Layoffs pile up in US, Canada as companies uncertain of economy
COMPANIES in the United States and Canada have continued their job cuts in 2024 after letting go thousands last year, as the outlook on interest rate cuts by the Federal Reserve remains uncertain even as recession fears recede rapidly.
Here is a snapshot of job cuts announced so far this year:
Technology
Amazon’s job cuts include less than 5 per cent of employees at Buy with Prime unit, 5 per cent at audiobook and podcast division Audible, several hundred in streaming and studio operations, 35 per cent at streaming unit Twitch, a few hundred at healthcare units One Medical and Amazon Pharmacy. It also announced layoffs at Amazon Web Services (AWS) impacting several hundred roles in sales, marketing, and global services and a few hundred roles in the physical stores technology team.
Layoffs at Alphabet include dozens at the division for developing new technology X Lab, hundreds in the advertising sales team, hundreds across teams, including the hardware team responsible for Pixel, Nest and Fitbit, and a majority in the augmented reality team.
Microsoft is cutting around 1,900 jobs at gaming divisions Activision Blizzard and Xbox.
IBM plans to lay off some employees in 2024 but will hire more for AI-centreed roles.
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Intel said it would cut more than 15 per cent of its workforce, some 17,500 people, as the chipmaker pursues a turnaround focused on its money-losing manufacturing business.
E-commerce firm eBay plans to cut about 1,000 roles or around 9 per cent of its workforce.
Videogame software provider Unity Software to cut about 25 per cent of workforce, or 1,800 jobs.
DocuSign plans to reduce its workforce by about 6 per cent, or 400 employees, with a majority in its sales and marketing organisations.
Snap plans to cut around 528 jobs or 10 per cent of its global workforce.
Salesforce is laying off about 700 employees, or roughly 1 per cent of its global workforce.
Network giant Cisco is planning to restructure its business which will include laying off thousands of employees.
Autonomous vehicle technology company Aurora Innovation lays off 3 per cent of workforce.
Canada’s BlackBerry plans more layoffs, in addition to about 200 job cuts in the prior quarter.
Satellite radio company SiriusXM plans to reduce workforce by about 3 per cent, or about 160 roles.
Bumble is set to eliminate 350 jobs or about 30 per cent of its workforce.
Automakers
Electric automaker Tesla will lay off more than 10 per cent of its global workforce, an internal memo seen by Reuters on Monday shows, as it grapples with falling sales amid an intensifying price war for electric vehicles.
EV maker Lucid said it would reduce its workforce by 6 per cent, or around 400 employees, the electric vehicle industry grapples with slower growth.
Media
Pixar Animation Studios, producer of classic films such as Toy Story and Up, began laying off about 14 per cent of its workforce as it scales back development of original streaming series. About 175 people will be affected by job cuts at the Walt Disney Co unit.
Comcast-owned British media group Sky plans to cut about 1,000 jobs across its businesses this year.
The Los Angeles Times plans to lay off 94 journalists.
Paramount Global is planning to conduct an unspecified number of layoffs.
Business Insider plans to lay off around 8 per cent of its staff.
Bell Canada plans to slash 4,800 jobs.
Financial services
PayPal Holdings is planning to cut about 2,500 jobs, or 9 per cent of its global workforce this year.
Payments firm Block has started to cut unspecified jobs.
Citigroup is planning to reduce its headcount by 20,000 people over the next two years. It has announced plans to slash 716 roles in New York towards that target.
Investment banking giant Morgan Stanley is planning to cut hundreds of jobs in its wealth management unit, a person familiar with the matter told Reuters, adding that the cuts will impact less than 1 per cent of the division’s employees.
Exchange operator Nasdaq plans to slash hundreds of jobs as it integrates fintech firm Adenza into its business.
Asset manager BlackRock is set to cut about 3 per cent of its workforce but expects a larger headcount by the end of 2024.
Consumer and retail
The world’s largest retailer, Walmart, plans to cut hundreds of jobs at its corporate headquarters and relocate a majority of its US and Canada-based remote workforce to three offices.
Cosmetics giant Estee Lauder plans to cut 3 to 5 per cent of its global workforce.
Wayfair plans to lay off 1,650 employees, or about 13 per cent of its workforce.
US department store chain Macy’s is cutting 2,350 jobs, closing five stores.
Levi Strauss is planning to slash 10 to 15 per cent of global corporate jobs.
Hershey’s restructuring plan will impact less than 5 per cent of its workforce.
Nike will cut about 2 per cent of its total workforce, or more than 1,600 jobs, as the sportswear giant looks to cut costs after flagging weaker profits this year. The company’s footwear brand, Converse, will also cut jobs as part of Nike’s on-going US$2 billion cost savings plan.
Health
Novavax is cutting about 12 per cent of workforce.
Consumer health firm Kenvue will cut 4 per cent of its global workforce.
Manufacturing
Defence contractor Lockheed Martin is planning to cut 1 per cent of its jobs.
Spirit AeroSystems is laying off several hundred members of its workforce in Wichita, Kansas, according to an internal memo, as the company deals with high debt and slowed production at Boeing, its key customer.
US defence contractor L3Harris cut 5 per cent of its workforce in April in a bid to streamline its business and save costs.
Logistics
United Parcel Service plans to cut 12,000 jobs to cut costs.
FedEx is planning to cut between 1,700 and 2,000 back-office jobs in Europe, as the parcel delivery company struggles with weak freight demand.
Natural resources
US natural gas producer Chesapeake Energy is laying off employees after completing the divestiture of its oil assets last year.
US miner Piedmont Lithium cuts 27 per cent of workforce in the cost-cutting plan.
Canadian oil and gas pipeline firm TC Energy has laid off some of its workers as part of a previously announced plan to integrate its natural gas pipeline units.
Canada-based crude pipeline operator Enbridge said it would reduce its workforce by 650 jobs, or 5 per cent, in a bid to cut costs. REUTERS
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