Spotify: laying off 2% of workforce
The music and podcast streaming service Spotify stated that 200 employees, or 2% of its layoff wave staff, will be let go. Employees in the podcasting division of Spotify as well as its supporting departments, such as talent acquisition and finance, will be affected by the layoff wave, a Spotify spokeswoman told Insider.
Sahar Elhabashi, vice president of Spotify’s podcast division, noted in the memo that the layoff wave were a result of the company’s decision to alter how it collaborates with podcast partners throughout the world. The message stated that the “fundamental pivot from a more uniform proposition will allow us to better support the creator community.”
The announcement said that the corporation will provide these employees with “generous severance packages, including extended Healthcare coverage and immediate access to outplacement support.”
This announcement follows further cutbacks that the music streaming service made in January. CEO Daniel Ek of Spotify said in a statement to staff members that 600 employees, or 6%, will layoff wave.
“While we have made enormous strides in the previous several years to increase speed, we haven’t given as much attention to increasing efficiency. We still take much too long synchronising on marginally different approaches, which slows us down. Efficiency also has more significance in a difficult economic climate. So I’ve chosen to reorganise our organisation in an effort to increase efficiency, manage expenses, and hasten decision-making,” he added.
layoff wave, the organization’s chief content and advertising officer, has left as a result of those adjustments. She spent more than $1 billion securing exclusive podcast partnerships with Joe Rogan, the Obamas, Prince Harry, and Meghan Markle, among others.
JPMorgan: About 500 jobs
According to CNBC, JPMorgan said on March 26 that it was eliminating 500 positions.
According to CNBC, the reductions are anticipated to affect JPMorgan’s retail and commercial banking, asset and wealth management, and corporate and investment banking divisions.
Just one day prior, news broke that JPMorgan had let go of 1,000 First Republic employees, or around 15% of the staff layoff wave. The biggest bank in the US, JPMorgan, grew even bigger earlier this month when it bought the bankrupt First Republic’s assets after regulators seized control of it.
LinkedIn: 716 roles
In a statement from CEO Ryan Roslansky earlier this month, LinkedIn disclosed that it will be reducing 716 positions from its worldwide staff layoff wave.
As the firm refocuses on assisting Chinese businesses with hiring, marketing, and training abroad, Roslansky also mentioned that the company will be shutting InCareer, a local employment app in China.
Following LinkedIn’s 20th anniversary last week, the decision was made.
Even though our members and customers are enjoying record levels of engagement on the platform and we’re making significant strides towards providing economic possibilities for them, slower revenue growth and changes in consumer behaviour are also being seen, according to Roslansky layoff wave.
Shopify: 20% of workforce
Shopify stated on May 4 that it will be laying off 20% of its workers and selling the majority of its logistics division to a supply chain firm called Flexport.
Following the postponement of multiple team-building off-site activities and analyst speculation that Shopify will change its logistics business, the cuts verified rising worry about layoffs among employees in recent weeks, according to Insider.
Shopify CEO Tobi Lütke wrote in a statement to staff members and stockholders, “I recognise the crushing impact this decision has on some of you, and did not make this choice lightly.
This week is important and challenging, he continued. Although it’s the right thing for Shopify, many team members that we admire and like working with suffer as a result.
Morgan Stanley: 3,000 jobs
Bloomberg reported, citing people familiar with the situation, that Morgan Stanley is going to eliminate 3,000 workers by the end of the quarter. The company’s financial and trade teams, according to one source, will be most affected.
Excluding financial advisers and employees in the wealth management sector, the layoffs will affect around 5% of the company’s staff, according to Bloomberg.
A bank representative declined to speak to Bloomberg and did not immediately answer when asked by Insider for comment. CEO James Gorman, meanwhile, stated last month that underwriting and mergers activity has been “subdued” and that he doesn’t see a comeback before the second half of 2023 or even 2024, according to Bloomberg.
In December, the company last reduced its workforce by 1,600, or around 2%, according to Bloomberg.
Dropbox: 16% of staff
Dropbox, a provider of cloud storage, said on Thursday that it will be cutting 500 employees, or 16%, from its worldwide staff.
CEO Drew Houston stated in a memo to employees on Thursday that the expansion of AI products and sluggish company growth are contributing factors in the reduction.
In order to fit with the principles of sustainable financial development, efficiency, and flexibility to invest in our future, the leadership team had to take a close look at our organisational structure and strategic goals. Additionally, we are simplifying how the business is set up, according to Houston.
Gap: more than 2,000 jobs since late last year
As part of a reorganisation plan intended to save expenses, clothing giant Gap announced Thursday that 1,800 roles in its corporate office and senior management will be eliminated.
The business expects to save $300 million annually as a result of the changes, according to Gap.
Bob Martin, chairman and interim CEO of the company, said in a statement to Insider that “we are taking the necessary actions to reshape Gap Inc. for the future — simplifying and optimising our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience.”
According to the Wall Street Journal, Gap cut 500 corporate positions in September in an effort to save $250 million yearly.
