Banking giant Wells Fargo on Wednesday revealed plans to cut just over a hundred employees, while Microsoft plans to cut another 276 positions after laying off about 10,000 employees earlier this year, making it the latest major U. S. company to lay off staff this year. Recession fears persist (see Forbes’ first-quarter layoff tracking here).
On July 12, Microsoft laid off Seattle-area workers, The Seattle Times reported this week, and came a month after the company announced in a notice from WARN that it intended to lay off another 158 workers at its headquarters. of Redmond, Washington, a component of the 10,000 workers he laid off. previous this year; A Microsoft spokesperson told Forbes that the cuts are “a mandatory and normal component of the operation of our business. “
On July 12, Wells Fargo announced the cuts in a Florida WARN ad, with layoffs affecting 103 workers in the state — the bank’s most recent cuts after laying off more than a hundred workers in two rounds of layoffs in September, several media outlets reported.
On July 6, Walgreens will lay off up to 400 workers and plans to close an e-commerce distribution center in Illinois, a month after the drugstore chain announced it would eliminate more than 500 jobs in Illinois as the company seeks to “transform our business into a consumer-centric business. “Corporate Health.
On June 29, CEO John Hanke said in an internal memo that the cuts at Niantic, the maker of Pokemon GO, will be 230 of the California-based company’s workers when it closes its Los Angeles studio, adding that the company has “allowed our expenses to grow faster than revenue. “after a business boom during the Covid-19 pandemic.
On June 28, retailer The Children’s Place announced plans in a filing with the Securities and Exchange Commission to cut 181 positions (17% of its salaried staff), the maximum of the cuts affecting workers at its Secaucus, New Jersey, headquarters as the company moves to a “digital-first model. “
On June 27, layoffs at Ford may reach 1,000 workers and are expected to target the automaker’s software division as well as electric and gasoline vehicle manufacturing, sources familiar with the matter told The Wall Street Journal; however, a Ford spokesperson, Forbes said last week, the company “had nothing to announce” and is aligning its workforce around “skills and experience. “adding hiring “in key areas. “
On June 27, New Relic CEO Bill Staples announced the layoffs, which affected 155 U. S. workers. He said the San Francisco-based cloud-based software company has now “made cuts to drive the arrival of our futures, especially in light of existing economic uncertainty.
On June 26, Robinhood layoffs to 150 employees are expected, according to an internal memo received through the Wall Street Journal — the third circular of brokerage cuts since early 2022, adding one last August for nearly a quarter of Robinhood’s workforce.
June 26 Job cuts are expected at KPMG for more than 1900 of the accounting firm’s U. S. workers, marking its moment of major layoff this year after some 700 workers were released in February, amid a spate of layoffs, adding to the big four accounting firms. Ernst.
On June 23, Goldman Sachs’ cuts will come with leading executives from its investment banking division, the fund told Bloomberg, just under a month after the Wall Street Journal reported that the banking giant plans a series of cuts that will affect fewer than 250 workers and just more than five months after the company laid off about 4,000 workers amid a wave of dismissals of several workers. giant corporations affecting giant national banks.
On June 21, ride-sharing giant Uber laid off about two hundred workers, which would make up 35% of its hiring team but less than 1% of its more than 32,000 workers worldwide, despite corporate officials informing workers in an internal memo received through The Wall Street Journal that the company plans to remain strong through the end of the year.
On June 14, Oracle’s layoffs reportedly targeted its Oracle Health division, adding IT vendor Cerner, which it acquired for $28 billion last year. Oracle also laid off more than two hundred workers in October and began laying off an undisclosed number of its roughly 143,000 workers. Last summer (Forbes contacted Oracle for confirmation).
On June 14, Phoenix-based Nikola Corporation said it had laid off 120 workers in Arizona and 150 at “multiple locations” that support the company’s systems in Europe, as part of a reorganization plan to save more than $50 million a year. operations.
On June 14, Sonos, the maker of wireless multi-room audio systems, announced its layoffs in a Securities and Exchange Commission filing, saying the cuts would affect about 130 workers (7% of its workforce) and that the company would reconsider its expenses. and actual spending. Real estate footprint, as it faces “continuous headwinds”.
