Tech Firms Lead Job Cuts In Corporate America
Big Tech, companies cite a series of layoffs across all companies America as companies seek to contain costs to weather the economic downturn.
Persisting Inflation led to higher interest rates, weak consumer demand and China an economic slowdown forced Amazon to Walt Disney companies and banks to lay off workers.
Here are some of the major layoffs announced in recent weeks:
Amazon.com Inc.
The The e-commerce giant said the company-wide layoffs will affect more than 18,000 employees, after announcing 10,000 layoffs a few months ago.
Meta Platforms Inc.(* ) -parent means
The Facebook 13% of its workforce, or more than 11,000 employees, in one of the biggest layoffs in tech this year as it grapples with a weak ad market and rising costs. cut DoorDash
).Inc The grocery delivery company, which has experienced a surge during the pandemic, said it will lay off about 1,250 employees at the company
The less than three months later.
The cryptocurrency exchange said it would cut 30% of its workforce globally, or about 1,100 employees, citing tough market conditions this year that have paralyzed demand for digital assets. Networks Inc.
The The Chief Executive Officer Christina Spade largest bank has eliminated dozens
Kraken
The from its investment banking operations as
Citigroup Inc the largest lender continues to be weighed down by a deal slump, according to
The reports. jobs Powerhouse will begin a new round of layoffs globally in the coming weeks, Wall Street reported on Bloomberg News. 3 When the dealmaking business takes a hit.
Morgan Stanley
The Wall Street.ReutersCEO Nov indicated that
Intel Corp was part of a cost reduction plan.
The chipmaker said it will cut costs by $3 billion by 2023. Pat Gelsinger Adjustments will begin in the fourth quarter, Reuters “people actions” said, without specifying how many employees would be affected. The &
The Pharma giant says job cuts likely amid inflationary pressures and dollar strength, CFO Gelsinger says healthcare group
Johnson is looking at itself. Johnson
The. Joseph Wolk Social media company cuts jobs after $44 billion acquisition “right sizing” earlier this year, cuts 60 jobs and freezes
Twitter Inc.
The.Elon Musk The vegan meat maker said that the It plans to cut 200 jobs this year from half its workforce to product and engineering teams, and the layoffs are expected to save about $39 million.
Lyft Inc.
The ) The digital payments firm is laying off about 12 percent of its workforce, or about 160 jobs, at the online banking firm, a spokesman said. September.
Beyond Meat Inc The real estate sales platform is laying off about 550 employees,
The, adding that the company has already laid off more than 830 people.
Stripe Inc 66
The Refiners
Chime Financial Inc has cut more than 1,100 jobs to meet its 2022 cost savings target of $500 million.
The Late notice of layoffs to staff.
Opendoor Technologies Inc.
The.Chief Executive Officer Eric Wu The memory chip company announced a restructuring plan that includes reducing its global workforce by about 8%, or 3,000 employees.
Phillips SA
The EV start-ups express plans to employee further develop organizations that can provide The their global workforce, mainly in the UK. *) Cryptocurrency Exchange says it is looking to cut more than 60 positions across its recruiting and institutional onboarding team. October The move marks the company’s second round of layoffs this year and comes at a time when cryptocurrencies are amid wildly chaotic volatility as investors dump risky assets.
Seagate Technology Holdings Plc.
The The media giant plans to freeze settings and cut some jobs due to
Arrival .
The.“right-size”, Networking and Collaboration Solutions Company said it would undergo a restructuring affecting about 5 percent of its workforce. 5% of the workforce, or about 200 employees, will be cut. “sizable impact” The work will begin in Q2 FY23 and will cost the company $600 million by 2025.
The The CEO of CNN July, which is owned by CNN
Coinbase Global
The, issued a memo informing employees of the layoffs.
The.
Walt Disney Co The online media company said it would cut about 12% of its workforce.
The From Reuters. Last year, the company employed 1,522 people in six countries.
Roku Inc.
The The online menu company announced it would cut about 10% of its workforce to cut costs and streamline operations. “current economic conditions” As of
Cisco Systems Inc, the company has approximately 1,657 full-time employees. 30.
The.The The casual footwear and apparel retailer announced job cuts earlier this week that it expects will save about $30 million in 2023.
TuSimple Inc.
The The self-driving technology company is laying off 25% of its workforce, or nearly 350 employees, as part of a restructuring plan to rein in the cost of its fiscal 2024 capital spending plan, citing semiconductor market facing serious economic challenges.
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