Jenny Craig: potential mass layoff wave
As a consequence of “winding down physical operations,” Jenny Craig, a weight reduction organisation, informed staff members of probable mass layoffs on April 27. NBC News analysed an internal email that the company sent to its employees.
According to NBC News, the firm has been in the process of selling and expects the impending sale “will likely impact all employees in some manner,” according to a FAQ document issued to staff.
According to NBC News, the paper stated, “We do not know the specific employees/groups whom will be impacted, and if any employees may be retained.” As a result, we advise you to start looking for new jobs now and prepare for the possibility that your employment may be disrupted.
3M: 6,000 jobs
The creator of Scotch tape and Post-It Notes announced on Tuesday that it will eliminate 6,000 jobs from all divisions of the business in order to streamline operations, simplify the supply chain, and cut down on management layers.
According to the Journal, the company’s chief executive Mike Roman stated on Tuesday that the reductions will result in the loss of 10% of 3M’s worldwide staff while also saving the business between $700 and $900 million in pretax expenses.
3M most recently made job layoffs known in January when it claimed it will eliminate 2,500 manufacturing employees.
Lyft: 1,072 roles
In a filing with the SEC on Thursday, Lyft said that it was eliminating positions for 1,072 workers, or nearly 26% of its corporate personnel. The corporation also stated in the filing that it is reducing hiring and has deleted over 250 unfilled positions.
The announcement follows David Risher’s appointment as Lyft’s new CEO, which was one of many management changes that also saw cofounders Logan Green and John Zimmer promoted to board positions.
According to a Lyft spokesman who previously talked with Insider, “David has made clear to the company that his focus is on creating a great and affordable experience for riders and improving drivers’ earnings.”
The representative said, “To do so, we must lower our expenses and reorganise our business to put our executives in close proximity to our drivers and riders. We are not taking this decision lightly since it is difficult. However, the outcome will be a much more powerful and aggressive Lyft.
Deloitte: 1,200 jobs
According to the Financial Times, Deloitte said on April 21 that 1,200 positions, or around 1.5% of its US workforce, will be eliminated.
Internal messages obtained by the Financial Times (FT) indicate that the changes will mostly affect the financial consulting industry due to a drop in mergers and acquisitions.
Whole Foods: Several hundred corporate employees
Several hundred corporate employees, or less than 0.5% of the company’s workforce, were let go by Whole Foods on April 20, according to CNBC.
According to CNBC, the layoff wave arise from a structural reorganisation of global and regional support teams, which will be reduced from nine to six, but won’t result in shop closures.
Executives at Whole Foods stated in a message to staff that “as we grow, simplifying our work and improving how we operate is critical.”
According to CNBC, the message stated that we must continue to build on these improvements since “the grocery industry continues to rapidly evolve, and as we — like all retailers — have navigated challenges like the COVID-19 pandemic and continued economic uncertainty.”
We will be able to further streamline our operations, make procedures simpler, and enhance the way we assist our shops with further improvements, it stated.
BuzzFeed News: 15% of staff
On April 20, BuzzFeed stated that it was closing its BuzzFeed News business and firing 180 people, or 15% of its workforce.
CEO Jonah Peretti acknowledged shortcomings such as overinvesting in the news division and failing to effectively merge BuzzFeed and Complex after the latter was purchased in 2021 in a message to workers that Insider’s Lucia Moses obtained.
As the CEO of this organisation, “I could have managed these changes better and our leadership team could have performed better despite these circumstances,” he stated. “Despite the difficulties in the world, it is our responsibility to adapt, evolve, become better, and perform. We can improve and we will.
Ernst & Young: 3,000 positions
On April 17, Ernst & Young stated it was cutting off 3,000 US workers, or nearly 5% of its whole US workforce.
According to Reuters, the decision was made after the financial auditor rejected a plan for a reorganisation that would have divided the company’s consulting and accounting operations.
The Financial Times, which broke the news of the layoff wave, claims that they would address “overcapacity” and have a significant impact on the company’s consultancy division.
Opendoor: 560 jobs
Opendoor, a major company in the home-flipping industry, announced on Tuesday that it was eliminating 560 employees, or 22% of its workforce, due to a weakening housing market.
By email, a representative for Opendoor stated, “We’ve been weathering a sharp transition in the housing market – the steepest and fastest rate increase by the Fed in 40 years, the more than doubling of mortgage rates from historic lows, and the hit to home affordability have driven an approximately 30% decline in new listings from peak levels last year.”
According to the spokesperson, the reductions were undertaken to “better align our operational costs with the anticipated near-term market opportunity, while maintaining our critical technology investments that will continue to drive the business long term.”
Team members who are affected will be given severance money, extended health coverage, and assistance in finding new employment.
The last time Opendoor made reductions was in November 2022, when 550 employees—or nearly 18%—were let go.
McKinsey: About 1,400 employees
According to Bloomberg on March 29, McKinsey & Company would lose 1,400 jobs, or 3% of its whole staff.
The layoff wave are a part of the consultancy company’s attempts to restructure support teams and reduce a staff base that has expanded quickly in recent years, according to the site.
