Microsoft announced on January 18 that it planned to reduce its workforce by 10,000 jobs by the end of the third quarter of this year. Netflix has seen 4 rounds of layoffs this year, totaling around 500 workers. He then said the layoffs shouldn't have happened right before the holiday, but, "three months ago.". The Germany-based meal kit company announced it planned to close a Richmond, California, warehouse and eliminate 611 workers' roles by December 11. Waymo did confirm the cuts to Insider but did not specify the number of roles impacted or the date the first round of cuts occurred. In a memo to employees, CEO Tobi Lutke said that the company which makes the tech that powers businesses' online stores had bet big on the pandemic-era e-commerce boom. "The painful result of this shift is that we will have to say goodbye to some of our firm functions colleagues, while helping others move into new roles that better align to our firm's strategy and priorities," Bob Sternfels, global managing partner, wrote in a note to staff seen by Bloomberg. An estimated 3,700 Twitter employees, or about 50% of the company's workforce, woke up to emails saying that they had been laid off on Nov. 4, shortly after new owner Elon Musk took over the social platform. But after assessing the challenging market conditions and uncertainty ahead, I believe this is the responsible action to take.". "I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. Better followed up with another 3,000 layoffs in March, and began accepting voluntary layoffsin some departments. Personal Finance Insider's review of Coinbase. "First as president and then as CEO, it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team," Spaulding said in a statement. The layoffs have primarily affected the tech sector, which is now hemorrhaging employees at a faster rate than at any point during the pandemic,the Journal reported. A spokesperson for Opendoor told Insider by email,"We've been weathering a sharp transition in the housing market the steepest and fastest rate increase by the Fed in 40 years, the more than doubling of mortgage rates from historic lows, and the hit to home affordability have driven an approximately 30% decline in new listings from peak levels last year.". "This is not a case of rightsizing, but rather, re-evaluating whether we have the right talent and expertise in critical roles," the Binance statement continued. Ernst & Young announced on April 17 it was laying off 3,000 US employees, or about 5% of its total US staff. Armstrong predicted "there could still be further contagion" from FTX in the crypto markets but assured remaining employees that Coinbase is well capitalized. Ford plans to lay off roughly 3,000 salaried and contract workers as part of a restructuring and shifting focus toward producing electric vehicles. "We're making organizational changes to further set us up to deliver against our company priorities and our long-term strategy," a company representative said. Igor Golovniov/SOPA Images/LightRocket/Getty Images, Harry Murphy/Sportsfile for Web Summit via Getty Images, Pavlo Gonchar/SOPA Images/LightRocket via Getty Images, Photo by Michael M. Santiago/Getty Images, Lars Ronbog/Getty Images for Copenhagen Fashion Summit, is cutting 1,800 positions in its headquarters, Securities and Exchange Commission filing, according to a message included in a regulatory filing on Tuesday, memo sent to employees posted on Dell's website, CEO Pat Gelsinger will take a 25% pay cut. Twitter slashed 50% of its workforce. "Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Virgin Orbit CEO Dan Hart said, according to audio of a company all-hands obtained by CNBC. The company said it's also making cuts to third-party labor costs. "While we have made great progress in improving speed in the last few years, we haven't focused as much on improving efficiency. The spokesperson said the layoffs also include some staffers in "central functions, both employees and consultants.". Interactions with those coaches were often through text, which users critiqued as "canned advice." Michael Seto/Business Insider Tech layoffs are far from over, according to tech investor Gene Munster. The layoffs were set to be completed by October 18, according to the filing. The company attributed the layoffs to the "increasing cost related to the electrification of the automotive market.". The layoffs represent about 10% of Wayfair's corporate team, the company said, and will cost between $30 million and $40 million for severance and benefits for laid-off employees. "With this in mind, we've made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks. In September, Nordstrom filed a WARN notice in Iowa announcing that it planned to cut 222 employees at a distribution center in Cedar Rapids. He continued: "Starting now, where local regulations allow, we will begin to notify colleagues who will depart our firm or be asked to change roles.". Sign up for notifications from Insider! Bloomberg reports that CFO James Kavanaugh said the company is still hiring in "higher-growth areas.". Salesforce co-CEO Marc Benioff announced on Jan. 4 that the software company plans to layoff 10% of its workforce an estimated 7,000 employees and close select offices as part of a restructuring and cost-cutting plan. The eliminations came after the bank had invested heavily in tech efforts in recent years, including launching a new software business focused on cloud computing in June 2022. "Our staffing decision this week was a result of cyclical changes in the mortgage market," a JPMorgan spokesperson said in a statement to Insider at the time. It follows similar cuts from other banks