Here are the companies that have laid off employees this year

New York

Just this week, Alphabet, Google’s parent company, Microsoft (MSFT) and Vox Media announced layoffs Affects more than 22,000 employees.

His move follows job cuts earlier this month In Amazon, Goldman Sachs and Salesforce. More companies are expected to do the same as firms that have been aggressively hiring over the past two years slam the brakes, and in many cases shift into reverse.

The cutbacks are in sharp contrast to 2022, which had the second highest level of job cuts on record with 4.5 million. But as the year progressed, last year’s job numbers began to slide, with the December jobs report showing the lowest monthly gains in two years.

The highest level of hiring occurred in 2021, when 6.7 million jobs were added. But it came just after the first year of the pandemic, when America effectively shut down and 9.3 million jobs were lost.

The current layoffs are across a range of industries, from media firms to Wall Street, but so far are hitting Big Tech particularly hard.

This is in stark contrast to job losses during the pandemic, which saw consumers’ shopping habits shift towards e-commerce and other online services during the lockdown. Tech firms went on a hiring spree.

But now, employees are returning to their offices and in-person shopping is making a comeback. Add in the looming prospect of a recession, sluggish demand due to high interest rates and rising prices, and tech businesses are slashing their costs.

January has been making headlines with company after company announcing job cuts. Here is the list of layoffs this month – So far.

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Google’s (GOOGL) parent said Friday it is laying off 12,000 employees, or 6% of its workforce, across product areas and regions. Alphabet added 50,000 employees over the past two years as the pandemic created more demand for its services. But fears of a recent recession have pulled advertisers back from its core digital advertising business.

“The past two years have seen a period of dramatic growth,” CEO Sundar Pichai said in an email to employees. “To match and fuel that growth, we’ve hired for a different economic reality than we have today.”

The tech behemoth is laying off 10,000 employees, the company said in a securities filing on Wednesday. Globally, Microsoft has 221,000 full-time employees of which 122,000 are located in the US.

CEO Satya Nadella said during a talk in Davos that “no one can challenge gravity” and that Microsoft cannot ignore the weak global economy.

“We are living through a time of significant change, and as I meet with customers and partners, some things are clear,” Nadella wrote in a memo. “First, as we saw customers accelerate their digital spend during the pandemic, we are now seeing them optimize their digital spend to do more with less.”

The publisher of news and opinion website Vox, tech website The Verge and New York Magazine announced Friday that it is cutting 7% of its staff, or about 130 people.

“We are experiencing and expecting the same economic and financial pressures that others in the media and tech industries have faced,” Chief Executive Officer Jim Bankoff said in a memo.

The layoffs are also hitting Wall Street hard. The world’s largest asset manager is eliminating 500 jobs, or less than 3% of its workforce.

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Today’s “unprecedented market environment” is a stark contrast to its attitude over the past three years, when it increased its workforce by nearly 22%. Its last major round of cuts was in 2019.

The bank will lay off 3,200 employees this month amid a slowdown in global dealmaking activity. More than a third of the cuts are expected to come from the firm’s trading and banking units. Goldman Sachs (FADXX) had about 50,000 employees at the end of the third quarter of last year.

The crypto brokerage announced in early January that it was cutting 950 people – roughly one in five employees in its workforce. The move comes just months after Coinbase laid off 1,100 people.

Although bitcoin started the new year on a solid note, crypto companies were hit hard by the massive fall in the price of bitcoin and other cryptocurrencies.

McDonald’s (MCD), which thrived during the pandemic, plans to cut some of its corporate staff, CEO Chris Kempczynski said this month.

“We will evaluate roles and staffing levels in parts of the organization and there will be difficult discussions and decisions ahead,” Kempczynski said, “outlining a plan to break down internal barriers, drive greater innovation and reduce work that doesn’t align with it.” Company’s priorities. ,

The online personalized subscription clothing retailer said it plans to lay off 20% of its salaried workforce.

“We will be losing many talented team members across the company and I am truly sorry,” Katrina Lake, founder and former CEO of Stitch Fix (SFIX), wrote in a blog post.

As the new year begins, Amazon (AMZN) said it plans to lay off more than 18,000 employees. Departments from Human Resources to Company Amazon (AMZN) stores will be affected.

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“Long-standing companies go through different phases. They are not in expansion mode every year for heavy ones,” CEO Andy Jassy said in a memo to employees.

Amazon boomed during the pandemic, and has hired rapidly over the past few years. But demand has cooled as consumers return to their offline lives and grapple with higher prices. Amazon says it has over 800,000 employees.

At the New York Times DealBook summit in November, Jesse said he believed Amazon “made the right decision” about building out its rapid infrastructure but said its hiring spree was “a lesson for everyone”. Is.

Even as he spoke, Amazon warehouse workers who helped organize the company’s first US labor union at the Staten Island facility last year protested Jesse’s presence outside the conference site. Were staying

“We certainly want to take this opportunity to let it be known that workers have been waiting and we are ready to negotiate our first contract,” said Chris Small, president of the Amazon labor union.

Salesforce (CRM) will cut about 10% of its workforce of more than 70,000 employees and reduce its real estate footprint. In a letter to employees, Salesforce (CRM) president and co-CEO Marc Benioff acknowledged that the company’s workforce has grown too quickly. in the pandemic.

– CNN’s Claire Duffy, Matt Egan, Oliver Darcy, Julia Horowitz, Katherine Thorbeck, Paul R. La Monica, Nathaniel Meyersohn, Parija Kavilanz, Danielle Wiener-Bronner and Hanna Ziadi contributed to this report.


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