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McCormick & Schmick"s departing Easton, but Mastro"s will replace it

A seafood restaurant is swapping out for a new steakhouse at Easton Town Center......»»

Category: topSource: bizjournalsJan 25th, 2023

An airline replaced 3 flights with an A380 superjumbo to cope with Taylor Swift travel rush

Qantas used an Airbus A380 to fly 485 passengers from Melbourne to Sydney after a storm warning triggered airport disruption and flight cancelations. Taylor Swift performing in Sydney on Friday.Don Arnold/TAS24/Getty ImagesQantas used an Airbus A380 to replace three flights from Melbourne to Sydney on Friday.A severe storm warning in Sydney resulted in flight delays and cancelations.Demand for air travel has been "incredibly high" during Taylor Swift's Australian tour, Qantas said. Australia's Qantas flew an Airbus A380 from Melbourne to Sydney on Friday to help cope with huge demand for air travel during Taylor Swift's Eras Tour.The double-decker superjumbo, which is typically used for long-haul international flights, traveled about 540 miles — a similar distance as Boston to Pittsburgh.Its 485 passengers were originally booked on three separate flights operated by the narrowbody Boeing 737.But a severe storm forecast limited flights into Sydney airport, Qantas said in a press release.Coupled with "incredibly high demand" for flights into the city because of Swift's tour, Qantas decided to operate a special flight to transport the passengers.The airline said the A380 passengers were initially booked on flights that suggested they weren't traveling for the concert because they were later in the day.However, because so many people were traveling to see Swift, it would be very difficult to find seats for them on other flights.More than 600,000 people saw Swift perform at four shows in Sydney and another three in Melbourne. Her last show is on Monday night.A Qantas Airbus A380.Sebastian Kahnert/Getty ImagesQantas usually only flies the enormous jet to destinations such as Los Angeles, London and Singapore, but also has one on standby.After departing late, Flight QF7168 was only in the air for about an hour, per data from Flightradar24. It flew 13 hours to Los Angeles the following day.Swift's tour has been huge for local economies. In Cardiff, Wales — where she's not due to perform until June — hotel rooms are already going for $230 more than usual, according to analytics firm Lighthouse.And in Warsaw, Poland, demand for short-term rentals was up 2,020% year-over-year, the vacation rental data firm AirDNA found.Read the original article on Business Insider.....»»

Category: worldSource: nytFeb 26th, 2024

Mira Murati is OpenAI"s new interim CEO. Here"s what we know about the exec who replaces Sam Altman.

Mira Murati is OpenAI's new interim CEO, replacing founder Sam Altman. Here's what we know about the new exec at the helm of ChatGPT's parent company. Mira Murati is the new interim CEO of OpenAI, effective immediately, according to the company's board of directors, which announced Sam Altman was out as CEO.PATRICK T. FALLON/Getty ImagesOpenAI CEO Sam Altman is out, the company's board said late Friday.Mira Murati, OpenAI's chief technology officer, will replace Altman as the interim CEO. The 34-year-old mechanical engineer originally from Albania is an alum of tech companies like Tesla and Leap Motion.OpenAI's new CEO is a 34-year-old originally from Albania who's already a force in artificial intelligence after stints at companies including Tesla and Leap Motion. Mira Murati had been OpenAI's chief technology officer until the board appointed her interim CEO on Friday afternoon after it sent shockwaves through the tech world when it announced that Sam Altman would be departing from his roles as CEO and board member.A search process for Altman's permanent successor is now underway, but in the meantime, Murati is a good fit, the board said in a statement."A member of OpenAI's leadership team for five years, Mira has played a critical role in OpenAI's evolution into a global AI leader. She brings a unique skill set, understanding of the company's values, operations, and business, and already leads the company's research, product, and safety functions," OpenAI said in a post announcing Altman's departure.Murati is of Albanian descent, and she studied mechanical engineering at Dartmouth.PATRICK T. FALLON/Getty Images"Given her long tenure and close engagement with all aspects of the company, including her experience in AI governance and policy, the board believes she is uniquely qualified for the role and anticipates a seamless transition while it conducts a formal search for a permanent CEO."The company also directed Business Insider to its blog post on Altman's departure when asked for a comment from from Murati.Murati joined OpenAI as a researcher in 2018 when the company had just 40 to 50 employees, she told Fortune.She quickly worked her way up the company's ranks, becoming its chief technology officer in 2022, and now oversees the teams behind the buzzy chatbot ChatGPT and the image generator Dall-E 2. OpenAI, meanwhile, has swelled to several hundred employees.Murati has worked with Tesla and Leap Motion.Eugene Gologursky/Getty ImagesAnd Murati is not just optimistic about AI. She's also a believer in the power of artificial general intelligence, or AGI, which her now ex-colleague, Altman, once described as "the equivalent of a median human that you could hire as a co-worker."Murati contended that technology that will be built on the road to AGI could be "the most important set of technologies that humanity has ever built" to Fortune, noting that OpenAI's belief in AGI was also one of the reasons she was first drawn to the company."Our goal is to get to AGI, and we want to get there in a way that makes sure that AGI goes well for humanity," Murati told Fortune. And in the past few months, OpenAI has only doubled down on that focus, changing its core values in October from "thoughtful" and "audacious" and "impact-driven" to having an "AGI focus" and being "intense and scrappy."Suffice it to say, under Murati's leadership the company is likely to continue pushing the frontier of AGI.At the same time, Murati has also said she understands fears around the potential threat of AI's "bad actors." In February, the then-CTO told Time magazine that tools like ChatGPT "can be misused, or it can be used by bad actors.""It's important for OpenAI and companies like ours to bring this into the public consciousness in a way that's controlled and responsible," Murati said during the interview.Murati is has expressed support for regulating AI earlier this year.GettyEven before Murati joined OpenAI, she was an established presence in Silicon Valley through roles at Tesla, where she worked on the Model X, and Leap Motion.She left her home country of Albania at the age of 16, after winning a scholarship to study at an international school in Vancouver, and went on to Dartmouth where she studied mechanical engineering, according to Fortune.And she has an artistic side, too — drawing inspiration from poetry, sci-fi films, and rock bands.She told Time Magazine back in February that her go-to song for inspiration is "Paranoid Android" by Radiohead because it's "layered and touches on themes related to society on technology."She is a fan of Duino Elegies, a collection of poems by Rainer Maria Rilke, and even now, the sci-fi flick "2001: A Space Odyssey" "continues to stir my imagination with its imagery and music," she told Time.Read the original article on Business Insider.....»»

Category: smallbizSource: nytNov 17th, 2023

I"m a cruise-ship doctor. My schedule is intense but it"s worth it to see the world — and I get to bring my wife and son along.

A cruise-ship doctor, Dr. Gergely Tóth works up to five months a year at sea and his family gets to live on the boats with him. Dr Gergely Toth, his wife and his young son travel together on the cruises.Dr. Gergely TóthDr. Gergely Tóth wanted to pursue a career in medicine and work on cruises.During his shifts, which can last 24 hours, he has to be prepared for any crisis.Tóth said he loves the job because he can travel the world with his family while earning a living.This as-told-to essay is based on a transcribed conversation with Dr. Gergely Tóth, a cruise-ship doctor. The following has been edited for length and clarity.As a medical student in Hungary in the early 2000s, I heard plenty of stories from young people who'd worked on cruises.The adventures, experiences, and financial opportunities this lifestyle offered piqued my interest. But I knew I wanted to work there as a doctor.I've always wanted to work on cruisesIn August 2009, after working in a country hospital in Hungary for seven years, I became serious about working on cruises.I'd just started as a resident medical officer at Nuffield Health Cheltenham Hospital in England, and every day I'd see pages of cruise-ship job ads in the paper.Having more medical experience under my belt, I emailed three cruise companies enquiring about how to become a cruise doctor.Two companies responded. One didn't have any opportunities at the time. Royal Caribbean International offered to have a 15-minute call where they assessed my language skills and work experience.They also asked about the Hungarian healthcare system, as they were more familiar with the UK one. For this reason, having a UK medical license at the time helped my journey immensely. I'd paid a fee to swap my Hungarian license for a British one when I arrived in the UK.Cruise-ship doctors need specific qualifications to practiceRequirements to become a cruise doctor include three years of emergency-room experience, some general-practitioner experience, and specific training, such as advanced cardiac life support, pediatric advanced life support, and advanced trauma life support, that need to be refreshed every two years.Five weeks after my interview in London, I got accepted in February 2010. Seven months later, at 32, I was on my way to Miami for a one-week training before joining one of the Celebrity Cruises for six months, departing from San Francisco. The 1,800-passenger ship seemed huge when I first saw it. Since then I've worked on cruises three times that size.Cruises have full medical teams and facilitiesDepending on the size of the cruise, the medical team consists of five to nine people. On smaller ships, with up to 3,500 passengers and 1,500 staff, there are two doctors, three nurses, and sometimes a medical secretary. On larger cruises, with 6,500 passengers and 2,200 staff, there are three doctors, five nurses, and a secretary.The medical center is an onboard hospital, because we have to be prepared for everything.We try to get people with serious conditions to land safely and on time, but sometimes it's not possible. On board, there are consultation rooms, a reception area, a waiting room, an ER, an ICU room, ward rooms, X-ray machines, laboratory equipment, and a pharmacy.A cruise doctor's schedule is intenseDoctors usually work for four months and have two months off. Since my first contract, I've only been taking short contracts to fill any gaps in cruise schedules.When another doctor can't board for any reason, I will replace them for between a week and three months. Sometimes they let me know about the opportunity months in advance; other times I'll get a call two days before I'm needed.Six-month contracts were too long for me. My family can join me on the cruise for these short periods, and I don't miss out on big family celebrations in Hungary. I spend four to five months a year on cruises and the rest of my time in Hungary.When I'm not sailing I work at Hungarian hospitals, but the good pay on the cruises means I can spend more time with my family in Hungary.We work 24-hour shifts on the cruise shipWe do 24-hour shifts. Consultation hours are from 8 to 11 a.m. and 4 to 7 p.m. For the remaining time of the day, I'm on call.There's a dedicated medical-emergency phone number for passengers and staff. The nurse will then decide whether it requires urgent attention or give them an appointment to come within office hours.On large cruises, it means a daily 15 hours of work and nine hours of being on-call, then getting 24 hours off.Since I've been a senior doctor for more than a decade now, I have a lot more responsibilities, which take up an additional six to eight hours of my days off. Submitting medical reports to countries and port authorities, checking medicine orders with the chief nurse, and ensuring medical devices work properly or determining if they need to be fixed or replaced are just some of the duties I undertake.I try to get off the cruise and experience the portsI'm not an anxious person, but I always try and get off the ship when I can, because it's very busy from the second I board the ship to the flight home.I love to go on trips and explore new places with my family. It's important for us to see where and how the locals live in each destination. I love food and good coffee, and we have our favorite cafés and restaurants in different countries where the staff greet us like friends.However, sometimes these outings are cut short due to emergency calls or constant emails. On my last six-week contract, I only managed to leave the ship three times.People die on cruises, like everywhere else, and sometimes you know themPeople do die on cruise ships, like anywhere — not just passengers but staff as well. And it isn't easy, especially when it's someone I know, because most people will need to see a doctor at some point on the ship.Each cruise has a designated medical-operations manager available 24/7 based in the health center in Miami. While they can advise on how to handle a specific case, the small team on the boat has to deliver. We're a tight-knit group.There's no place for arguments, rivalry, or hostilities when we're responsible for so many people's lives.As a cruise-ship doctor, I have a good lifestyleWhile my role is equally demanding and rewarding, what I love most about being a cruise doctor is the freedom it gives and that I get to travel the world with my family. If it wasn't for cruising, I wouldn't have this lifestyle both financially and timewise.It also allows me to spend more time with my family in between contracts in Hungary, because I don't have to work two or three jobs anymore.Read the original article on Business Insider.....»»

Category: dealsSource: nytNov 11th, 2023

CVS cuts 5,000 jobs amid a layoff wave expanding beyond tech. Here"s the full list of major US companies slashing staff this year.

The wave of layoffs hitting tech companies and beyond shows no signs of slowing. CVS is cutting 5,000 people, WSJ reports. Pharmacy giant CVS is cutting 5,000 jobs.Mary Meisenzahl/Insider Pharmacy giant CVS is cutting 5,000 corporate roles, WSJ reports. In recent months, layoffs have expanded beyond tech, media, and finance with Gap and Whole Foods also announcing cuts. See the full list of layoffs so far in 2023. A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down well into 2023.CVS, the pharmacy giant, is cutting about 5,000 jobs, most of which are corporate positions, The Wall Street Journal reported. The company told the Journal that it doesn't expect customer-facing roles in stores and pharmacies to be affected by the cuts. The news of these layoffs arrives on the heels of recent job cuts at companies including Binance, Niantic, Robinhood, Grubhub, and Spotify.  These companies join a large number of major corporations that have made significant reductions to staff this year: Tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced massive layoffs in the first weeks of 2023 amid a continued economic downturn and stagnating sales.The downsizing followed significant reductions that companies including Meta and Twitter made last year. The layoffs have primarily affected the tech sector. According to data from Layoffs.fyi, a site tracking layoffs since the start of the pandemic, tech companies slashed more than 223,000 in 2023 alone — compared to during the pandemic, when they cut 80,000 in March to December 2020 and 15,000 in 2021. Here are notable job cuts so far in 2023: CVS: 5,000 jobsCEO of CVS Karen Lynch said in a memo to staff that the company would be cutting roles to be "at the forefront" of a transformation in healthcare.Courtesy of ComparablyThe pharmacy giant is axing 5,000 jobs in a cost-cutting push, The Wall Street Journal reported on Monday. The cuts will impact employees in corporate roles, while those in customer-facing roles in CVS pharmacies and stores are not likely to be impacted, the company said in a statement to the Journal. In a memo that was sent to staff and viewed by the Journal, the company's chief executive Karen Lynch said the cuts would help CVS "be at the forefront of a once-in-a-generation transformation in health care."In addition to the layoffs, CVS is also reducing travel budgets and its use of external consultants in an effort to cut costs.Binance: More than 1,000 jobsNurPhoto / ContributorBinance, one of the world's largest cryptocurrency exchanges by volume, has cut over 1,000 people from its workforce in recent weeks, the Wall Street Journal reports. The cuts come after the SEC filed a lawsuit against the company last month, alleging that it operated as an unlicensed crypto exchange. The cuts, which are ongoing, could whittle down Binance's staff by at least a third, a person familiar with the cuts told the Journal. Even before the SEC's suit the exchange was considering staff cuts to prepare for the next bull cycle and evaluate its "talent density," a Binance spokesperson told Insider. "As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic," the spokesperson said.The statement came after a series of tweets from independent journalist Colin Wu on May 31 that indicated forthcoming layoffs at the company. "This is not a case of rightsizing, but rather, re-evaluating whether we have the right talent and expertise in critical roles," the Binance statement continued. "This will include looking at certain products and business units to ensure our resources are allocated properly to reflect the evolving demands of users and regulators." Niantic: About 230 jobsNiantic released Pokemon Go to immense popularity in 2016.Thiago Prudêncio/SOPA Images/LightRocket via Getty ImagesNiantic CEO John Hanke announced that the AR gaming company would be laying off about 230 employees on Thursday.Hanke informed employees that the company would sunset its basketball game, "NBA All-World," and stop development of an unreleased superhero game "Marvel: World of Heroes." The company will also close a Los Angeles studio, he said."In the wake of the revenue surge we saw during Covid, we grew our headcount and related expenses in order to pursue growth more aggressively," Hanke wrote. "Post Covid, our revenue returned to pre-Covid levels and new projects in games and platform have not delivered revenues commensurate with those investments."He added that Niantic is still confident about the potential of the augmented and mixed reality space, and pointed to Meta and Apple's commitments to their respective headsets as a reason the industry should be optimistic.Robinhood: About 7% of the workforceRobinhood will cut around 150 jobs through its recent wave of layoffs.Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty ImagesRobinhood, a stock-trading app, is laying off around 150 of its full-time employees, The Wall Street Journal first reported. The job cuts will amount to about 7% of Robinhood's workforce — adding to the more than a thousand jobs the company has cut since last year.Robinhood's Chief Financial Officer Jason Warnick, wrote that the layoffs were done to "adjust to volumes and to better align team structures," according to an internal company message obtained by the Journal. "We're ensuring operational excellence in how we work together on an ongoing basis. In some cases, this may mean teams make changes based on volume, workload, org design, and more." a Robinhood spokesperson told Insider in an emailed statement. The spokesperson did not respond to Insider's questions asking about how many employees would face layoffs, and what positions would be impacted.This marks the third workforce reduction the company has undergone since last year. In 2022, Robinhood went through two rounds of layoffs in April and August which axed more than a thousand positions of its then 3,800 employees. The company cited these earlier layoffs as necessary to cut costs and eliminate duplicate roles that resulted from the company undergoing rapid hiring.The layoffs at Robinhood followed a ballooning period of stock trading and hiring at the company during the Covid-19 pandemic, Insider previously reported. But trading has only declined since then, as stimulus checks have dried up and inflation rates climbed, granting people fewer disposable income for trading. Ford: anticipated layoffsFord confirmed it would undergo layoffs, as part of the company's Ford+ growth plan.FordFord said it would undergo layoffs that would mainly impact engineering positions based in the US and Canada. A spokesperson for Ford declined to say how many employees would be laid off this week, when Insider asked for comment. The layoffs would mostly impact engineering roles in the US and Canada, the spokesperson said in a statement.The recent round of layoffs at Ford are part of the company's Ford+ growth plan that was introduced in 2021, the spokesperson told Insider. Part of this plan focuses on expanding the company's electric vehicles sales, CNBC reported."Delivering on the plan includes adjusting staffing to match focused priorities and ambitions, while raising quality and lowering costs," the spokesperson said in a statement to Insider, when asked about the reasoning for the layoffs.The layoffs will impact employees in each of Ford's business divisions, including its Ford Blue unit, its Model e electric vehicle division, and its Ford Pro services, CNBC reported.This layoff follows reductions the company made last year. In August, Ford laid off around 3,000 employees — a part of the company's plans to restructure the company's attention on electric vehicles. But the layoffs in the car industry are also distinct from those spreading across other industries, Insider previously reported. As more automakers shift to electric vehicles, more layoffs are anticipated across the industry. But while these changes signal some jobs will no longer exist in the industry, new positions will also be created as more automakers move in this direction.Sonos: About 7% of the workforceThe Sonos team celebrates its Nasdaq initial public offering.SonosIn a June 14 filing, Sonos disclosed it would be laying off around 7% of its workforce, or 130 people."In the face of continued headwinds we have had to make some hard choices, including eliminating some positions and reevaluating program spend," the company's CEO Patrick Spence said in a statement.The cuts come a month after the company announced a 24% drop in revenue for the second quarter of 2023 as compared to the second quarter of 2022. At the time, company cited softening demand and reduced its earnings guidance for the rest of the year, causing its stock to take a hit.Grubhub: Around 400 jobsBrandon Bell/Getty ImagesGrubhub CEO Howard Migdal told staff that the food-delivery company would be laying off about 400 jobs on June 12 — or about 15% of its workforce.The cuts impacted Grubhub's corporate office, as the company's operating and staff costs have increased at a faster rate than its business over the past few years, the memo said. "We operate in a highly competitive and constantly evolving industry," Migdal wrote. "There is no doubt whatsoever that we have a solid foundation in place and an immense opportunity ahead of us – but it is also clear that we need to make some tough decisions in order to maintain our competitiveness."Grubhub has struggled to keep up with the likes of DoorDash and Uber Eats, and it is now the third biggest delivery operator in the US, according to Bloomberg Second Measure. The company has had three CEOs over the last two years, and its owner, Dutch conglomerate Just Eat Takeaway.com, tried to sell the firm less than a year after purchasing it.Meanwhile, more customers are turning away from food delivery, overall, in an attempt to save money and avoid sky-high fees.Spotify: 2% of workforceSpotify is the latest company to announce layoffs.Onur Dogman/SOPA Images/LightRocket via Getty ImagesSpotify announced that the music and podcast streaming app would lay off about 200 employees, or 2% of its workforce. The layoffs will impact employees across Spotify's podcasting business and its supporting functions, including talent acquisition and financial roles, a Spotify spokesperson told Insider.In the memo sent to employees, the vice president of Spotify's podcast business Sahar Elhabashi explained the layoffs were a part of the brand's decision to change how it works with podcast partners around the globe. The "fundamental pivot from a more uniform proposition will allow us to support the creator community better," the memo read."The company will support these individuals with generous severance packages, including extended Healthcare coverage and immediate access to outplacement support," the statement read. This announcement arrives on the tail of additional layoffs the music streaming service made back in January. In a memo to Spotify employees, CEO Daniel Ek said the company would cut 6% of its staff, about 600 people. "While we have made great progress in improving speed in the last few years, we haven't focused as much on improving efficiency. We still spend far too much time syncing on slightly different strategies, which slows us down. And in a challenging economic environment, efficiency takes on greater importance. So, in an effort to drive more efficiency, control costs, and speed up decision-making, I have decided to restructure our organization," he wrote. As part of those changes, Dawn Ostroff, the company's chief content and advertising officer, who spent more than $1 billion signing exclusive podcast deals with Joe Rogan, the Obamas, and Prince Harry and Meghan Markle, has departed. JPMorgan: About 500 jobsJPMorgan recently began cuts of about 500 employees, CNBC and CNN reported.ReutersJPMorgan announced on March 26 that it is slashing 500 roles, CNBC reported.The cuts are expected to spread across JPMorgan's retail and commercial banking, asset and wealth management, and corporate and investment banking operations, according to CNBC.The reported layoffs come just a day after reports that JPMorgan laid off 1,000 First Republic employees, or about 15% of its workforce. JPMorgan, the largest bank in the US, got even larger earlier this month when it acquired the assets of failing First Republic after it was seized by regulators.LinkedIn: 716 rolesRyan Roslansky, CEO of LinkedIn, said the company would be cutting 716 roles on Tuesday.Courtesy of Ryan RoslanskyLinkedIn announced earlier this month that it would be cutting 716 roles from its global workforce in a message from CEO Ryan Roslansky.Roslansky also noted that company will also be discontinuing InCareer, a local jobs app in China, as it refocuses on helping companies in China hire, market, and train abroad. The decision comes on the heels of LinkedIn's 20th anniversary last week. "While we're making meaningful progress creating economic opportunities for our members and customers and experiencing record engagement on the platform, we're also seeing shifts in customer behavior and slower revenue growth," Roslansky said.Shopify: 20% of workforceDavid Fitzgerald/Sportsfile via Getty ImagesShopify is slashing 20% of its workforce and selling off most of its logistics business to supply chain company Flexport, the company announced on May 4. The cuts confirmed growing concern of layoffs among staffers in recent weeks, following the cancellation of several team-building offsite events and analyst speculation that Shopify would alter its logistics arm, Insider reported."I recognize the crushing impact this decision has on some of you, and did not make this decision lightly," Shopify CEO Tobi Lütke said in a note to employees and shareholders.He continued: "This is a consequential and hard week. It's the right thing for Shopify but it negatively affects many team members who we admire and love working with."Morgan Stanley: 3,000 jobsReutersMorgan Stanley is cutting 3,000 jobs by the end of the quarter, Bloomberg reported, citing sources familiar with the matter. One person told the outlet that the company's banking and trading teams will be most impacted.The cuts will affect about 5% of the firm's workforce, excluding financial advisers and personnel in the wealth management division, Bloomberg noted. A spokesperson for the bank did not immediately respond to Insider's request for comment and declined to comment to Bloomberg. However, CEO James Gorman noted last month that underwriting and mergers activity has been "subdued" and that he doesn't expect a rebound before the second half of 2023 or even 2024, Bloomberg noted. The firm last cut 1,600, or around 2% of its staff in December, Bloomberg noted. Dropbox: 16% of staffDrew Houston, cofounder and CEO of Dropbox, told employees Thursday that the company was eliminating 500 jobs.Matt Winkelmeyer / Getty ImagesCloud storage firm Dropbox said Thursday that it would be reducing its global workforce by 16%, or 500 jobs.In a message to staff sent Thursday, CEO Drew Houston said the cuts are being made, in part, from slowing business growth and the expansion of AI products. "Today's changes were the result of taking a hard look at our strategic priorities and organizational structure as a leadership team, and aligning to principles of sustainable financial growth, efficiency, and flexibility to invest in our future. We're also streamlining how the company is organized," Houston said.  Gap: more than 2,000 jobs since late last yearGap posters in Birmingham, England.Mike Kemp/Getty ImagesClothing retailer Gap is cutting 1,800 positions in its headquarters and upper management as part of a restructuring plan meant to cut costs, the retailer said Thursday.Gap said that the cuts are expected to help the company see $300 million in annualized savings."We are taking the necessary actions to reshape Gap Inc. for the future — simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience," the company's chairman and interim CEO Bob Martin said in a statement given to Insider.In September, Gap slashed 500 jobs from its corporate ranks in a push to save $250 million annually, the Wall Street Journal reported. Jenny Craig: potential mass layoffsA man enters a Jenny Craig facility June 19, 2006 in Niles, Illinois.Tim Boyle/Getty ImagesWeight loss company Jenny Craig notified staffers of potential mass layoffs on April 27, as a result of the company "winding down physical operations," according to an internal email reviewed by NBC News.According to NBC News, the company has been in the process of selling and anticipates the pending sale "will likely impact all employees in some manner," an FAQ document sent to employees read. "We do not know the exact employees/groups whom will be impacted, and if any employees may be retained," the document said, per NBC News. "As a result, we would suggest that you anticipate that your employment may be impacted and begin to seek other employment." 3M: 6,000 jobsMike Roman, CEO of 3M.Xinhua News Agency / Contributor/Getty ImagesOn Tuesday, the Scotch tape and Post-It Notes manufacturer said it will be cutting 6,000 positions across all parts of the company with the goal of streamlining operations, simplifying supply chain, and reducing layers of management, according to The Wall Street Journal.The company's chief executive Mike Roman said Tuesday that the cuts would eliminate 10% of 3M's global workforce and ultimately save the company between $700 to $900 million in pretax costs, the Journal said. 3M last announced cuts in January when it said it was removing 2,500 manufacturing positions.Lyft: 1,072 rolesReutersIn an SEC filing on Thursday, Lyft said it was cutting roles for 1,072 employees, or about 26% of its corporate workforce. In the filing, the company also said it is scaling back on hiring and has eliminated over 250 open positions. The news comes just weeks after David Risher took the helm as Lyft's new CEO, part of an executive shakeup that involved cofounders Logan Green and John Zimmer moving into board roles. A spokesperson for Lyft previously told Insider, "David has made clear to the company that his focus is on creating a great and affordable experience for riders and improving drivers' earnings."The spokesperson added, "To do so requires that we reduce our costs and structure our company so that our leaders are closer to riders and drivers. This is a hard decision and one we're not making lightly. But the result will be a far stronger, more competitive Lyft." Deloitte: 1,200 jobsAlex Tai/SOPA Images/LightRocket via Getty ImagesDeloitte announced on April 21 it was cutting 1,200 jobs, or about 1.5% of its US staff, the Financial Times reported. The cuts will largely be concentrated in the financial advisory business as a result of a decline in mergers and acquisitions, per internal communications viewed by the FT. Whole Foods: Several hundred corporate employeesMary Meisenzahl/InsiderWhole Foods announced on April 20 it was letting go of several hundred corporate employees, amounting to less than 0.5% of the company's workforce, CNBC reported.The cuts are a result of a structural reorganization of global and regional support teams, which will be downsized from nine to six, but will not cause store closures, according to CNBC.In a memo to employees viewed by CNBC, Whole Foods executives wrote "simplifying our work and improving how we operate is critical as we grow." "As the grocery industry continues to rapidly evolve, and as we — like all retailers — have navigated challenges like the COVID-19 pandemic and continued economic uncertainty, it has become clear that we need to continue to build on these changes," the memo read, per CNBC. It continued: "With additional adjustments, we will be able to further simplify our operations, make processes easier, and improve how we support our stores."BuzzFeed News: 15% of staffBuzzFeed News headquarters.Drew Angerer / Getty ImagesBuzzFeed announced on April 20 that it was shuttering its BuzzFeed News division, laying off 15% of its staff, or 180 employees, in the process. In a memo to staff shared with Insider's Lucia Moses, CEO Jonah Peretti admitted to mistakes like over-investing in the news arm and failing to successfully integrate BuzzFeed and Complex after the latter was acquired in 2021. "I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances," he wrote. "Our job is to adapt, change, improve, and perform despite the challenges in the world. We can and will do better."Ernst & Young: 3,000 positionsEY spends $500 million annually on learning for its employees.TOLGA AKMEN / Contributor / GettyErnst & Young announced on April 17 it was laying off 3,000 US employees, or about 5% of its total US staff.The decision came after the financial auditor nixed a proposed reorganization that would break up its consulting and accounting businesses, Reuters reported. According to the Financial Times, which first reported the layoffs, the cuts will address "overcapacity" and will largely impact the company's consulting business. Opendoor: 560 jobsOpendoor announced it was cutting 560 jobs on Tuesday.Opendoor Technologies/GlassdoorOn Tuesday, home flipping giant Opendoor said it was cutting 560 jobs, or 22% of its workforce, citing a souring housing market. A spokesperson for Opendoor told Insider by email,"We've been weathering a sharp transition in the housing market – the steepest and fastest rate increase by the Fed in 40 years, the more than doubling of mortgage rates from historic lows, and the hit to home affordability have driven an approximately 30% decline in new listings from peak levels last year."The spokesperson noted that the cuts have been made to "better align our operational costs with the anticipated near-term market opportunity, while maintaining our critical technology investments that will continue to drive the business long term."Impacted team members will receive severance pay, extended health benefits, and job transition support. Opendoor last made cuts in November 2022, laying off 550 workers or about 18% of its staff.  McKinsey: About 1,400 employeesFABRICE COFFRINI/AFP via Getty ImagesMcKinsey & Company will cut an estimated 1,400 positions, or 3% of its total workforce, Bloomberg reported on March 29.The layoffs are part of the consulting firm's efforts to reorganize support teams and pare down an employee base that has grown rapidly in recent years, per the outlet. "The painful result of this shift is that we will have to say goodbye to some of our firm functions colleagues, while helping others move into new roles that better align to our firm's strategy and priorities," Bob Sternfels, global managing partner, wrote in a note to staff seen by Bloomberg. He continued: "Starting now, where local regulations allow, we will begin to notify colleagues who will depart our firm or be asked to change roles."David's Bridal: 9,236 employeesShoppers head for David's Bridal in Sunset Hill, Mo. Tuesday, May 10, 2005.James A. Finley/AP ImagesDavid's Bridal is laying off more than 9,000 workers across the US, according to a WARN notice filed with the Pennsylvania Department of Labor and Industry on April 14. "We are evaluating our strategic options and a sale process is underway," David's Bridal spokesperson Laura McKeever told the Philadelphia Inquirer. "At this time, there are no updates to share."The company is considering filing for bankruptcy in the near future, according to an April 7 report from the New York Times. David's Bridal also filed for bankruptcy in 2018. Virgin Orbit: 85% of staffersSir Richard Branson, founder of Virgin Orbit.Mark GreenbergVirgin Orbit disclosed in a March 30 filing with the Securities and Exchange Commission that it is slashing 85% of its staff, or about 675 employees.The company, which operates within the Virgin Group and provides launch services for satellites, is also ceasing operations "for the foreseeable future," CNBC reported. "Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Virgin Orbit CEO Dan Hart said, according to audio of a company all-hands obtained by CNBC.     Electronic Arts: About 780 employeesLucy Nicholson/ReutersElectronic Arts — the video game company best known for its "The Sims," "FIFA," and "Madden NFL" franchises — is letting go of 6% of its staff, or about 780 employees, the company announced on March 24. "As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams," Electronic Arts CEO Andrew Wilson wrote in a blog post to staffers. Wilson said the cuts began early this quarter and will continue through the beginning of the next fiscal year.  Amazon: 9,000 more jobsAmazon CEO Andy Jassy announced on Monday that the company would be eliminating another 9,000 roles, on top of the 18,000 announced in January.Richard Brian/ReutersAmazon announced on March 20 that it would cut 9,000 jobs from its workforce over the coming weeks. The cuts come on the heels of the 18,000 roles the company announced it was cutting back in January. In a message to employees shared on Amazon's site, CEO Andy Jassy noted that the impacted positions are largely in the Amazon Web Services, People Experience and Technology Solutions, Advertising, and Twitch departments. In the memo, Jassy said the company staggered its layoff announcements because "not all of the teams were done with their analyses in the late fall." He added, "rather than rush through these assessments without the appropriate diligence, we chose to share these decisions as we've made them so people had the information as soon as possible."Roku: 200 staffersRoku CEO Anthony Wood speaks during Tribeca X - 2021 Tribeca Festival on June 18, 2021 in New York City.Photo by Arturo Holmes/Getty Images for Tribeca FestivalRoku is cutting an additional 200 roles, or 6% of its workforce, Reuters reported on March 30. The cuts come after the streaming device manufacturer previously laid off 200 employees in November 2022. The company is expected to complete the cuts by the end of the second quarter, and also plans to leave and sublease office facilities in an attempt to reduce costs, according to Reuters. Walmart: About 200 employeesA Walmart store.Bruce Bennett/Getty ImagesWalmart asked about 200 workers at five fulfillment centers to find employment elsewhere in the company in the next 90 days or else be laid off, Reuters reported on March 23.The cuts are a response to the reduction of evening and weekend shifts at select Walmart facilities, including those in Chino, California; Davenport, Florida; Bethlehem, Pennsylvania; Pedricktown, New Jersey; and Fort Worth, Texas, per Reuters. "We recently adjusted staffing levels to better prepare for the future needs of customers," a Walmart spokesperson told Reuters in a statement.  Accenture: 19,000 positionsJoan Cros/Corbis via Getty ImagesAccenture is slashing 19,000 roles, or 2.5% of its total workforce, according to a Security and Exchange Commission filing on March 23.The tech consultancy company said the layoffs will take place over the next 18 months and half of the cuts will impact staffers in "non-billable corporate functions," per the filing.  "While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs," Accenture wrote in the filing. Indeed: 2,200 staffersIndeed CEO Chris HyamsPhoto by Niall Carson/PA Images via Getty ImagesIndeed CEO Chris Hyams announced on March 22 that the online networking platform will cut 2,200 jobs, or about 15% of its staff. In a note sent to employees, Hyams wrote the reductions will impact "nearly every team, function, level, and region" across the company in an effort to reduce redundancy and increase efficiency. "I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I'd never have to make," he wrote. Meta: 10,000 workersMeta CEO Mark ZuckerbergMark Lennihan/APRoughly 10,000 Meta workers will find out that their jobs have been cut between March and May, according to an announcement by the company's founder and CEO, Mark Zuckerberg. Zuckerberg also said the company would close around 5,000 open roles that haven't yet been filled as part of the company's effort to downsize. "My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead," Zuckerberg wrote in a post on Facebook announcing the layoffs. In the post, Zuckerberg said that members of Meta's recruiting team would learn about the fate of their jobs in March, while tech workers would find out in late April, and business groups would find out in May. "In a small number of cases, it may take through the end of the year to complete these changes," he wrote. The job cuts come less than 5 months after Meta slashed 11,000 workers, or about 13% of its workforce, in November. At the time, Zuckerberg called the layoffs a "last resort."  SiriusXM: 475 rolesJennifer Witz, CEO of SiriusXM said the company was cutting 475 roles on March 6.Cindy Ord / Staff/ Getty ImagesThe radio company said March 6th that it was cutting 8% of its staff or 475 roles according to a statement posted on the company's website from CEO Jennifer Witz.In the statement, Witz said "nearly every department" across the company will be impacted. She also noted that those impacted will be contacted directly and will have the opportunity to speak with a leader from their department as well as a member of the company's People + Culture team. Impacted employees will also be provided with exit packages that include severance, transitional health insurance benefits, Employee Advocacy Program continuation, and outplacement services, Witz noted.Citigroup: hundreds of jobsCiti CEO Jane FraserPatrick T. Fallon/AFP via Getty ImagesCiti plans to cut hundreds of jobs, with many focused on the company's investment bank division. The total headcount cut will reportedly amount to less than 1% of Citi's more than 240,000 workers and are part of Citi's normal course of activities.Citi's cuts were first reported by Bloomberg. In January, Citi's CFO told investors the company remained "focused on simplifying the organization, and we expect to generate further opportunities for expense reduction in the future."Citi declined Insider's request to provide comment on the record. Waymo: reported 209 roles so farWaymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 8% of the unit's staff has been cut this year.Peter Prado/Insider; Vaughn Ridley/Sportsfile via Getty ImagesAlphabet's self-driving car unit Waymo has reportedly laid off a total of 209 employees this year in two rounds of cuts, according to The Information. Waymo reportedly laid off 137 employees on March 1, according to The Information. Waymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 209 employees— approximately 8% of the company's staff— have been cut this year, according to an internal email seen by The Information.Waymo did confirm the cuts to Insider but did not specify the number of roles impacted or the date the first round of cuts occurred.  Thoughtworks: reported 500 employeesThoughtworks laid off 500 employees on February 28. That day, CEO Guo Xiao said in the company's earnings release that it was "pleased" with its performance in the fourth quarter of 2022.Screenshot of Guo Xiao from the Thoughtworks website.Thoughtworks, a software consultancy firm, reportedly laid off 500 employees or 4% of its global workforce, according to TechCrunch. TechCrunch noted that the company "did not dispute" the figure when reached for comment on March 1. According to TechCrunch, Thoughtworks "initially informed" the affected employees about the decision on February 28. That same day, Thoughtworks reported that its revenue had increased 8.3% between the fourth quarter of 2022 and the fourth quarter of 2021. The company also reported a more than 21% year over year revenue increase for 2022. In the company's earnings release, Thoughtworks' CEO Guo Xiao said, "We are pleased with our performance in the fourth quarter and our clients continue to look to us to help them navigate these uncertain times and tackle their biggest technology challenges."General Motors: reported 500 salaried jobsGM CEO Mary Barra.Patrick T. Fallon/Getty ImagesGeneral Motors plans to cut 500 executive-level and salaried positions, according to a report from The Detroit News. The layoffs come only one month after CEO Mary Barra told investors and reporters on the company's earnings call, "I do want to be clear that we're not planning layoffs." In a memo to employees, seen by Insider, GM's chief people officer wrote, "we are looking at all the ways of addressing efficiency and performance. This week we are taking action with a relatively small number of global executives and classified employees following our most recent performance calibration." Employees who are getting laid off were informed on Feb. 28. General Motors confirmed the layoffs to Insider but did not confirm a specific number of employees getting cut. Twitter: about 200 employeesElon Musk is Twitter's CEO and ownerREUTERS/Jonathan ErnstThe layoffs reportedly haven't stopped at Twitter under Elon Musk. The social media company reportedly laid off 200 more employees on a Saturday night in late February, according to the New York Times. Some workers reportedly found out they had lost their jobs when they couldn't log into their company emails.Musk laid off 50% of Twitter's workforce in November after buying the company for $44 billion. Yahoo: 20% of employeesSOPA Images / Getty ImagesYahoo announced it will eliminate 20% of its staff, or more than 1,600 people, as part of an effort to restructure the company's advertising technology arm, Axios reported on February 9.Yahoo CEO Jim Lanzone told Axios that the cuts are part of a strategic overhaul of its advertising unit and will be  "tremendously beneficial for the profitability of Yahoo overall."    Disney: 7,000 jobsBob Iger, CEO of DisneyCharley Gallay/Stringer/Getty ImagesFresh off his return as Disney CEO, Bob Iger announced February 8 that Disney will slash 7,000 jobs as the company looks to reduce costs. Iger, who returned to the position in November 2022 to replace his successor Bob Chapek after first leaving in 2020, told investors the cuts are part of an effort to help save an estimated $5.5 billion. "While this is necessary to address the challenges we are facing today, I do not make this decision lightly," Iger said. "I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes."DocuSign: 10%Igor Golovniov/SOPA Images/LightRocket/Getty ImagesDocuSign plans to slash 10% of employees as part of a restructuring plan "designed to support the company's growth, scale, and profitability objectives," the electronic signature company wrote in a Securities and Exchange Commission filing on Feb. 16. The company said the restructuring plan is expected to be complete by the second quarter of fiscal 2024, per the filing. Affirm: 19% of its workforceAffirm co-founder and CEO Max LevchinAffirmAffirm announced on February 8 it plans to slash 19% of its workforce, after reporting declining sales that missed Wall Street expectations. Affirm co-founder and CEO Max Levchin said in a call with investors that the technology company "has taken appropriate action" in many areas of the business to navigate economic headwinds, including creating a "smaller, therefore, nimbler team.""I believe this is the right decision as we have hired a larger team that we can sustainably support in today's economic reality, but I am truly sorry to see many of our talented colleagues depart and we'll be forever grateful for their contributions to our mission," he said.  GoDaddy: 8% of workersGoDaddy's CEO Aman Bhutani in September 2019Don Feria/Invision/AP ImagesGoDaddy, the website domain company, announced on February 8 it will cut 8% of its global workforce. "Despite increasingly challenging macroeconomic conditions, we made progress on our 2022 strategic initiatives and continued our efforts to manage costs effectively," GoDaddy CEO Aman Bhutani wrote in an email to staffers."The discipline we embraced was important but, unfortunately, it was not sufficient to avoid the impacts of slower growth in a prolonged, uncertain macroeconomic environment."Zoom: 15% of staffZoom CEO Eric Yuan.AP Photo/Mark LennihanZoom CEO Eric Yuan announced in a memo to workers that the company would reduce its headcount by 15%, or about 1,300 employees, on February 7. He attributed the layoffs to "the uncertainty of the global economy and its effect on our customers" but also said the company "made mistakes" as it grew. "We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably toward the highest priorities," Yuan said. In the memo, Yuan also announced that he would cut his salary by 98% in 2023 and forgo his corporate bonus. In addition, other members of the executive leadership team will also reduce their base salaries by 20% this year, according to Yuan. eBay: 500 jobseBay CEO Jamie Iannone told employees Tuesday that the company would be eliminating 500 roles.Harry Murphy/Sportsfile for Web Summit via Getty ImagesOn Tuesday, e-commerce giant eBay told employees that it would be eliminating 500 roles, or about 4% of its workforce, according to a message included in a regulatory filing on Tuesday. In the message, CEO Jamie Iannone wrote "Today's actions are designed to strengthen our ability to deliver better end-to-end experiences for our customers and to support more innovation and scale across our platform."He added, "this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape." Dell: 5% of workforceDell is eliminating approximately 5% of its workforce. The company's co-chief operating officer Jeff Clarke told employees in a memo, "market conditions continue to erode with an uncertain future."Kevork Djansezian / Staff/Getty ImagesOn February 6, Dell said in a regulatory filing that it would be eliminating about 5% of its workforce. The percentage amounts to approximately 6,650 roles based on numbers that Dell provided Insider. In a memo sent to employees posted on Dell's website, co-chief operating officer Jeff Clarke, said "market conditions continue to erode with an uncertain future." He also noted in the memo that the company had paused hiring, limited employee traveling, and decreased spending on outside services. He added, however, "the steps we've taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough."Pinterest: 150 jobsBen Silbermann is the founder and executive chair of Pinterest. He was the company's CEO until June 2022.Horacio Villalobos/Getty ImagesPinterest said it would cut 150 workers, or less than 5% of its workforce, on February 1, the company confirmed to Insider.  "We're making organizational changes to further set us up to deliver against our company priorities and our long-term strategy," a company representative said.The social media company was recently the target of activist investor Elliott Management, agreeing to add one of the firm's representatives to its board last month.   Rivian: 6% of jobsRivian CEO RJ Scaringe.Carlos Delgado/Associated PressRivian's CEO RJ Scaringe announced the EV company would cut 6% of its workforce in a memo to employees, the company confirmed to Insider. This is the company's second round of job cuts in the last 6 months after Scaringe announced a separate 6% workforce reduction in July 2022. In his memo to staff, Scaringe said Rivian needs to focus its resources on ramping up production and reaching profitability. BDG Media: 8% of staffScreengrab of Gawker's homepageGawkerBDG Media announced on February 1 that it was shutting down pop-culture site Gawker and laying off 8% of its staff, according to Axios. BDG owns Bustle, Elite Daily, and other lifestyle and news websites. "After experiencing a financially strong 2022, we have found ourselves facing a surprisingly difficult Q1 of 2023," CEO Bryan Goldberg wrote in a memo to staff seen by Axios. Splunk: 325 jobsGary Steele took over as Splunk's CEO in April 2022.YouTube/ProofpointSoftware and data platform Splunk is the latest in a long list of tech companies to announce layoffs in recent months. On February 1, the company said it would lay off 4% of its staff and scale back the use of consultants to cut costs, according to a filing viewed by Insider. The layoffs will reportedly be focused on workers in North America, and CEO Gary Steele told employees Splunk would continue to hire in "lower-cost areas."Intel: 343 jobsIntel CEO Pat Gelsinger.Pool Eric Lalmand/Getty ImagesIntel notified California officials per WARN Act requirements it plans to layoff 343 workers from its Folsom campus, local outlets reported on January 30. "These are difficult decisions, and we are committed to treating impacted employees with dignity and respect," Intel said in a statement to KCRA 3, noting that the cost-cutting comes as the company is faces a "challenging macro-economic environment." On February 1, the company announced CEO Pat Gelsinger will take a 25% pay cut, while other members of the executive team will take salary reductions in amounts ranging from 5% to 15%.  FedEx: more than 10% of top managersFedEx workers in New York City on March 16, 2021.Alexi Rosenfeld/Getty ImagesFedEx informed staffers on February 1 it plans to slash more than 10% of top managers in an effort to reduce costs.  "This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions," CEO Raj Subramaniam wrote in a letter to staff, which was shared with Insider's Emma Cosgrove. While the exact number of employees impacted was not specified, a FedEx spokesperson told Insider that since June 2022 the company has reduced its workforce by more than 12,000 staffers through "headcount management initiatives." "We will continue responsible headcount management throughout our transformation," the spokesperson said. PayPal: 7% of total workforceDan Schulman, president and CEO of PayPal announced that the company would be cutting 7% of its total workforce on January 31.PaypalPayPal announced on January 31 that it plans to cut 2,000 workers or approximately 7% of the company's total workforce over the coming weeks. In a statement announcing the layoffs on PayPal's website, CEO and president Dan Schulman cited the "challenging macro-economic environment." He added, "While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do."HubSpot: 7% of staffYamini Rangan is HubSpot's CEO.Matt Winkelmeyer/ Getty ImagesHubSpot's CEO Yamini Rangan announced that the company would lay off 500 workers, according to an email seen by Insider. "We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected. The year was challenging due to a perfect storm of inflation, volatile foreign exchange, tighter customer budgets, and longer decision making cycles," Rangan wrote to employees. IBM: 1.5% of staffIBM's CEO Arvind KrishnaBrian Ach / Stringer / Via GettyIBM plans would cut 1.5% of its staff, roughly 3,900 workers. The layoffs were first reported by Bloomberg but confirmed by Insider.The company said the cuts would cost IBM about $300 million and is related entirely to businesses the company has spun off. Bloomberg reports that CFO James Kavanaugh said the company is still hiring in "higher-growth areas." Hasbro: 15% of workersA Jenga game by Hasbro Gaming.Thomson ReutersHasbro reportedly plans to cut 1,000 workers after warning that the 2022 holiday season was weaker than expected, according to the toy and game company. The company said the layoffs come as it seeks to save between $250 million to $300 million per year by the end of 2025. "While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses," Chris Cocks, Hasbro's CEO said. Dow: 2,000 global employeesThe Dow Chemical logo is shown on a building in downtown Midland, home of the Dow Chemical Company corporate headquarters, December 10th, 2015 in Midland, MichiganBill Pugliano/Getty ImagesDow Inc. announced on January 26 that it will lay off 2,000 global employees, a move that indicates mass layoffs are spreading beyond just the technology sector, the Wall Street Journal reported. It's part of a $1 billion cost-cutting effort intended to help amid "challenging energy markets," Dow CEO Jim Fitterling said in a press release. The chemical company also  will shut down select assets, mostly in Europe, per the release."We are taking these actions to further optimize our cost structure and prioritize business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe," Fittlering said.   SAP: Up to 3,000 positionsSAP CEO Christian KleinULI DECK/POOL/AFP via Getty ImagesSoftware company SAP said on January 26 it will slash up to 3,000 jobs globally in response to a profit slump, with many of the cuts coming outside of its headquarters in Berlin, the Wall Street Journal reported.  The layoffs will impact an estimated 2.5% of the company's workforce and are part of a cost-cutting initiative aiming at reaching an annual savings of $382 million in 2024, according to the Journal. "The purpose is to further focus on strategic growth areas," said Luka Mucic, SAP's chief financial officer, per the Journal.   3M: 2,500 jobs cut3M3M, which makes Post-It notes, Scotch tape, and N95 masks, said it plans to cut 2,500 manufacturing jobs worldwide. CEO Mike Roman called it "a necessary decision to align with adjusted production volumes." "We expect macroeconomic challenges to persist in 2023. Our focus is executing the actions we initiated in 2022 and delivering the best performance for customers and shareholders," he said in a press release. Google: around 12,000 employeesBrandon Wade/ReutersSundar Pichai, CEO of Google parent company Alphabet, informed staffers on January 20 that the company will lay off 12,000 employees, or 6% of its global workforce. In a memo sent to employees and obtained by Insider, Pichai said the layoffs will "cut across Alphabet, product areas, functions, levels and regions" and were decided upon after a "rigorous review." Pichai said the company will hold a townhall meeting to further discuss the cuts, adding he took "full responsibility for the decisions that led us here" "Over the past two years we've seen periods of dramatic growth," Pichai wrote in the email. "To match and fuel that growth, we hired for a different economic reality than the one we face today." Vox: 7% of staffThe layoffs were reportedly announced in a memo from CEO Jim Bankoff.Vox MediaVox Media, the parent company of publications like Vox, The Verge, New York magazine, and Vulture, is laying off roughly 133 people, or 7% of its staff, according to a report by Axios. The cuts come just a few months after the media company laid off 39 roles in July. The decision was reportedly announced in a note to staff from CEO Jim Bankoff, who wrote that while the company is "not expecting further layoffs at this time, we will continue to assess our outlook, keep a tight control on expenses and consider implementing other cost savings measures as needed," according to Axios.Vox Media's layoffs come at a time when advertisers are tightening their belts in anticipation of an economic slowdown, taking a toll on the media industry. Capital One: more than 1,100 tech workersBrian Ach/AP ImagesCapital One slashed 1,100 technology positions on January 18, a company spokesperson told Insider. The cuts impacted workers in the "Agile job family," a department which was eliminated and its responsibilities integrated into "existing engineering and product manager roles," per the spokesperson. "Decisions that affect our associates, especially those that involve role eliminations, are incredibly difficult," the Capital One spokesperson said in the statement. "This announcement is not a reflection on these individuals or the work they have driven on behalf of our technology organization," the spokesperson continued. "Their contributions have been critical to maturing our software delivery model and our overall tech transformation."The eliminations came after the bank had invested heavily in tech efforts in recent years, including launching a new software business focused on cloud computing in June 2022. "This decision was made solely to meet the evolving skills and process enhancements needed to deliver on the next phase of our tech transformation," the spokesperson said.  WeWork: About 300 employeesReutersWeWork announced on January 19 it will cut about 300 positions as it scales back on coworking spaces in low-performing regions, Reuters reported. The layoffs come after the company said in November 2022 it planned to exit 40 locations in the US as part of a larger cost-cutting effort. The company announced the cuts in a press release listing its fourth-quarter earnings call date, stating only the reductions are "in connection with its portfolio optimization and in continuing to streamline operations."  Wayfair: more than 1,000 employeesPavlo Gonchar/SOPA Images/LightRocket via Getty ImagesWayfair is expected to lay off more than 1,000 employees, about 5% of its workforce, in the coming weeks in response to slumping sales, the Wall Street Journal reported on January 19.The cuts mark the second round of layoffs in six months for the online furniture and home goods company, after it nixed 900 staffers in August 2022. Though the company experienced significant growth during the pandemic-driven home improvement boom, sales began to stagnate as social distancing policies loosened and Americans began returning to offices."We were seeing the tailwinds of the pandemic accelerate the adoption of e-commerce shopping, and I personally pushed hard to hire a strong team to support that growth. This year, that growth has not materialized as we had anticipated," Wayfair CEO Niraj Shah wrote in a letter to employees announcing the August 2022 layoffs, per CNN. In its most recent quarter, the Wayfair reported that net revenue decreased by $281 million, down 9% from the same period the year prior.  Microsoft: 10,000 workersMicrosoft CEO Satya NadellaStephen Brashear/Getty ImagesMicrosoft announced on January 18 that it planned to reduce its workforce by 10,000 jobs by the end of the third quarter of this year. CEO Satya Nadella attributed the layoffs to customers cutting back in anticipation of a recession. However, Nadella also told workers that the company still plans to grow in some areas, despite the firings, writing that the company will "continue to hire in key strategic areas." Microsoft's layoff announcement comes as the tech giant is reportedly in talks to invest $10 billion in OpenAI, which created the AI chatbot ChatGPT. On February 13, the company laid off staff at LinkedIn—which it acquired in 2016— according to The Information. The cuts were in the recruiting department, though the total number laid off is not immediately clear, The Information reported.Crypto.com: 20% of staffCrypto.com CEO Kris MarszalekCrypto.comCrypto.com announced on January 13 that it would let go of a fifth of its workforce amid a sagging crypto market and fallout from FTX's collapse. This is the second major round of firings for Crypto.com, which also had layoffs in July. "The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It's for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success," CEO Kris Marszalek wrote in a memo to employees. BlackRock: up to 3% of global workforceBlackRock CEO Larry FinkSpencer Platt/Getty ImagesBlackRock is cutting up to 500 roles in its first round of firings since 2019. Staff members were notified on January 11 about whether they were laid off. "Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper," CEO Larry Fink and President Rob Kapito wrote in a memo to employees. Goldman Sachs: an estimated 6.5% of its global workforceGoldman Sachs is laying off an expected 3,200 employees.Photo by Michael M. Santiago/Getty ImagesGoldman Sachs began laying off employees on Jan. 11, with cuts expected to impact an estimated 6.5% of the company's global workforce — or roughly 3,200 staffers — a source told Insider. The company previously slashed roles on its media and tech teams in September 2022, and it was expected to issue further reductions in the first half of January. The cost-cutting efforts from the investment banking giant mirror reductions from competitors including Morgan Stanley and Citi, which also laid off employees in 2022. "We continue to see headwinds on our expense lines, particularly in the near term," Goldman Sachs CEO David Solomon said at a conference in December. "We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set."   BNY Mellon: 1,500 jobsBNY Mellon CEO Robin VinceBNY MellonBNY Mellon is planning to cut approximately 3% of its workforce, or 1,500 jobs, according to the Wall Street Journal, which cited people familiar with the matter. The cuts will be primarily aimed at talent management roles, according to the report. BNY Mellon will reportedly plan to invest more in junior staff. Verily (part of Alphabet): reportedly 15% of workersAlphabet CEO Sundar PichaiJerod Harris/Getty ImagesVerily, which is Alphabet's healthcare unit, is laying off more than 200 employees, according to an email seen by the Wall Street Journal. The Journal reports that the company will also scale down the number of projects it works on in an effort to cut costs."We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model," Verily's CEO, Stephen Gillet, wrote in the email, according to the Journal.This is the first significant layoff done by Google's parent company, which had so far avoided the massive waves of job cuts done by other big tech giants like Amazon and Meta. DirecTV: 10% of management staffDirecTV.Karen Bleier/AFP/Getty ImagesDirecTV employees were told in the first week of January that the company would lay off several hundred workers in management roles.The satellite TV business has faced slowing revenues as more people choose to cut the cord and pay for streaming services over cable TV. "The entire pay-TV industry is impacted by the secular decline and the increasing rates to secure and distribute programming. We're adjusting our operations costs to align with these changes and will continue to invest in new entertainment products and service enhancements," a spokesperson for DirecTV told Insider. Coinbase: 950 workersCEO Brian Armstrong cited the downward trend in cryptocurrency prices and the broader economy as reasons for the layoffs.Patrick Fallon/Getty ImagesCoinbase announced on Tuesday, Jan. 10, that would lay off another 20% of its staff. The cuts came after the crypto company laid off over 1,000 employees in July. In a memo to employees, CEO Brian Armstrong said, "in hindsight, we could have cut further at that time," referencing the layoffs in July. Armstrong partially attributed the company's weakness to the "fallout from unscrupulous actors in the industry," likely referencing the alleged fraud that took place at FTX late last year under then-CEO Sam Bankman-Fried. Armstrong predicted "there could still be further contagion" from FTX in the crypto markets but assured remaining employees that Coinbase is well capitalized. Amazon: 18,000 employeesAmazon CEO Andy Jassy initially announced the company's latest round of layoffs in November.AmazonAmazon is in the midst of the most significant round of layoffs in the company's history. In a memo to employees, CEO Andy Jassy said the company would cut more than 18,000 workers in total — far more than what was initially expected based on reporting by the New York Times. Jassy cited "the uncertain economy" and rapid hiring as reasons for the layoffs. While most of Amazon's 1.5 million staff have warehouse jobs, the layoffs are concentrated in Amazon's corporate groups. Amazon's layoffs began late last year, though the Wall Street Journal reports cuts will continue through the first few weeks of 2023.Amazon's 18,000 jobs cuts are the largest of any major tech company amid the wave of recent layoffs.  Salesforce: 10% of its staffSalesforce said in the first month of 2023 that it would enact big job cuts.Noam Galai/Getty ImagesSalesforce co-CEO Marc Benioff announced on Jan. 4 that the software company plans to layoff 10% of its workforce — an estimated 7,000 employees — and close select offices as part of a restructuring and cost-cutting plan. "The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," Benioff wrote in an email to staff. "With this in mind, we've made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks."He continued: "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."Everlane: 17% of corporate employeesEverlane founder and executive chair Michael Preysman.Lars Ronbog/Getty Images for Copenhagen Fashion SummitEverlane is slashing 17% of its 175-person corporate workforce, and 3% of its retail staff."We know there will be some bumpiness over the next few weeks as we navigate a lot of change at once. We ask for your patience as we do right by our departing team members," CEO Andrea O'Donnell wrote to employees, according to an internal memo seen by Insider. In a statement to Insider, a company spokesperson said the decision was intended to "improve profitability in 2023 and continue our efforts to help leave the fashion industry cleaner than we found it."The e-commerce clothing company previously laid off nearly 300 workers, mostly in retail in March 2020 amid the outbreak of the Covid-19 pandemic.Vimeo: 11% of its workforceAnjali Sud, CEO of Vimeo, speaks during the company's direct listing on Nasdaq, Tuesday, May 25, 2021, in New York.AP Photo/Mark LennihanVimeo CEO Anjali Sud told employees on Jan. 4 that the company would layoff 11% of its staff, the video platform's second major round of layoffs in less than a year, after cutting 6% of employees in July"This was a very hard decision that impacts each of us deeply," Sud wrote in an email to staff. "It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment."A spokesperson told Insider reduction is intended to assist with ongoing economic concerns and improve the company's balance sheet. Compass: size of layoffs not immediately disclosedCompass is letting go of more employees after two rounds of layoffs in the past eight months.CompassCompass CEO Robert Reffkin told staffers on Jan. 5 it would conduct more layoffs, following two previous rounds in the past eight months, as the brokerage continues to struggle with significant financial losses. "We've been focused over the last year on controlling our costs," Reffkin wrote in an email to employees. "As part of that work, today we reduced the size of some of our employee teams. While decisions like these are always hard, they are prudent and allow us to continue to build a long-term, successful business for all of you."While the size of the layoffs was not immediately disclosed, the brokerage let go of 450 corporate employees in June 2022, followed by an additional 750 people from its technology team in October 2022.   Stitch Fix: 20% of salaried jobsStitch Fix is laying off salaried employees.SOPA ImagesStitch Fix announced on Jan. 5 that it plans to slash 20% of its salaried workforce, the Wall Street Journal reported.The cuts come in tandem with the announcement that CEO Elizabeth Spaulding is stepping down, after less than 18 months at the helm of the struggling retail company."First as president and then as CEO, it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team," Spaulding said in a statement. "It is now time for a new leader to help support the next phase."Stitch Fix founder Katrina Lake — who formerly served as chief executive and sits on the board of directors — will become interim CEO, the company said in a press release.  Read the original article on Business Insider.....»»

