Tech firms, Wall Street titans lead job cuts in corporate America | – #Tech #firms #Wall #Street #titans #lead #job #cuts #corporate #America
Feb 8 (Reuters) – Big tech firms and Wall Street titans are leading a flurry of layoffs across corporate America as companies try to rein in costs to ride out a global economic downturn.
Rapid interest rate hikes and weak consumer demand have led to Amazon, Walt Disney, Facebook the owner forced firms such as Meta and Bank of America to cut their workforce.
Tech companies have laid off more than 150,000 workers in 2022 amid a rapidly waning pandemic demand boom, and more layoffs are expected as growth slows in the world’s biggest economies, according to tracking site Layoffs.fyi.
Here are some of the job cuts announced by major American companies in recent weeks.
TECHNOLOGY, MEDIA AND TELECOM SECTOR
IBM Corporation (IBM.N):
The software and consulting company said it will cut 3,900 jobs. read more
Spotify Technology SA (SPOT.N):
Music streaming service Spotify is cutting 6% of its workforce, or about 600 roles. read more
Alphabet Inc (GOOGL.O):
Alphabet Inc, 12,000 jobs cancellation does, its CEO said in a staff memorandum. read more
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Microsoft Corp (MSFT.O):
USA’s tech giant by the end of the third quarter of fiscal 2023 10,000 jobs will be cut.
Axios, citing a source news gives that the company in October in several departments 10He laid off less than 00 employees.
Amazon.com Inc (AMZN.O):
The e-commerce giant said the company-wide layoffs will affect more than 18,000 employees.
Meta Platforms Inc (META.O):
Facebook-parent said it will cut 13% of its workforce, or more than 11,000 workers, as it struggles with a weak advertising market and assembly costs.
Intel Corp (INTC.O):
CEO Pat Gelsinger told Reuters that “people moves” would be part of the cost-cutting plan. Chip maker spending in 2023 3 billion dollars said it will reduce. read more
Twitter Inc:
Social media company Elon Musk’s 44 billion After its $100 million acquisition, it has aggressively reduced workforces across teams ranging from communications and content curation to product and engineering.
Lyft Inc (LYFT.O):
After cutting 60 jobs earlier this year and freezing hiring in September, it said it would lay off 13% of its workforce, or about 683 employees.
Salesforce Inc (CRM.N):
As part of a restructuring plan, the software company, citing a tough economy, is laying off about 100,000 employees 10He said he would fire % and close some offices.
Cisco Systems Inc (CSCO.O):
The networking and collaboration solutions company said it will conduct restructuring that could affect about 5% of its workforce. The effort will begin in the second quarter of fiscal 2023 and will cost the company $600 million.
HP Inc (HPQ.N):
The computing device maker said it expects to cut up to 6,000 jobs by the end of fiscal 2025.
Rivian Automotive Inc (RIVN.O):
The company is cutting 6% of its workforce to cut costs as the EV maker struggles with already falling cash reserves and a weak economy, bracing for an industry-wide price war.
Match Group (MTCH.O)
The Tinder parent said it will lay off about 8% of its workforce, a day after forecasting first-quarter revenue that fell short of Wall Street expectations.
Dell Technologies Inc (DELL.N)
The company will cut about 6,650 jobs, or 5% of its global workforce, as the computer maker struggles with falling demand and economic uncertainty. cancellation will do.
Zoom Video Communications (ZM.O)
The company said Tuesday it will cut about 1,300 jobs as demand for its videoconferencing services slows as the pandemic eases, and will take a charge of up to $68 million.
eBay Inc (EBAY.O)
E-commerce company eBay Inc said on Tuesday that it will cut 500 jobs globally, or 4% of its total workforce.
FINANCIAL SECTOR
Goldman Sachs Group Inc (GS.N):
Goldman Sachs began laying off staff on January 11 in an effort to cut costs, a source familiar with the matter told Reuters.
Job cuts are expected to be slightly more than 3,000, one of the sources said on Jan. bank for will be the largest workforce reduction.
Morgan Stanley (MS.N):
Reuters on November 3 news reports that the Wall Street powerhouse is expected to begin a new round of global layoffs in the coming weeks.
Citigroup Inc (CN):
Bloomberg News news as the backlog of deals continues to weigh on Wall Street’s biggest banks bank their work in the investment banking division cancellation did.
BlackRock Inc (BLK.N):
The asset manager is cutting up to 500 jobs, Insider reports, citing a memo.
Genesis:
The cryptocurrency firm has cut 30% of its workforce in its second round of layoffs in less than six months, a person familiar with the matter told Reuters.
Coinbase Global (COIN.O):
The cryptocurrency exchange said it would cut around 950 jobs, the third round of workforce cuts in less than a year after cryptocurrencies came under renewed pressure following the collapse of major exchange FTX. read more
Stripe Inc:
The digital payments firm is cutting its workforce by about 14% and will have about 7,000 employees after the layoffs, according to an email to employees from the company’s founders.
Consumer and Retail Sector
Beyond Meat Inc (BYND.O):
Vegan meat producer this year 200 plans to cut jobs, the cuts will save about $39 million, he said.
Blue Apron Holdings Inc (APRN.N):
The online meal kit company said it will cut about 10% of its corporate workforce as it looks to cut costs and streamline operations. As of September 30, the company had approximately 1,657 full-time employees.
DoorDash Inc (DASH.N):
Gaining growth momentum during the pandemic food The delivery firm said it is reducing its corporate workforce by approximately 1,250 employees.
Bed Bath & Beyond (BBBY.O):
The retailer will cut more jobs this year to cut costs. Last year, company executives said the home goods retailer’s corporate and supply chain workforce of approx 20He said he cut %.
ENERGY AND RESOURCES SECTOR
Dow Inc (DOW.N):
USA‘s chemical manufacturer inflation and said it would cut about 2,000 jobs while addressing challenges including supply chain disruptions.
Phillips 66 (PSX.N):
500 million for the year 2022 dollars has reduced the number of employees by more than 1100 because it wants to achieve its cost savings target. The layoffs were announced to employees at the end of October.
HEALTH AND FOOD SECTOR
Johnson & Johnson (JNJ.N):
Pharmaceutical giant inflation pressure and strong dollars amid some job cuts, CFO Joseph Volk said the healthcare conglomerate is “right-sizing” itself.
PRODUCTION SECTOR
3M Co (MMM.N):
The industrial conglomerate said it would cut 2,500 manufacturing jobs after reporting lower profits.
Reporting by Deborah Sophia in Bengaluru; Added by Akash Sriram, Granth Vanaik, Eva Mathews, Yuvraj Malik, Sourasis Bose, Priyamvada C and Manya Saini report; Editing by Sriraj Kalluvila, Vinay Dwivedi and Sherry Jacob-Phillips
Our standards: Thomson Reuters Trust Principles.
2023-02-08 13:57:57
Source – reuters
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