like Goldman Sachs and Citigroup. Microsoft's layoff announcement comes as the tech giant is reportedly in talks to invest $10 billion in OpenAI, which created the AI chatbot ChatGPT. According to data cited by the Journal from Layoffs.fyi, a site tracking layoffs since the start of the pandemic, tech companies slashed more than 187,000 in 2023 alone compared to 80,000 in March to December 2020 and 15,000 in 2021. Photo by Michael M. Santiago/Getty Images News broke Tuesday of two high-profile Goldman. In a memo to employees viewed by CNBC, Whole Foods executives wrote "simplifying our work and improving how we operate is critical as we grow.". Access your favorite topics in a personalized feed while you're on the go. The layoffs span across industries, from mortgage lending to digital-payment processing. The layoffs come months after Reef said it would pause operations on some of its "underperforming" locations. Accenture is slashing 19,000 roles, or 2.5% of its total workforce, according to a Security and Exchange Commission filing on March 23. The cuts will mainly impact Carvana's corporate and tech departments, CNBC reported. In a statement announcing the layoffs on PayPal's website, CEO and president Dan Schulman cited the "challenging macro-economic environment. Here are notable job cuts so far in 2023: Cryptocurrency exchange Binance is considering staff cuts as the company evaluates its "talent density," a Binance spokesperson told Insider. The layoffs come after the company said in November 2022 it planned to exit 40 locations in the US as part of a larger cost-cutting effort. Citi's cuts were first reported by Bloomberg. It's part of a $1 billion cost-cutting effort intended to help amid "challenging energy markets," Dow CEO Jim Fitterling said in a press release. The layoffs come only one month after CEO Mary Barra told investors and reporters on the company's earnings call, "I do want to be clear that we're not planning layoffs. Jun 2, 2023, 2:00 AM PDT Nearly 4,000 people who were laid off in May lost their job because of artificial intelligence, per a new report. The satellite TV business has faced slowing revenues as more people choose to cut the cord and pay for streaming services over cable TV. BNY Mellon is planning to cut approximately 3% of its workforce, or 1,500 jobs, according to the Wall Street Journal, which cited people familiar with the matter. The layoffs primarily impacted employees in its Autopilot division. Affirm co-founder and CEO Max Levchin said in a call with investorsthat the technology company "has taken appropriate action" in many areas of the business to navigate economic headwinds, including creating a "smaller, therefore, nimbler team.". He attributed the layoffs to "the uncertainty of the global economy and its effect on our customers" but also said the company "made mistakes" as it grew. A spokesperson for the bank did not immediately respond to Insider's request for comment and declined to comment to Bloomberg. Capital One slashed 1,100 technology positions on January 18, a company spokesperson told Insider. It's the latest piece of evidence that AI will disrupt a significant number of jobs. Walmart announced layoffs in its corporate division, as well as at one of its fulfillment centers. In a message to employees shared on Amazon's site, CEO Andy Jassy noted that the impacted positions are largely in the Amazon Web Services, People Experience and Technology Solutions, Advertising, and Twitch departments. Alphabet's self-driving car unit Waymo has reportedly laid off a total of 209 employees this year in two rounds of cuts, according to The Information. Stitch Fix announced on Jan. 5 that it plans to slash 20% of its salaried workforce, the Wall Street Journal reported. Compass CEO Robert Reffkin told staffers on Jan. 5 it would conduct more layoffs, following two previous rounds in the past eight months, as the brokerage continues to struggle with significant financial losses. Yahoo announced it will eliminate 20% of its staff, or more than 1,600 people, as part of an effort to restructure the company's advertising technology arm, Axios reported on February 9. "The cost and efficiency program that we have initiated involves reviewing our organization and we are very mindful of the fact that colleagues will be affected by this," H&M Group CEO Helena Helmersson said in a statement. The statement came after a series of tweets from independent journalist Colin Wu on May 31 that indicated forthcoming layoffs at the company. Last month, Amazon announced plans to lay off as many as 10,000 workers across divisions, including devices, retail, and human resources. CEO Barry McCarthy called it "the final phase of the company's transformation journey.". The investment banking giant is set to lay off up to 8% of its staff as soon as January, according to a person familiar with the cuts. Weight loss company Jenny Craig notified staffers of potential mass layoffs on April 27, as a result of the company "winding down physical operations," according to an internal email reviewed by NBC News. The company, which owns USA Today, along with local newspapers in 46 states, reported a net loss of nearly $54 million in the second quarter. A spokesperson for Lyft previously told Insider, "David has made clear to the company that his focus is on creating a great and affordable experience for riders and improving drivers' earnings. In the company's earnings release, Thoughtworks' CEO Guo Xiao said, "We are pleased with our performance in the fourth quarter and our clients continue to look to us to help them navigate these uncertain times and tackle their biggest technology challenges.". Real