Category: topSource: businessinsiderAug 1st, 2023

Liberty Energy Inc. (NYSE:LBRT) Q2 2023 Earnings Call Transcript

Liberty Energy Inc. (NYSE:LBRT) Q2 2023 Earnings Call Transcript July 20, 2023 Operator: Welcome to the Liberty Energy Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Anjali Voria, Strategic Finance and Investor Relations Lead. Please go ahead. Anjali Voria: Thank you, […] Liberty Energy Inc. (NYSE:LBRT) Q2 2023 Earnings Call Transcript July 20, 2023 Operator: Welcome to the Liberty Energy Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Anjali Voria, Strategic Finance and Investor Relations Lead. Please go ahead. Anjali Voria: Thank you, Allison. Good morning and welcome to Liberty Energy’s second quarter 2023 earnings conference call. Joining us on the call are Chris Wright, Chief Executive Officer; Ron Gusek, President; Michael Stock, Chief Financial Officer; and Ryan Gosney, Chief Accounting Officer. Before we begin, I would like to remind all participants that some of our comments today may include forward-looking statements reflecting the company’s views about future prospects, revenues, expenses or profits. These matters involve risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These statements reflect the company’s beliefs based on current conditions that are subject to certain risks and uncertainties that are detailed in our earnings release and other public filings. Our comments today also include non-GAAP financial and operational measures. These non-GAAP measures, including EBITDA, adjusted EBITDA and adjusted pre-tax return on capital employed are not a substitute for GAAP measures and may not be comparable to similar measures of other companies. A reconciliation of net income to EBITDA and adjusted EBITDA and the calculation of adjusted pre-tax return on capital employed as discussed on this call are presented in our earnings release, which is available on the Investors section of our website. I will now turn the call over to Chris. Chris Wright: Good morning, everyone and thank you for joining us for our second quarter 2023 operational and financial results. We executed on another quarter with strong financial results, and I’m especially proud of our operations team for safely delivering the highest quarterly average daily pumping efficiency in our history, a high bar raised higher. Liberty achieved adjusted EBITDA of $311 million and fully adjusted – fully diluted earnings per share of $0.87. Our success in growing our long-term competitive advantage is illustrated by our trailing 12-month adjusted pre-tax return on capital employed of 44%. Strong cash generation enables long-term investment, together with a strong return of capital program. In the second quarter, we returned $69 million to shareholders through the repurchase of 2.7% of shares outstanding plus our quarterly dividend. Since the reinstatement of our return of capital program in July of 2022, including the initial $250 million buyback authorization and a subsequent upsize to $500 million in January, we have now returned $287 million to shareholders through cash dividends and the retirement of 9.7% of outstanding shares. We completed the initial repurchase authorization and now have $240 million of our buyback authorization remaining. The compounding effect of our last 12 months of share buybacks is evidenced by the 57% year-over-year increase in fully diluted earnings per share on a 45% increase in net income. We’ve created a unique competitive position where we can take advantage of accretive cyclical and secular investment opportunities, generating high returns while returning cash to shareholders and maintaining a strong balance sheet. We have a very simple philosophy of investing early in the cycle, in strategic areas where we can leverage our expertise, bring differential technologies and services to our customers, improve efficiencies, and create future competitive advantages. A latest example is the launch of our new division, Liberty Power Innovations. LPI provides CNG fuel and field gas processing services to deliver a reliable source of natural gas fuel in support of the rollout of our suite of digiTechnologies. Just as Liberty was founded as a solution to service quality challenges 11 years ago, LPI was an organic idea stemming from the need to find a solution to unreliable gas supply. LPI has made tremendous strides in the last few months. We’ve successfully integrated the April acquisition of Siren into the LPI platform and have already seen a growing customer base for both drilling and completion needs. We’re also on track to meaningfully increase our gas compression capacity in the Permian Basin in the third quarter and enter the DJ Basin later this year, readying ourselves with enough capacity to execute on a profitable multi-year growth plan. Our delivery and logistics capabilities are also growing with transportation equipment on order, increasing our fleet of CNG trailers and logistics services to deliver reliable fuel supply. We also have field gas processing and treating, which began in the Haynesville in support of our frac services. We have since added 2 additional field gas processing customers in the Permian. We are excited by the long-term business potential of the LPI platform. Not only will it allow us to secure the supply chain of fuel that drives our digiFleet technology transition but it also positions us to take advantage of expanded opportunities beyond completions and eventually grow beyond the oilfield. We’re investing today for the future growth of the business by bringing together the right people and right technology to build a differential offering. Liberty was an early driver in the industry shift from diesel to natural gas technologies a decade ago. And today, the importance of natural gas-fueled equipment is more widely appreciated as a means to lower fuel costs and emissions. We continue to transition our fleet towards our natural gas fueled digiTechnologies. These technologies expand our earnings potential without meaningfully changing the customers’ total well costs with the savings from the diesel to natural gas arbitrage. As a reminder, we deployed our first digiFleet comprising digiFrac electric pumps in the first quarter, and we’re in the process of deploying our second digiFleet, which is slightly delayed as a result of supply chain challenges. Our third and fourth fleet will follow during the second half of this year. We’re also building digiPrime hybrid pumps, anchored by the most efficient 100% natural gas engine available. These capital-efficient pumps can be used as the primary source of horsepower on location, alongside a few digiFrac electric pumps that will manage transient load and precision rate control. This fleet configuration will have the most efficient gas consumption, emissions and fleet capital in the market. digiTechnologies are Liberty’s platform for the future. Frac markets in North America are at a steady, healthy activity levels after moderating a bit from late 2022 as commodity prices retreated from the 2022 peak. Crude oil prices are now at pre-Russia-Ukraine war levels, which has spurred private operators in oilier basins to reduce activity. Lower natural gas prices have also led to a curtailment of activity in gas basins. During the second quarter, we saw reduced frac activity that resulted in increased white space in our calendar, resulting from customers changing development schedules, idiosyncratic drilling delays and the redeployment of fleet from gassy to oilier basins. Even with these disruptions, the Liberty operations team achieved a new quarterly record in average daily pumping efficiencies. When our fleets were on location, our performance was the best it’s been in our history with more fleets safely pumping more minutes of the day than ever before. Looking ahead, activity in the second half is expected to be slightly lower than the first half. If our customers’ scheduled work reductions become larger, we may reduce active fleet count by 1 to 3 fleets in the second half of the year to balance demand. We will consolidate work to maximize the utilization of our crews. Our goal is to maintain the safest, most efficient operations and we will do so by balancing the right numbers of crews to meet E&P customer demand. As we look forward, the rig count shows signs of stabilization as E&P operators are already benefiting from lower well costs from consumable inputs and some are evaluating plans to pull forward completions activity. Lower operator well costs are not service price driven but rather input costs, such as drill pipe, steel casing, cement, sand and fuel. Liberty is working with our customers to help lower their costs while maintaining our margins. Our wet sand handling and delivery technologies are enabling proximity mining, reducing total cost and environmental impact by shrinking the distance and truckloads required to move sand to the well site while eliminating the use of natural gas from the sand drying process. Our wet sand handling technology is agnostic to wet and dry sand, allowing us to provide our customers with the most cost-efficient source of sand for their wells. We also have other logistic initiatives underway to generate sustainable cost reductions for E&Ps and increased returns for our shareholders. More broadly, global oil markets are signaling a constructive outlook on a tightening supply-demand balance. OPEC+ supply cuts in recent months are beginning to take hold and markets are anticipating a subsequent draw on global oil inventories. In the U.S., slowing production growth, a drawdown of oil inventories and a likely shift to refilling U.S. strategic petroleum reserves, all aid the outlook. Despite recessionary risks, demand for oil remains resilient given several factors, including global travel trending towards pre-COVID levels, robust demand from India and strength in emerging markets. China has also reached its highest level for oil demand in history, despite having grown at a slower pace than predicted a year ago. Under investment in global production capacity supports a resilient multi-year cycle for oil and gas. Relative to prior cycles, frac demand has a natural floor as the large majority of completions activity is simply offsetting normal production declines. Operators are largely adhering to flat or very modest production growth targets. This combination underpins higher base levels of frac fleet utilization and more insulation from commodity price volatility than in prior cycles. The current, more consolidated industry is also better prepared to navigate near-term softness in completions activity by reducing active fleet counts to balance the market and protect margins. In the second half of 2023, demand for frac fleets is expected to parallel recent rig count trends at approximately a one quarter lag. Natural gas markets likely don’t meaningfully increase activity until 2024 in advance of rising LNG and Mexico exports. We anticipate North American completions activity will moderate in the second half of the year versus the first half. Service companies are reducing fleets in response, supporting a balanced frac market and largely stable pricing environment. Our internal bottoms-up industry analysis already shows a decline of the industry frac demand for nearly 30 active fleets and the industry has successfully navigated this softer activity. Liberty is well positioned to navigate these trends. While Liberty may reduce fleets to adjust to lower activity levels should they persist, we do not expect meaningful change in service prices. Frac utilization has moderated but still remains high and we see a strengthening macro in 2024. We expect continued healthy free cash flow and capital returns to our shareholders through opportunistic share repurchases and dividends. With that, I’d like to turn the call over to Michael Stock, our CFO, to discuss our financial results and outlook. Michael Stock: Good morning, everybody. I am pleased to share that we achieved an improved trailing 12-month pre-tax ROCE of 44%, despite utilization challenges in the second quarter. We also rounded out our first full year of our capital return program reinstated in July 2022 with a combined $287 million returned to shareholders, dominantly in the form of accretive buybacks. We continued our investment strategy in our differential suite of digiTechnologies and accelerated the launch of LPI, Siren acquisition in April. We’ve had a busy quarter executing on these initiatives, and we expect this to continue for the remainder of the year. In the second quarter of 2023, revenue was $1.2 billion, a 27% year-over-year increase, but a 5% decline from the first quarter. Relative to the first quarter, unplanned customer completion schedule changes, drilling delays pushed activity on larger pads and fleets shifting from gas to oilier basins led to softer market conditions and utilization challenges, partially mitigated by the record efficiencies we achieved across the full fleet. Second quarter net income after tax of $153 million, a 45% increase from prior year, but a decrease from the $163 million in the first quarter. Fully diluted net income per share was $0.87, a 57% increase from prior year and compares to $0.90 in the first quarter. General and administrative expenses totaled $58 million in the second quarter and included non-cash stock-based compensation of $7 million. G&A increased $5 million sequentially due to the higher non-cash stock-based compensation expense, annual salary adjustments and other miscellaneous expenses. Net interest expense and associated fees totaled $6 million for the quarter. Tax expense for the quarter was $47 million, approximately 24% of pre-tax income. We expect the tax expense rate for the full year to be approximately 23% to 24% of pre-tax income. Cash taxes were $52.5 million in the second quarter, and we expect 2023 cash taxes to be approximately 50% of our effective book tax rate for the year. In 2024, we expect a 23% – 24% book tax rate and a similar cash tax rate. Second quarter adjusted EBITDA increased 59% year-over-year but declined 6% sequentially to $311 million. Adjusted EBITDA fell sequentially as a result of the aforementioned challenges during the quarter. We ended the quarter with a cash balance of $32 million and net debt of $256 million. Net debt increased by $67 million from the end of the first quarter as we acquired Siren Energy for $76 million net of cash. We used cash flow to fund capital expenditures, $60 million in share buybacks and $9 million in quarterly cash dividends. Total liquidity at the end of the quarter, including availability under the credit facility, was $226 million. Net capital expenditures were $152 million in the second quarter, which included costs related to the digiFrac construction, capitalized maintenance spending and other projects. We had approximately $7 million of proceeds from asset sales in the quarter. Net cash from operations was $240 million for the quarter and returns to shareholders was $69 million for the quarter. Our capital expenditures remain on target for 2023, now weighing towards the second half of the year. In 2022 July, we installed a $250 million share repurchase program to take advantage of dislocated share prices. During the first quarter of 2023 we upsized that authorization to $500 million, reflecting our conviction in our ability to generate strong free cash flows. We also reinstated our quarterly cash dividend of $0.05 per share in the fourth quarter of last year. In the second quarter, we returned $69 million to shareholders, including the share repurchase of 4.7 million shares, which represent 2.7% of the shares outstanding at the beginning of the quarter for $60 million and the balance in dividends. We have now returned to shareholders a cumulative $287 million in the last 12 months. We continue to differentiate ourselves in an industry with an industry-leading return of capital program while reinvesting in high-returns opportunities and growing our free cash flow. Looking ahead, we expect North American completions activity will moderate in the second half of the year versus the first, but remain at very healthy levels. Frac activity is expected to stabilize but with somewhat quarterly lag to the rig activity ahead of a more constructive outlook for oil and gas markets in 2024. As we look at the second half, we may reduce active fleet count by between 1 to 3 fleets if activity slows further, consolidating our planned activity with our highly efficient fleets and thereby improving fleet utilization. As a result of these changes, we’re adjusting our full year 2023 adjusted EBITDA outlook to approximately 30% to 40% year-over-year growth. Our profitability should trade higher in 2024 and free cash flow is predicted to exceed 2023 levels driven by incremental profitability from our current year investments, continued margin expansion initiatives and lower capital expenditures. We will continue to deliver on our strategic priorities, including our industry-leading return of capital program, a strong balance sheet and continued investment, differential technologies that position us well in the coming years. Chris will give some big picture closing comments after Q&A. And I will now turn it back to the operator to open the line for questions. Q&A Session Follow Liberty Energy Inc. Follow Liberty Energy Inc. We may use your email to send marketing emails about our services. Click here to read our privacy policy. Operator: Thank you. [Operator Instructions] Our first question today will come from Derek Podhaizer of Barclays. Please go ahead. Derek Podhaizer: Hey, good morning guys. So, your top line was down 5%, but you held in decrementals around 30% to hold margins flat quarter-over-quarter. Can you just maybe talk about the cross currents between you mentioned your record pumping – sorry, white space, decreased consumable prices and frac pricing? And should we expect similar decrementals for the back half of the year in the second half? Chris Wright: Look, as we said, when people change schedules and we don’t have enough time to fill slots and all that, we end up with little extra white space as we did. So look, I would say, pretty similar in Q2 versus Q1, a little more white space that drove the revenues down, pricing, about the same. But when you have white space and you don’t get revenue out of that, you still got the same fixed cost, it compresses margin a little bit. I don’t know if Michael wants to say anything else. But yes, and you could see – our revenue, I think was about the same as Q4, but margins were higher. Michael Stock: And Derek, I think the team did a very good job. Pricing was basically flat, but we say activity was off, but we did a great job on the efficiency side. Decrementals were 30%, which was very good. We actually managed to sort of mitigate some of the decrementals that you would normally see in a drop of revenue with some of our other business lines. So – but, second half of the year, I think you would see – you can potentially see a little higher decrementals. That would be the natural sort of like flow, but we will still work to mitigate it. So, I’d say 30% is probably the low end of the decrementals, a little bit higher than that could be expected as well. Derek Podhaizer: Got it. Okay, great. That’s helpful. And then, just want to – any more color on your fleet count. I know you previously guided us to a low 40 numbers. But now we have some e-fleets coming in. You mentioned, first did you flagged fleet out, next one is coming in 3 and 4 back half of the year. You talked about removing 1 to 3 fleets in response of the market. But what about your aging Tier 2 pumps, are you taking those out of the fleet as well? I am just trying to think about where 2024 is going to start as far as the fleet count for you guys? And maybe even further, what type of a mix should we think about between e-frac, Tier 4 DGB and then just your legacy stuff? Some color there would be helpful. Chris Wright: Generally, I’ll take that one, Derek. I mean, when we look at it, we probably retire 3 pumps every week, when we think about an aging fleet. The average sort of about 10% of the whole industry fleet goes down every year. So, it’s a very slow sort of incremental process – we are bringing on digiFrac pumps as we go. As we said, we’ll have 4 fleets of that. Generally, if we’re looking at a flat fleet count, that would be replacing Tier 2 diesel. So, we are moving up our natural gas percentage. As we said, depending on where Q4 shakes out, which may well, they are still sort of – they are still working on some of the plans, I think on the operators or where the second half of that is, maybe somewhere between 1 and 3 fleets we may drop compared to the beginning part of this year. So, that’s where we would start next year. One would expect those fleets would come back relatively quickly as the strengthening market going into Q1 with a better oil market and then strengthening again. I think you’ll see a strengthening market as we go through – the gas basins come back. So, really pretty good outlook for next year on that sort of an increase in their gas usage and sort of widening our technology advantage. Derek Podhaizer: Great. Perfect. Appreciate the color, guys. I will turn it back. Chris Wright: Thanks, Derek. Operator: Our next question today will come from Keith Mackey of RBC Capital Markets. Please go ahead. Keith Mackey: Good morning. Just curious, so the guidance you’ve put out or the commentary you’ve put out on the fleet count mirroring or paralleling the rig count drops with a one quarter lag. So if we look at the rig count from Q1 to Q2 dropped about 80 at 2.5 rigs per crew, that kind of gets me to 32 fleets, which maps up, I guess, fairly closely with your bottoms-up frac count analysis. But can you just talk a little bit more about where you think the industry is in relation to dropping those 32 fleets? And kind of where are we sitting now in total fleet count from what you can see? Chris Wright: Yes. No, I’d say when we talk about that quarterly lag, I mean that’s just a natural when you think drilling moving towards farc. The vast majority – probably a large amount of that was the exit rate for Q2 or the early part of July, right? So we’re sort of – I’d say, rig count is probably at best sort of stabilized factor now and probably has gone up in the last couple of weeks, somewhere around there. I would say frac fleets, I think people are slowly de-staffing frac fleets. So it’s kind of hard to tell exactly where we can active demand, where everybody is in sort of like stacking those fleets and sort of letting the staff a trip off is a little sort of more amorphous, but I’d say a large portion of the [indiscernible]. Ron Gusek: I think that’s right. Keith Mackey: Got it, okay. Thank for that color. And just a follow-up on your 30% to 40% revised EBITDA guidance. Does that incorporate dropping the 1 to 3 fleets potentially or would that be incremental to the 30% to 40% year-over-year EBITDA growth guidance figure? Chris Wright: That includes it. Yes. So that’s – as we say, as you see, we were probably at the – at the top end of that range. We’re at the bottom end of our range from where we were when we were seeing in the beginning part of this year. So that includes those potential fleet drops, but we still see activity continue to roll down. Keith Mackey: Got it. Okay, thanks very much, that’s it for me. Chris Wright: Thanks, Keith. Operator: Our next question today will come from Luke Lemoine of Piper Sandler. Please go ahead. Luke Lemoine: Hey, good morning. Maybe for Ron, could you update us on digiPrime and where you are with testing? And then, is the plan still for these pumps to be in the digiFleets that are rolled out, number three and number four? Ron Gusek: Yes. Luke, we’re well into our testing with digiPrime now. It’s on the test stand and running through the program we have laid out for it there. All indications look quite positive at this point in time. So, we remain pretty optimistic about deployment of that here in the not-too-distant future. And yes, I certainly expect that to play a role in our rollout of digi. Exactly what that mix looks like will be a customer-by-customer situation, just depending on the needs there. But yes, you can expect digiPrime to be an important part of the baseload horsepower, both in the digi platform and in some cases, probably combined with Tier 4 DGB. Luke Lemoine: Okay, got it. Thanks, Ron. Operator: Our next question today will come from Waqar Syed of ATB Capital Markets. Please go ahead. Waqar Syed: Thank you. So, I just want to understand what would change between – what macro things have to change between one and three crew drop. So, if rig count stays at around 650 or so, do you get to one crew drop or three crew crop or how do we go from one to three? Chris Wright: Yes, Waqar, it isn’t really a macro thing. For us, it’s always bottom-up micro. It’s just the existing customers where fleets are working, if a customer is reducing activity, so that fleet is no longer fully utilized. If we can easily fill those gaps or spots with roughly equivalent work, we will keep the fleets active. But if we have a customer who’s cutting activity in half and we’ve got two fleets running for them, that’s quite likely that one fleet is going to go idle. Now we have – to-date, we haven’t put any fleet down. So I would say we benefited a little bit from the differential demand for Liberty. There is people that wanted Liberty capacity that didn’t have it, that have seen a little bit of softening in the marketplace and have used that to absorb capacity we’ve had come free from these incremental reductions from existing customers. So it’s really very much a bottoms up, what is the best use of that fleet. So, I’ve been saying, it’s a macro thing. It’s sort of very specific to the calendars of our customers. But yes, that’s our guess of that range. And we are agnostic on what number that is. We will keep all the people that work for us today, we will reassign them into other crews. Some of it will work on test development and stuff. Natural attrition shrinks employee base anyway so that employment count can adjust easily to sort of very modest changes in deployed capacity. Waqar Syed: Fair enough. And Chris, in terms of pricing, are you seeing some inflation on some of the fleets, maybe more like Tier 2 diesel fleets? And if so, how much would that be? If you could put some numbers around it? Chris Wright: Things are very granular individual customer to individual customer. But as these fleets have gone down, some of the people – before they put fleets down, they lobby in cheap prices. They may grab spot work at much big discounts. And does that create more customer dialogue? Sure, of course it does. But it’s – we have long-term partners and generally dedicated work, and the way we’re performing right now and our customers, we’re in sort of a happy situation that works for our customers and it works for us. And we just – yes, we don’t have any intention or any need to meaningfully change what we’re doing. Waqar Syed: Okay. And just one last question. You have a small presence in Canada. How do you see the outlook in the Canadian market and right now the supply/demand fundamentals there? Chris Wright: I would say that the Canadian market, which, over the last couple of years has probably been an incrementally looser than the U.S. Today, they are probably pretty similar. They are both pretty healthy markets. We’re busy in activity. We will likely have a record year in Canada this year. Waqar Syed: Great. Thank you very much. Chris Wright: Thanks, Waqar. Operator: Our next question today will come from Stephen Gengaro of Stifel. Please go ahead. Stephen Gengaro: Thanks. Good morning, everybody. Two for me. Just to start, what’s the current sort of price discussion with customers feel like? I mean is it – is there a lot of pushback? Is it just – I mean, clearly, there is a preference for your higher-end assets. But just any color on how those pricing discussions have unfolded? Chris Wright: Stephen, as fleets have gone down, and as we said, probably 25 to 30 fleets across the industry have become idle over the last 6 months. That absolutely leads to dialogues. As I said to Waqar, that before laying off those people and parking that fleet, they’ll probably make a few phone calls, hey, can we get your work, you know this and that. So, we have dialogues with our customers. But we’re always motivated with our customers to figure out how to enhance their economics and enhance our economics. Are there a few more dialogues today? Alright, well I understand you’re a quality fleet, you’re not going to lower your service pricing, but hey, are there chemicals we can swap out? Is there more efficient logistics we can do? What about this wet sand stuff we’ve been hearing you guys talk about? So there is probably more dialogues that always exists, but maybe more of them today about, Alright, what can we do together to drive down our well costs and that’s how Liberty rolls. We have a much larger engineering staff, a much higher tech team than our competitors. And so I would say that team is aggressively working with all of our partners about how to get some more efficiencies out of the system, make better decisions on material to use and grow our economics together. Stephen Gengaro: Thanks, Chris. And then as a follow-up to that, I mean, you’ve talked about – I think we’ve talked about it as well and others as far as you’ve had industry consolidation. You’ve had you and HAL probably acting better or certainly HAL has from a CapEx perspective versus history. Is it too early to definitively say you’ve seen the impact of that better industry behavior on pricing dynamics or you’re still waiting to see that? I’m just trying to get a sense because we think it’s happening, but it’s – but from your seat, do you think there is evidence to that end? Chris Wright: Absolutely. I mean, look at where we are, look at what perceptions were 3 or 4 months ago, my god, activity is going to shrink, pricing will collapse as it always does, no little park fleets. We’ve seen 25 or 30 fleets go down and no meaningful even measurable change in average pricing. So yes, I would say tremendously different behavior than we saw in the last two downturns. A lot of capacity has been idled. I think people operating that capacity trying to keep it busy at credible, high-return pricing, and they couldn’t do it and they parked the fleet. So that’s absolutely encouraging. I think we see a change in that. People are just taking a little bit longer-term view of their business now as the shale revolution has gotten more mature. And obviously, consolidation helps that, too. But no, it is, this is – now we will see what the future brings. But I mean, my guess is, most of the activity decline that we will see this year has already happened, and I would say the industry has handled that fabulously. Stephen Gengaro: Excellent. Thank you for the color. Operator: Our next question today will come from Marc Bianchi of TD Cowen. Please go ahead. Marc Bianchi: Hi, thank you. The updated guidance for this year for the back half now seems to imply about a $260 million per quarter run rate. I’m suspecting it’s going to decline throughout the back half of the year where the fourth quarter is lower than the third. But any steer you can give us on sort of that progression? Is it a linear progression? Is it more of a drop-off in fourth quarter? Any color would be helpful. Chris Wright: Yes, we gave you a bound there. As you see, probably around $280 million on average if you get to the top end of the range, right? So you’re probably using the middle end of the – middle part of the range there. So yes, I think some clarity around Q4. There’ll be normal seasonality in Q4, which is 5% to 7% because of holidays. But I think operators are sort of where they are and sort of kind of their plans are really just coming into focus as we come into summer, right? And so that will depend on sort of what part of the range it generally comes in. Marc Bianchi: Okay. So at least at the midpoints, the drop is more weighted towards the fourth quarter at this point with maybe a slight decline in the third quarter. Chris Wright: That’s where the slight – I’d say the fuzziness is. And so therefore, yes, you would say that was [indiscernible]. Marc Bianchi: Yes. Okay, that makes sense. And just to clarify, the one to three fleet potential drop, that’s overall fleet count. That’s not just legacy excluding digiFrac? Chris Wright: That is overall fleet – average overall fleet count, yes. Marc Bianchi: Okay. And then I had another quick one on pricing. One of the things that investors say a lot is, we’re not going to really know the effect of the pricing until the beginning of next year because of negotiations that occur in the fall and then all the pricing resets in the beginning of next year, do you see it playing out that way where the market won’t really know what’s going to happen with pricing until we get into next year or do you think kind of, Chris, based on what you were saying to Stephen’s question that we kind of already know? Chris Wright: Yes, I mean, pricing is a continual thing. I think the sort of – there is a few big companies with big purchasing departments that are very annually focused, but they are more the exception than the rule. And ultimately, it’s just supply demand and desire for who your partner is as those negotiations happen. So, there is a lot of pricing dialogue going on right now. We see how that’s playing out. Obviously the supply-demand dynamics will be different 3 or 6 months from now than they are now. They might be similar, they might be tighter, we don’t know. But I don’t think it’s, no, we don’t know anything about pricing till next year pricing. That’s not how it works. Ron Gusek: You’re not going to see a seismic shift as you start into the new year, on those new budgets, right? As Chris said, this is a continuum. Some things reprice on an annual basis. But generally, everything sort of moves sort of like in a slower sort of more organic fashion. Marc Bianchi: Great. Thank you very much, I will turn it back. Chris Wright: Yes, thanks. Good questions. Operator: Our next question will come from Scott Gruber of Citigroup. Please go ahead. Scott Gruber: Yes. Good morning. Chris Wright: Good morning, Scott. Scott Gruber: Chris and Michael, you guys have been very thoughtful in building Liberty through a series of acquisitions. But we did have Patterson and NexTier come together here recently and scale was a big focus for the company, not just operationally, but also in terms of trying to capture increased investor interest. So I’m just curious about your kind of latest thoughts on industry consolidation and achieving greater scale and the importance of those factors moving forward for Liberty? Chris Wright: I mean, look, yes, consolidation, no doubt that’s a positive for the industry. It’s just – you just get larger, more rational actors in evaluating trade-offs. We’ve been different, I would say, a little bit that we haven’t mainly been an acquisition company. We really started with a different philosophy, a different way we’re going to do business. We were maybe a disruptor with a plan to be organic growth. It’s just we had a brutal downturn in ‘15 and ‘16 that just led to a compelling opportunity where there wasn’t another buyer. And so, we did the Sanjel deal and then COVID and some circumstances there led to, for us a highly attractive opportunity with Schlumberger. But we’re not, by nature, an acquisitive company. We’ve had two awesome deals. And boy, if we get a third opportunity gets tremendous like that. Of course, we would do it. But our fundamental business model isn’t acquire and integrate. But for some of our competitors it is, and that’s great. There is all different ways to participate in this game. But in general, fewer players, larger, stronger players with more long-term thinking management, that’s absolutely positive for our industry on the frac side. I would say it’s also a positive for our customers. In sort of the crazy days of 2013 and 2014, and there was 70 frac companies. I mean, think of what was the speed of innovation? What was the investment looking forward more than 3 months? Not a lot. So yes, it helps pricing. So, you think all that’s good for the frac industry but not good for the E&Ps. Larger, more thoughtful players are better able to make rational investments in long-term partnerships. I think it’s making the whole industry healthier, for both our customers and our space, the frac space. Ron Gusek: Yes. And I would just add a little color. We obviously see the fact that steadier earnings and a potential large market cap are appreciated by investors. We’re building into that organically, as you’ve seen, right? We’ve built a very large company. We’ve got the frac business, which is becoming a much steadier market, less cyclical. It’s still going to be cyclical, but less than it has been historically. And now building our LPI platform will allow us to diversify that earnings base and take some more noise out of the cycle and grow into sort of – continue to grow the footprint of our company even while we’re working in a space that may have single-digit, high single-digit growth in the oil patch for the next 10 years. We’ve got a much bigger opportunity in front of us with the LPI platform. So, that’s how we’re growing to that size to satisfy our investors. Scott Gruber: That’s all-great color. I appreciate that. And then just turning to the CapEx comment on ‘24, that being down. The previous discussions have centered around replacing around 10% of the fleet. So the question is, is that sort of the game plan for next year? And then if so, does the decline come from some of the ancillary services Or do you slow the investment in digiFrac? So I’m just curious kind of what drives the year-on-year decline in CapEx? Michael Stock: Yes. When we set out on our Investor Day sort of like last year and this year were very heavy investment cycles, as we saw it being part of the early part of the cycle, and it was going to slow down next year. We will still replace our fleet. Obviously, you got 10% attrition, that will be an upgrade from diesel to digiFrac, and we could see more than that. But as we said, next year, rather than being 50% predicted EBITDA, 50-odd-percent predicted EBITDA which is in this year for CapEx, it’s more likely to be in 30s and I think that’s exactly the same. Obviously, that would get painted on opportunities, great opportunities with high returns like we’ve been able to drive over the last 11 years are always going to be of interest to us. But that’s where we see our baseline business moving to, which is a – and then as we laid out in our Investor Day, it’s probably between a 5 and a 7-year transition of our whole fleet, since digiFrac. Chris Wright: Yes. I mean if you look at last year and this year, we’ve had some transformative changes that won’t happen every year. We’ve completely different control system software we develop, entirely different logistics networks and some new logistics technologies we’ve talked about, both the development and the construction, the birthing of digi, digiFrac and digiPrime. We’re going to continue to build those technologies. But upfront, there is the development of them. So we’ve had – we’ve done a lot during the last downturn and the start of this upturn to prepare ourselves for the next decade. We will continue to have meaningful investments every year, but we’ve had a pretty concentrated run, I’d say, the last 24 months and the next 6 or 9 months. So yes, I think Michael’s comment to expect a reasonable reset downwards of CapEx is not inconsistent with the long-term plan to phase and it is definitely not an indication of slowing the deployment of Digi. I mean the demand there is just tremendous. For us, it’s just balancing of what pace do we want to replace those fleets and what’s the best homes for them as they come out. Scott Gruber: Got it. And the 30% reinvestment as a percent of EBITDA, should we consider that more like a long-term than a normalized level? Michael Stock: It’s – again, that’s our view into next year, Scott. When we think about baseline business, sort of our base completion business, 30%, 35%. Scott Gruber: Okay, that’s great. I appreciate it. I will turn it back. Chris Wright: Thanks, Scott. Operator: Our next question today will come from Neil Mehta of Goldman Sachs. Please go ahead. Neil Mehta: Yes. Good morning, team. Chris and Michael, I want to start off on capital returns, and you’ve talked – you’ve been doing a good job driving down the share count back half of last year, been aggressive in the first half of this year, and I think your mentality has been to buy back stock at dislocated share prices. Just love your perspective as we try to think about your capital return profile in the back half of the year, do you still see the opportunity to be aggressive or does the white space in the calendar impact the magnitude of free cash flow available to return to shareholders? Chris Wright: Well, I think as you heard from the sort of broad guidance Michael gave, that’s still – it may be a little down in the second half from the first half. That’s still a pretty tremendous financial performance. We’ve got mid-20s cash return on cash invested since the day we started the company and a 44% ROCE right now. So yes, look, we have a strong business. Average through the cycle has been strong since the day we started it. And for whatever reasons, you probably know better than us, we have a stock price today that’s just – I mean, when I talk to people outside of our industry, I just get a very puzzled look, I mean you trade at 4x earnings, you got to – way better than the S&P 500 return on capital and a growing competitive advantage. It’s a – we’re in an unusual place. And it’s not our job to complain or talk and you don’t hear us talk a whole bunch about the stock price. That’s a market. But what we can do is respond to that marketplace. And if the marketplace stays anywhere around where it is now, I mean, it just gives us a great opportunity and we’ve shrunk our share count 10% in less than the last 12 months. If we continue to have opportunities to do that, fantastic, we will do it all day long. Look, our goal, what motivates us is still the great business that’s going to help empower the world and grow the value per share. So that’s making our business more profitable, larger and stronger. But if we could also shrink the denominator and have each share have a larger percent of the business, fantastic. Neil Mehta: Thanks, Chris. And the follow-up and I think I know the answer to this question is, you’re effectively an unlevered business at this point. To the extent you feel strongly that the business is dislocated, would you ever put debt on the balance sheet to really get aggressive in lowering the share count? Chris Wright: Well, look, we’re always going to keep a strong balance sheet. As you said, we’ve had what, two incredible downturn just in the last 8 years. So you like to think, no, it can’t be another one of those. But you never know. We always have to have a balance sheet that’s ready for whatever happens, not just to survive those downturns. But in those two downturns, in both of those downturns, we bought businesses bigger than we were at very attractive prices. So we’re always going to be ready and able to do things like that. But, obviously, we started our buybacks probably in front of our cash flow. We’re not formulaic. We’re going to take X amount of money and we – for us, buybacks aren’t about how much money we spent to buy our stock, it’s how many shares did we reduce and what was the trade-off involved in that buyback of reducing those shares. So yes, it’s not – our buybacks are not going to float formulaically with quarterly free cash flow. They are going to be based on share price, based on our comfort, but we will never go way over the skis and compromise our balance sheet to buyback half of the shares in some big agreement. We have to have a rock-solid balance sheet, but I am probably repeating myself. I think you get our philosophy. Neil Mehta: No, I will just kind of… Chris Wright: Good question. Operator: Our next question today will come from Dan Kutz of Morgan Stanley. Please go ahead. Dan Kutz: Hey. Thanks. Good morning. So, I just wanted to ask on the gas activity side, you guys have made some comments in the prepared remarks that you think that you will probably see gas activity start to pick up in 2024 ahead of all of the LNG liquefaction capacity that’s coming online later that year and into 2025. Given that you guys normally do have a pretty close pulse and view on the kind of industry macro. Have you guys – do you have any views or any thoughts you can share on where you think gas had to be, needs to get to, assuming that we are kind of fully ramped on all the LNG liquefaction capacity that is in the pipeline? If we were to frame it versus kind of where gas activity started this year, I think it was 15% higher, maybe 20 rigs or 25 rigs, presumably that’s a dozen or so frac fleets. Do you have any views on whether or not we need to get back to that level, above that level, below that level or any thoughts you could share on how you think gas activity might trend next year? Thank you. Chris Wright: Yes. I mean look, my guess is, at some point next year, and it might be later next year, it might be maybe middle of next year is a good guess. We probably get back to the gas activity level we were at six months or nine months ago. We may have to go higher than that. There is a pretty significant growth in both LNG exports coming on and pipeline exports to Mexico and part of that pipeline export to Mexico ultimately is going to feed another LNG export terminal out of Mexico. So, there is some pretty positive demand outlook things coming there. But it’s not like we are going to see doubling of gas activity from where we were a year ago, from where we are now. There is a lot of just awesome gas drilling locations in the U.S. and now activity is going to dial back to gas production flat. We may even see some decline in gas production. But at some point next year, that will have to transition. And of course, it will be gradual. If gas starts to get above $3.50, $4, you are going to see activity creep back into the marketplace. So, it won’t be a light switch that will turn on. But when we see gas above $3.50 and the outward curve angling up from there, you will probably start to see some gas activity coming on. That could be late this year, that could be early next year, but I hope we can get back to previous gas activity levels by sometime next year, but probably more in the second half of next year. Dan Kutz: Thanks a lot. That’s really helpful. And then maybe just following up on kind of the M&A and consolidation line of questioning from earlier. So, maybe on the – putting the core frac market aside, is it fair to assume that Liberty will kind of remain active in the – and looking for opportunities to invest, whether it’s organically or inorganically in kind of businesses that would fit into LPI or the lower carbon type businesses. Could you kind of talk through how you would characterize your investment strategy for the lower carbon, I guess part of your portfolio? Chris Wright: Absolutely. And look, we have been outspoken about this. I think lower carbon is government money. So, we are not going to chase government money because that can change with the policy. But we are looking at the macro, where is the energy world going, where are going to be the growth areas, where are going to be the opportunities where there is growth, but people don’t think there is going to be growth. So, yes LPI, look, is a great example of a platform that’s of interest to us. That can lead to very broader things. As I have mentioned, I think three months or six months ago, look, we are not making healthy moves on the electricity grid. We are going to drive the price of electricity up and destabilize our electricity grids. We have been doing it for the last few years, and we are going to accelerate, we meaning the policy of this – of the Federal government and the state governments are going to accelerate that. That’s unfortunate, but that’s going to lead to business opportunities. We are not going to be in it just to be in it, but if we can have strong returns on capital with technologies we have already developed and purposed for something else, like power and digiFrac, for example, and delivering gas or processing gas, do we expect to see broader business opportunities there, I think we do. I think we do. And there is other – you probably saw an announcement recently about a breakthrough at Fervo in geothermal, with Liberty as a partner there. And we have had some new technologies, some new approaches there that have had some early and exciting results. And you may hear other areas that are also using Liberty technology and expertise to change the energy game a little bit. So, yes, we are – I mean our company is called energy for a reason. We are all in on finding the best business, competitively advantaged opportunities for us to play a role in a changing energy landscape. Dan Kutz: Great. Really appreciate the color. Thanks Chris and team. I will turn it back. Chris Wright: Yes. Thank you. Appreciate it. Operator: Our next question today will come from Arun Jayaram of JPMorgan. Please go ahead. Arun Jayaram: Hey. Good morning. I was wondering if you could give us a little bit more color on the efficiency gains that you are seeing in terms of pumping hours. Chris, I think you mentioned there was a record amount of pumping hours you saw as a fleet, but could you put some numbers behind it? Is it 350 hours per fleet? But love to get some more thoughts on that and the sustainability of that as well as if you could give us some sense of how the digiFrac fleet in the field are doing from a pumping hours perspective? Chris Wright: So, we don’t publish the pumping hours thing. They are internal metrics we track, but we made a decision 10 years ago, we are going to track all that data. We work with all of our customers individually about how to grow those numbers. But we don’t share them publicly. But the metric we reported here was when a fleet is rigged up on location, how many minutes in that day is it pumping. It’s been a thing I think Liberty has likely led the industry our entire history in that metric. Yes, and look, as we have grown our fleet count, we are rolling out new technology. We have got all of the things that might put a little bit of downward pressure on that, but nonetheless, record ever in last quarter. So, that really speaks to the crews, the people on location first and foremost, but also we have had breakthroughs and continued software and process innovation on R&M, how do you keep a pump running as long as possible, how do you manage the repair a bit quickly, I mean iron ore location being done differently. So, there is a whole bunch of things that continued little innovations that drive that up higher. Ultimately, we think a few years down the road, one of the factors that will help that go even higher is our new digiFleets. These are gas recip engines. They have got much longer lifetimes and longer time between rebuilds and diesel engines. We have got more technology around them that I think is going to help drive that up as well. But these are all sort of slow, gradual things that matter, but we don’t usually highlight or pound the table during an earnings call. The digiFleets right now, software, a lot of like new technology deployment issues are being sorted out right now. I would say, their performance so far, I think is quite nice, but it’s not at the killer yet, but we will be there before long. We will be there before long. I think it’s going well. Arun Jayaram: Great. And just a follow-up, you talked about this a little bit earlier. I would love to see if you could talk about what you are seeing in terms of demand for your digiFrac kind of technologies. One of your peers mentioned how they signed as many contracts in the history in terms of their e-fleet. So, I would love to get your perspective on what you are seeing from that. Chris Wright: Yes. Look, the demand is huge. If that was a metric we wanted to think, we can sign a lot of agreements this quarter. But that’s not how we are viewing it. We are going to have a certain rate of capital deployment, which sort of comes up with how many fleets we are willing to build, and then who are the right partners for those fleets, where should they be, the configurations. But I mean, yes, just make the obvious point, yes, the demand – the interest in this new technology is tremendous. It’s tremendous. But our focus right now is with the original customers we are deploying them on, let’s get these things hired out. Let’s get that higher level of performance that the technology is designed to deliver. A lot of that follow-on digis are going to go to the people who get the first ones, because the people who have seen the ones, well they want more. So right, and there are going to be priorities for getting that technology because of that first movers and first partners in that. But yes, the interest is quite high. Finding a home for them, that’s not a problem. Arun Jayaram: Great. Thanks a lot Chris. Chris Wright: You bet. Appreciate it. Operator: Next question is from Tom Curran of Seaport Research Partners. Please go ahead. Tom Curran: Good morning guys. Thanks for squeezing me in. I have only got two left here. So, it seems as if we may be seeing a firm bifurcation of the frac market, similar to the dynamics that evolved for the land drilling contractors. Have you observed a starker difference in metrics, especially bidding behavior and pricing trends between your top six pumpers and the rest of the players or between modern equipment defined as e-frac DGB and upgradable Tier 4 and then legacy diesel horsepower? Between those two categorizations, where has the demarcation in metrics been sharper? Chris Wright: So, it’s both. I think your premise is correct. Probably among the companies, it’s even bigger, right, because even if you are a smaller player or you don’t have the – you want the best fleet you can get. You would love to have natural gas running equipment, of course. But most important is to have a fleet that’s going to deliver safely, efficiently, on schedule operations. So, the demand for higher-quality humans and crews and may be characterized by the best players versus the newer, smaller, lower quality players, that differential in today’s marketplace is huge. It’s huge because you have got a capital budget, you have got to get something done, and well boy, I just took the fleet I got – seeing people’s face in stress and look, we are in a problem, can you help us out, here we are. So, I would say the quality of the company and humans is the biggest differential. But the differential among that next-generation frac, of course, that’s big too. But I think most people realize it’s a matter of when I am going to get that fleet. I may not be the big guy or the efficient partner that’s going to get it this year, I may get it next year or 2 years from now. The interest is there. But the bigger divide, as you just said, is more among the companies, human, culture, service quality. Tom Curran: Got it. Makes sense, Chris. And then for Liberty Power innovations, how would you characterize the remaining M&A landscape of just specifically alternative fuel and power solution prospects out there possible targets? And would you say that LPI does actively remain on the acquisition hunt? Chris Wright: Look, when we launched LPI, it as well was not intended to acquire. It was like all Liberty ideas, it was an organic idea with an organic team, with an organic approach. And then we saw a newer, smaller player that seemed – that fit nicely in what we were doing and we were able to get a price and a cultural, human fit that was compelling for us. So, yes, we are – look, we are pitched all the time. We will look at everything. Acquisitions are certainly possible, but again, it’s not a central part of the strategy. Tom Curran: Okay. Thanks for including me guys. I will let you wrap. Chris Wright: Thanks. Appreciate it. Operator: Our next question is from John Daniel of Daniel Energy Partners. Please go ahead. John Daniel: Thank you for including me. I just got a few quick ones for you. I got to Michael first, you mentioned retiring – I think when one stem closed, you had like 2.5 million horsepower. I think you said you were retiring three pumps a week or something ballpark. Is that – should we then extrapolate and assume you get 2 million to 2.2 million horsepower today, ballpark? Michael Stock: It’s close. But I was really putting the example that it’s not a fleet that goes down. Like this week, we are going to like mothball that whole fleet. Every week, pumps go in, they get reviewed or their engine blew up, it’s not worth rebuilding. So, I am trying to kind of like when we talk to investors, it’s really – it’s an organic. When we talk about attrition, it’s not something that happens in blocks. It’s something that happens organically. That’s what we are talking about here, John, so yes. Chris Wright: You don’t take indicator of our horsepower. John Daniel: Fair enough. I am a nerd on this stuff, so I apologize to trying to be close. You guys – I mean you work for best-of-breed E&P companies. And so if you have one to three fleets go idle whatever it is, I don’t really care. I mean that seems more like budget massaging on their part as opposed to so therefore coming back next year as opposed like shutting down, is that fair enough? Chris Wright: Well, there is a little bit of that. There is a little bit of that, but probably the bigger piece is still just what the privates are doing. Privates are still big players in the marketplace and I think mostly because of the economics, they are not stopping activity, but they just pulled back activity. Some of them have sold, right. You have seen some of this, it’s just M&A reducing activity, company A buys company B and together they are running seven fleets and together they are going to run five fleets. So, some strategic consolidation. It isn’t that the very biggest people are just steadier. The very biggest players and they are slowly sort of steadily growing their activity, unlike the small sort of companies, but… John Daniel: As you alluded, I think you said you stated not any fleets have gone down for you, but call it, 25% to 30% across the industry. If we assume one to three fleets, it’s about, call it, 5% of your fleet, should we extrapolate that to the broader U.S. frac market, or just more nuance and what I mean simplistically, should we expect another 10 fleets to 15 fleets across the U.S. go down? Chris Wright: It’s more nuance, John. As I sort of made that point, look a lot of fleets have already gone down and we haven’t had any. It’s not a macro thing. For us it’s just a micro bottom-up. Where is your fleet now and what is it doing, if you had a small number of customers and they all didn’t change their plans, but your fleet count wouldn’t change. But – so it’s very granular bottom-up is kind of what’s going on in our world. Ron Gusek: Yes. And we had white space on our calendar sort of the back end of Q2 that as we are working with our customers and seeing what their long-term plans for the second half of the year are, allows us to then sort of put that work on to a fewer number of fleets, right. So, it’s just being very judicious about how and when we manage our fleets and – but we think with you. John Daniel: Got it. And final one for me. I know you can’t – you are not going to get into the granularity of the pumping hours per day. But when you do have the data, you are tracking the improvements. As you have seen the improvements recently, I mean how much is something that you guys have done versus maybe a new product or service from a third-party or just better planning and scheduling by your customer? If there is any – if you can just add some color, that would be helpful. Chris Wright: Yes. I mean the recent changes. I wouldn’t say it’s sort of revolutionary new third-party thing. The potential well swap things, that came out a while ago. That’s excellent, but that’s been around for a while. It’s really just better, more experienced people getting better at what they do and just tighter relationships with customers, saying, “Hey, look, we do think this way, if we do it together that way, we get more minutes out of the day.” So, it’s incremental process, human partnership improvements, I would say, John, that dominate it. John Daniel: Okay. Thank you for the litany of questions. Thank you. Chris Wright: Yes. Appreciate all your time and the deal job. John Daniel: Thank you. Operator: At this time, we will conclude the question-and-answer session. I would like to turn the conference back over to Chris Wright for any closing remarks. Chris Wright: Three days ago, the Wall Street Journal ran a sobering article by Tom Fairless, titled Europeans Are Becoming Poorer. The punch-line of the story is the dramatic divergence in prosperity between the U.S. and the European Union over the last 15 years. In 2008, each represented roughly 25% of global consumption. Today, the U.S. has risen to 28%, and the European Union has shrunk to only 18%. In dollar terms, the European economy has grown by a paltry 6% over the last 15 years versus 82% for the U.S. What might explain this startling contrast in fortunes between two close allies and trading partners, in a word, energy. Over the last 15 years, the American shale revolution has transformed the U.S. from the world’s largest importer of energy to a net energy exporter who leads the world in both oil production and natural gas production. The result has been enormous energy cost savings for American consumers and businesses, a re-shoring of energy-intensive industries with high-paying blue and white collar jobs. This trend could surely accelerate if we stop building impediments. The energy story in the European Union is quite the opposite. EU oil and gas production has dropped by over a third. Coupled with high taxes and regulations, this has delivered ever-increasing energy prices to consumers and businesses alike. The net result has been an exodus of energy-intensive manufacturing from the EU, mainly to Asia, but also to America. These departing manufacturing jobs take high-paying blue-collar jobs and starved many supporting industries. Expensive energy empowers European citizens, squelches optimism and further suppresses fertility rates. Of course, many other factors played a role in the EU-American divergence over the last 15 years, but I believe the core issue is energy. Economists often mistakenly view energy as just a sector of the economy. Instead, energy is the sector of the economy that enables every other economic sector. Energy is also essential to keeping citizens warm in the winter, cool in the summer and it enables affordable secure food supplies. Get energy wrong and suffering is sure to follow. Thank you for your interest today and we look forward to talking to everyone next quarter. Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect your lines. Follow Liberty Energy Inc. Follow Liberty Energy Inc. We may use your email to send marketing emails about our services. Click here to read our privacy policy......»»

Category: topSource: insidermonkeyJul 23rd, 2023

Binance cuts more than 1,000 jobs amid a layoff wave expanding beyond tech. Here"s the full list of major US companies slashing staff this year.

The wave of layoffs hitting tech companies and beyond shows no signs of slowing. Crypto exchange Binance recently cut over 1,000 people, WSJ reports. Binance CEO Changpeng Zhao is under federal scrutiny after the SEC filed a lawsuit against the crypto exchange last month. Over 1000 people have since been cut from the company's workforce.Photo by Pedro Fiúza/NurPhoto via Getty Images Crypto exchange Binance has laid off over 1,000 employees in the past weeks, WSJ reports. In recent months, layoffs have expanded beyond tech, media, and finance as Gap and Whole Foods announced cuts. See the full list of layoffs so far in 2023. A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down well into 2023.Binance, the giant crypto exchange, is cutting a big chunk of its workforce during a federal investigation, according to the Wall Street Journal. Last month, the SEC sued the crypto exchange, alleging that it operated as an unlicensed exchange. Over 1,000 people have already been cut from Binance's workforce in recent weeks, according to the Journal. The exchange was weighing cuts to its staff even before the SEC's suit. The news of these layoffs arrives on the heels of recent job cuts at companies including Niantic, Robinhood, Grubhub, and Spotify.  These companies join a large number of major corporations that have made significant reductions to staff this year: Tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced massive layoffs in the first weeks of 2023 amid a continued economic downturn and stagnating sales.The downsizing followed significant reductions that companies including Meta and Twitter made last year. The layoffs have primarily affected the tech sector, which is now hemorrhaging employees at a faster rate than at any point during the pandemic, the Journal reported.According to data from Layoffs.fyi, a site tracking layoffs since the start of the pandemic, tech companies slashed more than 211,000 in 2023 alone — compared to 80,000 in March to December 2020 and 15,000 in 2021. But it's not just tech companies that are cutting costs, with the major job reductions that have come from the Gap, along with FedEx, Dow, and Wayfair.Here are notable job cuts so far in 2023: Binance: More than 1,000 jobsNurPhoto / ContributorBinance, one of the world's largest cryptocurrency exchanges by volume, has cut over 1,000 people from its workforce in recent weeks, the Wall Street Journal reports. The cuts come after the SEC filed a lawsuit against the company last month, alleging that it operated as an unlicensed crypto exchange. The cuts, which are ongoing, could whittle down Binance's staff by at least a third, a person familiar with the cuts told the Journal. Even before the SEC's suit the exchange was considering staff cuts to prepare for the next bull cycle and evaluate its "talent density," a Binance spokesperson told Insider. "As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic," the spokesperson said.The statement came after a series of tweets from independent journalist Colin Wu on May 31 that indicated forthcoming layoffs at the company. "This is not a case of rightsizing, but rather, re-evaluating whether we have the right talent and expertise in critical roles," the Binance statement continued. "This will include looking at certain products and business units to ensure our resources are allocated properly to reflect the evolving demands of users and regulators." Niantic: About 230 jobsNiantic released Pokemon Go to immense popularity in 2016.Thiago Prudêncio/SOPA Images/LightRocket via Getty ImagesNiantic CEO John Hanke announced that the AR gaming company would be laying off about 230 employees on Thursday.Hanke informed employees that the company would sunset its basketball game, "NBA All-World," and stop development of an unreleased superhero game "Marvel: World of Heroes." The company will also close a Los Angeles studio, he said."In the wake of the revenue surge we saw during Covid, we grew our headcount and related expenses in order to pursue growth more aggressively," Hanke wrote. "Post Covid, our revenue returned to pre-Covid levels and new projects in games and platform have not delivered revenues commensurate with those investments."He added that Niantic is still confident about the potential of the augmented and mixed reality space, and pointed to Meta and Apple's commitments to their respective headsets as a reason the industry should be optimistic.Robinhood: About 7% of the workforceRobinhood will cut around 150 jobs through its recent wave of layoffs.Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty ImagesRobinhood, a stock-trading app, is laying off around 150 of its full-time employees, The Wall Street Journal first reported. The job cuts will amount to about 7% of Robinhood's workforce — adding to the more than a thousand jobs the company has cut since last year.Robinhood's Chief Financial Officer Jason Warnick, wrote that the layoffs were done to "adjust to volumes and to better align team structures," according to an internal company message obtained by the Journal. "We're ensuring operational excellence in how we work together on an ongoing basis. In some cases, this may mean teams make changes based on volume, workload, org design, and more." a Robinhood spokesperson told Insider in an emailed statement. The spokesperson did not respond to Insider's questions asking about how many employees would face layoffs, and what positions would be impacted.This marks the third workforce reduction the company has undergone since last year. In 2022, Robinhood went through two rounds of layoffs in April and August which axed more than a thousand positions of its then 3,800 employees. The company cited these earlier layoffs as necessary to cut costs and eliminate duplicate roles that resulted from the company undergoing rapid hiring.The layoffs at Robinhood followed a ballooning period of stock trading and hiring at the company during the Covid-19 pandemic, Insider previously reported. But trading has only declined since then, as stimulus checks have dried up and inflation rates climbed, granting people fewer disposable income for trading. Ford: anticipated layoffsFord confirmed it would undergo layoffs, as part of the company's Ford+ growth plan.FordFord said it would undergo layoffs that would mainly impact engineering positions based in the US and Canada. A spokesperson for Ford declined to say how many employees would be laid off this week, when Insider asked for comment. The layoffs would mostly impact engineering roles in the US and Canada, the spokesperson said in a statement.The recent round of layoffs at Ford are part of the company's Ford+ growth plan that was introduced in 2021, the spokesperson told Insider. Part of this plan focuses on expanding the company's electric vehicles sales, CNBC reported."Delivering on the plan includes adjusting staffing to match focused priorities and ambitions, while raising quality and lowering costs," the spokesperson said in a statement to Insider, when asked about the reasoning for the layoffs.The layoffs will impact employees in each of Ford's business divisions, including its Ford Blue unit, its Model e electric vehicle division, and its Ford Pro services, CNBC reported.This layoff follows reductions the company made last year. In August, Ford laid off around 3,000 employees — a part of the company's plans to restructure the company's attention on electric vehicles. But the layoffs in the car industry are also distinct from those spreading across other industries, Insider previously reported. As more automakers shift to electric vehicles, more layoffs are anticipated across the industry. But while these changes signal some jobs will no longer exist in the industry, new positions will also be created as more automakers move in this direction.Sonos: About 7% of the workforceThe Sonos team celebrates its Nasdaq initial public offering.SonosIn a June 14 filing, Sonos disclosed it would be laying off around 7% of its workforce, or 130 people."In the face of continued headwinds we have had to make some hard choices, including eliminating some positions and reevaluating program spend," the company's CEO Patrick Spence said in a statement.The cuts come a month after the company announced a 24% drop in revenue for the second quarter of 2023 as compared to the second quarter of 2022. At the time, company cited softening demand and reduced its earnings guidance for the rest of the year, causing its stock to take a hit.Grubhub: Around 400 jobsBrandon Bell/Getty ImagesGrubhub CEO Howard Migdal told staff that the food-delivery company would be laying off about 400 jobs on June 12 — or about 15% of its workforce.The cuts impacted Grubhub's corporate office, as the company's operating and staff costs have increased at a faster rate than its business over the past few years, the memo said. "We operate in a highly competitive and constantly evolving industry," Migdal wrote. "There is no doubt whatsoever that we have a solid foundation in place and an immense opportunity ahead of us – but it is also clear that we need to make some tough decisions in order to maintain our competitiveness."Grubhub has struggled to keep up with the likes of DoorDash and Uber Eats, and it is now the third biggest delivery operator in the US, according to Bloomberg Second Measure. The company has had three CEOs over the last two years, and its owner, Dutch conglomerate Just Eat Takeaway.com, tried to sell the firm less than a year after purchasing it.Meanwhile, more customers are turning away from food delivery, overall, in an attempt to save money and avoid sky-high fees.Spotify: 2% of workforceSpotify is the latest company to announce layoffs.Onur Dogman/SOPA Images/LightRocket via Getty ImagesSpotify announced that the music and podcast streaming app would lay off about 200 employees, or 2% of its workforce. The layoffs will impact employees across Spotify's podcasting business and its supporting functions, including talent acquisition and financial roles, a Spotify spokesperson told Insider.In the memo sent to employees, the vice president of Spotify's podcast business Sahar Elhabashi explained the layoffs were a part of the brand's decision to change how it works with podcast partners around the globe. The "fundamental pivot from a more uniform proposition will allow us to support the creator community better," the memo read."The company will support these individuals with generous severance packages, including extended Healthcare coverage and immediate access to outplacement support," the statement read. This announcement arrives on the tail of additional layoffs the music streaming service made back in January. In a memo to Spotify employees, CEO Daniel Ek said the company would cut 6% of its staff, about 600 people. "While we have made great progress in improving speed in the last few years, we haven't focused as much on improving efficiency. We still spend far too much time syncing on slightly different strategies, which slows us down. And in a challenging economic environment, efficiency takes on greater importance. So, in an effort to drive more efficiency, control costs, and speed up decision-making, I have decided to restructure our organization," he wrote. As part of those changes, Dawn Ostroff, the company's chief content and advertising officer, who spent more than $1 billion signing exclusive podcast deals with Joe Rogan, the Obamas, and Prince Harry and Meghan Markle, has departed. JPMorgan: About 500 jobsJPMorgan recently began cuts of about 500 employees, CNBC and CNN reported.ReutersJPMorgan announced on March 26 that it is slashing 500 roles, CNBC reported.The cuts are expected to spread across JPMorgan's retail and commercial banking, asset and wealth management, and corporate and investment banking operations, according to CNBC.The reported layoffs come just a day after reports that JPMorgan laid off 1,000 First Republic employees, or about 15% of its workforce. JPMorgan, the largest bank in the US, got even larger earlier this month when it acquired the assets of failing First Republic after it was seized by regulators.LinkedIn: 716 rolesRyan Roslansky, CEO of LinkedIn, said the company would be cutting 716 roles on Tuesday.Courtesy of Ryan RoslanskyLinkedIn announced earlier this month that it would be cutting 716 roles from its global workforce in a message from CEO Ryan Roslansky.Roslansky also noted that company will also be discontinuing InCareer, a local jobs app in China, as it refocuses on helping companies in China hire, market, and train abroad. The decision comes on the heels of LinkedIn's 20th anniversary last week. "While we're making meaningful progress creating economic opportunities for our members and customers and experiencing record engagement on the platform, we're also seeing shifts in customer behavior and slower revenue growth," Roslansky said.Shopify: 20% of workforceDavid Fitzgerald/Sportsfile via Getty ImagesShopify is slashing 20% of its workforce and selling off most of its logistics business to supply chain company Flexport, the company announced on May 4. The cuts confirmed growing concern of layoffs among staffers in recent weeks, following the cancellation of several team-building offsite events and analyst speculation that Shopify would alter its logistics arm, Insider reported."I recognize the crushing impact this decision has on some of you, and did not make this decision lightly," Shopify CEO Tobi Lütke said in a note to employees and shareholders.He continued: "This is a consequential and hard week. It's the right thing for Shopify but it negatively affects many team members who we admire and love working with."Morgan Stanley: 3,000 jobsReutersMorgan Stanley is cutting 3,000 jobs by the end of the quarter, Bloomberg reported, citing sources familiar with the matter. One person told the outlet that the company's banking and trading teams will be most impacted.The cuts will affect about 5% of the firm's workforce, excluding financial advisers and personnel in the wealth management division, Bloomberg noted. A spokesperson for the bank did not immediately respond to Insider's request for comment and declined to comment to Bloomberg. However, CEO James Gorman noted last month that underwriting and mergers activity has been "subdued" and that he doesn't expect a rebound before the second half of 2023 or even 2024, Bloomberg noted. The firm last cut 1,600, or around 2% of its staff in December, Bloomberg noted. Dropbox: 16% of staffDrew Houston, cofounder and CEO of Dropbox, told employees Thursday that the company was eliminating 500 jobs.Matt Winkelmeyer / Getty ImagesCloud storage firm Dropbox said Thursday that it would be reducing its global workforce by 16%, or 500 jobs.In a message to staff sent Thursday, CEO Drew Houston said the cuts are being made, in part, from slowing business growth and the expansion of AI products. "Today's changes were the result of taking a hard look at our strategic priorities and organizational structure as a leadership team, and aligning to principles of sustainable financial growth, efficiency, and flexibility to invest in our future. We're also streamlining how the company is organized," Houston said.  Gap: more than 2,000 jobs since late last yearGap posters in Birmingham, England.Mike Kemp/Getty ImagesClothing retailer Gap is cutting 1,800 positions in its headquarters and upper management as part of a restructuring plan meant to cut costs, the retailer said Thursday.Gap said that the cuts are expected to help the company see $300 million in annualized savings."We are taking the necessary actions to reshape Gap Inc. for the future — simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience," the company's chairman and interim CEO Bob Martin said in a statement given to Insider.In September, Gap slashed 500 jobs from its corporate ranks in a push to save $250 million annually, the Wall Street Journal reported. Jenny Craig: potential mass layoffsA man enters a Jenny Craig facility June 19, 2006 in Niles, Illinois.Tim Boyle/Getty ImagesWeight loss company Jenny Craig notified staffers of potential mass layoffs on April 27, as a result of the company "winding down physical operations," according to an internal email reviewed by NBC News.According to NBC News, the company has been in the process of selling and anticipates the pending sale "will likely impact all employees in some manner," an FAQ document sent to employees read. "We do not know the exact employees/groups whom will be impacted, and if any employees may be retained," the document said, per NBC News. "As a result, we would suggest that you anticipate that your employment may be impacted and begin to seek other employment." 3M: 6,000 jobsMike Roman, CEO of 3M.Xinhua News Agency / Contributor/Getty ImagesOn Tuesday, the Scotch tape and Post-It Notes manufacturer said it will be cutting 6,000 positions across all parts of the company with the goal of streamlining operations, simplifying supply chain, and reducing layers of management, according to The Wall Street Journal.The company's chief executive Mike Roman said Tuesday that the cuts would eliminate 10% of 3M's global workforce and ultimately save the company between $700 to $900 million in pretax costs, the Journal said. 3M last announced cuts in January when it said it was removing 2,500 manufacturing positions.Lyft: 1,072 rolesReutersIn an SEC filing on Thursday, Lyft said it was cutting roles for 1,072 employees, or about 26% of its corporate workforce. In the filing, the company also said it is scaling back on hiring and has eliminated over 250 open positions. The news comes just weeks after David Risher took the helm as Lyft's new CEO, part of an executive shakeup that involved cofounders Logan Green and John Zimmer moving into board roles. A spokesperson for Lyft previously told Insider, "David has made clear to the company that his focus is on creating a great and affordable experience for riders and improving drivers' earnings."The spokesperson added, "To do so requires that we reduce our costs and structure our company so that our leaders are closer to riders and drivers. This is a hard decision and one we're not making lightly. But the result will be a far stronger, more competitive Lyft." Deloitte: 1,200 jobsAlex Tai/SOPA Images/LightRocket via Getty ImagesDeloitte announced on April 21 it was cutting 1,200 jobs, or about 1.5% of its US staff, the Financial Times reported. The cuts will largely be concentrated in the financial advisory business as a result of a decline in mergers and acquisitions, per internal communications viewed by the FT. Whole Foods: Several hundred corporate employeesMary Meisenzahl/InsiderWhole Foods announced on April 20 it was letting go of several hundred corporate employees, amounting to less than 0.5% of the company's workforce, CNBC reported.The cuts are a result of a structural reorganization of global and regional support teams, which will be downsized from nine to six, but will not cause store closures, according to CNBC.In a memo to employees viewed by CNBC, Whole Foods executives wrote "simplifying our work and improving how we operate is critical as we grow." "As the grocery industry continues to rapidly evolve, and as we — like all retailers — have navigated challenges like the COVID-19 pandemic and continued economic uncertainty, it has become clear that we need to continue to build on these changes," the memo read, per CNBC. It continued: "With additional adjustments, we will be able to further simplify our operations, make processes easier, and improve how we support our stores."BuzzFeed News: 15% of staffBuzzFeed News headquarters.Drew Angerer / Getty ImagesBuzzFeed announced on April 20 that it was shuttering its BuzzFeed News division, laying off 15% of its staff, or 180 employees, in the process. In a memo to staff shared with Insider's Lucia Moses, CEO Jonah Peretti admitted to mistakes like over-investing in the news arm and failing to successfully integrate BuzzFeed and Complex after the latter was acquired in 2021. "I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances," he wrote. "Our job is to adapt, change, improve, and perform despite the challenges in the world. We can and will do better."Ernst & Young: 3,000 positionsEY spends $500 million annually on learning for its employees.TOLGA AKMEN / Contributor / GettyErnst & Young announced on April 17 it was laying off 3,000 US employees, or about 5% of its total US staff.The decision came after the financial auditor nixed a proposed reorganization that would break up its consulting and accounting businesses, Reuters reported. According to the Financial Times, which first reported the layoffs, the cuts will address "overcapacity" and will largely impact the company's consulting business. Opendoor: 560 jobsOpendoor announced it was cutting 560 jobs on Tuesday.Opendoor Technologies/GlassdoorOn Tuesday, home flipping giant Opendoor said it was cutting 560 jobs, or 22% of its workforce, citing a souring housing market. A spokesperson for Opendoor told Insider by email,"We've been weathering a sharp transition in the housing market – the steepest and fastest rate increase by the Fed in 40 years, the more than doubling of mortgage rates from historic lows, and the hit to home affordability have driven an approximately 30% decline in new listings from peak levels last year."The spokesperson noted that the cuts have been made to "better align our operational costs with the anticipated near-term market opportunity, while maintaining our critical technology investments that will continue to drive the business long term."Impacted team members will receive severance pay, extended health benefits, and job transition support. Opendoor last made cuts in November 2022, laying off 550 workers or about 18% of its staff.  McKinsey: About 1,400 employeesFABRICE COFFRINI/AFP via Getty ImagesMcKinsey & Company will cut an estimated 1,400 positions, or 3% of its total workforce, Bloomberg reported on March 29.The layoffs are part of the consulting firm's efforts to reorganize support teams and pare down an employee base that has grown rapidly in recent years, per the outlet. "The painful result of this shift is that we will have to say goodbye to some of our firm functions colleagues, while helping others move into new roles that better align to our firm's strategy and priorities," Bob Sternfels, global managing partner, wrote in a note to staff seen by Bloomberg. He continued: "Starting now, where local regulations allow, we will begin to notify colleagues who will depart our firm or be asked to change roles."David's Bridal: 9,236 employeesShoppers head for David's Bridal in Sunset Hill, Mo. Tuesday, May 10, 2005.James A. Finley/AP ImagesDavid's Bridal is laying off more than 9,000 workers across the US, according to a WARN notice filed with the Pennsylvania Department of Labor and Industry on April 14. "We are evaluating our strategic options and a sale process is underway," David's Bridal spokesperson Laura McKeever told the Philadelphia Inquirer. "At this time, there are no updates to share."The company is considering filing for bankruptcy in the near future, according to an April 7 report from the New York Times. David's Bridal also filed for bankruptcy in 2018. Virgin Orbit: 85% of staffersSir Richard Branson, founder of Virgin Orbit.Mark GreenbergVirgin Orbit disclosed in a March 30 filing with the Securities and Exchange Commission that it is slashing 85% of its staff, or about 675 employees.The company, which operates within the Virgin Group and provides launch services for satellites, is also ceasing operations "for the foreseeable future," CNBC reported. "Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Virgin Orbit CEO Dan Hart said, according to audio of a company all-hands obtained by CNBC.     Electronic Arts: About 780 employeesLucy Nicholson/ReutersElectronic Arts — the video game company best known for its "The Sims," "FIFA," and "Madden NFL" franchises — is letting go of 6% of its staff, or about 780 employees, the company announced on March 24. "As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams," Electronic Arts CEO Andrew Wilson wrote in a blog post to staffers. Wilson said the cuts began early this quarter and will continue through the beginning of the next fiscal year.  Amazon: 9,000 more jobsAmazon CEO Andy Jassy announced on Monday that the company would be eliminating another 9,000 roles, on top of the 18,000 announced in January.Richard Brian/ReutersAmazon announced on March 20 that it would cut 9,000 jobs from its workforce over the coming weeks. The cuts come on the heels of the 18,000 roles the company announced it was cutting back in January. In a message to employees shared on Amazon's site, CEO Andy Jassy noted that the impacted positions are largely in the Amazon Web Services, People Experience and Technology Solutions, Advertising, and Twitch departments. In the memo, Jassy said the company staggered its layoff announcements because "not all of the teams were done with their analyses in the late fall." He added, "rather than rush through these assessments without the appropriate diligence, we chose to share these decisions as we've made them so people had the information as soon as possible."Roku: 200 staffersRoku CEO Anthony Wood speaks during Tribeca X - 2021 Tribeca Festival on June 18, 2021 in New York City.Photo by Arturo Holmes/Getty Images for Tribeca FestivalRoku is cutting an additional 200 roles, or 6% of its workforce, Reuters reported on March 30. The cuts come after the streaming device manufacturer previously laid off 200 employees in November 2022. The company is expected to complete the cuts by the end of the second quarter, and also plans to leave and sublease office facilities in an attempt to reduce costs, according to Reuters. Walmart: About 200 employeesA Walmart store.Bruce Bennett/Getty ImagesWalmart asked about 200 workers at five fulfillment centers to find employment elsewhere in the company in the next 90 days or else be laid off, Reuters reported on March 23.The cuts are a response to the reduction of evening and weekend shifts at select Walmart facilities, including those in Chino, California; Davenport, Florida; Bethlehem, Pennsylvania; Pedricktown, New Jersey; and Fort Worth, Texas, per Reuters. "We recently adjusted staffing levels to better prepare for the future needs of customers," a Walmart spokesperson told Reuters in a statement.  Accenture: 19,000 positionsJoan Cros/Corbis via Getty ImagesAccenture is slashing 19,000 roles, or 2.5% of its total workforce, according to a Security and Exchange Commission filing on March 23.The tech consultancy company said the layoffs will take place over the next 18 months and half of the cuts will impact staffers in "non-billable corporate functions," per the filing.  "While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs," Accenture wrote in the filing. Indeed: 2,200 staffersIndeed CEO Chris HyamsPhoto by Niall Carson/PA Images via Getty ImagesIndeed CEO Chris Hyams announced on March 22 that the online networking platform will cut 2,200 jobs, or about 15% of its staff. In a note sent to employees, Hyams wrote the reductions will impact "nearly every team, function, level, and region" across the company in an effort to reduce redundancy and increase efficiency. "I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I'd never have to make," he wrote. Meta: 10,000 workersMeta CEO Mark ZuckerbergMark Lennihan/APRoughly 10,000 Meta workers will find out that their jobs have been cut between March and May, according to an announcement by the company's founder and CEO, Mark Zuckerberg. Zuckerberg also said the company would close around 5,000 open roles that haven't yet been filled as part of the company's effort to downsize. "My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead," Zuckerberg wrote in a post on Facebook announcing the layoffs. In the post, Zuckerberg said that members of Meta's recruiting team would learn about the fate of their jobs in March, while tech workers would find out in late April, and business groups would find out in May. "In a small number of cases, it may take through the end of the year to complete these changes," he wrote. The job cuts come less than 5 months after Meta slashed 11,000 workers, or about 13% of its workforce, in November. At the time, Zuckerberg called the layoffs a "last resort."  SiriusXM: 475 rolesJennifer Witz, CEO of SiriusXM said the company was cutting 475 roles on March 6.Cindy Ord / Staff/ Getty ImagesThe radio company said March 6th that it was cutting 8% of its staff or 475 roles according to a statement posted on the company's website from CEO Jennifer Witz.In the statement, Witz said "nearly every department" across the company will be impacted. She also noted that those impacted will be contacted directly and will have the opportunity to speak with a leader from their department as well as a member of the company's People + Culture team. Impacted employees will also be provided with exit packages that include severance, transitional health insurance benefits, Employee Advocacy Program continuation, and outplacement services, Witz noted.Citigroup: hundreds of jobsCiti CEO Jane FraserPatrick T. Fallon/AFP via Getty ImagesCiti plans to cut hundreds of jobs, with many focused on the company's investment bank division. The total headcount cut will reportedly amount to less than 1% of Citi's more than 240,000 workers and are part of Citi's normal course of activities.Citi's cuts were first reported by Bloomberg. In January, Citi's CFO told investors the company remained "focused on simplifying the organization, and we expect to generate further opportunities for expense reduction in the future."Citi declined Insider's request to provide comment on the record. Waymo: reported 209 roles so farWaymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 8% of the unit's staff has been cut this year.Peter Prado/Insider; Vaughn Ridley/Sportsfile via Getty ImagesAlphabet's self-driving car unit Waymo has reportedly laid off a total of 209 employees this year in two rounds of cuts, according to The Information. Waymo reportedly laid off 137 employees on March 1, according to The Information. Waymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 209 employees— approximately 8% of the company's staff— have been cut this year, according to an internal email seen by The Information.Waymo did confirm the cuts to Insider but did not specify the number of roles impacted or the date the first round of cuts occurred.  Thoughtworks: reported 500 employeesThoughtworks laid off 500 employees on February 28. That day, CEO Guo Xiao said in the company's earnings release that it was "pleased" with its performance in the fourth quarter of 2022.Screenshot of Guo Xiao from the Thoughtworks website.Thoughtworks, a software consultancy firm, reportedly laid off 500 employees or 4% of its global workforce, according to TechCrunch. TechCrunch noted that the company "did not dispute" the figure when reached for comment on March 1. According to TechCrunch, Thoughtworks "initially informed" the affected employees about the decision on February 28. That same day, Thoughtworks reported that its revenue had increased 8.3% between the fourth quarter of 2022 and the fourth quarter of 2021. The company also reported a more than 21% year over year revenue increase for 2022. In the company's earnings release, Thoughtworks' CEO Guo Xiao said, "We are pleased with our performance in the fourth quarter and our clients continue to look to us to help them navigate these uncertain times and tackle their biggest technology challenges."General Motors: reported 500 salaried jobsGM CEO Mary Barra.Patrick T. Fallon/Getty ImagesGeneral Motors plans to cut 500 executive-level and salaried positions, according to a report from The Detroit News. The layoffs come only one month after CEO Mary Barra told investors and reporters on the company's earnings call, "I do want to be clear that we're not planning layoffs." In a memo to employees, seen by Insider, GM's chief people officer wrote, "we are looking at all the ways of addressing efficiency and performance. This week we are taking action with a relatively small number of global executives and classified employees following our most recent performance calibration." Employees who are getting laid off were informed on Feb. 28. General Motors confirmed the layoffs to Insider but did not confirm a specific number of employees getting cut. Twitter: about 200 employeesElon Musk is Twitter's CEO and ownerREUTERS/Jonathan ErnstThe layoffs reportedly haven't stopped at Twitter under Elon Musk. The social media company reportedly laid off 200 more employees on a Saturday night in late February, according to the New York Times. Some workers reportedly found out they had lost their jobs when they couldn't log into their company emails.Musk laid off 50% of Twitter's workforce in November after buying the company for $44 billion. Yahoo: 20% of employeesSOPA Images / Getty ImagesYahoo announced it will eliminate 20% of its staff, or more than 1,600 people, as part of an effort to restructure the company's advertising technology arm, Axios reported on February 9.Yahoo CEO Jim Lanzone told Axios that the cuts are part of a strategic overhaul of its advertising unit and will be  "tremendously beneficial for the profitability of Yahoo overall."    Disney: 7,000 jobsBob Iger, CEO of DisneyCharley Gallay/Stringer/Getty ImagesFresh off his return as Disney CEO, Bob Iger announced February 8 that Disney will slash 7,000 jobs as the company looks to reduce costs. Iger, who returned to the position in November 2022 to replace his successor Bob Chapek after first leaving in 2020, told investors the cuts are part of an effort to help save an estimated $5.5 billion. "While this is necessary to address the challenges we are facing today, I do not make this decision lightly," Iger said. "I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes."DocuSign: 10%Igor Golovniov/SOPA Images/LightRocket/Getty ImagesDocuSign plans to slash 10% of employees as part of a restructuring plan "designed to support the company's growth, scale, and profitability objectives," the electronic signature company wrote in a Securities and Exchange Commission filing on Feb. 16. The company said the restructuring plan is expected to be complete by the second quarter of fiscal 2024, per the filing. Affirm: 19% of its workforceAffirm co-founder and CEO Max LevchinAffirmAffirm announced on February 8 it plans to slash 19% of its workforce, after reporting declining sales that missed Wall Street expectations. Affirm co-founder and CEO Max Levchin said in a call with investors that the technology company "has taken appropriate action" in many areas of the business to navigate economic headwinds, including creating a "smaller, therefore, nimbler team.""I believe this is the right decision as we have hired a larger team that we can sustainably support in today's economic reality, but I am truly sorry to see many of our talented colleagues depart and we'll be forever grateful for their contributions to our mission," he said.  GoDaddy: 8% of workersGoDaddy's CEO Aman Bhutani in September 2019Don Feria/Invision/AP ImagesGoDaddy, the website domain company, announced on February 8 it will cut 8% of its global workforce. "Despite increasingly challenging macroeconomic conditions, we made progress on our 2022 strategic initiatives and continued our efforts to manage costs effectively," GoDaddy CEO Aman Bhutani wrote in an email to staffers."The discipline we embraced was important but, unfortunately, it was not sufficient to avoid the impacts of slower growth in a prolonged, uncertain macroeconomic environment."Zoom: 15% of staffZoom CEO Eric Yuan.AP Photo/Mark LennihanZoom CEO Eric Yuan announced in a memo to workers that the company would reduce its headcount by 15%, or about 1,300 employees, on February 7. He attributed the layoffs to "the uncertainty of the global economy and its effect on our customers" but also said the company "made mistakes" as it grew. "We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably toward the highest priorities," Yuan said. In the memo, Yuan also announced that he would cut his salary by 98% in 2023 and forgo his corporate bonus. In addition, other members of the executive leadership team will also reduce their base salaries by 20% this year, according to Yuan. eBay: 500 jobseBay CEO Jamie Iannone told employees Tuesday that the company would be eliminating 500 roles.Harry Murphy/Sportsfile for Web Summit via Getty ImagesOn Tuesday, e-commerce giant eBay told employees that it would be eliminating 500 roles, or about 4% of its workforce, according to a message included in a regulatory filing on Tuesday. In the message, CEO Jamie Iannone wrote "Today's actions are designed to strengthen our ability to deliver better end-to-end experiences for our customers and to support more innovation and scale across our platform."He added, "this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape." Dell: 5% of workforceDell is eliminating approximately 5% of its workforce. The company's co-chief operating officer Jeff Clarke told employees in a memo, "market conditions continue to erode with an uncertain future."Kevork Djansezian / Staff/Getty ImagesOn February 6, Dell said in a regulatory filing that it would be eliminating about 5% of its workforce. The percentage amounts to approximately 6,650 roles based on numbers that Dell provided Insider. In a memo sent to employees posted on Dell's website, co-chief operating officer Jeff Clarke, said "market conditions continue to erode with an uncertain future." He also noted in the memo that the company had paused hiring, limited employee traveling, and decreased spending on outside services. He added, however, "the steps we've taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough."Pinterest: 150 jobsBen Silbermann is the founder and executive chair of Pinterest. He was the company's CEO until June 2022.Horacio Villalobos/Getty ImagesPinterest said it would cut 150 workers, or less than 5% of its workforce, on February 1, the company confirmed to Insider.  "We're making organizational changes to further set us up to deliver against our company priorities and our long-term strategy," a company representative said.The social media company was recently the target of activist investor Elliott Management, agreeing to add one of the firm's representatives to its board last month.   Rivian: 6% of jobsRivian CEO RJ Scaringe.Carlos Delgado/Associated PressRivian's CEO RJ Scaringe announced the EV company would cut 6% of its workforce in a memo to employees, the company confirmed to Insider. This is the company's second round of job cuts in the last 6 months after Scaringe announced a separate 6% workforce reduction in July 2022. In his memo to staff, Scaringe said Rivian needs to focus its resources on ramping up production and reaching profitability. BDG Media: 8% of staffScreengrab of Gawker's homepageGawkerBDG Media announced on February 1 that it was shutting down pop-culture site Gawker and laying off 8% of its staff, according to Axios. BDG owns Bustle, Elite Daily, and other lifestyle and news websites. "After experiencing a financially strong 2022, we have found ourselves facing a surprisingly difficult Q1 of 2023," CEO Bryan Goldberg wrote in a memo to staff seen by Axios. Splunk: 325 jobsGary Steele took over as Splunk's CEO in April 2022.YouTube/ProofpointSoftware and data platform Splunk is the latest in a long list of tech companies to announce layoffs in recent months. On February 1, the company said it would lay off 4% of its staff and scale back the use of consultants to cut costs, according to a filing viewed by Insider. The layoffs will reportedly be focused on workers in North America, and CEO Gary Steele told employees Splunk would continue to hire in "lower-cost areas."Intel: 343 jobsIntel CEO Pat Gelsinger.Pool Eric Lalmand/Getty ImagesIntel notified California officials per WARN Act requirements it plans to layoff 343 workers from its Folsom campus, local outlets reported on January 30. "These are difficult decisions, and we are committed to treating impacted employees with dignity and respect," Intel said in a statement to KCRA 3, noting that the cost-cutting comes as the company is faces a "challenging macro-economic environment." On February 1, the company announced CEO Pat Gelsinger will take a 25% pay cut, while other members of the executive team will take salary reductions in amounts ranging from 5% to 15%.  FedEx: more than 10% of top managersFedEx workers in New York City on March 16, 2021.Alexi Rosenfeld/Getty ImagesFedEx informed staffers on February 1 it plans to slash more than 10% of top managers in an effort to reduce costs.  "This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions," CEO Raj Subramaniam wrote in a letter to staff, which was shared with Insider's Emma Cosgrove. While the exact number of employees impacted was not specified, a FedEx spokesperson told Insider that since June 2022 the company has reduced its workforce by more than 12,000 staffers through "headcount management initiatives." "We will continue responsible headcount management throughout our transformation," the spokesperson said. PayPal: 7% of total workforceDan Schulman, president and CEO of PayPal announced that the company would be cutting 7% of its total workforce on January 31.PaypalPayPal announced on January 31 that it plans to cut 2,000 workers or approximately 7% of the company's total workforce over the coming weeks. In a statement announcing the layoffs on PayPal's website, CEO and president Dan Schulman cited the "challenging macro-economic environment." He added, "While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do."HubSpot: 7% of staffYamini Rangan is HubSpot's CEO.Matt Winkelmeyer/ Getty ImagesHubSpot's CEO Yamini Rangan announced that the company would lay off 500 workers, according to an email seen by Insider. "We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected. The year was challenging due to a perfect storm of inflation, volatile foreign exchange, tighter customer budgets, and longer decision making cycles," Rangan wrote to employees. IBM: 1.5% of staffIBM's CEO Arvind KrishnaBrian Ach / Stringer / Via GettyIBM plans would cut 1.5% of its staff, roughly 3,900 workers. The layoffs were first reported by Bloomberg but confirmed by Insider.The company said the cuts would cost IBM about $300 million and is related entirely to businesses the company has spun off. Bloomberg reports that CFO James Kavanaugh said the company is still hiring in "higher-growth areas." Hasbro: 15% of workersA Jenga game by Hasbro Gaming.Thomson ReutersHasbro reportedly plans to cut 1,000 workers after warning that the 2022 holiday season was weaker than expected, according to the toy and game company. The company said the layoffs come as it seeks to save between $250 million to $300 million per year by the end of 2025. "While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses," Chris Cocks, Hasbro's CEO said. Dow: 2,000 global employeesThe Dow Chemical logo is shown on a building in downtown Midland, home of the Dow Chemical Company corporate headquarters, December 10th, 2015 in Midland, MichiganBill Pugliano/Getty ImagesDow Inc. announced on January 26 that it will lay off 2,000 global employees, a move that indicates mass layoffs are spreading beyond just the technology sector, the Wall Street Journal reported. It's part of a $1 billion cost-cutting effort intended to help amid "challenging energy markets," Dow CEO Jim Fitterling said in a press release. The chemical company also  will shut down select assets, mostly in Europe, per the release."We are taking these actions to further optimize our cost structure and prioritize business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe," Fittlering said.   SAP: Up to 3,000 positionsSAP CEO Christian KleinULI DECK/POOL/AFP via Getty ImagesSoftware company SAP said on January 26 it will slash up to 3,000 jobs globally in response to a profit slump, with many of the cuts coming outside of its headquarters in Berlin, the Wall Street Journal reported.  The layoffs will impact an estimated 2.5% of the company's workforce and are part of a cost-cutting initiative aiming at reaching an annual savings of $382 million in 2024, according to the Journal. "The purpose is to further focus on strategic growth areas," said Luka Mucic, SAP's chief financial officer, per the Journal.   3M: 2,500 jobs cut3M3M, which makes Post-It notes, Scotch tape, and N95 masks, said it plans to cut 2,500 manufacturing jobs worldwide. CEO Mike Roman called it "a necessary decision to align with adjusted production volumes." "We expect macroeconomic challenges to persist in 2023. Our focus is executing the actions we initiated in 2022 and delivering the best performance for customers and shareholders," he said in a press release. Google: around 12,000 employeesBrandon Wade/ReutersSundar Pichai, CEO of Google parent company Alphabet, informed staffers on January 20 that the company will lay off 12,000 employees, or 6% of its global workforce. In a memo sent to employees and obtained by Insider, Pichai said the layoffs will "cut across Alphabet, product areas, functions, levels and regions" and were decided upon after a "rigorous review." Pichai said the company will hold a townhall meeting to further discuss the cuts, adding he took "full responsibility for the decisions that led us here" "Over the past two years we've seen periods of dramatic growth," Pichai wrote in the email. "To match and fuel that growth, we hired for a different economic reality than the one we face today." Vox: 7% of staffThe layoffs were reportedly announced in a memo from CEO Jim Bankoff.Vox MediaVox Media, the parent company of publications like Vox, The Verge, New York magazine, and Vulture, is laying off roughly 133 people, or 7% of its staff, according to a report by Axios. The cuts come just a few months after the media company laid off 39 roles in July. The decision was reportedly announced in a note to staff from CEO Jim Bankoff, who wrote that while the company is "not expecting further layoffs at this time, we will continue to assess our outlook, keep a tight control on expenses and consider implementing other cost savings measures as needed," according to Axios.Vox Media's layoffs come at a time when advertisers are tightening their belts in anticipation of an economic slowdown, taking a toll on the media industry. Capital One: more than 1,100 tech workersBrian Ach/AP ImagesCapital One slashed 1,100 technology positions on January 18, a company spokesperson told Insider. The cuts impacted workers in the "Agile job family," a department which was eliminated and its responsibilities integrated into "existing engineering and product manager roles," per the spokesperson. "Decisions that affect our associates, especially those that involve role eliminations, are incredibly difficult," the Capital One spokesperson said in the statement. "This announcement is not a reflection on these individuals or the work they have driven on behalf of our technology organization," the spokesperson continued. "Their contributions have been critical to maturing our software delivery model and our overall tech transformation."The eliminations came after the bank had invested heavily in tech efforts in recent years, including launching a new software business focused on cloud computing in June 2022. "This decision was made solely to meet the evolving skills and process enhancements needed to deliver on the next phase of our tech transformation," the spokesperson said.  WeWork: About 300 employeesReutersWeWork announced on January 19 it will cut about 300 positions as it scales back on coworking spaces in low-performing regions, Reuters reported. The layoffs come after the company said in November 2022 it planned to exit 40 locations in the US as part of a larger cost-cutting effort. The company announced the cuts in a press release listing its fourth-quarter earnings call date, stating only the reductions are "in connection with its portfolio optimization and in continuing to streamline operations."  Wayfair: more than 1,000 employeesPavlo Gonchar/SOPA Images/LightRocket via Getty ImagesWayfair is expected to lay off more than 1,000 employees, about 5% of its workforce, in the coming weeks in response to slumping sales, the Wall Street Journal reported on January 19.The cuts mark the second round of layoffs in six months for the online furniture and home goods company, after it nixed 900 staffers in August 2022. Though the company experienced significant growth during the pandemic-driven home improvement boom, sales began to stagnate as social distancing policies loosened and Americans began returning to offices."We were seeing the tailwinds of the pandemic accelerate the adoption of e-commerce shopping, and I personally pushed hard to hire a strong team to support that growth. This year, that growth has not materialized as we had anticipated," Wayfair CEO Niraj Shah wrote in a letter to employees announcing the August 2022 layoffs, per CNN. In its most recent quarter, the Wayfair reported that net revenue decreased by $281 million, down 9% from the same period the year prior.  Microsoft: 10,000 workersMicrosoft CEO Satya NadellaStephen Brashear/Getty ImagesMicrosoft announced on January 18 that it planned to reduce its workforce by 10,000 jobs by the end of the third quarter of this year. CEO Satya Nadella attributed the layoffs to customers cutting back in anticipation of a recession. However, Nadella also told workers that the company still plans to grow in some areas, despite the firings, writing that the company will "continue to hire in key strategic areas." Microsoft's layoff announcement comes as the tech giant is reportedly in talks to invest $10 billion in OpenAI, which created the AI chatbot ChatGPT. On February 13, the company laid off staff at LinkedIn—which it acquired in 2016— according to The Information. The cuts were in the recruiting department, though the total number laid off is not immediately clear, The Information reported.Crypto.com: 20% of staffCrypto.com CEO Kris MarszalekCrypto.comCrypto.com announced on January 13 that it would let go of a fifth of its workforce amid a sagging crypto market and fallout from FTX's collapse. This is the second major round of firings for Crypto.com, which also had layoffs in July. "The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It's for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success," CEO Kris Marszalek wrote in a memo to employees. BlackRock: up to 3% of global workforceBlackRock CEO Larry FinkSpencer Platt/Getty ImagesBlackRock is cutting up to 500 roles in its first round of firings since 2019. Staff members were notified on January 11 about whether they were laid off. "Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper," CEO Larry Fink and President Rob Kapito wrote in a memo to employees. Goldman Sachs: an estimated 6.5% of its global workforceGoldman Sachs is laying off an expected 3,200 employees.Photo by Michael M. Santiago/Getty ImagesGoldman Sachs began laying off employees on Jan. 11, with cuts expected to impact an estimated 6.5% of the company's global workforce — or roughly 3,200 staffers — a source told Insider. The company previously slashed roles on its media and tech teams in September 2022, and it was expected to issue further reductions in the first half of January. The cost-cutting efforts from the investment banking giant mirror reductions from competitors including Morgan Stanley and Citi, which also laid off employees in 2022. "We continue to see headwinds on our expense lines, particularly in the near term," Goldman Sachs CEO David Solomon said at a conference in December. "We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set."   BNY Mellon: 1,500 jobsBNY Mellon CEO Robin VinceBNY MellonBNY Mellon is planning to cut approximately 3% of its workforce, or 1,500 jobs, according to the Wall Street Journal, which cited people familiar with the matter. The cuts will be primarily aimed at talent management roles, according to the report. BNY Mellon will reportedly plan to invest more in junior staff. Verily (part of Alphabet): reportedly 15% of workersAlphabet CEO Sundar PichaiJerod Harris/Getty ImagesVerily, which is Alphabet's healthcare unit, is laying off more than 200 employees, according to an email seen by the Wall Street Journal. The Journal reports that the company will also scale down the number of projects it works on in an effort to cut costs."We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model," Verily's CEO, Stephen Gillet, wrote in the email, according to the Journal.This is the first significant layoff done by Google's parent company, which had so far avoided the massive waves of job cuts done by other big tech giants like Amazon and Meta. DirecTV: 10% of management staffDirecTV.Karen Bleier/AFP/Getty ImagesDirecTV employees were told in the first week of January that the company would lay off several hundred workers in management roles.The satellite TV business has faced slowing revenues as more people choose to cut the cord and pay for streaming services over cable TV. "The entire pay-TV industry is impacted by the secular decline and the increasing rates to secure and distribute programming. We're adjusting our operations costs to align with these changes and will continue to invest in new entertainment products and service enhancements," a spokesperson for DirecTV told Insider. Coinbase: 950 workersCEO Brian Armstrong cited the downward trend in cryptocurrency prices and the broader economy as reasons for the layoffs.Patrick Fallon/Getty ImagesCoinbase announced on Tuesday, Jan. 10, that would lay off another 20% of its staff. The cuts came after the crypto company laid off over 1,000 employees in July. In a memo to employees, CEO Brian Armstrong said, "in hindsight, we could have cut further at that time," referencing the layoffs in July. Armstrong partially attributed the company's weakness to the "fallout from unscrupulous actors in the industry," likely referencing the alleged fraud that took place at FTX late last year under then-CEO Sam Bankman-Fried. Armstrong predicted "there could still be further contagion" from FTX in the crypto markets but assured remaining employees that Coinbase is well capitalized. Amazon: 18,000 employeesAmazon CEO Andy Jassy initially announced the company's latest round of layoffs in November.AmazonAmazon is in the midst of the most significant round of layoffs in the company's history. In a memo to employees, CEO Andy Jassy said the company would cut more than 18,000 workers in total — far more than what was initially expected based on reporting by the New York Times. Jassy cited "the uncertain economy" and rapid hiring as reasons for the layoffs. While most of Amazon's 1.5 million staff have warehouse jobs, the layoffs are concentrated in Amazon's corporate groups. Amazon's layoffs began late last year, though the Wall Street Journal reports cuts will continue through the first few weeks of 2023.Amazon's 18,000 jobs cuts are the largest of any major tech company amid the wave of recent layoffs.  Salesforce: 10% of its staffSalesforce said in the first month of 2023 that it would enact big job cuts.Noam Galai/Getty ImagesSalesforce co-CEO Marc Benioff announced on Jan. 4 that the software company plans to layoff 10% of its workforce — an estimated 7,000 employees — and close select offices as part of a restructuring and cost-cutting plan. "The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," Benioff wrote in an email to staff. "With this in mind, we've made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks."He continued: "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."Everlane: 17% of corporate employeesEverlane founder and executive chair Michael Preysman.Lars Ronbog/Getty Images for Copenhagen Fashion SummitEverlane is slashing 17% of its 175-person corporate workforce, and 3% of its retail staff."We know there will be some bumpiness over the next few weeks as we navigate a lot of change at once. We ask for your patience as we do right by our departing team members," CEO Andrea O'Donnell wrote to employees, according to an internal memo seen by Insider. In a statement to Insider, a company spokesperson said the decision was intended to "improve profitability in 2023 and continue our efforts to help leave the fashion industry cleaner than we found it."The e-commerce clothing company previously laid off nearly 300 workers, mostly in retail in March 2020 amid the outbreak of the Covid-19 pandemic.Vimeo: 11% of its workforceAnjali Sud, CEO of Vimeo, speaks during the company's direct listing on Nasdaq, Tuesday, May 25, 2021, in New York.AP Photo/Mark LennihanVimeo CEO Anjali Sud told employees on Jan. 4 that the company would layoff 11% of its staff, the video platform's second major round of layoffs in less than a year, after cutting 6% of employees in July"This was a very hard decision that impacts each of us deeply," Sud wrote in an email to staff. "It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment."A spokesperson told Insider reduction is intended to assist with ongoing economic concerns and improve the company's balance sheet. Compass: size of layoffs not immediately disclosedCompass is letting go of more employees after two rounds of layoffs in the past eight months.CompassCompass CEO Robert Reffkin told staffers on Jan. 5 it would conduct more layoffs, following two previous rounds in the past eight months, as the brokerage continues to struggle with significant financial losses. "We've been focused over the last year on controlling our costs," Reffkin wrote in an email to employees. "As part of that work, today we reduced the size of some of our employee teams. While decisions like these are always hard, they are prudent and allow us to continue to build a long-term, successful business for all of you."While the size of the layoffs was not immediately disclosed, the brokerage let go of 450 corporate employees in June 2022, followed by an additional 750 people from its technology team in October 2022.   Stitch Fix: 20% of salaried jobsStitch Fix is laying off salaried employees.SOPA ImagesStitch Fix announced on Jan. 5 that it plans to slash 20% of its salaried workforce, the Wall Street Journal reported.The cuts come in tandem with the announcement that CEO Elizabeth Spaulding is stepping down, after less than 18 months at the helm of the struggling retail company."First as president and then as CEO, it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team," Spaulding said in a statement. "It is now time for a new leader to help support the next phase."Stitch Fix founder Katrina Lake — who formerly served as chief executive and sits on the board of directors — will become interim CEO, the company said in a press release.  Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJul 17th, 2023

Niantic and Robinhood are the latest companies to announce job cuts amid a layoff wave expanding beyond tech. Here"s the full list of major US companies slashing staff this year.

