Wall Street is the leader in job cuts
2023.01.24 08:02
Wall Street is the leader in job cuts
By Kristina Sobol
Budrigannews.com – Companies in corporate America are attempting to reduce costs in order to weather the economic downturn and are leading a series of layoffs, with Wall Street and big tech companies leading the way.
Firms like Amazon and Walt Disney (NYSE:) have been forced to, as a result of rapid rises in interest rates, low consumer demand, and a slowdown in the Chinese economy. Meta, the owner of Facebook, and American banks to reduce their workforce.
According to the tracking site Layoffs.fyi, tech companies will lay off over 150,000 workers in 2022 as a pandemic-driven demand boom quickly fades. More layoffs are anticipated as growth in the world’s largest economies slows.
The following is a list of some of the job cuts that major American businesses have recently announced.
NYSE: Spotify Technology SA:
Spotify is eliminating 600 jobs, or 6% of its workforce, for music streaming.
NASDAQ: Alphabet Inc:
In a memo to employees, Alphabet Inc’s chief executive stated that the company is cutting 12,000 jobs.
NASDAQ: Microsoft Corporation:
By the end of the third quarter of fiscal 2023, the tech giant in the United States said it would eliminate 10,000 jobs.
NASDAQ: Amazon.com Inc.:
Over 18,000 employees, the e-commerce giant claimed, would be affected by layoffs across the board.
NASDAQ: Meta Platforms Inc.:
The parent company of Facebook announced that it would reduce its workforce by 13%, or more than 11,000 people, in response to the declining advertising market and rising costs.
NASDAQ: Intel Corporation:
“People actions” would be part of a plan to cut costs, CEO Pat Gelsinger told Reuters. In 2023, the chipmaker claimed to have cut costs by $3 billion.
Company Microsoft:
Axios, citing a source, reported that the software giant laid off less than 1,000 employees across several divisions in October.
NYSE: Twitter Inc.:
Following Elon Musk’s $44 billion acquisition, the social media company has aggressively cut its workforce across product and engineering, communications, and content curation teams.
NASDAQ: Lyft Inc.
After cutting 60 jobs earlier this year and freezing hiring in September, the ride-hailing company announced that it would lay off 13% of its workforce, or approximately 683 employees.
Salesforce, Inc. Inc:
In light of the challenging economy, the software company announced that as part of its restructuring plan, it would lay off approximately 10% of its employees and close some offices.
NASDAQ: Cisco Systems Inc.:
The provider of networking and collaboration solutions stated that it would undergo restructuring, which could have an effect on approximately 5% of its workforce. The endeavor will cost the company $600 million and begin in the second quarter of the fiscal year 2023.
NYSE: HP Inc.:
By the end of fiscal 2025, the manufacturer of computing devices said it expected to eliminate up to 6,000 jobs.
NYSE: Goldman Sachs Group Inc.:
A person who is familiar with the situation told Reuters that Goldman Sachs began laying off employees on January 11 as part of a massive effort to cut costs. About a third of those affected worked in the investment banking and global markets division, according to the source.
One of the sources said on Jan. 9 that the number of jobs lost would be just over 3,000. This would be the biggest layoff for the bank since the financial crisis.
NYSE: Morgan Stanley:
As the deal-making industry suffers, Reuters reported on November 3 that the Wall Street powerhouse is anticipated to initiate a new round of global layoffs.
NYSE: Citigroup Inc.:
Bloomberg News reported that the bank cut dozens of jobs in its investment banking division as a slump in dealmaking continues to weigh on Wall Street’s largest banks.
NYSE: BlackRock Inc.:
According to a memo, the asset manager is cutting up to 500 jobs. This was reported by Insider.
Genesis:
A person with knowledge of the situation told Reuters that the cryptocurrency company has eliminated 30% of its workforce in a second round of layoffs in less than six months.
Bitcoin (NASDAQ:) Global:
The cryptocurrency exchange said it would cut nearly 950 jobs. This is the third round of layoffs in less than a year. The collapse of major exchange FTX put more pressure on cryptocurrencies, which were already under pressure from rising interest rates.
According to an email sent to employees by the digital payments company’s founders, the company will reduce its workforce by approximately 14% and will have approximately 7,000 employees following the layoffs.
Meat Beyond (NASDAQ:) Inc:
The vegan meat manufacturer stated that it intends to eliminate 200 jobs this year, which will save approximately $39 million.
NYSE: Blue Apron Holdings Inc:
In an effort to cut costs and streamline operations, the online meal kit company announced that it would lay off approximately 10% of its corporate workforce. As of September 30, the company had approximately 1,657 full-time employees.
Company: DoorDash
The food delivery company, which experienced explosive growth during the pandemic, announced that it would be cutting 1,250 employees from its corporate workforce.
NASDAQ: Bed Bath & Beyond:
In an effort to cut costs, the retailer will lay off more employees this year. The home goods retailer had announced last year that about 20% of its corporate and supply chain staff would be laid off.
NYSE: Phillips 66:
In an effort to achieve its $500 million cost savings goal by 2022, the refiner cut 1,100 employees from its workforce. At the end of October, the reductions were made known to employees.
NYSE: Johnson & Johnson:
According to CFO Joseph Wolk, the healthcare conglomerate is considering “right sizing” itself in light of inflationary pressure and a strong dollar. The pharmaceutical giant has stated that it may eliminate some jobs.
3M Co:
The U.S. industrial conglomerate faces a demand slowdown in its unit that sells products such as notebooks, air purifiers, and respirators. Following the announcement of a lower profit, the industrial conglomerate said it would cut 2,500 manufacturing jobs.