Nearly 230 laid-off workers at Tyson Foods worked at two of the company’s offices in Illinois and rejected the company’s request in October to move to Arkansas: Tyson had cut another 15 percent of executive positions and 10 percent of its roughly 6,000 jobs at the company in April. according to regulatory documents. and announced plans in March to close two plants in Arkansas and Virginia and lay off about 1,600 workers.
On June 12, Grubhub’s cuts will affect around 400 of the company’s 2800 employees, CEO Howard Migdal said, just 3 months after taking office, in an internal memo, highlighting the superior body of workers and operating prices that have grown “at a superior rate”. than their overall business from pre-Covid levels.
On June 5, Spotify VP Sahar Elhabashi announced in a statement to workers that the streaming audio giant will be cutting 200 workers (2% of its workforce) as part of a “strategic realignment,” which will increase its inventory by about 0. 6% to $1 Five2. 60: The streaming service in the past cut another 6% of its workforce (600 positions) in January.
On June 2, Haven Technologies, the insurance software company owned by MassMutual, will lay off about 280 workers as part of a series of job cuts that will affect about 70 percent of the company’s workforce, telling Forbes that the cuts are part of a reorganization plan to leave Haven Technologies “better placed to create the flexible, customer-centric technologies. ” that will allow our consumers to help expand into insurance.
On June 1, ZipRecruiter announced in a filing with the Securities and Exchange Commission that the company would reduce its 270 workers (20% of its employees), in response to “the current market situation and after cutting other discretionary expenses. “
On May 31, Zendesk CEO Tom Eggemeier told workers that the San Francisco-based company reduced its workforce by 8 percent, affecting just over 500 of its nearly 6400 workers, according to PitchBook, after hiring “exceeded our business realities” amid “macroeconomic situations have not improved. “
On May 25, JPMorgan Chase will provide transitional, full-time positions to about 7,000 First Republic employees, but reduce the rest to about 1,000, and a spokesperson told Forbes that “the vast majority of First Republic employees” will have jobs at the bank.
On May 24, First Citizens President and CEO Frank Holding Jr. told workers in an email received through Axios that the layoffs were the result of Silicon Valley Bank’s epic bankruptcy in March, which showed “increasingly transparent that we want to make decisions to scale our success and scale to remain competitive. “
On May 24, Meta informed about 6,000 workers that they had been laid off, CNBC reported, following an earlier layoff circular that affected about 4,000 workers last month; The cuts are part of the social media giant’s plans to eliminate 10,000 of its nearly 87,000 workers. workers their so-called Year of Efficiency and bring the total of layoffs of the Meta since November. to 21,000.
On May 24, Abbott Laboratories will eliminate two hundred jobs, it announced in an employee adjustment and retraining notice (WARN), bringing the manufacturer’s overall layoffs at its Westbrook, Maine, plant to more than 800, while continuing to “adjust our alignment with market conditions” as demand for Covid testing declines. ABC’s local partner WMTW reported.
On May 23, Disney reportedly laid off another 2500 employees, just over a month after its latest wave of layoffs, bringing its total number of job cuts this year to around 6500 as part of the company’s plan to cut 7000 positions, after Iger called the short task “a step in dealing with the demanding situations we face today. “on a convention call last month.
On May 18, TuSimple cuts 30% of its global workforce, according to a Securities and Exchange Commission filing, and comes less than six months after the San Diego-based autonomous truck developer cut a quarter of its workforce, bringing “current market conditions” to light. as the explanation of the reason for the layoffs.
Technology company Accenture PLC, founded in Austin, Texas, will cut about 550 jobs, according to a notice from WARN, cutting about 5900 to nearly 10%, the Austin American-Statesman reported.
May 17 USAA, the United Service Auto Association, will eliminate 300 positions in “most of our offices and other functions,” a corporate spokesperson told Forbes, raising layoffs at the Texas-based auto insurance company this year to nearly 800, as it “continues to make the changes to operate a healthy business. “
On May 12, Nuro, which laid off 300 workers in November, will cut 340 (about 30% of its workforce), TechCrunch reported, as corporate co-founders Dave Ferguson and Jiajun Zhu warn that recent banking mistakes and recession fears have put a damper on investment and as the company embraces advances in AI.