The wave of layoffs hitting tech companies and beyond shows no signs of slowing down. "Pokemon Go" maker Niantic announced the axing of about 230 employees. Pokémon Go was met with a resounding success — now with Pokémon sleep you can catch creatures while you snooze.Tomohiro Ohsumi/Getty Images Pokemon Go creator Niantic and trading app Robinhood recently announced layoffs.  In recent months, layoffs have expanded beyond tech, media, and finance as Gap and Whole Foods announced cuts. See the full list of layoffs so far in 2023. A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down well into 2023.Niantic and Robinhood are the latest companies to undergo layoffs this year.Niantic's CEO announced layoffs Thursday that will affect about 230 employees. The maker of the popular "Pokemon Go" mobile game said it will focus on developments for that game, shut down its basketball game "NBA All-World," and halt development on a yet-to-be-released Marvel game.The cuts at the gaming company come days after Robinhood, a stock-trading app, confirmed to Insider that it would lay off around 7% of its workforce. This is the third round of downsizing the company has undergone since last year.  The Wall Street Journal first reported the latest round of cuts.  The news of these layoffs arrives on the heels of recent job cuts at companies including Grubhub, Spotify, JPMorgan, and LinkedIn.  These companies join a large number of major corporations that have made significant reductions to staff this year: Tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced massive layoffs in the first weeks of 2023 amid a continued economic downturn and stagnating sales.The downsizing followed significant reductions that companies including Meta and Twitter made last year. The layoffs have primarily affected the tech sector, which is now hemorrhaging employees at a faster rate than at any point during the pandemic, the Journal reported.According to data from Layoffs.fyi, a site tracking layoffs since the start of the pandemic, tech companies slashed more than 211,000 in 2023 alone — compared to 80,000 in March to December 2020 and 15,000 in 2021. But it's not just tech companies that are cutting costs, with the major job reductions that have come from the Gap, along with FedEx, Dow, and Wayfair.Here are notable job cuts so far in 2023: Niantic: About 230 jobsNiantic released Pokemon Go to immense popularity in 2016.Thiago Prudêncio/SOPA Images/LightRocket via Getty ImagesNiantic CEO John Hanke announced that the AR gaming company would be laying off about 230 employees on Thursday.Hanke informed employees that the company would sunset its basketball game, "NBA All-World," and stop development of an unreleased superhero game "Marvel: World of Heroes." The company will also close a Los Angeles studio, he said."In the wake of the revenue surge we saw during Covid, we grew our headcount and related expenses in order to pursue growth more aggressively," Hanke wrote. "Post Covid, our revenue returned to pre-Covid levels and new projects in games and platform have not delivered revenues commensurate with those investments."He added that Niantic is still confident about the potential of the augmented and mixed reality space, and pointed to Meta and Apple's commitments to their respective headsets as a reason the industry should be optimistic.Robinhood: About 7% of the workforceRobinhood will cut around 150 jobs through its recent wave of layoffs.Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty ImagesRobinhood, a stock-trading app, is laying off around 150 of its full-time employees, The Wall Street Journal first reported. The job cuts will amount to about 7% of Robinhood's workforce — adding to the more than a thousand jobs the company has cut since last year.Robinhood's Chief Financial Officer Jason Warnick, wrote that the layoffs were done to "adjust to volumes and to better align team structures," according to an internal company message obtained by the Journal. "We're ensuring operational excellence in how we work together on an ongoing basis. In some cases, this may mean teams make changes based on volume, workload, org design, and more." a Robinhood spokesperson told Insider in an emailed statement. The spokesperson did not respond to Insider's questions asking about how many employees would face layoffs, and what positions would be impacted.This marks the third workforce reduction the company has undergone since last year. In 2022, Robinhood went through two rounds of layoffs in April and August which axed more than a thousand positions of its then 3,800 employees. The company cited these earlier layoffs as necessary to cut costs and eliminate duplicate roles that resulted from the company undergoing rapid hiring.The layoffs at Robinhood followed a ballooning period of stock trading and hiring at the company during the Covid-19 pandemic, Insider previously reported. But trading has only declined since then, as stimulus checks have dried up and inflation rates climbed, granting people fewer disposable income for trading. Ford: anticipated layoffsFord confirmed it would undergo layoffs, as part of the company's Ford+ growth plan.FordFord said it would undergo layoffs that would mainly impact engineering positions based in the US and Canada. A spokesperson for Ford declined to say how many employees would be laid off this week, when Insider asked for comment. The layoffs would mostly impact engineering roles in the US and Canada, the spokesperson said in a statement.The recent round of layoffs at Ford are part of the company's Ford+ growth plan that was introduced in 2021, the spokesperson told Insider. Part of this plan focuses on expanding the company's electric vehicles sales, CNBC reported."Delivering on the plan includes adjusting staffing to match focused priorities and ambitions, while raising quality and lowering costs," the spokesperson said in a statement to Insider, when asked about the reasoning for the layoffs.The layoffs will impact employees in each of Ford's business divisions, including its Ford Blue unit, its Model e electric vehicle division, and its Ford Pro services, CNBC reported.This layoff follows reductions the company made last year. In August, Ford laid off around 3,000 employees — a part of the company's plans to restructure the company's attention on electric vehicles. But the layoffs in the car industry are also distinct from those spreading across other industries, Insider previously reported. As more automakers shift to electric vehicles, more layoffs are anticipated across the industry. But while these changes signal some jobs will no longer exist in the industry, new positions will also be created as more automakers move in this direction.Sonos: About 7% of the workforceThe Sonos team celebrates its Nasdaq initial public offering.SonosIn a June 14 filing, Sonos disclosed it would be laying off around 7% of its workforce, or 130 people."In the face of continued headwinds we have had to make some hard choices, including eliminating some positions and reevaluating program spend," the company's CEO Patrick Spence said in a statement.The cuts come a month after the company announced a 24% drop in revenue for the second quarter of 2023 as compared to the second quarter of 2022. At the time, company cited softening demand and reduced its earnings guidance for the rest of the year, causing its stock to take a hit.Grubhub: Around 400 jobsBrandon Bell/Getty ImagesGrubhub CEO Howard Migdal told staff that the food-delivery company would be laying off about 400 jobs on June 12 — or about 15% of its workforce.The cuts impacted Grubhub's corporate office, as the company's operating and staff costs have increased at a faster rate than its business over the past few years, the memo said. "We operate in a highly competitive and constantly evolving industry," Migdal wrote. "There is no doubt whatsoever that we have a solid foundation in place and an immense opportunity ahead of us – but it is also clear that we need to make some tough decisions in order to maintain our competitiveness."Grubhub has struggled to keep up with the likes of DoorDash and Uber Eats, and it is now the third biggest delivery operator in the US, according to Bloomberg Second Measure. The company has had three CEOs over the last two years, and its owner, Dutch conglomerate Just Eat Takeaway.com, tried to sell the firm less than a year after purchasing it.Meanwhile, more customers are turning away from food delivery, overall, in an attempt to save money and avoid sky-high fees.Spotify: 2% of workforceSpotify is the latest company to announce layoffs.Onur Dogman/SOPA Images/LightRocket via Getty ImagesSpotify announced that the music and podcast streaming app would lay off about 200 employees, or 2% of its workforce. The layoffs will impact employees across Spotify's podcasting business and its supporting functions, including talent acquisition and financial roles, a Spotify spokesperson told Insider.In the memo sent to employees, the vice president of Spotify's podcast business Sahar Elhabashi explained the layoffs were a part of the brand's decision to change how it works with podcast partners around the globe. The "fundamental pivot from a more uniform proposition will allow us to support the creator community better," the memo read."The company will support these individuals with generous severance packages, including extended Healthcare coverage and immediate access to outplacement support," the statement read. This announcement arrives on the tail of additional layoffs the music streaming service made back in January. In a memo to Spotify employees, CEO Daniel Ek said the company would cut 6% of its staff, about 600 people. "While we have made great progress in improving speed in the last few years, we haven't focused as much on improving efficiency. We still spend far too much time syncing on slightly different strategies, which slows us down. And in a challenging economic environment, efficiency takes on greater importance. So, in an effort to drive more efficiency, control costs, and speed up decision-making, I have decided to restructure our organization," he wrote. As part of those changes, Dawn Ostroff, the company's chief content and advertising officer, who spent more than $1 billion signing exclusive podcast deals with Joe Rogan, the Obamas, and Prince Harry and Meghan Markle, has departed. Binance: potential layoffsNurPhoto / ContributorBinance, one of the world's largest cryptocurrency exchanges by volume, is considering staff cuts as the company prepares for the next bull cycle and evaluates its "talent density," a Binance spokesperson told Insider. "As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic," the spokesperson said.The statement came after a series of tweets from independent journalist Colin Wu on May 31 that indicated forthcoming layoffs at the company. "This is not a case of rightsizing, but rather, re-evaluating whether we have the right talent and expertise in critical roles," the Binance statement continued. "This will include looking at certain products and business units to ensure our resources are allocated properly to reflect the evolving demands of users and regulators." JPMorgan: About 500 jobsJPMorgan recently began cuts of about 500 employees, CNBC and CNN reported.ReutersJPMorgan announced on March 26 that it is slashing 500 roles, CNBC reported.The cuts are expected to spread across JPMorgan's retail and commercial banking, asset and wealth management, and corporate and investment banking operations, according to CNBC.The reported layoffs come just a day after reports that JPMorgan laid off 1,000 First Republic employees, or about 15% of its workforce. JPMorgan, the largest bank in the US, got even larger earlier this month when it acquired the assets of failing First Republic after it was seized by regulators.LinkedIn: 716 rolesRyan Roslansky, CEO of LinkedIn, said the company would be cutting 716 roles on Tuesday.Courtesy of Ryan RoslanskyLinkedIn announced earlier this month that it would be cutting 716 roles from its global workforce in a message from CEO Ryan Roslansky.Roslansky also noted that company will also be discontinuing InCareer, a local jobs app in China, as it refocuses on helping companies in China hire, market, and train abroad. The decision comes on the heels of LinkedIn's 20th anniversary last week. "While we're making meaningful progress creating economic opportunities for our members and customers and experiencing record engagement on the platform, we're also seeing shifts in customer behavior and slower revenue growth," Roslansky said.Shopify: 20% of workforceDavid Fitzgerald/Sportsfile via Getty ImagesShopify is slashing 20% of its workforce and selling off most of its logistics business to supply chain company Flexport, the company announced on May 4. The cuts confirmed growing concern of layoffs among staffers in recent weeks, following the cancellation of several team-building offsite events and analyst speculation that Shopify would alter its logistics arm, Insider reported."I recognize the crushing impact this decision has on some of you, and did not make this decision lightly," Shopify CEO Tobi Lütke said in a note to employees and shareholders.He continued: "This is a consequential and hard week. It's the right thing for Shopify but it negatively affects many team members who we admire and love working with."Morgan Stanley: 3,000 jobsReutersMorgan Stanley is cutting 3,000 jobs by the end of the quarter, Bloomberg reported, citing sources familiar with the matter. One person told the outlet that the company's banking and trading teams will be most impacted.The cuts will affect about 5% of the firm's workforce, excluding financial advisers and personnel in the wealth management division, Bloomberg noted. A spokesperson for the bank did not immediately respond to Insider's request for comment and declined to comment to Bloomberg. However, CEO James Gorman noted last month that underwriting and mergers activity has been "subdued" and that he doesn't expect a rebound before the second half of 2023 or even 2024, Bloomberg noted. The firm last cut 1,600, or around 2% of its staff in December, Bloomberg noted. Dropbox: 16% of staffDrew Houston, cofounder and CEO of Dropbox, told employees Thursday that the company was eliminating 500 jobs.Matt Winkelmeyer / Getty ImagesCloud storage firm Dropbox said Thursday that it would be reducing its global workforce by 16%, or 500 jobs.In a message to staff sent Thursday, CEO Drew Houston said the cuts are being made, in part, from slowing business growth and the expansion of AI products. "Today's changes were the result of taking a hard look at our strategic priorities and organizational structure as a leadership team, and aligning to principles of sustainable financial growth, efficiency, and flexibility to invest in our future. We're also streamlining how the company is organized," Houston said.  Gap: more than 2,000 jobs since late last yearGap posters in Birmingham, England.Mike Kemp/Getty ImagesClothing retailer Gap is cutting 1,800 positions in its headquarters and upper management as part of a restructuring plan meant to cut costs, the retailer said Thursday.Gap said that the cuts are expected to help the company see $300 million in annualized savings."We are taking the necessary actions to reshape Gap Inc. for the future — simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience," the company's chairman and interim CEO Bob Martin said in a statement given to Insider.In September, Gap slashed 500 jobs from its corporate ranks in a push to save $250 million annually, the Wall Street Journal reported. Jenny Craig: potential mass layoffsA man enters a Jenny Craig facility June 19, 2006 in Niles, Illinois.Tim Boyle/Getty ImagesWeight loss company Jenny Craig notified staffers of potential mass layoffs on April 27, as a result of the company "winding down physical operations," according to an internal email reviewed by NBC News.According to NBC News, the company has been in the process of selling and anticipates the pending sale "will likely impact all employees in some manner," an FAQ document sent to employees read. "We do not know the exact employees/groups whom will be impacted, and if any employees may be retained," the document said, per NBC News. "As a result, we would suggest that you anticipate that your employment may be impacted and begin to seek other employment." 3M: 6,000 jobsMike Roman, CEO of 3M.Xinhua News Agency / Contributor/Getty ImagesOn Tuesday, the Scotch tape and Post-It Notes manufacturer said it will be cutting 6,000 positions across all parts of the company with the goal of streamlining operations, simplifying supply chain, and reducing layers of management, according to The Wall Street Journal.The company's chief executive Mike Roman said Tuesday that the cuts would eliminate 10% of 3M's global workforce and ultimately save the company between $700 to $900 million in pretax costs, the Journal said. 3M last announced cuts in January when it said it was removing 2,500 manufacturing positions.Lyft: 1,072 rolesReutersIn an SEC filing on Thursday, Lyft said it was cutting roles for 1,072 employees, or about 26% of its corporate workforce. In the filing, the company also said it is scaling back on hiring and has eliminated over 250 open positions. The news comes just weeks after David Risher took the helm as Lyft's new CEO, part of an executive shakeup that involved cofounders Logan Green and John Zimmer moving into board roles. A spokesperson for Lyft previously told Insider, "David has made clear to the company that his focus is on creating a great and affordable experience for riders and improving drivers' earnings."The spokesperson added, "To do so requires that we reduce our costs and structure our company so that our leaders are closer to riders and drivers. This is a hard decision and one we're not making lightly. But the result will be a far stronger, more competitive Lyft." Deloitte: 1,200 jobsAlex Tai/SOPA Images/LightRocket via Getty ImagesDeloitte announced on April 21 it was cutting 1,200 jobs, or about 1.5% of its US staff, the Financial Times reported. The cuts will largely be concentrated in the financial advisory business as a result of a decline in mergers and acquisitions, per internal communications viewed by the FT. Whole Foods: Several hundred corporate employeesMary Meisenzahl/InsiderWhole Foods announced on April 20 it was letting go of several hundred corporate employees, amounting to less than 0.5% of the company's workforce, CNBC reported.The cuts are a result of a structural reorganization of global and regional support teams, which will be downsized from nine to six, but will not cause store closures, according to CNBC.In a memo to employees viewed by CNBC, Whole Foods executives wrote "simplifying our work and improving how we operate is critical as we grow." "As the grocery industry continues to rapidly evolve, and as we — like all retailers — have navigated challenges like the COVID-19 pandemic and continued economic uncertainty, it has become clear that we need to continue to build on these changes," the memo read, per CNBC. It continued: "With additional adjustments, we will be able to further simplify our operations, make processes easier, and improve how we support our stores."BuzzFeed News: 15% of staffBuzzFeed News headquarters.Drew Angerer / Getty ImagesBuzzFeed announced on April 20 that it was shuttering its BuzzFeed News division, laying off 15% of its staff, or 180 employees, in the process. In a memo to staff shared with Insider's Lucia Moses, CEO Jonah Peretti admitted to mistakes like over-investing in the news arm and failing to successfully integrate BuzzFeed and Complex after the latter was acquired in 2021. "I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances," he wrote. "Our job is to adapt, change, improve, and perform despite the challenges in the world. We can and will do better."Ernst & Young: 3,000 positionsEY spends $500 million annually on learning for its employees.TOLGA AKMEN / Contributor / GettyErnst & Young announced on April 17 it was laying off 3,000 US employees, or about 5% of its total US staff.The decision came after the financial auditor nixed a proposed reorganization that would break up its consulting and accounting businesses, Reuters reported. According to the Financial Times, which first reported the layoffs, the cuts will address "overcapacity" and will largely impact the company's consulting business. Opendoor: 560 jobsOpendoor announced it was cutting 560 jobs on Tuesday.Opendoor Technologies/GlassdoorOn Tuesday, home flipping giant Opendoor said it was cutting 560 jobs, or 22% of its workforce, citing a souring housing market. A spokesperson for Opendoor told Insider by email,"We've been weathering a sharp transition in the housing market – the steepest and fastest rate increase by the Fed in 40 years, the more than doubling of mortgage rates from historic lows, and the hit to home affordability have driven an approximately 30% decline in new listings from peak levels last year."The spokesperson noted that the cuts have been made to "better align our operational costs with the anticipated near-term market opportunity, while maintaining our critical technology investments that will continue to drive the business long term."Impacted team members will receive severance pay, extended health benefits, and job transition support. Opendoor last made cuts in November 2022, laying off 550 workers or about 18% of its staff.  McKinsey: About 1,400 employeesFABRICE COFFRINI/AFP via Getty ImagesMcKinsey & Company will cut an estimated 1,400 positions, or 3% of its total workforce, Bloomberg reported on March 29.The layoffs are part of the consulting firm's efforts to reorganize support teams and pare down an employee base that has grown rapidly in recent years, per the outlet. "The painful result of this shift is that we will have to say goodbye to some of our firm functions colleagues, while helping others move into new roles that better align to our firm's strategy and priorities," Bob Sternfels, global managing partner, wrote in a note to staff seen by Bloomberg. He continued: "Starting now, where local regulations allow, we will begin to notify colleagues who will depart our firm or be asked to change roles."David's Bridal: 9,236 employeesShoppers head for David's Bridal in Sunset Hill, Mo. Tuesday, May 10, 2005.James A. Finley/AP ImagesDavid's Bridal is laying off more than 9,000 workers across the US, according to a WARN notice filed with the Pennsylvania Department of Labor and Industry on April 14. "We are evaluating our strategic options and a sale process is underway," David's Bridal spokesperson Laura McKeever told the Philadelphia Inquirer. "At this time, there are no updates to share."The company is considering filing for bankruptcy in the near future, according to an April 7 report from the New York Times. David's Bridal also filed for bankruptcy in 2018. Virgin Orbit: 85% of staffersSir Richard Branson, founder of Virgin Orbit.Mark GreenbergVirgin Orbit disclosed in a March 30 filing with the Securities and Exchange Commission that it is slashing 85% of its staff, or about 675 employees.The company, which operates within the Virgin Group and provides launch services for satellites, is also ceasing operations "for the foreseeable future," CNBC reported. "Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Virgin Orbit CEO Dan Hart said, according to audio of a company all-hands obtained by CNBC.     Electronic Arts: About 780 employeesLucy Nicholson/ReutersElectronic Arts — the video game company best known for its "The Sims," "FIFA," and "Madden NFL" franchises — is letting go of 6% of its staff, or about 780 employees, the company announced on March 24. "As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams," Electronic Arts CEO Andrew Wilson wrote in a blog post to staffers. Wilson said the cuts began early this quarter and will continue through the beginning of the next fiscal year.  Amazon: 9,000 more jobsAmazon CEO Andy Jassy announced on Monday that the company would be eliminating another 9,000 roles, on top of the 18,000 announced in January.Richard Brian/ReutersAmazon announced on March 20 that it would cut 9,000 jobs from its workforce over the coming weeks. The cuts come on the heels of the 18,000 roles the company announced it was cutting back in January. In a message to employees shared on Amazon's site, CEO Andy Jassy noted that the impacted positions are largely in the Amazon Web Services, People Experience and Technology Solutions, Advertising, and Twitch departments. In the memo, Jassy said the company staggered its layoff announcements because "not all of the teams were done with their analyses in the late fall." He added, "rather than rush through these assessments without the appropriate diligence, we chose to share these decisions as we've made them so people had the information as soon as possible."Roku: 200 staffersRoku CEO Anthony Wood speaks during Tribeca X - 2021 Tribeca Festival on June 18, 2021 in New York City.Photo by Arturo Holmes/Getty Images for Tribeca FestivalRoku is cutting an additional 200 roles, or 6% of its workforce, Reuters reported on March 30. The cuts come after the streaming device manufacturer previously laid off 200 employees in November 2022. The company is expected to complete the cuts by the end of the second quarter, and also plans to leave and sublease office facilities in an attempt to reduce costs, according to Reuters. Walmart: About 200 employeesA Walmart store.Bruce Bennett/Getty ImagesWalmart asked about 200 workers at five fulfillment centers to find employment elsewhere in the company in the next 90 days or else be laid off, Reuters reported on March 23.The cuts are a response to the reduction of evening and weekend shifts at select Walmart facilities, including those in Chino, California; Davenport, Florida; Bethlehem, Pennsylvania; Pedricktown, New Jersey; and Fort Worth, Texas, per Reuters. "We recently adjusted staffing levels to better prepare for the future needs of customers," a Walmart spokesperson told Reuters in a statement.  Accenture: 19,000 positionsJoan Cros/Corbis via Getty ImagesAccenture is slashing 19,000 roles, or 2.5% of its total workforce, according to a Security and Exchange Commission filing on March 23.The tech consultancy company said the layoffs will take place over the next 18 months and half of the cuts will impact staffers in "non-billable corporate functions," per the filing.  "While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs," Accenture wrote in the filing. Indeed: 2,200 staffersIndeed CEO Chris HyamsPhoto by Niall Carson/PA Images via Getty ImagesIndeed CEO Chris Hyams announced on March 22 that the online networking platform will cut 2,200 jobs, or about 15% of its staff. In a note sent to employees, Hyams wrote the reductions will impact "nearly every team, function, level, and region" across the company in an effort to reduce redundancy and increase efficiency. "I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I'd never have to make," he wrote. Meta: 10,000 workersMeta CEO Mark ZuckerbergMark Lennihan/APRoughly 10,000 Meta workers will find out that their jobs have been cut between March and May, according to an announcement by the company's founder and CEO, Mark Zuckerberg. Zuckerberg also said the company would close around 5,000 open roles that haven't yet been filled as part of the company's effort to downsize. "My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead," Zuckerberg wrote in a post on Facebook announcing the layoffs. In the post, Zuckerberg said that members of Meta's recruiting team would learn about the fate of their jobs in March, while tech workers would find out in late April, and business groups would find out in May. "In a small number of cases, it may take through the end of the year to complete these changes," he wrote. The job cuts come less than 5 months after Meta slashed 11,000 workers, or about 13% of its workforce, in November. At the time, Zuckerberg called the layoffs a "last resort."  SiriusXM: 475 rolesJennifer Witz, CEO of SiriusXM said the company was cutting 475 roles on March 6.Cindy Ord / Staff/ Getty ImagesThe radio company said March 6th that it was cutting 8% of its staff or 475 roles according to a statement posted on the company's website from CEO Jennifer Witz.In the statement, Witz said "nearly every department" across the company will be impacted. She also noted that those impacted will be contacted directly and will have the opportunity to speak with a leader from their department as well as a member of the company's People + Culture team. Impacted employees will also be provided with exit packages that include severance, transitional health insurance benefits, Employee Advocacy Program continuation, and outplacement services, Witz noted.Citigroup: hundreds of jobsCiti CEO Jane FraserPatrick T. Fallon/AFP via Getty ImagesCiti plans to cut hundreds of jobs, with many focused on the company's investment bank division. The total headcount cut will reportedly amount to less than 1% of Citi's more than 240,000 workers and are part of Citi's normal course of activities.Citi's cuts were first reported by Bloomberg. In January, Citi's CFO told investors the company remained "focused on simplifying the organization, and we expect to generate further opportunities for expense reduction in the future."Citi declined Insider's request to provide comment on the record. Waymo: reported 209 roles so farWaymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 8% of the unit's staff has been cut this year.Peter Prado/Insider; Vaughn Ridley/Sportsfile via Getty ImagesAlphabet's self-driving car unit Waymo has reportedly laid off a total of 209 employees this year in two rounds of cuts, according to The Information. Waymo reportedly laid off 137 employees on March 1, according to The Information. Waymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 209 employees— approximately 8% of the company's staff— have been cut this year, according to an internal email seen by The Information.Waymo did confirm the cuts to Insider but did not specify the number of roles impacted or the date the first round of cuts occurred.  Thoughtworks: reported 500 employeesThoughtworks laid off 500 employees on February 28. That day, CEO Guo Xiao said in the company's earnings release that it was "pleased" with its performance in the fourth quarter of 2022.Screenshot of Guo Xiao from the Thoughtworks website.Thoughtworks, a software consultancy firm, reportedly laid off 500 employees or 4% of its global workforce, according to TechCrunch. TechCrunch noted that the company "did not dispute" the figure when reached for comment on March 1. According to TechCrunch, Thoughtworks "initially informed" the affected employees about the decision on February 28. That same day, Thoughtworks reported that its revenue had increased 8.3% between the fourth quarter of 2022 and the fourth quarter of 2021. The company also reported a more than 21% year over year revenue increase for 2022. In the company's earnings release, Thoughtworks' CEO Guo Xiao said, "We are pleased with our performance in the fourth quarter and our clients continue to look to us to help them navigate these uncertain times and tackle their biggest technology challenges."General Motors: reported 500 salaried jobsGM CEO Mary Barra.Patrick T. Fallon/Getty ImagesGeneral Motors plans to cut 500 executive-level and salaried positions, according to a report from The Detroit News. The layoffs come only one month after CEO Mary Barra told investors and reporters on the company's earnings call, "I do want to be clear that we're not planning layoffs." In a memo to employees, seen by Insider, GM's chief people officer wrote, "we are looking at all the ways of addressing efficiency and performance. This week we are taking action with a relatively small number of global executives and classified employees following our most recent performance calibration." Employees who are getting laid off were informed on Feb. 28. General Motors confirmed the layoffs to Insider but did not confirm a specific number of employees getting cut. Twitter: about 200 employeesElon Musk is Twitter's CEO and ownerREUTERS/Jonathan ErnstThe layoffs reportedly haven't stopped at Twitter under Elon Musk. The social media company reportedly laid off 200 more employees on a Saturday night in late February, according to the New York Times. Some workers reportedly found out they had lost their jobs when they couldn't log into their company emails.Musk laid off 50% of Twitter's workforce in November after buying the company for $44 billion. Yahoo: 20% of employeesSOPA Images / Getty ImagesYahoo announced it will eliminate 20% of its staff, or more than 1,600 people, as part of an effort to restructure the company's advertising technology arm, Axios reported on February 9.Yahoo CEO Jim Lanzone told Axios that the cuts are part of a strategic overhaul of its advertising unit and will be  "tremendously beneficial for the profitability of Yahoo overall."    Disney: 7,000 jobsBob Iger, CEO of DisneyCharley Gallay/Stringer/Getty ImagesFresh off his return as Disney CEO, Bob Iger announced February 8 that Disney will slash 7,000 jobs as the company looks to reduce costs. Iger, who returned to the position in November 2022 to replace his successor Bob Chapek after first leaving in 2020, told investors the cuts are part of an effort to help save an estimated $5.5 billion. "While this is necessary to address the challenges we are facing today, I do not make this decision lightly," Iger said. "I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes."DocuSign: 10%Igor Golovniov/SOPA Images/LightRocket/Getty ImagesDocuSign plans to slash 10% of employees as part of a restructuring plan "designed to support the company's growth, scale, and profitability objectives," the electronic signature company wrote in a Securities and Exchange Commission filing on Feb. 16. The company said the restructuring plan is expected to be complete by the second quarter of fiscal 2024, per the filing. Affirm: 19% of its workforceAffirm co-founder and CEO Max LevchinAffirmAffirm announced on February 8 it plans to slash 19% of its workforce, after reporting declining sales that missed Wall Street expectations. Affirm co-founder and CEO Max Levchin said in a call with investors that the technology company "has taken appropriate action" in many areas of the business to navigate economic headwinds, including creating a "smaller, therefore, nimbler team.""I believe this is the right decision as we have hired a larger team that we can sustainably support in today's economic reality, but I am truly sorry to see many of our talented colleagues depart and we'll be forever grateful for their contributions to our mission," he said.  GoDaddy: 8% of workersGoDaddy's CEO Aman Bhutani in September 2019Don Feria/Invision/AP ImagesGoDaddy, the website domain company, announced on February 8 it will cut 8% of its global workforce. "Despite increasingly challenging macroeconomic conditions, we made progress on our 2022 strategic initiatives and continued our efforts to manage costs effectively," GoDaddy CEO Aman Bhutani wrote in an email to staffers."The discipline we embraced was important but, unfortunately, it was not sufficient to avoid the impacts of slower growth in a prolonged, uncertain macroeconomic environment."Zoom: 15% of staffZoom CEO Eric Yuan.AP Photo/Mark LennihanZoom CEO Eric Yuan announced in a memo to workers that the company would reduce its headcount by 15%, or about 1,300 employees, on February 7. He attributed the layoffs to "the uncertainty of the global economy and its effect on our customers" but also said the company "made mistakes" as it grew. "We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably toward the highest priorities," Yuan said. In the memo, Yuan also announced that he would cut his salary by 98% in 2023 and forgo his corporate bonus. In addition, other members of the executive leadership team will also reduce their base salaries by 20% this year, according to Yuan. eBay: 500 jobseBay CEO Jamie Iannone told employees Tuesday that the company would be eliminating 500 roles.Harry Murphy/Sportsfile for Web Summit via Getty ImagesOn Tuesday, e-commerce giant eBay told employees that it would be eliminating 500 roles, or about 4% of its workforce, according to a message included in a regulatory filing on Tuesday. In the message, CEO Jamie Iannone wrote "Today's actions are designed to strengthen our ability to deliver better end-to-end experiences for our customers and to support more innovation and scale across our platform."He added, "this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape." Dell: 5% of workforceDell is eliminating approximately 5% of its workforce. The company's co-chief operating officer Jeff Clarke told employees in a memo, "market conditions continue to erode with an uncertain future."Kevork Djansezian / Staff/Getty ImagesOn February 6, Dell said in a regulatory filing that it would be eliminating about 5% of its workforce. The percentage amounts to approximately 6,650 roles based on numbers that Dell provided Insider. In a memo sent to employees posted on Dell's website, co-chief operating officer Jeff Clarke, said "market conditions continue to erode with an uncertain future." He also noted in the memo that the company had paused hiring, limited employee traveling, and decreased spending on outside services. He added, however, "the steps we've taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough."Pinterest: 150 jobsBen Silbermann is the founder and executive chair of Pinterest. He was the company's CEO until June 2022.Horacio Villalobos/Getty ImagesPinterest said it would cut 150 workers, or less than 5% of its workforce, on February 1, the company confirmed to Insider.  "We're making organizational changes to further set us up to deliver against our company priorities and our long-term strategy," a company representative said.The social media company was recently the target of activist investor Elliott Management, agreeing to add one of the firm's representatives to its board last month.   Rivian: 6% of jobsRivian CEO RJ Scaringe.Carlos Delgado/Associated PressRivian's CEO RJ Scaringe announced the EV company would cut 6% of its workforce in a memo to employees, the company confirmed to Insider. This is the company's second round of job cuts in the last 6 months after Scaringe announced a separate 6% workforce reduction in July 2022. In his memo to staff, Scaringe said Rivian needs to focus its resources on ramping up production and reaching profitability. BDG Media: 8% of staffScreengrab of Gawker's homepageGawkerBDG Media announced on February 1 that it was shutting down pop-culture site Gawker and laying off 8% of its staff, according to Axios. BDG owns Bustle, Elite Daily, and other lifestyle and news websites. "After experiencing a financially strong 2022, we have found ourselves facing a surprisingly difficult Q1 of 2023," CEO Bryan Goldberg wrote in a memo to staff seen by Axios. Splunk: 325 jobsGary Steele took over as Splunk's CEO in April 2022.YouTube/ProofpointSoftware and data platform Splunk is the latest in a long list of tech companies to announce layoffs in recent months. On February 1, the company said it would lay off 4% of its staff and scale back the use of consultants to cut costs, according to a filing viewed by Insider. The layoffs will reportedly be focused on workers in North America, and CEO Gary Steele told employees Splunk would continue to hire in "lower-cost areas."Intel: 343 jobsIntel CEO Pat Gelsinger.Pool Eric Lalmand/Getty ImagesIntel notified California officials per WARN Act requirements it plans to layoff 343 workers from its Folsom campus, local outlets reported on January 30. "These are difficult decisions, and we are committed to treating impacted employees with dignity and respect," Intel said in a statement to KCRA 3, noting that the cost-cutting comes as the company is faces a "challenging macro-economic environment." On February 1, the company announced CEO Pat Gelsinger will take a 25% pay cut, while other members of the executive team will take salary reductions in amounts ranging from 5% to 15%.  FedEx: more than 10% of top managersFedEx workers in New York City on March 16, 2021.Alexi Rosenfeld/Getty ImagesFedEx informed staffers on February 1 it plans to slash more than 10% of top managers in an effort to reduce costs.  "This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions," CEO Raj Subramaniam wrote in a letter to staff, which was shared with Insider's Emma Cosgrove. While the exact number of employees impacted was not specified, a FedEx spokesperson told Insider that since June 2022 the company has reduced its workforce by more than 12,000 staffers through "headcount management initiatives." "We will continue responsible headcount management throughout our transformation," the spokesperson said. PayPal: 7% of total workforceDan Schulman, president and CEO of PayPal announced that the company would be cutting 7% of its total workforce on January 31.PaypalPayPal announced on January 31 that it plans to cut 2,000 workers or approximately 7% of the company's total workforce over the coming weeks. In a statement announcing the layoffs on PayPal's website, CEO and president Dan Schulman cited the "challenging macro-economic environment." He added, "While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do."HubSpot: 7% of staffYamini Rangan is HubSpot's CEO.Matt Winkelmeyer/ Getty ImagesHubSpot's CEO Yamini Rangan announced that the company would lay off 500 workers, according to an email seen by Insider. "We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected. The year was challenging due to a perfect storm of inflation, volatile foreign exchange, tighter customer budgets, and longer decision making cycles," Rangan wrote to employees. IBM: 1.5% of staffIBM's CEO Arvind KrishnaBrian Ach / Stringer / Via GettyIBM plans would cut 1.5% of its staff, roughly 3,900 workers. The layoffs were first reported by Bloomberg but confirmed by Insider.The company said the cuts would cost IBM about $300 million and is related entirely to businesses the company has spun off. Bloomberg reports that CFO James Kavanaugh said the company is still hiring in "higher-growth areas." Hasbro: 15% of workersA Jenga game by Hasbro Gaming.Thomson ReutersHasbro reportedly plans to cut 1,000 workers after warning that the 2022 holiday season was weaker than expected, according to the toy and game company. The company said the layoffs come as it seeks to save between $250 million to $300 million per year by the end of 2025. "While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses," Chris Cocks, Hasbro's CEO said. Dow: 2,000 global employeesThe Dow Chemical logo is shown on a building in downtown Midland, home of the Dow Chemical Company corporate headquarters, December 10th, 2015 in Midland, MichiganBill Pugliano/Getty ImagesDow Inc. announced on January 26 that it will lay off 2,000 global employees, a move that indicates mass layoffs are spreading beyond just the technology sector, the Wall Street Journal reported. It's part of a $1 billion cost-cutting effort intended to help amid "challenging energy markets," Dow CEO Jim Fitterling said in a press release. The chemical company also  will shut down select assets, mostly in Europe, per the release."We are taking these actions to further optimize our cost structure and prioritize business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe," Fittlering said.   SAP: Up to 3,000 positionsSAP CEO Christian KleinULI DECK/POOL/AFP via Getty ImagesSoftware company SAP said on January 26 it will slash up to 3,000 jobs globally in response to a profit slump, with many of the cuts coming outside of its headquarters in Berlin, the Wall Street Journal reported.  The layoffs will impact an estimated 2.5% of the company's workforce and are part of a cost-cutting initiative aiming at reaching an annual savings of $382 million in 2024, according to the Journal. "The purpose is to further focus on strategic growth areas," said Luka Mucic, SAP's chief financial officer, per the Journal.   3M: 2,500 jobs cut3M3M, which makes Post-It notes, Scotch tape, and N95 masks, said it plans to cut 2,500 manufacturing jobs worldwide. CEO Mike Roman called it "a necessary decision to align with adjusted production volumes." "We expect macroeconomic challenges to persist in 2023. Our focus is executing the actions we initiated in 2022 and delivering the best performance for customers and shareholders," he said in a press release. Google: around 12,000 employeesBrandon Wade/ReutersSundar Pichai, CEO of Google parent company Alphabet, informed staffers on January 20 that the company will lay off 12,000 employees, or 6% of its global workforce. In a memo sent to employees and obtained by Insider, Pichai said the layoffs will "cut across Alphabet, product areas, functions, levels and regions" and were decided upon after a "rigorous review." Pichai said the company will hold a townhall meeting to further discuss the cuts, adding he took "full responsibility for the decisions that led us here" "Over the past two years we've seen periods of dramatic growth," Pichai wrote in the email. "To match and fuel that growth, we hired for a different economic reality than the one we face today." Vox: 7% of staffThe layoffs were reportedly announced in a memo from CEO Jim Bankoff.Vox MediaVox Media, the parent company of publications like Vox, The Verge, New York magazine, and Vulture, is laying off roughly 133 people, or 7% of its staff, according to a report by Axios. The cuts come just a few months after the media company laid off 39 roles in July. The decision was reportedly announced in a note to staff from CEO Jim Bankoff, who wrote that while the company is "not expecting further layoffs at this time, we will continue to assess our outlook, keep a tight control on expenses and consider implementing other cost savings measures as needed," according to Axios.Vox Media's layoffs come at a time when advertisers are tightening their belts in anticipation of an economic slowdown, taking a toll on the media industry. Capital One: more than 1,100 tech workersBrian Ach/AP ImagesCapital One slashed 1,100 technology positions on January 18, a company spokesperson told Insider. The cuts impacted workers in the "Agile job family," a department which was eliminated and its responsibilities integrated into "existing engineering and product manager roles," per the spokesperson. "Decisions that affect our associates, especially those that involve role eliminations, are incredibly difficult," the Capital One spokesperson said in the statement. "This announcement is not a reflection on these individuals or the work they have driven on behalf of our technology organization," the spokesperson continued. "Their contributions have been critical to maturing our software delivery model and our overall tech transformation."The eliminations came after the bank had invested heavily in tech efforts in recent years, including launching a new software business focused on cloud computing in June 2022. "This decision was made solely to meet the evolving skills and process enhancements needed to deliver on the next phase of our tech transformation," the spokesperson said.  WeWork: About 300 employeesReutersWeWork announced on January 19 it will cut about 300 positions as it scales back on coworking spaces in low-performing regions, Reuters reported. The layoffs come after the company said in November 2022 it planned to exit 40 locations in the US as part of a larger cost-cutting effort. The company announced the cuts in a press release listing its fourth-quarter earnings call date, stating only the reductions are "in connection with its portfolio optimization and in continuing to streamline operations."  Wayfair: more than 1,000 employeesPavlo Gonchar/SOPA Images/LightRocket via Getty ImagesWayfair is expected to lay off more than 1,000 employees, about 5% of its workforce, in the coming weeks in response to slumping sales, the Wall Street Journal reported on January 19.The cuts mark the second round of layoffs in six months for the online furniture and home goods company, after it nixed 900 staffers in August 2022. Though the company experienced significant growth during the pandemic-driven home improvement boom, sales began to stagnate as social distancing policies loosened and Americans began returning to offices."We were seeing the tailwinds of the pandemic accelerate the adoption of e-commerce shopping, and I personally pushed hard to hire a strong team to support that growth. This year, that growth has not materialized as we had anticipated," Wayfair CEO Niraj Shah wrote in a letter to employees announcing the August 2022 layoffs, per CNN. In its most recent quarter, the Wayfair reported that net revenue decreased by $281 million, down 9% from the same period the year prior.  Microsoft: 10,000 workersMicrosoft CEO Satya NadellaStephen Brashear/Getty ImagesMicrosoft announced on January 18 that it planned to reduce its workforce by 10,000 jobs by the end of the third quarter of this year. CEO Satya Nadella attributed the layoffs to customers cutting back in anticipation of a recession. However, Nadella also told workers that the company still plans to grow in some areas, despite the firings, writing that the company will "continue to hire in key strategic areas." Microsoft's layoff announcement comes as the tech giant is reportedly in talks to invest $10 billion in OpenAI, which created the AI chatbot ChatGPT. On February 13, the company laid off staff at LinkedIn—which it acquired in 2016— according to The Information. The cuts were in the recruiting department, though the total number laid off is not immediately clear, The Information reported.Crypto.com: 20% of staffCrypto.com CEO Kris MarszalekCrypto.comCrypto.com announced on January 13 that it would let go of a fifth of its workforce amid a sagging crypto market and fallout from FTX's collapse. This is the second major round of firings for Crypto.com, which also had layoffs in July. "The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It's for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success," CEO Kris Marszalek wrote in a memo to employees. BlackRock: up to 3% of global workforceBlackRock CEO Larry FinkSpencer Platt/Getty ImagesBlackRock is cutting up to 500 roles in its first round of firings since 2019. Staff members were notified on January 11 about whether they were laid off. "Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper," CEO Larry Fink and President Rob Kapito wrote in a memo to employees. Goldman Sachs: an estimated 6.5% of its global workforceGoldman Sachs is laying off an expected 3,200 employees.Photo by Michael M. Santiago/Getty ImagesGoldman Sachs began laying off employees on Jan. 11, with cuts expected to impact an estimated 6.5% of the company's global workforce — or roughly 3,200 staffers — a source told Insider. The company previously slashed roles on its media and tech teams in September 2022, and it was expected to issue further reductions in the first half of January. The cost-cutting efforts from the investment banking giant mirror reductions from competitors including Morgan Stanley and Citi, which also laid off employees in 2022. "We continue to see headwinds on our expense lines, particularly in the near term," Goldman Sachs CEO David Solomon said at a conference in December. "We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set."   BNY Mellon: 1,500 jobsBNY Mellon CEO Robin VinceBNY MellonBNY Mellon is planning to cut approximately 3% of its workforce, or 1,500 jobs, according to the Wall Street Journal, which cited people familiar with the matter. The cuts will be primarily aimed at talent management roles, according to the report. BNY Mellon will reportedly plan to invest more in junior staff. Verily (part of Alphabet): reportedly 15% of workersAlphabet CEO Sundar PichaiJerod Harris/Getty ImagesVerily, which is Alphabet's healthcare unit, is laying off more than 200 employees, according to an email seen by the Wall Street Journal. The Journal reports that the company will also scale down the number of projects it works on in an effort to cut costs."We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model," Verily's CEO, Stephen Gillet, wrote in the email, according to the Journal.This is the first significant layoff done by Google's parent company, which had so far avoided the massive waves of job cuts done by other big tech giants like Amazon and Meta. DirecTV: 10% of management staffDirecTV.Karen Bleier/AFP/Getty ImagesDirecTV employees were told in the first week of January that the company would lay off several hundred workers in management roles.The satellite TV business has faced slowing revenues as more people choose to cut the cord and pay for streaming services over cable TV. "The entire pay-TV industry is impacted by the secular decline and the increasing rates to secure and distribute programming. We're adjusting our operations costs to align with these changes and will continue to invest in new entertainment products and service enhancements," a spokesperson for DirecTV told Insider. Coinbase: 950 workersCEO Brian Armstrong cited the downward trend in cryptocurrency prices and the broader economy as reasons for the layoffs.Patrick Fallon/Getty ImagesCoinbase announced on Tuesday, Jan. 10, that would lay off another 20% of its staff. The cuts came after the crypto company laid off over 1,000 employees in July. In a memo to employees, CEO Brian Armstrong said, "in hindsight, we could have cut further at that time," referencing the layoffs in July. Armstrong partially attributed the company's weakness to the "fallout from unscrupulous actors in the industry," likely referencing the alleged fraud that took place at FTX late last year under then-CEO Sam Bankman-Fried. Armstrong predicted "there could still be further contagion" from FTX in the crypto markets but assured remaining employees that Coinbase is well capitalized. Amazon: 18,000 employeesAmazon CEO Andy Jassy initially announced the company's latest round of layoffs in November.AmazonAmazon is in the midst of the most significant round of layoffs in the company's history. In a memo to employees, CEO Andy Jassy said the company would cut more than 18,000 workers in total — far more than what was initially expected based on reporting by the New York Times. Jassy cited "the uncertain economy" and rapid hiring as reasons for the layoffs. While most of Amazon's 1.5 million staff have warehouse jobs, the layoffs are concentrated in Amazon's corporate groups. Amazon's layoffs began late last year, though the Wall Street Journal reports cuts will continue through the first few weeks of 2023.Amazon's 18,000 jobs cuts are the largest of any major tech company amid the wave of recent layoffs.  Salesforce: 10% of its staffSalesforce said in the first month of 2023 that it would enact big job cuts.Noam Galai/Getty ImagesSalesforce co-CEO Marc Benioff announced on Jan. 4 that the software company plans to layoff 10% of its workforce — an estimated 7,000 employees — and close select offices as part of a restructuring and cost-cutting plan. "The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," Benioff wrote in an email to staff. "With this in mind, we've made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks."He continued: "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."Everlane: 17% of corporate employeesEverlane founder and executive chair Michael Preysman.Lars Ronbog/Getty Images for Copenhagen Fashion SummitEverlane is slashing 17% of its 175-person corporate workforce, and 3% of its retail staff."We know there will be some bumpiness over the next few weeks as we navigate a lot of change at once. We ask for your patience as we do right by our departing team members," CEO Andrea O'Donnell wrote to employees, according to an internal memo seen by Insider. In a statement to Insider, a company spokesperson said the decision was intended to "improve profitability in 2023 and continue our efforts to help leave the fashion industry cleaner than we found it."The e-commerce clothing company previously laid off nearly 300 workers, mostly in retail in March 2020 amid the outbreak of the Covid-19 pandemic.Vimeo: 11% of its workforceAnjali Sud, CEO of Vimeo, speaks during the company's direct listing on Nasdaq, Tuesday, May 25, 2021, in New York.AP Photo/Mark LennihanVimeo CEO Anjali Sud told employees on Jan. 4 that the company would layoff 11% of its staff, the video platform's second major round of layoffs in less than a year, after cutting 6% of employees in July"This was a very hard decision that impacts each of us deeply," Sud wrote in an email to staff. "It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment."A spokesperson told Insider reduction is intended to assist with ongoing economic concerns and improve the company's balance sheet. Compass: size of layoffs not immediately disclosedCompass is letting go of more employees after two rounds of layoffs in the past eight months.CompassCompass CEO Robert Reffkin told staffers on Jan. 5 it would conduct more layoffs, following two previous rounds in the past eight months, as the brokerage continues to struggle with significant financial losses. "We've been focused over the last year on controlling our costs," Reffkin wrote in an email to employees. "As part of that work, today we reduced the size of some of our employee teams. While decisions like these are always hard, they are prudent and allow us to continue to build a long-term, successful business for all of you."While the size of the layoffs was not immediately disclosed, the brokerage let go of 450 corporate employees in June 2022, followed by an additional 750 people from its technology team in October 2022.   Stitch Fix: 20% of salaried jobsStitch Fix is laying off salaried employees.SOPA ImagesStitch Fix announced on Jan. 5 that it plans to slash 20% of its salaried workforce, the Wall Street Journal reported.The cuts come in tandem with the announcement that CEO Elizabeth Spaulding is stepping down, after less than 18 months at the helm of the struggling retail company."First as president and then as CEO, it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team," Spaulding said in a statement. "It is now time for a new leader to help support the next phase."Stitch Fix founder Katrina Lake — who formerly served as chief executive and sits on the board of directors — will become interim CEO, the company said in a press release. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 29th, 2023

Robinhood and Ford are the latest companies to announce job cuts amid a layoff wave expanding beyond tech. Here"s the full list of major US companies slashing staff this year.

The wave of layoffs hitting tech companies and beyond shows no signs of slowing down. Robinhood will cut about 7% of its workforce, or 150 employees. Vlad Tenev, CEO and co-founder, Robinhood, which will cut about 7% of its workforce, or 150 employees.Kimberly White/Getty Images for Robinhood Stock-trading app Robinhood and Ford just announced layoffs.  In recent months, layoffs have expanded beyond tech, media, and finance as Gap and Whole Foods announced cuts. See the full list of layoffs so far in 2023. A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down well into 2023.Robinhood and Ford are the latest companies to undergo layoffs this year. Robinhood, a stock-trading app, confirmed to Insider that it would lay off around 7% of its workforce. This is the third round of downsizing the company has undergone since last year.  The Wall Street Journal first reported the latest round of cuts.  A Ford spokesperson confirmed to Insider that some employees in the US and Canada were being laid off. The spokesperson declined to provide how many employees would be impacted, but confirmed the cuts would mostly affect engineering roles.The news of these layoffs arrives on the heels of recent job cuts at companies including Spotify, LinkedIn, and Shopify.  These companies join a large number of major corporations that have made significant reductions to staff this year: Tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced massive layoffs in the first weeks of 2023 amid a continued economic downturn and stagnating sales.The downsizing followed significant reductions that companies including Meta and Twitter made last year. The layoffs have primarily affected the tech sector, which is now hemorrhaging employees at a faster rate than at any point during the pandemic, the Journal reported.According to data from Layoffs.fyi, a site tracking layoffs since the start of the pandemic, tech companies slashed more than 210,000 in 2023 alone — compared to 80,000 in March to December 2020 and 15,000 in 2021. But it's not just tech companies that are cutting costs, with the major job reductions that have come from the Gap, along with FedEx, Dow, and Wayfair.Here are notable job cuts so far in 2023: Robinhood: About 7% of the workforceRobinhood will cut around 150 jobs through its recent wave of layoffs.Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty ImagesRobinhood, a stock-trading app, is laying off around 150 of its full-time employees, The Wall Street Journal first reported. The job cuts will amount to about 7% of Robinhood's workforce — adding to the more than a thousand jobs the company has cut since last year.Robinhood's Chief Financial Officer Jason Warnick, wrote that the layoffs were done to "adjust to volumes and to better align team structures," according to an internal company message obtained by the Journal. "We're ensuring operational excellence in how we work together on an ongoing basis. In some cases, this may mean teams make changes based on volume, workload, org design, and more." a Robinhood spokesperson told Insider in an emailed statement. The spokesperson did not respond to Insider's questions asking about how many employees would face layoffs, and what positions would be impacted.This marks the third workforce reduction the company has undergone since last year. In 2022, Robinhood went through two rounds of layoffs in April and August which axed more than a thousand positions of its then 3,800 employees. The company cited these earlier layoffs as necessary to cut costs and eliminate duplicate roles that resulted from the company undergoing rapid hiring.The layoffs at Robinhood followed a ballooning period of stock trading and hiring at the company during the Covid-19 pandemic, Insider previously reported. But trading has only declined since then, as stimulus checks have dried up and inflation rates climbed, granting people fewer disposable income for trading. Ford: anticipated layoffsFord confirmed it would undergo layoffs, as part of the company's Ford+ growth plan.FordFord said it would undergo layoffs that would mainly impact engineering positions based in the US and Canada. A spokesperson for Ford declined to say how many employees would be laid off this week, when Insider asked for comment. The layoffs would mostly impact engineering roles in the US and Canada, the spokesperson said in a statement.The recent round of layoffs at Ford are part of the company's Ford+ growth plan that was introduced in 2021, the spokesperson told Insider. Part of this plan focuses on expanding the company's electric vehicles sales, CNBC reported."Delivering on the plan includes adjusting staffing to match focused priorities and ambitions, while raising quality and lowering costs," the spokesperson said in a statement to Insider, when asked about the reasoning for the layoffs.The layoffs will impact employees in each of Ford's business divisions, including its Ford Blue unit, its Model e electric vehicle division, and its Ford Pro services, CNBC reported.This layoff follows reductions the company made last year. In August, Ford laid off around 3,000 employees — a part of the company's plans to restructure the company's attention on electric vehicles. But the layoffs in the car industry are also distinct from those spreading across other industries, Insider previously reported. As more automakers shift to electric vehicles, more layoffs are anticipated across the industry. But while these changes signal some jobs will no longer exist in the industry, new positions will also be created as more automakers move in this direction.Sonos: About 7% of the workforceThe Sonos team celebrates its Nasdaq initial public offering.SonosIn a June 14 filing, Sonos disclosed it would be laying off around 7% of its workforce, or 130 people."In the face of continued headwinds we have had to make some hard choices, including eliminating some positions and reevaluating program spend," the company's CEO Patrick Spence said in a statement.The cuts come a month after the company announced a 24% drop in revenue for the second quarter of 2023 as compared to the second quarter of 2022. At the time, company cited softening demand and reduced its earnings guidance for the rest of the year, causing its stock to take a hit.Grubhub: Around 400 jobsBrandon Bell/Getty ImagesGrubhub CEO Howard Migdal told staff that the food-delivery company would be laying off about 400 jobs on June 12 — or about 15% of its workforce.The cuts impacted Grubhub's corporate office, as the company's operating and staff costs have increased at a faster rate than its business over the past few years, the memo said. "We operate in a highly competitive and constantly evolving industry," Migdal wrote. "There is no doubt whatsoever that we have a solid foundation in place and an immense opportunity ahead of us – but it is also clear that we need to make some tough decisions in order to maintain our competitiveness."Grubhub has struggled to keep up with the likes of DoorDash and Uber Eats, and it is now the third biggest delivery operator in the US, according to Bloomberg Second Measure. The company has had three CEOs over the last two years, and its owner, Dutch conglomerate Just Eat Takeaway.com, tried to sell the firm less than a year after purchasing it.Meanwhile, more customers are turning away from food delivery, overall, in an attempt to save money and avoid sky-high fees.Spotify: 2% of workforceSpotify is the latest company to announce layoffs.Onur Dogman/SOPA Images/LightRocket via Getty ImagesSpotify announced that the music and podcast streaming app would lay off about 200 employees, or 2% of its workforce. The layoffs will impact employees across Spotify's podcasting business and its supporting functions, including talent acquisition and financial roles, a Spotify spokesperson told Insider.In the memo sent to employees, the vice president of Spotify's podcast business Sahar Elhabashi explained the layoffs were a part of the brand's decision to change how it works with podcast partners around the globe. The "fundamental pivot from a more uniform proposition will allow us to support the creator community better," the memo read."The company will support these individuals with generous severance packages, including extended Healthcare coverage and immediate access to outplacement support," the statement read. This announcement arrives on the tail of additional layoffs the music streaming service made back in January. In a memo to Spotify employees, CEO Daniel Ek said the company would cut 6% of its staff, about 600 people. "While we have made great progress in improving speed in the last few years, we haven't focused as much on improving efficiency. We still spend far too much time syncing on slightly different strategies, which slows us down. And in a challenging economic environment, efficiency takes on greater importance. So, in an effort to drive more efficiency, control costs, and speed up decision-making, I have decided to restructure our organization," he wrote. As part of those changes, Dawn Ostroff, the company's chief content and advertising officer, who spent more than $1 billion signing exclusive podcast deals with Joe Rogan, the Obamas, and Prince Harry and Meghan Markle, has departed. Binance: potential layoffsNurPhoto / ContributorBinance, one of the world's largest cryptocurrency exchanges by volume, is considering staff cuts as the company prepares for the next bull cycle and evaluates its "talent density," a Binance spokesperson told Insider. "As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic," the spokesperson said.The statement came after a series of tweets from independent journalist Colin Wu on May 31 that indicated forthcoming layoffs at the company. "This is not a case of rightsizing, but rather, re-evaluating whether we have the right talent and expertise in critical roles," the Binance statement continued. "This will include looking at certain products and business units to ensure our resources are allocated properly to reflect the evolving demands of users and regulators." JPMorgan: About 500 jobsJPMorgan recently began cuts of about 500 employees, CNBC and CNN reported.ReutersJPMorgan announced on March 26 that it is slashing 500 roles, CNBC reported.The cuts are expected to spread across JPMorgan's retail and commercial banking, asset and wealth management, and corporate and investment banking operations, according to CNBC.The reported layoffs come just a day after reports that JPMorgan laid off 1,000 First Republic employees, or about 15% of its workforce. JPMorgan, the largest bank in the US, got even larger earlier this month when it acquired the assets of failing First Republic after it was seized by regulators.LinkedIn: 716 rolesRyan Roslansky, CEO of LinkedIn, said the company would be cutting 716 roles on Tuesday.Courtesy of Ryan RoslanskyLinkedIn announced earlier this month that it would be cutting 716 roles from its global workforce in a message from CEO Ryan Roslansky.Roslansky also noted that company will also be discontinuing InCareer, a local jobs app in China, as it refocuses on helping companies in China hire, market, and train abroad. The decision comes on the heels of LinkedIn's 20th anniversary last week. "While we're making meaningful progress creating economic opportunities for our members and customers and experiencing record engagement on the platform, we're also seeing shifts in customer behavior and slower revenue growth," Roslansky said.Shopify: 20% of workforceDavid Fitzgerald/Sportsfile via Getty ImagesShopify is slashing 20% of its workforce and selling off most of its logistics business to supply chain company Flexport, the company announced on May 4. The cuts confirmed growing concern of layoffs among staffers in recent weeks, following the cancellation of several team-building offsite events and analyst speculation that Shopify would alter its logistics arm, Insider reported."I recognize the crushing impact this decision has on some of you, and did not make this decision lightly," Shopify CEO Tobi Lütke said in a note to employees and shareholders.He continued: "This is a consequential and hard week. It's the right thing for Shopify but it negatively affects many team members who we admire and love working with."Morgan Stanley: 3,000 jobsReutersMorgan Stanley is cutting 3,000 jobs by the end of the quarter, Bloomberg reported, citing sources familiar with the matter. One person told the outlet that the company's banking and trading teams will be most impacted.The cuts will affect about 5% of the firm's workforce, excluding financial advisers and personnel in the wealth management division, Bloomberg noted. A spokesperson for the bank did not immediately respond to Insider's request for comment and declined to comment to Bloomberg. However, CEO James Gorman noted last month that underwriting and mergers activity has been "subdued" and that he doesn't expect a rebound before the second half of 2023 or even 2024, Bloomberg noted. The firm last cut 1,600, or around 2% of its staff in December, Bloomberg noted. Dropbox: 16% of staffDrew Houston, cofounder and CEO of Dropbox, told employees Thursday that the company was eliminating 500 jobs.Matt Winkelmeyer / Getty ImagesCloud storage firm Dropbox said Thursday that it would be reducing its global workforce by 16%, or 500 jobs.In a message to staff sent Thursday, CEO Drew Houston said the cuts are being made, in part, from slowing business growth and the expansion of AI products. "Today's changes were the result of taking a hard look at our strategic priorities and organizational structure as a leadership team, and aligning to principles of sustainable financial growth, efficiency, and flexibility to invest in our future. We're also streamlining how the company is organized," Houston said.  Gap: more than 2,000 jobs since late last yearGap posters in Birmingham, England.Mike Kemp/Getty ImagesClothing retailer Gap is cutting 1,800 positions in its headquarters and upper management as part of a restructuring plan meant to cut costs, the retailer said Thursday.Gap said that the cuts are expected to help the company see $300 million in annualized savings."We are taking the necessary actions to reshape Gap Inc. for the future — simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience," the company's chairman and interim CEO Bob Martin said in a statement given to Insider.In September, Gap slashed 500 jobs from its corporate ranks in a push to save $250 million annually, the Wall Street Journal reported. Jenny Craig: potential mass layoffsA man enters a Jenny Craig facility June 19, 2006 in Niles, Illinois.Tim Boyle/Getty ImagesWeight loss company Jenny Craig notified staffers of potential mass layoffs on April 27, as a result of the company "winding down physical operations," according to an internal email reviewed by NBC News.According to NBC News, the company has been in the process of selling and anticipates the pending sale "will likely impact all employees in some manner," an FAQ document sent to employees read. "We do not know the exact employees/groups whom will be impacted, and if any employees may be retained," the document said, per NBC News. "As a result, we would suggest that you anticipate that your employment may be impacted and begin to seek other employment." 3M: 6,000 jobsMike Roman, CEO of 3M.Xinhua News Agency / Contributor/Getty ImagesOn Tuesday, the Scotch tape and Post-It Notes manufacturer said it will be cutting 6,000 positions across all parts of the company with the goal of streamlining operations, simplifying supply chain, and reducing layers of management, according to The Wall Street Journal.The company's chief executive Mike Roman said Tuesday that the cuts would eliminate 10% of 3M's global workforce and ultimately save the company between $700 to $900 million in pretax costs, the Journal said. 3M last announced cuts in January when it said it was removing 2,500 manufacturing positions.Lyft: 1,072 rolesReutersIn an SEC filing on Thursday, Lyft said it was cutting roles for 1,072 employees, or about 26% of its corporate workforce. In the filing, the company also said it is scaling back on hiring and has eliminated over 250 open positions. The news comes just weeks after David Risher took the helm as Lyft's new CEO, part of an executive shakeup that involved cofounders Logan Green and John Zimmer moving into board roles. A spokesperson for Lyft previously told Insider, "David has made clear to the company that his focus is on creating a great and affordable experience for riders and improving drivers' earnings."The spokesperson added, "To do so requires that we reduce our costs and structure our company so that our leaders are closer to riders and drivers. This is a hard decision and one we're not making lightly. But the result will be a far stronger, more competitive Lyft." Deloitte: 1,200 jobsAlex Tai/SOPA Images/LightRocket via Getty ImagesDeloitte announced on April 21 it was cutting 1,200 jobs, or about 1.5% of its US staff, the Financial Times reported. The cuts will largely be concentrated in the financial advisory business as a result of a decline in mergers and acquisitions, per internal communications viewed by the FT. Whole Foods: Several hundred corporate employeesMary Meisenzahl/InsiderWhole Foods announced on April 20 it was letting go of several hundred corporate employees, amounting to less than 0.5% of the company's workforce, CNBC reported.The cuts are a result of a structural reorganization of global and regional support teams, which will be downsized from nine to six, but will not cause store closures, according to CNBC.In a memo to employees viewed by CNBC, Whole Foods executives wrote "simplifying our work and improving how we operate is critical as we grow." "As the grocery industry continues to rapidly evolve, and as we — like all retailers — have navigated challenges like the COVID-19 pandemic and continued economic uncertainty, it has become clear that we need to continue to build on these changes," the memo read, per CNBC. It continued: "With additional adjustments, we will be able to further simplify our operations, make processes easier, and improve how we support our stores."BuzzFeed News: 15% of staffBuzzFeed News headquarters.Drew Angerer / Getty ImagesBuzzFeed announced on April 20 that it was shuttering its BuzzFeed News division, laying off 15% of its staff, or 180 employees, in the process. In a memo to staff shared with Insider's Lucia Moses, CEO Jonah Peretti admitted to mistakes like over-investing in the news arm and failing to successfully integrate BuzzFeed and Complex after the latter was acquired in 2021. "I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances," he wrote. "Our job is to adapt, change, improve, and perform despite the challenges in the world. We can and will do better."Ernst & Young: 3,000 positionsEY spends $500 million annually on learning for its employees.TOLGA AKMEN / Contributor / GettyErnst & Young announced on April 17 it was laying off 3,000 US employees, or about 5% of its total US staff.The decision came after the financial auditor nixed a proposed reorganization that would break up its consulting and accounting businesses, Reuters reported. According to the Financial Times, which first reported the layoffs, the cuts will address "overcapacity" and will largely impact the company's consulting business. Opendoor: 560 jobsOpendoor announced it was cutting 560 jobs on Tuesday.Opendoor Technologies/GlassdoorOn Tuesday, home flipping giant Opendoor said it was cutting 560 jobs, or 22% of its workforce, citing a souring housing market. A spokesperson for Opendoor told Insider by email,"We've been weathering a sharp transition in the housing market – the steepest and fastest rate increase by the Fed in 40 years, the more than doubling of mortgage rates from historic lows, and the hit to home affordability have driven an approximately 30% decline in new listings from peak levels last year."The spokesperson noted that the cuts have been made to "better align our operational costs with the anticipated near-term market opportunity, while maintaining our critical technology investments that will continue to drive the business long term."Impacted team members will receive severance pay, extended health benefits, and job transition support. Opendoor last made cuts in November 2022, laying off 550 workers or about 18% of its staff.  McKinsey: About 1,400 employeesFABRICE COFFRINI/AFP via Getty ImagesMcKinsey & Company will cut an estimated 1,400 positions, or 3% of its total workforce, Bloomberg reported on March 29.The layoffs are part of the consulting firm's efforts to reorganize support teams and pare down an employee base that has grown rapidly in recent years, per the outlet. "The painful result of this shift is that we will have to say goodbye to some of our firm functions colleagues, while helping others move into new roles that better align to our firm's strategy and priorities," Bob Sternfels, global managing partner, wrote in a note to staff seen by Bloomberg. He continued: "Starting now, where local regulations allow, we will begin to notify colleagues who will depart our firm or be asked to change roles."David's Bridal: 9,236 employeesShoppers head for David's Bridal in Sunset Hill, Mo. Tuesday, May 10, 2005.James A. Finley/AP ImagesDavid's Bridal is laying off more than 9,000 workers across the US, according to a WARN notice filed with the Pennsylvania Department of Labor and Industry on April 14. "We are evaluating our strategic options and a sale process is underway," David's Bridal spokesperson Laura McKeever told the Philadelphia Inquirer. "At this time, there are no updates to share."The company is considering filing for bankruptcy in the near future, according to an April 7 report from the New York Times. David's Bridal also filed for bankruptcy in 2018. Virgin Orbit: 85% of staffersSir Richard Branson, founder of Virgin Orbit.Mark GreenbergVirgin Orbit disclosed in a March 30 filing with the Securities and Exchange Commission that it is slashing 85% of its staff, or about 675 employees.The company, which operates within the Virgin Group and provides launch services for satellites, is also ceasing operations "for the foreseeable future," CNBC reported. "Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Virgin Orbit CEO Dan Hart said, according to audio of a company all-hands obtained by CNBC.     Electronic Arts: About 780 employeesLucy Nicholson/ReutersElectronic Arts — the video game company best known for its "The Sims," "FIFA," and "Madden NFL" franchises — is letting go of 6% of its staff, or about 780 employees, the company announced on March 24. "As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams," Electronic Arts CEO Andrew Wilson wrote in a blog post to staffers. Wilson said the cuts began early this quarter and will continue through the beginning of the next fiscal year.  Amazon: 9,000 more jobsAmazon CEO Andy Jassy announced on Monday that the company would be eliminating another 9,000 roles, on top of the 18,000 announced in January.Richard Brian/ReutersAmazon announced on March 20 that it would cut 9,000 jobs from its workforce over the coming weeks. The cuts come on the heels of the 18,000 roles the company announced it was cutting back in January. In a message to employees shared on Amazon's site, CEO Andy Jassy noted that the impacted positions are largely in the Amazon Web Services, People Experience and Technology Solutions, Advertising, and Twitch departments. In the memo, Jassy said the company staggered its layoff announcements because "not all of the teams were done with their analyses in the late fall." He added, "rather than rush through these assessments without the appropriate diligence, we chose to share these decisions as we've made them so people had the information as soon as possible."Roku: 200 staffersRoku CEO Anthony Wood speaks during Tribeca X - 2021 Tribeca Festival on June 18, 2021 in New York City.Photo by Arturo Holmes/Getty Images for Tribeca FestivalRoku is cutting an additional 200 roles, or 6% of its workforce, Reuters reported on March 30. The cuts come after the streaming device manufacturer previously laid off 200 employees in November 2022. The company is expected to complete the cuts by the end of the second quarter, and also plans to leave and sublease office facilities in an attempt to reduce costs, according to Reuters. Walmart: About 200 employeesA Walmart store.Bruce Bennett/Getty ImagesWalmart asked about 200 workers at five fulfillment centers to find employment elsewhere in the company in the next 90 days or else be laid off, Reuters reported on March 23.The cuts are a response to the reduction of evening and weekend shifts at select Walmart facilities, including those in Chino, California; Davenport, Florida; Bethlehem, Pennsylvania; Pedricktown, New Jersey; and Fort Worth, Texas, per Reuters. "We recently adjusted staffing levels to better prepare for the future needs of customers," a Walmart spokesperson told Reuters in a statement.  Accenture: 19,000 positionsJoan Cros/Corbis via Getty ImagesAccenture is slashing 19,000 roles, or 2.5% of its total workforce, according to a Security and Exchange Commission filing on March 23.The tech consultancy company said the layoffs will take place over the next 18 months and half of the cuts will impact staffers in "non-billable corporate functions," per the filing.  "While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs," Accenture wrote in the filing. Indeed: 2,200 staffersIndeed CEO Chris HyamsPhoto by Niall Carson/PA Images via Getty ImagesIndeed CEO Chris Hyams announced on March 22 that the online networking platform will cut 2,200 jobs, or about 15% of its staff. In a note sent to employees, Hyams wrote the reductions will impact "nearly every team, function, level, and region" across the company in an effort to reduce redundancy and increase efficiency. "I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I'd never have to make," he wrote. Meta: 10,000 workersMeta CEO Mark ZuckerbergMark Lennihan/APRoughly 10,000 Meta workers will find out that their jobs have been cut between March and May, according to an announcement by the company's founder and CEO, Mark Zuckerberg. Zuckerberg also said the company would close around 5,000 open roles that haven't yet been filled as part of the company's effort to downsize. "My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead," Zuckerberg wrote in a post on Facebook announcing the layoffs. In the post, Zuckerberg said that members of Meta's recruiting team would learn about the fate of their jobs in March, while tech workers would find out in late April, and business groups would find out in May. "In a small number of cases, it may take through the end of the year to complete these changes," he wrote. The job cuts come less than 5 months after Meta slashed 11,000 workers, or about 13% of its workforce, in November. At the time, Zuckerberg called the layoffs a "last resort."  SiriusXM: 475 rolesJennifer Witz, CEO of SiriusXM said the company was cutting 475 roles on March 6.Cindy Ord / Staff/ Getty ImagesThe radio company said March 6th that it was cutting 8% of its staff or 475 roles according to a statement posted on the company's website from CEO Jennifer Witz.In the statement, Witz said "nearly every department" across the company will be impacted. She also noted that those impacted will be contacted directly and will have the opportunity to speak with a leader from their department as well as a member of the company's People + Culture team. Impacted employees will also be provided with exit packages that include severance, transitional health insurance benefits, Employee Advocacy Program continuation, and outplacement services, Witz noted.Citigroup: hundreds of jobsCiti CEO Jane FraserPatrick T. Fallon/AFP via Getty ImagesCiti plans to cut hundreds of jobs, with many focused on the company's investment bank division. The total headcount cut will reportedly amount to less than 1% of Citi's more than 240,000 workers and are part of Citi's normal course of activities.Citi's cuts were first reported by Bloomberg. In January, Citi's CFO told investors the company remained "focused on simplifying the organization, and we expect to generate further opportunities for expense reduction in the future."Citi declined Insider's request to provide comment on the record. Waymo: reported 209 roles so farWaymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 8% of the unit's staff has been cut this year.Peter Prado/Insider; Vaughn Ridley/Sportsfile via Getty ImagesAlphabet's self-driving car unit Waymo has reportedly laid off a total of 209 employees this year in two rounds of cuts, according to The Information. Waymo reportedly laid off 137 employees on March 1, according to The Information. Waymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 209 employees— approximately 8% of the company's staff— have been cut this year, according to an internal email seen by The Information.Waymo did confirm the cuts to Insider but did not specify the number of roles impacted or the date the first round of cuts occurred.  Thoughtworks: reported 500 employeesThoughtworks laid off 500 employees on February 28. That day, CEO Guo Xiao said in the company's earnings release that it was "pleased" with its performance in the fourth quarter of 2022.Screenshot of Guo Xiao from the Thoughtworks website.Thoughtworks, a software consultancy firm, reportedly laid off 500 employees or 4% of its global workforce, according to TechCrunch. TechCrunch noted that the company "did not dispute" the figure when reached for comment on March 1. According to TechCrunch, Thoughtworks "initially informed" the affected employees about the decision on February 28. That same day, Thoughtworks reported that its revenue had increased 8.3% between the fourth quarter of 2022 and the fourth quarter of 2021. The company also reported a more than 21% year over year revenue increase for 2022. In the company's earnings release, Thoughtworks' CEO Guo Xiao said, "We are pleased with our performance in the fourth quarter and our clients continue to look to us to help them navigate these uncertain times and tackle their biggest technology challenges."General Motors: reported 500 salaried jobsGM CEO Mary Barra.Patrick T. Fallon/Getty ImagesGeneral Motors plans to cut 500 executive-level and salaried positions, according to a report from The Detroit News. The layoffs come only one month after CEO Mary Barra told investors and reporters on the company's earnings call, "I do want to be clear that we're not planning layoffs." In a memo to employees, seen by Insider, GM's chief people officer wrote, "we are looking at all the ways of addressing efficiency and performance. This week we are taking action with a relatively small number of global executives and classified employees following our most recent performance calibration." Employees who are getting laid off were informed on Feb. 28. General Motors confirmed the layoffs to Insider but did not confirm a specific number of employees getting cut. Twitter: about 200 employeesElon Musk is Twitter's CEO and ownerREUTERS/Jonathan ErnstThe layoffs reportedly haven't stopped at Twitter under Elon Musk. The social media company reportedly laid off 200 more employees on a Saturday night in late February, according to the New York Times. Some workers reportedly found out they had lost their jobs when they couldn't log into their company emails.Musk laid off 50% of Twitter's workforce in November after buying the company for $44 billion. Yahoo: 20% of employeesSOPA Images / Getty ImagesYahoo announced it will eliminate 20% of its staff, or more than 1,600 people, as part of an effort to restructure the company's advertising technology arm, Axios reported on February 9.Yahoo CEO Jim Lanzone told Axios that the cuts are part of a strategic overhaul of its advertising unit and will be  "tremendously beneficial for the profitability of Yahoo overall."    Disney: 7,000 jobsBob Iger, CEO of DisneyCharley Gallay/Stringer/Getty ImagesFresh off his return as Disney CEO, Bob Iger announced February 8 that Disney will slash 7,000 jobs as the company looks to reduce costs. Iger, who returned to the position in November 2022 to replace his successor Bob Chapek after first leaving in 2020, told investors the cuts are part of an effort to help save an estimated $5.5 billion. "While this is necessary to address the challenges we are facing today, I do not make this decision lightly," Iger said. "I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes."DocuSign: 10%Igor Golovniov/SOPA Images/LightRocket/Getty ImagesDocuSign plans to slash 10% of employees as part of a restructuring plan "designed to support the company's growth, scale, and profitability objectives," the electronic signature company wrote in a Securities and Exchange Commission filing on Feb. 16. The company said the restructuring plan is expected to be complete by the second quarter of fiscal 2024, per the filing. Affirm: 19% of its workforceAffirm co-founder and CEO Max LevchinAffirmAffirm announced on February 8 it plans to slash 19% of its workforce, after reporting declining sales that missed Wall Street expectations. Affirm co-founder and CEO Max Levchin said in a call with investors that the technology company "has taken appropriate action" in many areas of the business to navigate economic headwinds, including creating a "smaller, therefore, nimbler team.""I believe this is the right decision as we have hired a larger team that we can sustainably support in today's economic reality, but I am truly sorry to see many of our talented colleagues depart and we'll be forever grateful for their contributions to our mission," he said.  GoDaddy: 8% of workersGoDaddy's CEO Aman Bhutani in September 2019Don Feria/Invision/AP ImagesGoDaddy, the website domain company, announced on February 8 it will cut 8% of its global workforce. "Despite increasingly challenging macroeconomic conditions, we made progress on our 2022 strategic initiatives and continued our efforts to manage costs effectively," GoDaddy CEO Aman Bhutani wrote in an email to staffers."The discipline we embraced was important but, unfortunately, it was not sufficient to avoid the impacts of slower growth in a prolonged, uncertain macroeconomic environment."Zoom: 15% of staffZoom CEO Eric Yuan.AP Photo/Mark LennihanZoom CEO Eric Yuan announced in a memo to workers that the company would reduce its headcount by 15%, or about 1,300 employees, on February 7. He attributed the layoffs to "the uncertainty of the global economy and its effect on our customers" but also said the company "made mistakes" as it grew. "We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably toward the highest priorities," Yuan said. In the memo, Yuan also announced that he would cut his salary by 98% in 2023 and forgo his corporate bonus. In addition, other members of the executive leadership team will also reduce their base salaries by 20% this year, according to Yuan. eBay: 500 jobseBay CEO Jamie Iannone told employees Tuesday that the company would be eliminating 500 roles.Harry Murphy/Sportsfile for Web Summit via Getty ImagesOn Tuesday, e-commerce giant eBay told employees that it would be eliminating 500 roles, or about 4% of its workforce, according to a message included in a regulatory filing on Tuesday. In the message, CEO Jamie Iannone wrote "Today's actions are designed to strengthen our ability to deliver better end-to-end experiences for our customers and to support more innovation and scale across our platform."He added, "this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape." Dell: 5% of workforceDell is eliminating approximately 5% of its workforce. The company's co-chief operating officer Jeff Clarke told employees in a memo, "market conditions continue to erode with an uncertain future."Kevork Djansezian / Staff/Getty ImagesOn February 6, Dell said in a regulatory filing that it would be eliminating about 5% of its workforce. The percentage amounts to approximately 6,650 roles based on numbers that Dell provided Insider. In a memo sent to employees posted on Dell's website, co-chief operating officer Jeff Clarke, said "market conditions continue to erode with an uncertain future." He also noted in the memo that the company had paused hiring, limited employee traveling, and decreased spending on outside services. He added, however, "the steps we've taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough."Pinterest: 150 jobsBen Silbermann is the founder and executive chair of Pinterest. He was the company's CEO until June 2022.Horacio Villalobos/Getty ImagesPinterest said it would cut 150 workers, or less than 5% of its workforce, on February 1, the company confirmed to Insider.  "We're making organizational changes to further set us up to deliver against our company priorities and our long-term strategy," a company representative said.The social media company was recently the target of activist investor Elliott Management, agreeing to add one of the firm's representatives to its board last month.   Rivian: 6% of jobsRivian CEO RJ Scaringe.Carlos Delgado/Associated PressRivian's CEO RJ Scaringe announced the EV company would cut 6% of its workforce in a memo to employees, the company confirmed to Insider. This is the company's second round of job cuts in the last 6 months after Scaringe announced a separate 6% workforce reduction in July 2022. In his memo to staff, Scaringe said Rivian needs to focus its resources on ramping up production and reaching profitability. BDG Media: 8% of staffScreengrab of Gawker's homepageGawkerBDG Media announced on February 1 that it was shutting down pop-culture site Gawker and laying off 8% of its staff, according to Axios. BDG owns Bustle, Elite Daily, and other lifestyle and news websites. "After experiencing a financially strong 2022, we have found ourselves facing a surprisingly difficult Q1 of 2023," CEO Bryan Goldberg wrote in a memo to staff seen by Axios. Splunk: 325 jobsGary Steele took over as Splunk's CEO in April 2022.YouTube/ProofpointSoftware and data platform Splunk is the latest in a long list of tech companies to announce layoffs in recent months. On February 1, the company said it would lay off 4% of its staff and scale back the use of consultants to cut costs, according to a filing viewed by Insider. The layoffs will reportedly be focused on workers in North America, and CEO Gary Steele told employees Splunk would continue to hire in "lower-cost areas."Intel: 343 jobsIntel CEO Pat Gelsinger.Pool Eric Lalmand/Getty ImagesIntel notified California officials per WARN Act requirements it plans to layoff 343 workers from its Folsom campus, local outlets reported on January 30. "These are difficult decisions, and we are committed to treating impacted employees with dignity and respect," Intel said in a statement to KCRA 3, noting that the cost-cutting comes as the company is faces a "challenging macro-economic environment." On February 1, the company announced CEO Pat Gelsinger will take a 25% pay cut, while other members of the executive team will take salary reductions in amounts ranging from 5% to 15%.  FedEx: more than 10% of top managersFedEx workers in New York City on March 16, 2021.Alexi Rosenfeld/Getty ImagesFedEx informed staffers on February 1 it plans to slash more than 10% of top managers in an effort to reduce costs.  "This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions," CEO Raj Subramaniam wrote in a letter to staff, which was shared with Insider's Emma Cosgrove. While the exact number of employees impacted was not specified, a FedEx spokesperson told Insider that since June 2022 the company has reduced its workforce by more than 12,000 staffers through "headcount management initiatives." "We will continue responsible headcount management throughout our transformation," the spokesperson said. PayPal: 7% of total workforceDan Schulman, president and CEO of PayPal announced that the company would be cutting 7% of its total workforce on January 31.PaypalPayPal announced on January 31 that it plans to cut 2,000 workers or approximately 7% of the company's total workforce over the coming weeks. In a statement announcing the layoffs on PayPal's website, CEO and president Dan Schulman cited the "challenging macro-economic environment." He added, "While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do."HubSpot: 7% of staffYamini Rangan is HubSpot's CEO.Matt Winkelmeyer/ Getty ImagesHubSpot's CEO Yamini Rangan announced that the company would lay off 500 workers, according to an email seen by Insider. "We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected. The year was challenging due to a perfect storm of inflation, volatile foreign exchange, tighter customer budgets, and longer decision making cycles," Rangan wrote to employees. IBM: 1.5% of staffIBM's CEO Arvind KrishnaBrian Ach / Stringer / Via GettyIBM plans would cut 1.5% of its staff, roughly 3,900 workers. The layoffs were first reported by Bloomberg but confirmed by Insider.The company said the cuts would cost IBM about $300 million and is related entirely to businesses the company has spun off. Bloomberg reports that CFO James Kavanaugh said the company is still hiring in "higher-growth areas." Hasbro: 15% of workersA Jenga game by Hasbro Gaming.Thomson ReutersHasbro reportedly plans to cut 1,000 workers after warning that the 2022 holiday season was weaker than expected, according to the toy and game company. The company said the layoffs come as it seeks to save between $250 million to $300 million per year by the end of 2025. "While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses," Chris Cocks, Hasbro's CEO said. Dow: 2,000 global employeesThe Dow Chemical logo is shown on a building in downtown Midland, home of the Dow Chemical Company corporate headquarters, December 10th, 2015 in Midland, MichiganBill Pugliano/Getty ImagesDow Inc. announced on January 26 that it will lay off 2,000 global employees, a move that indicates mass layoffs are spreading beyond just the technology sector, the Wall Street Journal reported. It's part of a $1 billion cost-cutting effort intended to help amid "challenging energy markets," Dow CEO Jim Fitterling said in a press release. The chemical company also  will shut down select assets, mostly in Europe, per the release."We are taking these actions to further optimize our cost structure and prioritize business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe," Fittlering said.   SAP: Up to 3,000 positionsSAP CEO Christian KleinULI DECK/POOL/AFP via Getty ImagesSoftware company SAP said on January 26 it will slash up to 3,000 jobs globally in response to a profit slump, with many of the cuts coming outside of its headquarters in Berlin, the Wall Street Journal reported.  The layoffs will impact an estimated 2.5% of the company's workforce and are part of a cost-cutting initiative aiming at reaching an annual savings of $382 million in 2024, according to the Journal. "The purpose is to further focus on strategic growth areas," said Luka Mucic, SAP's chief financial officer, per the Journal.   3M: 2,500 jobs cut3M3M, which makes Post-It notes, Scotch tape, and N95 masks, said it plans to cut 2,500 manufacturing jobs worldwide. CEO Mike Roman called it "a necessary decision to align with adjusted production volumes." "We expect macroeconomic challenges to persist in 2023. Our focus is executing the actions we initiated in 2022 and delivering the best performance for customers and shareholders," he said in a press release. Google: around 12,000 employeesBrandon Wade/ReutersSundar Pichai, CEO of Google parent company Alphabet, informed staffers on January 20 that the company will lay off 12,000 employees, or 6% of its global workforce. In a memo sent to employees and obtained by Insider, Pichai said the layoffs will "cut across Alphabet, product areas, functions, levels and regions" and were decided upon after a "rigorous review." Pichai said the company will hold a townhall meeting to further discuss the cuts, adding he took "full responsibility for the decisions that led us here" "Over the past two years we've seen periods of dramatic growth," Pichai wrote in the email. "To match and fuel that growth, we hired for a different economic reality than the one we face today." Vox: 7% of staffThe layoffs were reportedly announced in a memo from CEO Jim Bankoff.Vox MediaVox Media, the parent company of publications like Vox, The Verge, New York magazine, and Vulture, is laying off roughly 133 people, or 7% of its staff, according to a report by Axios. The cuts come just a few months after the media company laid off 39 roles in July. The decision was reportedly announced in a note to staff from CEO Jim Bankoff, who wrote that while the company is "not expecting further layoffs at this time, we will continue to assess our outlook, keep a tight control on expenses and consider implementing other cost savings measures as needed," according to Axios.Vox Media's layoffs come at a time when advertisers are tightening their belts in anticipation of an economic slowdown, taking a toll on the media industry. Capital One: more than 1,100 tech workersBrian Ach/AP ImagesCapital One slashed 1,100 technology positions on January 18, a company spokesperson told Insider. The cuts impacted workers in the "Agile job family," a department which was eliminated and its responsibilities integrated into "existing engineering and product manager roles," per the spokesperson. "Decisions that affect our associates, especially those that involve role eliminations, are incredibly difficult," the Capital One spokesperson said in the statement. "This announcement is not a reflection on these individuals or the work they have driven on behalf of our technology organization," the spokesperson continued. "Their contributions have been critical to maturing our software delivery model and our overall tech transformation."The eliminations came after the bank had invested heavily in tech efforts in recent years, including launching a new software business focused on cloud computing in June 2022. "This decision was made solely to meet the evolving skills and process enhancements needed to deliver on the next phase of our tech transformation," the spokesperson said.  WeWork: About 300 employeesReutersWeWork announced on January 19 it will cut about 300 positions as it scales back on coworking spaces in low-performing regions, Reuters reported. The layoffs come after the company said in November 2022 it planned to exit 40 locations in the US as part of a larger cost-cutting effort. The company announced the cuts in a press release listing its fourth-quarter earnings call date, stating only the reductions are "in connection with its portfolio optimization and in continuing to streamline operations."  Wayfair: more than 1,000 employeesPavlo Gonchar/SOPA Images/LightRocket via Getty ImagesWayfair is expected to lay off more than 1,000 employees, about 5% of its workforce, in the coming weeks in response to slumping sales, the Wall Street Journal reported on January 19.The cuts mark the second round of layoffs in six months for the online furniture and home goods company, after it nixed 900 staffers in August 2022. Though the company experienced significant growth during the pandemic-driven home improvement boom, sales began to stagnate as social distancing policies loosened and Americans began returning to offices."We were seeing the tailwinds of the pandemic accelerate the adoption of e-commerce shopping, and I personally pushed hard to hire a strong team to support that growth. This year, that growth has not materialized as we had anticipated," Wayfair CEO Niraj Shah wrote in a letter to employees announcing the August 2022 layoffs, per CNN. In its most recent quarter, the Wayfair reported that net revenue decreased by $281 million, down 9% from the same period the year prior.  Microsoft: 10,000 workersMicrosoft CEO Satya NadellaStephen Brashear/Getty ImagesMicrosoft announced on January 18 that it planned to reduce its workforce by 10,000 jobs by the end of the third quarter of this year. CEO Satya Nadella attributed the layoffs to customers cutting back in anticipation of a recession. However, Nadella also told workers that the company still plans to grow in some areas, despite the firings, writing that the company will "continue to hire in key strategic areas." Microsoft's layoff announcement comes as the tech giant is reportedly in talks to invest $10 billion in OpenAI, which created the AI chatbot ChatGPT. On February 13, the company laid off staff at LinkedIn—which it acquired in 2016— according to The Information. The cuts were in the recruiting department, though the total number laid off is not immediately clear, The Information reported.Crypto.com: 20% of staffCrypto.com CEO Kris MarszalekCrypto.comCrypto.com announced on January 13 that it would let go of a fifth of its workforce amid a sagging crypto market and fallout from FTX's collapse. This is the second major round of firings for Crypto.com, which also had layoffs in July. "The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It's for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success," CEO Kris Marszalek wrote in a memo to employees. BlackRock: up to 3% of global workforceBlackRock CEO Larry FinkSpencer Platt/Getty ImagesBlackRock is cutting up to 500 roles in its first round of firings since 2019. Staff members were notified on January 11 about whether they were laid off. "Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper," CEO Larry Fink and President Rob Kapito wrote in a memo to employees. Goldman Sachs: an estimated 6.5% of its global workforceGoldman Sachs is laying off an expected 3,200 employees.Photo by Michael M. Santiago/Getty ImagesGoldman Sachs began laying off employees on Jan. 11, with cuts expected to impact an estimated 6.5% of the company's global workforce — or roughly 3,200 staffers — a source told Insider. The company previously slashed roles on its media and tech teams in September 2022, and it was expected to issue further reductions in the first half of January. The cost-cutting efforts from the investment banking giant mirror reductions from competitors including Morgan Stanley and Citi, which also laid off employees in 2022. "We continue to see headwinds on our expense lines, particularly in the near term," Goldman Sachs CEO David Solomon said at a conference in December. "We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set."   BNY Mellon: 1,500 jobsBNY Mellon CEO Robin VinceBNY MellonBNY Mellon is planning to cut approximately 3% of its workforce, or 1,500 jobs, according to the Wall Street Journal, which cited people familiar with the matter. The cuts will be primarily aimed at talent management roles, according to the report. BNY Mellon will reportedly plan to invest more in junior staff. Verily (part of Alphabet): reportedly 15% of workersAlphabet CEO Sundar PichaiJerod Harris/Getty ImagesVerily, which is Alphabet's healthcare unit, is laying off more than 200 employees, according to an email seen by the Wall Street Journal. The Journal reports that the company will also scale down the number of projects it works on in an effort to cut costs."We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model," Verily's CEO, Stephen Gillet, wrote in the email, according to the Journal.This is the first significant layoff done by Google's parent company, which had so far avoided the massive waves of job cuts done by other big tech giants like Amazon and Meta. DirecTV: 10% of management staffDirecTV.Karen Bleier/AFP/Getty ImagesDirecTV employees were told in the first week of January that the company would lay off several hundred workers in management roles.The satellite TV business has faced slowing revenues as more people choose to cut the cord and pay for streaming services over cable TV. "The entire pay-TV industry is impacted by the secular decline and the increasing rates to secure and distribute programming. We're adjusting our operations costs to align with these changes and will continue to invest in new entertainment products and service enhancements," a spokesperson for DirecTV told Insider. Coinbase: 950 workersCEO Brian Armstrong cited the downward trend in cryptocurrency prices and the broader economy as reasons for the layoffs.Patrick Fallon/Getty ImagesCoinbase announced on Tuesday, Jan. 10, that would lay off another 20% of its staff. The cuts came after the crypto company laid off over 1,000 employees in July. In a memo to employees, CEO Brian Armstrong said, "in hindsight, we could have cut further at that time," referencing the layoffs in July. Armstrong partially attributed the company's weakness to the "fallout from unscrupulous actors in the industry," likely referencing the alleged fraud that took place at FTX late last year under then-CEO Sam Bankman-Fried. Armstrong predicted "there could still be further contagion" from FTX in the crypto markets but assured remaining employees that Coinbase is well capitalized. Amazon: 18,000 employeesAmazon CEO Andy Jassy initially announced the company's latest round of layoffs in November.AmazonAmazon is in the midst of the most significant round of layoffs in the company's history. In a memo to employees, CEO Andy Jassy said the company would cut more than 18,000 workers in total — far more than what was initially expected based on reporting by the New York Times. Jassy cited "the uncertain economy" and rapid hiring as reasons for the layoffs. While most of Amazon's 1.5 million staff have warehouse jobs, the layoffs are concentrated in Amazon's corporate groups. Amazon's layoffs began late last year, though the Wall Street Journal reports cuts will continue through the first few weeks of 2023.Amazon's 18,000 jobs cuts are the largest of any major tech company amid the wave of recent layoffs.  Salesforce: 10% of its staffSalesforce said in the first month of 2023 that it would enact big job cuts.Noam Galai/Getty ImagesSalesforce co-CEO Marc Benioff announced on Jan. 4 that the software company plans to layoff 10% of its workforce — an estimated 7,000 employees — and close select offices as part of a restructuring and cost-cutting plan. "The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," Benioff wrote in an email to staff. "With this in mind, we've made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks."He continued: "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."Everlane: 17% of corporate employeesEverlane founder and executive chair Michael Preysman.Lars Ronbog/Getty Images for Copenhagen Fashion SummitEverlane is slashing 17% of its 175-person corporate workforce, and 3% of its retail staff."We know there will be some bumpiness over the next few weeks as we navigate a lot of change at once. We ask for your patience as we do right by our departing team members," CEO Andrea O'Donnell wrote to employees, according to an internal memo seen by Insider. In a statement to Insider, a company spokesperson said the decision was intended to "improve profitability in 2023 and continue our efforts to help leave the fashion industry cleaner than we found it."The e-commerce clothing company previously laid off nearly 300 workers, mostly in retail in March 2020 amid the outbreak of the Covid-19 pandemic.Vimeo: 11% of its workforceAnjali Sud, CEO of Vimeo, speaks during the company's direct listing on Nasdaq, Tuesday, May 25, 2021, in New York.AP Photo/Mark LennihanVimeo CEO Anjali Sud told employees on Jan. 4 that the company would layoff 11% of its staff, the video platform's second major round of layoffs in less than a year, after cutting 6% of employees in July"This was a very hard decision that impacts each of us deeply," Sud wrote in an email to staff. "It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment."A spokesperson told Insider reduction is intended to assist with ongoing economic concerns and improve the company's balance sheet. Compass: size of layoffs not immediately disclosedCompass is letting go of more employees after two rounds of layoffs in the past eight months.CompassCompass CEO Robert Reffkin told staffers on Jan. 5 it would conduct more layoffs, following two previous rounds in the past eight months, as the brokerage continues to struggle with significant financial losses. "We've been focused over the last year on controlling our costs," Reffkin wrote in an email to employees. "As part of that work, today we reduced the size of some of our employee teams. While decisions like these are always hard, they are prudent and allow us to continue to build a long-term, successful business for all of you."While the size of the layoffs was not immediately disclosed, the brokerage let go of 450 corporate employees in June 2022, followed by an additional 750 people from its technology team in October 2022.   Stitch Fix: 20% of salaried jobsStitch Fix is laying off salaried employees.SOPA ImagesStitch Fix announced on Jan. 5 that it plans to slash 20% of its salaried workforce, the Wall Street Journal reported.The cuts come in tandem with the announcement that CEO Elizabeth Spaulding is stepping down, after less than 18 months at the helm of the struggling retail company."First as president and then as CEO, it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team," Spaulding said in a statement. "It is now time for a new leader to help support the next phase."Stitch Fix founder Katrina Lake — who formerly served as chief executive and sits on the board of directors — will become interim CEO, the company said in a press release. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 27th, 2023

