U.S. and Canadian companies continued to cut jobs in 2024 after laying off thousands last year amid uncertainty about economic conditions.
Here is a snapshot of the job cuts announced so far this year:
* Cisco Systems will lay off 7% of its global workforce as part of a restructuring plan, the networking giant said, about six months after announcing a 5% cut, or more than 4,000 jobs.
* Amazon’s job cuts include less than 5% of employees at Buy with Prime, 5% at its audiobook and podcast division Audible, several hundred in streaming and studio operations, 35% at its streaming unit Twitch, several hundred at its healthcare units One Medical and Amazon Pharmacy. The company also announced layoffs at Amazon Web Services (AWS), affecting several hundred jobs in sales, marketing and global services, and several hundred jobs on its physical store technology team.
* Alphabet’s layoffs include dozens in its new technology development division X Lab, hundreds in the advertising sales team, hundreds in various teams including the hardware team responsible for Pixel, Nest and Fitbit, and a majority in the augmented reality team.
* Microsoft is cutting around 1,900 jobs at its gaming divisions Activision Blizzard and Xbox.
* IBM plans to lay off some employees by 2024, but will hire more people for AI-related roles.
* Intel said it would cut more than 15% of its workforce, about 17,500 employees, as the chipmaker seeks a turnaround focused on its loss-making manufacturing business.
* Paramount Global said it will cut 15% of its U.S. workforce as the media conglomerate looks to deal with the decline of its cable TV business. The job cuts are part of Paramount’s efforts to save $500 million in costs ahead of its merger with Skydance Media and will affect about 2,000 employees.
* E-commerce company eBay plans to cut about 1,000 jobs, or around 9% of its workforce.
* Video game software provider Unity Software plans to cut about 25% of its workforce, or 1,800 jobs.
* DocuSign plans to reduce its workforce by approximately 6%, or 400 employees, most of them in sales and marketing.
* Snap plans to cut approximately 528 jobs, or 10% of its global workforce.
* Salesforce is laying off about 700 employees, or about 1% of its global workforce.
* Aurora Innovation, an autonomous vehicle technology company, is laying off 3% of its workforce.
* Canadian company BlackBerry plans more layoffs, in addition to the approximately 200 job cuts last quarter.
* Satellite radio company SiriusXM plans to cut jobs by about 3%, or about 160 jobs.
* Bumble plans to cut 350 jobs, or about 30% of its workforce.
CAR MANUFACTURER
* Electric car maker Tesla will lay off more than 10% of its global workforce, according to an internal memo seen by Reuters on Monday, as the company struggles with falling sales amid a tightening price war for electric vehicles.
* Electric car maker Lucid announced it would cut its workforce by 6%, or about 400 employees, as the electric vehicle industry struggles with slower growth.
MEDIA
* Pixar Animation Studios, producer of classic films such as “Toy Story” and “Up,” has begun laying off about 14% of its workforce as it scales back development of original streaming series. About 175 employees are affected by the layoffs at the Walt Disney Co.
* British media group Sky, owned by Comcast, plans to cut about 1,000 jobs across its business units this year.
* The Los Angeles Times plans to lay off 94 journalists.
* Paramount Global plans an unspecified number of layoffs.
* Business Insider plans to lay off about 8% of its employees.
* Bell Canada plans to cut 4,800 jobs.
FINANCIAL SERVICES
* PayPal Holdings plans to cut about 2,500 jobs, or 9% of its global workforce, this year.
* Payment service provider Block Inc. has begun laying off unspecified positions.
* Citigroup plans to cut 20,000 jobs over the next two years. The company has announced that it will cut 716 jobs in New York to achieve this goal.
* Investment banking giant Morgan Stanley plans to cut hundreds of jobs in its wealth management unit, a person familiar with the matter told Reuters, adding that the cuts will affect less than 1% of the division’s staff.
* Stock exchange operator Nasdaq plans to cut hundreds of jobs as it integrates fintech company Adenza into its business.
* Asset manager BlackRock plans to cut about 3% of its workforce, but expects a larger headcount by the end of 2024.
CONSUMERS AND RETAIL
* The world’s largest retailer, Walmart, plans to cut hundreds of jobs at its corporate headquarters and relocate most of its U.S. and Canadian employees to three locations.
* Cosmetics giant Estee Lauder plans to cut 3 to 5% of its global workforce.
* Wayfair plans to lay off 1,650 employees, or about 13% of its workforce.
* US department store chain Macy’s is cutting 2,350 jobs and closing five stores.
* Levi Strauss & Co plans to cut 10%-15% of its global jobs.
* Hershey’s restructuring plan will affect less than 5% of the workforce.
* Nike will cut about 2% of its total workforce, or more than 1,600 jobs, as the sportswear giant looks to cut costs after weaker profits this year. The company’s footwear brand, Converse, will also cut jobs as part of Nike’s ongoing $2 billion cost-cutting plan.
* Novavax is laying off about 12% of its workforce.
* Kenvue, a consumer health company, will cut 4% of its global workforce.
PROCESSING
* Defense company Lockheed Martin plans to cut 1% of its jobs.
* Spirit AeroSystems is laying off several hundred employees in Wichita, Canada, as the company struggles with high debt and slowing production at Boeing, its biggest customer, according to an internal memo.
* US defense contractor L3Harris laid off 5% of its workforce in April to streamline its business and cut costs.
LOGISTICS
* United Parcel Service plans to cut 12,000 jobs to save costs.
* FedEx plans to cut 1,700 to 2,000 back-office jobs in Europe as the parcel delivery company struggles with weak freight demand.
NATURAL RESOURCES
* US natural gas producer Chesapeake Energy is laying off employees after completing the sale of its oil assets last year.
* US mining company Piedmont Lithium is laying off 27% of its workforce as part of a cost-cutting plan.
* Canadian oil and gas pipeline company TC Energy has laid off some of its employees as part of a previously announced plan to integrate its natural gas pipeline units.
* Canadian crude oil pipeline operator Enbridge announced plans to cut 650 jobs, or 5% of its workforce, as part of a cost-cutting program.
