Factbox-Tech firms leading job cuts in Corporate America


–Big tech companies are leading a wave of layoffs across corporate America as companies try to keep costs down to weather the recession.

Rapid interest rate hikes, weak consumer demand and a slowing Chinese economy are forcing companies like Amazon, Walt Disney, Facebook-owned Meta and U.S. banks to cut jobs.

According to tracking site Layoffs.fyi, tech companies will cut more than 150,000 workers in 2022 as the pandemic-driven demand boom rapidly fades, and many more as growth in the world’s largest economy begins to slow. headcount reductions are expected.

Here are some of the major job cuts by American companies announced in recent weeks.

Technology, media and telecom companies:

Amazon.com, Inc.:

The e-commerce giant said company-wide layoffs will affect more than 18,000 employees, up from the 10,000 layoffs it announced months ago.

Meta Platforms Inc.:

Facebook’s parent company said it would cut 13% of its workforce, or more than 11,000 jobs, in one of the biggest tech layoffs of the year to combat a sluggish advertising market and rising costs.

AMC Networks Co., Ltd.:

The cable television network said it would cut about 20% of its U.S. workforce after CEO Christina Spade announced she had stepped down after less than three months in office.

Intel:

CEO Pat Gelsinger told Reuters that “people action” will be part of the cost-cutting plan. The company says it will save $3 billion in costs in 2023.

The adjustments are expected to begin in the fourth quarter, Gelsinger said, but did not specify how many employees will be affected.

Microsoft:

The software giant laid off fewer than 1,000 employees across multiple divisions in October, Axios reported, citing sources.

Twitter company:

Following Elon Musk’s $44 billion acquisition, the social media company laid off half of its workforce across teams ranging from communications and content curation to product and engineering.

Bloomberg later reported, however, that Twitter was reaching out to dozens of employees who lost their jobs and asking them to come back.

Twitter has since further cut the headcount of its trust and safety team, which is responsible for moderating global content, as well as its divisions related to hate speech and harassment, Bloomberg reports.

Seagate Technology Holdings Plc:

The memory chip company has announced a restructuring plan that includes cutting its global workforce by about 8%, or 3,000 employees.

Lift Co.:

The ride-hailing company said it would furlough 13% of its workforce, or about 683 workers, after already cutting 60 people earlier this year and a hiring freeze in September.

Warner Bros. Discovery:

According to Bloomberg News, film subsidiary Warner Bros. Pictures is planning a number of job cuts in its distribution and marketing divisions as it cuts jobs by 5% to 10%.

Roku Co., Ltd.:

The video streaming device maker said it would cut its workforce by 5%, or about 200 jobs, due to “current economic conditions.”

TuSimple Holdings Co., Ltd.

The self-driving technology company will lay off 25% of its workforce, or about 350 employees, as part of a restructuring plan to contain costs.

Micron Technology Co., Ltd.

A memory chip maker cuts its workforce by 10% in 2023 and cuts its capital spending plans for fiscal 2024, citing oversupply in the semiconductor market.

sales force inc.

The software company said it would lay off about 10% of its workforce and close some offices as part of a restructuring plan, citing a difficult economy.

Arrival SA:

The EV startup said it plans to further “right-size” the organization.

The company said in July that restructuring could cut jobs by up to 30%.

Open Door Technologies Inc.:

The real estate sales platform is laying off about 550 employees, said CEO Eric Wu, adding that the company has already cut more than 830 jobs.

Cisco Systems, Inc.:

The networking and collaboration solutions company says it will undergo restructuring that could affect about 5% of its workforce. The initiative will start in the second quarter of his fiscal year 2023 and will cost the company $600 million.

HP Corporation:

The computing device maker says it expects to cut up to 6,000 jobs by the end of fiscal 2025.

CNN:

Owned by Warner Bros. Discovery CNNChris Licht, the company’s chief executive, informed employees in a memo to all employees that layoffs were underway.

Buzzfeed Inc.:

The online media company said it would cut about 12% of its workforce. As of December 31 last year, the company has his 1,522 employees in six countries.

Financial institution:

Goldman Sachs Group Inc.:

Two sources familiar with the move told Reuters they were cutting thousands of jobs across the company to prepare for a tough economic environment over the next year. said to start.

One of the sources said the job cuts are expected to be just over 3,000, but the final number has yet to be determined.

Morgan Stanley:

The Wall Street powerhouse is expected to begin fresh job cuts around the world in the coming weeks, Reuters reported Nov. 3.

Citigroup Inc.:

The bank has cut dozens of jobs across its investment banking division as a slump in dealmaking continues to weigh on Wall Street’s biggest bank, according to Bloomberg News.

Kraken:

The cryptocurrency exchange said it will cut its global workforce by 30%, or about 1,100 jobs, citing tough market conditions that have crippled demand for digital assets this year.

Book of Genesis:

The crypto firm has cut 30% of its workforce in a second round of layoffs in less than six months, a person familiar with the matter told Reuters.

Coinbase Global:

The cryptocurrency exchange said it plans to cut more than 60 people in its recruitment and institutional onboarding teams.

The move marks the company’s second job cuts this year, and comes at a time when cryptocurrencies have been roiled by extreme volatility as investors part with risky assets.

Chime Financial:

The online banking company has laid off 12% of its workforce, or about 160 jobs, said a spokesperson.

Stripe Inc.:

The digital payments company has cut headcount by about 14% and will have about 7,000 employees after layoffs, according to an email from the company’s founders to employees.

Consumers and retailers:

Beyond Meat Inc:

The vegan meat maker said it plans to cut 200 jobs this year and expects to save about $39 million from the job cuts.

Blue Apron Holdings Co., Ltd.:

An online meal kit company said it would cut about 10% of its workforce in a bid to cut costs and streamline operations. As of September 30, the company has approximately 1,657 full-time employees.

Stitch Fix Co., Ltd.:

An online personalized styling service firm said it would cut about 20% of salaried jobs. As of July 30, the company has approximately 7,920 full-time and part-time employees.

Wolverine World Wide, Inc.:

The casual footwear and apparel retailer said it began layoffs earlier this week and expects the effort to save about $30 million in 2023.

DoorDash:

The food delivery company, which has seen rapid growth during the pandemic, said it is cutting about 1,250 jobs.

Energy and resource companies:

Chesapeake Energy:

A U.S. shale gas producer has cut about 3% of its workforce as the company prepares to sell oil assets in South Texas, sources told Reuters.

Philips 66:

The refiner has cut more than 1,100 jobs to meet its 2022 cost-cutting goal of $500 million. The cuts he notified employees in late October.

Health and pharmaceutical companies:

Johnson & Johnson:

Pharmaceutical giants say they may cut some jobs amid inflationary pressures and a strong dollar. CFO Joseph Wolk says healthcare conglomerates are looking at “right sizing” itself.


Leave a Reply

Your email address will not be published. Required fields are marked *