforce.
Here are some of the major job cuts announced in recent weeks:
Amazon.com Inc.
The e-commerce giant said company-wide layoffs would impact over 18,000 employees, raising the figure from 10,000 layoffs it announced months ago.Meta Platforms Inc.
The Facebook-parent said it would cut 13 percent 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 percent 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 percent, 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.
CEO 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.
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.Lyft Inc.
The ride-hailing firm said it would lay off 13 percent of its workforce, or about 683 employees, after it already cut 60 jobs earlier this year and froze hiring in September.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 percent 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 percent 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.Seagate Technology Holdings Plc.
The memory chip firm announced a restructuring plan including reducing worldwide headcount by about 8 percent, 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 percent 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.
