Job Cuts in 2024: A Snapshot

(Reuters) 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.

Overview of Job Cuts This Year:

Technology

• Amazon (NASDAQ:AMZN): Job cuts include less than 5% of employees at Buy with Prime unit, 5% at Audible, several hundred at streaming and studio operations, 35% at Twitch, cuts in One Medical and Amazon Pharmacy, and layoffs in AWS affecting several hundred roles.

• Alphabet (NASDAQ:GOOGL): Layoffs include dozens at X Lab, hundreds in advertising sales, hardware team, and the augmented reality team.

• Microsoft (NASDAQ:MSFT): Cutting around 1,900 jobs at Activision Blizzard and Xbox.

• IBM (NYSE:IBM): Planning layoffs despite hiring for AI-centered roles.

• Intel (NASDAQ:INTC): Cutting over 15% of its workforce, around 17,500 employees.

• Paramount Global: Cutting 15% of its U.S. workforce, about 2,000 employees.

• eBay (NASDAQ:EBAY): Plans to cut about 1,000 roles, around 9% of its workforce.

• Unity Software: Cutting about 25% of workforce, or 1,800 jobs.

• DocuSign (NASDAQ:DOCU): Plans to reduce its workforce by about 6%, or 400 employees.

• Snap: Plans to cut around 528 jobs, or 10% of its global workforce.

• Salesforce (NYSE:CRM): Laying off about 700 employees, roughly 1% of its workforce.

• Cisco (NASDAQ:CSCO): Planning to restructure and lay off thousands.

• Aurora Innovation: Laying off 3% of its workforce.

• BlackBerry (NYSE:BB): Plans more layoffs after cutting 200 jobs in the prior quarter.

• SiriusXM: Plans to reduce workforce by about 3%, or 160 roles.

• Bumble: Set to eliminate 350 jobs or about 30% of its workforce.

Automakers

• Tesla (NASDAQ:TSLA): Will lay off over 10% of its global workforce amid falling sales.

• Lucid (NASDAQ:LCID): Reducing workforce by 6%, or around 400 employees.

Media

• Pixar Animation Studios: Laying off about 14% of its workforce, affecting about 175 people.

• Comcast: Plans to cut about 1,000 jobs across its businesses.

• Los Angeles Times: Plans to lay off 94 journalists.

• Business Insider: Plans to lay off around 8% of its staff.

• Bell Canada: Planning to slash 4,800 jobs.

Financial Services

• PayPal (NASDAQ:PYPL): Planning to cut about 2,500 jobs, or 9% of its global workforce.

• Citigroup: Planning to reduce headcount by 20,000.

• Morgan Stanley: Cutting hundreds of jobs in wealth management.

• Nasdaq: Plans to slash hundreds of jobs.

• BlackRock (NYSE:BLK): Set to cut about 3% of its workforce.

Consumer and Retail

• Walmart (NYSE:WMT): Plans to cut hundreds of jobs at its corporate headquarters.

• 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.

• Macy’s (NYSE:M): Cutting 2,350 jobs and closing five stores.

• Levi Strauss & Co (NYSE:LEVI): Planning to slash 10%-15% of corporate jobs.

• Nike (NYSE:NKE): Cutting about 2% of its workforce, over 1,600 jobs, as part of cost-saving measures.

Health

• Novavax (NASDAQ:NVAX): Cutting about 12% of workforce.

• Kenvue (NYSE:KVUE): Will cut 4% of its workforce.

Manufacturing

• Lockheed Martin (NYSE:LMT): Planning to cut 1% of its jobs.

• Spirit AeroSystems: Laying off several hundred employees due to high debt.

Logistics

• UPS (NYSE:UPS): Plans to cut 12,000 jobs.

• FedEx (NYSE:FDX): Planning to cut between 1,700 and 2,000 jobs in Europe.

Natural Resources

• Chesapeake Energy (NYSE:CHK): Laying off employees post-divestiture of oil assets.

• Piedmont Lithium: Cutting 27% of workforce.

• TC Energy (NYSE:TRP): Laid off some workers as part of restructuring.

• Enbridge (NYSE:ENB): Reducing workforce by 650 jobs, or 5%.