Bob Sternfels, global managing partner, said in a message to workers obtained by Bloomberg that “the painful result of this shift is that we will have to say goodbye to some of our firm functions colleagues, while helping others move into new roles that better align to our firm’s strategy and priorities.”
“Starting immediately, where local regulations permit, we will start notifying colleagues who will leave our firm or be asked to change roles,” he stated.
David’s Bridal: 9,236 employees
According to a WARN notice submitted to the Pennsylvania Department of Labour and Industry on April 14, David’s Bridal is dismissing more than 9,000 employees across the US.
Laura McKeever, a representative for David’s Bridal, informed the Philadelphia Inquirer that the company is “evaluating our strategic options” and that a selling process is in progress. There are no updates to share at this time.
The New York Times reported on April 7 that the corporation is thinking about declaring bankruptcy soon. In 2018, David’s Bridal also declared bankruptcy.
Virgin Orbit: 85% of staffers
Virgin Orbit said that company is eliminating 85% of its workforce, or around 675 individuals, in a filing with the Securities and Exchange Commission on March 30.
The firm, which is a part of the Virgin Group and offers satellite launch services, is also halting operations “for the foreseeable future,” according to CNBC.
“Unfortunately, we’ve not been able to secure the funding to provide a clear path for this company,” Virgin Orbit CEO Dan Hart said, according to audio of a company all-hands obtained by CNBC.
Electronic Arts: About 780 employees
Electronic Arts, the video game developer best known for its “The Sims,” “FIFA,” and “Madden NFL” franchises, said on March 24 that it is layoff wave 6% of its workforce, or roughly 780 individuals.
Electronic Arts CEO Andrew Wilson stated in a blog post to employees, “As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams.”
Wilson stated that the cuts started early this quarter and will last until the start of the upcoming fiscal year.
Amazon: 9,000 more jobs
On March 20, Amazon made the announcement that it will be layoff wave 9,000 employees in the upcoming weeks. The reductions follow the 18,000 positions that the corporation stated it would be eliminating back in January.
CEO Andy Jassy emphasised that the majority of the affected roles are in the divisions of Amazon Web Services, People Experience and Technology Solutions, Advertising, and Twitch in a statement to staff members posted on Amazon’s website.
Jassy said in the email that the corporation spaced out its layoff notifications because “not all of the teams were done with their analyses in the late autumn.” He said, “Instead of rushing through these evaluations without the necessary care, we elected to disclose these choices as we made them so individuals have the knowledge as soon as possible.
Roku: 200 staffers
Reuters reported on March 30 that Roku is eliminating 200 additional positions, or 6% of its staff. The reductions follow 200 job losses by the producer of streaming devices in November 2022.
In an effort to save expenses, the business also wants to vacate and sublet office buildings, which it expects to do by the end of the second quarter, according to Reuters.
Walmart: About 200 employees
Approximately 200 employees at five fulfilment centres were given a 90-day notice by Walmart to find other jobs or face being let off, according to a March 23 story from Reuters.
According to Reuters, the layoff wave are a reaction to certain Walmart locations, including those in Chino, California; Davenport, Florida; Bethlehem, Pennsylvania; Pedricktown, New Jersey; and Fort Worth, Texas, reducing their evening and weekend schedules.
A Walmart representative told Reuters in a statement: “We recently adjusted staffing levels to better prepare for the future needs of customers.”
Accenture: 19,000 positions
A Security and Exchange Commission filing on March 23 states that Accenture is eliminating 19,000 positions, or 2.5% of its whole workforce.
According to the filing, half of the staff members affected by the layoff wave work in “non-billable corporate functions,” which the tech consultant firm stated will see layoff wave over the next 18 months.
“While we continue to hire, particularly to support our strategic growth priorities, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs during the second quarter of fiscal 2023,” Accenture stated in the filing.
Indeed: 2,200 staffers
On March 22, Indeed CEO Chris Hyams revealed that the social networking site will eliminate 2,200 employees, or around 15% of its workforce.
In an effort to cut redundancy and boost efficiency, Hyams stated in a memo to staff that the cutbacks will affect “nearly every team, function, level, and region” within the organisation.
“It breaks me heart to announce that I have chosen to decrease our staff through layoff wave. I sincerely thought I would never have to make this choice,” he wrote.
Meta: 10,000 workers
According to a statement from the company’s founder and CEO, Mark Zuckerberg, around 10,000 Meta employees will learn that their positions have been eliminated between March and May.
In addition, Zuckerberg said that as part of the company’s drive to reduce, it will close about 5,000 vacant positions that have not yet been filled.
Zuckerberg announced the layoff wave in a post on Facebook, writing, “My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead.”
In the post, Zuckerberg predicted that employees on Meta’s hiring team will find out about their future employment in March, followed by tech workers in late April and business organisations in May.
The completion of these improvements “may take through the end of the year in a small number of cases,” he added.
Less than 5 months have passed since Meta terminated 11,000 jobs, or around 13% of its employees, in November. Zuckerberg described the layoff wave at the time as a “last resort.”
