American companies are laying off people en masse expecting a recession
2022.12.06 12:21
American companies are laying off people en masse expecting a recession
Budrigannews.com – Companies in the United States, ranging from tech giants to consumer goods companies, are streamlining their operations to prepare for a possible economic downturn.
According to a report, U.S.-based employers announced 33,843 job cuts in October, the most since February 2021.
Some of the major job cuts that have been announced in recent weeks are as follows:
NASDAQ: Amazon.com Inc.:
A person who is familiar with the e-commerce giant stated that it still intended to eliminate approximately 10,000 jobs, including those in its retail division and human resources, and that some employees in its devices group have been laid off.
NASDAQ: Meta Platforms Inc.:
One of the largest layoffs in the tech industry this year, the Facebook parent company announced that it would reduce its workforce by 13%, or more than 11,000 employees, as it struggles with a declining advertising market and rising costs.
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.
AMC Organizations (NASDAQ:) Inc:
When the cable TV network announced that Chief Executive Officer Christina Spade would be stepping down less than three months into her position, it said that it would be cutting about 20% of its employees in the United States.
Kraken:
Due to challenging market conditions that have hampered demand for digital assets this year, the cryptocurrency exchange announced that it would reduce its global workforce by approximately 1,100 employees, or 30 percent.
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: 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.
Intel Corp (NASDAQ:):
“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.
Gelsinger said that the changes would start in the fourth quarter, but he didn’t say how many employees would be affected.
NASDAQ: Microsoft Corporation:
Axios, citing a source, reported that the software giant laid off less than 1,000 employees across several divisions in October.
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.
NYSE: Twitter Inc.:
Following Elon Musk’s $44 billion acquisition, the social media company laid off half of its workforce across teams in product and engineering, communications, and content curation.
Be that as it may, Bloomberg later announced Twitter was contacting many workers who lost their positions, requesting that they return.
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.
NASDAQ: Warner Bros. Discovery
According to Bloomberg News, Warner Bros. Pictures, a subsidiary of the film industry, intends to eliminate a number of distribution and marketing positions, resulting in a 5 to 10 percent headcount reduction.
Meat Beyond (NASDAQ:) Inc:
The veggie lover meat creator said it intends to eliminate 200 positions this year, with the cutbacks expected to save about $39 million.
Company Name:
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.
Chime Financial Corp.:
The internet banking firm has laid off 12% of its representatives, or around 160 positions, a representative said.
NASDAQ: Opendoor Technology Company:
According to Chief Executive Officer Eric Wu, the property-selling platform is cutting about 550 jobs. He also said that the company had already cut more than 830 jobs.
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: Chesapeake Energy Corp.:
Sources told Reuters that the U.S. shale gas producer is getting ready to sell oil properties in South Texas and is reducing its workforce by about 3%.
Holdings Plc of Seagate Technology:
The memory chip company announced a restructuring plan that included a 3,000-person global headcount reduction of approximately 8%.
SA’s arrival:
The electric vehicle startup stated that it intends to “right-size” the organization further, which may have a “sizable impact” on its global workforce, primarily based in the United Kingdom.
In July, the business stated that it might slash up to 30% of its workforce for restructuring.
Bitcoin (NASDAQ:) Global:
The cryptocurrency exchange said that its recruiting and institutional onboarding teams would be cutting over 60 jobs.
The move denotes a second round of occupations cuts at the organization this year, and comes when digital currencies have been irritated by outrageous unpredictability as financial backers dump hazardous resources.
NYSE: Walt Disney Co:
A memo from the company that was seen by Reuters indicates that the media conglomerate intends to stop hiring and eliminate some jobs.
(NASDAQ:) Roku Inc:
Due to “current economic conditions,” the manufacturer of video streaming devices stated that it would reduce its workforce by 200 employees, or 5 percent.
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 work will start in the second quarter of the financial year 2023 and cost the organization $600 million.
NYSE: HP Inc.:
By the end of fiscal 2025, the manufacturer of computing devices said it expected to eliminate up to 6,000 jobs.
CNN:
In an all-staff memo, CNN’s top boss Chris Licht informed employees that job cuts were underway. Warner Bros. Discovery owns CNN.
Inc. Buzzfeed:
The online media company stated that about 12% of its employees will be laid off. The company had 1,522 employees in six countries as of December 31st of the previous year.
