Walmart eliminates about 1,500 jobs on technology team

[CHICAGO] Walmart is cutting corporate staff in the company’s headquarters in Bentonville, Arkansas, and other offices, sources familiar with the matter said, as the world’s biggest retailer looks to trim costs and contends with economic volatility.

The company is eliminating some jobs on its global technology team, according to sources with knowledge of the layoffs who were not authorised to speak publicly about the matter. Less than 1,500 employees are affected, one of the sources said.

Walmart did not comment on the layoffs.

The shares were little changed in late trading in New York. The stock has risen 6.7 per cent this year to Wednesday’s (May 21) close, outperforming the S&P 500 Index.

The downsizing, aimed at removing organisational layers, follows a reorganisation in February, when Walmart cut some jobs and asked employees to move to central offices in Arkansas and California. The company has about 1.6 million US employees, making it the largest private employer in the country.

Walmart has performed better than its competitors in recent quarters, but warned that prices are poised to rise due to higher tariffs. Those remarks drew the ire of US President Donald Trump over the weekend. BLOOMBERG