estate firm Re/Max will lay off 17% of its workforce by the end of the year, the company announced. On Tuesday, the Scotch tape and Post-It Notes manufacturer said it will be cutting 6,000 positions across all parts of the company with the goal of streamlining operations, simplifying supply chain, and reducing layers of management, according to The Wall Street Journal. Disclosure: Mathias Dpfner, CEO of Business Insider's parent company, Axel Springer, is a Netflix board member. United Furniture Industries, one of the largest furniture companies in the country, laid off 2,700 employees on Nov. 21. Waymo reportedly laid off 137 employees on March 1, according to The Information. What kinds of jobs did they perform? May 30, 2023, 1:02 PM PDT Two of Goldman Sachs' high-profile partners are reportedly heading for the exit. TechCrunch noted that the company "did not dispute" the figure when reached for comment on March 1. "It's not a secret that the company hasn't been doing well, but I didn't expect to wake up and lose my job," a Berlin-based employee who was laid off by Gorillas told Insider. The company laid off around 450 people this summer - with one round of layoffs affecting 150 workers in May, and another round affecting 300 in June. 26, 2023, 08:39 AM InvestorPlace - Stock Market News, Stock Advice & Trading Tips Source: saaton / Shutterstock.com Walgreens (NASDAQ: WBA) stock is in focus after the company announced today. Those are just headlines in the last week and it's likely only the beginning, industry experts say. About 3,900 people lost their jobs because of artificial intelligence in May, a new report found. Zuckerberg also said the company would close around 5,000 open roles that haven't yet been filled as part of the company's effort to downsize. "Their contributions have been critical to maturing our software delivery model and our overall tech transformation.". "We are taking these actions to further optimize our cost structure and prioritize business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe," Fittlering said. The Meta CEO said he wanted to. Citi plans to cut hundreds of jobs, with many focused on the company's investment bank division. CEO Satya Nadella attributed the layoffs to customers cutting back in anticipation of a recession. About 20 of the company's 200 employees were let go in the layoffs, which came as a major surprise to those affected. "We were seeing the tailwinds of the pandemic accelerate the adoption of e-commerce shopping, and I personally pushed hard to hire a strong team to support that growth. The company announced the cuts in a press release listing its fourth-quarter earnings call date, stating only the reductions are "in connection with its portfolio optimization and in continuing to streamline operations.". The layoffs were initially reported by Semafor, which said that 4,000 workers' jobs might be on the line. Software company SAP said on January 26 it will slash up to 3,000 jobs globally in response to a profit slump, with many of the cuts coming outside of its headquarters in Berlin, the Wall Street Journal reported. This is a hard decision and one we're not making lightly. She also noted that those impacted will be contacted directly and will have the opportunity to speak with a leader from their department as well as a member of the company's People + Culture team. Pinterest said it would cut 150 workers, or less than 5% of its workforce, on February 1, the company confirmed to Insider. Peloton was once a pandemic darling, but the fading popularity of at-home fitness and mishandling of its logistics operation has put a strain on the business. Jun 4, 2023, 3:45 AM PDT Elon Musk touched on a missed opportunity, Warren Buffett, and firing people in a 2008 profile. He added, "rather than rush through these assessments without the appropriate diligence, we chose to share these decisions as we've made them so people had the information as soon as possible.". Affirm announced on February 8 it plans to slash 19% of its workforce, after reporting declining sales that missed Wall Street expectations. The cuts appear to be tied to the company downsizing its presence in the San Francisco Bay Area, according to TechCrunch. The e-commerce clothing company previously laid off nearly 300 workers, mostly in retail in March 2020 amid the outbreak of the Covid-19 pandemic. The cuts came after the crypto company laid off over 1,000 employees in July. And in a challenging economic environment, efficiency takes on greater importance. Walmart asked about 200 workers at five fulfillment centers to find employment elsewhere in the company in the next 90 days or else be laid off, Reuters reported on March 23. The layoffs are part of the consulting firm's efforts to reorganize support teams and pare down an employee base that has grown rapidly in recent years, per the outlet. Wayfair is expected to lay off more than 1,000 employees, about 5% of its workforce, in the coming weeks in response to slumping sales, the Wall Street Journalreported on January 19. The cuts are a response to the reduction of evening and weekend shifts at select Walmart facilities, including those in Chino, California; Davenport, Florida; Bethlehem, Pennsylvania; Pedricktown, New Jersey; and Fort Worth, Texas, per Reuters. JPMorgan announced on March 26 that it is slashing 500 roles, CNBC reported. It's the right thing for Shopify but it negatively affects many team members who we admire and love working with.". The world around us has continued to get tougher and to do what is best for the business, we have to make some painful choices to adapt," CEO Ernest Garcia III wrote in an email to