SiriusXM: 475 roles
According to a statement from CEO Jennifer Witz posted on the corporate website, the radio station announced on March 6 that it was eliminating 475 positions, or 8% of its workforce.
According to Witz’s remark, “nearly every department” inside the corporation would be affected.
She also mentioned that anyone affected will be called individually and given the chance to talk with both a department head and a representative of the company’s People + Culture team.
Employee Advocacy Programme continuance, severance, transitional health insurance benefits, and outplacement assistance will also be included in the leave packages offered to affected workers, Witz stated.
Citigroup: hundreds of jobs
Citi intends to eliminate hundreds of positions, many of which will be in the business’ investment banking area.
The overall headcount reduction will allegedly represent less than 1% of Citi’s more than 240,000 employees and is consistent with Citi’s routine business operations.
Bloomberg was the first to report about Citi’s downsizing.
The business is still “focused on simplifying the organisation,” Citi’s CFO said in a January investor letter, and “we expect to generate further opportunities for expense reduction in the future.”
Citi turned down Insider’s request for an on-the-record comment.
Waymo: reported 209 roles so far
The Information claims that Waymo, the self-driving vehicle division of Alphabet, has fired a total of 209 workers this year in two layoff wave.
The Information claims that on March 1st, Waymo fired 137 workers.
According to an internal email obtained by The Information, Waymo’s co-CEOs Tekedra N. Mawakana and Dmitri Dolgov allegedly informed colleagues that 209 employees—or about 8% of the company’s personnel—had been let go this year.
The layoff wave were confirmed by Waymo to Insider, although neither the number of positions affected nor the day the initial round took place were made clear.
Thoughtworks: reported 500 employees
According to TechCrunch, software consulting company Thoughtworks allegedly fired 500 staff members, or 4% of its worldwide workforce. When contacted on March 1 for response, TechCrunch reported that the business “did not dispute” the amount.
TechCrunch claims that on February 28, Thoughtworks “initially informed” the impacted workers of the decision.
Thoughtworks said the same day that their revenue had climbed 8.3% between the fourth quarters of 2022 and 2021. Additionally, the business disclosed a sales growth of more than 21% from the previous year for 2022.
“We are pleased with our performance in the fourth quarter,” Thoughtworks CEO Guo Xiao said in the company’s earnings announcement. “Our clients continue to look to us to help them navigate these uncertain times and tackle their biggest technology challenges.”
General Motors: reported 500 salaried jobs
The Detroit News reported that General Motors intends to eliminate 500 paid executive roles.
Only one month ago, CEO Mary Barra stated on the company’s earnings call to investors and media, “I do want to be clear that we’re not planning layoffs.” Now there have been layoff wave.
We are looking at all the options for improving efficiency and performance, the chief people officer of GM stated in a note to staff that Insider has access to. Following our most recent performance calibration, we are acting this week with a relatively small group of global leaders and classified staff.
Those who will be let go were told on February 28.
General Motors told Insider that there will be layoff wave but would not specify how many workers would be affected.
Twitter: about 200 employees
Under Elon Musk, it seems that the firings at Twitter haven’t ceased.
The New York Times stated that the social media business fired 200 more staff members late in February on a Saturday night. Some employees apparently discovered they were no longer employed when they were unable to access their business emails.
After purchasing Twitter for $44 billion in November, Musk fired 50% of the company’s employees.
Yahoo: 20% of employees
Axios reported on February 9 that Yahoo stated it will let off 20% of its workforce, or more than 1,600 individuals, as part of an effort to reorganise the company’s advertising technology division.
The changes, according to Yahoo CEO Jim Lanzone, are a result of a planned reorganisation of its advertising division and will be “tremendously beneficial for the profitability of Yahoo overall.”
Disney: 7,000 jobs
Bob Iger, who just took over as CEO of Disney, revealed on February 8 that the firm will eliminate 7,000 positions in order to save expenses.
Iger, who left the role in 2020 and then returned in November 2022 to succeed Bob Chapek, informed investors that the changes were made as part of an effort to help save an estimated $5.5 billion.
Iger stated, “While this is vital to solve the issues we are now experiencing, I do not make this choice lightly. “I am aware of the personal impact of these changes and I have great respect and appreciation for the talent and dedication of our employees around the world.”
As part of a restructuring strategy “designed to support the company’s growth, scale, and profitability objectives,” DocuSign intends to layoff wave 10% of its workforce, the electronic signature provider stated in a Securities and Exchange Commission statement on February 16.
According to the filing, the business stated that the restructuring plan is anticipated to be finished by the second quarter of fiscal 2024.
Affirm: 19% of its workforce
After reporting falling revenues that fell short of Wall Street projections, Affirm stated on February 8 that it will be layoff wave 19% of its personnel.
Max Levchin, co-founder and CEO of Affirm, stated on a conference call with investors that the technology company “has taken appropriate action” to address economic challenges in many aspects of the business, including forming a “smaller, therefore, nimbler team.”
