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While hopes of a soft landing have grown in recent months, companies continue to be cautious as the outlook on rate cuts by the Federal Reserve remains uncertain.
Here is a snapshot of job cuts 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, a few hundred at healthcare units One Medical and Amazon Pharmacy. It also announced layoffs at Amazon Web Services(AWS) impacting several hundred roles in sales, marketing, and global services and a few hundred roles in the physical stores technology team.
* Layoffs at Alphabet (NASDAQ:GOOGL) include dozens at the division for developing new technology X Lab, hundreds in the advertising sales team, hundreds across teams, including the hardware team responsible for Pixel, Nest and Fitbit (NYSE:FIT), and a majority in the 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 workforce.
* Videogame software provider Unity Software to cut about 25% of workforce, or 1,800 jobs.
* DocuSign (NASDAQ:DOCU) plans to reduce its workforce by about 6%, or 400 employees, with a majority 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 workforce.
* Canada’s BlackBerry (NYSE:BB) plans more layoffs, in addition to about 200 job cuts in the prior quarter.
* Satellite radio company SiriusXM plans to reduce workforce by about 3%, or about 160 roles.
* Bumble is set to eliminate 350 jobs or about 30% 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.
* 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.
* Paramount Global is planning to conduct an 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.
* Payments firm Block Inc has started to cut unspecified jobs.
* Citigroup is planning to reduce its headcount by 20,000 people over the next two years. It has announced plans to slash 716 roles in New York towards that target.
* Investment banking giant Morgan Stanley is planning to cut hundreds of jobs in its wealth management unit, a person familiar with the matter told Reuters, adding that the cuts will impact less than 1% of the division’s employees.
* Exchange operator Nasdaq plans to slash hundreds of jobs as it integrates fintech firm Adenza into its business.
* Asset manager BlackRock (NYSE:BLK) is set to cut about 3% of its workforce but expects 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, closing five stores.
* Levi Strauss & Co (NYSE:LEVI) is planning to slash 10%-15% of global corporate jobs.
* Hershey’s restructuring plan will impact less than 5% of its workforce.
* Nike (NYSE:NKE) will cut about 2% of its total workforce, or more than 1,600 jobs, as the sportswear giant looks to cut costs after flagging weaker profits this year.
HEALTH
* Novavax (NASDAQ:NVAX) is cutting about 12% of 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 to cut costs.
NATURAL RESOURCES
* U.S. miner Piedmont Lithium cuts 27% of workforce in the cost-cutting plan.
* Canadian oil and gas pipeline firm TC Energy (NYSE:TRP) has laid off some of its workers as part of a previously announced plan to integrate its natural gas pipeline units.
* Canada-based crude pipeline operator Enbridge (NYSE:ENB) said it would reduce its workforce by 650 jobs, or 5%, in a bid to cut costs.
AUTOMAKERS
Electric automaker Tesla (NASDAQ:TSLA) will lay off more than 10% of its global workforce, an internal memo seen by Reuters on Monday shows, as it grapples with falling sales amid an intensifying price war for electric vehicles.