Sonos is the latest company to announce job cuts amid a layoff wave expanding beyond tech. Here"s the full list of major US companies slashing staff this year.

The wave of layoffs hitting tech companies and beyond shows no signs of slowing down. Sonos will cut about 7% of its workforce, or 130 employees. Sonos, which went public in 2018, laid off about 7% of its staff.Sonos Sonos, which will cut about 130 jobs, is the latest large company to announce layoffs. In recent months, layoffs have expanded beyond tech, media, and finance as Gap and Whole Foods announced cuts. See the full list of layoffs so far in 2023. A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down well into 2023.Sonos is the latest large US company to conduct layoffs. On Wednesday, the speaker company announced that it would lay off about 7% of its workforce, or around 130 people, according to an SEC filing.The cuts "reflect the Company's commitment to rightsize its cost base while still investing in its product roadmap to drive future growth," according to the filing."In the face of continued headwinds we have had to make some hard choices, including eliminating some positions and reevaluating program spend," the company's CEO Patrick Spence said in a statement.The company's stock took a hit last month, after it reported a 24% drop in revenue and Spence said the company would be reducing its guidance for the latter half of 2023. In a filing, the company cited softening demand.The news of Sonos' layoffs come days after Grubhub announced it would be cutting about 400 employees, and on the heels of recent layoffs at companies including Spotify, LinkedIn, and Shopify.  These companies join a large number of major corporations that have made significant cuts this year: Tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced massive layoffs in the first weeks of 2023 amid a continued economic downturn and stagnating sales.The downsizing followed significant reductions that companies including Meta and Twitter made last year. The layoffs have primarily affected the tech sector, which is now hemorrhaging employees at a faster rate than at any point during the pandemic, the Journal reported.According to data from Layoffs.fyi, a site tracking layoffs since the start of the pandemic, tech companies slashed more than 206,000 in 2023 alone — compared to 80,000 in March to December 2020 and 15,000 in 2021. But it's not just tech companies that are cutting costs, with the major job reductions that have come from the Gap, along with FedEx, Dow, and Wayfair.Here are notable job cuts so far in 2023: Sonos: About 7% of the workforceThe Sonos team celebrates its Nasdaq initial public offering.SonosIn a June 14 filing, Sonos disclosed it would be laying off around 7% of its workforce, or 130 people."In the face of continued headwinds we have had to make some hard choices, including eliminating some positions and reevaluating program spend," the company's CEO Patrick Spence said in a statement.The cuts come a month after the company announced a 24% drop in revenue for the second quarter of 2023 as compared to the second quarter of 2022. At the time, company cited softening demand and reduced its earnings guidance for the rest of the year, causing its stock to take a hit.Grubhub: Around 400 jobsBrandon Bell/Getty ImagesGrubhub CEO Howard Migdal told staff that the food-delivery company would be laying off about 400 jobs on June 12 — or about 15% of its workforce.The cuts impacted Grubhub's corporate office, as the company's operating and staff costs have increased at a faster rate than its business over the past few years, the memo said. "We operate in a highly competitive and constantly evolving industry," Migdal wrote. "There is no doubt whatsoever that we have a solid foundation in place and an immense opportunity ahead of us – but it is also clear that we need to make some tough decisions in order to maintain our competitiveness."Grubhub has struggled to keep up with the likes of DoorDash and Uber Eats, and it is now the third biggest delivery operator in the US, according to Bloomberg Second Measure. The company has had three CEOs over the last two years, and its owner, Dutch conglomerate Just Eat Takeaway.com, tried to sell the firm less than a year after purchasing it.Meanwhile, more customers are turning away from food delivery, overall, in an attempt to save money and avoid sky-high fees.Spotify: 2% of workforceSpotify is the latest company to announce layoffs.Onur Dogman/SOPA Images/LightRocket via Getty ImagesSpotify announced that the music and podcast streaming app would lay off about 200 employees, or 2% of its workforce. The layoffs will impact employees across Spotify's podcasting business and its supporting functions, including talent acquisition and financial roles, a Spotify spokesperson told Insider.In the memo sent to employees, the vice president of Spotify's podcast business Sahar Elhabashi explained the layoffs were a part of the brand's decision to change how it works with podcast partners around the globe. The "fundamental pivot from a more uniform proposition will allow us to support the creator community better," the memo read."The company will support these individuals with generous severance packages, including extended Healthcare coverage and immediate access to outplacement support," the statement read. This announcement arrives on the tail of additional layoffs the music streaming service made back in January. In a memo to Spotify employees, CEO Daniel Ek said the company would cut 6% of its staff, about 600 people. "While we have made great progress in improving speed in the last few years, we haven't focused as much on improving efficiency. We still spend far too much time syncing on slightly different strategies, which slows us down. And in a challenging economic environment, efficiency takes on greater importance. So, in an effort to drive more efficiency, control costs, and speed up decision-making, I have decided to restructure our organization," he wrote. As part of those changes, Dawn Ostroff, the company's chief content and advertising officer, who spent more than $1 billion signing exclusive podcast deals with Joe Rogan, the Obamas, and Prince Harry and Meghan Markle, has departed. Binance: potential layoffsNurPhoto / ContributorBinance, one of the world's largest cryptocurrency exchanges by volume, is considering staff cuts as the company prepares for the next bull cycle and evaluates its "talent density," a Binance spokesperson told Insider. "As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic," the spokesperson said.The statement came after a series of tweets from independent journalist Colin Wu on May 31 that indicated forthcoming layoffs at the company. "This is not a case of rightsizing, but rather, re-evaluating whether we have the right talent and expertise in critical roles," the Binance statement continued. "This will include looking at certain products and business units to ensure our resources are allocated properly to reflect the evolving demands of users and regulators." JPMorgan: About 500 jobsJPMorgan recently began cuts of about 500 employees, CNBC and CNN reported.ReutersJPMorgan announced on March 26 that it is slashing 500 roles, CNBC reported.The cuts are expected to spread across JPMorgan's retail and commercial banking, asset and wealth management, and corporate and investment banking operations, according to CNBC.The reported layoffs come just a day after reports that JPMorgan laid off 1,000 First Republic employees, or about 15% of its workforce. JPMorgan, the largest bank in the US, got even larger earlier this month when it acquired the assets of failing First Republic after it was seized by regulators.LinkedIn: 716 rolesRyan Roslansky, CEO of LinkedIn, said the company would be cutting 716 roles on Tuesday.Courtesy of Ryan RoslanskyLinkedIn announced earlier this month that it would be cutting 716 roles from its global workforce in a message from CEO Ryan Roslansky.Roslansky also noted that company will also be discontinuing InCareer, a local jobs app in China, as it refocuses on helping companies in China hire, market, and train abroad. The decision comes on the heels of LinkedIn's 20th anniversary last week. "While we're making meaningful progress creating economic opportunities for our members and customers and experiencing record engagement on the platform, we're also seeing shifts in customer behavior and slower revenue growth," Roslansky said.Shopify: 20% of workforceDavid Fitzgerald/Sportsfile via Getty ImagesShopify is slashing 20% of its workforce and selling off most of its logistics business to supply chain company Flexport, the company announced on May 4. The cuts confirmed growing concern of layoffs among staffers in recent weeks, following the cancellation of several team-building offsite events and analyst speculation that Shopify would alter its logistics arm, Insider reported."I recognize the crushing impact this decision has on some of you, and did not make this decision lightly," Shopify CEO Tobi Lütke said in a note to employees and shareholders.He continued: "This is a consequential and hard week. It's the right thing for Shopify but it negatively affects many team members who we admire and love working with."Morgan Stanley: 3,000 jobsReutersMorgan Stanley is cutting 3,000 jobs by the end of the quarter, Bloomberg reported, citing sources familiar with the matter. One person told the outlet that the company's banking and trading teams will be most impacted.The cuts will affect about 5% of the firm's workforce, excluding financial advisers and personnel in the wealth management division, Bloomberg noted. A spokesperson for the bank did not immediately respond to Insider's request for comment and declined to comment to Bloomberg. However, CEO James Gorman noted last month that underwriting and mergers activity has been "subdued" and that he doesn't expect a rebound before the second half of 2023 or even 2024, Bloomberg noted. The firm last cut 1,600, or around 2% of its staff in December, Bloomberg noted. Dropbox: 16% of staffDrew Houston, cofounder and CEO of Dropbox, told employees Thursday that the company was eliminating 500 jobs.Matt Winkelmeyer / Getty ImagesCloud storage firm Dropbox said Thursday that it would be reducing its global workforce by 16%, or 500 jobs.In a message to staff sent Thursday, CEO Drew Houston said the cuts are being made, in part, from slowing business growth and the expansion of AI products. "Today's changes were the result of taking a hard look at our strategic priorities and organizational structure as a leadership team, and aligning to principles of sustainable financial growth, efficiency, and flexibility to invest in our future. We're also streamlining how the company is organized," Houston said.  Gap: more than 2,000 jobs since late last yearGap posters in Birmingham, England.Mike Kemp/Getty ImagesClothing retailer Gap is cutting 1,800 positions in its headquarters and upper management as part of a restructuring plan meant to cut costs, the retailer said Thursday.Gap said that the cuts are expected to help the company see $300 million in annualized savings."We are taking the necessary actions to reshape Gap Inc. for the future — simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience," the company's chairman and interim CEO Bob Martin said in a statement given to Insider.In September, Gap slashed 500 jobs from its corporate ranks in a push to save $250 million annually, the Wall Street Journal reported. Jenny Craig: potential mass layoffsA man enters a Jenny Craig facility June 19, 2006 in Niles, Illinois.Tim Boyle/Getty ImagesWeight loss company Jenny Craig notified staffers of potential mass layoffs on April 27, as a result of the company "winding down physical operations," according to an internal email reviewed by NBC News.According to NBC News, the company has been in the process of selling and anticipates the pending sale "will likely impact all employees in some manner," an FAQ document sent to employees read. "We do not know the exact employees/groups whom will be impacted, and if any employees may be retained," the document said, per NBC News. "As a result, we would suggest that you anticipate that your employment may be impacted and begin to seek other employment." 3M: 6,000 jobsMike Roman, CEO of 3M.Xinhua News Agency / Contributor/Getty ImagesOn Tuesday, the Scotch tape and Post-It Notes manufacturer said it will be cutting 6,000 positions across all parts of the company with the goal of streamlining operations, simplifying supply chain, and reducing layers of management, according to The Wall Street Journal.The company's chief executive Mike Roman said Tuesday that the cuts would eliminate 10% of 3M's global workforce and ultimately save the company between $700 to $900 million in pretax costs, the Journal said. 3M last announced cuts in January when it said it was removing 2,500 manufacturing positions.Lyft: 1,072 rolesReutersIn an SEC filing on Thursday, Lyft said it was cutting roles for 1,072 employees, or about 26% of its corporate workforce. In the filing, the company also said it is scaling back on hiring and has eliminated over 250 open positions. The news comes just weeks after David Risher took the helm as Lyft's new CEO, part of an executive shakeup that involved cofounders Logan Green and John Zimmer moving into board roles. A spokesperson for Lyft previously told Insider, "David has made clear to the company that his focus is on creating a great and affordable experience for riders and improving drivers' earnings."The spokesperson added, "To do so requires that we reduce our costs and structure our company so that our leaders are closer to riders and drivers. This is a hard decision and one we're not making lightly. But the result will be a far stronger, more competitive Lyft." Deloitte: 1,200 jobsAlex Tai/SOPA Images/LightRocket via Getty ImagesDeloitte announced on April 21 it was cutting 1,200 jobs, or about 1.5% of its US staff, the Financial Times reported. The cuts will largely be concentrated in the financial advisory business as a result of a decline in mergers and acquisitions, per internal communications viewed by the FT. Whole Foods: Several hundred corporate employeesMary Meisenzahl/InsiderWhole Foods announced on April 20 it was letting go of several hundred corporate employees, amounting to less than 0.5% of the company's workforce, CNBC reported.The cuts are a result of a structural reorganization of global and regional support teams, which will be downsized from nine to six, but will not cause store closures, according to CNBC.In a memo to employees viewed by CNBC, Whole Foods executives wrote "simplifying our work and improving how we operate is critical as we grow." "As the grocery industry continues to rapidly evolve, and as we — like all retailers — have navigated challenges like the COVID-19 pandemic and continued economic uncertainty, it has become clear that we need to continue to build on these changes," the memo read, per CNBC. It continued: "With additional adjustments, we will be able to further simplify our operations, make processes easier, and improve how we support our stores."BuzzFeed News: 15% of staffBuzzFeed News headquarters.Drew Angerer / Getty ImagesBuzzFeed announced on April 20 that it was shuttering its BuzzFeed News division, laying off 15% of its staff, or 180 employees, in the process. In a memo to staff shared with Insider's Lucia Moses, CEO Jonah Peretti admitted to mistakes like over-investing in the news arm and failing to successfully integrate BuzzFeed and Complex after the latter was acquired in 2021. "I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances," he wrote. "Our job is to adapt, change, improve, and perform despite the challenges in the world. We can and will do better."Ernst & Young: 3,000 positionsEY spends $500 million annually on learning for its employees.TOLGA AKMEN / Contributor / GettyErnst & Young announced on April 17 it was laying off 3,000 US employees, or about 5% of its total US staff.The decision came after the financial auditor nixed a proposed reorganization that would break up its consulting and accounting businesses, Reuters reported. According to the Financial Times, which first reported the layoffs, the cuts will address "overcapacity" and will largely impact the company's consulting business. Opendoor: 560 jobsOpendoor announced it was cutting 560 jobs on Tuesday.Opendoor Technologies/GlassdoorOn Tuesday, home flipping giant Opendoor said it was cutting 560 jobs, or 22% of its workforce, citing a souring housing market. A spokesperson for Opendoor told Insider by email,"We've been weathering a sharp transition in the housing market – the steepest and fastest rate increase by the Fed in 40 years, the more than doubling of mortgage rates from historic lows, and the hit to home affordability have driven an approximately 30% decline in new listings from peak levels last year."The spokesperson noted that the cuts have been made to "better align our operational costs with the anticipated near-term market opportunity, while maintaining our critical technology investments that will continue to drive the business long term."Impacted team members will receive severance pay, extended health benefits, and job transition support. Opendoor last made cuts in November 2022, laying off 550 workers or about 18% of its staff.  McKinsey: About 1,400 employeesFABRICE COFFRINI/AFP via Getty ImagesMcKinsey & Company will cut an estimated 1,400 positions, or 3% of its total workforce, Bloomberg reported on March 29.The layoffs are part of the consulting firm's efforts to reorganize support teams and pare down an employee base that has grown rapidly in recent years, per the outlet. "The painful result of this shift is that we will have to say goodbye to some of our firm functions colleagues, while helping others move into new roles that better align to our firm's strategy and priorities," Bob Sternfels, global managing partner, wrote in a note to staff seen by Bloomberg. He continued: "Starting now, where local regulations allow, we will begin to notify colleagues who will depart our firm or be asked to change roles."David's Bridal: 9,236 employeesShoppers head for David's Bridal in Sunset Hill, Mo. Tuesday, May 10, 2005.James A. Finley/AP ImagesDavid's Bridal is laying off more than 9,000 workers across the US, according to a WARN notice filed with the Pennsylvania Department of Labor and Industry on April 14. "We are evaluating our strategic options and a sale process is underway," David's Bridal spokesperson Laura McKeever told the Philadelphia Inquirer. "At this time, there are no updates to share."The company is considering filing for bankruptcy in the near future, according to an April 7 report from the New York Times. David's Bridal also filed for bankruptcy in 2018. Virgin Orbit: 85% of staffersSir Richard Branson, founder of Virgin Orbit.Mark GreenbergVirgin Orbit disclosed in a March 30 filing with the Securities and Exchange Commission that it is slashing 85% of its staff, or about 675 employees.The company, which operates within the Virgin Group and provides launch services for satellites, is also ceasing operations "for the foreseeable future," CNBC reported. "Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Virgin Orbit CEO Dan Hart said, according to audio of a company all-hands obtained by CNBC.     Electronic Arts: About 780 employeesLucy Nicholson/ReutersElectronic Arts — the video game company best known for its "The Sims," "FIFA," and "Madden NFL" franchises — is letting go of 6% of its staff, or about 780 employees, the company announced on March 24. "As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams," Electronic Arts CEO Andrew Wilson wrote in a blog post to staffers. Wilson said the cuts began early this quarter and will continue through the beginning of the next fiscal year.  Amazon: 9,000 more jobsAmazon CEO Andy Jassy announced on Monday that the company would be eliminating another 9,000 roles, on top of the 18,000 announced in January.Richard Brian/ReutersAmazon announced on March 20 that it would cut 9,000 jobs from its workforce over the coming weeks. The cuts come on the heels of the 18,000 roles the company announced it was cutting back in January. In a message to employees shared on Amazon's site, CEO Andy Jassy noted that the impacted positions are largely in the Amazon Web Services, People Experience and Technology Solutions, Advertising, and Twitch departments. In the memo, Jassy said the company staggered its layoff announcements because "not all of the teams were done with their analyses in the late fall." He added, "rather than rush through these assessments without the appropriate diligence, we chose to share these decisions as we've made them so people had the information as soon as possible."Roku: 200 staffersRoku CEO Anthony Wood speaks during Tribeca X - 2021 Tribeca Festival on June 18, 2021 in New York City.Photo by Arturo Holmes/Getty Images for Tribeca FestivalRoku is cutting an additional 200 roles, or 6% of its workforce, Reuters reported on March 30. The cuts come after the streaming device manufacturer previously laid off 200 employees in November 2022. The company is expected to complete the cuts by the end of the second quarter, and also plans to leave and sublease office facilities in an attempt to reduce costs, according to Reuters. Walmart: About 200 employeesA Walmart store.Bruce Bennett/Getty ImagesWalmart asked about 200 workers at five fulfillment centers to find employment elsewhere in the company in the next 90 days or else be laid off, Reuters reported on March 23.The cuts are a response to the reduction of evening and weekend shifts at select Walmart facilities, including those in Chino, California; Davenport, Florida; Bethlehem, Pennsylvania; Pedricktown, New Jersey; and Fort Worth, Texas, per Reuters. "We recently adjusted staffing levels to better prepare for the future needs of customers," a Walmart spokesperson told Reuters in a statement.  Accenture: 19,000 positionsJoan Cros/Corbis via Getty ImagesAccenture is slashing 19,000 roles, or 2.5% of its total workforce, according to a Security and Exchange Commission filing on March 23.The tech consultancy company said the layoffs will take place over the next 18 months and half of the cuts will impact staffers in "non-billable corporate functions," per the filing.  "While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs," Accenture wrote in the filing. Indeed: 2,200 staffersIndeed CEO Chris HyamsPhoto by Niall Carson/PA Images via Getty ImagesIndeed CEO Chris Hyams announced on March 22 that the online networking platform will cut 2,200 jobs, or about 15% of its staff. In a note sent to employees, Hyams wrote the reductions will impact "nearly every team, function, level, and region" across the company in an effort to reduce redundancy and increase efficiency. "I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I'd never have to make," he wrote. Meta: 10,000 workersMeta CEO Mark ZuckerbergMark Lennihan/APRoughly 10,000 Meta workers will find out that their jobs have been cut between March and May, according to an announcement by the company's founder and CEO, Mark Zuckerberg. Zuckerberg also said the company would close around 5,000 open roles that haven't yet been filled as part of the company's effort to downsize. "My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead," Zuckerberg wrote in a post on Facebook announcing the layoffs. In the post, Zuckerberg said that members of Meta's recruiting team would learn about the fate of their jobs in March, while tech workers would find out in late April, and business groups would find out in May. "In a small number of cases, it may take through the end of the year to complete these changes," he wrote. The job cuts come less than 5 months after Meta slashed 11,000 workers, or about 13% of its workforce, in November. At the time, Zuckerberg called the layoffs a "last resort."  SiriusXM: 475 rolesJennifer Witz, CEO of SiriusXM said the company was cutting 475 roles on March 6.Cindy Ord / Staff/ Getty ImagesThe radio company said March 6th that it was cutting 8% of its staff or 475 roles according to a statement posted on the company's website from CEO Jennifer Witz.In the statement, Witz said "nearly every department" across the company will be impacted. She also noted that those impacted will be contacted directly and will have the opportunity to speak with a leader from their department as well as a member of the company's People + Culture team. Impacted employees will also be provided with exit packages that include severance, transitional health insurance benefits, Employee Advocacy Program continuation, and outplacement services, Witz noted.Citigroup: hundreds of jobsCiti CEO Jane FraserPatrick T. Fallon/AFP via Getty ImagesCiti plans to cut hundreds of jobs, with many focused on the company's investment bank division. The total headcount cut will reportedly amount to less than 1% of Citi's more than 240,000 workers and are part of Citi's normal course of activities.Citi's cuts were first reported by Bloomberg. In January, Citi's CFO told investors the company remained "focused on simplifying the organization, and we expect to generate further opportunities for expense reduction in the future."Citi declined Insider's request to provide comment on the record. Waymo: reported 209 roles so farWaymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 8% of the unit's staff has been cut this year.Peter Prado/Insider; Vaughn Ridley/Sportsfile via Getty ImagesAlphabet's self-driving car unit Waymo has reportedly laid off a total of 209 employees this year in two rounds of cuts, according to The Information. Waymo reportedly laid off 137 employees on March 1, according to The Information. Waymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 209 employees— approximately 8% of the company's staff— have been cut this year, according to an internal email seen by The Information.Waymo did confirm the cuts to Insider but did not specify the number of roles impacted or the date the first round of cuts occurred.  Thoughtworks: reported 500 employeesThoughtworks laid off 500 employees on February 28. That day, CEO Guo Xiao said in the company's earnings release that it was "pleased" with its performance in the fourth quarter of 2022.Screenshot of Guo Xiao from the Thoughtworks website.Thoughtworks, a software consultancy firm, reportedly laid off 500 employees or 4% of its global workforce, according to TechCrunch. TechCrunch noted that the company "did not dispute" the figure when reached for comment on March 1. According to TechCrunch, Thoughtworks "initially informed" the affected employees about the decision on February 28. That same day, Thoughtworks reported that its revenue had increased 8.3% between the fourth quarter of 2022 and the fourth quarter of 2021. The company also reported a more than 21% year over year revenue increase for 2022. In the company's earnings release, Thoughtworks' CEO Guo Xiao said, "We are pleased with our performance in the fourth quarter and our clients continue to look to us to help them navigate these uncertain times and tackle their biggest technology challenges."General Motors: reported 500 salaried jobsGM CEO Mary Barra.Patrick T. Fallon/Getty ImagesGeneral Motors plans to cut 500 executive-level and salaried positions, according to a report from The Detroit News. The layoffs come only one month after CEO Mary Barra told investors and reporters on the company's earnings call, "I do want to be clear that we're not planning layoffs." In a memo to employees, seen by Insider, GM's chief people officer wrote, "we are looking at all the ways of addressing efficiency and performance. This week we are taking action with a relatively small number of global executives and classified employees following our most recent performance calibration." Employees who are getting laid off were informed on Feb. 28. General Motors confirmed the layoffs to Insider but did not confirm a specific number of employees getting cut. Twitter: about 200 employeesElon Musk is Twitter's CEO and ownerREUTERS/Jonathan ErnstThe layoffs reportedly haven't stopped at Twitter under Elon Musk. The social media company reportedly laid off 200 more employees on a Saturday night in late February, according to the New York Times. Some workers reportedly found out they had lost their jobs when they couldn't log into their company emails.Musk laid off 50% of Twitter's workforce in November after buying the company for $44 billion. Yahoo: 20% of employeesSOPA Images / Getty ImagesYahoo announced it will eliminate 20% of its staff, or more than 1,600 people, as part of an effort to restructure the company's advertising technology arm, Axios reported on February 9.Yahoo CEO Jim Lanzone told Axios that the cuts are part of a strategic overhaul of its advertising unit and will be  "tremendously beneficial for the profitability of Yahoo overall."    Disney: 7,000 jobsBob Iger, CEO of DisneyCharley Gallay/Stringer/Getty ImagesFresh off his return as Disney CEO, Bob Iger announced February 8 that Disney will slash 7,000 jobs as the company looks to reduce costs. Iger, who returned to the position in November 2022 to replace his successor Bob Chapek after first leaving in 2020, told investors the cuts are part of an effort to help save an estimated $5.5 billion. "While this is necessary to address the challenges we are facing today, I do not make this decision lightly," Iger said. "I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes."DocuSign: 10%Igor Golovniov/SOPA Images/LightRocket/Getty ImagesDocuSign plans to slash 10% of employees as part of a restructuring plan "designed to support the company's growth, scale, and profitability objectives," the electronic signature company wrote in a Securities and Exchange Commission filing on Feb. 16. The company said the restructuring plan is expected to be complete by the second quarter of fiscal 2024, per the filing. Affirm: 19% of its workforceAffirm co-founder and CEO Max LevchinAffirmAffirm announced on February 8 it plans to slash 19% of its workforce, after reporting declining sales that missed Wall Street expectations. Affirm co-founder and CEO Max Levchin said in a call with investors that the technology company "has taken appropriate action" in many areas of the business to navigate economic headwinds, including creating a "smaller, therefore, nimbler team.""I believe this is the right decision as we have hired a larger team that we can sustainably support in today's economic reality, but I am truly sorry to see many of our talented colleagues depart and we'll be forever grateful for their contributions to our mission," he said.  GoDaddy: 8% of workersGoDaddy's CEO Aman Bhutani in September 2019Don Feria/Invision/AP ImagesGoDaddy, the website domain company, announced on February 8 it will cut 8% of its global workforce. "Despite increasingly challenging macroeconomic conditions, we made progress on our 2022 strategic initiatives and continued our efforts to manage costs effectively," GoDaddy CEO Aman Bhutani wrote in an email to staffers."The discipline we embraced was important but, unfortunately, it was not sufficient to avoid the impacts of slower growth in a prolonged, uncertain macroeconomic environment."Zoom: 15% of staffZoom CEO Eric Yuan.AP Photo/Mark LennihanZoom CEO Eric Yuan announced in a memo to workers that the company would reduce its headcount by 15%, or about 1,300 employees, on February 7. He attributed the layoffs to "the uncertainty of the global economy and its effect on our customers" but also said the company "made mistakes" as it grew. "We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably toward the highest priorities," Yuan said. In the memo, Yuan also announced that he would cut his salary by 98% in 2023 and forgo his corporate bonus. In addition, other members of the executive leadership team will also reduce their base salaries by 20% this year, according to Yuan. eBay: 500 jobseBay CEO Jamie Iannone told employees Tuesday that the company would be eliminating 500 roles.Harry Murphy/Sportsfile for Web Summit via Getty ImagesOn Tuesday, e-commerce giant eBay told employees that it would be eliminating 500 roles, or about 4% of its workforce, according to a message included in a regulatory filing on Tuesday. In the message, CEO Jamie Iannone wrote "Today's actions are designed to strengthen our ability to deliver better end-to-end experiences for our customers and to support more innovation and scale across our platform."He added, "this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape." Dell: 5% of workforceDell is eliminating approximately 5% of its workforce. The company's co-chief operating officer Jeff Clarke told employees in a memo, "market conditions continue to erode with an uncertain future."Kevork Djansezian / Staff/Getty ImagesOn February 6, Dell said in a regulatory filing that it would be eliminating about 5% of its workforce. The percentage amounts to approximately 6,650 roles based on numbers that Dell provided Insider. In a memo sent to employees posted on Dell's website, co-chief operating officer Jeff Clarke, said "market conditions continue to erode with an uncertain future." He also noted in the memo that the company had paused hiring, limited employee traveling, and decreased spending on outside services. He added, however, "the steps we've taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough."Pinterest: 150 jobsBen Silbermann is the founder and executive chair of Pinterest. He was the company's CEO until June 2022.Horacio Villalobos/Getty ImagesPinterest said it would cut 150 workers, or less than 5% of its workforce, on February 1, the company confirmed to Insider.  "We're making organizational changes to further set us up to deliver against our company priorities and our long-term strategy," a company representative said.The social media company was recently the target of activist investor Elliott Management, agreeing to add one of the firm's representatives to its board last month.   Rivian: 6% of jobsRivian CEO RJ Scaringe.Carlos Delgado/Associated PressRivian's CEO RJ Scaringe announced the EV company would cut 6% of its workforce in a memo to employees, the company confirmed to Insider. This is the company's second round of job cuts in the last 6 months after Scaringe announced a separate 6% workforce reduction in July 2022. In his memo to staff, Scaringe said Rivian needs to focus its resources on ramping up production and reaching profitability. BDG Media: 8% of staffScreengrab of Gawker's homepageGawkerBDG Media announced on February 1 that it was shutting down pop-culture site Gawker and laying off 8% of its staff, according to Axios. BDG owns Bustle, Elite Daily, and other lifestyle and news websites. "After experiencing a financially strong 2022, we have found ourselves facing a surprisingly difficult Q1 of 2023," CEO Bryan Goldberg wrote in a memo to staff seen by Axios. Splunk: 325 jobsGary Steele took over as Splunk's CEO in April 2022.YouTube/ProofpointSoftware and data platform Splunk is the latest in a long list of tech companies to announce layoffs in recent months. On February 1, the company said it would lay off 4% of its staff and scale back the use of consultants to cut costs, according to a filing viewed by Insider. The layoffs will reportedly be focused on workers in North America, and CEO Gary Steele told employees Splunk would continue to hire in "lower-cost areas."Intel: 343 jobsIntel CEO Pat Gelsinger.Pool Eric Lalmand/Getty ImagesIntel notified California officials per WARN Act requirements it plans to layoff 343 workers from its Folsom campus, local outlets reported on January 30. "These are difficult decisions, and we are committed to treating impacted employees with dignity and respect," Intel said in a statement to KCRA 3, noting that the cost-cutting comes as the company is faces a "challenging macro-economic environment." On February 1, the company announced CEO Pat Gelsinger will take a 25% pay cut, while other members of the executive team will take salary reductions in amounts ranging from 5% to 15%.  FedEx: more than 10% of top managersFedEx workers in New York City on March 16, 2021.Alexi Rosenfeld/Getty ImagesFedEx informed staffers on February 1 it plans to slash more than 10% of top managers in an effort to reduce costs.  "This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions," CEO Raj Subramaniam wrote in a letter to staff, which was shared with Insider's Emma Cosgrove. While the exact number of employees impacted was not specified, a FedEx spokesperson told Insider that since June 2022 the company has reduced its workforce by more than 12,000 staffers through "headcount management initiatives." "We will continue responsible headcount management throughout our transformation," the spokesperson said. PayPal: 7% of total workforceDan Schulman, president and CEO of PayPal announced that the company would be cutting 7% of its total workforce on January 31.PaypalPayPal announced on January 31 that it plans to cut 2,000 workers or approximately 7% of the company's total workforce over the coming weeks. In a statement announcing the layoffs on PayPal's website, CEO and president Dan Schulman cited the "challenging macro-economic environment." He added, "While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do."HubSpot: 7% of staffYamini Rangan is HubSpot's CEO.Matt Winkelmeyer/ Getty ImagesHubSpot's CEO Yamini Rangan announced that the company would lay off 500 workers, according to an email seen by Insider. "We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected. The year was challenging due to a perfect storm of inflation, volatile foreign exchange, tighter customer budgets, and longer decision making cycles," Rangan wrote to employees. IBM: 1.5% of staffIBM's CEO Arvind KrishnaBrian Ach / Stringer / Via GettyIBM plans would cut 1.5% of its staff, roughly 3,900 workers. The layoffs were first reported by Bloomberg but confirmed by Insider.The company said the cuts would cost IBM about $300 million and is related entirely to businesses the company has spun off. Bloomberg reports that CFO James Kavanaugh said the company is still hiring in "higher-growth areas." Hasbro: 15% of workersA Jenga game by Hasbro Gaming.Thomson ReutersHasbro reportedly plans to cut 1,000 workers after warning that the 2022 holiday season was weaker than expected, according to the toy and game company. The company said the layoffs come as it seeks to save between $250 million to $300 million per year by the end of 2025. "While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses," Chris Cocks, Hasbro's CEO said. Dow: 2,000 global employeesThe Dow Chemical logo is shown on a building in downtown Midland, home of the Dow Chemical Company corporate headquarters, December 10th, 2015 in Midland, MichiganBill Pugliano/Getty ImagesDow Inc. announced on January 26 that it will lay off 2,000 global employees, a move that indicates mass layoffs are spreading beyond just the technology sector, the Wall Street Journal reported. It's part of a $1 billion cost-cutting effort intended to help amid "challenging energy markets," Dow CEO Jim Fitterling said in a press release. The chemical company also  will shut down select assets, mostly in Europe, per the release."We are taking these actions to further optimize our cost structure and prioritize business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe," Fittlering said.   SAP: Up to 3,000 positionsSAP CEO Christian KleinULI DECK/POOL/AFP via Getty ImagesSoftware company SAP said on January 26 it will slash up to 3,000 jobs globally in response to a profit slump, with many of the cuts coming outside of its headquarters in Berlin, the Wall Street Journal reported.  The layoffs will impact an estimated 2.5% of the company's workforce and are part of a cost-cutting initiative aiming at reaching an annual savings of $382 million in 2024, according to the Journal. "The purpose is to further focus on strategic growth areas," said Luka Mucic, SAP's chief financial officer, per the Journal.   3M: 2,500 jobs cut3M3M, which makes Post-It notes, Scotch tape, and N95 masks, said it plans to cut 2,500 manufacturing jobs worldwide. CEO Mike Roman called it "a necessary decision to align with adjusted production volumes." "We expect macroeconomic challenges to persist in 2023. Our focus is executing the actions we initiated in 2022 and delivering the best performance for customers and shareholders," he said in a press release. Google: around 12,000 employeesBrandon Wade/ReutersSundar Pichai, CEO of Google parent company Alphabet, informed staffers on January 20 that the company will lay off 12,000 employees, or 6% of its global workforce. In a memo sent to employees and obtained by Insider, Pichai said the layoffs will "cut across Alphabet, product areas, functions, levels and regions" and were decided upon after a "rigorous review." Pichai said the company will hold a townhall meeting to further discuss the cuts, adding he took "full responsibility for the decisions that led us here" "Over the past two years we've seen periods of dramatic growth," Pichai wrote in the email. "To match and fuel that growth, we hired for a different economic reality than the one we face today." Vox: 7% of staffThe layoffs were reportedly announced in a memo from CEO Jim Bankoff.Vox MediaVox Media, the parent company of publications like Vox, The Verge, New York magazine, and Vulture, is laying off roughly 133 people, or 7% of its staff, according to a report by Axios. The cuts come just a few months after the media company laid off 39 roles in July. The decision was reportedly announced in a note to staff from CEO Jim Bankoff, who wrote that while the company is "not expecting further layoffs at this time, we will continue to assess our outlook, keep a tight control on expenses and consider implementing other cost savings measures as needed," according to Axios.Vox Media's layoffs come at a time when advertisers are tightening their belts in anticipation of an economic slowdown, taking a toll on the media industry. Capital One: more than 1,100 tech workersBrian Ach/AP ImagesCapital One slashed 1,100 technology positions on January 18, a company spokesperson told Insider. The cuts impacted workers in the "Agile job family," a department which was eliminated and its responsibilities integrated into "existing engineering and product manager roles," per the spokesperson. "Decisions that affect our associates, especially those that involve role eliminations, are incredibly difficult," the Capital One spokesperson said in the statement. "This announcement is not a reflection on these individuals or the work they have driven on behalf of our technology organization," the spokesperson continued. "Their contributions have been critical to maturing our software delivery model and our overall tech transformation."The eliminations came after the bank had invested heavily in tech efforts in recent years, including launching a new software business focused on cloud computing in June 2022. "This decision was made solely to meet the evolving skills and process enhancements needed to deliver on the next phase of our tech transformation," the spokesperson said.  WeWork: About 300 employeesReutersWeWork announced on January 19 it will cut about 300 positions as it scales back on coworking spaces in low-performing regions, Reuters reported. The layoffs come after the company said in November 2022 it planned to exit 40 locations in the US as part of a larger cost-cutting effort. The company announced the cuts in a press release listing its fourth-quarter earnings call date, stating only the reductions are "in connection with its portfolio optimization and in continuing to streamline operations."  Wayfair: more than 1,000 employeesPavlo Gonchar/SOPA Images/LightRocket via Getty ImagesWayfair is expected to lay off more than 1,000 employees, about 5% of its workforce, in the coming weeks in response to slumping sales, the Wall Street Journal reported on January 19.The cuts mark the second round of layoffs in six months for the online furniture and home goods company, after it nixed 900 staffers in August 2022. Though the company experienced significant growth during the pandemic-driven home improvement boom, sales began to stagnate as social distancing policies loosened and Americans began returning to offices."We were seeing the tailwinds of the pandemic accelerate the adoption of e-commerce shopping, and I personally pushed hard to hire a strong team to support that growth. This year, that growth has not materialized as we had anticipated," Wayfair CEO Niraj Shah wrote in a letter to employees announcing the August 2022 layoffs, per CNN. In its most recent quarter, the Wayfair reported that net revenue decreased by $281 million, down 9% from the same period the year prior.  Microsoft: 10,000 workersMicrosoft CEO Satya NadellaStephen Brashear/Getty ImagesMicrosoft announced on January 18 that it planned to reduce its workforce by 10,000 jobs by the end of the third quarter of this year. CEO Satya Nadella attributed the layoffs to customers cutting back in anticipation of a recession. However, Nadella also told workers that the company still plans to grow in some areas, despite the firings, writing that the company will "continue to hire in key strategic areas." Microsoft's layoff announcement comes as the tech giant is reportedly in talks to invest $10 billion in OpenAI, which created the AI chatbot ChatGPT. On February 13, the company laid off staff at LinkedIn—which it acquired in 2016— according to The Information. The cuts were in the recruiting department, though the total number laid off is not immediately clear, The Information reported.Crypto.com: 20% of staffCrypto.com CEO Kris MarszalekCrypto.comCrypto.com announced on January 13 that it would let go of a fifth of its workforce amid a sagging crypto market and fallout from FTX's collapse. This is the second major round of firings for Crypto.com, which also had layoffs in July. "The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It's for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success," CEO Kris Marszalek wrote in a memo to employees. BlackRock: up to 3% of global workforceBlackRock CEO Larry FinkSpencer Platt/Getty ImagesBlackRock is cutting up to 500 roles in its first round of firings since 2019. Staff members were notified on January 11 about whether they were laid off. "Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper," CEO Larry Fink and President Rob Kapito wrote in a memo to employees. Goldman Sachs: an estimated 6.5% of its global workforceGoldman Sachs is laying off an expected 3,200 employees.Photo by Michael M. Santiago/Getty ImagesGoldman Sachs began laying off employees on Jan. 11, with cuts expected to impact an estimated 6.5% of the company's global workforce — or roughly 3,200 staffers — a source told Insider. The company previously slashed roles on its media and tech teams in September 2022, and it was expected to issue further reductions in the first half of January. The cost-cutting efforts from the investment banking giant mirror reductions from competitors including Morgan Stanley and Citi, which also laid off employees in 2022. "We continue to see headwinds on our expense lines, particularly in the near term," Goldman Sachs CEO David Solomon said at a conference in December. "We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set."   BNY Mellon: 1,500 jobsBNY Mellon CEO Robin VinceBNY MellonBNY Mellon is planning to cut approximately 3% of its workforce, or 1,500 jobs, according to the Wall Street Journal, which cited people familiar with the matter. The cuts will be primarily aimed at talent management roles, according to the report. BNY Mellon will reportedly plan to invest more in junior staff. Verily (part of Alphabet): reportedly 15% of workersAlphabet CEO Sundar PichaiJerod Harris/Getty ImagesVerily, which is Alphabet's healthcare unit, is laying off more than 200 employees, according to an email seen by the Wall Street Journal. The Journal reports that the company will also scale down the number of projects it works on in an effort to cut costs."We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model," Verily's CEO, Stephen Gillet, wrote in the email, according to the Journal.This is the first significant layoff done by Google's parent company, which had so far avoided the massive waves of job cuts done by other big tech giants like Amazon and Meta. DirecTV: 10% of management staffDirecTV.Karen Bleier/AFP/Getty ImagesDirecTV employees were told in the first week of January that the company would lay off several hundred workers in management roles.The satellite TV business has faced slowing revenues as more people choose to cut the cord and pay for streaming services over cable TV. "The entire pay-TV industry is impacted by the secular decline and the increasing rates to secure and distribute programming. We're adjusting our operations costs to align with these changes and will continue to invest in new entertainment products and service enhancements," a spokesperson for DirecTV told Insider. Coinbase: 950 workersCEO Brian Armstrong cited the downward trend in cryptocurrency prices and the broader economy as reasons for the layoffs.Patrick Fallon/Getty ImagesCoinbase announced on Tuesday, Jan. 10, that would lay off another 20% of its staff. The cuts came after the crypto company laid off over 1,000 employees in July. In a memo to employees, CEO Brian Armstrong said, "in hindsight, we could have cut further at that time," referencing the layoffs in July. Armstrong partially attributed the company's weakness to the "fallout from unscrupulous actors in the industry," likely referencing the alleged fraud that took place at FTX late last year under then-CEO Sam Bankman-Fried. Armstrong predicted "there could still be further contagion" from FTX in the crypto markets but assured remaining employees that Coinbase is well capitalized. Amazon: 18,000 employeesAmazon CEO Andy Jassy initially announced the company's latest round of layoffs in November.AmazonAmazon is in the midst of the most significant round of layoffs in the company's history. In a memo to employees, CEO Andy Jassy said the company would cut more than 18,000 workers in total — far more than what was initially expected based on reporting by the New York Times. Jassy cited "the uncertain economy" and rapid hiring as reasons for the layoffs. While most of Amazon's 1.5 million staff have warehouse jobs, the layoffs are concentrated in Amazon's corporate groups. Amazon's layoffs began late last year, though the Wall Street Journal reports cuts will continue through the first few weeks of 2023.Amazon's 18,000 jobs cuts are the largest of any major tech company amid the wave of recent layoffs.  Salesforce: 10% of its staffSalesforce said in the first month of 2023 that it would enact big job cuts.Noam Galai/Getty ImagesSalesforce co-CEO Marc Benioff announced on Jan. 4 that the software company plans to layoff 10% of its workforce — an estimated 7,000 employees — and close select offices as part of a restructuring and cost-cutting plan. "The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," Benioff wrote in an email to staff. "With this in mind, we've made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks."He continued: "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."Everlane: 17% of corporate employeesEverlane founder and executive chair Michael Preysman.Lars Ronbog/Getty Images for Copenhagen Fashion SummitEverlane is slashing 17% of its 175-person corporate workforce, and 3% of its retail staff."We know there will be some bumpiness over the next few weeks as we navigate a lot of change at once. We ask for your patience as we do right by our departing team members," CEO Andrea O'Donnell wrote to employees, according to an internal memo seen by Insider. In a statement to Insider, a company spokesperson said the decision was intended to "improve profitability in 2023 and continue our efforts to help leave the fashion industry cleaner than we found it."The e-commerce clothing company previously laid off nearly 300 workers, mostly in retail in March 2020 amid the outbreak of the Covid-19 pandemic.Vimeo: 11% of its workforceAnjali Sud, CEO of Vimeo, speaks during the company's direct listing on Nasdaq, Tuesday, May 25, 2021, in New York.AP Photo/Mark LennihanVimeo CEO Anjali Sud told employees on Jan. 4 that the company would layoff 11% of its staff, the video platform's second major round of layoffs in less than a year, after cutting 6% of employees in July"This was a very hard decision that impacts each of us deeply," Sud wrote in an email to staff. "It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment."A spokesperson told Insider reduction is intended to assist with ongoing economic concerns and improve the company's balance sheet. Compass: size of layoffs not immediately disclosedCompass is letting go of more employees after two rounds of layoffs in the past eight months.CompassCompass CEO Robert Reffkin told staffers on Jan. 5 it would conduct more layoffs, following two previous rounds in the past eight months, as the brokerage continues to struggle with significant financial losses. "We've been focused over the last year on controlling our costs," Reffkin wrote in an email to employees. "As part of that work, today we reduced the size of some of our employee teams. While decisions like these are always hard, they are prudent and allow us to continue to build a long-term, successful business for all of you."While the size of the layoffs was not immediately disclosed, the brokerage let go of 450 corporate employees in June 2022, followed by an additional 750 people from its technology team in October 2022.   Stitch Fix: 20% of salaried jobsStitch Fix is laying off salaried employees.SOPA ImagesStitch Fix announced on Jan. 5 that it plans to slash 20% of its salaried workforce, the Wall Street Journal reported.The cuts come in tandem with the announcement that CEO Elizabeth Spaulding is stepping down, after less than 18 months at the helm of the struggling retail company."First as president and then as CEO, it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team," Spaulding said in a statement. "It is now time for a new leader to help support the next phase."Stitch Fix founder Katrina Lake — who formerly served as chief executive and sits on the board of directors — will become interim CEO, the company said in a press release. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 14th, 2023

Unmasking The CDC"s Medical CIA

Unmasking The CDC's Medical CIA Authored by Lloyd Billingsley via American Greatness, The swampy origins and foreign interests of the Epidemic Intelligence Services of the CDC need to be exposed... CDC director Dr. Rochelle Walensky is departing at the end of June and Joe Biden has tapped former North Carolina health boss Dr. Mandy Cohen to replace her. More important than the identity of the CDC director is what goes on behind the scenes, and hints have been emerging.  In April of 2021, the CDC reassigned Dr. Nancy Messonnier, longtime director of the CDC’s National Center for Immunization and Respiratory Diseases (NCIRD). In a May 7, 2021 White House briefing, Walensky suddenly announced that Messonnier was stepping down. “Dr. Messonnier has been a true hero,” Walensky told reporters. “And through her career, in terms of public health, she’s been a steward of public health for the nation. Over this pandemic and through a many-decade career, she’s made significant contributions, and she leaves behind a strong, strong force of leadership and courage in all that she’s done.” Walensky neglected to mention Messonnier’s series of telebriefings in early 2020, conducted on January 17, January 24, January 29, January 30, February 3, February 5, February 12, February 25, and March 10. In these sessions, not shown to the public, Messonnier warned that a “novel coronavirus” had emerged from the “Wuhan market” and the highly contagious new virus would “gain a foothold” in the United States. According to Messonnier, many people would be infected, and there was “no immunity.” Some reporters were curious about people traveling to the United States from Wuhan. “That’s something I’m not at liberty to talk about today,” Messonnier said in the February 5 briefing, without revealing why that was so, or who was laying down the rules. On January 24, reporters who asked about China were told, “CDC has a team that’s been in China for many years where we work closely with the Department of Health in China.” There was information “from China” but Messonnier wasn’t giving it out. “I think we should be clear to compliment the Chinese,” Messonnier said, “on the early recognition of the respiratory outbreak center in the Wuhan market, and how rapidly they were able to identify it as a novel coronavirus.” And so on, a veritable recitation of China’s talking points, but there was more to it. In May of 2021, Walensky also failed to mention that “true hero” Nancy Messonnier was an officer of the Epidemic Intelligence Service (EIS), the CDC’s elite team of “disease detectives,” patrolling the world to prevent epidemics from arriving on American soil. “EIS officers serve on the front lines of public health, protecting Americans and the global community,” the CDC claims. When diseases and public health threats emerge, “EIS officers investigate, identify the cause, rapidly implement control measures, and collect evidence to recommend preventive actions.” In practice, as Peter Duesberg noted in Inventing the AIDS Virus, the EIS functions as a “medical CIA,” a support network for the CDC in government, academia, and media. For example, EIS veteran Lawrence Altman became a medical writer for the New York Times and in 2010 rendered a worshipful account of the intelligence service. In 1995, after completing her residency in internal medicine at the University of Pennsylvania, Nancy Messonnier went straight into the EIS. She shows up in the 2013 EIS conference report as a co-author of two studies on vaccine effectiveness, one in Burkina Faso and one in Washington, “among adolescents vaccinated with acellular pertussis vaccines.” Messonnier’s Wikipedia profile shows the EIS officer in a jacket emblazoned with medals. According to the site, she was born Nancy Ellen Rosenstein, sister of Rod Rosenstein, the Justice Department official who launched the investigation of President Trump for allegedly colluding with Russia.  Messonnier’s connection to Rosenstein, and her experience with the EIS, did not emerge at the outset of 2020. By October, the EIS did briefly expose itself.  “We are proud of our training and service in the EIS, promoting CDC’s vital mission to protect the health of the American people,” claims an October 14, 2020 “Open Letter by Epidemic Intelligence Service Officers Past and Present—in Support of CDC.” As the letter explains, “the US epidemic is sustained by deadly chains of transmission that crisscross the entire country.”  How the deadly epidemic managed to escape the intrepid EIS, land stateside, and crisscross the entire country the letter does not explain. The signers “express our concern about the ominous politicization and silencing of the nation’s health protection agency during the ongoing COVID-19 pandemic.”  In reality, the CDC was anything but silent—except on the EIS connections of Nancy Messonnier, their major mouthpiece on the pandemic. The 2013 conference she attended provides enlightenment on the CDC’s medical CIA.  “Fifty-seven of the new officers are women (70%), and 12 are citizens of other nations (15%),” explains Douglas H. Hamilton, director of the EIS division of applied science. “Besides the United States, this year’s officers represent Cambodia, China, Kenya, Mongolia, Nepal, Nigeria, Peru, South Korea, Taiwan, Uganda, and the United Kingdom.” (emphases added)  The CDC’s Epidemic Intelligence Service is actually a multinational body that includes “officers” from the People’s Republic of China. Embattled Americans might wonder which nation’s interests the Chinese EIS officers represent, and if any were on the CDC “team” working with China for many years.   The CDC’s intrepid disease detectives obviously failed to prevent the “novel coronavirus” from arriving in America, crisscrossing the country, and causing untold misery and death. The people have a right to wonder what the EIS officers, including any Chinese nationals, were doing at the time. Remember, when reporters asked Nancy Messonnier about travel from Wuhan, she wasn’t “at liberty to talk about that.” The “true hero” and outgoing CDC boss Walensky needs to talk about it now, under oath, for as long as it takes. Embattled Americans have a right to know which government official or politician slapped a gag order on Messonnier. The people also need to know the identities of all EIS officers in China in 2019 and 2020, their activities, travel schedules and a lot more. Biden CDC pick Dr. Mandy Cohen provides another opportunity. Cohen is the lockdown promoter who once strapped on a mask bearing a portrait of Dr. Anthony Fauci, the longtime NIAID boss who claimed “I represent science.” Fauci also funded the Wuhan Institute of Virology to conduct the gain-of-function research that makes viruses more lethal and transmissible. Fauci claims that the COVID virus arose naturally in the wild. By contrast, when former CDC director Robert Redfield found evidence of a laboratory origin, he got death threats. No word of any FBI investigation, but FBI Director Christopher Wray now assesses that “the origins of the pandemic are most likely a potential lab incident in Wuhan.” In the confirmation hearing for Dr. Cohen, someone should ask the Biden pick if China, the EIS, Fauci and Messonnier ever said or did anything with which she disagreed. The struggle against white coat supremacy is the struggle of memory against forgetting. Tyler Durden Tue, 06/13/2023 - 23:25.....»»

Category: blogSource: zerohedgeJun 14th, 2023

Grubhub is the latest company to announce job cuts amid a layoff wave expanding beyond tech. Here"s the full list of major US companies slashing staff this year.