In today’s economic climate, we have hired a larger team, so I think this is the appropriate choice. However, I am very sorry to see many of our outstanding colleagues leave, and we’ll always be thankful for their contributions to our cause.
GoDaddy: 8% of workers
The internet domain provider GoDaddy said on February 8 that it will reduce its global staff by 8%.
GoDaddy CEO Aman Bhutani stated in an email to staff members, “Despite increasingly difficult macroeconomic conditions, we achieved progress on our 2022 strategic priorities and continued our efforts to control expenses effectively.
Although the discipline we adopted was crucial, it was regrettably insufficient to prevent the effects of slower development in a protracted, uncertain macroeconomic climate.
Zoom: 15% of staff
In a note to staff, Zoom CEO Eric Yuan stated that on February 7, the business will layoff wave 15% of its workforce, or around 1,300 people.
He claimed that “the uncertainty of the global economy and its effect on our customers” was to blame for the layoff wave, but he also acknowledged that the firm “made mistakes” as it expanded.
“We didn’t take as much time as we should have to thoroughly analyse our teams or assess if we were growing sustainably towards the highest priorities,” Yuan claimed.
In the message, Yuan also disclosed that he will forgo his company bonus and reduce his pay by 98% in 2023. According to Yuan, additional executives on the senior leadership team will also see a 20% reduction in base pay this year.
eBay: 500 jobs
According to a note contained in a regulatory filing on Tuesday, the world’s largest online retailer eBay informed staff on Tuesday that 500 positions, or approximately 4% of its workforce, will be eliminated.
CEO Jamie Iannone stated in the message that “today’s actions are designed to strengthen our ability to deliver better end-to-end experiences for our customers and to support more innovation and scale across our platform.”
This change, he continued, “gives us additional room to invest and create new roles in high-potential areas, new technologies, customer innovations, and key markets, as well as to continue to adapt and flex with the changing macro, ecommerce, and technology landscape.”
Dell: 5% of workforce
Dell said that it will be laying off around 5% of its personnel in a regulatory filing on February 6. Based on figures Dell supplied to Insider, the proportion equals to 6,650 positions.
Co-chief operating officer Jeff Clarke stated that “market conditions continue to erode with an uncertain future” in a note to staff that was posted on Dell’s website.
In the message, he also made note of the company’s suspension of recruiting, restriction of staff travel, and reduction of expenditure on outside services. But he went on to say that “the steps we’ve taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough.”
Pinterest: 150 jobs
On February 1, Pinterest announced it will layoff wave 150 employees, or less than 5% of its staff, the business confirmed to Insider.
A corporate official said, “We’re making organisational changes to further position us to deliver against our company priorities and our long-term strategy.”
The activist investor Elliott Management has set its sights on the social media giant, and it recently agreed to appoint one of the company’s representatives to its board.
Rivian: 6% of jobs
The EV business’s 6% personnel reduction was disclosed in a message to workers by Rivian’s CEO, RJ Scaringe, the company confirmed to Insider.
Following Scaringe’s separate announcement of a 6% employment reduction in July 2022, the business has now announced a second wave of job losses in the previous six months.
Scaringe stated in his message to the workforce that Rivian must concentrate its energies on increasing output and becoming profitable.
BDG Media: 8% of staff
According to Axios, BDG Media revealed on February 1 that it will close Gawker and layoff wave 8% of its workforce.
The lifestyle and news websites Bustle and Elite Daily are owned by BDG.
CEO Bryan Goldberg stated in a note to colleagues obtained by Axios that “after experiencing a financially strong 2022, we have found ourselves facing a surprisingly difficult Q1 of 2023.”
Splunk: 325 jobs
Splunk, a software and data platform, is the most recent in a long line of IT businesses to announce layoff wave recently.
According to a document seen by Insider, the firm announced on February 1 that it will reduce the usage of consultants and layoff wave 4% of its personnel in order to save expenses.
According to reports, the layoff wave will mostly affect North American personnel. CEO Gary Steele assured staff that Splunk will keep hiring in “lower-cost areas.”
Intel: 343 jobs
According to local media reports on January 30, Intel alerted California regulators in accordance with WARN Act regulations that it intends to fire 343 employees from its Folsom site.
“These are difficult decisions, and we are committed to treating impacted employees with dignity and respect,” Intel stated in a statement to KCRA 3, stressing that the cost-cutting comes as the firm deals with a “challenging macro-economic environment.”
The business said on February 1 that CEO Pat Gelsinger will get a 25% pay cut, and that the salaries of the other members of the executive team will be reduced by 5% to 15%.
FedEx: more than 10% of top managers
On February 1, FedEx told employees of its plans to fire more than 10% of top managers in an effort to save expenses.
CEO Raj Subramaniam explained the necessity of this procedure in a letter to employees that was sent to Insider’s Emma Cosgrove. “This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions,” he wrote.
Although the precise number of employees affected was not disclosed, a FedEx representative told Insider that the business had cut more than 12,000 employees since June 2022 as a result of “headcount management initiatives.”