On May 11, Louisiana-based Ochsner Health will lay off 770 workers in Louisiana and Mississippi (about 2% of its workforce), CEO Pete November announced in an email to workers, bringing up peak inflation, emerging hard work costs, and the end of Covid — it was government investment for relief.
On May 9, Tom Leighton, chief executive of Boston-area web company Akamai Technologies, announced plans on a call with analysts to lay off about 3 percent of the company’s roughly 10,000 employees, or 300 employees, the Boston Globe reported.
On May 9, San Francisco-based Twist Bioscience will reduce its stake by 25 percent (estimated at 270 employees), the San Francisco Business Journal reported.
Paramount Media Networks and Showtime/MTV Entertainment Studios, media divisions MTV, Showtime, Comedy Central, Nickelodeon and streaming service Paramount, revealed plans to cut 25% of their workforce and shut down MTV News as the company faces “economic headwinds like many of our peers.
In a financial report, Maryland-based pharmaceutical company Novavax announced it would cut a quarter of its workforce (which would be only about 500 of its just under 2,000 employees), as demand for covid vaccines declines, with CEO John Jacobs calling the resolution “necessary to better align our infrastructure and scale with the endemic Covid opportunity.
On May 8, Microsoft-owned LinkedIn plans to cut 716 of its roughly 20,000 positions, CEO Ryan Roslansky said in a statement, amid poor demand, “changes in visitor behavior” and a “rapid conversion landscape. “
On May 4, Shopify CEO Tobi Lutke unveiled the layoffs, along with a plan to sell its logistics arm to tech company Flexport, in a memo to employees, saying the company is adapting to the “dawn of the AI era” and has the “best chance of employing AI to help our customers” (layoffs are estimated at more than 2,300 of the most o’clock). minus 11,600 Shopify employees). according to PitchBook, after the company laid off 10% more of its workforce last July. )
On May 3, Unity Software will reduce its stake by about 8 percent and restructure “specific” internal teams, the San Francisco-based technology company said in a filing with the Securities and Exchange Commission, saying the restructuring plan will charge the company $26 million but position it for “successful long-term growth. “
On May 2, Morgan Stanley’s cuts will affect more than 3. 6% of its 82,000 workers and will mainly affect banking and commercial positions, several media outlets reported, bringing up resources familiar with the matter, after currency documents revealed that the company’s overall profits fell. 2 percent to $14. 5 billion in the 12 months to March 31 and just six months after the alleged reduction of another 1,600 employees (Forbes reached out to Morgan Stanley to confirm).
On April 27, ride-sharing company Lyft revealed plans to eliminate nearly 1,100 jobs in a Securities and Exchange Commission filing, just weeks after confirming a series of layoffs in a blog post and just about six months after another 700 people were laid off from the corporation.
On April 27, Vice Media’s layoffs may be just more than a hundred of the store’s roughly 1,500 employees, sources familiar with the matter told The Wall Street Journal, making it the newest media outlet to make cuts, along with BuzzFeed News, ESPN, Insider Inc. and NPR.
On April 27, Gap will lay off about 1800 corporate employees, according to a Securities and Exchange Commission filing, as part of a restructuring plan that will charge the company between $100 million and $120 million, following an initial job cutback in September that affected more than 500 people. Positions in companies.
On April 27, Dropbox’s layoffs will affect about 16% of the San Francisco-based tech giant’s staff, the company said in an SEC filing, bringing slow growth, an economic slowdown and as the company embraces the “AI era,” which CEO Drew Houston says is a “completely transformative work of wisdom. “
April 253M, the production giant known for its Post-It Notes and Scotch, announced it would cut 6,000 production positions in a bid to cut annual prices by as much as $900 million, just months after the company cut 2,500 positions in January, 3M said in a statement. declaration.
On April 24, Red Hat, a software maker based in Raleigh, North Carolina, began cutting 4% of its workforce, according to several media outlets, and the cuts affected about 760 of its 19,000 employees, according to PitchBook. (Forbes contacted Red Hat for confirmation. )
On April 21, Deloitte will eliminate 1,200 of its more than 156,000 jobs in its U. S. workforce. The U. S. government reported, the Financial Times reported, mentioning internal communications with employees (Deloitte did not respond to a request for confirmation from Forbes).
