Tech and industry giants cut jobs amid economic uncertainty

This year, US and Canadian companies continue to cut jobs after significant reductions last year, driven by ongoing economic uncertainties, according to Reuters.

Here is a summary of the job cuts announced across various industries so far this year:

Technology Sector

Cisco Systems plans to lay off 7 percent of its global workforce as part of a restructuring effort, following a 5 percent reduction of over 4,000 jobs just six months earlier.

Amazon is implementing layoffs across several divisions, including less than 5 percent at its Buy with Prime unit, 5 percent at Audible, hundreds in its streaming and studio operations, 35 percent at Twitch, and a few hundred in healthcare units like One Medical and Amazon Pharmacy.

Amazon Web Services (AWS) is also affected, with several hundred roles in sales, marketing, and global services being cut, along with a few hundred in the physical stores technology team.

Alphabet is reducing its workforce by dozens in X Lab, hundreds in advertising sales, and a majority in its augmented reality team. It is also laying off employees in the hardware team responsible for Pixel, Nest, and Fitbit.

Microsoft plans to cut around 1,900 jobs in its gaming divisions, Activision Blizzard and Xbox. Intel is reducing its workforce by over 15 percent, affecting about 17,500 people, as it refocuses on its manufacturing business.

Paramount Global is cutting 15 percent of its US workforce, or roughly 2,000 employees, as part of efforts to reduce $500m in costs before its merger with Skydance Media. E-commerce firm eBay is reducing its workforce by around 9 percent, affecting 1,000 jobs.

Unity Software is cutting 25 percent of its workforce, amounting to 1,800 positions. DocuSign plans to reduce its workforce by about 6 percent, impacting 400 employees, primarily in sales and marketing.

Snap is laying off around 528 employees, 10 percent of its global workforce. Salesforce is cutting 1 percent of its workforce, or 700 jobs. Aurora Innovation is laying off 3 percent of its workforce, while BlackBerry plans additional layoffs following a previous reduction of about 200 jobs.

SiriusXM is cutting its workforce by 3 percent, affecting 160 roles, and Bumble is eliminating 30 percent of its workforce, impacting 350 jobs.

Automakers

Tesla is laying off over 10 percent of its global workforce as it faces declining sales amidst an intensifying price war in the electric vehicle market. Lucid, another electric vehicle manufacturer, is reducing its workforce by 6 percent, affecting approximately 400 employees, due to slower industry growth.

Media Sector

Pixar Animation Studios, a unit of Walt Disney Co., is cutting 14 percent of its workforce, or about 175 employees, as it scales back the development of original streaming series. Sky, owned by Comcast, is planning to cut around 1,000 jobs across its operations.

The Los Angeles Times is reducing its staff by 94 journalists. Paramount Global is preparing for further layoffs, while Business Insider plans to reduce its workforce by 8 percent. Bell Canada is slashing 4,800 jobs.

Financial Services

PayPal is cutting about 9 percent of its global workforce, equating to 2,500 jobs. Block Inc. has begun unspecified job cuts. Citigroup plans to reduce its workforce by 20,000 people over the next two years, starting with 716 roles in New York.

Morgan Stanley is cutting hundreds of jobs in its wealth management division, impacting less than 1 percent of the division’s workforce. Nasdaq plans to reduce its workforce as it integrates fintech firm Adenza.

BlackRock is set to cut about 3 percent of its workforce but expects to increase its headcount overall by the end of 2024.

Consumer and Retail

Walmart is cutting hundreds of jobs at its corporate headquarters and relocating many of its US and Canada-based remote workers to three offices. Estee Lauder is reducing its global workforce by 3 to 5 percent. Wayfair is laying off 13 percent of its workforce, affecting 1,650 jobs.

Macy’s is cutting 2,350 jobs and closing five stores. Levi Strauss & Co. plans to cut 10 to 15 percent of its global corporate jobs. Hershey’s restructuring will impact less than 5 percent of its workforce.

Nike is reducing its workforce by over 1,600 jobs, or 2 percent, as part of a $2bn cost-cutting plan, which also includes job cuts at its Converse brand.

Health Sector

Novavax is reducing its workforce by 12 percent, while consumer health company Kenvue plans to cut 4 percent of its global workforce.

Manufacturing Sector

Lockheed Martin is planning to reduce its workforce by 1 percent. Spirit AeroSystems is laying off several hundred workers in Wichita, Kansas, due to high debt and slowed production at its key customer, Boeing.

L3Harris, a US defence contractor, cut 5 percent of its workforce in April as part of a business streamlining effort.

Logistics Sector

United Parcel Service (UPS) plans to reduce its workforce by 12,000 jobs to cut costs. FedEx is laying off between 1,700 and 2,000 back-office employees in Europe due to weak freight demand.

Natural Resources Sector

Chesapeake Energy is cutting jobs following the sale of its oil assets. Piedmont Lithium is reducing its workforce by 27 percent as part of a cost-cutting initiative. TC Energy, a Canadian oil and gas pipeline company, has laid off workers as part of a plan to integrate its natural gas pipeline units.

Enbridge, another Canadian pipeline operator, is reducing its workforce by 650 jobs, or 5 percent, to cut costs.