Corporate America Cuts Thousands of Jobs as Recession Looms

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

Job cuts announced by US-based employers rose 13% to 33,843 in October, the highest since February 2021, a report said.

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

Amazon.com Inc:

The e-commerce giant plans 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 will cut 13% of its workforce, or more than 11,000 workers, in the biggest tech layoffs this year, with a weak advertising market and mounting costs.

Citigroup Inc:

The bank has cut dozens of jobs across its investment banking division as Bloomberg News reports that a dealmaking slump is weighing on Wall Street’s biggest banks.

Morgan Stanley:

Wall Street is expected to begin a new round of layoffs globally in the coming weeks, Reuters reported on Nov. 3 as Wall Street banks’ deal-making business takes a hit.

Intel Corporation:

Chief Executive Officer Pat Gelsinger told Reuters the “people actions” were part of a cost-cutting plan. The chipmaker said it will cut costs by $3 billion in 2023.

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

Microsoft Corp:

The software giant laid off 1,000 employees across multiple divisions this week, Axios reported, citing sources.

Johnson and Johnson:

The pharmaceutical giant said it may cut some jobs amid strong inflationary pressures dollarCFO Joseph Volk says the healthcare conglomerate is looking to “right size” itself.

Twitter Inc:

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

However, Bloomberg reported on Sunday that Twitter is reaching out to dozens of employees who have 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 already cutting 60 jobs earlier this year and suspending hiring in September.

Warner Bros. Discovery:

Film subsidiary Warner Bros. Pictures is planning to cut a number of jobs in distribution and marketing, cutting its headcount by 5% to 10%, Bloomberg News reported.

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Beyond Meat Inc:

The vegetarian meat maker said it plans to cut 200 jobs this year, with the layoffs expected to save about $39 million.

Stripe Inc:

The Digital The payments firm is cutting its headcount by about 14% and will have about 7,000 employees after the layoffs, the company’s founder told employees in an email.

Chime:

The online banking firm has laid off 12% of its workforce, or about 160 jobs, a spokesperson said.

Opendoor Technologies Inc:

The property-sales platform is laying off about 550 employees, Chief Executive Officer Eric Wu said, adding that the company has already cut its workforce by more than 830 positions.

Phillips 66:

The refiner has cut more than 1,100 jobs as it seeks to meet its 2022 cost savings target of $500 million. The cuts were communicated to employees in late October.

Chesapeake Energy Corporation:

A US shale gas producer has cut about 3% of its workforce as the company prepares for the sale of South Texas oil assets, sources told Reuters.

Seagate Technology Holdings Plc:

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The memory chip firm announced a restructuring plan, including reducing its worldwide headcount by about 8%, or 3,000 employees.

Arrival SA:

The EV startup said it plans to further “right-size” the organization, where it can have a “massive impact” on its global workforce, mostly in the UK.

In July the company said it could cut up to 30% of its workforce in a restructuring.

Coinbase Global:

The cryptocurrency exchange said it plans to cut 60 jobs in its recruiting and corporate onboarding teams.

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

Walt Disney Co.:

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

“Hiring will continue for a small subset of the most critical, business-driving positions, while all other roles are on hold,” Chief Executive Officer Bob Chapek wrote in a memo sent to Disney leaders.

(Reporting by Deborah Sophia in Bengaluru; Additional reporting by Akash Sriram and Granth Vanaik; Editing by Sriraj Kalluvila, Shaunak Dasgupta and Anil D’Silva)



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