employees obtained by CNBC. ", He added, "While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do.". Cloud storage firm Dropbox said Thursday that it would be reducing its global workforce by 16%, or 500 jobs. "We've let our operating costs increase at a faster rate than our sales, and in turn our profitability," Gap's interim CEO, Bob Martin, wrote in a memo to employees obtained by The Journal. I'm an ex-Amazon senior leader. "We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. "Today's changes were the result of taking a hard look at our strategic priorities and organizational structure as a leadership team, and aligning to principles of sustainable financial growth, efficiency, and flexibility to invest in our future. The practice of big banks' trimming headcounts after performance reviews was put on hold during the Covid-19 pandemic, but many companies have recently reinstated the practice. Much of that explosion in stock value was driven by accessible trading platforms like Robinhood. The automaker has estimated that electric cars require 30% less labor than conventional vehicles. BuzzFeed announced on April 20 that it was shuttering its BuzzFeed News division, laying off 15% of its staff, or 180 employees, in the process. "The purpose is to further focus on strategic growth areas," said Luka Mucic, SAP's chief financial officer, per the Journal. In February, Peloton fired over 2,800 people and announced its former CEO, John Foley, would depart amid an ongoing downturn in the company's business. Here are some of the most notable examples so far: Stellantis, which makes Jeep, Chrysler, and Dodge cars, confirmed that it plans to idle an assembly plant in Belvidere, Illinois, starting in February 2023, resulting in permanent layoffs for roughly 1,350 workers. By clicking Sign Up, you also agree to marketing emails from both Insider and Morning Brew; and you accept Insiders, Matt Winkelmeyer/GA/The Hollywood Reporter via Getty Images, Pavlo Gonchar/SOPA Images/LightRocket via Getty Images, Pat Greenhouse/The Boston Globe via Getty Images, Sam Barnes/Sportsfile for Web Summit via Getty Images, Jeff Greenberg/Contributor/Universal Images Group Editorial via Getty, unable to log into their work email accounts, slashed 250 jobs in Canada earlier this year, a Berlin-based employee who was laid off by Gorillas told Insider. In the filing, the company also said it is scaling back on hiring and has eliminated over 250 open positions. Our focus is executing the actions we initiated in 2022 and delivering the best performance for customers and shareholders," he said in a press release. Arif Qazi / Insider The venture studio. IBM plans would cut 1.5% of its staff, roughly 3,900 workers. According to TechCrunch, Thoughtworks "initially informed" the affected employees about the decision on February 28. Galanis described the layoffs as a "course correction" in a statement to Variety. ", In a memo to employees, seen by Insider, GM's chief people officer wrote, "we are looking at all the ways of addressing efficiency and performance. The company said the restructuring plan is expected to be complete by the second quarter of fiscal 2024, per the filing. In a statement to Insider, a company spokesperson said the decision was intended to "improve profitability in 2023 and continue our efforts to help leave the fashion industry cleaner than we found it.". And while new users piled in during the pandemic, Robinhood hired rapidly. The terminations impacted "all employees" at the company's facilities in Verona, Mississippi; Victorville, California; and Winston-Salem, North Carolina. Between 2020 and 2021, Robinhood staff grew dramatically: from 700 people to around 3,800, according to CEO Vlad Tenev. The cuts mark the second round of layoffs in six months for the online furniture and home goods company, after it nixed 900 staffers in August 2022. Shopify is slashing 20% of its workforce and selling off most of its logistics business to supply chain company Flexport, the company announced on May 4. The latest round of layoffs come after Gopuff cut 3% of its workforce, or more than 400 workers, in March. Amazon is planning to cut roughly 10,000 tech and corporate roles,The New York Times first reported. The company cited "unforeseen business circumstances"in emails and texts sent to staffers overnight just a few days before Thanksgiving, according to local reports. It's for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success," CEO Kris Marszalek wrote in a memo to employees. This is the second major round of firings for Crypto.com, which also had layoffs in July. In June, JPMorgan confirmed that it would lay off over 1,000 employees in its home-lending department. AndreyPopov/Getty Images About 3,900 people lost their. DirecTV employees were told in the first week of January that the company would lay off several hundred workers in management roles. Sox (voice: Peter Sohn) and Buzz Lightyear (voice: Chris Evans) Walt Disney Studios Motion Pictures / Courtesy Everett Collection. "As a business, during these uncertain times, we owe it to our investors and customers to accelerate our timeline to profitability. Just last week, the largest eating disorder support nonprofit in the US, the National Eating Disorder Association, confirmed to Insider's Britney Nguyen that it was replacing at least six helpline employees with an AI chatbot named Tessa it has been using since last year. That same day, over 1,000 employees were notified they'd been laid off when they were unable to log into their work email accounts the company said in a regulatory filing at the time that its workforce would be reduced to about 5,000 employees