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Factbox: Corporate America lays off thousands as recession worries rise

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Jan 4 (Reuters) – U.S. companies, from big tech companies to consumer companies, are bracing for a potential economic downturn by slashing their employee base to streamline operations.

Job cuts announced by U.S. employers jumped 13% to 33,843 in October last year, the biggest since February 2021, according to a report.

Here are some of the major job cuts announced in recent weeks:

Amazon.com Inc (AMZN.O):

The e-commerce giant has laid off some staff in its devices group, as a person familiar with the company said it still targets around 10,000 job cuts, including in its retail division and human resources. see more information

Meta Platforms Inc (META.O):

Facebook’s parent said it would cut 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 advertising market and rising costs.

DoorDash Inc (DASH.N):

The food delivery company, which saw growth spurt during the pandemic, said it was reducing its corporate headcount by about 1,250 employees.

AMC Networks Inc (AMCX.O):

The cable network said it would cut about 20% of its workforce in the United States, as it announced that CEO Christina Spade had stepped down, with less than three months in the job.

Kraken:

The cryptocurrency exchange said it would cut its global workforce by 30%, or around 1,100 employees, citing difficult market conditions that have hurt demand for digital assets this year.

Citigroup Inc (CN):

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

Morgan Stanley (MS.N):

The Wall Street powerhouse is expected to start a new round of layoffs globally in the coming weeks, Reuters reports Nov. 3, as business takes a hit.

Intel Corp (INTC.O):

CEO Pat Gelsinger told Reuters that “personal actions” would be part of a cost-cutting plan. The chipmaker said it would cut costs by $3 billion in 2023. read more

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

Microsoft Corp (MSFT.O):

The software giant laid off less than 1,000 employees across several divisions in October, Axios said, citing a source.

Johnson & Johnson (JNJ.N):

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

Twitter Inc:

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

However, Bloomberg later reported that Twitter was reaching out to dozens of employees who had lost their jobs, asking them to return.

Lyft Inc (LYFT.O):

The company said it would lay off 13% of its workforce, or about 683 employees, after cutting 60 jobs earlier this year and freezing hiring in September.

Warner Bros Discovery (WBD.O):

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

Beyond Meat Inc (BYND.O):

The vegan meat maker said it plans to cut 200 jobs this year, hoping to save about $39 million.

Stripe Inc:

The digital payments company is reducing its headcount by about 14% and will have around 7,000 employees after the layoffs, according to an email from the company’s founders to employees.

Chime Financial Inc:

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

Opendoor Technologies Inc (OPEN.O):

The property sales platform is laying off around 550 employees, CEO Eric Wu said, adding that the company had already reduced its workforce by more than 830 positions.

Phillips 66 (PSX.N):

The refinery has reduced headcount by more than 1,100 as it seeks to meet its 2022 cost savings target of $500 million. The reductions were communicated to employees at the end of October.

Chesapeake Energy Corp (CHK.O):

The US shale gas producer has cut about 3% of its workforce, sources told Reuters, as the company prepares to sell oil properties in south Texas.

Seagate Technology Holdings Plc (STX.O):

The memory chip company announced a restructuring plan that includes reducing headcount worldwide by about 8%, or 3,000 employees.

Arrival SA:

The EV startup said it plans to “further scale” the organization, which could have a “considerable impact” on its global workforce, particularly in the UK.

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

Coinbase Global (COIN.O):

The cryptocurrency exchange said it plans to cut more than 60 jobs across its recruiting and institutional integration teams. see more information

The move marks a second round of job cuts at the company this year and comes at a time when cryptocurrencies have been hit by extreme volatility as investors shed risky assets.

Walt Disney Co (DIS.N):

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

Roku Inc (ROKU.O):

The video streaming device maker said it would cut its headcount by 5%, or around 200 employees, due to “current economic conditions”.

Cisco Systems Inc (CSCO.O):

The networking and collaboration solutions company said it will undergo a restructuring that could impact about 5% of its workforce. The effort will begin in the second quarter of fiscal 2023 and 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.

CNN:

The top boss of CNN, owned by Warner Bros Discovery (WBD.O), Chris Licht, informed employees in a memo to all employees that job cuts were underway.

Buzzfeed Inc (BZFD.O):

The online media company said it will cut about 12% of its workforce. As of December 31 of last year, the company had 1,522 employees in six countries.

Blue Apron Holdings Inc (APRN.N):

The online meal kit company said it will cut about 10% of its corporate workforce as it seeks to cut costs and streamline operations. The company had approximately 1,657 full-time employees as of September 30.

Wolverine World Wide Inc (WWW.N):

The casual footwear and apparel retailer said it initiated a workforce reduction earlier this week and expects that initiative to result in about $30 million in savings in 2023.

TuSimple Holdings Inc (TSP.O)

The self-driving technology company will lay off 25% of its workforce, or nearly 350 employees, as part of a restructuring plan to contain costs.

Micron Technology Inc (MU.O)

The memory-chip maker will cut 10% of its workforce in 2023 and reduce its capex plans for fiscal 2024, citing a persistent glut in the semiconductor market.

Salesforce Inc (CRM.N)

The software company said it would lay off about 10% of its employees and close some offices as part of its restructuring plan, citing a challenging economy.

Reporting by Deborah Sophia in Bengaluru; Additional reporting by Akash Sriram, Granth Vanaik, Eva Mathews and Yuvraj Malik; Editing by Sriraj Kalluvila, Shounak Dasgupta, Sherry Jacob-Phillips, Maju Samuel and Vinay Dwivedi

Our Standards: Thomson Reuters Trust Principles.

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