The representative assured that “we will continue responsible headcount management throughout our transformation.”
PayPal: 7% of total workforce
On January 31, PayPal disclosed that it will be layoff wave 2,000 employees, or around 7% of its whole staff, in the upcoming weeks.
PayPal’s CEO and president, Dan Schulman, noted the “challenging macro-economic environment” in a statement announcing the layoff wave.
While we have made significant progress in right-sizing our cost structure and concentrating our resources on our key strategic goals, there is still work to be done, he continued.
HubSpot: 7% of staff
According to an email obtained by Insider, HubSpot CEO Yamini Rangan indicated that the business will let go of 500 employees.
“We projected growth to slow down from 2021 through 2022, but the downturn happened sooner than we anticipated. “A perfect storm of inflation, erratic currency exchange, tighter customer budgets, and longer decision-making cycles made the year difficult,” Rangan wrote to staff.
IBM: 1.5% of staff
IBM intends to layoff wave 3,900 employees, or 1.5% of the workforce.
Insider later corroborated Bloomberg’s initial story on the layoff wave.
According to the business, the cuts would cost IBM $300 million and are only connected to firms that the corporation has spun off.
James Kavanaugh, the company’s chief financial officer, reportedly stated that it is still recruiting in “higher-growth areas.”
Hasbro: 15% of workers
After warning that the 2022 holiday season was weaker than anticipated, Hasbro allegedly plans to layoff wave 1,000 employees.
By the end of 2025, the firm hopes to save between $250 million and $300 million annually, according to the statement from the corporation.
Hasbro faced challenges throughout the entire year 2022, but Chris Cocks, the company’s CEO, insisted that the company is confident in its Blueprint 2.0 strategy, which was unveiled in October and focuses on fewer, bigger brands, gaming, digital, and its rapidly expanding direct-to-consumer and licencing businesses.
Dow: 2,000 global employees
In a move that suggests that huge layoff wave are occurring outside of only the IT industry, Dow Inc. announced on January 26 that it will terminate 2,000 employees globally, according to the Wall Street Journal.
According to Dow CEO Jim Fitterling in a news statement, it’s a component of a $1 billion cost-cutting initiative meant to assist in light of “challenging energy markets.” According to the press announcement, the chemical business would also close several assets, mostly in Europe.
According to Fittlering, “We are taking these moves to further optimise our cost structure and give business operations priority towards our most competitive, cost-effective, and growth-oriented regions, while simultaneously managing macrouncertainties and tough energy markets, notably in Europe.
SAP: Up to 3,000 positions
The software major SAP said on January 26 that it will eliminate up to 3,000 positions globally as a result of a drop in profits, with many of the reductions occurring outside of its Berlin headquarters, according to the Wall Street Journal.
The layoff wave, which are a part of a cost-cutting plan seeking to save $382 million annually by 2024, will affect around 2.5% of the company’s workers, according to the Journal.
SAP’s chief financial officer, Luka Mucic, told the Journal that the goal was to “further focus on strategic growth areas.”
3M: 2,500 jobs cut
The manufacturer of Post-It notes, Scotch tape, and N95 masks, 3M, announced intentions to eliminate 2,500 manufacturing positions globally.
According to CEO Mike Roman, it was “a necessary decision to align with adjusted production volumes.”
“We anticipate macroeconomic difficulties to continue in 2023. In a news statement, he stated, “Our priority is carrying out the initiatives we started in 2022 and achieving the best results for customers and shareholders.
Google: around 12,000 employees
On January 20, Sundar Pichai, CEO of Alphabet, the parent company of Google, notified colleagues that 12,000 workers, or 6% of its worldwide workforce, will be let go.
Insider was able to get a message that Pichai issued to staff in which he stated that the layoff wave will “cut across Alphabet, product areas, functions, levels, and regions” and that they had been chosen following a “rigorous review.”
Pichai said that he accepted “full responsibility for the decisions that led us here” and that the business will organise a town hall meeting to further address the layoff wave.
Pichai stated in the email that “over the past two years we’ve seen periods of dramatic growth.” “To match and fuel that growth,” the company said, “we hired for a different economic reality than the one we face today.”
Vox: 7% of staff
Axios reports that Vox Media, the firm that owns magazines including Vox, The Verge, New York magazine, and Vulture, is letting go of about 133 employees, or 7% of its workforce.
After eliminating 39 positions in July, the media organisation made these reductions just a few months later.
According to Axios, the decision was reportedly made public in a memo to staff from CEO Jim Bankoff, who stated that although the company is “not expecting further layoff wave at this time,” they will “continue to assess our outlook, keep a tight control on expenses and consider implementing other cost savings measures as needed.”
The media business is being negatively impacted by Vox Media’s layoff wave as advertisers limit their budgets in expectation of a slowdown in the economy.
Capital One: more than 1,100 tech workers
On January 18, 1,100 IT employees at Capital One were eliminated, a corporate spokeswoman told Insider. The “Agile job family,” which was abolished and its duties incorporated into “existing engineering and product manager roles,” was affected by the layoff wave, according to the spokeswoman.
