Corporate America Cuts Thousands of Jobs as Recession Looms

(Reuters)—Corporate America is making deep cuts to its employee base as part of its restructuring efforts to navigate a potential downturn in the economy from the U.S. Federal Reserve’s war on inflation.

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

Meta Platforms Inc:

The Facebook-parent 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 eliminated dozens of jobs across its investment banking division, as a dealmaking slump continues to weigh on Wall Street’s biggest banks, Bloomberg News reported.

Morgan Stanley:

The Wall Street is expected to start a fresh round of layoffs globally in the coming weeks, Reuters reported on Nov. 3, as the Wall Street bank’s dealmaking business takes a hit.

Intel Corp:

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

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

Microsoft Corp:

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

Johnson & Johnson:

The pharmaceutical giant said it might cut some jobs amid inflationary pressure and a strong dollar, with CFO Joseph Wolk saying the healthcare conglomerate is looking at “right sizing” itself.

Twitter Inc:

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

However, Bloomberg on Sunday reported 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 it already cut 60 jobs earlier this year and froze hiring in September.

Warner Bros Discovery:

Film subsidiary Warner Bros. Pictures is planning to cut a number of jobs in distribution and marketing that will reduce headcount by 5% to 10%,

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