Corporate America Cuts Thousands of Jobs as Recession Looms

(Reuters)—Corporate America is making major cuts to its employee base as part of its restructuring efforts to combat the potential economic downturn from the US Federal Reserve’s war on inflation.

Job cuts announced by US-based employers jumped 13% to 33,843 in October, the highest number 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 plans to lay off about 10,000 people in corporate and technology jobs, the New York Times reported.

Meta Platforms Inc:

Parent Facebook 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.

Citigroup Inc:

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

Morgan Stanley:

Wall Street is expected to begin a fresh round of layoffs around the world in the coming weeks, Reuters reported on November 3, as the Wall Street bank’s trading business is hit.

Intel Corp:

Chief Executive Officer Pat Gelsinger told Reuters that “people actions” would be part of a cost-cutting plan. The chipmaker said it would cut costs by $3 billion in 2023.

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The adjustments would begin in the fourth quarter, Gelsinger said, but he did not specify how many employees would be affected.

Microsoft Corp:

The software giant laid off fewer than 1,000 employees across several divisions this week, Axios reported, citing a source.

Johnson & Johnson:

The pharmaceutical giant said it may cut some jobs amid strong inflationary pressures dollarwith CFO Joseph Wolk saying that the healthcare conglomerate is looking at “right sizing” itself.

Twitter Inc:

The social media company has laid off half its workforce across teams from communications and content curation to product and engineering after Elon Musk’s $44 billion takeover.

However, Bloomberg reported on Sunday that 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 already cutting 60 jobs earlier this year and furloughing in September.

Warner Bros Discovery:

The Warner Bros. film subsidiary plans to Pictures will cut some jobs in distribution and marketing which will reduce headcount by 5% to 10%, Bloomberg News reported.

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Beyond Meat Inc:

The vegan meat maker said it plans to cut 200 jobs this year, and the layoffs are expected to save about $39 million.

Stripe Inc:

The IS digital A payments firm is cutting about 14% of its workforce and will have about 7,000 employees after the layoffs, according to an email to employees from the company’s founders.

bell:

The online banking firm has laid off 12% of its employees, or about 160 jobs, a spokesman said.

Opendoor Technologies Inc:

The property sales platform is laying off about 550 employees, CEO Eric Wu said, adding that the company had already cut more than 830 jobs in its workforce.

Phillips 66:

The refiner has reduced the number of employees by more than 1,100 as it seeks to achieve its 2022 cost savings target of $500 million. Employees were notified of the reductions in late October.

Company Information Company Name Chesapeake Energy Corp.

The US shale gas producer cut about 3% of its workforce, sources told Reuters, as the company considered selling South Texas oil properties.

Seagate Technology Holdings Plc:

The memory chip firm has announced a restructuring plan that includes a reduction in the number of people worldwide by about 8%, or 3,000 employees.

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Arrival in USA:

The EV startup said it plans to further “right-size” the organization, which could have a “significant impact” on its global workforce, primarily in the UK.

The company said in July that it could cut up to 30% of the workforce in the restructuring.

Coinbase Global:

The cryptocurrency exchange said it planned to cut more than 60 jobs, in its recruiting and institutional onboarding teams.

The move marks the second round of job cuts at the company this year, and comes at a time when cryptocurrencies are highly volatile and investors are dumping risky assets.

The Walt Disney Company:

The media giant is planning to freeze hiring and cut some jobs, according to a company memo seen by Reuters.

“Hiring will continue for a small subset of the most important business driving positions, but all other roles are on hold,” CEO Bob Chapek wrote in the memo sent to Disney executives.

(Reporting by Deborah Sophia in Bengaluru; Additional reporting by Akash Sriram and Granth Vanaik; Editing by Sriraj Kalluvila, Shounak Dasgupta and Anil D’Silva)



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