The Capital One spokeswoman stated in the statement that “decisions that affect our associates, especially those that involve role eliminations, are incredibly difficult.”
The statement said, “This declaration is not a reflection on these employees or the job they have accomplished on behalf of our IT organisation. Their efforts were crucial in helping us develop our software delivery methodology and complete our technological transition.
The bank had recently made significant investments in technology, including the June 2022 launch of a new software company with a cloud computing focus.
According to the spokesman, “This decision was made specifically to address the evolving skills and process enhancements needed to deliver on the next phase of our tech transformation.”
WeWork: About 300 employees
WeWork stated on January 19 that it will eliminate roughly 300 roles as it reduces the number of coworking facilities in underperforming areas, according to Reuters. The layoff wave follow the company’s announcement in November 2022 that it will close 40 facilities in the US as part of a bigger cost-cutting initiative.
The firm revealed the reductions in a press statement that also included the date of its fourth-quarter results call, adding simply that they were “in connection with its portfolio optimisation and in continuing to streamline operations.”
Wayfair: more than 1,000 employees
As a result of declining sales, Wayfair is anticipated to fire about 1,000 people, or approximately 5% of its staff, in the upcoming weeks, according to a January 19 Wall Street Journal story.
The online furniture and home products firm has now eliminated 900 employees, marking its second round of layoff wave in the past six months.
Although the business expanded significantly during the home remodelling boom brought on by the epidemic, sales started to plateau as social distance regulations relaxed and people started going back to work.
“The epidemic was accelerating the adoption of online shopping, and I personally worked hard to advocate for the hiring of a competent staff to support that development. According to CNN, Wayfair CEO Niraj Shah stated in a message to staff that “this year, that growth has not materialised as we had hoped.
The most recent quarter for Wayfair had a $281 million drop in net revenue, or 9% less than the same time the previous year.
Microsoft: 10,000 workers
Microsoft declared on January 18 that it will cut 10,000 positions from its employees by the end of the third quarter of this year.
CEO Satya Nadella explained the layoff wave as a result of consumers making less spending decisions in advance of a recession.
Nadella said in a letter to employees that despite the firings, the firm still intends to expand in some sectors and that it will “continue to hire in key strategic areas.”
The IT giant is apparently in discussions to invest $10 billion in OpenAI, the company behind the AI chatbot ChatGPT, at the same time that Microsoft announces job cuts.
The Information claims that on February 13, the corporation fired employees at LinkedIn, which it had recently bought. Although the precise number of people put off is not yet known, The Information stated that the layoff wave were made in the recruitment department.
Crypto.com: 20% of staff
On January 13, Crypto.com declared that it will layoff wave a fifth of its staff due to the weakening cryptocurrency market and effects of the demise of FTX.
With layoff wave also occurring in July, this is Crypto.com’s second significant round of firings layoff wave.
The cuts we made in July helped us prepare for the macroeconomic downturn, but they did not take into account the subsequent collapse of FTX, which gravely undermined public confidence in the sector. As a result, we took the challenging but essential choice to make more cutbacks in order to position the business for long-term success,” CEO Kris Marszalek wrote in a memo to staff. “We continue to focus on conservative financial management for this reason.
BlackRock: up to 3% of global workforce
In its first wave of layoff wave since 2019, BlackRock will eliminate up to 500 positions.
On January 11, employees received notification of their employment status.
In a memo to staff members, CEO Larry Fink and President Rob Kapito stated, “We will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper.”
Goldman Sachs: an estimated 6.5% of its global workforce
According to a source who spoke with Insider, Goldman Sachs started firing employees on January 11. The reductions are anticipated to affect about 3,200 individuals, or about 6.5% of the company’s worldwide workforce.
The corporation cut positions on its media and IT teams before in September 2022, and it was anticipated that it will make more cuts in the first half of January.
The titan of investment banking is attempting to slash costs in a manner similar to competitors Morgan Stanley and Citi, both of which announced staff layoff wave in 2022.
Goldman Sachs CEO David Solomon stated at a conference in December that “we continue to see headwinds on our expense lines, particularly in the near term.” “We’ve started working on various expenditure reduction strategies, but it will take some time to see results. In the end, we’ll keep moving quickly and scale the business to take advantage of the available opportunities.
BNY Mellon: 1,500 jobs
Approximately 1,500 positions would be lost at BNY Mellon, according to the Wall Street Journal, which quoted people with knowledge of the situation.
According to the research, positions in talent management would be most affected by the reduction. According to reports, BNY Mellon would increase its spending on interns.
Verily (part of Alphabet): reportedly 15% of workers
In an email obtained by the Wall Street Journal, Verily, the healthcare division of Alphabet, said that it will be firing more than 200 staff members.
According to The Journal, in an effort to save expenses, the business will also take on fewer projects.
The CEO of Verily, Stephen Gillet, reportedly stated in the email that the company was making changes that would “refine our strategy, prioritise our product portfolio, and simplify our operating model.”
