Corporate America Cuts Thousands of Jobs as Recession Looms

(Reuters)—Corporate America is slashing its workforce as part of its efforts to fend off potential economic damage from the U.S. Federal Reserve’s fight against inflation.

Job cuts announced by US employers jumped 13% to 33,843 in October, the highest since February 2021, according to a report.

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

Opinions of the company Amazon.com Inc.

The e-commerce giant plans to lay off about 10,000 people in business and technology jobs, the New York Times reported.

The concept of the company Meta Platforms Inc.

Parent Facebook has said it will cut 13% of its workforce, or more than 11,000, at one of the biggest tech giants this year as it battles a weak advertising market and rising costs.

Opinions of the company Citigroup Inc.

The bank has cut more jobs in its banking divisions, as the recession continues at Wall Street’s biggest banks, Bloomberg News reported.

Morgan Stanley:

Wall Street is expected to start a new round of international trade in the coming weeks, Reuters reported on Nov. 3, when the Wall Street banking business starts to take a hit.

Intel Corp.

Chief Executive Officer Pat Gelsinger told Reuters that “human resources” could be part of the cost-cutting plan. The chip maker said it will cut costs by $3 billion in 2023.

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The changes will begin in the fourth quarter, Gelsinger said, but did not specify how many would be affected.

Microsoft Corporation:

The software giant laid off less than 1,000 employees across multiple divisions this week, Axios reported, citing a source.

Johnson and Johnson:

The pharmaceutical giant has said it may cut some jobs amid rising inflation and energy dollarand CFO Joseph Wolk says the health agency is looking for “good growth” there.

Twitter Inc:

The social media company has laid off half its workforce in a variety of areas, from communications and writing to sales and engineering following Elon Musk’s $44 billion takeover.

However, Bloomberg on Sunday reported that Twitter had reached out to many of the fired employees, asking them to return.

Opinions of the company Lyft Inc.

The company said it would lay off 13% of its workforce, or about 683, after already cutting 60 jobs earlier this year and suspending operations in September.

Warner Bros. acquisition:

Filmmaker Warner Bros. Pictures is planning to cut several jobs in distribution and marketing that will reduce the number of people by 5% to 10%, Bloomberg News reported.

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Beyond Meat Inc:

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

The opinion of the company Stripe Inc.

The digital The payroll company is reducing its headcount by about 14% and will have about 7,000 layoffs, according to an email to employees from the company’s founders.

Chime:

The online banking company has cut 12% of its workforce, or about 160 jobs, a spokeswoman said.

Opinions of the company Opendoor Technologies Inc.

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

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The refiner has cut its workforce by more than 1,100 as it aims to meet a target of $500 million in cost savings by 2022. The cuts were announced to workers in late October.

Chesapeake Energy Corp.

The US shale gas producer has cut about 3% of its workforce, sources told Reuters, as the company prepares to sell South Texas oil.

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Seagate Technology Holdings Plc stock price history

The memory chip maker announced restructuring plans including cutting its global workforce by about 8%, or 3,000 jobs.

Arrival in SA:

The EV founders said they wanted to continue the “proper growth” of the organization, which could have a “significant impact” on its global operations, particularly in the UK.

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

Coinbase Global:

The cryptocurrency exchange said it plans to cut more than 60 jobs, both in its recruiting and startup divisions.

The move marks the second job cut at the company this year, and comes at a time when cryptocurrencies have been in a frenzy as investors shed risky assets.

The Walt Disney Co.:

The media executive is planning layoffs and layoffs, according to a company memo seen by Reuters.

“Hiring for the most critical, business-driven part continues, but all other positions are on hold,” Chief Executive Officer Bob Chapek wrote in a memo sent to Disney executives.

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



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