Wednesday, February 21, 2024
HomeEconomyFactbox-Job cuts spill beyond tech sector

Factbox-Job cuts spill beyond tech sector

 
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(Reuters) – Several U.S. and Canadian companies, mostly in sectors such as technology and media, have kicked of the year with job cuts, as they look to keep a lid on costs in an uncertain economy.

Here is a rundown of layoffs announced so far in 2024:

TECHNOLOGY

Amazon (NASDAQ: AMZN)’s job cuts include less than 5% of employees at Buy with Prime unit, 5% at audiobook and podcast division Audible, several hundred in streaming and studio operations, 35% at streaming unit Twitch and a few hundred at healthcare units One Medical and Amazon Pharmacy.Layoffs at Alphabet (NASDAQ: GOOGL) include dozens at division for developing new technology X Lab, hundreds in advertising sales team, hundreds across teams, including hardware team responsible for Pixel, Nest and Fitbit (NYSE: FIT), and a majority in augmented reality team.

Microsoft (NASDAQ: MSFT) is cutting around 1,900 jobs at gaming divisions Activision Blizzard (NASDAQ: ATVI) and Xbox. IBM (NYSE: IBM) plans to lay off some employees in 2024, but will hire more for AI-centered roles.E-commerce firm eBay (NASDAQ: EBAY) plans to cut about 1,000 roles, or around 9% of its current workforce.

Videogame software provider Unity Software to cut about 25% of workforce, or 1,800 jobs.

DocuSign (NASDAQ: DOCU) plans to reduce its current workforce by about 6%, or 400 employees, with majority of layoffs in its sales and marketing organizations.

Snap plans to cut around 528 jobs, or 10% of its global workforce.

Salesforce (NYSE: CRM) is laying off about 700 employees, or roughly 1% of its global workforce. Network giant Cisco (NASDAQ: CSCO) is planning to restructure its business which will include laying off thousands of employees. Autonomous vehicle technology company Aurora Innovation lays off 3% of its workforce.

MEDIA

Walt Disney (NYSE: DIS)’s Pixar Animation Studios is set to cut jobs as the studio has completed production on some shows and has more staff than it needs.

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 who belong to the newspaper’s union.

Paramount Global is planning to conduct unspecified number of layoffs.

Business Insider plans to lay off around 8% of its staff.

Bell Canada plans to slash 4,800 jobs.

FINANCIAL SERVICES

PayPal (NASDAQ: PYPL) Holdings is planning to cut about 2,500 jobs, or 9% of its global workforce this year.

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Payments firm Block Inc has started to cut unspecified jobs as part of its previously disclosed plans.

Citigroup is planning to reduce its headcount by 20,000 people over the next two years.

Exchange operator Nasdaq plans to slash hundreds of jobs as it integrates fintech firm Adenza into its business.

World’s largest asset manager BlackRock (NYSE: BLK) is set to cut about 3% of its current workforce, though it expects to have a larger headcount by the end of 2024.

CONSUMER AND RETAIL

Cosmetics giant Estee Lauder (NYSE: EL) plans to cut 3% to 5% of its global workforce.

Wayfair (NYSE: W) plans to lay off 1,650 employees, or about 13% of its workforce.

U.S. department store chain Macy’s (NYSE: M) is cutting 2,350 jobs and closing five stores.

Levi Strauss & Co (NYSE: LEVI) is planning to slash 10% to 15% of global corporate jobs.

Hershey is planning a restructuring plan that will impact less than 5% of its workforce.

HEALTH

Novavax (NASDAQ: NVAX) is cutting about 12% of total workforce.

MANUFACTURING

Defense contractor Lockheed Martin (NYSE: LMT) is planning to cut 1% of its jobs.

United Parcel Service (NYSE: UPS) plans to cut 12,000 jobs in a bid to cut $1 billion costs after a bumpy year.

NATURAL RESOURCES

U.S. miner Piedmont Lithium cuts 27% of its workforce as part of a cost-cutting plan.

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