The parent business of Google has not yet seen the large waves of employee layoff wave that other major internet companies like Amazon and Meta have experienced. This is the first substantial layoff wave that the corporation has made.
DirecTV: 10% of management staff
In the first week of January, DirecTV employees received word that the corporation will let go of several hundred managers.
As more customers opt to cut the cord and pay for streaming services rather than cable TV, the satellite TV industry has experienced slower revenue growth.
The secular decrease and rising costs to acquire and deliver programmes have an effect on the whole pay-TV sector layoff wave. A spokeswoman for DirecTV told Insider, “We’re adjusting our operational expenses to reflect these changes and will continue to invest in new entertainment items and service improvements.
Coinbase: 950 workers
On Tuesday, January 10, Coinbase made the announcement that another 20% of its personnel will be let go.
The reductions followed the crypto company’s July firing of nearly 1,000 workers.
In a message to staff members, CEO Brian Armstrong made reference to the July layoff wave and added, “In hindsight, we could have cut further at that time.”
Armstrong mentioned the “fallout from unscrupulous actors in the industry,” perhaps referring to the alleged fraud that allegedly occurred at FTX late last year under then-CEO Sam Bankman-Fried, as one of the reasons for the company’s weakness layoff wave. Armstrong told the remaining staff that Coinbase is properly capitalised but cautioned that “there could still be further contagion” from FTX in the cryptocurrency markets.
Amazon: 18,000 employees
The most major round of layoff wave in Amazon’s history are currently taking place.
CEO Andy Jassy announced the business will layoff wave more than 18,000 workers in total in a message to staff members, which was much more than what had been anticipated based on information from the New York Times.
Jassy attributed the layoff wave on “the uncertain economy” and quick recruiting.
Although the majority of Amazon’s 1.5 million employees work in warehouses, the corporate groups are where the majority of the layoff wave are occurring.
Amazon started making cuts late last year, and according to the Wall Street Journal, they will extend into the first few weeks of 2023.
In the latest wave of layoff wave, Amazon’s 18,000 employment losses are the most significant of any big internet business.
Salesforce: 10% of its staff
On January 4, Salesforce co-CEO Marc Benioff disclosed that the software business intends to restructure and save costs by closing certain offices and layoff wave 10% of its staff, or around 7,000 workers.
In an email to colleagues, Benioff stated that “the environment remains challenging and our customers are taking a more measured approach to their purchasing decisions.” In light of this, we’ve decided to make the extremely tough choice to cut our employment by around 10% layoff wave, mostly over the upcoming weeks.
“I accept responsibility for it,” he added, “as our income surged through the epidemic, we employed too many employees leading into this economic crisis we’re currently suffering.
Everlane: 17% of corporate employees
Everlane is eliminating 3% of its retail employees and 17% of its 175-person headquarters team.
“As we handle a lot of change at once, we are aware that there may be some turbulence over the coming weeks. According to an internal memo viewed by Insider, CEO Andrea O’Donnell wrote to staff, “We beg for your patience while we do right by our leaving team members.
A business representative explained the decision to Insider, saying it was made to “improve profitability in 2023 and continue our efforts to help leave the fashion industry cleaner than we found it.”
The online apparel retailer fired almost 300 employees in March 2020 because to the Covid-19 epidemic, largely from the retail sector.
Vimeo: 11% of its workforce
The video platform’s CEO, Anjali Sud, announced to employees on January 4 that the firm will layoff wave 11% of its workforce, following a 6% employment reduction in July.
In an email to workers, Sud said, “This was a very difficult decision that impacts each of us deeply.” In order to help Vimeo become a more focused and profitable business that operates with the required discipline in a volatile economic climate, it is also the ethical thing to do.
Insider decrease, according to a spokeswoman, is meant to help with current economic issues and strengthen the company’s balance sheet.
Compass: size of layoff wave not immediately disclosed
As the brokerage continues to experience huge financial losses, Compass CEO Robert Reffkin informed colleagues on 5 January that there will be more layoff wave, after two rounds in the preceding eight months.
In an email to staff members, Reffkin stated, “We’ve been concentrating over the previous year on decreasing our expenditures. “Today, we scaled back several of our staff teams as part of that effort. Even while choices like these are never easy, they are wise and enable us to keep constructing a long-lasting, prosperous firm for all of you.
The number of layoff wave was not immediately made public, although the brokerage fired 450 corporate staff members in June 2022 and another 750 members of its technical team in October 2022.
Stitch Fix: 20% of salaried jobs
The Wall Street Journal stated that Stitch Fix said on January 5 that it intended to reduce 20% of its paid personnel.
After less than 18 months at the leadership of the faltering retail firm, CEO Elizabeth Spaulding has announced her resignation. The layoff wave coincide with this news.
It has been an honour to steer the Stitch Fix team into the future while leading in an unprecedented period, first as president and later as CEO.
In a statement, Spaulding stated. “A new leader is needed to support the upcoming phase,”
Katrina Lake, the creator of Stitch Fix and a member of the board of directors, will take over as temporary CEO, the firm announced in a press release.
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