Big Tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out a global economic downturn.
Rapid interest rate hikes and weak consumer demand have forced firms like Amazon, Walt Disney, Facebook-owner Meta and American banks to trim their workforce.
According to tracking site Layoffs, tech companies shed over 150,000 workers in 2022 amid a rapidly fading pandemic-led demand boom. In addition, more layoffs are expected as growth in the world's biggest economies slows down.
Here are some of the job cuts by major American companies announced in recent weeks.
Technology, media and telecom sector
IBM Corp:
The software and consulting firm said it would lay off 3,900 employees.
Spotify Technology SA:
Music streaming service Spotify is cutting 6% of its workforce or roughly 600 roles.
Alphabet Inc:
On Jan. 20, Google's parent company, Alphabet, announced about 12,000 job cuts globally, citing a changing "economic reality."
"Over the past two years, we've seen periods of dramatic growth. To match and fuel that growth, we hired for a different economic reality than the one we face today," CEO Sundar Pichai said in an email to employees.
Alphabet employed nearly 187,000 workers worldwide at the end of September 2022. The cuts represent a little over 6% of its total workforce.
Microsoft Corp:
On Jan.18, Microsoft announced it would lay off 10,000 employees in the coming months.
The cuts were "in response to macroeconomic conditions and changing customer priorities," the maker of the Windows operating system said in a U.S. regulatory filing.
The plan followed two smaller rounds of layoffs in 2022, one in July, which affected less than one percent of the workforce, and another in October, targeting under 1,000 people.
Amazon.com Inc:
The online retail giant said on Jan. 5, 2023; it would cut over 18,000 jobs, citing "the uncertain economy" and the fact it had "hired rapidly" during the Covid pandemic.
During COVID-19, Amazon went on a hiring spree to meet an explosion in delivery demand, doubling its global staff between the beginning of 2020 and the start of 2022.
At the end of September, the group had 1.54 million employees worldwide.
Meta Platforms Inc:
The Facebook parent said it would cut 13% of its workforce or over 11,000 employees, as it grapples with a weak advertising market and mounting costs.
Intel Corp:
CEO Pat Gelsinger told Reuters "people's actions" would be part of a cost-reduction plan. The chipmaker said it would reduce costs by $3 billion in 2023.
Twitter Inc:
Just a week after his blockbuster takeover, Elon Musk sacked half of Twitter's 7,500-strong staff in November as part of his major overhaul of the troubled company.
Workers worldwide were shown the door and took to Twitter to vent their frustration or disbelief and say goodbye to one of Silicon Valley's most iconic companies.
In late February, the New York Times they were reported that Twitter's workforce has dropped since late October to 2,000 from 7,500 employees, counting layoffs and resignations.
The cull is part of Musk's push to find ways to pay for the mammoth $44 billion deal for which he took on billions of dollars in debt.
Snap
At the end of August, Snapchat's parent company Snap let go about 20 percent of its employees, around 1,200 people, in a bid by the photo-centric messaging app to confront fierce competition and revenue worries.
While its user numbers continue to grow – 375 million daily users – it is saddled by diminishing profits and competition from other apps, such as TikTok.
Lyft Inc:
The ride-hailing firm 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.
Salesforce Inc:
The software company said it would lay off about 10% of its employees and close some offices as a part of its restructuring plan, citing a challenging economy.
Cisco Systems Inc:
The networking and collaboration solutions company said it would undertake a restructuring, which could impact roughly 5% of its workforce. The effort will begin in the second quarter of the fiscal year 2023 and will cost the company $600 million.
HP Inc:
The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025.
Workday Inc:
The software company will cut roughly 500 jobs, or 3% of its workforce, citing a challenging macroeconomic environment.
NetApp Inc:
The cloud firm announced an 8% reduction in its global workforce. The company had 12,000 employees as of April 29, 2022.
Rivian Automotive Inc:
The company is laying off 6% of its workforce to cut costs as the EV maker, already grappling with falling cash reserves and a weak economy, braces for an industry-wide price war.
Match Group:
The Tinder parent said it would lay off about 8% of its workforce, a day after it forecasted first-quarter revenue below Wall Street expectations.
Dell Technologies Inc:
The company will eliminate about 6,650 jobs, or 5% of its global workforce, as the PC maker grapples with falling demand and braces for economic uncertainty.
Palantir Technologies Inc:
The data analytics firm said it had cut about 2% of its workforce. Palantir, known for its work with the U.S. Central Intelligence Agency, had 3,838 full-time employees as of Dec. 31, 2022.
Financial sector
Goldman Sachs Group Inc:
Goldman Sachs laid off staff on Jan. 11 in a sweeping cost-cutting drive. Around a third of those affected came from the investment banking and global markets division, a source familiar with the matter told Reuters.
The job cuts are expected to be just over 3,000, one of the sources said on Jan. 9, in the most significant workforce reduction for the bank since the financial crisis.
Morgan Stanley:
The Wall Street powerhouse is expected to start a fresh round of layoffs globally in the coming weeks, Reuters reported on Nov. 3, as the dealmaking business takes a hit.
Citigroup Inc:
Bloomberg News reported that the bank eliminated dozens of jobs across its investment banking division as a dealmaking slump continues to weigh on Wall Street's biggest banks.
BlackRock Inc:
The asset manager is cutting up to 500 jobs, Insider reported, citing a memo.
Genesis:
The cryptocurrency firm has cut 30% of its workforce in a second round of layoffs in less than six months, a person familiar with the matter told Reuters.
Coinbase Global:
The cryptocurrency exchange said it would slash nearly 950 jobs, the third round of workforce reduction in less than a year after cryptocurrencies, already squeezed by rising interest rates, came under renewed pressure following the collapse of significant exchange FTX.
Stripe Inc:
According to an email from the company's founders, the digital payments firm is cutting its headcount by about 14% and will have about 7,000 employees after the layoffs.
Consumer and retail sector
Beyond Meat Inc:
The vegan meat maker said it plans to cut 200 jobs this year, with the layoffs expected to save about $39 million.
Blue Apron Holdings Inc:
The online meal-kit company said it would cut about 10% of its corporate workforce as it looks to reduce costs and streamline operations. The company had about 1,657 full-time employees as of Sept. 30.
DoorDash Inc:
The food delivery firm, which enjoyed a growth surge during the pandemic, said it was reducing its corporate headcount by about 1,250 employees.
Bed Bath & Beyond:
The retailer will lay off more employees this year to reduce costs. Last year, company executives had said the home goods retailer was cutting about 20% of its corporate and supply chain workforce.
Energy and resources sector
Dow Inc:
The U.S. chemicals maker said it would cut about 2,000 jobs as it navigates inflation and supply chain disruptions.
Phillips 66:
The refinery reduced its employee headcount by over 1,100 to meet its 2022 cost savings target of $500 million. The reductions were communicated to employees in late October.
Health and pharmaceutical sector
Johnson & Johnson:
The pharmaceutical giant has said it might cut some jobs amid inflationary pressure and a strong dollar. However, CFO Joseph Wolk says the healthcare conglomerate is looking at "right-sizing" itself.
Manufacturing sector
3M Co:
After reporting a lower profit, the industrial conglomerate said it would cut 2,500 manufacturing jobs.