The wave of layoffs hitting tech companies and beyond shows no signs of slowing down. Grubhub is the latest to cut hundreds of jobs. Grubhub is the latest company to announce layoffs. The firm is cutting 400 jobs.Brandon Bell/Getty Images Grubhub, which will cut about 400 jobs, is the latest large company to announce layoffs. In recent months, layoffs have expanded beyond tech, media, and finance as Gap and Whole Foods announced cuts. See the full list of layoffs so far in 2023. A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down well into 2023.Grubhub is the latest large company to conduct layoffs. In a memo sent to employees on Monday morning, the CEO of the food-delivery company, Howard Migdal, said that the company would be cutting about 400 jobs — or around 15% of its workforce — throughout the day."There is no doubt whatsoever that we have a solid foundation in place and an immense opportunity ahead of us – but it is also clear that we need to make some tough decisions in order to maintain our competitiveness, deliver the best possible service for diners and our other partners, and be successful for the long-term," Migdal said.Grubhub, which is owned by the Dutch conglomerate European Just Eat Takeaway.com, has faced difficulty in the crowded food-delivery market. Once the US's top food-delivery service, it has fallen to number three, according to data from Bloomberg Second Measure. Over the past two years, the company has lost two CEOs, and its owner has sought to offload it less than a year after purchasing it. According to Migdal's memo, operating and staff costs have grown at a faster rate than business since 2019. The news of Grubhub's layoffs come a week after Spotify announced it would be cutting about 200 employees, and on the heels of recent layoffs at companies including  JPMorgan Chase, LinkedIn and Shopify.  These companies join a large number of major corporations that have made significant cuts this year: Tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced massive layoffs in the first weeks of 2023 amid a continued economic downturn and stagnating sales.The downsizing followed significant reductions that companies including Meta and Twitter made last year. The layoffs have primarily affected the tech sector, which is now hemorrhaging employees at a faster rate than at any point during the pandemic, the Journal reported.According to data from Layoffs.fyi, a site tracking layoffs since the start of the pandemic, tech companies slashed more than 205,000 in 2023 alone — compared to 80,000 in March to December 2020 and 15,000 in 2021. But it's not just tech companies that are cutting costs, with the major job reductions that have come from the Gap, along with FedEx, Dow, and Wayfair.Here are notable job cuts so far in 2023: Grubhub: Around 400 jobsGrubhub is the latest company to announce layoffs. The firm is cutting 400 jobs.Brandon Bell/Getty ImagesGrubhub CEO Howard Migdal told staff that the food-delivery company would be laying off about 400 jobs on June 12 — or about 15% of its workforce.The cuts impacted Grubhub's corporate office, as the company's operating and staff costs have increased at a faster rate than its business over the past few years, the memo said. "We operate in a highly competitive and constantly evolving industry," Migdal wrote. "There is no doubt whatsoever that we have a solid foundation in place and an immense opportunity ahead of us – but it is also clear that we need to make some tough decisions in order to maintain our competitiveness."Grubhub has struggled to keep up with the likes of DoorDash and Uber Eats, and it is now the third biggest delivery operator in the US, according to Bloomberg Second Measure. The company has had three CEOs over the last two years, and its owner, Dutch conglomerate Just Eat Takeaway.com, tried to sell the firm less than a year after purchasing it.Meanwhile, more customers are turning away from food delivery, overall, in an attempt to save money and avoid sky-high fees.Spotify: 2% of workforceSpotify is the latest company to announce layoffs.Onur Dogman/SOPA Images/LightRocket via Getty ImagesSpotify announced that the music and podcast streaming app would lay off about 200 employees, or 2% of its workforce. The layoffs will impact employees across Spotify's podcasting business and its supporting functions, including talent acquisition and financial roles, a Spotify spokesperson told Insider.In the memo sent to employees, the vice president of Spotify's podcast business Sahar Elhabashi explained the layoffs were a part of the brand's decision to change how it works with podcast partners around the globe. The "fundamental pivot from a more uniform proposition will allow us to support the creator community better," the memo read."The company will support these individuals with generous severance packages, including extended Healthcare coverage and immediate access to outplacement support," the statement read. This announcement arrives on the tail of additional layoffs the music streaming service made back in January. In a memo to Spotify employees, CEO Daniel Ek said the company would cut 6% of its staff, about 600 people. "While we have made great progress in improving speed in the last few years, we haven't focused as much on improving efficiency. We still spend far too much time syncing on slightly different strategies, which slows us down. And in a challenging economic environment, efficiency takes on greater importance. So, in an effort to drive more efficiency, control costs, and speed up decision-making, I have decided to restructure our organization," he wrote. As part of those changes, Dawn Ostroff, the company's chief content and advertising officer, who spent more than $1 billion signing exclusive podcast deals with Joe Rogan, the Obamas, and Prince Harry and Meghan Markle, has departed. Binance: potential layoffsNurPhoto / ContributorBinance, one of the world's largest cryptocurrency exchanges by volume, is considering staff cuts as the company prepares for the next bull cycle and evaluates its "talent density," a Binance spokesperson told Insider. "As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic," the spokesperson said.The statement came after a series of tweets from independent journalist Colin Wu on May 31 that indicated forthcoming layoffs at the company. "This is not a case of rightsizing, but rather, re-evaluating whether we have the right talent and expertise in critical roles," the Binance statement continued. "This will include looking at certain products and business units to ensure our resources are allocated properly to reflect the evolving demands of users and regulators." JPMorgan: About 500 jobsJPMorgan recently began cuts of about 500 employees, CNBC and CNN reported.ReutersJPMorgan announced on March 26 that it is slashing 500 roles, CNBC reported.The cuts are expected to spread across JPMorgan's retail and commercial banking, asset and wealth management, and corporate and investment banking operations, according to CNBC.The reported layoffs come just a day after reports that JPMorgan laid off 1,000 First Republic employees, or about 15% of its workforce. JPMorgan, the largest bank in the US, got even larger earlier this month when it acquired the assets of failing First Republic after it was seized by regulators.LinkedIn: 716 rolesRyan Roslansky, CEO of LinkedIn, said the company would be cutting 716 roles on Tuesday.Courtesy of Ryan RoslanskyLinkedIn announced earlier this month that it would be cutting 716 roles from its global workforce in a message from CEO Ryan Roslansky.Roslansky also noted that company will also be discontinuing InCareer, a local jobs app in China, as it refocuses on helping companies in China hire, market, and train abroad. The decision comes on the heels of LinkedIn's 20th anniversary last week. "While we're making meaningful progress creating economic opportunities for our members and customers and experiencing record engagement on the platform, we're also seeing shifts in customer behavior and slower revenue growth," Roslansky said.Shopify: 20% of workforceDavid Fitzgerald/Sportsfile via Getty ImagesShopify is slashing 20% of its workforce and selling off most of its logistics business to supply chain company Flexport, the company announced on May 4. The cuts confirmed growing concern of layoffs among staffers in recent weeks, following the cancellation of several team-building offsite events and analyst speculation that Shopify would alter its logistics arm, Insider reported."I recognize the crushing impact this decision has on some of you, and did not make this decision lightly," Shopify CEO Tobi Lütke said in a note to employees and shareholders.He continued: "This is a consequential and hard week. It's the right thing for Shopify but it negatively affects many team members who we admire and love working with."Morgan Stanley: 3,000 jobsReutersMorgan Stanley is cutting 3,000 jobs by the end of the quarter, Bloomberg reported, citing sources familiar with the matter. One person told the outlet that the company's banking and trading teams will be most impacted.The cuts will affect about 5% of the firm's workforce, excluding financial advisers and personnel in the wealth management division, Bloomberg noted. A spokesperson for the bank did not immediately respond to Insider's request for comment and declined to comment to Bloomberg. However, CEO James Gorman noted last month that underwriting and mergers activity has been "subdued" and that he doesn't expect a rebound before the second half of 2023 or even 2024, Bloomberg noted. The firm last cut 1,600, or around 2% of its staff in December, Bloomberg noted. Dropbox: 16% of staffDrew Houston, cofounder and CEO of Dropbox, told employees Thursday that the company was eliminating 500 jobs.Matt Winkelmeyer / Getty ImagesCloud storage firm Dropbox said Thursday that it would be reducing its global workforce by 16%, or 500 jobs.In a message to staff sent Thursday, CEO Drew Houston said the cuts are being made, in part, from slowing business growth and the expansion of AI products. "Today's changes were the result of taking a hard look at our strategic priorities and organizational structure as a leadership team, and aligning to principles of sustainable financial growth, efficiency, and flexibility to invest in our future. We're also streamlining how the company is organized," Houston said.  Gap: more than 2,000 jobs since late last yearGap posters in Birmingham, England.Mike Kemp/Getty ImagesClothing retailer Gap is cutting 1,800 positions in its headquarters and upper management as part of a restructuring plan meant to cut costs, the retailer said Thursday.Gap said that the cuts are expected to help the company see $300 million in annualized savings."We are taking the necessary actions to reshape Gap Inc. for the future — simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience," the company's chairman and interim CEO Bob Martin said in a statement given to Insider.In September, Gap slashed 500 jobs from its corporate ranks in a push to save $250 million annually, the Wall Street Journal reported. Jenny Craig: potential mass layoffsA man enters a Jenny Craig facility June 19, 2006 in Niles, Illinois.Tim Boyle/Getty ImagesWeight loss company Jenny Craig notified staffers of potential mass layoffs on April 27, as a result of the company "winding down physical operations," according to an internal email reviewed by NBC News.According to NBC News, the company has been in the process of selling and anticipates the pending sale "will likely impact all employees in some manner," an FAQ document sent to employees read. "We do not know the exact employees/groups whom will be impacted, and if any employees may be retained," the document said, per NBC News. "As a result, we would suggest that you anticipate that your employment may be impacted and begin to seek other employment." 3M: 6,000 jobsMike Roman, CEO of 3M.Xinhua News Agency / Contributor/Getty ImagesOn Tuesday, the Scotch tape and Post-It Notes manufacturer said it will be cutting 6,000 positions across all parts of the company with the goal of streamlining operations, simplifying supply chain, and reducing layers of management, according to The Wall Street Journal.The company's chief executive Mike Roman said Tuesday that the cuts would eliminate 10% of 3M's global workforce and ultimately save the company between $700 to $900 million in pretax costs, the Journal said. 3M last announced cuts in January when it said it was removing 2,500 manufacturing positions.Lyft: 1,072 rolesReutersIn an SEC filing on Thursday, Lyft said it was cutting roles for 1,072 employees, or about 26% of its corporate workforce. In the filing, the company also said it is scaling back on hiring and has eliminated over 250 open positions. The news comes just weeks after David Risher took the helm as Lyft's new CEO, part of an executive shakeup that involved cofounders Logan Green and John Zimmer moving into board roles. A spokesperson for Lyft previously told Insider, "David has made clear to the company that his focus is on creating a great and affordable experience for riders and improving drivers' earnings."The spokesperson added, "To do so requires that we reduce our costs and structure our company so that our leaders are closer to riders and drivers. This is a hard decision and one we're not making lightly. But the result will be a far stronger, more competitive Lyft." Deloitte: 1,200 jobsAlex Tai/SOPA Images/LightRocket via Getty ImagesDeloitte announced on April 21 it was cutting 1,200 jobs, or about 1.5% of its US staff, the Financial Times reported. The cuts will largely be concentrated in the financial advisory business as a result of a decline in mergers and acquisitions, per internal communications viewed by the FT. Whole Foods: Several hundred corporate employeesMary Meisenzahl/InsiderWhole Foods announced on April 20 it was letting go of several hundred corporate employees, amounting to less than 0.5% of the company's workforce, CNBC reported.The cuts are a result of a structural reorganization of global and regional support teams, which will be downsized from nine to six, but will not cause store closures, according to CNBC.In a memo to employees viewed by CNBC, Whole Foods executives wrote "simplifying our work and improving how we operate is critical as we grow." "As the grocery industry continues to rapidly evolve, and as we — like all retailers — have navigated challenges like the COVID-19 pandemic and continued economic uncertainty, it has become clear that we need to continue to build on these changes," the memo read, per CNBC. It continued: "With additional adjustments, we will be able to further simplify our operations, make processes easier, and improve how we support our stores."BuzzFeed News: 15% of staffBuzzFeed News headquarters.Drew Angerer / Getty ImagesBuzzFeed announced on April 20 that it was shuttering its BuzzFeed News division, laying off 15% of its staff, or 180 employees, in the process. In a memo to staff shared with Insider's Lucia Moses, CEO Jonah Peretti admitted to mistakes like over-investing in the news arm and failing to successfully integrate BuzzFeed and Complex after the latter was acquired in 2021. "I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances," he wrote. "Our job is to adapt, change, improve, and perform despite the challenges in the world. We can and will do better."Ernst & Young: 3,000 positionsEY spends $500 million annually on learning for its employees.TOLGA AKMEN / Contributor / GettyErnst & Young announced on April 17 it was laying off 3,000 US employees, or about 5% of its total US staff.The decision came after the financial auditor nixed a proposed reorganization that would break up its consulting and accounting businesses, Reuters reported. According to the Financial Times, which first reported the layoffs, the cuts will address "overcapacity" and will largely impact the company's consulting business. Opendoor: 560 jobsOpendoor announced it was cutting 560 jobs on Tuesday.Opendoor Technologies/GlassdoorOn Tuesday, home flipping giant Opendoor said it was cutting 560 jobs, or 22% of its workforce, citing a souring housing market. A spokesperson for Opendoor told Insider by email,"We've been weathering a sharp transition in the housing market – the steepest and fastest rate increase by the Fed in 40 years, the more than doubling of mortgage rates from historic lows, and the hit to home affordability have driven an approximately 30% decline in new listings from peak levels last year."The spokesperson noted that the cuts have been made to "better align our operational costs with the anticipated near-term market opportunity, while maintaining our critical technology investments that will continue to drive the business long term."Impacted team members will receive severance pay, extended health benefits, and job transition support. Opendoor last made cuts in November 2022, laying off 550 workers or about 18% of its staff.  McKinsey: About 1,400 employeesFABRICE COFFRINI/AFP via Getty ImagesMcKinsey & Company will cut an estimated 1,400 positions, or 3% of its total workforce, Bloomberg reported on March 29.The layoffs are part of the consulting firm's efforts to reorganize support teams and pare down an employee base that has grown rapidly in recent years, per the outlet. "The painful result of this shift is that we will have to say goodbye to some of our firm functions colleagues, while helping others move into new roles that better align to our firm's strategy and priorities," Bob Sternfels, global managing partner, wrote in a note to staff seen by Bloomberg. He continued: "Starting now, where local regulations allow, we will begin to notify colleagues who will depart our firm or be asked to change roles."David's Bridal: 9,236 employeesShoppers head for David's Bridal in Sunset Hill, Mo. Tuesday, May 10, 2005.James A. Finley/AP ImagesDavid's Bridal is laying off more than 9,000 workers across the US, according to a WARN notice filed with the Pennsylvania Department of Labor and Industry on April 14. "We are evaluating our strategic options and a sale process is underway," David's Bridal spokesperson Laura McKeever told the Philadelphia Inquirer. "At this time, there are no updates to share."The company is considering filing for bankruptcy in the near future, according to an April 7 report from the New York Times. David's Bridal also filed for bankruptcy in 2018. Virgin Orbit: 85% of staffersSir Richard Branson, founder of Virgin Orbit.Mark GreenbergVirgin Orbit disclosed in a March 30 filing with the Securities and Exchange Commission that it is slashing 85% of its staff, or about 675 employees.The company, which operates within the Virgin Group and provides launch services for satellites, is also ceasing operations "for the foreseeable future," CNBC reported. "Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Virgin Orbit CEO Dan Hart said, according to audio of a company all-hands obtained by CNBC.     Electronic Arts: About 780 employeesLucy Nicholson/ReutersElectronic Arts — the video game company best known for its "The Sims," "FIFA," and "Madden NFL" franchises — is letting go of 6% of its staff, or about 780 employees, the company announced on March 24. "As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams," Electronic Arts CEO Andrew Wilson wrote in a blog post to staffers. Wilson said the cuts began early this quarter and will continue through the beginning of the next fiscal year.  Amazon: 9,000 more jobsAmazon CEO Andy Jassy announced on Monday that the company would be eliminating another 9,000 roles, on top of the 18,000 announced in January.Richard Brian/ReutersAmazon announced on March 20 that it would cut 9,000 jobs from its workforce over the coming weeks. The cuts come on the heels of the 18,000 roles the company announced it was cutting back in January. In a message to employees shared on Amazon's site, CEO Andy Jassy noted that the impacted positions are largely in the Amazon Web Services, People Experience and Technology Solutions, Advertising, and Twitch departments. In the memo, Jassy said the company staggered its layoff announcements because "not all of the teams were done with their analyses in the late fall." He added, "rather than rush through these assessments without the appropriate diligence, we chose to share these decisions as we've made them so people had the information as soon as possible."Roku: 200 staffersRoku CEO Anthony Wood speaks during Tribeca X - 2021 Tribeca Festival on June 18, 2021 in New York City.Photo by Arturo Holmes/Getty Images for Tribeca FestivalRoku is cutting an additional 200 roles, or 6% of its workforce, Reuters reported on March 30. The cuts come after the streaming device manufacturer previously laid off 200 employees in November 2022. The company is expected to complete the cuts by the end of the second quarter, and also plans to leave and sublease office facilities in an attempt to reduce costs, according to Reuters. Walmart: About 200 employeesA Walmart store.Bruce Bennett/Getty ImagesWalmart asked about 200 workers at five fulfillment centers to find employment elsewhere in the company in the next 90 days or else be laid off, Reuters reported on March 23.The cuts are a response to the reduction of evening and weekend shifts at select Walmart facilities, including those in Chino, California; Davenport, Florida; Bethlehem, Pennsylvania; Pedricktown, New Jersey; and Fort Worth, Texas, per Reuters. "We recently adjusted staffing levels to better prepare for the future needs of customers," a Walmart spokesperson told Reuters in a statement.  Accenture: 19,000 positionsJoan Cros/Corbis via Getty ImagesAccenture is slashing 19,000 roles, or 2.5% of its total workforce, according to a Security and Exchange Commission filing on March 23.The tech consultancy company said the layoffs will take place over the next 18 months and half of the cuts will impact staffers in "non-billable corporate functions," per the filing.  "While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs," Accenture wrote in the filing. Indeed: 2,200 staffersIndeed CEO Chris HyamsPhoto by Niall Carson/PA Images via Getty ImagesIndeed CEO Chris Hyams announced on March 22 that the online networking platform will cut 2,200 jobs, or about 15% of its staff. In a note sent to employees, Hyams wrote the reductions will impact "nearly every team, function, level, and region" across the company in an effort to reduce redundancy and increase efficiency. "I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I'd never have to make," he wrote. Meta: 10,000 workersMeta CEO Mark ZuckerbergMark Lennihan/APRoughly 10,000 Meta workers will find out that their jobs have been cut between March and May, according to an announcement by the company's founder and CEO, Mark Zuckerberg. Zuckerberg also said the company would close around 5,000 open roles that haven't yet been filled as part of the company's effort to downsize. "My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead," Zuckerberg wrote in a post on Facebook announcing the layoffs. In the post, Zuckerberg said that members of Meta's recruiting team would learn about the fate of their jobs in March, while tech workers would find out in late April, and business groups would find out in May. "In a small number of cases, it may take through the end of the year to complete these changes," he wrote. The job cuts come less than 5 months after Meta slashed 11,000 workers, or about 13% of its workforce, in November. At the time, Zuckerberg called the layoffs a "last resort."  SiriusXM: 475 rolesJennifer Witz, CEO of SiriusXM said the company was cutting 475 roles on March 6.Cindy Ord / Staff/ Getty ImagesThe radio company said March 6th that it was cutting 8% of its staff or 475 roles according to a statement posted on the company's website from CEO Jennifer Witz.In the statement, Witz said "nearly every department" across the company will be impacted. She also noted that those impacted will be contacted directly and will have the opportunity to speak with a leader from their department as well as a member of the company's People + Culture team. Impacted employees will also be provided with exit packages that include severance, transitional health insurance benefits, Employee Advocacy Program continuation, and outplacement services, Witz noted.Citigroup: hundreds of jobsCiti CEO Jane FraserPatrick T. Fallon/AFP via Getty ImagesCiti plans to cut hundreds of jobs, with many focused on the company's investment bank division. The total headcount cut will reportedly amount to less than 1% of Citi's more than 240,000 workers and are part of Citi's normal course of activities.Citi's cuts were first reported by Bloomberg. In January, Citi's CFO told investors the company remained "focused on simplifying the organization, and we expect to generate further opportunities for expense reduction in the future."Citi declined Insider's request to provide comment on the record. Waymo: reported 209 roles so farWaymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 8% of the unit's staff has been cut this year.Peter Prado/Insider; Vaughn Ridley/Sportsfile via Getty ImagesAlphabet's self-driving car unit Waymo has reportedly laid off a total of 209 employees this year in two rounds of cuts, according to The Information. Waymo reportedly laid off 137 employees on March 1, according to The Information. Waymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 209 employees— approximately 8% of the company's staff— have been cut this year, according to an internal email seen by The Information.Waymo did confirm the cuts to Insider but did not specify the number of roles impacted or the date the first round of cuts occurred.  Thoughtworks: reported 500 employeesThoughtworks laid off 500 employees on February 28. That day, CEO Guo Xiao said in the company's earnings release that it was "pleased" with its performance in the fourth quarter of 2022.Screenshot of Guo Xiao from the Thoughtworks website.Thoughtworks, a software consultancy firm, reportedly laid off 500 employees or 4% of its global workforce, according to TechCrunch. TechCrunch noted that the company "did not dispute" the figure when reached for comment on March 1. According to TechCrunch, Thoughtworks "initially informed" the affected employees about the decision on February 28. That same day, Thoughtworks reported that its revenue had increased 8.3% between the fourth quarter of 2022 and the fourth quarter of 2021. The company also reported a more than 21% year over year revenue increase for 2022. In the company's earnings release, Thoughtworks' CEO Guo Xiao said, "We are pleased with our performance in the fourth quarter and our clients continue to look to us to help them navigate these uncertain times and tackle their biggest technology challenges."General Motors: reported 500 salaried jobsGM CEO Mary Barra.Patrick T. Fallon/Getty ImagesGeneral Motors plans to cut 500 executive-level and salaried positions, according to a report from The Detroit News. The layoffs come only one month after CEO Mary Barra told investors and reporters on the company's earnings call, "I do want to be clear that we're not planning layoffs." In a memo to employees, seen by Insider, GM's chief people officer wrote, "we are looking at all the ways of addressing efficiency and performance. This week we are taking action with a relatively small number of global executives and classified employees following our most recent performance calibration." Employees who are getting laid off were informed on Feb. 28. General Motors confirmed the layoffs to Insider but did not confirm a specific number of employees getting cut. Twitter: about 200 employeesElon Musk is Twitter's CEO and ownerREUTERS/Jonathan ErnstThe layoffs reportedly haven't stopped at Twitter under Elon Musk. The social media company reportedly laid off 200 more employees on a Saturday night in late February, according to the New York Times. Some workers reportedly found out they had lost their jobs when they couldn't log into their company emails.Musk laid off 50% of Twitter's workforce in November after buying the company for $44 billion. Yahoo: 20% of employeesSOPA Images / Getty ImagesYahoo announced it will eliminate 20% of its staff, or more than 1,600 people, as part of an effort to restructure the company's advertising technology arm, Axios reported on February 9.Yahoo CEO Jim Lanzone told Axios that the cuts are part of a strategic overhaul of its advertising unit and will be  "tremendously beneficial for the profitability of Yahoo overall."    Disney: 7,000 jobsBob Iger, CEO of DisneyCharley Gallay/Stringer/Getty ImagesFresh off his return as Disney CEO, Bob Iger announced February 8 that Disney will slash 7,000 jobs as the company looks to reduce costs. Iger, who returned to the position in November 2022 to replace his successor Bob Chapek after first leaving in 2020, told investors the cuts are part of an effort to help save an estimated $5.5 billion. "While this is necessary to address the challenges we are facing today, I do not make this decision lightly," Iger said. "I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes."DocuSign: 10%Igor Golovniov/SOPA Images/LightRocket/Getty ImagesDocuSign plans to slash 10% of employees as part of a restructuring plan "designed to support the company's growth, scale, and profitability objectives," the electronic signature company wrote in a Securities and Exchange Commission filing on Feb. 16. The company said the restructuring plan is expected to be complete by the second quarter of fiscal 2024, per the filing. Affirm: 19% of its workforceAffirm co-founder and CEO Max LevchinAffirmAffirm announced on February 8 it plans to slash 19% of its workforce, after reporting declining sales that missed Wall Street expectations. Affirm co-founder and CEO Max Levchin said in a call with investors that the technology company "has taken appropriate action" in many areas of the business to navigate economic headwinds, including creating a "smaller, therefore, nimbler team.""I believe this is the right decision as we have hired a larger team that we can sustainably support in today's economic reality, but I am truly sorry to see many of our talented colleagues depart and we'll be forever grateful for their contributions to our mission," he said.  GoDaddy: 8% of workersGoDaddy's CEO Aman Bhutani in September 2019Don Feria/Invision/AP ImagesGoDaddy, the website domain company, announced on February 8 it will cut 8% of its global workforce. "Despite increasingly challenging macroeconomic conditions, we made progress on our 2022 strategic initiatives and continued our efforts to manage costs effectively," GoDaddy CEO Aman Bhutani wrote in an email to staffers."The discipline we embraced was important but, unfortunately, it was not sufficient to avoid the impacts of slower growth in a prolonged, uncertain macroeconomic environment."Zoom: 15% of staffZoom CEO Eric Yuan.AP Photo/Mark LennihanZoom CEO Eric Yuan announced in a memo to workers that the company would reduce its headcount by 15%, or about 1,300 employees, on February 7. He attributed the layoffs to "the uncertainty of the global economy and its effect on our customers" but also said the company "made mistakes" as it grew. "We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably toward the highest priorities," Yuan said. In the memo, Yuan also announced that he would cut his salary by 98% in 2023 and forgo his corporate bonus. In addition, other members of the executive leadership team will also reduce their base salaries by 20% this year, according to Yuan. eBay: 500 jobseBay CEO Jamie Iannone told employees Tuesday that the company would be eliminating 500 roles.Harry Murphy/Sportsfile for Web Summit via Getty ImagesOn Tuesday, e-commerce giant eBay told employees that it would be eliminating 500 roles, or about 4% of its workforce, according to a message included in a regulatory filing on Tuesday. In the message, CEO Jamie Iannone wrote "Today's actions are designed to strengthen our ability to deliver better end-to-end experiences for our customers and to support more innovation and scale across our platform."He added, "this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape." Dell: 5% of workforceDell is eliminating approximately 5% of its workforce. The company's co-chief operating officer Jeff Clarke told employees in a memo, "market conditions continue to erode with an uncertain future."Kevork Djansezian / Staff/Getty ImagesOn February 6, Dell said in a regulatory filing that it would be eliminating about 5% of its workforce. The percentage amounts to approximately 6,650 roles based on numbers that Dell provided Insider. In a memo sent to employees posted on Dell's website, co-chief operating officer Jeff Clarke, said "market conditions continue to erode with an uncertain future." He also noted in the memo that the company had paused hiring, limited employee traveling, and decreased spending on outside services. He added, however, "the steps we've taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough."Pinterest: 150 jobsBen Silbermann is the founder and executive chair of Pinterest. He was the company's CEO until June 2022.Horacio Villalobos/Getty ImagesPinterest said it would cut 150 workers, or less than 5% of its workforce, on February 1, the company confirmed to Insider.  "We're making organizational changes to further set us up to deliver against our company priorities and our long-term strategy," a company representative said.The social media company was recently the target of activist investor Elliott Management, agreeing to add one of the firm's representatives to its board last month.   Rivian: 6% of jobsRivian CEO RJ Scaringe.Carlos Delgado/Associated PressRivian's CEO RJ Scaringe announced the EV company would cut 6% of its workforce in a memo to employees, the company confirmed to Insider. This is the company's second round of job cuts in the last 6 months after Scaringe announced a separate 6% workforce reduction in July 2022. In his memo to staff, Scaringe said Rivian needs to focus its resources on ramping up production and reaching profitability. BDG Media: 8% of staffScreengrab of Gawker's homepageGawkerBDG Media announced on February 1 that it was shutting down pop-culture site Gawker and laying off 8% of its staff, according to Axios. BDG owns Bustle, Elite Daily, and other lifestyle and news websites. "After experiencing a financially strong 2022, we have found ourselves facing a surprisingly difficult Q1 of 2023," CEO Bryan Goldberg wrote in a memo to staff seen by Axios. Splunk: 325 jobsGary Steele took over as Splunk's CEO in April 2022.YouTube/ProofpointSoftware and data platform Splunk is the latest in a long list of tech companies to announce layoffs in recent months. On February 1, the company said it would lay off 4% of its staff and scale back the use of consultants to cut costs, according to a filing viewed by Insider. The layoffs will reportedly be focused on workers in North America, and CEO Gary Steele told employees Splunk would continue to hire in "lower-cost areas."Intel: 343 jobsIntel CEO Pat Gelsinger.Pool Eric Lalmand/Getty ImagesIntel notified California officials per WARN Act requirements it plans to layoff 343 workers from its Folsom campus, local outlets reported on January 30. "These are difficult decisions, and we are committed to treating impacted employees with dignity and respect," Intel said in a statement to KCRA 3, noting that the cost-cutting comes as the company is faces a "challenging macro-economic environment." On February 1, the company announced CEO Pat Gelsinger will take a 25% pay cut, while other members of the executive team will take salary reductions in amounts ranging from 5% to 15%.  FedEx: more than 10% of top managersFedEx workers in New York City on March 16, 2021.Alexi Rosenfeld/Getty ImagesFedEx informed staffers on February 1 it plans to slash more than 10% of top managers in an effort to reduce costs.  "This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions," CEO Raj Subramaniam wrote in a letter to staff, which was shared with Insider's Emma Cosgrove. While the exact number of employees impacted was not specified, a FedEx spokesperson told Insider that since June 2022 the company has reduced its workforce by more than 12,000 staffers through "headcount management initiatives." "We will continue responsible headcount management throughout our transformation," the spokesperson said. PayPal: 7% of total workforceDan Schulman, president and CEO of PayPal announced that the company would be cutting 7% of its total workforce on January 31.PaypalPayPal announced on January 31 that it plans to cut 2,000 workers or approximately 7% of the company's total workforce over the coming weeks. In a statement announcing the layoffs on PayPal's website, CEO and president Dan Schulman cited the "challenging macro-economic environment." He added, "While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do."HubSpot: 7% of staffYamini Rangan is HubSpot's CEO.Matt Winkelmeyer/ Getty ImagesHubSpot's CEO Yamini Rangan announced that the company would lay off 500 workers, according to an email seen by Insider. "We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected. The year was challenging due to a perfect storm of inflation, volatile foreign exchange, tighter customer budgets, and longer decision making cycles," Rangan wrote to employees. IBM: 1.5% of staffIBM's CEO Arvind KrishnaBrian Ach / Stringer / Via GettyIBM plans would cut 1.5% of its staff, roughly 3,900 workers. The layoffs were first reported by Bloomberg but confirmed by Insider.The company said the cuts would cost IBM about $300 million and is related entirely to businesses the company has spun off. Bloomberg reports that CFO James Kavanaugh said the company is still hiring in "higher-growth areas." Hasbro: 15% of workersA Jenga game by Hasbro Gaming.Thomson ReutersHasbro reportedly plans to cut 1,000 workers after warning that the 2022 holiday season was weaker than expected, according to the toy and game company. The company said the layoffs come as it seeks to save between $250 million to $300 million per year by the end of 2025. "While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses," Chris Cocks, Hasbro's CEO said. Dow: 2,000 global employeesThe Dow Chemical logo is shown on a building in downtown Midland, home of the Dow Chemical Company corporate headquarters, December 10th, 2015 in Midland, MichiganBill Pugliano/Getty ImagesDow Inc. announced on January 26 that it will lay off 2,000 global employees, a move that indicates mass layoffs are spreading beyond just the technology sector, the Wall Street Journal reported. It's part of a $1 billion cost-cutting effort intended to help amid "challenging energy markets," Dow CEO Jim Fitterling said in a press release. The chemical company also  will shut down select assets, mostly in Europe, per the release."We are taking these actions to further optimize our cost structure and prioritize business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe," Fittlering said.   SAP: Up to 3,000 positionsSAP CEO Christian KleinULI DECK/POOL/AFP via Getty ImagesSoftware company SAP said on January 26 it will slash up to 3,000 jobs globally in response to a profit slump, with many of the cuts coming outside of its headquarters in Berlin, the Wall Street Journal reported.  The layoffs will impact an estimated 2.5% of the company's workforce and are part of a cost-cutting initiative aiming at reaching an annual savings of $382 million in 2024, according to the Journal. "The purpose is to further focus on strategic growth areas," said Luka Mucic, SAP's chief financial officer, per the Journal.   3M: 2,500 jobs cut3M3M, which makes Post-It notes, Scotch tape, and N95 masks, said it plans to cut 2,500 manufacturing jobs worldwide. CEO Mike Roman called it "a necessary decision to align with adjusted production volumes." "We expect macroeconomic challenges to persist in 2023. Our focus is executing the actions we initiated in 2022 and delivering the best performance for customers and shareholders," he said in a press release. Google: around 12,000 employeesBrandon Wade/ReutersSundar Pichai, CEO of Google parent company Alphabet, informed staffers on January 20 that the company will lay off 12,000 employees, or 6% of its global workforce. In a memo sent to employees and obtained by Insider, Pichai said the layoffs will "cut across Alphabet, product areas, functions, levels and regions" and were decided upon after a "rigorous review." Pichai said the company will hold a townhall meeting to further discuss the cuts, adding he took "full responsibility for the decisions that led us here" "Over the past two years we've seen periods of dramatic growth," Pichai wrote in the email. "To match and fuel that growth, we hired for a different economic reality than the one we face today." Vox: 7% of staffThe layoffs were reportedly announced in a memo from CEO Jim Bankoff.Vox MediaVox Media, the parent company of publications like Vox, The Verge, New York magazine, and Vulture, is laying off roughly 133 people, or 7% of its staff, according to a report by Axios. The cuts come just a few months after the media company laid off 39 roles in July. The decision was reportedly announced in a note to staff from CEO Jim Bankoff, who wrote that while the company is "not expecting further layoffs at this time, we will continue to assess our outlook, keep a tight control on expenses and consider implementing other cost savings measures as needed," according to Axios.Vox Media's layoffs come at a time when advertisers are tightening their belts in anticipation of an economic slowdown, taking a toll on the media industry. Capital One: more than 1,100 tech workersBrian Ach/AP ImagesCapital One slashed 1,100 technology positions on January 18, a company spokesperson told Insider. The cuts impacted workers in the "Agile job family," a department which was eliminated and its responsibilities integrated into "existing engineering and product manager roles," per the spokesperson. "Decisions that affect our associates, especially those that involve role eliminations, are incredibly difficult," the Capital One spokesperson said in the statement. "This announcement is not a reflection on these individuals or the work they have driven on behalf of our technology organization," the spokesperson continued. "Their contributions have been critical to maturing our software delivery model and our overall tech transformation."The eliminations came after the bank had invested heavily in tech efforts in recent years, including launching a new software business focused on cloud computing in June 2022. "This decision was made solely to meet the evolving skills and process enhancements needed to deliver on the next phase of our tech transformation," the spokesperson said.  WeWork: About 300 employeesReutersWeWork announced on January 19 it will cut about 300 positions as it scales back on coworking spaces in low-performing regions, Reuters reported. The layoffs come after the company said in November 2022 it planned to exit 40 locations in the US as part of a larger cost-cutting effort. The company announced the cuts in a press release listing its fourth-quarter earnings call date, stating only the reductions are "in connection with its portfolio optimization and in continuing to streamline operations."  Wayfair: more than 1,000 employeesPavlo Gonchar/SOPA Images/LightRocket via Getty ImagesWayfair is expected to lay off more than 1,000 employees, about 5% of its workforce, in the coming weeks in response to slumping sales, the Wall Street Journal reported on January 19.The cuts mark the second round of layoffs in six months for the online furniture and home goods company, after it nixed 900 staffers in August 2022. Though the company experienced significant growth during the pandemic-driven home improvement boom, sales began to stagnate as social distancing policies loosened and Americans began returning to offices."We were seeing the tailwinds of the pandemic accelerate the adoption of e-commerce shopping, and I personally pushed hard to hire a strong team to support that growth. This year, that growth has not materialized as we had anticipated," Wayfair CEO Niraj Shah wrote in a letter to employees announcing the August 2022 layoffs, per CNN. In its most recent quarter, the Wayfair reported that net revenue decreased by $281 million, down 9% from the same period the year prior.  Microsoft: 10,000 workersMicrosoft CEO Satya NadellaStephen Brashear/Getty ImagesMicrosoft announced on January 18 that it planned to reduce its workforce by 10,000 jobs by the end of the third quarter of this year. CEO Satya Nadella attributed the layoffs to customers cutting back in anticipation of a recession. However, Nadella also told workers that the company still plans to grow in some areas, despite the firings, writing that the company will "continue to hire in key strategic areas." Microsoft's layoff announcement comes as the tech giant is reportedly in talks to invest $10 billion in OpenAI, which created the AI chatbot ChatGPT. On February 13, the company laid off staff at LinkedIn—which it acquired in 2016— according to The Information. The cuts were in the recruiting department, though the total number laid off is not immediately clear, The Information reported.Crypto.com: 20% of staffCrypto.com CEO Kris MarszalekCrypto.comCrypto.com announced on January 13 that it would let go of a fifth of its workforce amid a sagging crypto market and fallout from FTX's collapse. This is the second major round of firings for Crypto.com, which also had layoffs in July. "The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It's for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success," CEO Kris Marszalek wrote in a memo to employees. BlackRock: up to 3% of global workforceBlackRock CEO Larry FinkSpencer Platt/Getty ImagesBlackRock is cutting up to 500 roles in its first round of firings since 2019. Staff members were notified on January 11 about whether they were laid off. "Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper," CEO Larry Fink and President Rob Kapito wrote in a memo to employees. Goldman Sachs: an estimated 6.5% of its global workforceGoldman Sachs is laying off an expected 3,200 employees.Photo by Michael M. Santiago/Getty ImagesGoldman Sachs began laying off employees on Jan. 11, with cuts expected to impact an estimated 6.5% of the company's global workforce — or roughly 3,200 staffers — a source told Insider. The company previously slashed roles on its media and tech teams in September 2022, and it was expected to issue further reductions in the first half of January. The cost-cutting efforts from the investment banking giant mirror reductions from competitors including Morgan Stanley and Citi, which also laid off employees in 2022. "We continue to see headwinds on our expense lines, particularly in the near term," Goldman Sachs CEO David Solomon said at a conference in December. "We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set."   BNY Mellon: 1,500 jobsBNY Mellon CEO Robin VinceBNY MellonBNY Mellon is planning to cut approximately 3% of its workforce, or 1,500 jobs, according to the Wall Street Journal, which cited people familiar with the matter. The cuts will be primarily aimed at talent management roles, according to the report. BNY Mellon will reportedly plan to invest more in junior staff. Verily (part of Alphabet): reportedly 15% of workersAlphabet CEO Sundar PichaiJerod Harris/Getty ImagesVerily, which is Alphabet's healthcare unit, is laying off more than 200 employees, according to an email seen by the Wall Street Journal. The Journal reports that the company will also scale down the number of projects it works on in an effort to cut costs."We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model," Verily's CEO, Stephen Gillet, wrote in the email, according to the Journal.This is the first significant layoff done by Google's parent company, which had so far avoided the massive waves of job cuts done by other big tech giants like Amazon and Meta. DirecTV: 10% of management staffDirecTV.Karen Bleier/AFP/Getty ImagesDirecTV employees were told in the first week of January that the company would lay off several hundred workers in management roles.The satellite TV business has faced slowing revenues as more people choose to cut the cord and pay for streaming services over cable TV. "The entire pay-TV industry is impacted by the secular decline and the increasing rates to secure and distribute programming. We're adjusting our operations costs to align with these changes and will continue to invest in new entertainment products and service enhancements," a spokesperson for DirecTV told Insider. Coinbase: 950 workersCEO Brian Armstrong cited the downward trend in cryptocurrency prices and the broader economy as reasons for the layoffs.Patrick Fallon/Getty ImagesCoinbase announced on Tuesday, Jan. 10, that would lay off another 20% of its staff. The cuts came after the crypto company laid off over 1,000 employees in July. In a memo to employees, CEO Brian Armstrong said, "in hindsight, we could have cut further at that time," referencing the layoffs in July. Armstrong partially attributed the company's weakness to the "fallout from unscrupulous actors in the industry," likely referencing the alleged fraud that took place at FTX late last year under then-CEO Sam Bankman-Fried. Armstrong predicted "there could still be further contagion" from FTX in the crypto markets but assured remaining employees that Coinbase is well capitalized. Amazon: 18,000 employeesAmazon CEO Andy Jassy initially announced the company's latest round of layoffs in November.AmazonAmazon is in the midst of the most significant round of layoffs in the company's history. In a memo to employees, CEO Andy Jassy said the company would cut more than 18,000 workers in total — far more than what was initially expected based on reporting by the New York Times. Jassy cited "the uncertain economy" and rapid hiring as reasons for the layoffs. While most of Amazon's 1.5 million staff have warehouse jobs, the layoffs are concentrated in Amazon's corporate groups. Amazon's layoffs began late last year, though the Wall Street Journal reports cuts will continue through the first few weeks of 2023.Amazon's 18,000 jobs cuts are the largest of any major tech company amid the wave of recent layoffs.  Salesforce: 10% of its staffSalesforce said in the first month of 2023 that it would enact big job cuts.Noam Galai/Getty ImagesSalesforce co-CEO Marc Benioff announced on Jan. 4 that the software company plans to layoff 10% of its workforce — an estimated 7,000 employees — and close select offices as part of a restructuring and cost-cutting plan. "The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," Benioff wrote in an email to staff. "With this in mind, we've made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks."He continued: "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."Everlane: 17% of corporate employeesEverlane founder and executive chair Michael Preysman.Lars Ronbog/Getty Images for Copenhagen Fashion SummitEverlane is slashing 17% of its 175-person corporate workforce, and 3% of its retail staff."We know there will be some bumpiness over the next few weeks as we navigate a lot of change at once. We ask for your patience as we do right by our departing team members," CEO Andrea O'Donnell wrote to employees, according to an internal memo seen by Insider. In a statement to Insider, a company spokesperson said the decision was intended to "improve profitability in 2023 and continue our efforts to help leave the fashion industry cleaner than we found it."The e-commerce clothing company previously laid off nearly 300 workers, mostly in retail in March 2020 amid the outbreak of the Covid-19 pandemic.Vimeo: 11% of its workforceAnjali Sud, CEO of Vimeo, speaks during the company's direct listing on Nasdaq, Tuesday, May 25, 2021, in New York.AP Photo/Mark LennihanVimeo CEO Anjali Sud told employees on Jan. 4 that the company would layoff 11% of its staff, the video platform's second major round of layoffs in less than a year, after cutting 6% of employees in July"This was a very hard decision that impacts each of us deeply," Sud wrote in an email to staff. "It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment."A spokesperson told Insider reduction is intended to assist with ongoing economic concerns and improve the company's balance sheet. Compass: size of layoffs not immediately disclosedCompass is letting go of more employees after two rounds of layoffs in the past eight months.CompassCompass CEO Robert Reffkin told staffers on Jan. 5 it would conduct more layoffs, following two previous rounds in the past eight months, as the brokerage continues to struggle with significant financial losses. "We've been focused over the last year on controlling our costs," Reffkin wrote in an email to employees. "As part of that work, today we reduced the size of some of our employee teams. While decisions like these are always hard, they are prudent and allow us to continue to build a long-term, successful business for all of you."While the size of the layoffs was not immediately disclosed, the brokerage let go of 450 corporate employees in June 2022, followed by an additional 750 people from its technology team in October 2022.   Stitch Fix: 20% of salaried jobsStitch Fix is laying off salaried employees.SOPA ImagesStitch Fix announced on Jan. 5 that it plans to slash 20% of its salaried workforce, the Wall Street Journal reported.The cuts come in tandem with the announcement that CEO Elizabeth Spaulding is stepping down, after less than 18 months at the helm of the struggling retail company."First as president and then as CEO, it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team," Spaulding said in a statement. "It is now time for a new leader to help support the next phase."Stitch Fix founder Katrina Lake — who formerly served as chief executive and sits on the board of directors — will become interim CEO, the company said in a press release. Read the original article on Business Insider.....»»

Category: dealsSource: nytJun 12th, 2023

Spotify is the latest company to announce job cuts amid a layoff wave expanding beyond tech. Here"s the full list of major US companies making slashes this year.

The wave of layoffs hitting tech companies and beyond shows no signs of slowing down. Spotify is the latest to make job cuts. Spotify announced it would lay off 2% of its workforce, following job cuts the brand announced back in January.Onur Dogman/SOPA Images/LightRocket via Getty Images Spotify is the latest company to announce layoffs. In recent months, layoffs have expanded beyond tech, media, and finance as Gap and Whole Foods announced cuts. See the full list of layoffs so far in 2023. A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down into 2023.Spotify is the latest company to announce layoffs, according to a memo sent to employees from the company.In the memo, the vice president of Spotify's podcast business Sahar Elhabashi explained the layoffs would impact around 200 employees. A Spotify spokesperson told Insider the layoffs would impact employees a part of Spotify's podcast business and its supporting functions, including talent acquisition and financial roles. This is the second round of layoffs the company has announced this year: In January, Spotify's CEO said the company would cut 6% of its staff.The recent layoffs are a part of the brand's decision to change how it works with podcast partners around the globe and would help the brand "support the creator community better," the memo read.The news comes less than a week after cryptocurrency exchange company Binance announced it was considering staff cuts, and on the heels of recent layoffs at companies including  JPMorgan Chase, LinkedIn and Shopify.  These companies join a large number of major corporations that have made significant cuts in the new year: Tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced massive layoffs in the first weeks of 2023 amid a continued economic downturn and stagnating sales.The downsizing followed significant reductions that companies including Meta and Twitter made last year. The layoffs have primarily affected the tech sector, which is now hemorrhaging employees at a faster rate than at any point during the pandemic, the Journal reported. According to data cited by the Journal from Layoffs.fyi, a site tracking layoffs since the start of the pandemic, tech companies slashed more than 187,000 in 2023 alone — compared to 80,000 in March to December 2020 and 15,000 in 2021. But it's not just tech companies that are cutting costs, with the major job reductions that have come from the Gap, along with FedEx, Dow, and Wayfair.Here are notable job cuts so far in 2023: Spotify: laying off 2% of workforceSpotify announced it would lay off 2% of its workforce, following job cuts the brand announced back in January.Onur Dogman/SOPA Images/LightRocket via Getty ImagesSpotify announced that the music and podcast streaming app would lay off about 200 employees, or 2% of its workforce. The layoffs will impact employees across Spotify's podcasting business and its supporting functions, including talent acquisition and financial roles, a Spotify spokesperson told Insider.In the memo sent to employees, the vice president of Spotify's podcast business Sahar Elhabashi explained the layoffs were a part of the brand's decision to change how it works with podcast partners around the globe. The "fundamental pivot from a more uniform proposition will allow us to support the creator community better," the memo read."The company will support these individuals with generous severance packages, including extended Healthcare coverage and immediate access to outplacement support," the statement read. This announcement arrives on the tail of additional layoffs the music streaming service made back in January. In a memo to Spotify employees, CEO Daniel Ek said the company would cut 6% of its staff, about 600 people. "While we have made great progress in improving speed in the last few years, we haven't focused as much on improving efficiency. We still spend far too much time syncing on slightly different strategies, which slows us down. And in a challenging economic environment, efficiency takes on greater importance. So, in an effort to drive more efficiency, control costs, and speed up decision-making, I have decided to restructure our organization," he wrote. As part of those changes, Dawn Ostroff, the company's chief content and advertising officer, who spent more than $1 billion signing exclusive podcast deals with Joe Rogan, the Obamas, and Prince Harry and Meghan Markle, has departed. Binance: potential layoffsBinance, one of the world's largest cryptocurrency exchanges by volume, is considering staff cuts as the company prepares for the next bull cycle and evaluates its "talent density," a Binance spokesperson told Insider. "As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic," the spokesperson said.The statement came after a series of tweets from independent journalist Colin Wu on May 31 that indicated forthcoming layoffs at the company. "This is not a case of rightsizing, but rather, re-evaluating whether we have the right talent and expertise in critical roles," the Binance statement continued. "This will include looking at certain products and business units to ensure our resources are allocated properly to reflect the evolving demands of users and regulators." JPMorgan: About 500 jobsJPMorgan recently began cuts of about 500 employees, CNBC and CNN reported.ReutersJPMorgan announced on March 26 that it is slashing 500 roles, CNBC reported.The cuts are expected to spread across JPMorgan's retail and commercial banking, asset and wealth management, and corporate and investment banking operations, according to CNBC.The reported layoffs come just a day after reports that JPMorgan laid off 1,000 First Republic employees, or about 15% of its workforce. JPMorgan, the largest bank in the US, got even larger earlier this month when it acquired the assets of failing First Republic after it was seized by regulators.LinkedIn: 716 rolesRyan Roslansky, CEO of LinkedIn, said the company would be cutting 716 roles on Tuesday.Courtesy of Ryan RoslanskyLinkedIn announced earlier this month that it would be cutting 716 roles from its global workforce in a message from CEO Ryan Roslansky.Roslansky also noted that company will also be discontinuing InCareer, a local jobs app in China, as it refocuses on helping companies in China hire, market, and train abroad. The decision comes on the heels of LinkedIn's 20th anniversary last week. "While we're making meaningful progress creating economic opportunities for our members and customers and experiencing record engagement on the platform, we're also seeing shifts in customer behavior and slower revenue growth," Roslansky said.Shopify: 20% of workforceDavid Fitzgerald/Sportsfile via Getty ImagesShopify is slashing 20% of its workforce and selling off most of its logistics business to supply chain company Flexport, the company announced on May 4. The cuts confirmed growing concern of layoffs among staffers in recent weeks, following the cancellation of several team-building offsite events and analyst speculation that Shopify would alter its logistics arm, Insider reported."I recognize the crushing impact this decision has on some of you, and did not make this decision lightly," Shopify CEO Tobi Lütke said in a note to employees and shareholders.He continued: "This is a consequential and hard week. It's the right thing for Shopify but it negatively affects many team members who we admire and love working with."Morgan Stanley: 3,000 jobsReutersMorgan Stanley is cutting 3,000 jobs by the end of the quarter, Bloomberg reported, citing sources familiar with the matter. One person told the outlet that the company's banking and trading teams will be most impacted.The cuts will affect about 5% of the firm's workforce, excluding financial advisers and personnel in the wealth management division, Bloomberg noted. A spokesperson for the bank did not immediately respond to Insider's request for comment and declined to comment to Bloomberg. However, CEO James Gorman noted last month that underwriting and mergers activity has been "subdued" and that he doesn't expect a rebound before the second half of 2023 or even 2024, Bloomberg noted. The firm last cut 1,600, or around 2% of its staff in December, Bloomberg noted. Dropbox: 16% of staffDrew Houston, cofounder and CEO of Dropbox, told employees Thursday that the company was eliminating 500 jobs.Matt Winkelmeyer / Getty ImagesCloud storage firm Dropbox said Thursday that it would be reducing its global workforce by 16%, or 500 jobs.In a message to staff sent Thursday, CEO Drew Houston said the cuts are being made, in part, from slowing business growth and the expansion of AI products. "Today's changes were the result of taking a hard look at our strategic priorities and organizational structure as a leadership team, and aligning to principles of sustainable financial growth, efficiency, and flexibility to invest in our future. We're also streamlining how the company is organized," Houston said.  Gap: more than 2,000 jobs since late last yearGap posters in Birmingham, England.Mike Kemp/Getty ImagesClothing retailer Gap is cutting 1,800 positions in its headquarters and upper management as part of a restructuring plan meant to cut costs, the retailer said Thursday.Gap said that the cuts are expected to help the company see $300 million in annualized savings."We are taking the necessary actions to reshape Gap Inc. for the future — simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience," the company's chairman and interim CEO Bob Martin said in a statement given to Insider.In September, Gap slashed 500 jobs from its corporate ranks in a push to save $250 million annually, the Wall Street Journal reported. Jenny Craig: potential mass layoffsA man enters a Jenny Craig facility June 19, 2006 in Niles, Illinois.Tim Boyle/Getty ImagesWeight loss company Jenny Craig notified staffers of potential mass layoffs on April 27, as a result of the company "winding down physical operations," according to an internal email reviewed by NBC News.According to NBC News, the company has been in the process of selling and anticipates the pending sale "will likely impact all employees in some manner," an FAQ document sent to employees read. "We do not know the exact employees/groups whom will be impacted, and if any employees may be retained," the document said, per NBC News. "As a result, we would suggest that you anticipate that your employment may be impacted and begin to seek other employment." 3M: 6,000 jobsMike Roman, CEO of 3M.Xinhua News Agency / Contributor/Getty ImagesOn Tuesday, the Scotch tape and Post-It Notes manufacturer said it will be cutting 6,000 positions across all parts of the company with the goal of streamlining operations, simplifying supply chain, and reducing layers of management, according to The Wall Street Journal.The company's chief executive Mike Roman said Tuesday that the cuts would eliminate 10% of 3M's global workforce and ultimately save the company between $700 to $900 million in pretax costs, the Journal said. 3M last announced cuts in January when it said it was removing 2,500 manufacturing positions.Lyft: 1,072 rolesReutersIn an SEC filing on Thursday, Lyft said it was cutting roles for 1,072 employees, or about 26% of its corporate workforce. In the filing, the company also said it is scaling back on hiring and has eliminated over 250 open positions. The news comes just weeks after David Risher took the helm as Lyft's new CEO, part of an executive shakeup that involved cofounders Logan Green and John Zimmer moving into board roles. A spokesperson for Lyft previously told Insider, "David has made clear to the company that his focus is on creating a great and affordable experience for riders and improving drivers' earnings."The spokesperson added, "To do so requires that we reduce our costs and structure our company so that our leaders are closer to riders and drivers. This is a hard decision and one we're not making lightly. But the result will be a far stronger, more competitive Lyft." Deloitte: 1,200 jobsAlex Tai/SOPA Images/LightRocket via Getty ImagesDeloitte announced on April 21 it was cutting 1,200 jobs, or about 1.5% of its US staff, the Financial Times reported. The cuts will largely be concentrated in the financial advisory business as a result of a decline in mergers and acquisitions, per internal communications viewed by the FT. Whole Foods: Several hundred corporate employeesMary Meisenzahl/InsiderWhole Foods announced on April 20 it was letting go of several hundred corporate employees, amounting to less than 0.5% of the company's workforce, CNBC reported.The cuts are a result of a structural reorganization of global and regional support teams, which will be downsized from nine to six, but will not cause store closures, according to CNBC.In a memo to employees viewed by CNBC, Whole Foods executives wrote "simplifying our work and improving how we operate is critical as we grow." "As the grocery industry continues to rapidly evolve, and as we — like all retailers — have navigated challenges like the COVID-19 pandemic and continued economic uncertainty, it has become clear that we need to continue to build on these changes," the memo read, per CNBC. It continued: "With additional adjustments, we will be able to further simplify our operations, make processes easier, and improve how we support our stores."BuzzFeed News: 15% of staffBuzzFeed News headquarters.Drew Angerer / Getty ImagesBuzzFeed announced on April 20 that it was shuttering its BuzzFeed News division, laying off 15% of its staff, or 180 employees, in the process. In a memo to staff shared with Insider's Lucia Moses, CEO Jonah Peretti admitted to mistakes like over-investing in the news arm and failing to successfully integrate BuzzFeed and Complex after the latter was acquired in 2021. "I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances," he wrote. "Our job is to adapt, change, improve, and perform despite the challenges in the world. We can and will do better."Ernst & Young: 3,000 positionsEY spends $500 million annually on learning for its employees.TOLGA AKMEN / Contributor / GettyErnst & Young announced on April 17 it was laying off 3,000 US employees, or about 5% of its total US staff.The decision came after the financial auditor nixed a proposed reorganization that would break up its consulting and accounting businesses, Reuters reported. According to the Financial Times, which first reported the layoffs, the cuts will address "overcapacity" and will largely impact the company's consulting business. Opendoor: 560 jobsOpendoor announced it was cutting 560 jobs on Tuesday.Opendoor Technologies/GlassdoorOn Tuesday, home flipping giant Opendoor said it was cutting 560 jobs, or 22% of its workforce, citing a souring housing market. A spokesperson for Opendoor told Insider by email,"We've been weathering a sharp transition in the housing market – the steepest and fastest rate increase by the Fed in 40 years, the more than doubling of mortgage rates from historic lows, and the hit to home affordability have driven an approximately 30% decline in new listings from peak levels last year."The spokesperson noted that the cuts have been made to "better align our operational costs with the anticipated near-term market opportunity, while maintaining our critical technology investments that will continue to drive the business long term."Impacted team members will receive severance pay, extended health benefits, and job transition support. Opendoor last made cuts in November 2022, laying off 550 workers or about 18% of its staff.  McKinsey: About 1,400 employeesFABRICE COFFRINI/AFP via Getty ImagesMcKinsey & Company will cut an estimated 1,400 positions, or 3% of its total workforce, Bloomberg reported on March 29.The layoffs are part of the consulting firm's efforts to reorganize support teams and pare down an employee base that has grown rapidly in recent years, per the outlet. "The painful result of this shift is that we will have to say goodbye to some of our firm functions colleagues, while helping others move into new roles that better align to our firm's strategy and priorities," Bob Sternfels, global managing partner, wrote in a note to staff seen by Bloomberg. He continued: "Starting now, where local regulations allow, we will begin to notify colleagues who will depart our firm or be asked to change roles."David's Bridal: 9,236 employeesShoppers head for David's Bridal in Sunset Hill, Mo. Tuesday, May 10, 2005.James A. Finley/AP ImagesDavid's Bridal is laying off more than 9,000 workers across the US, according to a WARN notice filed with the Pennsylvania Department of Labor and Industry on April 14. "We are evaluating our strategic options and a sale process is underway," David's Bridal spokesperson Laura McKeever told the Philadelphia Inquirer. "At this time, there are no updates to share."The company is considering filing for bankruptcy in the near future, according to an April 7 report from the New York Times. David's Bridal also filed for bankruptcy in 2018. Virgin Orbit: 85% of staffersSir Richard Branson, founder of Virgin Orbit.Mark GreenbergVirgin Orbit disclosed in a March 30 filing with the Securities and Exchange Commission that it is slashing 85% of its staff, or about 675 employees.The company, which operates within the Virgin Group and provides launch services for satellites, is also ceasing operations "for the foreseeable future," CNBC reported. "Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Virgin Orbit CEO Dan Hart said, according to audio of a company all-hands obtained by CNBC.     Electronic Arts: About 780 employeesLucy Nicholson/ReutersElectronic Arts — the video game company best known for its "The Sims," "FIFA," and "Madden NFL" franchises — is letting go of 6% of its staff, or about 780 employees, the company announced on March 24. "As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams," Electronic Arts CEO Andrew Wilson wrote in a blog post to staffers. Wilson said the cuts began early this quarter and will continue through the beginning of the next fiscal year.  Amazon: 9,000 more jobsAmazon CEO Andy Jassy announced on Monday that the company would be eliminating another 9,000 roles, on top of the 18,000 announced in January.Richard Brian/ReutersAmazon announced on March 20 that it would cut 9,000 jobs from its workforce over the coming weeks. The cuts come on the heels of the 18,000 roles the company announced it was cutting back in January. In a message to employees shared on Amazon's site, CEO Andy Jassy noted that the impacted positions are largely in the Amazon Web Services, People Experience and Technology Solutions, Advertising, and Twitch departments. In the memo, Jassy said the company staggered its layoff announcements because "not all of the teams were done with their analyses in the late fall." He added, "rather than rush through these assessments without the appropriate diligence, we chose to share these decisions as we've made them so people had the information as soon as possible."Roku: 200 staffersRoku CEO Anthony Wood speaks during Tribeca X - 2021 Tribeca Festival on June 18, 2021 in New York City.Photo by Arturo Holmes/Getty Images for Tribeca FestivalRoku is cutting an additional 200 roles, or 6% of its workforce, Reuters reported on March 30. The cuts come after the streaming device manufacturer previously laid off 200 employees in November 2022. The company is expected to complete the cuts by the end of the second quarter, and also plans to leave and sublease office facilities in an attempt to reduce costs, according to Reuters. Walmart: About 200 employeesA Walmart store.Bruce Bennett/Getty ImagesWalmart asked about 200 workers at five fulfillment centers to find employment elsewhere in the company in the next 90 days or else be laid off, Reuters reported on March 23.The cuts are a response to the reduction of evening and weekend shifts at select Walmart facilities, including those in Chino, California; Davenport, Florida; Bethlehem, Pennsylvania; Pedricktown, New Jersey; and Fort Worth, Texas, per Reuters. "We recently adjusted staffing levels to better prepare for the future needs of customers," a Walmart spokesperson told Reuters in a statement.  Accenture: 19,000 positionsJoan Cros/Corbis via Getty ImagesAccenture is slashing 19,000 roles, or 2.5% of its total workforce, according to a Security and Exchange Commission filing on March 23.The tech consultancy company said the layoffs will take place over the next 18 months and half of the cuts will impact staffers in "non-billable corporate functions," per the filing.  "While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs," Accenture wrote in the filing. Indeed: 2,200 staffersIndeed CEO Chris HyamsPhoto by Niall Carson/PA Images via Getty ImagesIndeed CEO Chris Hyams announced on March 22 that the online networking platform will cut 2,200 jobs, or about 15% of its staff. In a note sent to employees, Hyams wrote the reductions will impact "nearly every team, function, level, and region" across the company in an effort to reduce redundancy and increase efficiency. "I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I'd never have to make," he wrote. Meta: 10,000 workersMeta CEO Mark ZuckerbergMark Lennihan/APRoughly 10,000 Meta workers will find out that their jobs have been cut between March and May, according to an announcement by the company's founder and CEO, Mark Zuckerberg. Zuckerberg also said the company would close around 5,000 open roles that haven't yet been filled as part of the company's effort to downsize. "My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead," Zuckerberg wrote in a post on Facebook announcing the layoffs. In the post, Zuckerberg said that members of Meta's recruiting team would learn about the fate of their jobs in March, while tech workers would find out in late April, and business groups would find out in May. "In a small number of cases, it may take through the end of the year to complete these changes," he wrote. The job cuts come less than 5 months after Meta slashed 11,000 workers, or about 13% of its workforce, in November. At the time, Zuckerberg called the layoffs a "last resort."  SiriusXM: 475 rolesJennifer Witz, CEO of SiriusXM said the company was cutting 475 roles on March 6.Cindy Ord / Staff/ Getty ImagesThe radio company said March 6th that it was cutting 8% of its staff or 475 roles according to a statement posted on the company's website from CEO Jennifer Witz.In the statement, Witz said "nearly every department" across the company will be impacted. She also noted that those impacted will be contacted directly and will have the opportunity to speak with a leader from their department as well as a member of the company's People + Culture team. Impacted employees will also be provided with exit packages that include severance, transitional health insurance benefits, Employee Advocacy Program continuation, and outplacement services, Witz noted.Citigroup: hundreds of jobsCiti CEO Jane FraserPatrick T. Fallon/AFP via Getty ImagesCiti plans to cut hundreds of jobs, with many focused on the company's investment bank division. The total headcount cut will reportedly amount to less than 1% of Citi's more than 240,000 workers and are part of Citi's normal course of activities.Citi's cuts were first reported by Bloomberg. In January, Citi's CFO told investors the company remained "focused on simplifying the organization, and we expect to generate further opportunities for expense reduction in the future."Citi declined Insider's request to provide comment on the record. Waymo: reported 209 roles so farWaymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 8% of the unit's staff has been cut this year.Peter Prado/Insider; Vaughn Ridley/Sportsfile via Getty ImagesAlphabet's self-driving car unit Waymo has reportedly laid off a total of 209 employees this year in two rounds of cuts, according to The Information. Waymo reportedly laid off 137 employees on March 1, according to The Information. Waymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 209 employees— approximately 8% of the company's staff— have been cut this year, according to an internal email seen by The Information.Waymo did confirm the cuts to Insider but did not specify the number of roles impacted or the date the first round of cuts occurred.  Thoughtworks: reported 500 employeesThoughtworks laid off 500 employees on February 28. That day, CEO Guo Xiao said in the company's earnings release that it was "pleased" with its performance in the fourth quarter of 2022.Screenshot of Guo Xiao from the Thoughtworks website.Thoughtworks, a software consultancy firm, reportedly laid off 500 employees or 4% of its global workforce, according to TechCrunch. TechCrunch noted that the company "did not dispute" the figure when reached for comment on March 1. According to TechCrunch, Thoughtworks "initially informed" the affected employees about the decision on February 28. That same day, Thoughtworks reported that its revenue had increased 8.3% between the fourth quarter of 2022 and the fourth quarter of 2021. The company also reported a more than 21% year over year revenue increase for 2022. In the company's earnings release, Thoughtworks' CEO Guo Xiao said, "We are pleased with our performance in the fourth quarter and our clients continue to look to us to help them navigate these uncertain times and tackle their biggest technology challenges."General Motors: reported 500 salaried jobsGM CEO Mary Barra.Patrick T. Fallon/Getty ImagesGeneral Motors plans to cut 500 executive-level and salaried positions, according to a report from The Detroit News. The layoffs come only one month after CEO Mary Barra told investors and reporters on the company's earnings call, "I do want to be clear that we're not planning layoffs." In a memo to employees, seen by Insider, GM's chief people officer wrote, "we are looking at all the ways of addressing efficiency and performance. This week we are taking action with a relatively small number of global executives and classified employees following our most recent performance calibration." Employees who are getting laid off were informed on Feb. 28. General Motors confirmed the layoffs to Insider but did not confirm a specific number of employees getting cut. Twitter: about 200 employeesElon Musk is Twitter's CEO and ownerREUTERS/Jonathan ErnstThe layoffs reportedly haven't stopped at Twitter under Elon Musk. The social media company reportedly laid off 200 more employees on a Saturday night in late February, according to the New York Times. Some workers reportedly found out they had lost their jobs when they couldn't log into their company emails.Musk laid off 50% of Twitter's workforce in November after buying the company for $44 billion. Yahoo: 20% of employeesSOPA Images / Getty ImagesYahoo announced it will eliminate 20% of its staff, or more than 1,600 people, as part of an effort to restructure the company's advertising technology arm, Axios reported on February 9.Yahoo CEO Jim Lanzone told Axios that the cuts are part of a strategic overhaul of its advertising unit and will be  "tremendously beneficial for the profitability of Yahoo overall."    Disney: 7,000 jobsBob Iger, CEO of DisneyCharley Gallay/Stringer/Getty ImagesFresh off his return as Disney CEO, Bob Iger announced February 8 that Disney will slash 7,000 jobs as the company looks to reduce costs. Iger, who returned to the position in November 2022 to replace his successor Bob Chapek after first leaving in 2020, told investors the cuts are part of an effort to help save an estimated $5.5 billion. "While this is necessary to address the challenges we are facing today, I do not make this decision lightly," Iger said. "I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes."DocuSign: 10%Igor Golovniov/SOPA Images/LightRocket/Getty ImagesDocuSign plans to slash 10% of employees as part of a restructuring plan "designed to support the company's growth, scale, and profitability objectives," the electronic signature company wrote in a Securities and Exchange Commission filing on Feb. 16. The company said the restructuring plan is expected to be complete by the second quarter of fiscal 2024, per the filing. Affirm: 19% of its workforceAffirm co-founder and CEO Max LevchinAffirmAffirm announced on February 8 it plans to slash 19% of its workforce, after reporting declining sales that missed Wall Street expectations. Affirm co-founder and CEO Max Levchin said in a call with investors that the technology company "has taken appropriate action" in many areas of the business to navigate economic headwinds, including creating a "smaller, therefore, nimbler team.""I believe this is the right decision as we have hired a larger team that we can sustainably support in today's economic reality, but I am truly sorry to see many of our talented colleagues depart and we'll be forever grateful for their contributions to our mission," he said.  GoDaddy: 8% of workersGoDaddy's CEO Aman Bhutani in September 2019Don Feria/Invision/AP ImagesGoDaddy, the website domain company, announced on February 8 it will cut 8% of its global workforce. "Despite increasingly challenging macroeconomic conditions, we made progress on our 2022 strategic initiatives and continued our efforts to manage costs effectively," GoDaddy CEO Aman Bhutani wrote in an email to staffers."The discipline we embraced was important but, unfortunately, it was not sufficient to avoid the impacts of slower growth in a prolonged, uncertain macroeconomic environment."Zoom: 15% of staffZoom CEO Eric Yuan.AP Photo/Mark LennihanZoom CEO Eric Yuan announced in a memo to workers that the company would reduce its headcount by 15%, or about 1,300 employees, on February 7. He attributed the layoffs to "the uncertainty of the global economy and its effect on our customers" but also said the company "made mistakes" as it grew. "We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably toward the highest priorities," Yuan said. In the memo, Yuan also announced that he would cut his salary by 98% in 2023 and forgo his corporate bonus. In addition, other members of the executive leadership team will also reduce their base salaries by 20% this year, according to Yuan. eBay: 500 jobseBay CEO Jamie Iannone told employees Tuesday that the company would be eliminating 500 roles.Harry Murphy/Sportsfile for Web Summit via Getty ImagesOn Tuesday, e-commerce giant eBay told employees that it would be eliminating 500 roles, or about 4% of its workforce, according to a message included in a regulatory filing on Tuesday. In the message, CEO Jamie Iannone wrote "Today's actions are designed to strengthen our ability to deliver better end-to-end experiences for our customers and to support more innovation and scale across our platform."He added, "this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape." Dell: 5% of workforceDell is eliminating approximately 5% of its workforce. The company's co-chief operating officer Jeff Clarke told employees in a memo, "market conditions continue to erode with an uncertain future."Kevork Djansezian / Staff/Getty ImagesOn February 6, Dell said in a regulatory filing that it would be eliminating about 5% of its workforce. The percentage amounts to approximately 6,650 roles based on numbers that Dell provided Insider. In a memo sent to employees posted on Dell's website, co-chief operating officer Jeff Clarke, said "market conditions continue to erode with an uncertain future." He also noted in the memo that the company had paused hiring, limited employee traveling, and decreased spending on outside services. He added, however, "the steps we've taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough."Pinterest: 150 jobsBen Silbermann is the founder and executive chair of Pinterest. He was the company's CEO until June 2022.Horacio Villalobos/Getty ImagesPinterest said it would cut 150 workers, or less than 5% of its workforce, on February 1, the company confirmed to Insider.  "We're making organizational changes to further set us up to deliver against our company priorities and our long-term strategy," a company representative said.The social media company was recently the target of activist investor Elliott Management, agreeing to add one of the firm's representatives to its board last month.   Rivian: 6% of jobsRivian CEO RJ Scaringe.Carlos Delgado/Associated PressRivian's CEO RJ Scaringe announced the EV company would cut 6% of its workforce in a memo to employees, the company confirmed to Insider. This is the company's second round of job cuts in the last 6 months after Scaringe announced a separate 6% workforce reduction in July 2022. In his memo to staff, Scaringe said Rivian needs to focus its resources on ramping up production and reaching profitability. BDG Media: 8% of staffScreengrab of Gawker's homepageGawkerBDG Media announced on February 1 that it was shutting down pop-culture site Gawker and laying off 8% of its staff, according to Axios. BDG owns Bustle, Elite Daily, and other lifestyle and news websites. "After experiencing a financially strong 2022, we have found ourselves facing a surprisingly difficult Q1 of 2023," CEO Bryan Goldberg wrote in a memo to staff seen by Axios. Splunk: 325 jobsGary Steele took over as Splunk's CEO in April 2022.YouTube/ProofpointSoftware and data platform Splunk is the latest in a long list of tech companies to announce layoffs in recent months. On February 1, the company said it would lay off 4% of its staff and scale back the use of consultants to cut costs, according to a filing viewed by Insider. The layoffs will reportedly be focused on workers in North America, and CEO Gary Steele told employees Splunk would continue to hire in "lower-cost areas."Intel: 343 jobsIntel CEO Pat Gelsinger.Pool Eric Lalmand/Getty ImagesIntel notified California officials per WARN Act requirements it plans to layoff 343 workers from its Folsom campus, local outlets reported on January 30. "These are difficult decisions, and we are committed to treating impacted employees with dignity and respect," Intel said in a statement to KCRA 3, noting that the cost-cutting comes as the company is faces a "challenging macro-economic environment." On February 1, the company announced CEO Pat Gelsinger will take a 25% pay cut, while other members of the executive team will take salary reductions in amounts ranging from 5% to 15%.  FedEx: more than 10% of top managersFedEx workers in New York City on March 16, 2021.Alexi Rosenfeld/Getty ImagesFedEx informed staffers on February 1 it plans to slash more than 10% of top managers in an effort to reduce costs.  "This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions," CEO Raj Subramaniam wrote in a letter to staff, which was shared with Insider's Emma Cosgrove. While the exact number of employees impacted was not specified, a FedEx spokesperson told Insider that since June 2022 the company has reduced its workforce by more than 12,000 staffers through "headcount management initiatives." "We will continue responsible headcount management throughout our transformation," the spokesperson said. PayPal: 7% of total workforceDan Schulman, president and CEO of PayPal announced that the company would be cutting 7% of its total workforce on January 31.PaypalPayPal announced on January 31 that it plans to cut 2,000 workers or approximately 7% of the company's total workforce over the coming weeks. In a statement announcing the layoffs on PayPal's website, CEO and president Dan Schulman cited the "challenging macro-economic environment." He added, "While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do."HubSpot: 7% of staffYamini Rangan is HubSpot's CEO.Matt Winkelmeyer/ Getty ImagesHubSpot's CEO Yamini Rangan announced that the company would lay off 500 workers, according to an email seen by Insider. "We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected. The year was challenging due to a perfect storm of inflation, volatile foreign exchange, tighter customer budgets, and longer decision making cycles," Rangan wrote to employees. IBM: 1.5% of staffIBM's CEO Arvind KrishnaBrian Ach / Stringer / Via GettyIBM plans would cut 1.5% of its staff, roughly 3,900 workers. The layoffs were first reported by Bloomberg but confirmed by Insider.The company said the cuts would cost IBM about $300 million and is related entirely to businesses the company has spun off. Bloomberg reports that CFO James Kavanaugh said the company is still hiring in "higher-growth areas." Hasbro: 15% of workersA Jenga game by Hasbro Gaming.Thomson ReutersHasbro reportedly plans to cut 1,000 workers after warning that the 2022 holiday season was weaker than expected, according to the toy and game company. The company said the layoffs come as it seeks to save between $250 million to $300 million per year by the end of 2025. "While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses," Chris Cocks, Hasbro's CEO said. Dow: 2,000 global employeesThe Dow Chemical logo is shown on a building in downtown Midland, home of the Dow Chemical Company corporate headquarters, December 10th, 2015 in Midland, MichiganBill Pugliano/Getty ImagesDow Inc. announced on January 26 that it will lay off 2,000 global employees, a move that indicates mass layoffs are spreading beyond just the technology sector, the Wall Street Journal reported. It's part of a $1 billion cost-cutting effort intended to help amid "challenging energy markets," Dow CEO Jim Fitterling said in a press release. The chemical company also  will shut down select assets, mostly in Europe, per the release."We are taking these actions to further optimize our cost structure and prioritize business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe," Fittlering said.   SAP: Up to 3,000 positionsSAP CEO Christian KleinULI DECK/POOL/AFP via Getty ImagesSoftware company SAP said on January 26 it will slash up to 3,000 jobs globally in response to a profit slump, with many of the cuts coming outside of its headquarters in Berlin, the Wall Street Journal reported.  The layoffs will impact an estimated 2.5% of the company's workforce and are part of a cost-cutting initiative aiming at reaching an annual savings of $382 million in 2024, according to the Journal. "The purpose is to further focus on strategic growth areas," said Luka Mucic, SAP's chief financial officer, per the Journal.   3M: 2,500 jobs cut3M3M, which makes Post-It notes, Scotch tape, and N95 masks, said it plans to cut 2,500 manufacturing jobs worldwide. CEO Mike Roman called it "a necessary decision to align with adjusted production volumes." "We expect macroeconomic challenges to persist in 2023. Our focus is executing the actions we initiated in 2022 and delivering the best performance for customers and shareholders," he said in a press release. Google: around 12,000 employeesBrandon Wade/ReutersSundar Pichai, CEO of Google parent company Alphabet, informed staffers on January 20 that the company will lay off 12,000 employees, or 6% of its global workforce. In a memo sent to employees and obtained by Insider, Pichai said the layoffs will "cut across Alphabet, product areas, functions, levels and regions" and were decided upon after a "rigorous review." Pichai said the company will hold a townhall meeting to further discuss the cuts, adding he took "full responsibility for the decisions that led us here" "Over the past two years we've seen periods of dramatic growth," Pichai wrote in the email. "To match and fuel that growth, we hired for a different economic reality than the one we face today." Vox: 7% of staffThe layoffs were reportedly announced in a memo from CEO Jim Bankoff.Vox MediaVox Media, the parent company of publications like Vox, The Verge, New York magazine, and Vulture, is laying off roughly 133 people, or 7% of its staff, according to a report by Axios. The cuts come just a few months after the media company laid off 39 roles in July. The decision was reportedly announced in a note to staff from CEO Jim Bankoff, who wrote that while the company is "not expecting further layoffs at this time, we will continue to assess our outlook, keep a tight control on expenses and consider implementing other cost savings measures as needed," according to Axios.Vox Media's layoffs come at a time when advertisers are tightening their belts in anticipation of an economic slowdown, taking a toll on the media industry. Capital One: more than 1,100 tech workersBrian Ach/AP ImagesCapital One slashed 1,100 technology positions on January 18, a company spokesperson told Insider. The cuts impacted workers in the "Agile job family," a department which was eliminated and its responsibilities integrated into "existing engineering and product manager roles," per the spokesperson. "Decisions that affect our associates, especially those that involve role eliminations, are incredibly difficult," the Capital One spokesperson said in the statement. "This announcement is not a reflection on these individuals or the work they have driven on behalf of our technology organization," the spokesperson continued. "Their contributions have been critical to maturing our software delivery model and our overall tech transformation."The eliminations came after the bank had invested heavily in tech efforts in recent years, including launching a new software business focused on cloud computing in June 2022. "This decision was made solely to meet the evolving skills and process enhancements needed to deliver on the next phase of our tech transformation," the spokesperson said.  WeWork: About 300 employeesReutersWeWork announced on January 19 it will cut about 300 positions as it scales back on coworking spaces in low-performing regions, Reuters reported. The layoffs come after the company said in November 2022 it planned to exit 40 locations in the US as part of a larger cost-cutting effort. The company announced the cuts in a press release listing its fourth-quarter earnings call date, stating only the reductions are "in connection with its portfolio optimization and in continuing to streamline operations."  Wayfair: more than 1,000 employeesPavlo Gonchar/SOPA Images/LightRocket via Getty ImagesWayfair is expected to lay off more than 1,000 employees, about 5% of its workforce, in the coming weeks in response to slumping sales, the Wall Street Journal reported on January 19.The cuts mark the second round of layoffs in six months for the online furniture and home goods company, after it nixed 900 staffers in August 2022. Though the company experienced significant growth during the pandemic-driven home improvement boom, sales began to stagnate as social distancing policies loosened and Americans began returning to offices."We were seeing the tailwinds of the pandemic accelerate the adoption of e-commerce shopping, and I personally pushed hard to hire a strong team to support that growth. This year, that growth has not materialized as we had anticipated," Wayfair CEO Niraj Shah wrote in a letter to employees announcing the August 2022 layoffs, per CNN. In its most recent quarter, the Wayfair reported that net revenue decreased by $281 million, down 9% from the same period the year prior.  Microsoft: 10,000 workersMicrosoft CEO Satya NadellaStephen Brashear/Getty ImagesMicrosoft announced on January 18 that it planned to reduce its workforce by 10,000 jobs by the end of the third quarter of this year. CEO Satya Nadella attributed the layoffs to customers cutting back in anticipation of a recession. However, Nadella also told workers that the company still plans to grow in some areas, despite the firings, writing that the company will "continue to hire in key strategic areas." Microsoft's layoff announcement comes as the tech giant is reportedly in talks to invest $10 billion in OpenAI, which created the AI chatbot ChatGPT. On February 13, the company laid off staff at LinkedIn—which it acquired in 2016— according to The Information. The cuts were in the recruiting department, though the total number laid off is not immediately clear, The Information reported.Crypto.com: 20% of staffCrypto.com CEO Kris MarszalekCrypto.comCrypto.com announced on January 13 that it would let go of a fifth of its workforce amid a sagging crypto market and fallout from FTX's collapse. This is the second major round of firings for Crypto.com, which also had layoffs in July. "The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It's for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success," CEO Kris Marszalek wrote in a memo to employees. BlackRock: up to 3% of global workforceBlackRock CEO Larry FinkSpencer Platt/Getty ImagesBlackRock is cutting up to 500 roles in its first round of firings since 2019. Staff members were notified on January 11 about whether they were laid off. "Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper," CEO Larry Fink and President Rob Kapito wrote in a memo to employees. Goldman Sachs: an estimated 6.5% of its global workforceGoldman Sachs is laying off an expected 3,200 employees.Photo by Michael M. Santiago/Getty ImagesGoldman Sachs began laying off employees on Jan. 11, with cuts expected to impact an estimated 6.5% of the company's global workforce — or roughly 3,200 staffers — a source told Insider. The company previously slashed roles on its media and tech teams in September 2022, and it was expected to issue further reductions in the first half of January. The cost-cutting efforts from the investment banking giant mirror reductions from competitors including Morgan Stanley and Citi, which also laid off employees in 2022. "We continue to see headwinds on our expense lines, particularly in the near term," Goldman Sachs CEO David Solomon said at a conference in December. "We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set."   BNY Mellon: 1,500 jobsBNY Mellon CEO Robin VinceBNY MellonBNY Mellon is planning to cut approximately 3% of its workforce, or 1,500 jobs, according to the Wall Street Journal, which cited people familiar with the matter. The cuts will be primarily aimed at talent management roles, according to the report. BNY Mellon will reportedly plan to invest more in junior staff. Verily (part of Alphabet): reportedly 15% of workersAlphabet CEO Sundar PichaiJerod Harris/Getty ImagesVerily, which is Alphabet's healthcare unit, is laying off more than 200 employees, according to an email seen by the Wall Street Journal. The Journal reports that the company will also scale down the number of projects it works on in an effort to cut costs."We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model," Verily's CEO, Stephen Gillet, wrote in the email, according to the Journal.This is the first significant layoff done by Google's parent company, which had so far avoided the massive waves of job cuts done by other big tech giants like Amazon and Meta. DirecTV: 10% of management staffDirecTV.Karen Bleier/AFP/Getty ImagesDirecTV employees were told in the first week of January that the company would lay off several hundred workers in management roles.The satellite TV business has faced slowing revenues as more people choose to cut the cord and pay for streaming services over cable TV. "The entire pay-TV industry is impacted by the secular decline and the increasing rates to secure and distribute programming. We're adjusting our operations costs to align with these changes and will continue to invest in new entertainment products and service enhancements," a spokesperson for DirecTV told Insider. Coinbase: 950 workersCEO Brian Armstrong cited the downward trend in cryptocurrency prices and the broader economy as reasons for the layoffs.Patrick Fallon/Getty ImagesCoinbase announced on Tuesday, Jan. 10, that would lay off another 20% of its staff. The cuts came after the crypto company laid off over 1,000 employees in July. In a memo to employees, CEO Brian Armstrong said, "in hindsight, we could have cut further at that time," referencing the layoffs in July. Armstrong partially attributed the company's weakness to the "fallout from unscrupulous actors in the industry," likely referencing the alleged fraud that took place at FTX late last year under then-CEO Sam Bankman-Fried. Armstrong predicted "there could still be further contagion" from FTX in the crypto markets but assured remaining employees that Coinbase is well capitalized. Amazon: 18,000 employeesAmazon CEO Andy Jassy initially announced the company's latest round of layoffs in November.AmazonAmazon is in the midst of the most significant round of layoffs in the company's history. In a memo to employees, CEO Andy Jassy said the company would cut more than 18,000 workers in total — far more than what was initially expected based on reporting by the New York Times. Jassy cited "the uncertain economy" and rapid hiring as reasons for the layoffs. While most of Amazon's 1.5 million staff have warehouse jobs, the layoffs are concentrated in Amazon's corporate groups. Amazon's layoffs began late last year, though the Wall Street Journal reports cuts will continue through the first few weeks of 2023.Amazon's 18,000 jobs cuts are the largest of any major tech company amid the wave of recent layoffs.  Salesforce: 10% of its staffSalesforce said in the first month of 2023 that it would enact big job cuts.Noam Galai/Getty ImagesSalesforce co-CEO Marc Benioff announced on Jan. 4 that the software company plans to layoff 10% of its workforce — an estimated 7,000 employees — and close select offices as part of a restructuring and cost-cutting plan. "The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," Benioff wrote in an email to staff. "With this in mind, we've made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks."He continued: "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."Everlane: 17% of corporate employeesEverlane founder and executive chair Michael Preysman.Lars Ronbog/Getty Images for Copenhagen Fashion SummitEverlane is slashing 17% of its 175-person corporate workforce, and 3% of its retail staff."We know there will be some bumpiness over the next few weeks as we navigate a lot of change at once. We ask for your patience as we do right by our departing team members," CEO Andrea O'Donnell wrote to employees, according to an internal memo seen by Insider. In a statement to Insider, a company spokesperson said the decision was intended to "improve profitability in 2023 and continue our efforts to help leave the fashion industry cleaner than we found it."The e-commerce clothing company previously laid off nearly 300 workers, mostly in retail in March 2020 amid the outbreak of the Covid-19 pandemic.Vimeo: 11% of its workforceAnjali Sud, CEO of Vimeo, speaks during the company's direct listing on Nasdaq, Tuesday, May 25, 2021, in New York.AP Photo/Mark LennihanVimeo CEO Anjali Sud told employees on Jan. 4 that the company would layoff 11% of its staff, the video platform's second major round of layoffs in less than a year, after cutting 6% of employees in July"This was a very hard decision that impacts each of us deeply," Sud wrote in an email to staff. "It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment."A spokesperson told Insider reduction is intended to assist with ongoing economic concerns and improve the company's balance sheet. Compass: size of layoffs not immediately disclosedCompass is letting go of more employees after two rounds of layoffs in the past eight months.CompassCompass CEO Robert Reffkin told staffers on Jan. 5 it would conduct more layoffs, following two previous rounds in the past eight months, as the brokerage continues to struggle with significant financial losses. "We've been focused over the last year on controlling our costs," Reffkin wrote in an email to employees. "As part of that work, today we reduced the size of some of our employee teams. While decisions like these are always hard, they are prudent and allow us to continue to build a long-term, successful business for all of you."While the size of the layoffs was not immediately disclosed, the brokerage let go of 450 corporate employees in June 2022, followed by an additional 750 people from its technology team in October 2022.   Stitch Fix: 20% of salaried jobsStitch Fix is laying off salaried employees.SOPA ImagesStitch Fix announced on Jan. 5 that it plans to slash 20% of its salaried workforce, the Wall Street Journal reported.The cuts come in tandem with the announcement that CEO Elizabeth Spaulding is stepping down, after less than 18 months at the helm of the struggling retail company."First as president and then as CEO, it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team," Spaulding said in a statement. "It is now time for a new leader to help support the next phase."Stitch Fix founder Katrina Lake — who formerly served as chief executive and sits on the board of directors — will become interim CEO, the company said in a press release. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 5th, 2023

JPMorgan is the latest company to slash jobs amid a layoff wave expanding beyond tech. Here"s the full list of major US companies making cuts this year.

