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