Corporate America lays off thousands as recession worries mount


  (Reuters) - U.S. companies, from tech majors to consumer firms, are bracing for a potential economic downturn by shrinking their employee base to streamline operations.

Job cuts announced by U.S.-based employers jumped 13% to 33,843 in October last year, the highest since February 2021, according to a report.

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

Amazon.com Inc (AMZN.O):

The e-commerce giant has laid off some employees in its devices group as a person familiar with the company said it still targeted around 10,000 job cuts, including in its retail division and human resources. read more

Meta Platforms Inc (META.O):

The Facebook parent said it would cut 13% of its workforce, or more than 11,000 employees, in one of the biggest tech layoffs this year as it grapples with a weak advertising market and mounting costs.

DoorDash Inc (DASH.N):

The food delivery firm, which enjoyed a growth surge during the pandemic, said it was reducing its corporate headcount by about 1,250 employees.

AMC Networks Inc (AMCX.O):

The cable TV network said it would cut about 20% of its U.S. workforce, as it announced Chief Executive Officer Christina Spade had stepped down, less than three months into the role.

Kraken:

The cryptocurrency exchange said it would cut its global workforce by 30%, or about 1,100 employees, citing tough market conditions that have crippled demand for digital assets this year.

Citigroup Inc (C.N):

The bank eliminated dozens of jobs across its investment banking division, as a dealmaking slump continues to weigh on Wall Street's biggest banks, Bloomberg News reported.

Morgan Stanley (MS.N):

The Wall Street powerhouse is expected to start a fresh round of layoffs globally in the coming weeks, Reuters reported on Nov. 3, as the dealmaking business takes a hit.

Intel Corp (INTC.O):

Chief Executive Officer Pat Gelsinger told Reuters "people actions" would be part of a cost-reduction plan. The chipmaker said it would reduce costs by $3 billion in 2023. read more

The adjustments would start in the fourth quarter, Gelsinger said, but did not specify how many employees would be affected.

Microsoft Corp (MSFT.O):

The software giant laid off under 1,000 employees across several divisions in October, Axios reported, citing a source.

Johnson & Johnson (JNJ.N):

The pharmaceutical giant has said it might cut some jobs amid inflationary pressure and a strong dollar, with CFO Joseph Wolk saying the healthcare conglomerate is looking at "right-sizing" itself.

Twitter Inc:

The social media company laid off half its workforce across teams ranging from communications and content curation to product and engineering following Elon Musk's $44 billion takeover.

However, Bloomberg later reported Twitter was reaching out to dozens of employees who lost their jobs, asking them to return.

Lyft Inc (LYFT.O):

The ride-hailing firm said it would lay off 13% of its workforce, or about 683 employees after it already cut 60 jobs earlier this year and froze hiring in September.

Warner Bros Discovery (WBD.O):

Film subsidiary Warner Bros. Pictures is planning to cut a number of jobs in distribution and marketing that will reduce headcount by 5% to 10%, Bloomberg News reported.

Beyond Meat Inc (BYND.O):

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

Stripe Inc:

The digital payments firm is cutting its headcount by about 14% and will have about 7,000 employees after the layoffs, according to an email to employees from the company's founders.

Chime Financial Inc:

The online banking firm has laid off 12% of its employees, or about 160 jobs, a spokesperson said.

Opendoor Technologies Inc (OPEN.O):

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

Phillips 66 (PSX.N):

The refiner reduced employee headcount by over 1,100 as it seeks to meet its 2022 cost savings target of $500 million. The reductions were communicated to employees in late October.

Chesapeake Energy Corp (CHK.O):

The U.S. shale gas producer cut about 3% of its workforce, sources told Reuters, as the company readies for a sale of South Texas oil properties.

Seagate Technology Holdings Plc (STX.O):

The memory chip firm announced a restructuring plan including reducing worldwide headcount by about 8%, or 3,000 employees.

Arrival SA :

The EV startup said it plans to further "right-size" the organization, which could have a "sizable impact" on its global workforce, mostly in the UK.

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

Coinbase Global (COIN.O):

The cryptocurrency exchange said it planned to cut over 60 jobs, in its recruiting and institutional onboarding teams. read more

The move marks a second round of jobs cuts at the company this year, and comes at a time when cryptocurrencies have been roiled by extreme volatility as investors dump risky assets.

Walt Disney Co (DIS.N):

The media giant is planning to freeze hiring and cut some jobs, according to a company memo seen by Reuters.

Roku Inc (ROKU.O):

The video-streaming device maker said it would reduce its headcount by 5%, or about 200 employees, due to "current economic conditions".

Cisco Systems Inc (CSCO.O):

The networking and collaboration solutions company said it will undertake restructuring which could impact roughly 5% of its workforce. The effort will begin in the second quarter of the fiscal year 2023 and cost the company $600 million.

HP Inc (HPQ.N):

The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025.

CNN:

Warner Bros Discovery-owned (WBD.O) CNN's top boss Chris Licht informed employees in an all-staff memo that job cuts were underway.

Buzzfeed Inc (BZFD.O):

The online media company said it will cut about 12% of its workforce. As of Dec. 31 last year, the company had 1,522 employees in six countries.

Blue Apron Holdings Inc (APRN.N):

The online meal-kit company said it will cut about 10% of its corporate workforce, as it looks to reduce costs and streamline operations. The company had about 1,657 full-time employees, as of Sept. 30.

Wolverine World Wide Inc (WWW.N):

The casual footwear and apparel retailer said it had initiated a workforce reduction earlier this week and expects this initiative to result in about $30 million in savings in 2023.

TuSimple Holdings Inc (TSP.O)

The autonomous driving technology company will lay off 25% of its workforce, or nearly 350 employees, as part of a restructuring plan to rein in costs.

Micron Technology Inc (MU.O)

The memory chipmaker will cut 10% of its workforce in 2023 and would reduce its capex plans for fiscal 2024, citing a nagging glut in the semiconductor market.

Salesforce Inc (CRM.N)

The software company said it would lay off about 10% of its employees and close some offices as a part of its restructuring plan, citing a challenging economy.

Reporting by Deborah Sophia in Bengaluru; Additional reporting by Akash Sriram, Granth Vanaik, Eva Mathews and Yuvraj Malik; Editing by Sriraj Kalluvila, Shounak Dasgupta, Sherry Jacob-Phillips, Maju Samuel and Vinay Dwivedi

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