The wave of layoffs hitting tech companies and beyond shows no signs of slowing down. JPMorgan is cutting 500 jobs, and about 1,000 from newly acquired First Republic. JPMorgan confirmed to CNN it was cutting 500 employees within its own bank, as well as 1,000 staffers from newly acquired First Republic Bank.Chris Hondros/Getty Images JPMorgan is the latest US company to conduct layoffs, reportedly slashing about 500 employees. Over the past few months, layoffs have expanded outside of tech, media, and finance as Gap and Whole Foods announced cuts. See the full list of layoffs so far in 2023. A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down into 2023.America's largest bank, JPMorgan Chase, is the latest US company to announce layoffs. CNBC was first to report that the finance giant was cutting about 500 jobs across several divisions, and a JPMorgan spokesperson confirmed the cuts to CNN later on Friday.The news comes weeks after Linkedin announced cuts of its own. The business networking platform informed employees in a memo posted May 8 that it would be cutting 716 roles from its global workforce and discontinue InCareer, its localized jobs app in China. These companies join a large number of major corporations that have made significant cuts in the new year: Tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced massive layoffs in the first weeks of 2023 amid a continued economic downturn and stagnating sales.The downsizing followed significant reductions that companies including Meta and Twitter made last year. The layoffs have primarily affected the tech sector, which is now hemorrhaging employees at a faster rate than at any point during the pandemic, the Journal reported. According to data cited by the Journal from Layoffs.fyi, a site tracking layoffs since the start of the pandemic, tech companies slashed more than 187,000 in 2023 alone — compared to 80,000 in March to December 2020 and 15,000 in 2021. But it's not just tech companies that are cutting costs, with the major job reductions that have come from the Gap, along with FedEx, Dow, and Wayfair.Here are notable job cuts so far in 2023: JPMorgan: About 500 jobsJPMorgan recently began cuts of about 500 employees, CNBC and CNN reported.ReutersJPMorgan announced this week that it is slashing 500 roles, CNBC reported.The cuts are expected to spread across JPMorgan's retail and commercial banking, asset and wealth management, and corporate and investment banking operations, according to CNBC.The reported layoffs come just a day after reports that JPMorgan laid off 1,000 First Republic employees, or about 15% of its workforce. JPMorgan, the largest bank in the US, got even larger earlier this month when it acquired the assets of failing First Republic after it was seized by regulators.LinkedIn: 716 rolesRyan Roslansky, CEO of LinkedIn, said the company would be cutting 716 roles on Tuesday.Courtesy of Ryan RoslanskyLinkedIn announced earlier this month that it would be cutting 716 roles from its global workforce in a message from CEO Ryan Roslansky.Roslansky also noted that company will also be discontinuing InCareer, a local jobs app in China, as it refocuses on helping companies in China hire, market, and train abroad. The decision comes on the heels of LinkedIn's 20th anniversary last week. "While we're making meaningful progress creating economic opportunities for our members and customers and experiencing record engagement on the platform, we're also seeing shifts in customer behavior and slower revenue growth," Roslansky said.Shopify: 20% of workforceDavid Fitzgerald/Sportsfile via Getty ImagesShopify is slashing 20% of its workforce and selling off most of its logistics business to supply chain company Flexport, the company announced on May 4. The cuts confirmed growing concern of layoffs among staffers in recent weeks, following the cancellation of several team-building offsite events and analyst speculation that Shopify would alter its logistics arm, Insider reported."I recognize the crushing impact this decision has on some of you, and did not make this decision lightly," Shopify CEO Tobi Lütke said in a note to employees and shareholders.He continued: "This is a consequential and hard week. It's the right thing for Shopify but it negatively affects many team members who we admire and love working with."Morgan Stanley: 3,000 jobsReutersMorgan Stanley is cutting 3,000 jobs by the end of the quarter, Bloomberg reported, citing sources familiar with the matter. One person told the outlet that the company's banking and trading teams will be most impacted.The cuts will affect about 5% of the firm's workforce, excluding financial advisers and personnel in the wealth management division, Bloomberg noted. A spokesperson for the bank did not immediately respond to Insider's request for comment and declined to comment to Bloomberg. However, CEO James Gorman noted last month that underwriting and mergers activity has been "subdued" and that he doesn't expect a rebound before the second half of 2023 or even 2024, Bloomberg noted. The firm last cut 1,600, or around 2% of its staff in December, Bloomberg noted. Dropbox: 16% of staffDrew Houston, cofounder and CEO of Dropbox, told employees Thursday that the company was eliminating 500 jobs.Matt Winkelmeyer / Getty ImagesCloud storage firm Dropbox said Thursday that it would be reducing its global workforce by 16%, or 500 jobs.In a message to staff sent Thursday, CEO Drew Houston said the cuts are being made, in part, from slowing business growth and the expansion of AI products. "Today's changes were the result of taking a hard look at our strategic priorities and organizational structure as a leadership team, and aligning to principles of sustainable financial growth, efficiency, and flexibility to invest in our future. We're also streamlining how the company is organized," Houston said.  Gap: more than 2,000 jobs since late last yearGap posters in Birmingham, England.Mike Kemp/Getty ImagesClothing retailer Gap is cutting 1,800 positions in its headquarters and upper management as part of a restructuring plan meant to cut costs, the retailer said Thursday.Gap said that the cuts are expected to help the company see $300 million in annualized savings."We are taking the necessary actions to reshape Gap Inc. for the future — simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience," the company's chairman and interim CEO Bob Martin said in a statement given to Insider.In September, Gap slashed 500 jobs from its corporate ranks in a push to save $250 million annually, the Wall Street Journal reported. Jenny Craig: potential mass layoffsA man enters a Jenny Craig facility June 19, 2006 in Niles, Illinois.Tim Boyle/Getty ImagesWeight loss company Jenny Craig notified staffers of potential mass layoffs on April 27, as a result of the company "winding down physical operations," according to an internal email reviewed by NBC News.According to NBC News, the company has been in the process of selling and anticipates the pending sale "will likely impact all employees in some manner," an FAQ document sent to employees read. "We do not know the exact employees/groups whom will be impacted, and if any employees may be retained," the document said, per NBC News. "As a result, we would suggest that you anticipate that your employment may be impacted and begin to seek other employment." 3M: 6,000 jobsMike Roman, CEO of 3M.Xinhua News Agency / Contributor/Getty ImagesOn Tuesday, the Scotch tape and Post-It Notes manufacturer said it will be cutting 6,000 positions across all parts of the company with the goal of streamlining operations, simplifying supply chain, and reducing layers of management, according to The Wall Street Journal.The company's chief executive Mike Roman said Tuesday that the cuts would eliminate 10% of 3M's global workforce and ultimately save the company between $700 to $900 million in pretax costs, the Journal said. 3M last announced cuts in January when it said it was removing 2,500 manufacturing positions.Lyft: 1,072 rolesReutersIn an SEC filing on Thursday, Lyft said it was cutting roles for 1,072 employees, or about 26% of its corporate workforce. In the filing, the company also said it is scaling back on hiring and has eliminated over 250 open positions. The news comes just weeks after David Risher took the helm as Lyft's new CEO, part of an executive shakeup that involved cofounders Logan Green and John Zimmer moving into board roles. A spokesperson for Lyft previously told Insider, "David has made clear to the company that his focus is on creating a great and affordable experience for riders and improving drivers' earnings."The spokesperson added, "To do so requires that we reduce our costs and structure our company so that our leaders are closer to riders and drivers. This is a hard decision and one we're not making lightly. But the result will be a far stronger, more competitive Lyft." Deloitte: 1,200 jobsAlex Tai/SOPA Images/LightRocket via Getty ImagesDeloitte announced on April 21 it was cutting 1,200 jobs, or about 1.5% of its US staff, the Financial Times reported. The cuts will largely be concentrated in the financial advisory business as a result of a decline in mergers and acquisitions, per internal communications viewed by the FT. Whole Foods: Several hundred corporate employeesMary Meisenzahl/InsiderWhole Foods announced on April 20 it was letting go of several hundred corporate employees, amounting to less than 0.5% of the company's workforce, CNBC reported.The cuts are a result of a structural reorganization of global and regional support teams, which will be downsized from nine to six, but will not cause store closures, according to CNBC.In a memo to employees viewed by CNBC, Whole Foods executives wrote "simplifying our work and improving how we operate is critical as we grow." "As the grocery industry continues to rapidly evolve, and as we — like all retailers — have navigated challenges like the COVID-19 pandemic and continued economic uncertainty, it has become clear that we need to continue to build on these changes," the memo read, per CNBC. It continued: "With additional adjustments, we will be able to further simplify our operations, make processes easier, and improve how we support our stores."BuzzFeed News: 15% of staffBuzzFeed News headquarters.Drew Angerer / Getty ImagesBuzzFeed announced on April 20 that it was shuttering its BuzzFeed News division, laying off 15% of its staff, or 180 employees, in the process. In a memo to staff shared with Insider's Lucia Moses, CEO Jonah Peretti admitted to mistakes like over-investing in the news arm and failing to successfully integrate BuzzFeed and Complex after the latter was acquired in 2021. "I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances," he wrote. "Our job is to adapt, change, improve, and perform despite the challenges in the world. We can and will do better."Ernst & Young: 3,000 positionsEY spends $500 million annually on learning for its employees.TOLGA AKMEN / Contributor / GettyErnst & Young announced on April 17 it was laying off 3,000 US employees, or about 5% of its total US staff.The decision came after the financial auditor nixed a proposed reorganization that would break up its consulting and accounting businesses, Reuters reported. According to the Financial Times, which first reported the layoffs, the cuts will address "overcapacity" and will largely impact the company's consulting business. Opendoor: 560 jobsOpendoor announced it was cutting 560 jobs on Tuesday.Opendoor Technologies/GlassdoorOn Tuesday, home flipping giant Opendoor said it was cutting 560 jobs, or 22% of its workforce, citing a souring housing market. A spokesperson for Opendoor told Insider by email,"We've been weathering a sharp transition in the housing market – the steepest and fastest rate increase by the Fed in 40 years, the more than doubling of mortgage rates from historic lows, and the hit to home affordability have driven an approximately 30% decline in new listings from peak levels last year."The spokesperson noted that the cuts have been made to "better align our operational costs with the anticipated near-term market opportunity, while maintaining our critical technology investments that will continue to drive the business long term."Impacted team members will receive severance pay, extended health benefits, and job transition support. Opendoor last made cuts in November 2022, laying off 550 workers or about 18% of its staff.  McKinsey: About 1,400 employeesFABRICE COFFRINI/AFP via Getty ImagesMcKinsey & Company will cut an estimated 1,400 positions, or 3% of its total workforce, Bloomberg reported on March 29.The layoffs are part of the consulting firm's efforts to reorganize support teams and pare down an employee base that has grown rapidly in recent years, per the outlet. "The painful result of this shift is that we will have to say goodbye to some of our firm functions colleagues, while helping others move into new roles that better align to our firm's strategy and priorities," Bob Sternfels, global managing partner, wrote in a note to staff seen by Bloomberg. He continued: "Starting now, where local regulations allow, we will begin to notify colleagues who will depart our firm or be asked to change roles."David's Bridal: 9,236 employeesShoppers head for David's Bridal in Sunset Hill, Mo. Tuesday, May 10, 2005.James A. Finley/AP ImagesDavid's Bridal is laying off more than 9,000 workers across the US, according to a WARN notice filed with the Pennsylvania Department of Labor and Industry on April 14. "We are evaluating our strategic options and a sale process is underway," David's Bridal spokesperson Laura McKeever told the Philadelphia Inquirer. "At this time, there are no updates to share."The company is considering filing for bankruptcy in the near future, according to an April 7 report from the New York Times. David's Bridal also filed for bankruptcy in 2018. Virgin Orbit: 85% of staffersSir Richard Branson, founder of Virgin Orbit.Mark GreenbergVirgin Orbit disclosed in a March 30 filing with the Securities and Exchange Commission that it is slashing 85% of its staff, or about 675 employees.The company, which operates within the Virgin Group and provides launch services for satellites, is also ceasing operations "for the foreseeable future," CNBC reported. "Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Virgin Orbit CEO Dan Hart said, according to audio of a company all-hands obtained by CNBC.     Electronic Arts: About 780 employeesLucy Nicholson/ReutersElectronic Arts — the video game company best known for its "The Sims," "FIFA," and "Madden NFL" franchises — is letting go of 6% of its staff, or about 780 employees, the company announced on March 24. "As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams," Electronic Arts CEO Andrew Wilson wrote in a blog post to staffers. Wilson said the cuts began early this quarter and will continue through the beginning of the next fiscal year.  Amazon: 9,000 more jobsAmazon CEO Andy Jassy announced on Monday that the company would be eliminating another 9,000 roles, on top of the 18,000 announced in January.Richard Brian/ReutersAmazon announced on March 20 that it would cut 9,000 jobs from its workforce over the coming weeks. The cuts come on the heels of the 18,000 roles the company announced it was cutting back in January. In a message to employees shared on Amazon's site, CEO Andy Jassy noted that the impacted positions are largely in the Amazon Web Services, People Experience and Technology Solutions, Advertising, and Twitch departments. In the memo, Jassy said the company staggered its layoff announcements because "not all of the teams were done with their analyses in the late fall." He added, "rather than rush through these assessments without the appropriate diligence, we chose to share these decisions as we've made them so people had the information as soon as possible."Roku: 200 staffersRoku CEO Anthony Wood speaks during Tribeca X - 2021 Tribeca Festival on June 18, 2021 in New York City.Photo by Arturo Holmes/Getty Images for Tribeca FestivalRoku is cutting an additional 200 roles, or 6% of its workforce, Reuters reported on March 30. The cuts come after the streaming device manufacturer previously laid off 200 employees in November 2022. The company is expected to complete the cuts by the end of the second quarter, and also plans to leave and sublease office facilities in an attempt to reduce costs, according to Reuters. Walmart: About 200 employeesA Walmart store.Bruce Bennett/Getty ImagesWalmart asked about 200 workers at five fulfillment centers to find employment elsewhere in the company in the next 90 days or else be laid off, Reuters reported on March 23.The cuts are a response to the reduction of evening and weekend shifts at select Walmart facilities, including those in Chino, California; Davenport, Florida; Bethlehem, Pennsylvania; Pedricktown, New Jersey; and Fort Worth, Texas, per Reuters. "We recently adjusted staffing levels to better prepare for the future needs of customers," a Walmart spokesperson told Reuters in a statement.  Accenture: 19,000 positionsJoan Cros/Corbis via Getty ImagesAccenture is slashing 19,000 roles, or 2.5% of its total workforce, according to a Security and Exchange Commission filing on March 23.The tech consultancy company said the layoffs will take place over the next 18 months and half of the cuts will impact staffers in "non-billable corporate functions," per the filing.  "While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs," Accenture wrote in the filing. Indeed: 2,200 staffersIndeed CEO Chris HyamsPhoto by Niall Carson/PA Images via Getty ImagesIndeed CEO Chris Hyams announced on March 22 that the online networking platform will cut 2,200 jobs, or about 15% of its staff. In a note sent to employees, Hyams wrote the reductions will impact "nearly every team, function, level, and region" across the company in an effort to reduce redundancy and increase efficiency. "I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I'd never have to make," he wrote. Meta: 10,000 workersMeta CEO Mark ZuckerbergMark Lennihan/APRoughly 10,000 Meta workers will find out that their jobs have been cut between March and May, according to an announcement by the company's founder and CEO, Mark Zuckerberg. Zuckerberg also said the company would close around 5,000 open roles that haven't yet been filled as part of the company's effort to downsize. "My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead," Zuckerberg wrote in a post on Facebook announcing the layoffs. In the post, Zuckerberg said that members of Meta's recruiting team would learn about the fate of their jobs in March, while tech workers would find out in late April, and business groups would find out in May. "In a small number of cases, it may take through the end of the year to complete these changes," he wrote. The job cuts come less than 5 months after Meta slashed 11,000 workers, or about 13% of its workforce, in November. At the time, Zuckerberg called the layoffs a "last resort."  SiriusXM: 475 rolesJennifer Witz, CEO of SiriusXM said the company was cutting 475 roles on March 6.Cindy Ord / Staff/ Getty ImagesThe radio company said March 6th that it was cutting 8% of its staff or 475 roles according to a statement posted on the company's website from CEO Jennifer Witz.In the statement, Witz said "nearly every department" across the company will be impacted. She also noted that those impacted will be contacted directly and will have the opportunity to speak with a leader from their department as well as a member of the company's People + Culture team. Impacted employees will also be provided with exit packages that include severance, transitional health insurance benefits, Employee Advocacy Program continuation, and outplacement services, Witz noted.Citigroup: hundreds of jobsCiti CEO Jane FraserPatrick T. Fallon/AFP via Getty ImagesCiti plans to cut hundreds of jobs, with many focused on the company's investment bank division. The total headcount cut will reportedly amount to less than 1% of Citi's more than 240,000 workers and are part of Citi's normal course of activities.Citi's cuts were first reported by Bloomberg. In January, Citi's CFO told investors the company remained "focused on simplifying the organization, and we expect to generate further opportunities for expense reduction in the future."Citi declined Insider's request to provide comment on the record. Waymo: reported 209 roles so farWaymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 8% of the unit's staff has been cut this year.Peter Prado/Insider; Vaughn Ridley/Sportsfile via Getty ImagesAlphabet's self-driving car unit Waymo has reportedly laid off a total of 209 employees this year in two rounds of cuts, according to The Information. Waymo reportedly laid off 137 employees on March 1, according to The Information. Waymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 209 employees— approximately 8% of the company's staff— have been cut this year, according to an internal email seen by The Information.Waymo did confirm the cuts to Insider but did not specify the number of roles impacted or the date the first round of cuts occurred.  Thoughtworks: reported 500 employeesThoughtworks laid off 500 employees on February 28. That day, CEO Guo Xiao said in the company's earnings release that it was "pleased" with its performance in the fourth quarter of 2022.Screenshot of Guo Xiao from the Thoughtworks website.Thoughtworks, a software consultancy firm, reportedly laid off 500 employees or 4% of its global workforce, according to TechCrunch. TechCrunch noted that the company "did not dispute" the figure when reached for comment on March 1. According to TechCrunch, Thoughtworks "initially informed" the affected employees about the decision on February 28. That same day, Thoughtworks reported that its revenue had increased 8.3% between the fourth quarter of 2022 and the fourth quarter of 2021. The company also reported a more than 21% year over year revenue increase for 2022. In the company's earnings release, Thoughtworks' CEO Guo Xiao said, "We are pleased with our performance in the fourth quarter and our clients continue to look to us to help them navigate these uncertain times and tackle their biggest technology challenges."General Motors: reported 500 salaried jobsGM CEO Mary Barra.Patrick T. Fallon/Getty ImagesGeneral Motors plans to cut 500 executive-level and salaried positions, according to a report from The Detroit News. The layoffs come only one month after CEO Mary Barra told investors and reporters on the company's earnings call, "I do want to be clear that we're not planning layoffs." In a memo to employees, seen by Insider, GM's chief people officer wrote, "we are looking at all the ways of addressing efficiency and performance. This week we are taking action with a relatively small number of global executives and classified employees following our most recent performance calibration." Employees who are getting laid off were informed on Feb. 28. General Motors confirmed the layoffs to Insider but did not confirm a specific number of employees getting cut. Twitter: about 200 employeesElon Musk is Twitter's CEO and ownerREUTERS/Jonathan ErnstThe layoffs reportedly haven't stopped at Twitter under Elon Musk. The social media company reportedly laid off 200 more employees on a Saturday night in late February, according to the New York Times. Some workers reportedly found out they had lost their jobs when they couldn't log into their company emails.Musk laid off 50% of Twitter's workforce in November after buying the company for $44 billion. Yahoo: 20% of employeesSOPA Images / Getty ImagesYahoo announced it will eliminate 20% of its staff, or more than 1,600 people, as part of an effort to restructure the company's advertising technology arm, Axios reported on February 9.Yahoo CEO Jim Lanzone told Axios that the cuts are part of a strategic overhaul of its advertising unit and will be  "tremendously beneficial for the profitability of Yahoo overall."    Disney: 7,000 jobsBob Iger, CEO of DisneyCharley Gallay/Stringer/Getty ImagesFresh off his return as Disney CEO, Bob Iger announced February 8 that Disney will slash 7,000 jobs as the company looks to reduce costs. Iger, who returned to the position in November 2022 to replace his successor Bob Chapek after first leaving in 2020, told investors the cuts are part of an effort to help save an estimated $5.5 billion. "While this is necessary to address the challenges we are facing today, I do not make this decision lightly," Iger said. "I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes."DocuSign: 10%Igor Golovniov/SOPA Images/LightRocket/Getty ImagesDocuSign plans to slash 10% of employees as part of a restructuring plan "designed to support the company's growth, scale, and profitability objectives," the electronic signature company wrote in a Securities and Exchange Commission filing on Feb. 16. The company said the restructuring plan is expected to be complete by the second quarter of fiscal 2024, per the filing. Affirm: 19% of its workforceAffirm co-founder and CEO Max LevchinAffirmAffirm announced on February 8 it plans to slash 19% of its workforce, after reporting declining sales that missed Wall Street expectations. Affirm co-founder and CEO Max Levchin said in a call with investors that the technology company "has taken appropriate action" in many areas of the business to navigate economic headwinds, including creating a "smaller, therefore, nimbler team.""I believe this is the right decision as we have hired a larger team that we can sustainably support in today's economic reality, but I am truly sorry to see many of our talented colleagues depart and we'll be forever grateful for their contributions to our mission," he said.  GoDaddy: 8% of workersGoDaddy's CEO Aman Bhutani in September 2019Don Feria/Invision/AP ImagesGoDaddy, the website domain company, announced on February 8 it will cut 8% of its global workforce. "Despite increasingly challenging macroeconomic conditions, we made progress on our 2022 strategic initiatives and continued our efforts to manage costs effectively," GoDaddy CEO Aman Bhutani wrote in an email to staffers."The discipline we embraced was important but, unfortunately, it was not sufficient to avoid the impacts of slower growth in a prolonged, uncertain macroeconomic environment."Zoom: 15% of staffZoom CEO Eric Yuan.AP Photo/Mark LennihanZoom CEO Eric Yuan announced in a memo to workers that the company would reduce its headcount by 15%, or about 1,300 employees, on February 7. He attributed the layoffs to "the uncertainty of the global economy and its effect on our customers" but also said the company "made mistakes" as it grew. "We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably toward the highest priorities," Yuan said. In the memo, Yuan also announced that he would cut his salary by 98% in 2023 and forgo his corporate bonus. In addition, other members of the executive leadership team will also reduce their base salaries by 20% this year, according to Yuan. eBay: 500 jobseBay CEO Jamie Iannone told employees Tuesday that the company would be eliminating 500 roles.Harry Murphy/Sportsfile for Web Summit via Getty ImagesOn Tuesday, e-commerce giant eBay told employees that it would be eliminating 500 roles, or about 4% of its workforce, according to a message included in a regulatory filing on Tuesday. In the message, CEO Jamie Iannone wrote "Today's actions are designed to strengthen our ability to deliver better end-to-end experiences for our customers and to support more innovation and scale across our platform."He added, "this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape." Dell: 5% of workforceDell is eliminating approximately 5% of its workforce. The company's co-chief operating officer Jeff Clarke told employees in a memo, "market conditions continue to erode with an uncertain future."Kevork Djansezian / Staff/Getty ImagesOn February 6, Dell said in a regulatory filing that it would be eliminating about 5% of its workforce. The percentage amounts to approximately 6,650 roles based on numbers that Dell provided Insider. In a memo sent to employees posted on Dell's website, co-chief operating officer Jeff Clarke, said "market conditions continue to erode with an uncertain future." He also noted in the memo that the company had paused hiring, limited employee traveling, and decreased spending on outside services. He added, however, "the steps we've taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough."Pinterest: 150 jobsBen Silbermann is the founder and executive chair of Pinterest. He was the company's CEO until June 2022.Horacio Villalobos/Getty ImagesPinterest said it would cut 150 workers, or less than 5% of its workforce, on February 1, the company confirmed to Insider.  "We're making organizational changes to further set us up to deliver against our company priorities and our long-term strategy," a company representative said.The social media company was recently the target of activist investor Elliott Management, agreeing to add one of the firm's representatives to its board last month.   Rivian: 6% of jobsRivian CEO RJ Scaringe.Carlos Delgado/Associated PressRivian's CEO RJ Scaringe announced the EV company would cut 6% of its workforce in a memo to employees, the company confirmed to Insider. This is the company's second round of job cuts in the last 6 months after Scaringe announced a separate 6% workforce reduction in July 2022. In his memo to staff, Scaringe said Rivian needs to focus its resources on ramping up production and reaching profitability. BDG Media: 8% of staffScreengrab of Gawker's homepageGawkerBDG Media announced on February 1 that it was shutting down pop-culture site Gawker and laying off 8% of its staff, according to Axios. BDG owns Bustle, Elite Daily, and other lifestyle and news websites. "After experiencing a financially strong 2022, we have found ourselves facing a surprisingly difficult Q1 of 2023," CEO Bryan Goldberg wrote in a memo to staff seen by Axios. Splunk: 325 jobsGary Steele took over as Splunk's CEO in April 2022.YouTube/ProofpointSoftware and data platform Splunk is the latest in a long list of tech companies to announce layoffs in recent months. On February 1, the company said it would lay off 4% of its staff and scale back the use of consultants to cut costs, according to a filing viewed by Insider. The layoffs will reportedly be focused on workers in North America, and CEO Gary Steele told employees Splunk would continue to hire in "lower-cost areas."Intel: 343 jobsIntel CEO Pat Gelsinger.Pool Eric Lalmand/Getty ImagesIntel notified California officials per WARN Act requirements it plans to layoff 343 workers from its Folsom campus, local outlets reported on January 30. "These are difficult decisions, and we are committed to treating impacted employees with dignity and respect," Intel said in a statement to KCRA 3, noting that the cost-cutting comes as the company is faces a "challenging macro-economic environment." On February 1, the company announced CEO Pat Gelsinger will take a 25% pay cut, while other members of the executive team will take salary reductions in amounts ranging from 5% to 15%.  FedEx: more than 10% of top managersFedEx workers in New York City on March 16, 2021.Alexi Rosenfeld/Getty ImagesFedEx informed staffers on February 1 it plans to slash more than 10% of top managers in an effort to reduce costs.  "This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions," CEO Raj Subramaniam wrote in a letter to staff, which was shared with Insider's Emma Cosgrove. While the exact number of employees impacted was not specified, a FedEx spokesperson told Insider that since June 2022 the company has reduced its workforce by more than 12,000 staffers through "headcount management initiatives." "We will continue responsible headcount management throughout our transformation," the spokesperson said. PayPal: 7% of total workforceDan Schulman, president and CEO of PayPal announced that the company would be cutting 7% of its total workforce on January 31.PaypalPayPal announced on January 31 that it plans to cut 2,000 workers or approximately 7% of the company's total workforce over the coming weeks. In a statement announcing the layoffs on PayPal's website, CEO and president Dan Schulman cited the "challenging macro-economic environment." He added, "While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do."HubSpot: 7% of staffYamini Rangan is HubSpot's CEO.Matt Winkelmeyer/ Getty ImagesHubSpot's CEO Yamini Rangan announced that the company would lay off 500 workers, according to an email seen by Insider. "We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected. The year was challenging due to a perfect storm of inflation, volatile foreign exchange, tighter customer budgets, and longer decision making cycles," Rangan wrote to employees. IBM: 1.5% of staffIBM's CEO Arvind KrishnaBrian Ach / Stringer / Via GettyIBM plans would cut 1.5% of its staff, roughly 3,900 workers. The layoffs were first reported by Bloomberg but confirmed by Insider.The company said the cuts would cost IBM about $300 million and is related entirely to businesses the company has spun off. Bloomberg reports that CFO James Kavanaugh said the company is still hiring in "higher-growth areas." Hasbro: 15% of workersA Jenga game by Hasbro Gaming.Thomson ReutersHasbro reportedly plans to cut 1,000 workers after warning that the 2022 holiday season was weaker than expected, according to the toy and game company. The company said the layoffs come as it seeks to save between $250 million to $300 million per year by the end of 2025. "While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses," Chris Cocks, Hasbro's CEO said. Dow: 2,000 global employeesThe Dow Chemical logo is shown on a building in downtown Midland, home of the Dow Chemical Company corporate headquarters, December 10th, 2015 in Midland, MichiganBill Pugliano/Getty ImagesDow Inc. announced on January 26 that it will lay off 2,000 global employees, a move that indicates mass layoffs are spreading beyond just the technology sector, the Wall Street Journal reported. It's part of a $1 billion cost-cutting effort intended to help amid "challenging energy markets," Dow CEO Jim Fitterling said in a press release. The chemical company also  will shut down select assets, mostly in Europe, per the release."We are taking these actions to further optimize our cost structure and prioritize business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe," Fittlering said.   SAP: Up to 3,000 positionsSAP CEO Christian KleinULI DECK/POOL/AFP via Getty ImagesSoftware company SAP said on January 26 it will slash up to 3,000 jobs globally in response to a profit slump, with many of the cuts coming outside of its headquarters in Berlin, the Wall Street Journal reported.  The layoffs will impact an estimated 2.5% of the company's workforce and are part of a cost-cutting initiative aiming at reaching an annual savings of $382 million in 2024, according to the Journal. "The purpose is to further focus on strategic growth areas," said Luka Mucic, SAP's chief financial officer, per the Journal.   Spotify: 6% of the workforceDaniel Ek, Spotify cofounder and CEOGreg Sandoval/Business InsiderIn a memo to Spotify employees, CEO Daniel Ek said the company would cut 6% of its staff, about 600 people. "While we have made great progress in improving speed in the last few years, we haven't focused as much on improving efficiency. We still spend far too much time syncing on slightly different strategies, which slows us down. And in a challenging economic environment, efficiency takes on greater importance. So, in an effort to drive more efficiency, control costs, and speed up decision-making, I have decided to restructure our organization," he wrote. As part of the changes, Dawn Ostroff, the company's chief content and advertising officer, who spent more than $1 billion signing exclusive podcast deals with Joe Rogan, the Obamas, and Prince Harry and Meghan Markle, has departed. 3M: 2,500 jobs cut3M3M, which makes Post-It notes, Scotch tape, and N95 masks, said it plans to cut 2,500 manufacturing jobs worldwide. CEO Mike Roman called it "a necessary decision to align with adjusted production volumes." "We expect macroeconomic challenges to persist in 2023. Our focus is executing the actions we initiated in 2022 and delivering the best performance for customers and shareholders," he said in a press release. Google: around 12,000 employeesBrandon Wade/ReutersSundar Pichai, CEO of Google parent company Alphabet, informed staffers on January 20 that the company will lay off 12,000 employees, or 6% of its global workforce. In a memo sent to employees and obtained by Insider, Pichai said the layoffs will "cut across Alphabet, product areas, functions, levels and regions" and were decided upon after a "rigorous review." Pichai said the company will hold a townhall meeting to further discuss the cuts, adding he took "full responsibility for the decisions that led us here" "Over the past two years we've seen periods of dramatic growth," Pichai wrote in the email. "To match and fuel that growth, we hired for a different economic reality than the one we face today." Vox: 7% of staffThe layoffs were reportedly announced in a memo from CEO Jim Bankoff.Vox MediaVox Media, the parent company of publications like Vox, The Verge, New York magazine, and Vulture, is laying off roughly 133 people, or 7% of its staff, according to a report by Axios. The cuts come just a few months after the media company laid off 39 roles in July. The decision was reportedly announced in a note to staff from CEO Jim Bankoff, who wrote that while the company is "not expecting further layoffs at this time, we will continue to assess our outlook, keep a tight control on expenses and consider implementing other cost savings measures as needed," according to Axios.Vox Media's layoffs come at a time when advertisers are tightening their belts in anticipation of an economic slowdown, taking a toll on the media industry. Capital One: more than 1,100 tech workersBrian Ach/AP ImagesCapital One slashed 1,100 technology positions on January 18, a company spokesperson told Insider. The cuts impacted workers in the "Agile job family," a department which was eliminated and its responsibilities integrated into "existing engineering and product manager roles," per the spokesperson. "Decisions that affect our associates, especially those that involve role eliminations, are incredibly difficult," the Capital One spokesperson said in the statement. "This announcement is not a reflection on these individuals or the work they have driven on behalf of our technology organization," the spokesperson continued. "Their contributions have been critical to maturing our software delivery model and our overall tech transformation."The eliminations came after the bank had invested heavily in tech efforts in recent years, including launching a new software business focused on cloud computing in June 2022. "This decision was made solely to meet the evolving skills and process enhancements needed to deliver on the next phase of our tech transformation," the spokesperson said.  WeWork: About 300 employeesReutersWeWork announced on January 19 it will cut about 300 positions as it scales back on coworking spaces in low-performing regions, Reuters reported. The layoffs come after the company said in November 2022 it planned to exit 40 locations in the US as part of a larger cost-cutting effort. The company announced the cuts in a press release listing its fourth-quarter earnings call date, stating only the reductions are "in connection with its portfolio optimization and in continuing to streamline operations."  Wayfair: more than 1,000 employeesPavlo Gonchar/SOPA Images/LightRocket via Getty ImagesWayfair is expected to lay off more than 1,000 employees, about 5% of its workforce, in the coming weeks in response to slumping sales, the Wall Street Journal reported on January 19.The cuts mark the second round of layoffs in six months for the online furniture and home goods company, after it nixed 900 staffers in August 2022. Though the company experienced significant growth during the pandemic-driven home improvement boom, sales began to stagnate as social distancing policies loosened and Americans began returning to offices."We were seeing the tailwinds of the pandemic accelerate the adoption of e-commerce shopping, and I personally pushed hard to hire a strong team to support that growth. This year, that growth has not materialized as we had anticipated," Wayfair CEO Niraj Shah wrote in a letter to employees announcing the August 2022 layoffs, per CNN. In its most recent quarter, the Wayfair reported that net revenue decreased by $281 million, down 9% from the same period the year prior.  Microsoft: 10,000 workersMicrosoft CEO Satya NadellaStephen Brashear/Getty ImagesMicrosoft announced on January 18 that it planned to reduce its workforce by 10,000 jobs by the end of the third quarter of this year. CEO Satya Nadella attributed the layoffs to customers cutting back in anticipation of a recession. However, Nadella also told workers that the company still plans to grow in some areas, despite the firings, writing that the company will "continue to hire in key strategic areas." Microsoft's layoff announcement comes as the tech giant is reportedly in talks to invest $10 billion in OpenAI, which created the AI chatbot ChatGPT. On February 13, the company laid off staff at LinkedIn—which it acquired in 2016— according to The Information. The cuts were in the recruiting department, though the total number laid off is not immediately clear, The Information reported.Crypto.com: 20% of staffCrypto.com CEO Kris MarszalekCrypto.comCrypto.com announced on January 13 that it would let go of a fifth of its workforce amid a sagging crypto market and fallout from FTX's collapse. This is the second major round of firings for Crypto.com, which also had layoffs in July. "The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It's for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success," CEO Kris Marszalek wrote in a memo to employees. BlackRock: up to 3% of global workforceBlackRock CEO Larry FinkSpencer Platt/Getty ImagesBlackRock is cutting up to 500 roles in its first round of firings since 2019. Staff members were notified on January 11 about whether they were laid off. "Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper," CEO Larry Fink and President Rob Kapito wrote in a memo to employees. Goldman Sachs: an estimated 6.5% of its global workforceGoldman Sachs is laying off an expected 3,200 employees.Photo by Michael M. Santiago/Getty ImagesGoldman Sachs began laying off employees on Jan. 11, with cuts expected to impact an estimated 6.5% of the company's global workforce — or roughly 3,200 staffers — a source told Insider. The company previously slashed roles on its media and tech teams in September 2022, and it was expected to issue further reductions in the first half of January. The cost-cutting efforts from the investment banking giant mirror reductions from competitors including Morgan Stanley and Citi, which also laid off employees in 2022. "We continue to see headwinds on our expense lines, particularly in the near term," Goldman Sachs CEO David Solomon said at a conference in December. "We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set."   BNY Mellon: 1,500 jobsBNY Mellon CEO Robin VinceBNY MellonBNY Mellon is planning to cut approximately 3% of its workforce, or 1,500 jobs, according to the Wall Street Journal, which cited people familiar with the matter. The cuts will be primarily aimed at talent management roles, according to the report. BNY Mellon will reportedly plan to invest more in junior staff. Verily (part of Alphabet): reportedly 15% of workersAlphabet CEO Sundar PichaiJerod Harris/Getty ImagesVerily, which is Alphabet's healthcare unit, is laying off more than 200 employees, according to an email seen by the Wall Street Journal. The Journal reports that the company will also scale down the number of projects it works on in an effort to cut costs."We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model," Verily's CEO, Stephen Gillet, wrote in the email, according to the Journal.This is the first significant layoff done by Google's parent company, which had so far avoided the massive waves of job cuts done by other big tech giants like Amazon and Meta. DirecTV: 10% of management staffDirecTV.Karen Bleier/AFP/Getty ImagesDirecTV employees were told in the first week of January that the company would lay off several hundred workers in management roles.The satellite TV business has faced slowing revenues as more people choose to cut the cord and pay for streaming services over cable TV. "The entire pay-TV industry is impacted by the secular decline and the increasing rates to secure and distribute programming. We're adjusting our operations costs to align with these changes and will continue to invest in new entertainment products and service enhancements," a spokesperson for DirecTV told Insider. Coinbase: 950 workersCEO Brian Armstrong cited the downward trend in cryptocurrency prices and the broader economy as reasons for the layoffs.Patrick Fallon/Getty ImagesCoinbase announced on Tuesday, Jan. 10, that would lay off another 20% of its staff. The cuts came after the crypto company laid off over 1,000 employees in July. In a memo to employees, CEO Brian Armstrong said, "in hindsight, we could have cut further at that time," referencing the layoffs in July. Armstrong partially attributed the company's weakness to the "fallout from unscrupulous actors in the industry," likely referencing the alleged fraud that took place at FTX late last year under then-CEO Sam Bankman-Fried. Armstrong predicted "there could still be further contagion" from FTX in the crypto markets but assured remaining employees that Coinbase is well capitalized. Amazon: 18,000 employeesAmazon CEO Andy Jassy initially announced the company's latest round of layoffs in November.AmazonAmazon is in the midst of the most significant round of layoffs in the company's history. In a memo to employees, CEO Andy Jassy said the company would cut more than 18,000 workers in total — far more than what was initially expected based on reporting by the New York Times. Jassy cited "the uncertain economy" and rapid hiring as reasons for the layoffs. While most of Amazon's 1.5 million staff have warehouse jobs, the layoffs are concentrated in Amazon's corporate groups. Amazon's layoffs began late last year, though the Wall Street Journal reports cuts will continue through the first few weeks of 2023.Amazon's 18,000 jobs cuts are the largest of any major tech company amid the wave of recent layoffs.  Salesforce: 10% of its staffSalesforce said in the first month of 2023 that it would enact big job cuts.Noam Galai/Getty ImagesSalesforce co-CEO Marc Benioff announced on Jan. 4 that the software company plans to layoff 10% of its workforce — an estimated 7,000 employees — and close select offices as part of a restructuring and cost-cutting plan. "The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," Benioff wrote in an email to staff. "With this in mind, we've made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks."He continued: "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."Everlane: 17% of corporate employeesEverlane founder and executive chair Michael Preysman.Lars Ronbog/Getty Images for Copenhagen Fashion SummitEverlane is slashing 17% of its 175-person corporate workforce, and 3% of its retail staff."We know there will be some bumpiness over the next few weeks as we navigate a lot of change at once. We ask for your patience as we do right by our departing team members," CEO Andrea O'Donnell wrote to employees, according to an internal memo seen by Insider. In a statement to Insider, a company spokesperson said the decision was intended to "improve profitability in 2023 and continue our efforts to help leave the fashion industry cleaner than we found it."The e-commerce clothing company previously laid off nearly 300 workers, mostly in retail in March 2020 amid the outbreak of the Covid-19 pandemic.Vimeo: 11% of its workforceAnjali Sud, CEO of Vimeo, speaks during the company's direct listing on Nasdaq, Tuesday, May 25, 2021, in New York.AP Photo/Mark LennihanVimeo CEO Anjali Sud told employees on Jan. 4 that the company would layoff 11% of its staff, the video platform's second major round of layoffs in less than a year, after cutting 6% of employees in July"This was a very hard decision that impacts each of us deeply," Sud wrote in an email to staff. "It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment."A spokesperson told Insider reduction is intended to assist with ongoing economic concerns and improve the company's balance sheet. Compass: size of layoffs not immediately disclosedCompass is letting go of more employees after two rounds of layoffs in the past eight months.CompassCompass CEO Robert Reffkin told staffers on Jan. 5 it would conduct more layoffs, following two previous rounds in the past eight months, as the brokerage continues to struggle with significant financial losses. "We've been focused over the last year on controlling our costs," Reffkin wrote in an email to employees. "As part of that work, today we reduced the size of some of our employee teams. While decisions like these are always hard, they are prudent and allow us to continue to build a long-term, successful business for all of you."While the size of the layoffs was not immediately disclosed, the brokerage let go of 450 corporate employees in June 2022, followed by an additional 750 people from its technology team in October 2022.   Stitch Fix: 20% of salaried jobsStitch Fix is laying off salaried employees.SOPA ImagesStitch Fix announced on Jan. 5 that it plans to slash 20% of its salaried workforce, the Wall Street Journal reported.The cuts come in tandem with the announcement that CEO Elizabeth Spaulding is stepping down, after less than 18 months at the helm of the struggling retail company."First as president and then as CEO, it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team," Spaulding said in a statement. "It is now time for a new leader to help support the next phase."Stitch Fix founder Katrina Lake — who formerly served as chief executive and sits on the board of directors — will become interim CEO, the company said in a press release. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 27th, 2023

The latest sign Linda Yaccarino could be Elon Musk"s choice for Twitter CEO? She just resigned from NBCUniversal.

Linda Yaccarino has left NBCUniversal, the company said. The advertising chief is reportedly Elon Musk's choice for Twitter's next CEO. Twitter CEO Elon Musk, center, speaks with Linda Yaccarino, chairman of global advertising and partnerships for NBC, at the POSSIBLE marketing conference, Tuesday, April 18, 2023, in Miami Beach, Fla.AP Photo/Rebecca Blackwell Linda Yaccarino is leaving NBCUniversal, where she's been its advertising chief. Yaccarino is reportedly Elon Musk's likely candidate to replace him as Twitter's CEO. Musk's tweet on Thursday about his successor didn't offer names but said "she" will join in weeks. Linda Yaccarino is leaving NBCUniversal on the heels of reports that she's the likely contender to replace Elon Musk as Twitter's CEO. Yaccarino, who has headed up advertising sales at NBCUniversal since 2011, was departing "effective immediately," according to a statement by the company on Friday morning. "It has been an absolute honor to be part of Comcast NBCUniversal and lead the most incredible team," Yaccarino said in the statement.Yaccarino has been in talks with Musk to take over as Twitter's chief, the Wall Street Journal reported on Thursday, citing unidentified sources. The New York Times and Washington Post have since matched that reporting. Yaccarino had interviewed Musk in April at an ad industry conference in Miami.Musk tweeted on Thursday that he'd picked a new chief executive for Twitter, but didn't share any details other than that "She will be starting in ~6 weeks!"A representative for NBCUniversal did not immediately respond to a request for additional comment. Insider's emails sent to Musk's Tesla and SpaceX addresses did not receive a response. An email sent to Twitter's press address received an automated reply that did not comment on the matter.Yaccarino is a longtime and well-respected ad executive with deep ties to advertisers. At NBCUniversal, her career and purview has grown over the years as NBCUniversal's pitch has shifted to include more data-driven digital offerings — pitting NBCUniversal against tech giants like Google and Meta. She was a key contributor to NBCU's push into streaming TV, with the rollout of the ad-supported version of streaming service Peacock in 2020.Yaccarino has long been a strong advocate for changing the long-established ways that advertisers buy and measure TV ads. Back in 2017, for instance, she was trying to convince TV ad buyers to purchase audiences across NBCUniversal's linear and digital content portfolio, which at the time was an unusual strategy for a broadcaster.Yaccarino has also been a thorn in the side of legacy ratings giant Nielsen. She played a key role in NBCUniversal's move away from Nielsen ratings, and has tried to influence the rest of the TV industry to follow suit. Under Yaccarino, NBCUniversal has offered to let advertisers buy ads using non-Nielsen ratings from competitors like VideoAmp and iSpot.tv.And Yaccarino spearheaded other big industry-wide initiatives like running less commercials on linear TV. Mark Marshall, another longtime NBCUniversal ad exec and formally president of ad sales and client partnerships, will take over Yaccarino's role on an interim basis, NBCUniversal said.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 12th, 2023

LinkedIn is the latest company to slash jobs amid a layoff wave expanding beyond tech. Here"s the full list of major US companies making cuts this year.

The wave of layoffs hitting tech companies and beyond shows no signs of slowing down. LinkedIn is cutting 716 jobs. LinkedIn CEO Ryan Roslansky announced Tuesday that the company would be cutting 716 roles.Kelly Sullivan/Getty Images for LinkedIn LinkedIn employees are the latest to be hit by a wave of layoffs, as the company cuts 716 jobs.  Over the past few months, layoffs have expanded outside of tech, media, and finance as Gap and Whole Foods announced cuts. See the full list of layoffs so far in 2023. A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down into 2023. Linkedin is the latest to announce cuts. The business networking platform informed employees in a memo Tuesday that it would be cutting 716 roles from its global workforce and discontinue InCareer, its localized jobs app in China. The layoffs come after news last week that Shopify is slashing 20% of its workforce and selling off its logistics business. These companies join a large number of major corporations that have made significant cuts in the new year: Tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced massive layoffs in the first weeks of 2023 amid a continued economic downturn and stagnating sales.The downsizing followed significant reductions that companies including Meta and Twitter made last year. The layoffs have primarily affected the tech sector, which is now hemorrhaging employees at a faster rate than at any point during the pandemic, the Journal reported. According to data cited by the Journal from Layoffs.fyi, a site tracking layoffs since the start of the pandemic, tech companies slashed more than 187,000 in 2023 alone — compared to 80,000 in March to December 2020 and 15,000 in 2021. But it's not just tech companies that are cutting costs, with the major job reductions that have come from the Gap, along with FedEx, Dow, and Wayfair.Here are notable job cuts so far in 2023: LinkedIn: 716 rolesRyan Roslansky, CEO of LinkedIn, said the company would be cutting 716 roles on Tuesday.Courtesy of Ryan RoslanskyLinkedIn announced Tuesday that it would be cutting 716 roles from its global workforce in a message from CEO Ryan Roslansky.Roslansky also noted that company will also be discontinuing InCareer, a local jobs app in China, as it refocuses on helping companies in China hire, market, and train abroad. The decision comes on the heels of LinkedIn's 20th anniversary last week. "While we're making meaningful progress creating economic opportunities for our members and customers and experiencing record engagement on the platform, we're also seeing shifts in customer behavior and slower revenue growth," Roslansky said.Shopify: 20% of workforceDavid Fitzgerald/Sportsfile via Getty ImagesShopify is slashing 20% of its workforce and selling off most of its logistics business to supply chain company Flexport, the company announced on May 4. The cuts confirmed growing concern of layoffs among staffers in recent weeks, following the cancellation of several team-building offsite events and analyst speculation that Shopify would alter its logistics arm, Insider reported."I recognize the crushing impact this decision has on some of you, and did not make this decision lightly," Shopify CEO Tobi Lütke said in a note to employees and shareholders.He continued: "This is a consequential and hard week. It's the right thing for Shopify but it negatively affects many team members who we admire and love working with."Morgan Stanley: 3,000 jobsReutersMorgan Stanley is cutting 3,000 jobs by the end of the quarter, Bloomberg reported, citing sources familiar with the matter. One person told the outlet that the company's banking and trading teams will be most impacted.The cuts will affect about 5% of the firm's workforce, excluding financial advisers and personnel in the wealth management division, Bloomberg noted. A spokesperson for the bank did not immediately respond to Insider's request for comment and declined to comment to Bloomberg. However, CEO James Gorman noted last month that underwriting and mergers activity has been "subdued" and that he doesn't expect a rebound before the second half of 2023 or even 2024, Bloomberg noted. The firm last cut 1,600, or around 2% of its staff in December, Bloomberg noted. Dropbox: 16% of staffDrew Houston, cofounder and CEO of Dropbox, told employees Thursday that the company was eliminating 500 jobs.Matt Winkelmeyer / Getty ImagesCloud storage firm Dropbox said Thursday that it would be reducing its global workforce by 16%, or 500 jobs.In a message to staff sent Thursday, CEO Drew Houston said the cuts are being made, in part, from slowing business growth and the expansion of AI products. "Today's changes were the result of taking a hard look at our strategic priorities and organizational structure as a leadership team, and aligning to principles of sustainable financial growth, efficiency, and flexibility to invest in our future. We're also streamlining how the company is organized," Houston said.  Gap: more than 2,000 jobs since late last yearGap posters in Birmingham, England.Mike Kemp/Getty ImagesClothing retailer Gap is cutting 1,800 positions in its headquarters and upper management as part of a restructuring plan meant to cut costs, the retailer said Thursday.Gap said that the cuts are expected to help the company see $300 million in annualized savings."We are taking the necessary actions to reshape Gap Inc. for the future — simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience," the company's chairman and interim CEO Bob Martin said in a statement given to Insider.In September, Gap slashed 500 jobs from its corporate ranks in a push to save $250 million annually, the Wall Street Journal reported. Jenny Craig: potential mass layoffsA man enters a Jenny Craig facility June 19, 2006 in Niles, Illinois.Tim Boyle/Getty ImagesWeight loss company Jenny Craig notified staffers of potential mass layoffs on April 27, as a result of the company "winding down physical operations," according to an internal email reviewed by NBC News.According to NBC News, the company has been in the process of selling and anticipates the pending sale "will likely impact all employees in some manner," an FAQ document sent to employees read. "We do not know the exact employees/groups whom will be impacted, and if any employees may be retained," the document said, per NBC News. "As a result, we would suggest that you anticipate that your employment may be impacted and begin to seek other employment." 3M: 6,000 jobsMike Roman, CEO of 3M.Xinhua News Agency / Contributor/Getty ImagesOn Tuesday, the Scotch tape and Post-It Notes manufacturer said it will be cutting 6,000 positions across all parts of the company with the goal of streamlining operations, simplifying supply chain, and reducing layers of management, according to The Wall Street Journal.The company's chief executive Mike Roman said Tuesday that the cuts would eliminate 10% of 3M's global workforce and ultimately save the company between $700 to $900 million in pretax costs, the Journal said. 3M last announced cuts in January when it said it was removing 2,500 manufacturing positions.Lyft: 1,072 rolesReutersIn an SEC filing on Thursday, Lyft said it was cutting roles for 1,072 employees, or about 26% of its corporate workforce. In the filing, the company also said it is scaling back on hiring and has eliminated over 250 open positions. The news comes just weeks after David Risher took the helm as Lyft's new CEO, part of an executive shakeup that involved cofounders Logan Green and John Zimmer moving into board roles. A spokesperson for Lyft previously told Insider, "David has made clear to the company that his focus is on creating a great and affordable experience for riders and improving drivers' earnings."The spokesperson added, "To do so requires that we reduce our costs and structure our company so that our leaders are closer to riders and drivers. This is a hard decision and one we're not making lightly. But the result will be a far stronger, more competitive Lyft." Deloitte: 1,200 jobsAlex Tai/SOPA Images/LightRocket via Getty ImagesDeloitte announced on April 21 it was cutting 1,200 jobs, or about 1.5% of its US staff, the Financial Times reported. The cuts will largely be concentrated in the financial advisory business as a result of a decline in mergers and acquisitions, per internal communications viewed by the FT. Whole Foods: Several hundred corporate employeesMary Meisenzahl/InsiderWhole Foods announced on April 20 it was letting go of several hundred corporate employees, amounting to less than 0.5% of the company's workforce, CNBC reported.The cuts are a result of a structural reorganization of global and regional support teams, which will be downsized from nine to six, but will not cause store closures, according to CNBC.In a memo to employees viewed by CNBC, Whole Foods executives wrote "simplifying our work and improving how we operate is critical as we grow." "As the grocery industry continues to rapidly evolve, and as we — like all retailers — have navigated challenges like the COVID-19 pandemic and continued economic uncertainty, it has become clear that we need to continue to build on these changes," the memo read, per CNBC. It continued: "With additional adjustments, we will be able to further simplify our operations, make processes easier, and improve how we support our stores."BuzzFeed News: 15% of staffBuzzFeed News headquarters.Drew Angerer / Getty ImagesBuzzFeed announced on April 20 that it was shuttering its BuzzFeed News division, laying off 15% of its staff, or 180 employees, in the process. In a memo to staff shared with Insider's Lucia Moses, CEO Jonah Peretti admitted to mistakes like over-investing in the news arm and failing to successfully integrate BuzzFeed and Complex after the latter was acquired in 2021. "I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances," he wrote. "Our job is to adapt, change, improve, and perform despite the challenges in the world. We can and will do better."Ernst & Young: 3,000 positionsEY spends $500 million annually on learning for its employees.TOLGA AKMEN / Contributor / GettyErnst & Young announced on April 17 it was laying off 3,000 US employees, or about 5% of its total US staff.The decision came after the financial auditor nixed a proposed reorganization that would break up its consulting and accounting businesses, Reuters reported. According to the Financial Times, which first reported the layoffs, the cuts will address "overcapacity" and will largely impact the company's consulting business. Opendoor: 560 jobsOpendoor announced it was cutting 560 jobs on Tuesday.Opendoor Technologies/GlassdoorOn Tuesday, home flipping giant Opendoor said it was cutting 560 jobs, or 22% of its workforce, citing a souring housing market. A spokesperson for Opendoor told Insider by email,"We've been weathering a sharp transition in the housing market – the steepest and fastest rate increase by the Fed in 40 years, the more than doubling of mortgage rates from historic lows, and the hit to home affordability have driven an approximately 30% decline in new listings from peak levels last year."The spokesperson noted that the cuts have been made to "better align our operational costs with the anticipated near-term market opportunity, while maintaining our critical technology investments that will continue to drive the business long term."Impacted team members will receive severance pay, extended health benefits, and job transition support. Opendoor last made cuts in November 2022, laying off 550 workers or about 18% of its staff.  McKinsey: About 1,400 employeesFABRICE COFFRINI/AFP via Getty ImagesMcKinsey & Company will cut an estimated 1,400 positions, or 3% of its total workforce, Bloomberg reported on March 29.The layoffs are part of the consulting firm's efforts to reorganize support teams and pare down an employee base that has grown rapidly in recent years, per the outlet. "The painful result of this shift is that we will have to say goodbye to some of our firm functions colleagues, while helping others move into new roles that better align to our firm's strategy and priorities," Bob Sternfels, global managing partner, wrote in a note to staff seen by Bloomberg. He continued: "Starting now, where local regulations allow, we will begin to notify colleagues who will depart our firm or be asked to change roles."David's Bridal: 9,236 employeesShoppers head for David's Bridal in Sunset Hill, Mo. Tuesday, May 10, 2005.James A. Finley/AP ImagesDavid's Bridal is laying off more than 9,000 workers across the US, according to a WARN notice filed with the Pennsylvania Department of Labor and Industry on April 14. "We are evaluating our strategic options and a sale process is underway," David's Bridal spokesperson Laura McKeever told the Philadelphia Inquirer. "At this time, there are no updates to share."The company is considering filing for bankruptcy in the near future, according to an April 7 report from the New York Times. David's Bridal also filed for bankruptcy in 2018. Virgin Orbit: 85% of staffersSir Richard Branson, founder of Virgin Orbit.Mark GreenbergVirgin Orbit disclosed in a March 30 filing with the Securities and Exchange Commission that it is slashing 85% of its staff, or about 675 employees.The company, which operates within the Virgin Group and provides launch services for satellites, is also ceasing operations "for the foreseeable future," CNBC reported. "Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Virgin Orbit CEO Dan Hart said, according to audio of a company all-hands obtained by CNBC.     Electronic Arts: About 780 employeesLucy Nicholson/ReutersElectronic Arts — the video game company best known for its "The Sims," "FIFA," and "Madden NFL" franchises — is letting go of 6% of its staff, or about 780 employees, the company announced on March 24. "As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams," Electronic Arts CEO Andrew Wilson wrote in a blog post to staffers. Wilson said the cuts began early this quarter and will continue through the beginning of the next fiscal year.  Amazon: 9,000 more jobsAmazon CEO Andy Jassy announced on Monday that the company would be eliminating another 9,000 roles, on top of the 18,000 announced in January.Richard Brian/ReutersAmazon announced on March 20 that it would cut 9,000 jobs from its workforce over the coming weeks. The cuts come on the heels of the 18,000 roles the company announced it was cutting back in January. In a message to employees shared on Amazon's site, CEO Andy Jassy noted that the impacted positions are largely in the Amazon Web Services, People Experience and Technology Solutions, Advertising, and Twitch departments. In the memo, Jassy said the company staggered its layoff announcements because "not all of the teams were done with their analyses in the late fall." He added, "rather than rush through these assessments without the appropriate diligence, we chose to share these decisions as we've made them so people had the information as soon as possible."Roku: 200 staffersRoku CEO Anthony Wood speaks during Tribeca X - 2021 Tribeca Festival on June 18, 2021 in New York City.Photo by Arturo Holmes/Getty Images for Tribeca FestivalRoku is cutting an additional 200 roles, or 6% of its workforce, Reuters reported on March 30. The cuts come after the streaming device manufacturer previously laid off 200 employees in November 2022. The company is expected to complete the cuts by the end of the second quarter, and also plans to leave and sublease office facilities in an attempt to reduce costs, according to Reuters. Walmart: About 200 employeesA Walmart store.Bruce Bennett/Getty ImagesWalmart asked about 200 workers at five fulfillment centers to find employment elsewhere in the company in the next 90 days or else be laid off, Reuters reported on March 23.The cuts are a response to the reduction of evening and weekend shifts at select Walmart facilities, including those in Chino, California; Davenport, Florida; Bethlehem, Pennsylvania; Pedricktown, New Jersey; and Fort Worth, Texas, per Reuters. "We recently adjusted staffing levels to better prepare for the future needs of customers," a Walmart spokesperson told Reuters in a statement.  Accenture: 19,000 positionsJoan Cros/Corbis via Getty ImagesAccenture is slashing 19,000 roles, or 2.5% of its total workforce, according to a Security and Exchange Commission filing on March 23.The tech consultancy company said the layoffs will take place over the next 18 months and half of the cuts will impact staffers in "non-billable corporate functions," per the filing.  "While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs," Accenture wrote in the filing. LinkedIn: 2,200 staffersIndeed CEO Chris HyamsPhoto by Niall Carson/PA Images via Getty ImagesLinkedIn CEO Chris Hyams announced on March 22 that the online networking platform will cut 2,200 jobs, or about 15% of its staff. In a note sent to employees, Hyams wrote the reductions will impact "nearly every team, function, level, and region" across the company in an effort to reduce redundancy and increase efficiency. "I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I'd never have to make," he wrote. Meta: 10,000 workersMeta CEO Mark ZuckerbergMark Lennihan/APRoughly 10,000 Meta workers will find out that their jobs have been cut between March and May, according to an announcement by the company's founder and CEO, Mark Zuckerberg. Zuckerberg also said the company would close around 5,000 open roles that haven't yet been filled as part of the company's effort to downsize. "My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead," Zuckerberg wrote in a post on Facebook announcing the layoffs. In the post, Zuckerberg said that members of Meta's recruiting team would learn about the fate of their jobs in March, while tech workers would find out in late April, and business groups would find out in May. "In a small number of cases, it may take through the end of the year to complete these changes," he wrote. The job cuts come less than 5 months after Meta slashed 11,000 workers, or about 13% of its workforce, in November. At the time, Zuckerberg called the layoffs a "last resort."  SiriusXM: 475 rolesJennifer Witz, CEO of SiriusXM said the company was cutting 475 roles on March 6.Cindy Ord / Staff/ Getty ImagesThe radio company said March 6th that it was cutting 8% of its staff or 475 roles according to a statement posted on the company's website from CEO Jennifer Witz.In the statement, Witz said "nearly every department" across the company will be impacted. She also noted that those impacted will be contacted directly and will have the opportunity to speak with a leader from their department as well as a member of the company's People + Culture team. Impacted employees will also be provided with exit packages that include severance, transitional health insurance benefits, Employee Advocacy Program continuation, and outplacement services, Witz noted.Citigroup: hundreds of jobsCiti CEO Jane FraserPatrick T. Fallon/AFP via Getty ImagesCiti plans to cut hundreds of jobs, with many focused on the company's investment bank division. The total headcount cut will reportedly amount to less than 1% of Citi's more than 240,000 workers and are part of Citi's normal course of activities.Citi's cuts were first reported by Bloomberg. In January, Citi's CFO told investors the company remained "focused on simplifying the organization, and we expect to generate further opportunities for expense reduction in the future."Citi declined Insider's request to provide comment on the record. Waymo: reported 209 roles so farWaymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 8% of the unit's staff has been cut this year.Peter Prado/Insider; Vaughn Ridley/Sportsfile via Getty ImagesAlphabet's self-driving car unit Waymo has reportedly laid off a total of 209 employees this year in two rounds of cuts, according to The Information. Waymo reportedly laid off 137 employees on March 1, according to The Information. Waymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 209 employees— approximately 8% of the company's staff— have been cut this year, according to an internal email seen by The Information.Waymo did confirm the cuts to Insider but did not specify the number of roles impacted or the date the first round of cuts occurred.  Thoughtworks: reported 500 employeesThoughtworks laid off 500 employees on February 28. That day, CEO Guo Xiao said in the company's earnings release that it was "pleased" with its performance in the fourth quarter of 2022.Screenshot of Guo Xiao from the Thoughtworks website.Thoughtworks, a software consultancy firm, reportedly laid off 500 employees or 4% of its global workforce, according to TechCrunch. TechCrunch noted that the company "did not dispute" the figure when reached for comment on March 1. According to TechCrunch, Thoughtworks "initially informed" the affected employees about the decision on February 28. That same day, Thoughtworks reported that its revenue had increased 8.3% between the fourth quarter of 2022 and the fourth quarter of 2021. The company also reported a more than 21% year over year revenue increase for 2022. In the company's earnings release, Thoughtworks' CEO Guo Xiao said, "We are pleased with our performance in the fourth quarter and our clients continue to look to us to help them navigate these uncertain times and tackle their biggest technology challenges."General Motors: reported 500 salaried jobsGM CEO Mary Barra.Patrick T. Fallon/Getty ImagesGeneral Motors plans to cut 500 executive-level and salaried positions, according to a report from The Detroit News. The layoffs come only one month after CEO Mary Barra told investors and reporters on the company's earnings call, "I do want to be clear that we're not planning layoffs." In a memo to employees, seen by Insider, GM's chief people officer wrote, "we are looking at all the ways of addressing efficiency and performance. This week we are taking action with a relatively small number of global executives and classified employees following our most recent performance calibration." Employees who are getting laid off were informed on Feb. 28. General Motors confirmed the layoffs to Insider but did not confirm a specific number of employees getting cut. Twitter: about 200 employeesElon Musk is Twitter's CEO and ownerREUTERS/Jonathan ErnstThe layoffs reportedly haven't stopped at Twitter under Elon Musk. The social media company reportedly laid off 200 more employees on a Saturday night in late February, according to the New York Times. Some workers reportedly found out they had lost their jobs when they couldn't log into their company emails.Musk laid off 50% of Twitter's workforce in November after buying the company for $44 billion. Yahoo: 20% of employeesSOPA Images / Getty ImagesYahoo announced it will eliminate 20% of its staff, or more than 1,600 people, as part of an effort to restructure the company's advertising technology arm, Axios reported on February 9.Yahoo CEO Jim Lanzone told Axios that the cuts are part of a strategic overhaul of its advertising unit and will be  "tremendously beneficial for the profitability of Yahoo overall."    Disney: 7,000 jobsBob Iger, CEO of DisneyCharley Gallay/Stringer/Getty ImagesFresh off his return as Disney CEO, Bob Iger announced February 8 that Disney will slash 7,000 jobs as the company looks to reduce costs. Iger, who returned to the position in November 2022 to replace his successor Bob Chapek after first leaving in 2020, told investors the cuts are part of an effort to help save an estimated $5.5 billion. "While this is necessary to address the challenges we are facing today, I do not make this decision lightly," Iger said. "I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes."DocuSign: 10%Igor Golovniov/SOPA Images/LightRocket/Getty ImagesDocuSign plans to slash 10% of employees as part of a restructuring plan "designed to support the company's growth, scale, and profitability objectives," the electronic signature company wrote in a Securities and Exchange Commission filing on Feb. 16. The company said the restructuring plan is expected to be complete by the second quarter of fiscal 2024, per the filing. Affirm: 19% of its workforceAffirm co-founder and CEO Max LevchinAffirmAffirm announced on February 8 it plans to slash 19% of its workforce, after reporting declining sales that missed Wall Street expectations. Affirm co-founder and CEO Max Levchin said in a call with investors that the technology company "has taken appropriate action" in many areas of the business to navigate economic headwinds, including creating a "smaller, therefore, nimbler team.""I believe this is the right decision as we have hired a larger team that we can sustainably support in today's economic reality, but I am truly sorry to see many of our talented colleagues depart and we'll be forever grateful for their contributions to our mission," he said.  GoDaddy: 8% of workersGoDaddy's CEO Aman Bhutani in September 2019Don Feria/Invision/AP ImagesGoDaddy, the website domain company, announced on February 8 it will cut 8% of its global workforce. "Despite increasingly challenging macroeconomic conditions, we made progress on our 2022 strategic initiatives and continued our efforts to manage costs effectively," GoDaddy CEO Aman Bhutani wrote in an email to staffers."The discipline we embraced was important but, unfortunately, it was not sufficient to avoid the impacts of slower growth in a prolonged, uncertain macroeconomic environment."Zoom: 15% of staffZoom CEO Eric Yuan.AP Photo/Mark LennihanZoom CEO Eric Yuan announced in a memo to workers that the company would reduce its headcount by 15%, or about 1,300 employees, on February 7. He attributed the layoffs to "the uncertainty of the global economy and its effect on our customers" but also said the company "made mistakes" as it grew. "We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably toward the highest priorities," Yuan said. In the memo, Yuan also announced that he would cut his salary by 98% in 2023 and forgo his corporate bonus. In addition, other members of the executive leadership team will also reduce their base salaries by 20% this year, according to Yuan. eBay: 500 jobseBay CEO Jamie Iannone told employees Tuesday that the company would be eliminating 500 roles.Harry Murphy/Sportsfile for Web Summit via Getty ImagesOn Tuesday, e-commerce giant eBay told employees that it would be eliminating 500 roles, or about 4% of its workforce, according to a message included in a regulatory filing on Tuesday. In the message, CEO Jamie Iannone wrote "Today's actions are designed to strengthen our ability to deliver better end-to-end experiences for our customers and to support more innovation and scale across our platform."He added, "this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape." Dell: 5% of workforceDell is eliminating approximately 5% of its workforce. The company's co-chief operating officer Jeff Clarke told employees in a memo, "market conditions continue to erode with an uncertain future."Kevork Djansezian / Staff/Getty ImagesOn February 6, Dell said in a regulatory filing that it would be eliminating about 5% of its workforce. The percentage amounts to approximately 6,650 roles based on numbers that Dell provided Insider. In a memo sent to employees posted on Dell's website, co-chief operating officer Jeff Clarke, said "market conditions continue to erode with an uncertain future." He also noted in the memo that the company had paused hiring, limited employee traveling, and decreased spending on outside services. He added, however, "the steps we've taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough."Pinterest: 150 jobsBen Silbermann is the founder and executive chair of Pinterest. He was the company's CEO until June 2022.Horacio Villalobos/Getty ImagesPinterest said it would cut 150 workers, or less than 5% of its workforce, on February 1, the company confirmed to Insider.  "We're making organizational changes to further set us up to deliver against our company priorities and our long-term strategy," a company representative said.The social media company was recently the target of activist investor Elliott Management, agreeing to add one of the firm's representatives to its board last month.   Rivian: 6% of jobsRivian CEO RJ Scaringe.Carlos Delgado/Associated PressRivian's CEO RJ Scaringe announced the EV company would cut 6% of its workforce in a memo to employees, the company confirmed to Insider. This is the company's second round of job cuts in the last 6 months after Scaringe announced a separate 6% workforce reduction in July 2022. In his memo to staff, Scaringe said Rivian needs to focus its resources on ramping up production and reaching profitability. BDG Media: 8% of staffScreengrab of Gawker's homepageGawkerBDG Media announced on February 1 that it was shutting down pop-culture site Gawker and laying off 8% of its staff, according to Axios. BDG owns Bustle, Elite Daily, and other lifestyle and news websites. "After experiencing a financially strong 2022, we have found ourselves facing a surprisingly difficult Q1 of 2023," CEO Bryan Goldberg wrote in a memo to staff seen by Axios. Splunk: 325 jobsGary Steele took over as Splunk's CEO in April 2022.YouTube/ProofpointSoftware and data platform Splunk is the latest in a long list of tech companies to announce layoffs in recent months. On February 1, the company said it would lay off 4% of its staff and scale back the use of consultants to cut costs, according to a filing viewed by Insider. The layoffs will reportedly be focused on workers in North America, and CEO Gary Steele told employees Splunk would continue to hire in "lower-cost areas."Intel: 343 jobsIntel CEO Pat Gelsinger.Pool Eric Lalmand/Getty ImagesIntel notified California officials per WARN Act requirements it plans to layoff 343 workers from its Folsom campus, local outlets reported on January 30. "These are difficult decisions, and we are committed to treating impacted employees with dignity and respect," Intel said in a statement to KCRA 3, noting that the cost-cutting comes as the company is faces a "challenging macro-economic environment." On February 1, the company announced CEO Pat Gelsinger will take a 25% pay cut, while other members of the executive team will take salary reductions in amounts ranging from 5% to 15%.  FedEx: more than 10% of top managersFedEx workers in New York City on March 16, 2021.Alexi Rosenfeld/Getty ImagesFedEx informed staffers on February 1 it plans to slash more than 10% of top managers in an effort to reduce costs.  "This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions," CEO Raj Subramaniam wrote in a letter to staff, which was shared with Insider's Emma Cosgrove. While the exact number of employees impacted was not specified, a FedEx spokesperson told Insider that since June 2022 the company has reduced its workforce by more than 12,000 staffers through "headcount management initiatives." "We will continue responsible headcount management throughout our transformation," the spokesperson said. PayPal: 7% of total workforceDan Schulman, president and CEO of PayPal announced that the company would be cutting 7% of its total workforce on January 31.PaypalPayPal announced on January 31 that it plans to cut 2,000 workers or approximately 7% of the company's total workforce over the coming weeks. In a statement announcing the layoffs on PayPal's website, CEO and president Dan Schulman cited the "challenging macro-economic environment." He added, "While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do."HubSpot: 7% of staffYamini Rangan is HubSpot's CEO.Matt Winkelmeyer/ Getty ImagesHubSpot's CEO Yamini Rangan announced that the company would lay off 500 workers, according to an email seen by Insider. "We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected. The year was challenging due to a perfect storm of inflation, volatile foreign exchange, tighter customer budgets, and longer decision making cycles," Rangan wrote to employees. IBM: 1.5% of staffIBM's CEO Arvind KrishnaBrian Ach / Stringer / Via GettyIBM plans would cut 1.5% of its staff, roughly 3,900 workers. The layoffs were first reported by Bloomberg but confirmed by Insider.The company said the cuts would cost IBM about $300 million and is related entirely to businesses the company has spun off. Bloomberg reports that CFO James Kavanaugh said the company is still hiring in "higher-growth areas." Hasbro: 15% of workersA Jenga game by Hasbro Gaming.Thomson ReutersHasbro reportedly plans to cut 1,000 workers after warning that the 2022 holiday season was weaker than expected, according to the toy and game company. The company said the layoffs come as it seeks to save between $250 million to $300 million per year by the end of 2025. "While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses," Chris Cocks, Hasbro's CEO said. Dow: 2,000 global employeesThe Dow Chemical logo is shown on a building in downtown Midland, home of the Dow Chemical Company corporate headquarters, December 10th, 2015 in Midland, MichiganBill Pugliano/Getty ImagesDow Inc. announced on January 26 that it will lay off 2,000 global employees, a move that indicates mass layoffs are spreading beyond just the technology sector, the Wall Street Journal reported. It's part of a $1 billion cost-cutting effort intended to help amid "challenging energy markets," Dow CEO Jim Fitterling said in a press release. The chemical company also  will shut down select assets, mostly in Europe, per the release."We are taking these actions to further optimize our cost structure and prioritize business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe," Fittlering said.   SAP: Up to 3,000 positionsSAP CEO Christian KleinULI DECK/POOL/AFP via Getty ImagesSoftware company SAP said on January 26 it will slash up to 3,000 jobs globally in response to a profit slump, with many of the cuts coming outside of its headquarters in Berlin, the Wall Street Journal reported.  The layoffs will impact an estimated 2.5% of the company's workforce and are part of a cost-cutting initiative aiming at reaching an annual savings of $382 million in 2024, according to the Journal. "The purpose is to further focus on strategic growth areas," said Luka Mucic, SAP's chief financial officer, per the Journal.   Spotify: 6% of the workforceDaniel Ek, Spotify cofounder and CEOGreg Sandoval/Business InsiderIn a memo to Spotify employees, CEO Daniel Ek said the company would cut 6% of its staff, about 600 people. "While we have made great progress in improving speed in the last few years, we haven't focused as much on improving efficiency. We still spend far too much time syncing on slightly different strategies, which slows us down. And in a challenging economic environment, efficiency takes on greater importance. So, in an effort to drive more efficiency, control costs, and speed up decision-making, I have decided to restructure our organization," he wrote. As part of the changes, Dawn Ostroff, the company's chief content and advertising officer, who spent more than $1 billion signing exclusive podcast deals with Joe Rogan, the Obamas, and Prince Harry and Meghan Markle, has departed. 3M: 2,500 jobs cut3M3M, which makes Post-It notes, Scotch tape, and N95 masks, said it plans to cut 2,500 manufacturing jobs worldwide. CEO Mike Roman called it "a necessary decision to align with adjusted production volumes." "We expect macroeconomic challenges to persist in 2023. Our focus is executing the actions we initiated in 2022 and delivering the best performance for customers and shareholders," he said in a press release. Google: around 12,000 employeesBrandon Wade/ReutersSundar Pichai, CEO of Google parent company Alphabet, informed staffers on January 20 that the company will lay off 12,000 employees, or 6% of its global workforce. In a memo sent to employees and obtained by Insider, Pichai said the layoffs will "cut across Alphabet, product areas, functions, levels and regions" and were decided upon after a "rigorous review." Pichai said the company will hold a townhall meeting to further discuss the cuts, adding he took "full responsibility for the decisions that led us here" "Over the past two years we've seen periods of dramatic growth," Pichai wrote in the email. "To match and fuel that growth, we hired for a different economic reality than the one we face today." Vox: 7% of staffThe layoffs were reportedly announced in a memo from CEO Jim Bankoff.Vox MediaVox Media, the parent company of publications like Vox, The Verge, New York magazine, and Vulture, is laying off roughly 133 people, or 7% of its staff, according to a report by Axios. The cuts come just a few months after the media company laid off 39 roles in July. The decision was reportedly announced in a note to staff from CEO Jim Bankoff, who wrote that while the company is "not expecting further layoffs at this time, we will continue to assess our outlook, keep a tight control on expenses and consider implementing other cost savings measures as needed," according to Axios.Vox Media's layoffs come at a time when advertisers are tightening their belts in anticipation of an economic slowdown, taking a toll on the media industry. Capital One: more than 1,100 tech workersBrian Ach/AP ImagesCapital One slashed 1,100 technology positions on January 18, a company spokesperson told Insider. The cuts impacted workers in the "Agile job family," a department which was eliminated and its responsibilities integrated into "existing engineering and product manager roles," per the spokesperson. "Decisions that affect our associates, especially those that involve role eliminations, are incredibly difficult," the Capital One spokesperson said in the statement. "This announcement is not a reflection on these individuals or the work they have driven on behalf of our technology organization," the spokesperson continued. "Their contributions have been critical to maturing our software delivery model and our overall tech transformation."The eliminations came after the bank had invested heavily in tech efforts in recent years, including launching a new software business focused on cloud computing in June 2022. "This decision was made solely to meet the evolving skills and process enhancements needed to deliver on the next phase of our tech transformation," the spokesperson said.  WeWork: About 300 employeesReutersWeWork announced on January 19 it will cut about 300 positions as it scales back on coworking spaces in low-performing regions, Reuters reported. The layoffs come after the company said in November 2022 it planned to exit 40 locations in the US as part of a larger cost-cutting effort. The company announced the cuts in a press release listing its fourth-quarter earnings call date, stating only the reductions are "in connection with its portfolio optimization and in continuing to streamline operations."  Wayfair: more than 1,000 employeesPavlo Gonchar/SOPA Images/LightRocket via Getty ImagesWayfair is expected to lay off more than 1,000 employees, about 5% of its workforce, in the coming weeks in response to slumping sales, the Wall Street Journal reported on January 19.The cuts mark the second round of layoffs in six months for the online furniture and home goods company, after it nixed 900 staffers in August 2022. Though the company experienced significant growth during the pandemic-driven home improvement boom, sales began to stagnate as social distancing policies loosened and Americans began returning to offices."We were seeing the tailwinds of the pandemic accelerate the adoption of e-commerce shopping, and I personally pushed hard to hire a strong team to support that growth. This year, that growth has not materialized as we had anticipated," Wayfair CEO Niraj Shah wrote in a letter to employees announcing the August 2022 layoffs, per CNN. In its most recent quarter, the Wayfair reported that net revenue decreased by $281 million, down 9% from the same period the year prior.  Microsoft: 10,000 workersMicrosoft CEO Satya NadellaStephen Brashear/Getty ImagesMicrosoft announced on January 18 that it planned to reduce its workforce by 10,000 jobs by the end of the third quarter of this year. CEO Satya Nadella attributed the layoffs to customers cutting back in anticipation of a recession. However, Nadella also told workers that the company still plans to grow in some areas, despite the firings, writing that the company will "continue to hire in key strategic areas." Microsoft's layoff announcement comes as the tech giant is reportedly in talks to invest $10 billion in OpenAI, which created the AI chatbot ChatGPT. On February 13, the company laid off staff at LinkedIn—which it acquired in 2016— according to The Information. The cuts were in the recruiting department, though the total number laid off is not immediately clear, The Information reported.Crypto.com: 20% of staffCrypto.com CEO Kris MarszalekCrypto.comCrypto.com announced on January 13 that it would let go of a fifth of its workforce amid a sagging crypto market and fallout from FTX's collapse. This is the second major round of firings for Crypto.com, which also had layoffs in July. "The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It's for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success," CEO Kris Marszalek wrote in a memo to employees. BlackRock: up to 3% of global workforceBlackRock CEO Larry FinkSpencer Platt/Getty ImagesBlackRock is cutting up to 500 roles in its first round of firings since 2019. Staff members were notified on January 11 about whether they were laid off. "Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper," CEO Larry Fink and President Rob Kapito wrote in a memo to employees. Goldman Sachs: an estimated 6.5% of its global workforceGoldman Sachs is laying off an expected 3,200 employees.Photo by Michael M. Santiago/Getty ImagesGoldman Sachs began laying off employees on Jan. 11, with cuts expected to impact an estimated 6.5% of the company's global workforce — or roughly 3,200 staffers — a source told Insider. The company previously slashed roles on its media and tech teams in September 2022, and it was expected to issue further reductions in the first half of January. The cost-cutting efforts from the investment banking giant mirror reductions from competitors including Morgan Stanley and Citi, which also laid off employees in 2022. "We continue to see headwinds on our expense lines, particularly in the near term," Goldman Sachs CEO David Solomon said at a conference in December. "We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set."   BNY Mellon: 1,500 jobsBNY Mellon CEO Robin VinceBNY MellonBNY Mellon is planning to cut approximately 3% of its workforce, or 1,500 jobs, according to the Wall Street Journal, which cited people familiar with the matter. The cuts will be primarily aimed at talent management roles, according to the report. BNY Mellon will reportedly plan to invest more in junior staff. Verily (part of Alphabet): reportedly 15% of workersAlphabet CEO Sundar PichaiJerod Harris/Getty ImagesVerily, which is Alphabet's healthcare unit, is laying off more than 200 employees, according to an email seen by the Wall Street Journal. The Journal reports that the company will also scale down the number of projects it works on in an effort to cut costs."We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model," Verily's CEO, Stephen Gillet, wrote in the email, according to the Journal.This is the first significant layoff done by Google's parent company, which had so far avoided the massive waves of job cuts done by other big tech giants like Amazon and Meta. DirecTV: 10% of management staffDirecTV.Karen Bleier/AFP/Getty ImagesDirecTV employees were told in the first week of January that the company would lay off several hundred workers in management roles.The satellite TV business has faced slowing revenues as more people choose to cut the cord and pay for streaming services over cable TV. "The entire pay-TV industry is impacted by the secular decline and the increasing rates to secure and distribute programming. We're adjusting our operations costs to align with these changes and will continue to invest in new entertainment products and service enhancements," a spokesperson for DirecTV told Insider. Coinbase: 950 workersCEO Brian Armstrong cited the downward trend in cryptocurrency prices and the broader economy as reasons for the layoffs.Patrick Fallon/Getty ImagesCoinbase announced on Tuesday, Jan. 10, that would lay off another 20% of its staff. The cuts came after the crypto company laid off over 1,000 employees in July. In a memo to employees, CEO Brian Armstrong said, "in hindsight, we could have cut further at that time," referencing the layoffs in July. Armstrong partially attributed the company's weakness to the "fallout from unscrupulous actors in the industry," likely referencing the alleged fraud that took place at FTX late last year under then-CEO Sam Bankman-Fried. Armstrong predicted "there could still be further contagion" from FTX in the crypto markets but assured remaining employees that Coinbase is well capitalized. Amazon: 18,000 employeesAmazon CEO Andy Jassy initially announced the company's latest round of layoffs in November.AmazonAmazon is in the midst of the most significant round of layoffs in the company's history. In a memo to employees, CEO Andy Jassy said the company would cut more than 18,000 workers in total — far more than what was initially expected based on reporting by the New York Times. Jassy cited "the uncertain economy" and rapid hiring as reasons for the layoffs. While most of Amazon's 1.5 million staff have warehouse jobs, the layoffs are concentrated in Amazon's corporate groups. Amazon's layoffs began late last year, though the Wall Street Journal reports cuts will continue through the first few weeks of 2023.Amazon's 18,000 jobs cuts are the largest of any major tech company amid the wave of recent layoffs.  Salesforce: 10% of its staffSalesforce said in the first month of 2023 that it would enact big job cuts.Noam Galai/Getty ImagesSalesforce co-CEO Marc Benioff announced on Jan. 4 that the software company plans to layoff 10% of its workforce — an estimated 7,000 employees — and close select offices as part of a restructuring and cost-cutting plan. "The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," Benioff wrote in an email to staff. "With this in mind, we've made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks."He continued: "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."Everlane: 17% of corporate employeesEverlane founder and executive chair Michael Preysman.Lars Ronbog/Getty Images for Copenhagen Fashion SummitEverlane is slashing 17% of its 175-person corporate workforce, and 3% of its retail staff."We know there will be some bumpiness over the next few weeks as we navigate a lot of change at once. We ask for your patience as we do right by our departing team members," CEO Andrea O'Donnell wrote to employees, according to an internal memo seen by Insider. In a statement to Insider, a company spokesperson said the decision was intended to "improve profitability in 2023 and continue our efforts to help leave the fashion industry cleaner than we found it."The e-commerce clothing company previously laid off nearly 300 workers, mostly in retail in March 2020 amid the outbreak of the Covid-19 pandemic.Vimeo: 11% of its workforceAnjali Sud, CEO of Vimeo, speaks during the company's direct listing on Nasdaq, Tuesday, May 25, 2021, in New York.AP Photo/Mark LennihanVimeo CEO Anjali Sud told employees on Jan. 4 that the company would layoff 11% of its staff, the video platform's second major round of layoffs in less than a year, after cutting 6% of employees in July"This was a very hard decision that impacts each of us deeply," Sud wrote in an email to staff. "It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment."A spokesperson told Insider reduction is intended to assist with ongoing economic concerns and improve the company's balance sheet. Compass: size of layoffs not immediately disclosedCompass is letting go of more employees after two rounds of layoffs in the past eight months.CompassCompass CEO Robert Reffkin told staffers on Jan. 5 it would conduct more layoffs, following two previous rounds in the past eight months, as the brokerage continues to struggle with significant financial losses. "We've been focused over the last year on controlling our costs," Reffkin wrote in an email to employees. "As part of that work, today we reduced the size of some of our employee teams. While decisions like these are always hard, they are prudent and allow us to continue to build a long-term, successful business for all of you."While the size of the layoffs was not immediately disclosed, the brokerage let go of 450 corporate employees in June 2022, followed by an additional 750 people from its technology team in October 2022.   Stitch Fix: 20% of salaried jobsStitch Fix is laying off salaried employees.SOPA ImagesStitch Fix announced on Jan. 5 that it plans to slash 20% of its salaried workforce, the Wall Street Journal reported.The cuts come in tandem with the announcement that CEO Elizabeth Spaulding is stepping down, after less than 18 months at the helm of the struggling retail company."First as president and then as CEO, it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team," Spaulding said in a statement. "It is now time for a new leader to help support the next phase."Stitch Fix founder Katrina Lake — who formerly served as chief executive and sits on the board of directors — will become interim CEO, the company said in a press release. Read the original article on Business Insider.....»»

