Mass layoffs at large U.S. companies are spreading from electric vehicles to raw materials, defense industries, and asset management companies.
As Tesla began laying off thousands of people on the 15th, Reuters covered the mass layoffs of large companies in the U.S. and Canada and reported on the scale of job cuts this year spreading to Mazon Alphabet's lithium company.
Contrary to the hopes of a soft landing that have swept the United States for several months, corporate layoffs are increasing in scale as prospects for interest rate cuts by the Federal Reserve darken.
Regarding layoffs at electric car manufacturer Tesla, Reuters reported on the 15th, “According to internal data, more than 10% of the global workforce is scheduled to be laid off,” and “the company is grappling with declining sales amid an intensifying price war for electric cars.”
Amazon's job cuts include 5% of employees at its Buy with Prime division, 5% at its audiobooks and podcasts division Audible, hundreds of employees at its streaming and studio operations division, 35% at its streaming division Twitch, and 5% at its healthcare division One Medical and Amazon Pharmacy. Hundreds of employees were included.
Amazon Web Services (AWS), a subsidiary of Amazon, the largest U.S. e-commerce company, announced layoffs affecting hundreds of roles in sales, marketing and global services, as well as hundreds more roles in its physical store technology teams.
E-commerce company eBay plans to lay off about 1,000 people, equivalent to 9% of its total workforce.
Alphabet's layoffs include dozens of employees in its new technology development unit
Microsoft cut about 1,900 jobs at its gaming divisions, Activision Blizzard and Xbox.
IBM announced this year that it will hire more AI-focused employees while laying off some employees.
Video game software provider Unity Software is cutting 1,800 jobs, about 25% of its workforce.
Layoffs are spreading across all fields, including media, asset management, and finance.
The media sector is cutting jobs as Walt Disney completes production of some shows at its animation studio, Pixar Animation Studios.
Comcast-owned British media group Sky plans to cut around 1,000 jobs across its business this year.
The Los Angeles Times plans to lay off 94 reporters.
Film production company Paramount Global is planning an unspecified number of layoffs.
Business Insider plans to lay off about 8% of its employees.
Canada's Bell Canada is cutting 4,800 jobs.
Satellite radio company SiriusXM plans to cut 160 jobs, representing a roughly 3% reduction in its workforce.
In financial services, the PayPal holding company plans to cut about 2,500 jobs, or 9% of its global workforce.
Payments company Block Inc has started reducing unspecified work.
Citigroup, the largest U.S. bank, plans to cut 20,000 employees over the next two years and announced 716 job cuts in New York.
Investment bank Morgan Stanley plans to cut hundreds of jobs from its asset management division, with the cuts accounting for less than 1% of the department's staff, Reuters has revealed.
US stock exchange operator Nasdaq (NDAQ) plans to cut hundreds of jobs as it integrates fintech company Adenza into its business.
Asset management company BlackRock, the largest private equity fund, plans to lay off about 3% of its workforce and is expected to cut more jobs by the end of 2024.
On the consumer and retail front, cosmetics giant Estee Lauder plans to cut 3% to 5% of its global workforce.
Wayfair plans to lay off 1,650 people, about 13% of its total workforce.
Macy's, the largest department store chain in the United States, is cutting 2,350 jobs and closing five stores.
Clothing giant Levi Strauss plans to cut 10% to 15% of its global corporate jobs.
At Hershey, approximately 5% of the total workforce is subject to layoffs.
Nike (NKE), the largest sports company, plans to cut more than 1,600 jobs, or 2% of its total workforce, and its sportswear division is focusing on cost reduction after recording sluggish profits this year.
Novavax, a health care company that was experiencing rapid growth during the pandemic, is reducing about 12% of its workforce.
Lockheed Martin, the largest defense company specializing in warfare, plans to cut 1% of all jobs.
Retailer United Parcel Service (UPS) plans to cut 12,000 jobs.
Piedmont Lithium (PLL), an American mining company that has been in the spotlight for its expertise in natural resources and batteries, is reducing 27% of its workforce as a cost-cutting plan.
Canadian oil and gas pipeline company TC Energy (TRP) has laid off some workers as part of its natural gas pipeline consolidation plan.
Enbridge, a Canadian-based crude oil pipeline operator, said it would cut its workforce by 650 jobs, or 5%, to cut costs.
Self-driving companies are also cutting jobs, with Aurora Innovation, a self-driving car technology company, laying off 3% of its workforce.
Salesforce is laying off about 700 employees, or 1% of its global workforce.
Cisco, the largest network IT company, plans to lay off thousands of employees and restructure its business.
Canada's BlackBerry is planning more layoffs this year, following 200 job cuts in the fourth quarter of last year.