April 20 Whole Foods plans to eliminate several hundred jobs at the company, an internal Wall Street Journal memo shows, as the company aims to simplify operations and restructure some of its corporate teams, but won’t close any services or stores. (Whole Foods did not respond to a request for confirmation from Forbes. )
On April 18, Opendoor will cut 560 employees, or about 22 percent of its workforce, in its latest circular of job cuts, after the online real estate company cut another 18 percent of its headcount in November, telling Forbes that the company had suffered from higher lending rates and had been “resistant to a brutal transition in the housing”. with a 30% drop in new registrations compared to last year.
April 17The accounting firm Ernst
On April 14, David’s Bridal laid off 9,236 positions in the United States, according to a report filed with the Department of Labor of Pennsylvania, the state where the company is headquartered, and the company’s chief executive, James Marcum, said that recent dubious economic situations and the post-Covid environment has led the company to file for Chapter 11 bankruptcy and lay off most of its employees.
April 14 The extent of Best Buy’s layoffs is still unclear, though resources told the Wall Street Journal that the big tech and appliance store has informed many workers who have sold smartphones and computers at more than 900 U. S. retail outlets. U. S. positions have been cut.
On April 12, Redfin laid off 200 workers “due to slowing housing and economic uncertainty,” the Seattle-based company told Forbes, following two rounds of layoffs over the past year, adding one in November that affected 862 workers. (Redfin has more than 5,500 workers, according to PitchBook. )
On April 4, Walmart, the nation’s largest employer, laid off more than 2,000 employees at five plants, adding in Florida, New Jersey, Pennsylvania and Texas, just weeks after asking about 200 employees to look for other jobs at other corporate sites. As part of a workforce adjustment “for greater preparedness for long-term consumer needs. “
On April 3, McDonald’s plans to lay off “hundreds” of workers as part of a restructuring plan, Reuters reported, citing unnamed sources, after the fast-food giant closed its offices for part of the week to make layoffs: McDonald’s, which has 150,000 workers worldwide. Workers, according to PitchBook, responded to a Forbes survey.
Hyland Software, the developer of procedure control software OnBase, announced plans to eliminate 1,000 employees, or about one-fifth of its workforce, and rethink task responsibilities, as CEO Bill Priemer said the Ohio-based tech company “didn’t anticipate the degree of inflation, Emerging interest rates and wage increases would have an effect on our spending.
136,000. That’s the number of workers who were cut in primary layoffs in the U. S. The U. S. economy will increase in the U. S. in the first 3 months of 2023, more than the last two fiscal quarters combined, led by large staff cuts at Amazon, Google, Meta and Microsoft, according to Forbes tracker.
Despite the mass layoffs that continued at many giant corporations in the early months of 2023, the U. S. hard labor market has been disruptive. The U. S. government still controlled the creation of 236,000 jobs in March, while the unemployment rate fell to 3. 5% from 3. 6% in February, according to Labor Department data. This is the smallest accumulation in overall employment since December 2020, raising fears among economists that a recession is taking place.
Major U. S. corporations, ranging from tech startups to manufacturers, stores and banks, carried out a series of primary layoffs last summer, with nearly 125,000 U. S. workers affected by job cuts at more than 120 U. S. primary corporations. In the U. S. between June and December, according to the Forbes tracker. Employers were worried that higher inflation and multiple interest rate hikes through the Federal Reserve would plunge the economy into recession. Almost a portion of the cuts came in the months of November and December, driven by big cuts at Amazon, which laid off 10,000 workers, and Facebook and Instagram’s parent company, Meta, which laid off 11,000 workers. Amazon and Meta unveiled new rounds of cuts in March.
‘The economy is not doing well’: Job expansion slows as employers cut wages and freeze hiring (Forbes)
Another 136,000 people were laid off in the biggest job cuts in the U. S. This quarter, more than the last two quarters combined (Forbes)
The labor market added 236,000 jobs in March, the lowest since 2020, as economists’ recession is “underway” (Forbes)