Category: dealsSource: nytMay 9th, 2023

Shopify is the latest company to slash jobs amid a layoff wave expanding beyond tech. Here"s the full list of major US companies making cuts this year.

The wave of layoffs hitting tech companies and beyond shows no signs of slowing down. Shopify is cutting 20% of its workforce. Shopify CEO Tobi Lütke told employees the company will lay off 20% of staff.David Fitzgerald/Sportsfile via Getty Images Shopify employees are the latest to be hit by a wave of layoffs, as the company cuts 20% of its staff. Over the past few months, layoffs have expanded outside of tech, media, and finance as Gap and Whole Foods announced cuts. See the full list of layoffs so far in 2023. A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down into 2023. Shopify is the latest to announce cuts. The e-commerce company informed employees and shareholders on May 4 that it is slashing 20% of its workforce and selling off its logistics business. "This is a consequential and hard week," Shopify CEO Tobi Lütke said in a memo to staffers. "It's the right thing for Shopify but it negatively affects many team members who we admire and love working with." The layoffs come after news this week that Morgan Stanley is reportedly cutting 3,000 by the end of the quarter.These companies join a large number of major corporations that have made significant cuts in the new year: Tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced massive layoffs in the first weeks of 2023 amid a continued economic downturn and stagnating sales.The downsizing followed significant reductions that companies including Meta and Twitter made last year. The layoffs have primarily affected the tech sector, which is now hemorrhaging employees at a faster rate than at any point during the pandemic, the Journal reported. According to data cited by the Journal from Layoffs.fyi, a site tracking layoffs since the start of the pandemic, tech companies slashed more than 187,000 in 2023 alone — compared to 80,000 in March to December 2020 and 15,000 in 2021. But it's not just tech companies that are cutting costs, with the major job reductions that have come from the Gap, along with FedEx, Dow, and Wayfair.Here are notable job cuts so far in 2023: Shopify: 20% of workforceShopify CEO Tobi Lütke told employees the company will lay off 20% of staff.David Fitzgerald/Sportsfile via Getty ImagesShopify is slashing 20% of its workforce and selling off most of its logistics business to supply chain company Flexport, the company announced on May 4. The cuts confirmed growing concern of layoffs among staffers in recent weeks, following the cancellation of several team-building offsite events and analyst speculation that Shopify would alter its logistics arm, Insider reported."I recognize the crushing impact this decision has on some of you, and did not make this decision lightly," Shopify CEO Tobi Lütke said in a note to employees and shareholders.He continued: "This is a consequential and hard week. It's the right thing for Shopify but it negatively affects many team members who we admire and love working with."Morgan Stanley: 3,000 jobsReutersMorgan Stanley is cutting 3,000 jobs by the end of the quarter, Bloomberg reported, citing sources familiar with the matter. One person told the outlet that the company's banking and trading teams will be most impacted.The cuts will affect about 5% of the firm's workforce, excluding financial advisers and personnel in the wealth management division, Bloomberg noted. A spokesperson for the bank did not immediately respond to Insider's request for comment and declined to comment to Bloomberg. However, CEO James Gorman noted last month that underwriting and mergers activity has been "subdued" and that he doesn't expect a rebound before the second half of 2023 or even 2024, Bloomberg noted. The firm last cut 1,600, or around 2% of its staff in December, Bloomberg noted. Dropbox: 16% of staffDrew Houston, cofounder and CEO of Dropbox, told employees Thursday that the company was eliminating 500 jobs.Matt Winkelmeyer / Getty ImagesCloud storage firm Dropbox said Thursday that it would be reducing its global workforce by 16%, or 500 jobs.In a message to staff sent Thursday, CEO Drew Houston said the cuts are being made, in part, from slowing business growth and the expansion of AI products. "Today's changes were the result of taking a hard look at our strategic priorities and organizational structure as a leadership team, and aligning to principles of sustainable financial growth, efficiency, and flexibility to invest in our future. We're also streamlining how the company is organized," Houston said.  Gap: more than 2,000 jobs since late last yearGap posters in Birmingham, England.Mike Kemp/Getty ImagesClothing retailer Gap is cutting 1,800 positions in its headquarters and upper management as part of a restructuring plan meant to cut costs, the retailer said Thursday.Gap said that the cuts are expected to help the company see $300 million in annualized savings."We are taking the necessary actions to reshape Gap Inc. for the future — simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience," the company's chairman and interim CEO Bob Martin said in a statement given to Insider.In September, Gap slashed 500 jobs from its corporate ranks in a push to save $250 million annually, the Wall Street Journal reported. Jenny Craig: potential mass layoffsA man enters a Jenny Craig facility June 19, 2006 in Niles, Illinois.Tim Boyle/Getty ImagesWeight loss company Jenny Craig notified staffers of potential mass layoffs on April 27, as a result of the company "winding down physical operations," according to an internal email reviewed by NBC News.According to NBC News, the company has been in the process of selling and anticipates the pending sale "will likely impact all employees in some manner," an FAQ document sent to employees read. "We do not know the exact employees/groups whom will be impacted, and if any employees may be retained," the document said, per NBC News. "As a result, we would suggest that you anticipate that your employment may be impacted and begin to seek other employment." 3M: 6,000 jobsMike Roman, CEO of 3M.Xinhua News Agency / Contributor/Getty ImagesOn Tuesday, the Scotch tape and Post-It Notes manufacturer said it will be cutting 6,000 positions across all parts of the company with the goal of streamlining operations, simplifying supply chain, and reducing layers of management, according to The Wall Street Journal.The company's chief executive Mike Roman said Tuesday that the cuts would eliminate 10% of 3M's global workforce and ultimately save the company between $700 to $900 million in pretax costs, the Journal said. 3M last announced cuts in January when it said it was removing 2,500 manufacturing positions.Lyft: 1,072 rolesReutersIn an SEC filing on Thursday, Lyft said it was cutting roles for 1,072 employees, or about 26% of its corporate workforce. In the filing, the company also said it is scaling back on hiring and has eliminated over 250 open positions. The news comes just weeks after David Risher took the helm as Lyft's new CEO, part of an executive shakeup that involved cofounders Logan Green and John Zimmer moving into board roles. A spokesperson for Lyft previously told Insider, "David has made clear to the company that his focus is on creating a great and affordable experience for riders and improving drivers' earnings."The spokesperson added, "To do so requires that we reduce our costs and structure our company so that our leaders are closer to riders and drivers. This is a hard decision and one we're not making lightly. But the result will be a far stronger, more competitive Lyft." Deloitte: 1,200 jobsAlex Tai/SOPA Images/LightRocket via Getty ImagesDeloitte announced on April 21 it was cutting 1,200 jobs, or about 1.5% of its US staff, the Financial Times reported. The cuts will largely be concentrated in the financial advisory business as a result of a decline in mergers and acquisitions, per internal communications viewed by the FT. Whole Foods: Several hundred corporate employeesMary Meisenzahl/InsiderWhole Foods announced on April 20 it was letting go of several hundred corporate employees, amounting to less than 0.5% of the company's workforce, CNBC reported.The cuts are a result of a structural reorganization of global and regional support teams, which will be downsized from nine to six, but will not cause store closures, according to CNBC.In a memo to employees viewed by CNBC, Whole Foods executives wrote "simplifying our work and improving how we operate is critical as we grow." "As the grocery industry continues to rapidly evolve, and as we — like all retailers — have navigated challenges like the COVID-19 pandemic and continued economic uncertainty, it has become clear that we need to continue to build on these changes," the memo read, per CNBC. It continued: "With additional adjustments, we will be able to further simplify our operations, make processes easier, and improve how we support our stores."BuzzFeed News: 15% of staffBuzzFeed News headquarters.Drew Angerer / Getty ImagesBuzzFeed announced on April 20 that it was shuttering its BuzzFeed News division, laying off 15% of its staff, or 180 employees, in the process. In a memo to staff shared with Insider's Lucia Moses, CEO Jonah Peretti admitted to mistakes like over-investing in the news arm and failing to successfully integrate BuzzFeed and Complex after the latter was acquired in 2021. "I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances," he wrote. "Our job is to adapt, change, improve, and perform despite the challenges in the world. We can and will do better."Ernst & Young: 3,000 positionsEY spends $500 million annually on learning for its employees.TOLGA AKMEN / Contributor / GettyErnst & Young announced on April 17 it was laying off 3,000 US employees, or about 5% of its total US staff.The decision came after the financial auditor nixed a proposed reorganization that would break up its consulting and accounting businesses, Reuters reported. According to the Financial Times, which first reported the layoffs, the cuts will address "overcapacity" and will largely impact the company's consulting business. Opendoor: 560 jobsOpendoor announced it was cutting 560 jobs on Tuesday.Opendoor Technologies/GlassdoorOn Tuesday, home flipping giant Opendoor said it was cutting 560 jobs, or 22% of its workforce, citing a souring housing market. A spokesperson for Opendoor told Insider by email,"We've been weathering a sharp transition in the housing market – the steepest and fastest rate increase by the Fed in 40 years, the more than doubling of mortgage rates from historic lows, and the hit to home affordability have driven an approximately 30% decline in new listings from peak levels last year."The spokesperson noted that the cuts have been made to "better align our operational costs with the anticipated near-term market opportunity, while maintaining our critical technology investments that will continue to drive the business long term."Impacted team members will receive severance pay, extended health benefits, and job transition support. Opendoor last made cuts in November 2022, laying off 550 workers or about 18% of its staff.  McKinsey: About 1,400 employeesFABRICE COFFRINI/AFP via Getty ImagesMcKinsey & Company will cut an estimated 1,400 positions, or 3% of its total workforce, Bloomberg reported on March 29.The layoffs are part of the consulting firm's efforts to reorganize support teams and pare down an employee base that has grown rapidly in recent years, per the outlet. "The painful result of this shift is that we will have to say goodbye to some of our firm functions colleagues, while helping others move into new roles that better align to our firm's strategy and priorities," Bob Sternfels, global managing partner, wrote in a note to staff seen by Bloomberg. He continued: "Starting now, where local regulations allow, we will begin to notify colleagues who will depart our firm or be asked to change roles."David's Bridal: 9,236 employeesShoppers head for David's Bridal in Sunset Hill, Mo. Tuesday, May 10, 2005.James A. Finley/AP ImagesDavid's Bridal is laying off more than 9,000 workers across the US, according to a WARN notice filed with the Pennsylvania Department of Labor and Industry on April 14. "We are evaluating our strategic options and a sale process is underway," David's Bridal spokesperson Laura McKeever told the Philadelphia Inquirer. "At this time, there are no updates to share."The company is considering filing for bankruptcy in the near future, according to an April 7 report from the New York Times. David's Bridal also filed for bankruptcy in 2018. Virgin Orbit: 85% of staffersSir Richard Branson, founder of Virgin Orbit.Mark GreenbergVirgin Orbit disclosed in a March 30 filing with the Securities and Exchange Commission that it is slashing 85% of its staff, or about 675 employees.The company, which operates within the Virgin Group and provides launch services for satellites, is also ceasing operations "for the foreseeable future," CNBC reported. "Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Virgin Orbit CEO Dan Hart said, according to audio of a company all-hands obtained by CNBC.     Electronic Arts: About 780 employeesLucy Nicholson/ReutersElectronic Arts — the video game company best known for its "The Sims," "FIFA," and "Madden NFL" franchises — is letting go of 6% of its staff, or about 780 employees, the company announced on March 24. "As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams," Electronic Arts CEO Andrew Wilson wrote in a blog post to staffers. Wilson said the cuts began early this quarter and will continue through the beginning of the next fiscal year.  Amazon: 9,000 more jobsAmazon CEO Andy Jassy announced on Monday that the company would be eliminating another 9,000 roles, on top of the 18,000 announced in January.Richard Brian/ReutersAmazon announced on March 20 that it would cut 9,000 jobs from its workforce over the coming weeks. The cuts come on the heels of the 18,000 roles the company announced it was cutting back in January. In a message to employees shared on Amazon's site, CEO Andy Jassy noted that the impacted positions are largely in the Amazon Web Services, People Experience and Technology Solutions, Advertising, and Twitch departments. In the memo, Jassy said the company staggered its layoff announcements because "not all of the teams were done with their analyses in the late fall." He added, "rather than rush through these assessments without the appropriate diligence, we chose to share these decisions as we've made them so people had the information as soon as possible."Roku: 200 staffersRoku CEO Anthony Wood speaks during Tribeca X - 2021 Tribeca Festival on June 18, 2021 in New York City.Photo by Arturo Holmes/Getty Images for Tribeca FestivalRoku is cutting an additional 200 roles, or 6% of its workforce, Reuters reported on March 30. The cuts come after the streaming device manufacturer previously laid off 200 employees in November 2022. The company is expected to complete the cuts by the end of the second quarter, and also plans to leave and sublease office facilities in an attempt to reduce costs, according to Reuters. Walmart: About 200 employeesA Walmart store.Bruce Bennett/Getty ImagesWalmart asked about 200 workers at five fulfillment centers to find employment elsewhere in the company in the next 90 days or else be laid off, Reuters reported on March 23.The cuts are a response to the reduction of evening and weekend shifts at select Walmart facilities, including those in Chino, California; Davenport, Florida; Bethlehem, Pennsylvania; Pedricktown, New Jersey; and Fort Worth, Texas, per Reuters. "We recently adjusted staffing levels to better prepare for the future needs of customers," a Walmart spokesperson told Reuters in a statement.  Accenture: 19,000 positionsJoan Cros/Corbis via Getty ImagesAccenture is slashing 19,000 roles, or 2.5% of its total workforce, according to a Security and Exchange Commission filing on March 23.The tech consultancy company said the layoffs will take place over the next 18 months and half of the cuts will impact staffers in "non-billable corporate functions," per the filing.  "While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs," Accenture wrote in the filing. LinkedIn: 2,200 staffersIndeed CEO Chris HyamsPhoto by Niall Carson/PA Images via Getty ImagesLinkedIn CEO Chris Hyams announced on March 22 that the online networking platform will cut 2,200 jobs, or about 15% of its staff. In a note sent to employees, Hyams wrote the reductions will impact "nearly every team, function, level, and region" across the company in an effort to reduce redundancy and increase efficiency. "I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I'd never have to make," he wrote. Meta: 10,000 workersMeta CEO Mark ZuckerbergMark Lennihan/APRoughly 10,000 Meta workers will find out that their jobs have been cut between March and May, according to an announcement by the company's founder and CEO, Mark Zuckerberg. Zuckerberg also said the company would close around 5,000 open roles that haven't yet been filled as part of the company's effort to downsize. "My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead," Zuckerberg wrote in a post on Facebook announcing the layoffs. In the post, Zuckerberg said that members of Meta's recruiting team would learn about the fate of their jobs in March, while tech workers would find out in late April, and business groups would find out in May. "In a small number of cases, it may take through the end of the year to complete these changes," he wrote. The job cuts come less than 5 months after Meta slashed 11,000 workers, or about 13% of its workforce, in November. At the time, Zuckerberg called the layoffs a "last resort."  SiriusXM: 475 rolesJennifer Witz, CEO of SiriusXM said the company was cutting 475 roles on March 6.Cindy Ord / Staff/ Getty ImagesThe radio company said March 6th that it was cutting 8% of its staff or 475 roles according to a statement posted on the company's website from CEO Jennifer Witz.In the statement, Witz said "nearly every department" across the company will be impacted. She also noted that those impacted will be contacted directly and will have the opportunity to speak with a leader from their department as well as a member of the company's People + Culture team. Impacted employees will also be provided with exit packages that include severance, transitional health insurance benefits, Employee Advocacy Program continuation, and outplacement services, Witz noted.Citigroup: hundreds of jobsCiti CEO Jane FraserPatrick T. Fallon/AFP via Getty ImagesCiti plans to cut hundreds of jobs, with many focused on the company's investment bank division. The total headcount cut will reportedly amount to less than 1% of Citi's more than 240,000 workers and are part of Citi's normal course of activities.Citi's cuts were first reported by Bloomberg. In January, Citi's CFO told investors the company remained "focused on simplifying the organization, and we expect to generate further opportunities for expense reduction in the future."Citi declined Insider's request to provide comment on the record. Waymo: reported 209 roles so farWaymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 8% of the unit's staff has been cut this year.Peter Prado/Insider; Vaughn Ridley/Sportsfile via Getty ImagesAlphabet's self-driving car unit Waymo has reportedly laid off a total of 209 employees this year in two rounds of cuts, according to The Information. Waymo reportedly laid off 137 employees on March 1, according to The Information. Waymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 209 employees— approximately 8% of the company's staff— have been cut this year, according to an internal email seen by The Information.Waymo did confirm the cuts to Insider but did not specify the number of roles impacted or the date the first round of cuts occurred.  Thoughtworks: reported 500 employeesThoughtworks laid off 500 employees on February 28. That day, CEO Guo Xiao said in the company's earnings release that it was "pleased" with its performance in the fourth quarter of 2022.Screenshot of Guo Xiao from the Thoughtworks website.Thoughtworks, a software consultancy firm, reportedly laid off 500 employees or 4% of its global workforce, according to TechCrunch. TechCrunch noted that the company "did not dispute" the figure when reached for comment on March 1. According to TechCrunch, Thoughtworks "initially informed" the affected employees about the decision on February 28. That same day, Thoughtworks reported that its revenue had increased 8.3% between the fourth quarter of 2022 and the fourth quarter of 2021. The company also reported a more than 21% year over year revenue increase for 2022. In the company's earnings release, Thoughtworks' CEO Guo Xiao said, "We are pleased with our performance in the fourth quarter and our clients continue to look to us to help them navigate these uncertain times and tackle their biggest technology challenges."General Motors: reported 500 salaried jobsGM CEO Mary Barra.Patrick T. Fallon/Getty ImagesGeneral Motors plans to cut 500 executive-level and salaried positions, according to a report from The Detroit News. The layoffs come only one month after CEO Mary Barra told investors and reporters on the company's earnings call, "I do want to be clear that we're not planning layoffs." In a memo to employees, seen by Insider, GM's chief people officer wrote, "we are looking at all the ways of addressing efficiency and performance. This week we are taking action with a relatively small number of global executives and classified employees following our most recent performance calibration." Employees who are getting laid off were informed on Feb. 28. General Motors confirmed the layoffs to Insider but did not confirm a specific number of employees getting cut. Twitter: about 200 employeesElon Musk is Twitter's CEO and ownerREUTERS/Jonathan ErnstThe layoffs reportedly haven't stopped at Twitter under Elon Musk. The social media company reportedly laid off 200 more employees on a Saturday night in late February, according to the New York Times. Some workers reportedly found out they had lost their jobs when they couldn't log into their company emails.Musk laid off 50% of Twitter's workforce in November after buying the company for $44 billion. Yahoo: 20% of employeesSOPA Images / Getty ImagesYahoo announced it will eliminate 20% of its staff, or more than 1,600 people, as part of an effort to restructure the company's advertising technology arm, Axios reported on February 9.Yahoo CEO Jim Lanzone told Axios that the cuts are part of a strategic overhaul of its advertising unit and will be  "tremendously beneficial for the profitability of Yahoo overall."    Disney: 7,000 jobsBob Iger, CEO of DisneyCharley Gallay/Stringer/Getty ImagesFresh off his return as Disney CEO, Bob Iger announced February 8 that Disney will slash 7,000 jobs as the company looks to reduce costs. Iger, who returned to the position in November 2022 to replace his successor Bob Chapek after first leaving in 2020, told investors the cuts are part of an effort to help save an estimated $5.5 billion. "While this is necessary to address the challenges we are facing today, I do not make this decision lightly," Iger said. "I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes."DocuSign: 10%Igor Golovniov/SOPA Images/LightRocket/Getty ImagesDocuSign plans to slash 10% of employees as part of a restructuring plan "designed to support the company's growth, scale, and profitability objectives," the electronic signature company wrote in a Securities and Exchange Commission filing on Feb. 16. The company said the restructuring plan is expected to be complete by the second quarter of fiscal 2024, per the filing. Affirm: 19% of its workforceAffirm co-founder and CEO Max LevchinAffirmAffirm announced on February 8 it plans to slash 19% of its workforce, after reporting declining sales that missed Wall Street expectations. Affirm co-founder and CEO Max Levchin said in a call with investors that the technology company "has taken appropriate action" in many areas of the business to navigate economic headwinds, including creating a "smaller, therefore, nimbler team.""I believe this is the right decision as we have hired a larger team that we can sustainably support in today's economic reality, but I am truly sorry to see many of our talented colleagues depart and we'll be forever grateful for their contributions to our mission," he said.  GoDaddy: 8% of workersGoDaddy's CEO Aman Bhutani in September 2019Don Feria/Invision/AP ImagesGoDaddy, the website domain company, announced on February 8 it will cut 8% of its global workforce. "Despite increasingly challenging macroeconomic conditions, we made progress on our 2022 strategic initiatives and continued our efforts to manage costs effectively," GoDaddy CEO Aman Bhutani wrote in an email to staffers."The discipline we embraced was important but, unfortunately, it was not sufficient to avoid the impacts of slower growth in a prolonged, uncertain macroeconomic environment."Zoom: 15% of staffZoom CEO Eric Yuan.AP Photo/Mark LennihanZoom CEO Eric Yuan announced in a memo to workers that the company would reduce its headcount by 15%, or about 1,300 employees, on February 7. He attributed the layoffs to "the uncertainty of the global economy and its effect on our customers" but also said the company "made mistakes" as it grew. "We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably toward the highest priorities," Yuan said. In the memo, Yuan also announced that he would cut his salary by 98% in 2023 and forgo his corporate bonus. In addition, other members of the executive leadership team will also reduce their base salaries by 20% this year, according to Yuan. eBay: 500 jobseBay CEO Jamie Iannone told employees Tuesday that the company would be eliminating 500 roles.Harry Murphy/Sportsfile for Web Summit via Getty ImagesOn Tuesday, e-commerce giant eBay told employees that it would be eliminating 500 roles, or about 4% of its workforce, according to a message included in a regulatory filing on Tuesday. In the message, CEO Jamie Iannone wrote "Today's actions are designed to strengthen our ability to deliver better end-to-end experiences for our customers and to support more innovation and scale across our platform."He added, "this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape." Dell: 5% of workforceDell is eliminating approximately 5% of its workforce. The company's co-chief operating officer Jeff Clarke told employees in a memo, "market conditions continue to erode with an uncertain future."Kevork Djansezian / Staff/Getty ImagesOn February 6, Dell said in a regulatory filing that it would be eliminating about 5% of its workforce. The percentage amounts to approximately 6,650 roles based on numbers that Dell provided Insider. In a memo sent to employees posted on Dell's website, co-chief operating officer Jeff Clarke, said "market conditions continue to erode with an uncertain future." He also noted in the memo that the company had paused hiring, limited employee traveling, and decreased spending on outside services. He added, however, "the steps we've taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough."Pinterest: 150 jobsBen Silbermann is the founder and executive chair of Pinterest. He was the company's CEO until June 2022.Horacio Villalobos/Getty ImagesPinterest said it would cut 150 workers, or less than 5% of its workforce, on February 1, the company confirmed to Insider.  "We're making organizational changes to further set us up to deliver against our company priorities and our long-term strategy," a company representative said.The social media company was recently the target of activist investor Elliott Management, agreeing to add one of the firm's representatives to its board last month.   Rivian: 6% of jobsRivian CEO RJ Scaringe.Carlos Delgado/Associated PressRivian's CEO RJ Scaringe announced the EV company would cut 6% of its workforce in a memo to employees, the company confirmed to Insider. This is the company's second round of job cuts in the last 6 months after Scaringe announced a separate 6% workforce reduction in July 2022. In his memo to staff, Scaringe said Rivian needs to focus its resources on ramping up production and reaching profitability. BDG Media: 8% of staffScreengrab of Gawker's homepageGawkerBDG Media announced on February 1 that it was shutting down pop-culture site Gawker and laying off 8% of its staff, according to Axios. BDG owns Bustle, Elite Daily, and other lifestyle and news websites. "After experiencing a financially strong 2022, we have found ourselves facing a surprisingly difficult Q1 of 2023," CEO Bryan Goldberg wrote in a memo to staff seen by Axios. Splunk: 325 jobsGary Steele took over as Splunk's CEO in April 2022.YouTube/ProofpointSoftware and data platform Splunk is the latest in a long list of tech companies to announce layoffs in recent months. On February 1, the company said it would lay off 4% of its staff and scale back the use of consultants to cut costs, according to a filing viewed by Insider. The layoffs will reportedly be focused on workers in North America, and CEO Gary Steele told employees Splunk would continue to hire in "lower-cost areas."Intel: 343 jobsIntel CEO Pat Gelsinger.Pool Eric Lalmand/Getty ImagesIntel notified California officials per WARN Act requirements it plans to layoff 343 workers from its Folsom campus, local outlets reported on January 30. "These are difficult decisions, and we are committed to treating impacted employees with dignity and respect," Intel said in a statement to KCRA 3, noting that the cost-cutting comes as the company is faces a "challenging macro-economic environment." On February 1, the company announced CEO Pat Gelsinger will take a 25% pay cut, while other members of the executive team will take salary reductions in amounts ranging from 5% to 15%.  FedEx: more than 10% of top managersFedEx workers in New York City on March 16, 2021.Alexi Rosenfeld/Getty ImagesFedEx informed staffers on February 1 it plans to slash more than 10% of top managers in an effort to reduce costs.  "This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions," CEO Raj Subramaniam wrote in a letter to staff, which was shared with Insider's Emma Cosgrove. While the exact number of employees impacted was not specified, a FedEx spokesperson told Insider that since June 2022 the company has reduced its workforce by more than 12,000 staffers through "headcount management initiatives." "We will continue responsible headcount management throughout our transformation," the spokesperson said. PayPal: 7% of total workforceDan Schulman, president and CEO of PayPal announced that the company would be cutting 7% of its total workforce on January 31.PaypalPayPal announced on January 31 that it plans to cut 2,000 workers or approximately 7% of the company's total workforce over the coming weeks. In a statement announcing the layoffs on PayPal's website, CEO and president Dan Schulman cited the "challenging macro-economic environment." He added, "While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do."HubSpot: 7% of staffYamini Rangan is HubSpot's CEO.Matt Winkelmeyer/ Getty ImagesHubSpot's CEO Yamini Rangan announced that the company would lay off 500 workers, according to an email seen by Insider. "We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected. The year was challenging due to a perfect storm of inflation, volatile foreign exchange, tighter customer budgets, and longer decision making cycles," Rangan wrote to employees. IBM: 1.5% of staffIBM's CEO Arvind KrishnaBrian Ach / Stringer / Via GettyIBM plans would cut 1.5% of its staff, roughly 3,900 workers. The layoffs were first reported by Bloomberg but confirmed by Insider.The company said the cuts would cost IBM about $300 million and is related entirely to businesses the company has spun off. Bloomberg reports that CFO James Kavanaugh said the company is still hiring in "higher-growth areas." Hasbro: 15% of workersA Jenga game by Hasbro Gaming.Thomson ReutersHasbro reportedly plans to cut 1,000 workers after warning that the 2022 holiday season was weaker than expected, according to the toy and game company. The company said the layoffs come as it seeks to save between $250 million to $300 million per year by the end of 2025. "While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses," Chris Cocks, Hasbro's CEO said. Dow: 2,000 global employeesThe Dow Chemical logo is shown on a building in downtown Midland, home of the Dow Chemical Company corporate headquarters, December 10th, 2015 in Midland, MichiganBill Pugliano/Getty ImagesDow Inc. announced on January 26 that it will lay off 2,000 global employees, a move that indicates mass layoffs are spreading beyond just the technology sector, the Wall Street Journal reported. It's part of a $1 billion cost-cutting effort intended to help amid "challenging energy markets," Dow CEO Jim Fitterling said in a press release. The chemical company also  will shut down select assets, mostly in Europe, per the release."We are taking these actions to further optimize our cost structure and prioritize business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe," Fittlering said.   SAP: Up to 3,000 positionsSAP CEO Christian KleinULI DECK/POOL/AFP via Getty ImagesSoftware company SAP said on January 26 it will slash up to 3,000 jobs globally in response to a profit slump, with many of the cuts coming outside of its headquarters in Berlin, the Wall Street Journal reported.  The layoffs will impact an estimated 2.5% of the company's workforce and are part of a cost-cutting initiative aiming at reaching an annual savings of $382 million in 2024, according to the Journal. "The purpose is to further focus on strategic growth areas," said Luka Mucic, SAP's chief financial officer, per the Journal.   Spotify: 6% of the workforceDaniel Ek, Spotify cofounder and CEOGreg Sandoval/Business InsiderIn a memo to Spotify employees, CEO Daniel Ek said the company would cut 6% of its staff, about 600 people. "While we have made great progress in improving speed in the last few years, we haven't focused as much on improving efficiency. We still spend far too much time syncing on slightly different strategies, which slows us down. And in a challenging economic environment, efficiency takes on greater importance. So, in an effort to drive more efficiency, control costs, and speed up decision-making, I have decided to restructure our organization," he wrote. As part of the changes, Dawn Ostroff, the company's chief content and advertising officer, who spent more than $1 billion signing exclusive podcast deals with Joe Rogan, the Obamas, and Prince Harry and Meghan Markle, has departed. 3M: 2,500 jobs cut3M3M, which makes Post-It notes, Scotch tape, and N95 masks, said it plans to cut 2,500 manufacturing jobs worldwide. CEO Mike Roman called it "a necessary decision to align with adjusted production volumes." "We expect macroeconomic challenges to persist in 2023. Our focus is executing the actions we initiated in 2022 and delivering the best performance for customers and shareholders," he said in a press release. Google: around 12,000 employeesBrandon Wade/ReutersSundar Pichai, CEO of Google parent company Alphabet, informed staffers on January 20 that the company will lay off 12,000 employees, or 6% of its global workforce. In a memo sent to employees and obtained by Insider, Pichai said the layoffs will "cut across Alphabet, product areas, functions, levels and regions" and were decided upon after a "rigorous review." Pichai said the company will hold a townhall meeting to further discuss the cuts, adding he took "full responsibility for the decisions that led us here" "Over the past two years we've seen periods of dramatic growth," Pichai wrote in the email. "To match and fuel that growth, we hired for a different economic reality than the one we face today." Vox: 7% of staffThe layoffs were reportedly announced in a memo from CEO Jim Bankoff.Vox MediaVox Media, the parent company of publications like Vox, The Verge, New York magazine, and Vulture, is laying off roughly 133 people, or 7% of its staff, according to a report by Axios. The cuts come just a few months after the media company laid off 39 roles in July. The decision was reportedly announced in a note to staff from CEO Jim Bankoff, who wrote that while the company is "not expecting further layoffs at this time, we will continue to assess our outlook, keep a tight control on expenses and consider implementing other cost savings measures as needed," according to Axios.Vox Media's layoffs come at a time when advertisers are tightening their belts in anticipation of an economic slowdown, taking a toll on the media industry. Capital One: more than 1,100 tech workersBrian Ach/AP ImagesCapital One slashed 1,100 technology positions on January 18, a company spokesperson told Insider. The cuts impacted workers in the "Agile job family," a department which was eliminated and its responsibilities integrated into "existing engineering and product manager roles," per the spokesperson. "Decisions that affect our associates, especially those that involve role eliminations, are incredibly difficult," the Capital One spokesperson said in the statement. "This announcement is not a reflection on these individuals or the work they have driven on behalf of our technology organization," the spokesperson continued. "Their contributions have been critical to maturing our software delivery model and our overall tech transformation."The eliminations came after the bank had invested heavily in tech efforts in recent years, including launching a new software business focused on cloud computing in June 2022. "This decision was made solely to meet the evolving skills and process enhancements needed to deliver on the next phase of our tech transformation," the spokesperson said.  WeWork: About 300 employeesReutersWeWork announced on January 19 it will cut about 300 positions as it scales back on coworking spaces in low-performing regions, Reuters reported. The layoffs come after the company said in November 2022 it planned to exit 40 locations in the US as part of a larger cost-cutting effort. The company announced the cuts in a press release listing its fourth-quarter earnings call date, stating only the reductions are "in connection with its portfolio optimization and in continuing to streamline operations."  Wayfair: more than 1,000 employeesPavlo Gonchar/SOPA Images/LightRocket via Getty ImagesWayfair is expected to lay off more than 1,000 employees, about 5% of its workforce, in the coming weeks in response to slumping sales, the Wall Street Journal reported on January 19.The cuts mark the second round of layoffs in six months for the online furniture and home goods company, after it nixed 900 staffers in August 2022. Though the company experienced significant growth during the pandemic-driven home improvement boom, sales began to stagnate as social distancing policies loosened and Americans began returning to offices."We were seeing the tailwinds of the pandemic accelerate the adoption of e-commerce shopping, and I personally pushed hard to hire a strong team to support that growth. This year, that growth has not materialized as we had anticipated," Wayfair CEO Niraj Shah wrote in a letter to employees announcing the August 2022 layoffs, per CNN. In its most recent quarter, the Wayfair reported that net revenue decreased by $281 million, down 9% from the same period the year prior.  Microsoft: 10,000 workersMicrosoft CEO Satya NadellaStephen Brashear/Getty ImagesMicrosoft announced on January 18 that it planned to reduce its workforce by 10,000 jobs by the end of the third quarter of this year. CEO Satya Nadella attributed the layoffs to customers cutting back in anticipation of a recession. However, Nadella also told workers that the company still plans to grow in some areas, despite the firings, writing that the company will "continue to hire in key strategic areas." Microsoft's layoff announcement comes as the tech giant is reportedly in talks to invest $10 billion in OpenAI, which created the AI chatbot ChatGPT. On February 13, the company laid off staff at LinkedIn—which it acquired in 2016— according to The Information. The cuts were in the recruiting department, though the total number laid off is not immediately clear, The Information reported.Crypto.com: 20% of staffCrypto.com CEO Kris MarszalekCrypto.comCrypto.com announced on January 13 that it would let go of a fifth of its workforce amid a sagging crypto market and fallout from FTX's collapse. This is the second major round of firings for Crypto.com, which also had layoffs in July. "The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It's for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success," CEO Kris Marszalek wrote in a memo to employees. BlackRock: up to 3% of global workforceBlackRock CEO Larry FinkSpencer Platt/Getty ImagesBlackRock is cutting up to 500 roles in its first round of firings since 2019. Staff members were notified on January 11 about whether they were laid off. "Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper," CEO Larry Fink and President Rob Kapito wrote in a memo to employees. Goldman Sachs: an estimated 6.5% of its global workforceGoldman Sachs is laying off an expected 3,200 employees.Photo by Michael M. Santiago/Getty ImagesGoldman Sachs began laying off employees on Jan. 11, with cuts expected to impact an estimated 6.5% of the company's global workforce — or roughly 3,200 staffers — a source told Insider. The company previously slashed roles on its media and tech teams in September 2022, and it was expected to issue further reductions in the first half of January. The cost-cutting efforts from the investment banking giant mirror reductions from competitors including Morgan Stanley and Citi, which also laid off employees in 2022. "We continue to see headwinds on our expense lines, particularly in the near term," Goldman Sachs CEO David Solomon said at a conference in December. "We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set."   BNY Mellon: 1,500 jobsBNY Mellon CEO Robin VinceBNY MellonBNY Mellon is planning to cut approximately 3% of its workforce, or 1,500 jobs, according to the Wall Street Journal, which cited people familiar with the matter. The cuts will be primarily aimed at talent management roles, according to the report. BNY Mellon will reportedly plan to invest more in junior staff. Verily (part of Alphabet): reportedly 15% of workersAlphabet CEO Sundar PichaiJerod Harris/Getty ImagesVerily, which is Alphabet's healthcare unit, is laying off more than 200 employees, according to an email seen by the Wall Street Journal. The Journal reports that the company will also scale down the number of projects it works on in an effort to cut costs."We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model," Verily's CEO, Stephen Gillet, wrote in the email, according to the Journal.This is the first significant layoff done by Google's parent company, which had so far avoided the massive waves of job cuts done by other big tech giants like Amazon and Meta. DirecTV: 10% of management staffDirecTV.Karen Bleier/AFP/Getty ImagesDirecTV employees were told in the first week of January that the company would lay off several hundred workers in management roles.The satellite TV business has faced slowing revenues as more people choose to cut the cord and pay for streaming services over cable TV. "The entire pay-TV industry is impacted by the secular decline and the increasing rates to secure and distribute programming. We're adjusting our operations costs to align with these changes and will continue to invest in new entertainment products and service enhancements," a spokesperson for DirecTV told Insider. Coinbase: 950 workersCEO Brian Armstrong cited the downward trend in cryptocurrency prices and the broader economy as reasons for the layoffs.Patrick Fallon/Getty ImagesCoinbase announced on Tuesday, Jan. 10, that would lay off another 20% of its staff. The cuts came after the crypto company laid off over 1,000 employees in July. In a memo to employees, CEO Brian Armstrong said, "in hindsight, we could have cut further at that time," referencing the layoffs in July. Armstrong partially attributed the company's weakness to the "fallout from unscrupulous actors in the industry," likely referencing the alleged fraud that took place at FTX late last year under then-CEO Sam Bankman-Fried. Armstrong predicted "there could still be further contagion" from FTX in the crypto markets but assured remaining employees that Coinbase is well capitalized. Amazon: 18,000 employeesAmazon CEO Andy Jassy initially announced the company's latest round of layoffs in November.AmazonAmazon is in the midst of the most significant round of layoffs in the company's history. In a memo to employees, CEO Andy Jassy said the company would cut more than 18,000 workers in total — far more than what was initially expected based on reporting by the New York Times. Jassy cited "the uncertain economy" and rapid hiring as reasons for the layoffs. While most of Amazon's 1.5 million staff have warehouse jobs, the layoffs are concentrated in Amazon's corporate groups. Amazon's layoffs began late last year, though the Wall Street Journal reports cuts will continue through the first few weeks of 2023.Amazon's 18,000 jobs cuts are the largest of any major tech company amid the wave of recent layoffs.  Salesforce: 10% of its staffSalesforce said in the first month of 2023 that it would enact big job cuts.Noam Galai/Getty ImagesSalesforce co-CEO Marc Benioff announced on Jan. 4 that the software company plans to layoff 10% of its workforce — an estimated 7,000 employees — and close select offices as part of a restructuring and cost-cutting plan. "The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," Benioff wrote in an email to staff. "With this in mind, we've made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks."He continued: "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."Everlane: 17% of corporate employeesEverlane founder and executive chair Michael Preysman.Lars Ronbog/Getty Images for Copenhagen Fashion SummitEverlane is slashing 17% of its 175-person corporate workforce, and 3% of its retail staff."We know there will be some bumpiness over the next few weeks as we navigate a lot of change at once. We ask for your patience as we do right by our departing team members," CEO Andrea O'Donnell wrote to employees, according to an internal memo seen by Insider. In a statement to Insider, a company spokesperson said the decision was intended to "improve profitability in 2023 and continue our efforts to help leave the fashion industry cleaner than we found it."The e-commerce clothing company previously laid off nearly 300 workers, mostly in retail in March 2020 amid the outbreak of the Covid-19 pandemic.Vimeo: 11% of its workforceAnjali Sud, CEO of Vimeo, speaks during the company's direct listing on Nasdaq, Tuesday, May 25, 2021, in New York.AP Photo/Mark LennihanVimeo CEO Anjali Sud told employees on Jan. 4 that the company would layoff 11% of its staff, the video platform's second major round of layoffs in less than a year, after cutting 6% of employees in July"This was a very hard decision that impacts each of us deeply," Sud wrote in an email to staff. "It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment."A spokesperson told Insider reduction is intended to assist with ongoing economic concerns and improve the company's balance sheet. Compass: size of layoffs not immediately disclosedCompass is letting go of more employees after two rounds of layoffs in the past eight months.CompassCompass CEO Robert Reffkin told staffers on Jan. 5 it would conduct more layoffs, following two previous rounds in the past eight months, as the brokerage continues to struggle with significant financial losses. "We've been focused over the last year on controlling our costs," Reffkin wrote in an email to employees. "As part of that work, today we reduced the size of some of our employee teams. While decisions like these are always hard, they are prudent and allow us to continue to build a long-term, successful business for all of you."While the size of the layoffs was not immediately disclosed, the brokerage let go of 450 corporate employees in June 2022, followed by an additional 750 people from its technology team in October 2022.   Stitch Fix: 20% of salaried jobsStitch Fix is laying off salaried employees.SOPA ImagesStitch Fix announced on Jan. 5 that it plans to slash 20% of its salaried workforce, the Wall Street Journal reported.The cuts come in tandem with the announcement that CEO Elizabeth Spaulding is stepping down, after less than 18 months at the helm of the struggling retail company."First as president and then as CEO, it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team," Spaulding said in a statement. "It is now time for a new leader to help support the next phase."Stitch Fix founder Katrina Lake — who formerly served as chief executive and sits on the board of directors — will become interim CEO, the company said in a press release. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 4th, 2023

Morgan Stanley and Dropbox are the latest to slash jobs amid a layoff wave expanding beyond tech. Here"s the full list of major US companies making cuts this year.

The wave of layoffs hitting tech companies and beyond shows no signs of slowing down. Morgan Stanley is reportedly cutting 3,000. Morgan Stanley is reportedly axing 3,000; CEO James Gorman said last month that mergers activity has been subdued, according to Bloomberg.REUTERS/Brendan McDermid Morgan Stanley and Dropbox employees are the latest to be hit by a wave of layoffs. Over the past few months, layoffs have expanded outside of tech, media, and finance as Gap and Whole Foods announced cuts. See the full list of layoffs so far in 2023. A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down into 2023. Morgan Stanley and Dropbox are the latest companies to announce cuts: Morgan Stanley is reportedly cutting 3,000 by the end of the quarter, while Dropbox's CEO said last week the company would cut 500 jobs. Gap, meanwhile, said it would cut 1,800 jobs as part of a restructuring plan meant to cut costs at headquarters and in upper management.The news comes after Lyft told employees on April 21 it would eliminate 1,200 roles, or about 30% of its workforce. The cuts will apply to corporate staffers, as Lyft does not consider drivers to be official employees of the company. These companies join a large number of major corporations that have made significant cuts in the new year: Tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced massive layoffs in the first weeks of 2023 amid a continued economic downturn and stagnating sales.The downsizing followed significant reductions that companies including Meta and Twitter made last year. The layoffs have primarily affected the tech sector, which is now hemorrhaging employees at a faster rate than at any point during the pandemic, the Journal reported. According to data cited by the Journal from Layoffs.fyi, a site tracking layoffs since the start of the pandemic, tech companies slashed more than 185,000 in 2023 alone — compared to 80,000 in March to December 2020 and 15,000 in 2021. But it's not just tech companies that are cutting costs, with the major job reductions that have come from the Gap, along with FedEx, Dow, and Wayfair.Here are notable job cuts so far in 2023: Morgan Stanley: 3,000 jobsReutersMorgan Stanley is cutting 3,000 jobs by the end of the quarter, Bloomberg reported, citing sources familiar with the matter. One person told the outlet that the company's banking and trading teams will be most impacted.The cuts will affect about 5% of the firm's workforce, excluding financial advisers and personnel in the wealth management division, Bloomberg noted. A spokesperson for the bank did not immediately respond to Insider's request for comment and declined to comment to Bloomberg. However, CEO James Gorman noted last month that underwriting and mergers activity has been "subdued" and that he doesn't expect a rebound before the second half of 2023 or even 2024, Bloomberg noted. The firm last cut 1,600, or around 2% of its staff in December, Bloomberg noted. Dropbox: 16% of staffDrew Houston, cofounder and CEO of Dropbox, told employees Thursday that the company was eliminating 500 jobs.Matt Winkelmeyer / Getty ImagesCloud storage firm Dropbox said Thursday that it would be reducing its global workforce by 16%, or 500 jobs.In a message to staff sent Thursday, CEO Drew Houston said the cuts are being made, in part, from slowing business growth and the expansion of AI products. "Today's changes were the result of taking a hard look at our strategic priorities and organizational structure as a leadership team, and aligning to principles of sustainable financial growth, efficiency, and flexibility to invest in our future. We're also streamlining how the company is organized," Houston said.  Gap: more than 2,000 jobs since late last yearGap posters in Birmingham, England.Mike Kemp/Getty ImagesClothing retailer Gap is cutting 1,800 positions in its headquarters and upper management as part of a restructuring plan meant to cut costs, the retailer said Thursday.Gap said that the cuts are expected to help the company see $300 million in annualized savings."We are taking the necessary actions to reshape Gap Inc. for the future — simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience," the company's chairman and interim CEO Bob Martin said in a statement given to Insider.In September, Gap slashed 500 jobs from its corporate ranks in a push to save $250 million annually, the Wall Street Journal reported. Jenny Craig: potential mass layoffsA man enters a Jenny Craig facility June 19, 2006 in Niles, Illinois.Tim Boyle/Getty ImagesWeight loss company Jenny Craig notified staffers of potential mass layoffs on April 27, as a result of the company "winding down physical operations," according to an internal email reviewed by NBC News.According to NBC News, the company has been in the process of selling and anticipates the pending sale "will likely impact all employees in some manner," an FAQ document sent to employees read. "We do not know the exact employees/groups whom will be impacted, and if any employees may be retained," the document said, per NBC News. "As a result, we would suggest that you anticipate that your employment may be impacted and begin to seek other employment." 3M: 6,000 jobsMike Roman, CEO of 3M.Xinhua News Agency / Contributor/Getty ImagesOn Tuesday, the Scotch tape and Post-It Notes manufacturer said it will be cutting 6,000 positions across all parts of the company with the goal of streamlining operations, simplifying supply chain, and reducing layers of management, according to The Wall Street Journal.The company's chief executive Mike Roman said Tuesday that the cuts would eliminate 10% of 3M's global workforce and ultimately save the company between $700 to $900 million in pretax costs, the Journal said. 3M last announced cuts in January when it said it was removing 2,500 manufacturing positions.Lyft: 1,072 rolesReutersIn an SEC filing on Thursday, Lyft said it was cutting roles for 1,072 employees, or about 26% of its corporate workforce. In the filing, the company also said it is scaling back on hiring and has eliminated over 250 open positions. The news comes just weeks after David Risher took the helm as Lyft's new CEO, part of an executive shakeup that involved cofounders Logan Green and John Zimmer moving into board roles. A spokesperson for Lyft previously told Insider, "David has made clear to the company that his focus is on creating a great and affordable experience for riders and improving drivers' earnings."The spokesperson added, "To do so requires that we reduce our costs and structure our company so that our leaders are closer to riders and drivers. This is a hard decision and one we're not making lightly. But the result will be a far stronger, more competitive Lyft." Deloitte: 1,200 jobsAlex Tai/SOPA Images/LightRocket via Getty ImagesDeloitte announced on April 21 it was cutting 1,200 jobs, or about 1.5% of its US staff, the Financial Times reported. The cuts will largely be concentrated in the financial advisory business as a result of a decline in mergers and acquisitions, per internal communications viewed by the FT. Whole Foods: Several hundred corporate employeesMary Meisenzahl/InsiderWhole Foods announced on April 20 it was letting go of several hundred corporate employees, amounting to less than 0.5% of the company's workforce, CNBC reported.The cuts are a result of a structural reorganization of global and regional support teams, which will be downsized from nine to six, but will not cause store closures, according to CNBC.In a memo to employees viewed by CNBC, Whole Foods executives wrote "simplifying our work and improving how we operate is critical as we grow." "As the grocery industry continues to rapidly evolve, and as we — like all retailers — have navigated challenges like the COVID-19 pandemic and continued economic uncertainty, it has become clear that we need to continue to build on these changes," the memo read, per CNBC. It continued: "With additional adjustments, we will be able to further simplify our operations, make processes easier, and improve how we support our stores."BuzzFeed News: 15% of staffBuzzFeed News headquarters.Drew Angerer / Getty ImagesBuzzFeed announced on April 20 that it was shuttering its BuzzFeed News division, laying off 15% of its staff, or 180 employees, in the process. In a memo to staff shared with Insider's Lucia Moses, CEO Jonah Peretti admitted to mistakes like over-investing in the news arm and failing to successfully integrate BuzzFeed and Complex after the latter was acquired in 2021. "I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances," he wrote. "Our job is to adapt, change, improve, and perform despite the challenges in the world. We can and will do better."Ernst & Young: 3,000 positionsEY spends $500 million annually on learning for its employees.TOLGA AKMEN / Contributor / GettyErnst & Young announced on April 17 it was laying off 3,000 US employees, or about 5% of its total US staff.The decision came after the financial auditor nixed a proposed reorganization that would break up its consulting and accounting businesses, Reuters reported. According to the Financial Times, which first reported the layoffs, the cuts will address "overcapacity" and will largely impact the company's consulting business. Opendoor: 560 jobsOpendoor announced it was cutting 560 jobs on Tuesday.Opendoor Technologies/GlassdoorOn Tuesday, home flipping giant Opendoor said it was cutting 560 jobs, or 22% of its workforce, citing a souring housing market. A spokesperson for Opendoor told Insider by email,"We've been weathering a sharp transition in the housing market – the steepest and fastest rate increase by the Fed in 40 years, the more than doubling of mortgage rates from historic lows, and the hit to home affordability have driven an approximately 30% decline in new listings from peak levels last year."The spokesperson noted that the cuts have been made to "better align our operational costs with the anticipated near-term market opportunity, while maintaining our critical technology investments that will continue to drive the business long term."Impacted team members will receive severance pay, extended health benefits, and job transition support. Opendoor last made cuts in November 2022, laying off 550 workers or about 18% of its staff.  McKinsey: About 1,400 employeesFABRICE COFFRINI/AFP via Getty ImagesMcKinsey & Company will cut an estimated 1,400 positions, or 3% of its total workforce, Bloomberg reported on March 29.The layoffs are part of the consulting firm's efforts to reorganize support teams and pare down an employee base that has grown rapidly in recent years, per the outlet. "The painful result of this shift is that we will have to say goodbye to some of our firm functions colleagues, while helping others move into new roles that better align to our firm's strategy and priorities," Bob Sternfels, global managing partner, wrote in a note to staff seen by Bloomberg. He continued: "Starting now, where local regulations allow, we will begin to notify colleagues who will depart our firm or be asked to change roles."David's Bridal: 9,236 employeesShoppers head for David's Bridal in Sunset Hill, Mo. Tuesday, May 10, 2005.James A. Finley/AP ImagesDavid's Bridal is laying off more than 9,000 workers across the US, according to a WARN notice filed with the Pennsylvania Department of Labor and Industry on April 14. "We are evaluating our strategic options and a sale process is underway," David's Bridal spokesperson Laura McKeever told the Philadelphia Inquirer. "At this time, there are no updates to share."The company is considering filing for bankruptcy in the near future, according to an April 7 report from the New York Times. David's Bridal also filed for bankruptcy in 2018. Virgin Orbit: 85% of staffersSir Richard Branson, founder of Virgin Orbit.Mark GreenbergVirgin Orbit disclosed in a March 30 filing with the Securities and Exchange Commission that it is slashing 85% of its staff, or about 675 employees.The company, which operates within the Virgin Group and provides launch services for satellites, is also ceasing operations "for the foreseeable future," CNBC reported. "Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Virgin Orbit CEO Dan Hart said, according to audio of a company all-hands obtained by CNBC.     Electronic Arts: About 780 employeesLucy Nicholson/ReutersElectronic Arts — the video game company best known for its "The Sims," "FIFA," and "Madden NFL" franchises — is letting go of 6% of its staff, or about 780 employees, the company announced on March 24. "As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams," Electronic Arts CEO Andrew Wilson wrote in a blog post to staffers. Wilson said the cuts began early this quarter and will continue through the beginning of the next fiscal year.  Amazon: 9,000 more jobsAmazon CEO Andy Jassy announced on Monday that the company would be eliminating another 9,000 roles, on top of the 18,000 announced in January.Richard Brian/ReutersAmazon announced on March 20 that it would cut 9,000 jobs from its workforce over the coming weeks. The cuts come on the heels of the 18,000 roles the company announced it was cutting back in January. In a message to employees shared on Amazon's site, CEO Andy Jassy noted that the impacted positions are largely in the Amazon Web Services, People Experience and Technology Solutions, Advertising, and Twitch departments. In the memo, Jassy said the company staggered its layoff announcements because "not all of the teams were done with their analyses in the late fall." He added, "rather than rush through these assessments without the appropriate diligence, we chose to share these decisions as we've made them so people had the information as soon as possible."Roku: 200 staffersRoku CEO Anthony Wood speaks during Tribeca X - 2021 Tribeca Festival on June 18, 2021 in New York City.Photo by Arturo Holmes/Getty Images for Tribeca FestivalRoku is cutting an additional 200 roles, or 6% of its workforce, Reuters reported on March 30. The cuts come after the streaming device manufacturer previously laid off 200 employees in November 2022. The company is expected to complete the cuts by the end of the second quarter, and also plans to leave and sublease office facilities in an attempt to reduce costs, according to Reuters. Walmart: About 200 employeesA Walmart store.Bruce Bennett/Getty ImagesWalmart asked about 200 workers at five fulfillment centers to find employment elsewhere in the company in the next 90 days or else be laid off, Reuters reported on March 23.The cuts are a response to the reduction of evening and weekend shifts at select Walmart facilities, including those in Chino, California; Davenport, Florida; Bethlehem, Pennsylvania; Pedricktown, New Jersey; and Fort Worth, Texas, per Reuters. "We recently adjusted staffing levels to better prepare for the future needs of customers," a Walmart spokesperson told Reuters in a statement.  Accenture: 19,000 positionsJoan Cros/Corbis via Getty ImagesAccenture is slashing 19,000 roles, or 2.5% of its total workforce, according to a Security and Exchange Commission filing on March 23.The tech consultancy company said the layoffs will take place over the next 18 months and half of the cuts will impact staffers in "non-billable corporate functions," per the filing.  "While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs," Accenture wrote in the filing. LinkedIn: 2,200 staffersIndeed CEO Chris HyamsPhoto by Niall Carson/PA Images via Getty ImagesLinkedIn CEO Chris Hyams announced on March 22 that the online networking platform will cut 2,200 jobs, or about 15% of its staff. In a note sent to employees, Hyams wrote the reductions will impact "nearly every team, function, level, and region" across the company in an effort to reduce redundancy and increase efficiency. "I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I'd never have to make," he wrote. Meta: 10,000 workersMeta CEO Mark ZuckerbergMark Lennihan/APRoughly 10,000 Meta workers will find out that their jobs have been cut between March and May, according to an announcement by the company's founder and CEO, Mark Zuckerberg. Zuckerberg also said the company would close around 5,000 open roles that haven't yet been filled as part of the company's effort to downsize. "My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead," Zuckerberg wrote in a post on Facebook announcing the layoffs. In the post, Zuckerberg said that members of Meta's recruiting team would learn about the fate of their jobs in March, while tech workers would find out in late April, and business groups would find out in May. "In a small number of cases, it may take through the end of the year to complete these changes," he wrote. The job cuts come less than 5 months after Meta slashed 11,000 workers, or about 13% of its workforce, in November. At the time, Zuckerberg called the layoffs a "last resort."  SiriusXM: 475 rolesJennifer Witz, CEO of SiriusXM said the company was cutting 475 roles on March 6.Cindy Ord / Staff/ Getty ImagesThe radio company said March 6th that it was cutting 8% of its staff or 475 roles according to a statement posted on the company's website from CEO Jennifer Witz.In the statement, Witz said "nearly every department" across the company will be impacted. She also noted that those impacted will be contacted directly and will have the opportunity to speak with a leader from their department as well as a member of the company's People + Culture team. Impacted employees will also be provided with exit packages that include severance, transitional health insurance benefits, Employee Advocacy Program continuation, and outplacement services, Witz noted.Citigroup: hundreds of jobsCiti CEO Jane FraserPatrick T. Fallon/AFP via Getty ImagesCiti plans to cut hundreds of jobs, with many focused on the company's investment bank division. The total headcount cut will reportedly amount to less than 1% of Citi's more than 240,000 workers and are part of Citi's normal course of activities.Citi's cuts were first reported by Bloomberg. In January, Citi's CFO told investors the company remained "focused on simplifying the organization, and we expect to generate further opportunities for expense reduction in the future."Citi declined Insider's request to provide comment on the record. Waymo: reported 209 roles so farWaymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 8% of the unit's staff has been cut this year.Peter Prado/Insider; Vaughn Ridley/Sportsfile via Getty ImagesAlphabet's self-driving car unit Waymo has reportedly laid off a total of 209 employees this year in two rounds of cuts, according to The Information. Waymo reportedly laid off 137 employees on March 1, according to The Information. Waymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 209 employees— approximately 8% of the company's staff— have been cut this year, according to an internal email seen by The Information.Waymo did confirm the cuts to Insider but did not specify the number of roles impacted or the date the first round of cuts occurred.  Thoughtworks: reported 500 employeesThoughtworks laid off 500 employees on February 28. That day, CEO Guo Xiao said in the company's earnings release that it was "pleased" with its performance in the fourth quarter of 2022.Screenshot of Guo Xiao from the Thoughtworks website.Thoughtworks, a software consultancy firm, reportedly laid off 500 employees or 4% of its global workforce, according to TechCrunch. TechCrunch noted that the company "did not dispute" the figure when reached for comment on March 1. According to TechCrunch, Thoughtworks "initially informed" the affected employees about the decision on February 28. That same day, Thoughtworks reported that its revenue had increased 8.3% between the fourth quarter of 2022 and the fourth quarter of 2021. The company also reported a more than 21% year over year revenue increase for 2022. In the company's earnings release, Thoughtworks' CEO Guo Xiao said, "We are pleased with our performance in the fourth quarter and our clients continue to look to us to help them navigate these uncertain times and tackle their biggest technology challenges."General Motors: reported 500 salaried jobsGM CEO Mary Barra.Patrick T. Fallon/Getty ImagesGeneral Motors plans to cut 500 executive-level and salaried positions, according to a report from The Detroit News. The layoffs come only one month after CEO Mary Barra told investors and reporters on the company's earnings call, "I do want to be clear that we're not planning layoffs." In a memo to employees, seen by Insider, GM's chief people officer wrote, "we are looking at all the ways of addressing efficiency and performance. This week we are taking action with a relatively small number of global executives and classified employees following our most recent performance calibration." Employees who are getting laid off were informed on Feb. 28. General Motors confirmed the layoffs to Insider but did not confirm a specific number of employees getting cut. Twitter: about 200 employeesElon Musk is Twitter's CEO and ownerREUTERS/Jonathan ErnstThe layoffs reportedly haven't stopped at Twitter under Elon Musk. The social media company reportedly laid off 200 more employees on a Saturday night in late February, according to the New York Times. Some workers reportedly found out they had lost their jobs when they couldn't log into their company emails.Musk laid off 50% of Twitter's workforce in November after buying the company for $44 billion. Yahoo: 20% of employeesSOPA Images / Getty ImagesYahoo announced it will eliminate 20% of its staff, or more than 1,600 people, as part of an effort to restructure the company's advertising technology arm, Axios reported on February 9.Yahoo CEO Jim Lanzone told Axios that the cuts are part of a strategic overhaul of its advertising unit and will be  "tremendously beneficial for the profitability of Yahoo overall."    Disney: 7,000 jobsBob Iger, CEO of DisneyCharley Gallay/Stringer/Getty ImagesFresh off his return as Disney CEO, Bob Iger announced February 8 that Disney will slash 7,000 jobs as the company looks to reduce costs. Iger, who returned to the position in November 2022 to replace his successor Bob Chapek after first leaving in 2020, told investors the cuts are part of an effort to help save an estimated $5.5 billion. "While this is necessary to address the challenges we are facing today, I do not make this decision lightly," Iger said. "I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes."DocuSign: 10%Igor Golovniov/SOPA Images/LightRocket/Getty ImagesDocuSign plans to slash 10% of employees as part of a restructuring plan "designed to support the company's growth, scale, and profitability objectives," the electronic signature company wrote in a Securities and Exchange Commission filing on Feb. 16. The company said the restructuring plan is expected to be complete by the second quarter of fiscal 2024, per the filing. Affirm: 19% of its workforceAffirm co-founder and CEO Max LevchinAffirmAffirm announced on February 8 it plans to slash 19% of its workforce, after reporting declining sales that missed Wall Street expectations. Affirm co-founder and CEO Max Levchin said in a call with investors that the technology company "has taken appropriate action" in many areas of the business to navigate economic headwinds, including creating a "smaller, therefore, nimbler team.""I believe this is the right decision as we have hired a larger team that we can sustainably support in today's economic reality, but I am truly sorry to see many of our talented colleagues depart and we'll be forever grateful for their contributions to our mission," he said.  GoDaddy: 8% of workersGoDaddy's CEO Aman Bhutani in September 2019Don Feria/Invision/AP ImagesGoDaddy, the website domain company, announced on February 8 it will cut 8% of its global workforce. "Despite increasingly challenging macroeconomic conditions, we made progress on our 2022 strategic initiatives and continued our efforts to manage costs effectively," GoDaddy CEO Aman Bhutani wrote in an email to staffers."The discipline we embraced was important but, unfortunately, it was not sufficient to avoid the impacts of slower growth in a prolonged, uncertain macroeconomic environment."Zoom: 15% of staffZoom CEO Eric Yuan.AP Photo/Mark LennihanZoom CEO Eric Yuan announced in a memo to workers that the company would reduce its headcount by 15%, or about 1,300 employees, on February 7. He attributed the layoffs to "the uncertainty of the global economy and its effect on our customers" but also said the company "made mistakes" as it grew. "We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably toward the highest priorities," Yuan said. In the memo, Yuan also announced that he would cut his salary by 98% in 2023 and forgo his corporate bonus. In addition, other members of the executive leadership team will also reduce their base salaries by 20% this year, according to Yuan. eBay: 500 jobseBay CEO Jamie Iannone told employees Tuesday that the company would be eliminating 500 roles.Harry Murphy/Sportsfile for Web Summit via Getty ImagesOn Tuesday, e-commerce giant eBay told employees that it would be eliminating 500 roles, or about 4% of its workforce, according to a message included in a regulatory filing on Tuesday. In the message, CEO Jamie Iannone wrote "Today's actions are designed to strengthen our ability to deliver better end-to-end experiences for our customers and to support more innovation and scale across our platform."He added, "this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape." Dell: 5% of workforceDell is eliminating approximately 5% of its workforce. The company's co-chief operating officer Jeff Clarke told employees in a memo, "market conditions continue to erode with an uncertain future."Kevork Djansezian / Staff/Getty ImagesOn February 6, Dell said in a regulatory filing that it would be eliminating about 5% of its workforce. The percentage amounts to approximately 6,650 roles based on numbers that Dell provided Insider. In a memo sent to employees posted on Dell's website, co-chief operating officer Jeff Clarke, said "market conditions continue to erode with an uncertain future." He also noted in the memo that the company had paused hiring, limited employee traveling, and decreased spending on outside services. He added, however, "the steps we've taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough."Pinterest: 150 jobsBen Silbermann is the founder and executive chair of Pinterest. He was the company's CEO until June 2022.Horacio Villalobos/Getty ImagesPinterest said it would cut 150 workers, or less than 5% of its workforce, on February 1, the company confirmed to Insider.  "We're making organizational changes to further set us up to deliver against our company priorities and our long-term strategy," a company representative said.The social media company was recently the target of activist investor Elliott Management, agreeing to add one of the firm's representatives to its board last month.   Rivian: 6% of jobsRivian CEO RJ Scaringe.Carlos Delgado/Associated PressRivian's CEO RJ Scaringe announced the EV company would cut 6% of its workforce in a memo to employees, the company confirmed to Insider. This is the company's second round of job cuts in the last 6 months after Scaringe announced a separate 6% workforce reduction in July 2022. In his memo to staff, Scaringe said Rivian needs to focus its resources on ramping up production and reaching profitability. BDG Media: 8% of staffScreengrab of Gawker's homepageGawkerBDG Media announced on February 1 that it was shutting down pop-culture site Gawker and laying off 8% of its staff, according to Axios. BDG owns Bustle, Elite Daily, and other lifestyle and news websites. "After experiencing a financially strong 2022, we have found ourselves facing a surprisingly difficult Q1 of 2023," CEO Bryan Goldberg wrote in a memo to staff seen by Axios. Splunk: 325 jobsGary Steele took over as Splunk's CEO in April 2022.YouTube/ProofpointSoftware and data platform Splunk is the latest in a long list of tech companies to announce layoffs in recent months. On February 1, the company said it would lay off 4% of its staff and scale back the use of consultants to cut costs, according to a filing viewed by Insider. The layoffs will reportedly be focused on workers in North America, and CEO Gary Steele told employees Splunk would continue to hire in "lower-cost areas."Intel: 343 jobsIntel CEO Pat Gelsinger.Pool Eric Lalmand/Getty ImagesIntel notified California officials per WARN Act requirements it plans to layoff 343 workers from its Folsom campus, local outlets reported on January 30. "These are difficult decisions, and we are committed to treating impacted employees with dignity and respect," Intel said in a statement to KCRA 3, noting that the cost-cutting comes as the company is faces a "challenging macro-economic environment." On February 1, the company announced CEO Pat Gelsinger will take a 25% pay cut, while other members of the executive team will take salary reductions in amounts ranging from 5% to 15%.  FedEx: more than 10% of top managersFedEx workers in New York City on March 16, 2021.Alexi Rosenfeld/Getty ImagesFedEx informed staffers on February 1 it plans to slash more than 10% of top managers in an effort to reduce costs.  "This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions," CEO Raj Subramaniam wrote in a letter to staff, which was shared with Insider's Emma Cosgrove. While the exact number of employees impacted was not specified, a FedEx spokesperson told Insider that since June 2022 the company has reduced its workforce by more than 12,000 staffers through "headcount management initiatives." "We will continue responsible headcount management throughout our transformation," the spokesperson said. PayPal: 7% of total workforceDan Schulman, president and CEO of PayPal announced that the company would be cutting 7% of its total workforce on January 31.PaypalPayPal announced on January 31 that it plans to cut 2,000 workers or approximately 7% of the company's total workforce over the coming weeks. In a statement announcing the layoffs on PayPal's website, CEO and president Dan Schulman cited the "challenging macro-economic environment." He added, "While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do."HubSpot: 7% of staffYamini Rangan is HubSpot's CEO.Matt Winkelmeyer/ Getty ImagesHubSpot's CEO Yamini Rangan announced that the company would lay off 500 workers, according to an email seen by Insider. "We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected. The year was challenging due to a perfect storm of inflation, volatile foreign exchange, tighter customer budgets, and longer decision making cycles," Rangan wrote to employees. IBM: 1.5% of staffIBM's CEO Arvind KrishnaBrian Ach / Stringer / Via GettyIBM plans would cut 1.5% of its staff, roughly 3,900 workers. The layoffs were first reported by Bloomberg but confirmed by Insider.The company said the cuts would cost IBM about $300 million and is related entirely to businesses the company has spun off. Bloomberg reports that CFO James Kavanaugh said the company is still hiring in "higher-growth areas." Hasbro: 15% of workersA Jenga game by Hasbro Gaming.Thomson ReutersHasbro reportedly plans to cut 1,000 workers after warning that the 2022 holiday season was weaker than expected, according to the toy and game company. The company said the layoffs come as it seeks to save between $250 million to $300 million per year by the end of 2025. "While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses," Chris Cocks, Hasbro's CEO said. Dow: 2,000 global employeesThe Dow Chemical logo is shown on a building in downtown Midland, home of the Dow Chemical Company corporate headquarters, December 10th, 2015 in Midland, MichiganBill Pugliano/Getty ImagesDow Inc. announced on January 26 that it will lay off 2,000 global employees, a move that indicates mass layoffs are spreading beyond just the technology sector, the Wall Street Journal reported. It's part of a $1 billion cost-cutting effort intended to help amid "challenging energy markets," Dow CEO Jim Fitterling said in a press release. The chemical company also  will shut down select assets, mostly in Europe, per the release."We are taking these actions to further optimize our cost structure and prioritize business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe," Fittlering said.   SAP: Up to 3,000 positionsSAP CEO Christian KleinULI DECK/POOL/AFP via Getty ImagesSoftware company SAP said on January 26 it will slash up to 3,000 jobs globally in response to a profit slump, with many of the cuts coming outside of its headquarters in Berlin, the Wall Street Journal reported.  The layoffs will impact an estimated 2.5% of the company's workforce and are part of a cost-cutting initiative aiming at reaching an annual savings of $382 million in 2024, according to the Journal. "The purpose is to further focus on strategic growth areas," said Luka Mucic, SAP's chief financial officer, per the Journal.   Spotify: 6% of the workforceDaniel Ek, Spotify cofounder and CEOGreg Sandoval/Business InsiderIn a memo to Spotify employees, CEO Daniel Ek said the company would cut 6% of its staff, about 600 people. "While we have made great progress in improving speed in the last few years, we haven't focused as much on improving efficiency. We still spend far too much time syncing on slightly different strategies, which slows us down. And in a challenging economic environment, efficiency takes on greater importance. So, in an effort to drive more efficiency, control costs, and speed up decision-making, I have decided to restructure our organization," he wrote. As part of the changes, Dawn Ostroff, the company's chief content and advertising officer, who spent more than $1 billion signing exclusive podcast deals with Joe Rogan, the Obamas, and Prince Harry and Meghan Markle, has departed. 3M: 2,500 jobs cut3M3M, which makes Post-It notes, Scotch tape, and N95 masks, said it plans to cut 2,500 manufacturing jobs worldwide. CEO Mike Roman called it "a necessary decision to align with adjusted production volumes." "We expect macroeconomic challenges to persist in 2023. Our focus is executing the actions we initiated in 2022 and delivering the best performance for customers and shareholders," he said in a press release. Google: around 12,000 employeesBrandon Wade/ReutersSundar Pichai, CEO of Google parent company Alphabet, informed staffers on January 20 that the company will lay off 12,000 employees, or 6% of its global workforce. In a memo sent to employees and obtained by Insider, Pichai said the layoffs will "cut across Alphabet, product areas, functions, levels and regions" and were decided upon after a "rigorous review." Pichai said the company will hold a townhall meeting to further discuss the cuts, adding he took "full responsibility for the decisions that led us here" "Over the past two years we've seen periods of dramatic growth," Pichai wrote in the email. "To match and fuel that growth, we hired for a different economic reality than the one we face today." Vox: 7% of staffThe layoffs were reportedly announced in a memo from CEO Jim Bankoff.Vox MediaVox Media, the parent company of publications like Vox, The Verge, New York magazine, and Vulture, is laying off roughly 133 people, or 7% of its staff, according to a report by Axios. The cuts come just a few months after the media company laid off 39 roles in July. The decision was reportedly announced in a note to staff from CEO Jim Bankoff, who wrote that while the company is "not expecting further layoffs at this time, we will continue to assess our outlook, keep a tight control on expenses and consider implementing other cost savings measures as needed," according to Axios.Vox Media's layoffs come at a time when advertisers are tightening their belts in anticipation of an economic slowdown, taking a toll on the media industry. Capital One: more than 1,100 tech workersBrian Ach/AP ImagesCapital One slashed 1,100 technology positions on January 18, a company spokesperson told Insider. The cuts impacted workers in the "Agile job family," a department which was eliminated and its responsibilities integrated into "existing engineering and product manager roles," per the spokesperson. "Decisions that affect our associates, especially those that involve role eliminations, are incredibly difficult," the Capital One spokesperson said in the statement. "This announcement is not a reflection on these individuals or the work they have driven on behalf of our technology organization," the spokesperson continued. "Their contributions have been critical to maturing our software delivery model and our overall tech transformation."The eliminations came after the bank had invested heavily in tech efforts in recent years, including launching a new software business focused on cloud computing in June 2022. "This decision was made solely to meet the evolving skills and process enhancements needed to deliver on the next phase of our tech transformation," the spokesperson said.  WeWork: About 300 employeesReutersWeWork announced on January 19 it will cut about 300 positions as it scales back on coworking spaces in low-performing regions, Reuters reported. The layoffs come after the company said in November 2022 it planned to exit 40 locations in the US as part of a larger cost-cutting effort. The company announced the cuts in a press release listing its fourth-quarter earnings call date, stating only the reductions are "in connection with its portfolio optimization and in continuing to streamline operations."  Wayfair: more than 1,000 employeesPavlo Gonchar/SOPA Images/LightRocket via Getty ImagesWayfair is expected to lay off more than 1,000 employees, about 5% of its workforce, in the coming weeks in response to slumping sales, the Wall Street Journal reported on January 19.The cuts mark the second round of layoffs in six months for the online furniture and home goods company, after it nixed 900 staffers in August 2022. Though the company experienced significant growth during the pandemic-driven home improvement boom, sales began to stagnate as social distancing policies loosened and Americans began returning to offices."We were seeing the tailwinds of the pandemic accelerate the adoption of e-commerce shopping, and I personally pushed hard to hire a strong team to support that growth. This year, that growth has not materialized as we had anticipated," Wayfair CEO Niraj Shah wrote in a letter to employees announcing the August 2022 layoffs, per CNN. In its most recent quarter, the Wayfair reported that net revenue decreased by $281 million, down 9% from the same period the year prior.  Microsoft: 10,000 workersMicrosoft CEO Satya NadellaStephen Brashear/Getty ImagesMicrosoft announced on January 18 that it planned to reduce its workforce by 10,000 jobs by the end of the third quarter of this year. CEO Satya Nadella attributed the layoffs to customers cutting back in anticipation of a recession. However, Nadella also told workers that the company still plans to grow in some areas, despite the firings, writing that the company will "continue to hire in key strategic areas." Microsoft's layoff announcement comes as the tech giant is reportedly in talks to invest $10 billion in OpenAI, which created the AI chatbot ChatGPT. On February 13, the company laid off staff at LinkedIn—which it acquired in 2016— according to The Information. The cuts were in the recruiting department, though the total number laid off is not immediately clear, The Information reported.Crypto.com: 20% of staffCrypto.com CEO Kris MarszalekCrypto.comCrypto.com announced on January 13 that it would let go of a fifth of its workforce amid a sagging crypto market and fallout from FTX's collapse. This is the second major round of firings for Crypto.com, which also had layoffs in July. "The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It's for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success," CEO Kris Marszalek wrote in a memo to employees. BlackRock: up to 3% of global workforceBlackRock CEO Larry FinkSpencer Platt/Getty ImagesBlackRock is cutting up to 500 roles in its first round of firings since 2019. Staff members were notified on January 11 about whether they were laid off. "Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper," CEO Larry Fink and President Rob Kapito wrote in a memo to employees. Goldman Sachs: an estimated 6.5% of its global workforceGoldman Sachs is laying off an expected 3,200 employees.Photo by Michael M. Santiago/Getty ImagesGoldman Sachs began laying off employees on Jan. 11, with cuts expected to impact an estimated 6.5% of the company's global workforce — or roughly 3,200 staffers — a source told Insider. The company previously slashed roles on its media and tech teams in September 2022, and it was expected to issue further reductions in the first half of January. The cost-cutting efforts from the investment banking giant mirror reductions from competitors including Morgan Stanley and Citi, which also laid off employees in 2022. "We continue to see headwinds on our expense lines, particularly in the near term," Goldman Sachs CEO David Solomon said at a conference in December. "We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set."   BNY Mellon: 1,500 jobsBNY Mellon CEO Robin VinceBNY MellonBNY Mellon is planning to cut approximately 3% of its workforce, or 1,500 jobs, according to the Wall Street Journal, which cited people familiar with the matter. The cuts will be primarily aimed at talent management roles, according to the report. BNY Mellon will reportedly plan to invest more in junior staff. Verily (part of Alphabet): reportedly 15% of workersAlphabet CEO Sundar PichaiJerod Harris/Getty ImagesVerily, which is Alphabet's healthcare unit, is laying off more than 200 employees, according to an email seen by the Wall Street Journal. The Journal reports that the company will also scale down the number of projects it works on in an effort to cut costs."We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model," Verily's CEO, Stephen Gillet, wrote in the email, according to the Journal.This is the first significant layoff done by Google's parent company, which had so far avoided the massive waves of job cuts done by other big tech giants like Amazon and Meta. DirecTV: 10% of management staffDirecTV.Karen Bleier/AFP/Getty ImagesDirecTV employees were told in the first week of January that the company would lay off several hundred workers in management roles.The satellite TV business has faced slowing revenues as more people choose to cut the cord and pay for streaming services over cable TV. "The entire pay-TV industry is impacted by the secular decline and the increasing rates to secure and distribute programming. We're adjusting our operations costs to align with these changes and will continue to invest in new entertainment products and service enhancements," a spokesperson for DirecTV told Insider. Coinbase: 950 workersCEO Brian Armstrong cited the downward trend in cryptocurrency prices and the broader economy as reasons for the layoffs.Patrick Fallon/Getty ImagesCoinbase announced on Tuesday, Jan. 10, that would lay off another 20% of its staff. The cuts came after the crypto company laid off over 1,000 employees in July. In a memo to employees, CEO Brian Armstrong said, "in hindsight, we could have cut further at that time," referencing the layoffs in July. Armstrong partially attributed the company's weakness to the "fallout from unscrupulous actors in the industry," likely referencing the alleged fraud that took place at FTX late last year under then-CEO Sam Bankman-Fried. Armstrong predicted "there could still be further contagion" from FTX in the crypto markets but assured remaining employees that Coinbase is well capitalized. Amazon: 18,000 employeesAmazon CEO Andy Jassy initially announced the company's latest round of layoffs in November.AmazonAmazon is in the midst of the most significant round of layoffs in the company's history. In a memo to employees, CEO Andy Jassy said the company would cut more than 18,000 workers in total — far more than what was initially expected based on reporting by the New York Times. Jassy cited "the uncertain economy" and rapid hiring as reasons for the layoffs. While most of Amazon's 1.5 million staff have warehouse jobs, the layoffs are concentrated in Amazon's corporate groups. Amazon's layoffs began late last year, though the Wall Street Journal reports cuts will continue through the first few weeks of 2023.Amazon's 18,000 jobs cuts are the largest of any major tech company amid the wave of recent layoffs.  Salesforce: 10% of its staffSalesforce said in the first month of 2023 that it would enact big job cuts.Noam Galai/Getty ImagesSalesforce co-CEO Marc Benioff announced on Jan. 4 that the software company plans to layoff 10% of its workforce — an estimated 7,000 employees — and close select offices as part of a restructuring and cost-cutting plan. "The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," Benioff wrote in an email to staff. "With this in mind, we've made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks."He continued: "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."Everlane: 17% of corporate employeesEverlane founder and executive chair Michael Preysman.Lars Ronbog/Getty Images for Copenhagen Fashion SummitEverlane is slashing 17% of its 175-person corporate workforce, and 3% of its retail staff."We know there will be some bumpiness over the next few weeks as we navigate a lot of change at once. We ask for your patience as we do right by our departing team members," CEO Andrea O'Donnell wrote to employees, according to an internal memo seen by Insider. In a statement to Insider, a company spokesperson said the decision was intended to "improve profitability in 2023 and continue our efforts to help leave the fashion industry cleaner than we found it."The e-commerce clothing company previously laid off nearly 300 workers, mostly in retail in March 2020 amid the outbreak of the Covid-19 pandemic.Vimeo: 11% of its workforceAnjali Sud, CEO of Vimeo, speaks during the company's direct listing on Nasdaq, Tuesday, May 25, 2021, in New York.AP Photo/Mark LennihanVimeo CEO Anjali Sud told employees on Jan. 4 that the company would layoff 11% of its staff, the video platform's second major round of layoffs in less than a year, after cutting 6% of employees in July"This was a very hard decision that impacts each of us deeply," Sud wrote in an email to staff. "It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment."A spokesperson told Insider reduction is intended to assist with ongoing economic concerns and improve the company's balance sheet. Compass: size of layoffs not immediately disclosedCompass is letting go of more employees after two rounds of layoffs in the past eight months.CompassCompass CEO Robert Reffkin told staffers on Jan. 5 it would conduct more layoffs, following two previous rounds in the past eight months, as the brokerage continues to struggle with significant financial losses. "We've been focused over the last year on controlling our costs," Reffkin wrote in an email to employees. "As part of that work, today we reduced the size of some of our employee teams. While decisions like these are always hard, they are prudent and allow us to continue to build a long-term, successful business for all of you."While the size of the layoffs was not immediately disclosed, the brokerage let go of 450 corporate employees in June 2022, followed by an additional 750 people from its technology team in October 2022.   Stitch Fix: 20% of salaried jobsStitch Fix is laying off salaried employees.SOPA ImagesStitch Fix announced on Jan. 5 that it plans to slash 20% of its salaried workforce, the Wall Street Journal reported.The cuts come in tandem with the announcement that CEO Elizabeth Spaulding is stepping down, after less than 18 months at the helm of the struggling retail company."First as president and then as CEO, it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team," Spaulding said in a statement. "It is now time for a new leader to help support the next phase."Stitch Fix founder Katrina Lake — who formerly served as chief executive and sits on the board of directors — will become interim CEO, the company said in a press release. Read the original article on Business Insider.....»»