by the end of the second quarter of 2022. A spokesperson told Insider reduction is intended to assist with ongoing economic concerns and improve the company's balance sheet. In September, Gap slashed 500 jobs from its corporate ranks in a push to save $250 million annually, the Wall Street Journal reported. The layoffs, the company said, were part of a larger "shift to long-term profitability," which meant trimming staff as Gorillas focuses on its five "core" markets: Germany, France, the Netherlands, the UK, and the US. In addition, other members of the executive leadership team will also reduce their base salaries by 20% this year, according to Yuan. Before that, in April, the company laid off 25 marketing employees from its new fan site, Tudum. "We are carrying out displacements in a transparent and thoughtful manner and providing assistance, such as severance and career counseling. At the time, Zuckerberg called the layoffs a "last resort.". ", He continued: "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that.". Carvana plans to lay off 1,500 people, or about 8% of its workforce. The cuts are a result of a structural reorganization of global and regional support teams, which will be downsized from nine to six, but will not cause store closures, according to CNBC. He continued: "This is a consequential and hard week. Other listed reasons that cost more jobs include things like market and economic conditions, cutting costs, restructuring, or mergers and acquisitions. "As a result, we would suggest that you anticipate that your employment may be impacted and begin to seek other employment.". The streaming company reported losing 200,000 subscribers in the first quarter and nearly 1 million in the second. Even traditionally layoff-resistant companies like Netflix have made cuts, and now companies that saw a pandemic-era boom, like Shopify, are cutting hundreds. Additionally, we are committed to retaining as many employees as possible and will do everything we can to help them identify other opportunities within Wells Fargo," a Wells Fargo spokesperson said in a statement provided to Insider at the time. "We do not know the exact employees/groups whom will be impacted, and if any employees may be retained," the document said, per NBC News. Twitter slashed 50% of its workforce. The cuts were in the recruiting department, though the total number laid off is not immediately clear, The Information reported. The layoffs will reportedly impact employees in a wide range of departments and will mainly take place at Gap's offices in San Francisco, New York, and Asia. Garg told employees during a Zoom call that the company "lost $100 million last quarter," which he said, "was my mistake." "Impacted team members will receive severance pay, extended health benefits, and job transition support. Snap's hardware division will also see cuts, weeks after the company announced it was canceling its Pixy drone camera, The Verge reports. Two of the employees who were laid off said Food52 executives told them the company was "pivoting to commerce," and away from the type of content that was created by the affected employees: recipes and other instructional cooking content. May 18, 2023, 5:55 AM PDT Gene Munster thinks more tech layoffs are coming. The layoffs will reportedly be focused on workers in North America, and CEO Gary Steele told employees Splunk would continue to hire in "lower-cost areas.". The cuts confirmed growing concern of layoffs among staffers in recent weeks, following the cancellation of several team-building offsite events and analyst speculation that Shopify would alter its logistics arm, Insider reported. We ask for your patience as we do right by our departing team members," CEO Andrea O'Donnell wrote to employees, according to an internal memo seen by Insider. ", The spokesperson added, "To do so requires that we reduce our costs and structure our company so that our leaders are closer to riders and drivers. "We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected. ", An H&M spokesperson told Insider the impacted roles are largely within the company's tech organization in Sweden, noting stores are not part of the terminations. By clicking Sign Up, you also agree to marketing emails from both Insider and Morning Brew; and you accept Insiders, David Fitzgerald/Sportsfile via Getty Images, Xinhua News Agency / Contributor/Getty Images, Alex Tai/SOPA Images/LightRocket via Getty Images, Photo by Arturo Holmes/Getty Images for Tribeca Festival, Photo by Niall Carson/PA Images via Getty Images, Peter Prado/Insider; Vaughn Ridley/Sportsfile via Getty Images. The first wave started right before the holiday season in 2021, when CEO Vishal Garg laid off "hundreds" of people. But it's not just tech companies that are cutting costs, with the major job reductions that have come from the Gap, along with FedEx, Dow, and Wayfair. CEO Mike Roman called it "a necessary decision to align with adjusted production volumes.". Wilson said the cuts began early this quarter and will continue through the beginning of the next fiscal year. Ashley Stewart Jan 17, 2023, 10:46 AM PST Christophe Morin/IP3/Getty Images Microsoft employees are bracing for an additional round of layoffs as soon as this week. Terminated employees were notified in blunt emailsthat Twitter was "conducting a workforce reduction to help improve the health of the company" and offered severance. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set.". In the message to employees, CEO Vlad Tenev said that the earlier round of layoffs "did not go far enough" to bring down costs amid record inflation and the crypto market crash, which has reduced trading activity on the platform, he said. Smith, a data. In a memo to Spotify employees, CEO Daniel Ek said the company would cut 6% of its staff, about 600 people. "We will support our colleagues in finding the best possible solution for their next step.". The cuts were part of a series of new cost-cutting measures that include pausing expansion, consolidating offices, and halting mergers and acquisitions, Bloomberg reported. Ben Gilbert contributed to an earlier version of this article. This is a decision I truly hoped I'd never have to make," he wrote. The cuts will primarily affect employees in the technology division, the result of a "shift in strategy" as it partners with a third-party technology vendor, Re/Max said. E-cigarette company Juul plans to lay off about a third of its workforce, or roughly 400 people. Amazon's layoffs began late last year, though the Wall Street Journal reports cuts will continue through the first few weeks of 2023. The company also plans to reduce its operating budget by as much as 40%, the Wall Street Journal reported. We can and will do better.". Calm, a competitor to Headspace, had layoffs earlier this year, as well. "We recently adjusted staffing levels to better prepare for the future needs of customers," a Walmart spokesperson told Reuters in a statement. The embattled investment bank announced in late October that it plans to "radically restructure" and cut 5% of its headcount, or 2,700 workers. The cuts followed a staffing boom during the pandemic, when the company grew from around 100 employees before 2020 to about 400 in 2022. Dow Inc. announced on January 26 that it will lay off 2,000 global employees, a move that indicates mass layoffs are spreading beyond just the technology sector, the Wall Street Journal reported. Jassy cited "the uncertain economy" and rapid hiring as reasons for the layoffs. Goldman Sachs is the latest company to plan a major round of layoffs. "Despite increasingly challenging macroeconomic conditions, we made progress on our 2022 strategic initiatives and continued our efforts to manage costs effectively," GoDaddy CEO Aman Bhutani wrote in an email to staffers. Armstrong partially attributed the company's weakness to the "fallout from unscrupulous actors in the industry," likely referencing the alleged fraud that took place at FTX late last year under then-CEO Sam Bankman-Fried. Furniture and home goods company, Wayfair, said it would layoff about 870 employees 5% of its global workforce the Wall Street Journal reported. Amazon is in the midst of the most significant round of layoffs in the company's history. "We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably toward the highest priorities," Yuan said. Erin Scott/Reuters Mark Zuckerberg addressed staff in an all-hands meeting Thursday, The Washington Post reported. Some 3,900 of the over 80,000 job cuts that took place in May were attributed to AI, the report found. "At this time, there are no updates to share.". Microsoft announced in July that it was cutting a "small number" of employees across several groups, including consulting and customer and partner solutions, a company spokesperson told Bloomberg. The layoffs came less than a year after Rivian went public inthe largest IPO of 2021. We're adjusting our operations costs to align with these changes and will continue to invest in new entertainment products and service enhancements," a spokesperson for DirecTV told Insider. In a memo sent to employees posted on Dell's website, co-chief operating officer Jeff Clarke, said "market conditions continue to erode with an uncertain future. "Employees impacted by this reduction have been contacted and will be provided with information and resources to support their transition," Edeman wrote in the email reviewed by Politico. In the news Home Tech LinkedIn is the latest company to slash jobs amid a layoff wave expanding beyond tech. Crypto exchange platform Coinbase will cut another 60 jobs, The Information reported. "While our business continues to grow fast, given how quickly we hired, our operating expenses if left unabated would continue to outgrow our revenue," DoorDash CEO Tony Xu wrote in a letter to staff on Nov. 30, per Bloomberg. "While we're making meaningful progress creating economic opportunities for our members and customers and experiencing record engagement on the platform, we're also seeing shifts in customer behavior and slower revenue growth," Roslansky said. The cost-cutting efforts from the investment banking giant mirror reductions from competitors including Morgan Stanley and Citi, which also laid off employees in 2022. "This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions," CEO Raj Subramaniam wrote in a letter to staff, which was shared with Insider's Emma Cosgrove. Everlane is slashing 17% of its 175-person corporate workforce, and 3% of its retail staff. DocuSign plans to slash 10% of employees as part of a restructuring plan "designed to support the company's growth, scale, and profitability objectives," the electronic signature company wrote in a Securities and Exchange Commission filing on Feb. 16. "In a small number of cases, it may take through the end of the year to complete these changes," he wrote. "As the grocery industry continues to rapidly evolve, and as we like all retailers have navigated challenges like the COVID-19 pandemic and continued economic uncertainty, it has become clear that we need to continue to build on these changes," the memo read, per CNBC. Real estate brokerage Compass cut about 10% of its workforce, or 450 employees, the company announced in a regulatory filing. Here are the 3 types of employees most at risk during