FACTBOX-Tech firms leading job cuts in Corporate America

Major technology companies are conducting a string of layoffs across the U.S. as companies monitor costs to weather the recession.

Fast-rising interest rates, weak consumer demand and a slowing economy in China have forced companies such as Amazon, Walt Disney, Facebook owner Meta and American banks to cut their employee. As the global economy grows rapidly, tech companies are set to lay off more than 150,000 workers in 2022, according to tracking site Layoffs.fyi, and more the release is expected as growth in the world’s largest economy begins to slow.

Here are some of the big job cuts from American companies announced in recent weeks: Technology, media and telecommunications companies:

Amazon.com Inc: The e-commerce giant said company-wide layoffs would affect more than 18,000 jobs, up from the 10,000 layoffs it had previously announced. out last month.

Meta Platforms Inc: Facebook-parent said it will cut 13% of its workforce, or more than 11,000 employees, in one of the biggest technology companies this year because it associated with economic weakness and inflation.

AMC Networks Inc: The cable TV network said it will cut about 20% of its American workforce, as it announced Chief Executive Christina Spade has resigned, less than three months into the responsibility.

Intel Corp: CEO Pat Gelsinger told Reuters “employees” will be part of the cost-cutting plan. The chipmaker said it will reduce costs by $3 billion in 2023.

Gelsinger said the restructuring would begin in the fourth quarter, but did not specify how many employees would be affected. Microsoft Corp:

The software giant laid off just under 1,000 employees across multiple divisions in October, Axios reported, citing sources. Twitter Inc:

The social media company has laid off half of its staff across categories ranging from communications and content editing to product and architecture after Elon Musk took over $44 billion. However, Bloomberg later reported Twitter had reached out to many of the workers who lost their jobs, asking them to return.

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Since then, Twitter has decided to add more employees to the group’s trust and safety management of global content and in the unit dealing with hate speech and harassment, Bloomberg news report. Seagate Technology Holdings Plc:

The memory company has announced a restructuring plan that includes reducing the global workforce by up to 8%, or 3,000 employees. Lyft Inc:

The ride-hailing company said it would lay off 13% of its workforce, or about 683 workers, after it cut 60 jobs earlier this year and froze hiring. for September. Warner Bros Discovery:

The film company Warner Bros. Pictures is planning to cut several jobs in distribution and marketing that will reduce the number of 5% to 10%, Bloomberg News reported. Roku Inc:

The maker of video-streaming equipment said it would reduce its headcount by 5%, or about 200 employees, due to “current economic conditions”. TuSimple Holdings Inc

The illegal trucking company will lay off 25% of its workforce, or nearly 350 workers, as part of a restructuring plan to boost costs. Micron Technology Inc

The memory chipmaker will cut 10% of its workforce in 2023 and will lower its capex plans for fiscal 2024, citing a slowdown in the semiconductor industry. Salesforce Inc

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

The EV company said it plans to add a “larger policy” agency, which could have a “significant impact” on its global workforce, mainly in the UK. The company in July said it could cut up to 30% of its workforce in a restructuring effort.

Opendoor Technologies Inc: The sales platform has laid off about 550 employees, CEO Eric Wu said, adding that the company has already reduced its workforce by more than 830 jobs.

Cisco Systems Inc: The networking and collaboration solutions company said it will implement a restructuring that could affect up to 5% of its workforce. The effort will begin in the second quarter of fiscal year 2023 and cost the company $600 million.

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HP Inc: The computer maker said it expects to cut up to 6,000 jobs by the end of fiscal 2025.

CNN: Warner Bros Discovery-owned CNN senior executive Chris Licht tells employees in an all-employee memo that layoffs have begun.

Buzzfeed Inc: The online news company said it will cut about 12% of its workforce. As of December 31 last year, the company has 1,522 employees in six countries.

Financial institutions: Goldman Sachs Group Inc:

Major Wall Street firms will start cutting

Thousands of jobs across the company, two sources familiar with the move told Reuters, as it prepares for a tough economy next year. The job cuts are expected to be just over 3,000, one of the sources said, but the final number has not yet been determined.

Morgan Stanley: The Wall Street powerhouse is expected to start a new global operation in the coming weeks, Reuters reported on November 3, because the business market will be affected.

Citigroup Inc: The bank has eliminated several jobs across its investment banking division, as the recession continues to weigh on Wall Street’s biggest banks, Bloomberg News reported. out.

Kraken: The cryptocurrency exchange said it will cut its global workforce by 30%, or about 1,100 employees, due to difficult business conditions that have led to Not interested in digital devices this year.

Genesis: The cryptocurrency company

has cut 30% of its workforce in the 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 jobs, in its recruiting and corporate teams.

The move is the second round of layoffs at the company this year, and comes at a time when cryptocurrencies have been rocked by uncertainty as investors dump risky assets. . Chime Financial Inc:

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The online bank is laying off 12% of its workforce, or about 160 jobs, the spokesman said. Stripe Inc:

The digital payments company is cutting its headcount by up to 14% and will have up to 7,000 employees laid off, according to an email to employees from the company’s founder. Consumers and retailers:

Beyond Meat Inc: The vegan meat maker said it plans to cut 200 jobs this year, with staff expected to save about $39 million.

Blue Apron Holdings Inc: The online restaurant company said it will cut about 10% of its workforce, as it looks to cut costs and streamline operations. The company has about 1,657 full-time employees, as of September 30.

Stitch Fix Inc: The online personal services company said it will cut about 20% of its salaried jobs. The company had about 7,920 full-time and part-time employees as of July 30.

Wolverine World Wide Inc: The shoe and apparel retailer said it began laying off workers earlier this week and expects the initiative to cost about $30 million in revenue. save money in 2023.

DoorDash Inc: The food delivery company, which enjoyed rapid growth during the pandemic, said it has reduced its workforce by about 1,250 workers.

Energy and resource companies: Chesapeake Energy Corp:

The US shale oil producer has cut about 3% of its workforce, sources told Reuters, as the company plans to sell off South Texas oil assets. Phillips 66:

The refiner is reducing its employee headcount by more than 1,100 as it seeks to meet its 2022 cost savings target of $500 million. The reduction was announced to employees in October. Health and pharmaceutical companies:

Johnson & Johnson: The drug giant said it will cut some jobs amid rising inflation and the dollar, with CFO Joseph Wolk saying health care agencies are watching. “law” itself.

(This story has not been edited by Devdiscourse staff and was originally created from a shared feed.)

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