layoffs and the 2 that are safest. Intuit Almost 300,000 staff have been laid off by tech firms since the start of 2022, per Layoffs.fyi. ", He also noted in the memo that the company had paused hiring, limited employee traveling, and decreased spending on outside services. It's the first time AI is listed as a cause in Challenger, Gray, and Christmas's monthly report. According to the Financial Times, which first reported the layoffs, the cuts will address "overcapacity" and will largely impact the company's consulting business. Sundar Pichai, CEO of Google parent company Alphabet, informed staffers on January 20 that the company will lay off 12,000 employees, or 6% of its global workforce. It's unclear when the layoffs will begin or which divisions will be impacted, though as many as 2,500 workers could be impacted, according to Protocol. In a memo to employees, CEO Brian Armstrong said, "in hindsight, we could have cut further at that time," referencing the layoffs in July. While most of Amazon's 1.5 million staff have warehouse jobs, the layoffs are concentrated in Amazon's corporate groups. Amazon announced on March 20 that it would cut 9,000 jobs from its workforce over the coming weeks. "Our people are what makes Vimeo great, and losing any of them is a personal failure that I feel deeply. Brandon Southern is the former head of analytics . The food delivery company grew rapidly during the pandemic, but has struggled against rising competition in the sector and the looming economic recession. "We are evaluating our strategic options and a sale process is underway," David's Bridal spokesperson Laura McKeever told the Philadelphia Inquirer. "I want to take accountability for these decisions and for how we got here," CEO Mark Zuckerberg wrote in a blog post. The report didn't provide an exact headcount reduction at Pepsi, but the cuts reportedly affect workers in Purchase, NY, Chicago, and Plano, TX. Chris Williams was at Microsoft for nearly 8 years. While decisions like these are always hard, they are prudent and allow us to continue to build a long-term, successful business for all of you.". The downsizing followed significant reductions that companies including Meta and Twitter made last year. "In order for BuzzFeed to weather an economic downturn that I believe will extend well into 2023, we must adapt, invest in our strategy to serve our audience best, and readjust our cost structure," CEO Jonah Peretti wrote in a memo to staffers seen by Variety. Drew Angerer/Getty Images Thousands more Meta workers are losing jobs this week during the end of a staggered layoff process. As such, we have decided to confront the current moment by making difficult decisions about our core business," cofounders Rafael Ilishayev and Yakir Gola wrote in an email to employees. "I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes.". The company also reported a more than 21% year over year revenue increase for 2022. In its most recent quarter, the Wayfair reported that net revenue decreased by $281 million, down 9% from the same period the year prior. By clicking Sign Up, you also agree to marketing emails from both Insider and Morning Brew; and you accept Insiders. The tech consultancy company said the layoffs will take place over the next 18 months and half of the cuts will impact staffers in "non-billable corporate functions," per the filing. In the memo, Jassy said the company staggered its layoff announcements because "not all of the teams were done with their analyses in the late fall." Coinbase announced on Tuesday, Jan. 10, that would lay off another 20% of its staff. The firm last cut 1,600, or around 2% of its staff in December, Bloomberg noted. The company, through its app of the same name, pairs dieting with personal coaches to achieve weight loss for users. According to NBC News, the company has been in the process of selling and anticipates the pending sale "will likely impact all employees in some manner," an FAQ document sent to employees read. The job cuts come less than 5 months after Meta slashed 11,000 workers, or about 13% of its workforce, in November. The company employed more than 30,000 people worldwide, over a third of whom are based in the US. The layoffs were first reported by Bloomberg but confirmed by Insider. On Tuesday, e-commerce giant eBay told employees that it would be eliminating 500 roles, or about 4% of its workforce,according to a message included in a regulatory filing on Tuesday. The company's current chief exec Barry McCarthy has taken several measures in an attempt to revive the business. The company reported that its revenue grew by 12% year-over-year in the second quarter, and the company said it's focused on boosting e-commerce sales. Some workers reportedly found out they had lost their jobs when they couldn't log into their company emails. Check out: Personal Finance Insider's review of Coinbase. "We expect macroeconomic challenges to persist in 2023. "As part of that work, today we reduced the size of some of our employee teams. "We are taking the necessary actions to reshape Gap Inc. for the future simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience," the company's chairman and interim CEO Bob Martin said in a statement given to Insider. Here's Why Layoffs Keep Happening. In April, the weight-loss app maker Noom laid off hundreds of coaches, Insider reported part of a bigger-picture pivot for the company toward more video-based coaching. A spokesperson confirmed to Insider that the May report is the first time AI has been included as a reason, and said the cuts all came from the tech sector, which is buzzing with the latest developments in AI tech from ChatGPT to new features announced seemingly every week from companies like Google, Adobe, and Amazon. It continued: "With additional adjustments, we will be able to further simplify our operations, make processes easier, and improve how we support our stores.". Musk tweeted after the mass layoffs that he had "no choice when the company is losing over $4M/day.". In the statement, Witz said "nearly every department" across the company will be impacted. David's Bridal is laying off more than 9,000 workers across the US, according to a WARN notice filed with the Pennsylvania Department of Labor and Industry on April 14. In a memo to staff shared with Insider's Lucia Moses, CEO Jonah Peretti admitted to mistakes like over-investing in the news arm and failing to successfully integrate BuzzFeed and Complex after the latter was acquired in 2021. In an email sent to employees on Nov. 30, CEO Richard Edelman wrote that the cuts where "necessary amid current headwinds" and part of a larger effort that also involves a hiring freeze and reduced spending on travel and events. But that growth was apparently too much and too fast, and Robinhood was forced to slash headcount by 9% more than 300 people altogether in April. While the size of the layoffs was not immediately disclosed, the brokerage let go of 450 corporate employees in June 2022, followed by an additional 750 people from its technology team in October 2022. Going forward, Noom said it would focus on offering users scheduled video calls with coaches. "I made the painful decision to let go of 87 beloved members of the Cameo Fameo.". Snap planned to lay off about 20% of its employees beginning in late August, The Verge reported. The cuts come after the streaming device manufacturer previously laid off 200 employees in November 2022. The cuts come amid broader cost-saving measures for Juul, including a fresh infusion of cash to help it avoid filing for bankruptcy. During the pandemic, so-called "meme stocks" from GameStop and AMC exploded. BDG Media announced on February 1 that it was shutting down pop-culture site Gawker and laying off 8% of its staff, according to Axios. In May, a British telecommunications company announced in an earnings presentation plans to cut about 55,000 jobs by 2030, many of which were previously planned cuts that would come with finishing certain construction projects. The employees worked on some of Amazon's physical store concepts and its shuttered telehealth unit, as well as other divisions like robotics and online education. Licht described the layoffs as a "gut punch" to the company. In May, the online car dealer cut 12% of its staff, or about 2,500 employees, according to a regulatory filing. "The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. The cuts to Snap's 6,400-person workforce will be concentrated in divisions like Zenly, a social mapping app Snap acquired in 2017, as well as a team working on ways for developers to build apps inside Snapchat. The decision came after the financial auditor nixed a proposed reorganization that would break up its consulting and accounting businesses, Reuters reported. "While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs," Accenture wrote in the filing. The company said it plans to turn a fulfillment center in the Atlanta area to support third-party sellers for Walmart. "This decision was made solely to meet the evolving skills and process enhancements needed to deliver on the next phase of our tech transformation," the spokesperson said. "I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances," he wrote. "My managers weren't even aware or consulted. The company could cut. Those mass layoffs are down to companies misunderstanding the pandemic, says Intuit's CEO.. The cuts impacted workers in the "Agile job family," a department which was eliminated and its responsibilities integrated into "existing engineering and product manager roles," per the spokesperson. Pepsi is paying off workers in its US snacks and beverage division, according to a report by the Wall Street Journal. Iger, who returned to the position in November 2022 to replace his successor Bob Chapek after first leaving in 2020, told investors the cuts are part of an effort to help save an estimated $5.5 billion. In July, Insider reported that Oracle's advertising division quietly had two rounds of layoffs, totaling a loss of 60 workers. In January, Citi's CFO told investors the company remained "focused on simplifying the organization, and we expect to generate further opportunities for expense reduction in the future.". FedEx informed staffers on February 1 it plans to slash more than 10% of top managers in an effort to reduce costs. Tesla also closed an entire office in San Mateo, California, and moved some of the office's workers to another location, Bloomberg reported. Amazon's 18,000 jobs cuts are the largest of any major tech company amid the wave of recent layoffs. In April, PayPal quietly laid off 83 people, according to a regulatory filing. The company is considering filing for bankruptcy in the near future, according to an April 7 report from the New York Times. In a memo sent to employees and obtained by Insider, Pichai said the layoffs will "cut across Alphabet, product areas, functions, levels and regions" and were decided upon after a "rigorous review. Here's the full list of major US companies making cuts this year. 'S current chief exec Barry McCarthy has taken several measures in an to! Inthe largest IPO of 2021 economic concerns and improve the company `` did not ''... To make, '' he wrote, you also agree to marketing emails from both and! 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