Category: worldSource: nytMay 2nd, 2023

Dropbox and Gap are the latest to slash jobs amid a layoff wave expanding beyond tech. Here"s the full list of major US companies making cuts this year.

The wave of layoffs hitting tech companies and beyond shows no signs of slowing down. Dropbox's CEO announced 500 cuts Thursday and Gap axed 1,800. Drew Houston, CEO of Dropbox, said on Thursday that the company was eliminating 500 jobs.Matt Winkelmeyer / Getty Images Dropbox, Gap, and 3m employees are the latest to be hit by a wave of layoffs. Over the past few months, layoffs have expanded outside of tech, media, and finance as Dow and Whole Foods announced cuts. See the full list of layoffs so far in 2023. A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down into 2023. Dropbox and Gap are the latest companies to announce cuts: Dropbox's CEO said it would cut 500 jobs. Gap, meanwhile, said it would cut 1,800 jobs as part of a restructuring plan meant to cut cost at headquarters and in upper management.The news comes after Lyft told employees on April 21 it would eliminate 1,200 roles, or about 30% of its workforce. The cuts will apply to corporate staffers, as Lyft does not consider drivers to be official employees of the company. Lyft joins a large number of major corporations that have made significant cuts in the new year: Tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced massive layoffs in the first weeks of 2023 amid a continued economic downturn and stagnating sales.The downsizing followed significant reductions that companies including Meta and Twitter made last year. The layoffs have primarily affected the tech sector, which is now hemorrhaging employees at a faster rate than at any point during the pandemic, the Journal reported. According to data cited by the Journal from Layoffs.fyi, a site tracking layoffs since the start of the pandemic, tech companies slashed more than 170,000 in 2023 alone — compared to 80,000 in March to December 2020 and 15,000 in 2021. But it's not just tech companies that are cutting costs, with the major job reductions that have come from the Gap, along with FedEx, Dow, and Wayfair.Here are notable job cuts so far in 2023: Dropbox: 16% of staffDrew Houston, cofounder and CEO of Dropbox, told employees Thursday that the company was eliminating 500 jobs.Matt Winkelmeyer / Getty ImagesCloud storage firm Dropbox said Thursday that it would be reducing its global workforce by 16%, or 500 jobs.In a message to staff sent Thursday, CEO Drew Houston said the cuts are being made, in part, from slowing business growth and the expansion of AI products. "Today's changes were the result of taking a hard look at our strategic priorities and organizational structure as a leadership team, and aligning to principles of sustainable financial growth, efficiency, and flexibility to invest in our future. We're also streamlining how the company is organized," Houston said.  Gap: more than 2,000 jobs since late last yearGap posters in Birmingham, England.Mike Kemp/Getty ImagesClothing retailer Gap is cutting 1,800 positions in its headquarters and upper management as part of a restructuring plan meant to cut costs, the retailer said Thursday.Gap said that the cuts are expected to help the company see $300 million in annualized savings."We are taking the necessary actions to reshape Gap Inc. for the future — simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience," the company's chairman and interim CEO Bob Martin said in a statement given to Insider.In September, Gap slashed 500 jobs from its corporate ranks in a push to save $250 million annually, the Wall Street Journal reported. 3M: 6,000 jobsMike Roman, CEO of 3M.Xinhua News Agency / Contributor/Getty ImagesOn Tuesday, the Scotch tape and Post-It Notes manufacturer said it will be cutting 6,000 positions across all parts of the company with the goal of streamlining operations, simplifying supply chain, and reducing layers of management, according to The Wall Street Journal.The company's chief executive Mike Roman said Tuesday that the cuts would eliminate 10% of 3M's global workforce and ultimately save the company between $700 to $900 million in pretax costs, the Journal said. 3M last announced cuts in January when it said it was removing 2,500 manufacturing positions.Lyft: 1,200 employeesReutersLyft announced on April 21 it was slashing 1,200 positions, or 30% of its staff, in an attempt to cut costs, the Wall Street Journal reported. The news comes the same week that David Risher took the helm as Lyft's new CEO, part of an executive shakeup that involved cofounders Logan Green and John Zimmer moving into board roles. According to a Lyft spokesperson speaking to the Journal, Riser "has made clear to the company that his focus is on creating a great and affordable experience for riders and improving drivers' earnings."The statement continued: "To do so requires that we reduce our costs and structure our company so that our leaders are closer to riders and drivers." Deloitte: 1,200 jobsAlex Tai/SOPA Images/LightRocket via Getty ImagesDeloitte announced on April 21 it was cutting 1,200 jobs, or about 1.5% of its US staff, the Financial Times reported. The cuts will largely be concentrated in the financial advisory business as a result of a decline in mergers and acquisitions, per internal communications viewed by the FT. Whole Foods: Several hundred corporate employeesMary Meisenzahl/InsiderWhole Foods announced on April 20 it was letting go of several hundred corporate employees, amounting to less than 0.5% of the company's workforce, CNBC reported.The cuts are a result of a structural reorganization of global and regional support teams, which will be downsized from nine to six, but will not cause store closures, according to CNBC.In a memo to employees viewed by CNBC, Whole Foods executives wrote "simplifying our work and improving how we operate is critical as we grow." "As the grocery industry continues to rapidly evolve, and as we — like all retailers — have navigated challenges like the COVID-19 pandemic and continued economic uncertainty, it has become clear that we need to continue to build on these changes," the memo read, per CNBC. It continued: "With additional adjustments, we will be able to further simplify our operations, make processes easier, and improve how we support our stores."BuzzFeed News: 15% of staffBuzzFeed News headquarters.Drew Angerer / Getty ImagesBuzzFeed announced on April 20 that it was shuttering its BuzzFeed News division, laying off 15% of its staff, or 180 employees, in the process. In a memo to staff shared with Insider's Lucia Moses, CEO Jonah Peretti admitted to mistakes like over-investing in the news arm and failing to successfully integrate BuzzFeed and Complex after the latter was acquired in 2021. "I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances," he wrote. "Our job is to adapt, change, improve, and perform despite the challenges in the world. We can and will do better."Ernst & Young: 3,000 positionsEY spends $500 million annually on learning for its employees.TOLGA AKMEN / Contributor / GettyErnst & Young announced on April 17 it was laying off 3,000 US employees, or about 5% of its total US staff.The decision came after the financial auditor nixed a proposed reorganization that would break up its consulting and accounting businesses, Reuters reported. According to the Financial Times, which first reported the layoffs, the cuts will address "overcapacity" and will largely impact the company's consulting business. Opendoor: 560 jobsOpendoor announced it was cutting 560 jobs on Tuesday.Opendoor Technologies/GlassdoorOn Tuesday, home flipping giant Opendoor said it was cutting 560 jobs, or 22% of its workforce, citing a souring housing market. A spokesperson for Opendoor told Insider by email,"We've been weathering a sharp transition in the housing market – the steepest and fastest rate increase by the Fed in 40 years, the more than doubling of mortgage rates from historic lows, and the hit to home affordability have driven an approximately 30% decline in new listings from peak levels last year."The spokesperson noted that the cuts have been made to "better align our operational costs with the anticipated near-term market opportunity, while maintaining our critical technology investments that will continue to drive the business long term."Impacted team members will receive severance pay, extended health benefits, and job transition support. Opendoor last made cuts in November 2022, laying off 550 workers or about 18% of its staff.  McKinsey: About 1,400 employeesFABRICE COFFRINI/AFP via Getty ImagesMcKinsey & Company will cut an estimated 1,400 positions, or 3% of its total workforce, Bloomberg reported on March 29.The layoffs are part of the consulting firm's efforts to reorganize support teams and pare down an employee base that has grown rapidly in recent years, per the outlet. "The painful result of this shift is that we will have to say goodbye to some of our firm functions colleagues, while helping others move into new roles that better align to our firm's strategy and priorities," Bob Sternfels, global managing partner, wrote in a note to staff seen by Bloomberg. He continued: "Starting now, where local regulations allow, we will begin to notify colleagues who will depart our firm or be asked to change roles."David's Bridal: 9,236 employeesShoppers head for David's Bridal in Sunset Hill, Mo. Tuesday, May 10, 2005.James A. Finley/AP ImagesDavid's Bridal is laying off more than 9,000 workers across the US, according to a WARN notice filed with the Pennsylvania Department of Labor and Industry on April 14. "We are evaluating our strategic options and a sale process is underway," David's Bridal spokesperson Laura McKeever told the Philadelphia Inquirer. "At this time, there are no updates to share."The company is considering filing for bankruptcy in the near future, according to an April 7 report from the New York Times. David's Bridal also filed for bankruptcy in 2018. Virgin Orbit: 85% of staffersSir Richard Branson, founder of Virgin Orbit.Mark GreenbergVirgin Orbit disclosed in a March 30 filing with the Securities and Exchange Commission that it is slashing 85% of its staff, or about 675 employees.The company, which operates within the Virgin Group and provides launch services for satellites, is also ceasing operations "for the foreseeable future," CNBC reported. "Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Virgin Orbit CEO Dan Hart said, according to audio of a company all-hands obtained by CNBC.     Electronic Arts: About 780 employeesLucy Nicholson/ReutersElectronic Arts — the video game company best known for its "The Sims," "FIFA," and "Madden NFL" franchises — is letting go of 6% of its staff, or about 780 employees, the company announced on March 24. "As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams," Electronic Arts CEO Andrew Wilson wrote in a blog post to staffers. Wilson said the cuts began early this quarter and will continue through the beginning of the next fiscal year.  Amazon: 9,000 more jobsAmazon CEO Andy Jassy announced on Monday that the company would be eliminating another 9,000 roles, on top of the 18,000 announced in January.Richard Brian/ReutersAmazon announced on March 20 that it would cut 9,000 jobs from its workforce over the coming weeks. The cuts come on the heels of the 18,000 roles the company announced it was cutting back in January. In a message to employees shared on Amazon's site, CEO Andy Jassy noted that the impacted positions are largely in the Amazon Web Services, People Experience and Technology Solutions, Advertising, and Twitch departments. In the memo, Jassy said the company staggered its layoff announcements because "not all of the teams were done with their analyses in the late fall." He added, "rather than rush through these assessments without the appropriate diligence, we chose to share these decisions as we've made them so people had the information as soon as possible."Roku: 200 staffersRoku CEO Anthony Wood speaks during Tribeca X - 2021 Tribeca Festival on June 18, 2021 in New York City.Photo by Arturo Holmes/Getty Images for Tribeca FestivalRoku is cutting an additional 200 roles, or 6% of its workforce, Reuters reported on March 30. The cuts come after the streaming device manufacturer previously laid off 200 employees in November 2022. The company is expected to complete the cuts by the end of the second quarter, and also plans to leave and sublease office facilities in an attempt to reduce costs, according to Reuters. Walmart: About 200 employeesA Walmart store.Bruce Bennett/Getty ImagesWalmart asked about 200 workers at five fulfillment centers to find employment elsewhere in the company in the next 90 days or else be laid off, Reuters reported on March 23.The cuts are a response to the reduction of evening and weekend shifts at select Walmart facilities, including those in Chino, California; Davenport, Florida; Bethlehem, Pennsylvania; Pedricktown, New Jersey; and Fort Worth, Texas, per Reuters. "We recently adjusted staffing levels to better prepare for the future needs of customers," a Walmart spokesperson told Reuters in a statement.  Accenture: 19,000 positionsJoan Cros/Corbis via Getty ImagesAccenture is slashing 19,000 roles, or 2.5% of its total workforce, according to a Security and Exchange Commission filing on March 23.The tech consultancy company said the layoffs will take place over the next 18 months and half of the cuts will impact staffers in "non-billable corporate functions," per the filing.  "While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs," Accenture wrote in the filing. LinkedIn: 2,200 staffersIndeed CEO Chris HyamsPhoto by Niall Carson/PA Images via Getty ImagesLinkedIn CEO Chris Hyams announced on March 22 that the online networking platform will cut 2,200 jobs, or about 15% of its staff. In a note sent to employees, Hyams wrote the reductions will impact "nearly every team, function, level, and region" across the company in an effort to reduce redundancy and increase efficiency. "I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I'd never have to make," he wrote. Meta: 10,000 workersMeta CEO Mark ZuckerbergMark Lennihan/APRoughly 10,000 Meta workers will find out that their jobs have been cut between March and May, according to an announcement by the company's founder and CEO, Mark Zuckerberg. Zuckerberg also said the company would close around 5,000 open roles that haven't yet been filled as part of the company's effort to downsize. "My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead," Zuckerberg wrote in a post on Facebook announcing the layoffs. In the post, Zuckerberg said that members of Meta's recruiting team would learn about the fate of their jobs in March, while tech workers would find out in late April, and business groups would find out in May. "In a small number of cases, it may take through the end of the year to complete these changes," he wrote. The job cuts come less than 5 months after Meta slashed 11,000 workers, or about 13% of its workforce, in November. At the time, Zuckerberg called the layoffs a "last resort."  SiriusXM: 475 rolesJennifer Witz, CEO of SiriusXM said the company was cutting 475 roles on March 6.Cindy Ord / Staff/ Getty ImagesThe radio company said March 6th that it was cutting 8% of its staff or 475 roles according to a statement posted on the company's website from CEO Jennifer Witz.In the statement, Witz said "nearly every department" across the company will be impacted. She also noted that those impacted will be contacted directly and will have the opportunity to speak with a leader from their department as well as a member of the company's People + Culture team. Impacted employees will also be provided with exit packages that include severance, transitional health insurance benefits, Employee Advocacy Program continuation, and outplacement services, Witz noted.Citigroup: hundreds of jobsCiti CEO Jane FraserPatrick T. Fallon/AFP via Getty ImagesCiti plans to cut hundreds of jobs, with many focused on the company's investment bank division. The total headcount cut will reportedly amount to less than 1% of Citi's more than 240,000 workers and are part of Citi's normal course of activities.Citi's cuts were first reported by Bloomberg. In January, Citi's CFO told investors the company remained "focused on simplifying the organization, and we expect to generate further opportunities for expense reduction in the future."Citi declined Insider's request to provide comment on the record. Waymo: reported 209 roles so farWaymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 8% of the unit's staff has been cut this year.Peter Prado/Insider; Vaughn Ridley/Sportsfile via Getty ImagesAlphabet's self-driving car unit Waymo has reportedly laid off a total of 209 employees this year in two rounds of cuts, according to The Information. Waymo reportedly laid off 137 employees on March 1, according to The Information. Waymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 209 employees— approximately 8% of the company's staff— have been cut this year, according to an internal email seen by The Information.Waymo did confirm the cuts to Insider but did not specify the number of roles impacted or the date the first round of cuts occurred.  Thoughtworks: reported 500 employeesThoughtworks laid off 500 employees on February 28. That day, CEO Guo Xiao said in the company's earnings release that it was "pleased" with its performance in the fourth quarter of 2022.Screenshot of Guo Xiao from the Thoughtworks website.Thoughtworks, a software consultancy firm, reportedly laid off 500 employees or 4% of its global workforce, according to TechCrunch. TechCrunch noted that the company "did not dispute" the figure when reached for comment on March 1. According to TechCrunch, Thoughtworks "initially informed" the affected employees about the decision on February 28. That same day, Thoughtworks reported that its revenue had increased 8.3% between the fourth quarter of 2022 and the fourth quarter of 2021. The company also reported a more than 21% year over year revenue increase for 2022. In the company's earnings release, Thoughtworks' CEO Guo Xiao said, "We are pleased with our performance in the fourth quarter and our clients continue to look to us to help them navigate these uncertain times and tackle their biggest technology challenges."General Motors: reported 500 salaried jobsGM CEO Mary Barra.Patrick T. Fallon/Getty ImagesGeneral Motors plans to cut 500 executive-level and salaried positions, according to a report from The Detroit News. The layoffs come only one month after CEO Mary Barra told investors and reporters on the company's earnings call, "I do want to be clear that we're not planning layoffs." In a memo to employees, seen by Insider, GM's chief people officer wrote, "we are looking at all the ways of addressing efficiency and performance. This week we are taking action with a relatively small number of global executives and classified employees following our most recent performance calibration." Employees who are getting laid off were informed on Feb. 28. General Motors confirmed the layoffs to Insider but did not confirm a specific number of employees getting cut. Twitter: about 200 employeesElon Musk is Twitter's CEO and ownerREUTERS/Jonathan ErnstThe layoffs reportedly haven't stopped at Twitter under Elon Musk. The social media company reportedly laid off 200 more employees on a Saturday night in late February, according to the New York Times. Some workers reportedly found out they had lost their jobs when they couldn't log into their company emails.Musk laid off 50% of Twitter's workforce in November after buying the company for $44 billion. Yahoo: 20% of employeesSOPA Images / Getty ImagesYahoo announced it will eliminate 20% of its staff, or more than 1,600 people, as part of an effort to restructure the company's advertising technology arm, Axios reported on February 9.Yahoo CEO Jim Lanzone told Axios that the cuts are part of a strategic overhaul of its advertising unit and will be  "tremendously beneficial for the profitability of Yahoo overall."    Disney: 7,000 jobsBob Iger, CEO of DisneyCharley Gallay/Stringer/Getty ImagesFresh off his return as Disney CEO, Bob Iger announced February 8 that Disney will slash 7,000 jobs as the company looks to reduce costs. Iger, who returned to the position in November 2022 to replace his successor Bob Chapek after first leaving in 2020, told investors the cuts are part of an effort to help save an estimated $5.5 billion. "While this is necessary to address the challenges we are facing today, I do not make this decision lightly," Iger said. "I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes."DocuSign: 10%Igor Golovniov/SOPA Images/LightRocket/Getty ImagesDocuSign plans to slash 10% of employees as part of a restructuring plan "designed to support the company's growth, scale, and profitability objectives," the electronic signature company wrote in a Securities and Exchange Commission filing on Feb. 16. The company said the restructuring plan is expected to be complete by the second quarter of fiscal 2024, per the filing. Affirm: 19% of its workforceAffirm co-founder and CEO Max LevchinAffirmAffirm announced on February 8 it plans to slash 19% of its workforce, after reporting declining sales that missed Wall Street expectations. Affirm co-founder and CEO Max Levchin said in a call with investors that the technology company "has taken appropriate action" in many areas of the business to navigate economic headwinds, including creating a "smaller, therefore, nimbler team.""I believe this is the right decision as we have hired a larger team that we can sustainably support in today's economic reality, but I am truly sorry to see many of our talented colleagues depart and we'll be forever grateful for their contributions to our mission," he said.  GoDaddy: 8% of workersGoDaddy's CEO Aman Bhutani in September 2019Don Feria/Invision/AP ImagesGoDaddy, the website domain company, announced on February 8 it will cut 8% of its global workforce. "Despite increasingly challenging macroeconomic conditions, we made progress on our 2022 strategic initiatives and continued our efforts to manage costs effectively," GoDaddy CEO Aman Bhutani wrote in an email to staffers."The discipline we embraced was important but, unfortunately, it was not sufficient to avoid the impacts of slower growth in a prolonged, uncertain macroeconomic environment."Zoom: 15% of staffZoom CEO Eric Yuan.AP Photo/Mark LennihanZoom CEO Eric Yuan announced in a memo to workers that the company would reduce its headcount by 15%, or about 1,300 employees, on February 7. He attributed the layoffs to "the uncertainty of the global economy and its effect on our customers" but also said the company "made mistakes" as it grew. "We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably toward the highest priorities," Yuan said. In the memo, Yuan also announced that he would cut his salary by 98% in 2023 and forgo his corporate bonus. In addition, other members of the executive leadership team will also reduce their base salaries by 20% this year, according to Yuan. eBay: 500 jobseBay CEO Jamie Iannone told employees Tuesday that the company would be eliminating 500 roles.Harry Murphy/Sportsfile for Web Summit via Getty ImagesOn Tuesday, e-commerce giant eBay told employees that it would be eliminating 500 roles, or about 4% of its workforce, according to a message included in a regulatory filing on Tuesday. In the message, CEO Jamie Iannone wrote "Today's actions are designed to strengthen our ability to deliver better end-to-end experiences for our customers and to support more innovation and scale across our platform."He added, "this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape." Dell: 5% of workforceDell is eliminating approximately 5% of its workforce. The company's co-chief operating officer Jeff Clarke told employees in a memo, "market conditions continue to erode with an uncertain future."Kevork Djansezian / Staff/Getty ImagesOn February 6, Dell said in a regulatory filing that it would be eliminating about 5% of its workforce. The percentage amounts to approximately 6,650 roles based on numbers that Dell provided Insider. In a memo sent to employees posted on Dell's website, co-chief operating officer Jeff Clarke, said "market conditions continue to erode with an uncertain future." He also noted in the memo that the company had paused hiring, limited employee traveling, and decreased spending on outside services. He added, however, "the steps we've taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough."Pinterest: 150 jobsBen Silbermann is the founder and executive chair of Pinterest. He was the company's CEO until June 2022.Horacio Villalobos/Getty ImagesPinterest said it would cut 150 workers, or less than 5% of its workforce, on February 1, the company confirmed to Insider.  "We're making organizational changes to further set us up to deliver against our company priorities and our long-term strategy," a company representative said.The social media company was recently the target of activist investor Elliott Management, agreeing to add one of the firm's representatives to its board last month.   Rivian: 6% of jobsRivian CEO RJ Scaringe.Carlos Delgado/Associated PressRivian's CEO RJ Scaringe announced the EV company would cut 6% of its workforce in a memo to employees, the company confirmed to Insider. This is the company's second round of job cuts in the last 6 months after Scaringe announced a separate 6% workforce reduction in July 2022. In his memo to staff, Scaringe said Rivian needs to focus its resources on ramping up production and reaching profitability. BDG Media: 8% of staffScreengrab of Gawker's homepageGawkerBDG Media announced on February 1 that it was shutting down pop-culture site Gawker and laying off 8% of its staff, according to Axios. BDG owns Bustle, Elite Daily, and other lifestyle and news websites. "After experiencing a financially strong 2022, we have found ourselves facing a surprisingly difficult Q1 of 2023," CEO Bryan Goldberg wrote in a memo to staff seen by Axios. Splunk: 325 jobsGary Steele took over as Splunk's CEO in April 2022.YouTube/ProofpointSoftware and data platform Splunk is the latest in a long list of tech companies to announce layoffs in recent months. On February 1, the company said it would lay off 4% of its staff and scale back the use of consultants to cut costs, according to a filing viewed by Insider. The layoffs will reportedly be focused on workers in North America, and CEO Gary Steele told employees Splunk would continue to hire in "lower-cost areas."Intel: 343 jobsIntel CEO Pat Gelsinger.Pool Eric Lalmand/Getty ImagesIntel notified California officials per WARN Act requirements it plans to layoff 343 workers from its Folsom campus, local outlets reported on January 30. "These are difficult decisions, and we are committed to treating impacted employees with dignity and respect," Intel said in a statement to KCRA 3, noting that the cost-cutting comes as the company is faces a "challenging macro-economic environment." On February 1, the company announced CEO Pat Gelsinger will take a 25% pay cut, while other members of the executive team will take salary reductions in amounts ranging from 5% to 15%.  FedEx: more than 10% of top managersFedEx workers in New York City on March 16, 2021.Alexi Rosenfeld/Getty ImagesFedEx informed staffers on February 1 it plans to slash more than 10% of top managers in an effort to reduce costs.  "This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions," CEO Raj Subramaniam wrote in a letter to staff, which was shared with Insider's Emma Cosgrove. While the exact number of employees impacted was not specified, a FedEx spokesperson told Insider that since June 2022 the company has reduced its workforce by more than 12,000 staffers through "headcount management initiatives." "We will continue responsible headcount management throughout our transformation," the spokesperson said. PayPal: 7% of total workforceDan Schulman, president and CEO of PayPal announced that the company would be cutting 7% of its total workforce on January 31.PaypalPayPal announced on January 31 that it plans to cut 2,000 workers or approximately 7% of the company's total workforce over the coming weeks. In a statement announcing the layoffs on PayPal's website, CEO and president Dan Schulman cited the "challenging macro-economic environment." He added, "While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do."HubSpot: 7% of staffYamini Rangan is HubSpot's CEO.Matt Winkelmeyer/ Getty ImagesHubSpot's CEO Yamini Rangan announced that the company would lay off 500 workers, according to an email seen by Insider. "We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected. The year was challenging due to a perfect storm of inflation, volatile foreign exchange, tighter customer budgets, and longer decision making cycles," Rangan wrote to employees. IBM: 1.5% of staffIBM's CEO Arvind KrishnaBrian Ach / Stringer / Via GettyIBM plans would cut 1.5% of its staff, roughly 3,900 workers. The layoffs were first reported by Bloomberg but confirmed by Insider.The company said the cuts would cost IBM about $300 million and is related entirely to businesses the company has spun off. Bloomberg reports that CFO James Kavanaugh said the company is still hiring in "higher-growth areas." Hasbro: 15% of workersA Jenga game by Hasbro Gaming.Thomson ReutersHasbro reportedly plans to cut 1,000 workers after warning that the 2022 holiday season was weaker than expected, according to the toy and game company. The company said the layoffs come as it seeks to save between $250 million to $300 million per year by the end of 2025. "While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses," Chris Cocks, Hasbro's CEO said. Dow: 2,000 global employeesThe Dow Chemical logo is shown on a building in downtown Midland, home of the Dow Chemical Company corporate headquarters, December 10th, 2015 in Midland, MichiganBill Pugliano/Getty ImagesDow Inc. announced on January 26 that it will lay off 2,000 global employees, a move that indicates mass layoffs are spreading beyond just the technology sector, the Wall Street Journal reported. It's part of a $1 billion cost-cutting effort intended to help amid "challenging energy markets," Dow CEO Jim Fitterling said in a press release. The chemical company also  will shut down select assets, mostly in Europe, per the release."We are taking these actions to further optimize our cost structure and prioritize business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe," Fittlering said.   SAP: Up to 3,000 positionsSAP CEO Christian KleinULI DECK/POOL/AFP via Getty ImagesSoftware company SAP said on January 26 it will slash up to 3,000 jobs globally in response to a profit slump, with many of the cuts coming outside of its headquarters in Berlin, the Wall Street Journal reported.  The layoffs will impact an estimated 2.5% of the company's workforce and are part of a cost-cutting initiative aiming at reaching an annual savings of $382 million in 2024, according to the Journal. "The purpose is to further focus on strategic growth areas," said Luka Mucic, SAP's chief financial officer, per the Journal.   Spotify: 6% of the workforceDaniel Ek, Spotify cofounder and CEOGreg Sandoval/Business InsiderIn a memo to Spotify employees, CEO Daniel Ek said the company would cut 6% of its staff, about 600 people. "While we have made great progress in improving speed in the last few years, we haven't focused as much on improving efficiency. We still spend far too much time syncing on slightly different strategies, which slows us down. And in a challenging economic environment, efficiency takes on greater importance. So, in an effort to drive more efficiency, control costs, and speed up decision-making, I have decided to restructure our organization," he wrote. As part of the changes, Dawn Ostroff, the company's chief content and advertising officer, who spent more than $1 billion signing exclusive podcast deals with Joe Rogan, the Obamas, and Prince Harry and Meghan Markle, has departed. 3M: 2,500 jobs cut3M3M, which makes Post-It notes, Scotch tape, and N95 masks, said it plans to cut 2,500 manufacturing jobs worldwide. CEO Mike Roman called it "a necessary decision to align with adjusted production volumes." "We expect macroeconomic challenges to persist in 2023. Our focus is executing the actions we initiated in 2022 and delivering the best performance for customers and shareholders," he said in a press release. Google: around 12,000 employeesBrandon Wade/ReutersSundar Pichai, CEO of Google parent company Alphabet, informed staffers on January 20 that the company will lay off 12,000 employees, or 6% of its global workforce. In a memo sent to employees and obtained by Insider, Pichai said the layoffs will "cut across Alphabet, product areas, functions, levels and regions" and were decided upon after a "rigorous review." Pichai said the company will hold a townhall meeting to further discuss the cuts, adding he took "full responsibility for the decisions that led us here" "Over the past two years we've seen periods of dramatic growth," Pichai wrote in the email. "To match and fuel that growth, we hired for a different economic reality than the one we face today." Vox: 7% of staffThe layoffs were reportedly announced in a memo from CEO Jim Bankoff.Vox MediaVox Media, the parent company of publications like Vox, The Verge, New York magazine, and Vulture, is laying off roughly 133 people, or 7% of its staff, according to a report by Axios. The cuts come just a few months after the media company laid off 39 roles in July. The decision was reportedly announced in a note to staff from CEO Jim Bankoff, who wrote that while the company is "not expecting further layoffs at this time, we will continue to assess our outlook, keep a tight control on expenses and consider implementing other cost savings measures as needed," according to Axios.Vox Media's layoffs come at a time when advertisers are tightening their belts in anticipation of an economic slowdown, taking a toll on the media industry. Capital One: more than 1,100 tech workersBrian Ach/AP ImagesCapital One slashed 1,100 technology positions on January 18, a company spokesperson told Insider. The cuts impacted workers in the "Agile job family," a department which was eliminated and its responsibilities integrated into "existing engineering and product manager roles," per the spokesperson. "Decisions that affect our associates, especially those that involve role eliminations, are incredibly difficult," the Capital One spokesperson said in the statement. "This announcement is not a reflection on these individuals or the work they have driven on behalf of our technology organization," the spokesperson continued. "Their contributions have been critical to maturing our software delivery model and our overall tech transformation."The eliminations came after the bank had invested heavily in tech efforts in recent years, including launching a new software business focused on cloud computing in June 2022. "This decision was made solely to meet the evolving skills and process enhancements needed to deliver on the next phase of our tech transformation," the spokesperson said.  WeWork: About 300 employeesReutersWeWork announced on January 19 it will cut about 300 positions as it scales back on coworking spaces in low-performing regions, Reuters reported. The layoffs come after the company said in November 2022 it planned to exit 40 locations in the US as part of a larger cost-cutting effort. The company announced the cuts in a press release listing its fourth-quarter earnings call date, stating only the reductions are "in connection with its portfolio optimization and in continuing to streamline operations."  Wayfair: more than 1,000 employeesPavlo Gonchar/SOPA Images/LightRocket via Getty ImagesWayfair is expected to lay off more than 1,000 employees, about 5% of its workforce, in the coming weeks in response to slumping sales, the Wall Street Journal reported on January 19.The cuts mark the second round of layoffs in six months for the online furniture and home goods company, after it nixed 900 staffers in August 2022. Though the company experienced significant growth during the pandemic-driven home improvement boom, sales began to stagnate as social distancing policies loosened and Americans began returning to offices."We were seeing the tailwinds of the pandemic accelerate the adoption of e-commerce shopping, and I personally pushed hard to hire a strong team to support that growth. This year, that growth has not materialized as we had anticipated," Wayfair CEO Niraj Shah wrote in a letter to employees announcing the August 2022 layoffs, per CNN. In its most recent quarter, the Wayfair reported that net revenue decreased by $281 million, down 9% from the same period the year prior.  Microsoft: 10,000 workersMicrosoft CEO Satya NadellaStephen Brashear/Getty ImagesMicrosoft announced on January 18 that it planned to reduce its workforce by 10,000 jobs by the end of the third quarter of this year. CEO Satya Nadella attributed the layoffs to customers cutting back in anticipation of a recession. However, Nadella also told workers that the company still plans to grow in some areas, despite the firings, writing that the company will "continue to hire in key strategic areas." Microsoft's layoff announcement comes as the tech giant is reportedly in talks to invest $10 billion in OpenAI, which created the AI chatbot ChatGPT. On February 13, the company laid off staff at LinkedIn—which it acquired in 2016— according to The Information. The cuts were in the recruiting department, though the total number laid off is not immediately clear, The Information reported.Crypto.com: 20% of staffCrypto.com CEO Kris MarszalekCrypto.comCrypto.com announced on January 13 that it would let go of a fifth of its workforce amid a sagging crypto market and fallout from FTX's collapse. This is the second major round of firings for Crypto.com, which also had layoffs in July. "The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It's for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success," CEO Kris Marszalek wrote in a memo to employees. BlackRock: up to 3% of global workforceBlackRock CEO Larry FinkSpencer Platt/Getty ImagesBlackRock is cutting up to 500 roles in its first round of firings since 2019. Staff members were notified on January 11 about whether they were laid off. "Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper," CEO Larry Fink and President Rob Kapito wrote in a memo to employees. Goldman Sachs: an estimated 6.5% of its global workforceGoldman Sachs is laying off an expected 3,200 employees.Photo by Michael M. Santiago/Getty ImagesGoldman Sachs began laying off employees on Jan. 11, with cuts expected to impact an estimated 6.5% of the company's global workforce — or roughly 3,200 staffers — a source told Insider. The company previously slashed roles on its media and tech teams in September 2022, and it was expected to issue further reductions in the first half of January. The cost-cutting efforts from the investment banking giant mirror reductions from competitors including Morgan Stanley and Citi, which also laid off employees in 2022. "We continue to see headwinds on our expense lines, particularly in the near term," Goldman Sachs CEO David Solomon said at a conference in December. "We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set."   BNY Mellon: 1,500 jobsBNY Mellon CEO Robin VinceBNY MellonBNY Mellon is planning to cut approximately 3% of its workforce, or 1,500 jobs, according to the Wall Street Journal, which cited people familiar with the matter. The cuts will be primarily aimed at talent management roles, according to the report. BNY Mellon will reportedly plan to invest more in junior staff. Verily (part of Alphabet): reportedly 15% of workersAlphabet CEO Sundar PichaiJerod Harris/Getty ImagesVerily, which is Alphabet's healthcare unit, is laying off more than 200 employees, according to an email seen by the Wall Street Journal. The Journal reports that the company will also scale down the number of projects it works on in an effort to cut costs."We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model," Verily's CEO, Stephen Gillet, wrote in the email, according to the Journal.This is the first significant layoff done by Google's parent company, which had so far avoided the massive waves of job cuts done by other big tech giants like Amazon and Meta. DirecTV: 10% of management staffDirecTV.Karen Bleier/AFP/Getty ImagesDirecTV employees were told in the first week of January that the company would lay off several hundred workers in management roles.The satellite TV business has faced slowing revenues as more people choose to cut the cord and pay for streaming services over cable TV. "The entire pay-TV industry is impacted by the secular decline and the increasing rates to secure and distribute programming. We're adjusting our operations costs to align with these changes and will continue to invest in new entertainment products and service enhancements," a spokesperson for DirecTV told Insider. Coinbase: 950 workersCEO Brian Armstrong cited the downward trend in cryptocurrency prices and the broader economy as reasons for the layoffs.Patrick Fallon/Getty ImagesCoinbase announced on Tuesday, Jan. 10, that would lay off another 20% of its staff. The cuts came after the crypto company laid off over 1,000 employees in July. In a memo to employees, CEO Brian Armstrong said, "in hindsight, we could have cut further at that time," referencing the layoffs in July. Armstrong partially attributed the company's weakness to the "fallout from unscrupulous actors in the industry," likely referencing the alleged fraud that took place at FTX late last year under then-CEO Sam Bankman-Fried. Armstrong predicted "there could still be further contagion" from FTX in the crypto markets but assured remaining employees that Coinbase is well capitalized. Amazon: 18,000 employeesAmazon CEO Andy Jassy initially announced the company's latest round of layoffs in November.AmazonAmazon is in the midst of the most significant round of layoffs in the company's history. In a memo to employees, CEO Andy Jassy said the company would cut more than 18,000 workers in total — far more than what was initially expected based on reporting by the New York Times. Jassy cited "the uncertain economy" and rapid hiring as reasons for the layoffs. While most of Amazon's 1.5 million staff have warehouse jobs, the layoffs are concentrated in Amazon's corporate groups. Amazon's layoffs began late last year, though the Wall Street Journal reports cuts will continue through the first few weeks of 2023.Amazon's 18,000 jobs cuts are the largest of any major tech company amid the wave of recent layoffs.  Salesforce: 10% of its staffSalesforce said in the first month of 2023 that it would enact big job cuts.Noam Galai/Getty ImagesSalesforce co-CEO Marc Benioff announced on Jan. 4 that the software company plans to layoff 10% of its workforce — an estimated 7,000 employees — and close select offices as part of a restructuring and cost-cutting plan. "The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," Benioff wrote in an email to staff. "With this in mind, we've made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks."He continued: "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."Everlane: 17% of corporate employeesEverlane founder and executive chair Michael Preysman.Lars Ronbog/Getty Images for Copenhagen Fashion SummitEverlane is slashing 17% of its 175-person corporate workforce, and 3% of its retail staff."We know there will be some bumpiness over the next few weeks as we navigate a lot of change at once. We ask for your patience as we do right by our departing team members," CEO Andrea O'Donnell wrote to employees, according to an internal memo seen by Insider. In a statement to Insider, a company spokesperson said the decision was intended to "improve profitability in 2023 and continue our efforts to help leave the fashion industry cleaner than we found it."The e-commerce clothing company previously laid off nearly 300 workers, mostly in retail in March 2020 amid the outbreak of the Covid-19 pandemic.Vimeo: 11% of its workforceAnjali Sud, CEO of Vimeo, speaks during the company's direct listing on Nasdaq, Tuesday, May 25, 2021, in New York.AP Photo/Mark LennihanVimeo CEO Anjali Sud told employees on Jan. 4 that the company would layoff 11% of its staff, the video platform's second major round of layoffs in less than a year, after cutting 6% of employees in July"This was a very hard decision that impacts each of us deeply," Sud wrote in an email to staff. "It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment."A spokesperson told Insider reduction is intended to assist with ongoing economic concerns and improve the company's balance sheet. Compass: size of layoffs not immediately disclosedCompass is letting go of more employees after two rounds of layoffs in the past eight months.CompassCompass CEO Robert Reffkin told staffers on Jan. 5 it would conduct more layoffs, following two previous rounds in the past eight months, as the brokerage continues to struggle with significant financial losses. "We've been focused over the last year on controlling our costs," Reffkin wrote in an email to employees. "As part of that work, today we reduced the size of some of our employee teams. While decisions like these are always hard, they are prudent and allow us to continue to build a long-term, successful business for all of you."While the size of the layoffs was not immediately disclosed, the brokerage let go of 450 corporate employees in June 2022, followed by an additional 750 people from its technology team in October 2022.   Stitch Fix: 20% of salaried jobsStitch Fix is laying off salaried employees.SOPA ImagesStitch Fix announced on Jan. 5 that it plans to slash 20% of its salaried workforce, the Wall Street Journal reported.The cuts come in tandem with the announcement that CEO Elizabeth Spaulding is stepping down, after less than 18 months at the helm of the struggling retail company."First as president and then as CEO, it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team," Spaulding said in a statement. "It is now time for a new leader to help support the next phase."Stitch Fix founder Katrina Lake — who formerly served as chief executive and sits on the board of directors — will become interim CEO, the company said in a press release. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderApr 27th, 2023

Lyft slashes 1,200 jobs amid a layoff wave expanding beyond tech. Here"s the full list of major US companies making cuts this year.

The ride-sharing company announced it was slashing staff, as waves of layoffs hit tech companies and spread to other industries. Lyft is the latest tech company to slash employees as a wave of job cuts continue.Reuters Lyft, Deloitte, and BuzzFeed News employees are the latest to be hit by a wave of layoffs. Over the past few months, layoffs have expanded outside of tech, media, and finance as Dow and 3M announced cuts. See the full list of layoffs so far in 2023. A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down into 2023. Lyft told employees on Friday it would eliminate 1,200 roles, or about 30% of its workforce, the Wall Street Journal reported. The cuts will apply to corporate staffers, as Lyft does not consider drivers to be official employees of the company. Lyft joins a large number of major corporations that have made significant cuts in the new year: tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced massive layoffs in the first weeks of 2023 amid a continued economic downturn and stagnating sales.The downsizing followed significant reductions that companies including Meta and Twitter made last year. The layoffs have primarily affected the tech sector, which is now hemorrhaging employees at a faster rate than at any point during the pandemic, the Journal reported. According to data cited by the Journal from Layoffs.fyi, a site tracking layoffs since the start of the pandemic, tech companies slashed more than 170,000 in 2023 alone — compared to 80,000 in March to December 2020 and 15,000 in 2021. Here are the notable examples so far in 2023: Lyft: 1,200 employeesReutersLyft announced on April 21 it was slashing 1,200 positions, or 30% of its staff, in an attempt to cut costs, the Wall Street Journal reported. The news comes the same week that David Risher took the helm as Lyft's new CEO, part of an executive shakeup that involved cofounders Logan Green and John Zimmer moving into board roles. According to a Lyft spokesperson speaking to the Journal, Riser "has made clear to the company that his focus is on creating a great and affordable experience for riders and improving drivers' earnings."The statement continued: "To do so requires that we reduce our costs and structure our company so that our leaders are closer to riders and drivers." Deloitte: 1,200 jobsAlex Tai/SOPA Images/LightRocket via Getty ImagesDeloitte announced on April 21 it was cutting 1,200 jobs, or about 1.5% of its US staff, the Financial Times reported. The cuts will largely be concentrated in the financial advisory business as a result of a decline in mergers and acquisitions, per internal communications viewed by the FT. Whole Foods: Several hundred corporate employeesMary Meisenzahl/InsiderWhole Foods announced on April 20 it was letting go of several hundred corporate employees, amounting to less than 0.5% of the company's workforce, CNBC reported.The cuts are a result of a structural reorganization of global and regional support teams, which will be downsized from nine to six, but will not cause store closures, according to CNBC.In a memo to employees viewed by CNBC, Whole Foods executives wrote "simplifying our work and improving how we operate is critical as we grow." "As the grocery industry continues to rapidly evolve, and as we — like all retailers — have navigated challenges like the COVID-19 pandemic and continued economic uncertainty, it has become clear that we need to continue to build on these changes," the memo read, per CNBC. It continued: "With additional adjustments, we will be able to further simplify our operations, make processes easier, and improve how we support our stores."BuzzFeed News: 15% of staffBuzzFeed News headquarters.Drew Angerer / Getty ImagesBuzzFeed announced on April 20 that it was shuttering its BuzzFeed News division, laying off 15% of its staff, or 180 employees, in the process. In a memo to staff shared with Insider's Lucia Moses, CEO Jonah Peretti admitted to mistakes like over-investing in the news arm and failing to successfully integrate BuzzFeed and Complex after the latter was acquired in 2021. "I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances," he wrote. "Our job is to adapt, change, improve, and perform despite the challenges in the world. We can and will do better."Ernst & Young: 3,000 positionsEY spends $500 million annually on learning for its employees.TOLGA AKMEN / Contributor / GettyErnst & Young announced on April 17 it was laying off 3,000 US employees, or about 5% of its total US staff.The decision came after the financial auditor nixed a proposed reorganization that would break up its consulting and accounting businesses, Reuters reported. According to the Financial Times, which first reported the layoffs, the cuts will address "overcapacity" and will largely impact the company's consulting business. Opendoor: 560 jobsOpendoor announced it was cutting 560 jobs on Tuesday.Opendoor Technologies/GlassdoorOn Tuesday, home flipping giant Opendoor said it was cutting 560 jobs, or 22% of its workforce, citing a souring housing market. A spokesperson for Opendoor told Insider by email,"We've been weathering a sharp transition in the housing market – the steepest and fastest rate increase by the Fed in 40 years, the more than doubling of mortgage rates from historic lows, and the hit to home affordability have driven an approximately 30% decline in new listings from peak levels last year."The spokesperson noted that the cuts have been made to "better align our operational costs with the anticipated near-term market opportunity, while maintaining our critical technology investments that will continue to drive the business long term."Impacted team members will receive severance pay, extended health benefits, and job transition support. Opendoor last made cuts in November 2022, laying off 550 workers or about 18% of its staff.  McKinsey: About 1,400 employeesFABRICE COFFRINI/AFP via Getty ImagesMcKinsey & Company will cut an estimated 1,400 positions, or 3% of its total workforce, Bloomberg reported on March 29.The layoffs are part of the consulting firm's efforts to reorganize support teams and pare down an employee base that has grown rapidly in recent years, per the outlet. "The painful result of this shift is that we will have to say goodbye to some of our firm functions colleagues, while helping others move into new roles that better align to our firm's strategy and priorities," Bob Sternfels, global managing partner, wrote in a note to staff seen by Bloomberg. He continued: "Starting now, where local regulations allow, we will begin to notify colleagues who will depart our firm or be asked to change roles."David's Bridal: 9,236 employeesShoppers head for David's Bridal in Sunset Hill, Mo. Tuesday, May 10, 2005.James A. Finley/AP ImagesDavid's Bridal is laying off more than 9,000 workers across the US, according to a WARN notice filed with the Pennsylvania Department of Labor and Industry on April 14. "We are evaluating our strategic options and a sale process is underway," David's Bridal spokesperson Laura McKeever told the Philadelphia Inquirer. "At this time, there are no updates to share."The company is considering filing for bankruptcy in the near future, according to an April 7 report from the New York Times. David's Bridal also filed for bankruptcy in 2018. Virgin Orbit: 85% of staffersSir Richard Branson, founder of Virgin Orbit.Mark GreenbergVirgin Orbit disclosed in a March 30 filing with the Securities and Exchange Commission that it is slashing 85% of its staff, or about 675 employees.The company, which operates within the Virgin Group and provides launch services for satellites, is also ceasing operations "for the foreseeable future," CNBC reported. "Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Virgin Orbit CEO Dan Hart said, according to audio of a company all-hands obtained by CNBC.     Electronic Arts: About 780 employeesLucy Nicholson/ReutersElectronic Arts — the video game company best known for its "The Sims," "FIFA," and "Madden NFL" franchises — is letting go of 6% of its staff, or about 780 employees, the company announced on March 24. "As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams," Electronic Arts CEO Andrew Wilson wrote in a blog post to staffers. Wilson said the cuts began early this quarter and will continue through the beginning of the next fiscal year.  Amazon: 9,000 more jobsAmazon CEO Andy Jassy announced on Monday that the company would be eliminating another 9,000 roles, on top of the 18,000 announced in January.Richard Brian/ReutersAmazon announced on March 20 that it would cut 9,000 jobs from its workforce over the coming weeks. The cuts come on the heels of the 18,000 roles the company announced it was cutting back in January. In a message to employees shared on Amazon's site, CEO Andy Jassy noted that the impacted positions are largely in the Amazon Web Services, People Experience and Technology Solutions, Advertising, and Twitch departments. In the memo, Jassy said the company staggered its layoff announcements because "not all of the teams were done with their analyses in the late fall." He added, "rather than rush through these assessments without the appropriate diligence, we chose to share these decisions as we've made them so people had the information as soon as possible."Roku: 200 staffersRoku CEO Anthony Wood speaks during Tribeca X - 2021 Tribeca Festival on June 18, 2021 in New York City.Photo by Arturo Holmes/Getty Images for Tribeca FestivalRoku is cutting an additional 200 roles, or 6% of its workforce, Reuters reported on March 30. The cuts come after the streaming device manufacturer previously laid off 200 employees in November 2022. The company is expected to complete the cuts by the end of the second quarter, and also plans to leave and sublease office facilities in an attempt to reduce costs, according to Reuters. Walmart: About 200 employeesA Walmart store.Bruce Bennett/Getty ImagesWalmart asked about 200 workers at five fulfillment centers to find employment elsewhere in the company in the next 90 days or else be laid off, Reuters reported on March 23.The cuts are a response to the reduction of evening and weekend shifts at select Walmart facilities, including those in Chino, California; Davenport, Florida; Bethlehem, Pennsylvania; Pedricktown, New Jersey; and Fort Worth, Texas, per Reuters. "We recently adjusted staffing levels to better prepare for the future needs of customers," a Walmart spokesperson told Reuters in a statement.  Accenture: 19,000 positionsJoan Cros/Corbis via Getty ImagesAccenture is slashing 19,000 roles, or 2.5% of its total workforce, according to a Security and Exchange Commission filing on March 23.The tech consultancy company said the layoffs will take place over the next 18 months and half of the cuts will impact staffers in "non-billable corporate functions," per the filing.  "While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs," Accenture wrote in the filing. LinkedIn: 2,200 staffersIndeed CEO Chris HyamsPhoto by Niall Carson/PA Images via Getty ImagesLinkedIn CEO Chris Hyams announced on March 22 that the online networking platform will cut 2,200 jobs, or about 15% of its staff. In a note sent to employees, Hyams wrote the reductions will impact "nearly every team, function, level, and region" across the company in an effort to reduce redundancy and increase efficiency. "I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I'd never have to make," he wrote. Meta: 10,000 workersMeta CEO Mark ZuckerbergMark Lennihan/APRoughly 10,000 Meta workers will find out that their jobs have been cut between March and May, according to an announcement by the company's founder and CEO, Mark Zuckerberg. Zuckerberg also said the company would close around 5,000 open roles that haven't yet been filled as part of the company's effort to downsize. "My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead," Zuckerberg wrote in a post on Facebook announcing the layoffs. In the post, Zuckerberg said that members of Meta's recruiting team would learn about the fate of their jobs in March, while tech workers would find out in late April, and business groups would find out in May. "In a small number of cases, it may take through the end of the year to complete these changes," he wrote. The job cuts come less than 5 months after Meta slashed 11,000 workers, or about 13% of its workforce, in November. At the time, Zuckerberg called the layoffs a "last resort."  SiriusXM: 475 rolesJennifer Witz, CEO of SiriusXM said the company was cutting 475 roles on March 6.Cindy Ord / Staff/ Getty ImagesThe radio company said March 6th that it was cutting 8% of its staff or 475 roles according to a statement posted on the company's website from CEO Jennifer Witz.In the statement, Witz said "nearly every department" across the company will be impacted. She also noted that those impacted will be contacted directly and will have the opportunity to speak with a leader from their department as well as a member of the company's People + Culture team. Impacted employees will also be provided with exit packages that include severance, transitional health insurance benefits, Employee Advocacy Program continuation, and outplacement services, Witz noted.Citigroup: hundreds of jobsCiti CEO Jane FraserPatrick T. Fallon/AFP via Getty ImagesCiti plans to cut hundreds of jobs, with many focused on the company's investment bank division. The total headcount cut will reportedly amount to less than 1% of Citi's more than 240,000 workers and are part of Citi's normal course of activities.Citi's cuts were first reported by Bloomberg. In January, Citi's CFO told investors the company remained "focused on simplifying the organization, and we expect to generate further opportunities for expense reduction in the future."Citi declined Insider's request to provide comment on the record. Waymo: reported 209 roles so farWaymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 8% of the unit's staff has been cut this year.Peter Prado/Insider; Vaughn Ridley/Sportsfile via Getty ImagesAlphabet's self-driving car unit Waymo has reportedly laid off a total of 209 employees this year in two rounds of cuts, according to The Information. Waymo reportedly laid off 137 employees on March 1, according to The Information. Waymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 209 employees— approximately 8% of the company's staff— have been cut this year, according to an internal email seen by The Information.Waymo did confirm the cuts to Insider but did not specify the number of roles impacted or the date the first round of cuts occurred.  Thoughtworks: reported 500 employeesThoughtworks laid off 500 employees on February 28. That day, CEO Guo Xiao said in the company's earnings release that it was "pleased" with its performance in the fourth quarter of 2022.Screenshot of Guo Xiao from the Thoughtworks website.Thoughtworks, a software consultancy firm, reportedly laid off 500 employees or 4% of its global workforce, according to TechCrunch. TechCrunch noted that the company "did not dispute" the figure when reached for comment on March 1. According to TechCrunch, Thoughtworks "initially informed" the affected employees about the decision on February 28. That same day, Thoughtworks reported that its revenue had increased 8.3% between the fourth quarter of 2022 and the fourth quarter of 2021. The company also reported a more than 21% year over year revenue increase for 2022. In the company's earnings release, Thoughtworks' CEO Guo Xiao said, "We are pleased with our performance in the fourth quarter and our clients continue to look to us to help them navigate these uncertain times and tackle their biggest technology challenges."General Motors: reported 500 salaried jobsGM CEO Mary Barra.Patrick T. Fallon/Getty ImagesGeneral Motors plans to cut 500 executive-level and salaried positions, according to a report from The Detroit News. The layoffs come only one month after CEO Mary Barra told investors and reporters on the company's earnings call, "I do want to be clear that we're not planning layoffs." In a memo to employees, seen by Insider, GM's chief people officer wrote, "we are looking at all the ways of addressing efficiency and performance. This week we are taking action with a relatively small number of global executives and classified employees following our most recent performance calibration." Employees who are getting laid off were informed on Feb. 28. General Motors confirmed the layoffs to Insider but did not confirm a specific number of employees getting cut. Twitter: about 200 employeesElon Musk is Twitter's CEO and ownerREUTERS/Jonathan ErnstThe layoffs reportedly haven't stopped at Twitter under Elon Musk. The social media company reportedly laid off 200 more employees on a Saturday night in late February, according to the New York Times. Some workers reportedly found out they had lost their jobs when they couldn't log into their company emails.Musk laid off 50% of Twitter's workforce in November after buying the company for $44 billion. Yahoo: 20% of employeesSOPA Images / Getty ImagesYahoo announced it will eliminate 20% of its staff, or more than 1,600 people, as part of an effort to restructure the company's advertising technology arm, Axios reported on February 9.Yahoo CEO Jim Lanzone told Axios that the cuts are part of a strategic overhaul of its advertising unit and will be  "tremendously beneficial for the profitability of Yahoo overall."    Disney: 7,000 jobsBob Iger, CEO of DisneyCharley Gallay/Stringer/Getty ImagesFresh off his return as Disney CEO, Bob Iger announced February 8 that Disney will slash 7,000 jobs as the company looks to reduce costs. Iger, who returned to the position in November 2022 to replace his successor Bob Chapek after first leaving in 2020, told investors the cuts are part of an effort to help save an estimated $5.5 billion. "While this is necessary to address the challenges we are facing today, I do not make this decision lightly," Iger said. "I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes."DocuSign: 10%Igor Golovniov/SOPA Images/LightRocket/Getty ImagesDocuSign plans to slash 10% of employees as part of a restructuring plan "designed to support the company's growth, scale, and profitability objectives," the electronic signature company wrote in a Securities and Exchange Commission filing on Feb. 16. The company said the restructuring plan is expected to be complete by the second quarter of fiscal 2024, per the filing. Affirm: 19% of its workforceAffirm co-founder and CEO Max LevchinAffirmAffirm announced on February 8 it plans to slash 19% of its workforce, after reporting declining sales that missed Wall Street expectations. Affirm co-founder and CEO Max Levchin said in a call with investors that the technology company "has taken appropriate action" in many areas of the business to navigate economic headwinds, including creating a "smaller, therefore, nimbler team.""I believe this is the right decision as we have hired a larger team that we can sustainably support in today's economic reality, but I am truly sorry to see many of our talented colleagues depart and we'll be forever grateful for their contributions to our mission," he said.  GoDaddy: 8% of workersGoDaddy's CEO Aman Bhutani in September 2019Don Feria/Invision/AP ImagesGoDaddy, the website domain company, announced on February 8 it will cut 8% of its global workforce. "Despite increasingly challenging macroeconomic conditions, we made progress on our 2022 strategic initiatives and continued our efforts to manage costs effectively," GoDaddy CEO Aman Bhutani wrote in an email to staffers."The discipline we embraced was important but, unfortunately, it was not sufficient to avoid the impacts of slower growth in a prolonged, uncertain macroeconomic environment."Zoom: 15% of staffZoom CEO Eric Yuan.AP Photo/Mark LennihanZoom CEO Eric Yuan announced in a memo to workers that the company would reduce its headcount by 15%, or about 1,300 employees, on February 7. He attributed the layoffs to "the uncertainty of the global economy and its effect on our customers" but also said the company "made mistakes" as it grew. "We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably toward the highest priorities," Yuan said. In the memo, Yuan also announced that he would cut his salary by 98% in 2023 and forgo his corporate bonus. In addition, other members of the executive leadership team will also reduce their base salaries by 20% this year, according to Yuan. eBay: 500 jobseBay CEO Jamie Iannone told employees Tuesday that the company would be eliminating 500 roles.Harry Murphy/Sportsfile for Web Summit via Getty ImagesOn Tuesday, e-commerce giant eBay told employees that it would be eliminating 500 roles, or about 4% of its workforce, according to a message included in a regulatory filing on Tuesday. In the message, CEO Jamie Iannone wrote "Today's actions are designed to strengthen our ability to deliver better end-to-end experiences for our customers and to support more innovation and scale across our platform."He added, "this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape." Dell: 5% of workforceDell is eliminating approximately 5% of its workforce. The company's co-chief operating officer Jeff Clarke told employees in a memo, "market conditions continue to erode with an uncertain future."Kevork Djansezian / Staff/Getty ImagesOn February 6, Dell said in a regulatory filing that it would be eliminating about 5% of its workforce. The percentage amounts to approximately 6,650 roles based on numbers that Dell provided Insider. In a memo sent to employees posted on Dell's website, co-chief operating officer Jeff Clarke, said "market conditions continue to erode with an uncertain future." He also noted in the memo that the company had paused hiring, limited employee traveling, and decreased spending on outside services. He added, however, "the steps we've taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough."Pinterest: 150 jobsBen Silbermann is the founder and executive chair of Pinterest. He was the company's CEO until June 2022.Horacio Villalobos/Getty ImagesPinterest said it would cut 150 workers, or less than 5% of its workforce, on February 1, the company confirmed to Insider.  "We're making organizational changes to further set us up to deliver against our company priorities and our long-term strategy," a company representative said.The social media company was recently the target of activist investor Elliott Management, agreeing to add one of the firm's representatives to its board last month.   Rivian: 6% of jobsRivian CEO RJ Scaringe.Carlos Delgado/Associated PressRivian's CEO RJ Scaringe announced the EV company would cut 6% of its workforce in a memo to employees, the company confirmed to Insider. This is the company's second round of job cuts in the last 6 months after Scaringe announced a separate 6% workforce reduction in July 2022. In his memo to staff, Scaringe said Rivian needs to focus its resources on ramping up production and reaching profitability. BDG Media: 8% of staffScreengrab of Gawker's homepageGawkerBDG Media announced on February 1 that it was shutting down pop-culture site Gawker and laying off 8% of its staff, according to Axios. BDG owns Bustle, Elite Daily, and other lifestyle and news websites. "After experiencing a financially strong 2022, we have found ourselves facing a surprisingly difficult Q1 of 2023," CEO Bryan Goldberg wrote in a memo to staff seen by Axios. Splunk: 325 jobsGary Steele took over as Splunk's CEO in April 2022.YouTube/ProofpointSoftware and data platform Splunk is the latest in a long list of tech companies to announce layoffs in recent months. On February 1, the company said it would lay off 4% of its staff and scale back the use of consultants to cut costs, according to a filing viewed by Insider. The layoffs will reportedly be focused on workers in North America, and CEO Gary Steele told employees Splunk would continue to hire in "lower-cost areas."Intel: 343 jobsIntel CEO Pat Gelsinger.Pool Eric Lalmand/Getty ImagesIntel notified California officials per WARN Act requirements it plans to layoff 343 workers from its Folsom campus, local outlets reported on January 30. "These are difficult decisions, and we are committed to treating impacted employees with dignity and respect," Intel said in a statement to KCRA 3, noting that the cost-cutting comes as the company is faces a "challenging macro-economic environment." On February 1, the company announced CEO Pat Gelsinger will take a 25% pay cut, while other members of the executive team will take salary reductions in amounts ranging from 5% to 15%.  FedEx: more than 10% of top managersFedEx workers in New York City on March 16, 2021.Alexi Rosenfeld/Getty ImagesFedEx informed staffers on February 1 it plans to slash more than 10% of top managers in an effort to reduce costs.  "This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions," CEO Raj Subramaniam wrote in a letter to staff, which was shared with Insider's Emma Cosgrove. While the exact number of employees impacted was not specified, a FedEx spokesperson told Insider that since June 2022 the company has reduced its workforce by more than 12,000 staffers through "headcount management initiatives." "We will continue responsible headcount management throughout our transformation," the spokesperson said. PayPal: 7% of total workforceDan Schulman, president and CEO of PayPal announced that the company would be cutting 7% of its total workforce on January 31.PaypalPayPal announced on January 31 that it plans to cut 2,000 workers or approximately 7% of the company's total workforce over the coming weeks. In a statement announcing the layoffs on PayPal's website, CEO and president Dan Schulman cited the "challenging macro-economic environment." He added, "While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do."HubSpot: 7% of staffYamini Rangan is HubSpot's CEO.Matt Winkelmeyer/ Getty ImagesHubSpot's CEO Yamini Rangan announced that the company would lay off 500 workers, according to an email seen by Insider. "We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected. The year was challenging due to a perfect storm of inflation, volatile foreign exchange, tighter customer budgets, and longer decision making cycles," Rangan wrote to employees. IBM: 1.5% of staffIBM's CEO Arvind KrishnaBrian Ach / Stringer / Via GettyIBM plans would cut 1.5% of its staff, roughly 3,900 workers. The layoffs were first reported by Bloomberg but confirmed by Insider.The company said the cuts would cost IBM about $300 million and is related entirely to businesses the company has spun off. Bloomberg reports that CFO James Kavanaugh said the company is still hiring in "higher-growth areas." Hasbro: 15% of workersA Jenga game by Hasbro Gaming.Thomson ReutersHasbro reportedly plans to cut 1,000 workers after warning that the 2022 holiday season was weaker than expected, according to the toy and game company. The company said the layoffs come as it seeks to save between $250 million to $300 million per year by the end of 2025. "While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses," Chris Cocks, Hasbro's CEO said. Dow: 2,000 global employeesThe Dow Chemical logo is shown on a building in downtown Midland, home of the Dow Chemical Company corporate headquarters, December 10th, 2015 in Midland, MichiganBill Pugliano/Getty ImagesDow Inc. announced on January 26 that it will lay off 2,000 global employees, a move that indicates mass layoffs are spreading beyond just the technology sector, the Wall Street Journal reported. It's part of a $1 billion cost-cutting effort intended to help amid "challenging energy markets," Dow CEO Jim Fitterling said in a press release. The chemical company also  will shut down select assets, mostly in Europe, per the release."We are taking these actions to further optimize our cost structure and prioritize business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe," Fittlering said.   SAP: Up to 3,000 positionsSAP CEO Christian KleinULI DECK/POOL/AFP via Getty ImagesSoftware company SAP said on January 26 it will slash up to 3,000 jobs globally in response to a profit slump, with many of the cuts coming outside of its headquarters in Berlin, the Wall Street Journal reported.  The layoffs will impact an estimated 2.5% of the company's workforce and are part of a cost-cutting initiative aiming at reaching an annual savings of $382 million in 2024, according to the Journal. "The purpose is to further focus on strategic growth areas," said Luka Mucic, SAP's chief financial officer, per the Journal.   Spotify: 6% of the workforceDaniel Ek, Spotify cofounder and CEOGreg Sandoval/Business InsiderIn a memo to Spotify employees, CEO Daniel Ek said the company would cut 6% of its staff, about 600 people. "While we have made great progress in improving speed in the last few years, we haven't focused as much on improving efficiency. We still spend far too much time syncing on slightly different strategies, which slows us down. And in a challenging economic environment, efficiency takes on greater importance. So, in an effort to drive more efficiency, control costs, and speed up decision-making, I have decided to restructure our organization," he wrote. As part of the changes, Dawn Ostroff, the company's chief content and advertising officer, who spent more than $1 billion signing exclusive podcast deals with Joe Rogan, the Obamas, and Prince Harry and Meghan Markle, has departed. 3M: 2,500 jobs cut3M3M, which makes Post-It notes, Scotch tape, and N95 masks, said it plans to cut 2,500 manufacturing jobs worldwide. CEO Mike Roman called it "a necessary decision to align with adjusted production volumes." "We expect macroeconomic challenges to persist in 2023. Our focus is executing the actions we initiated in 2022 and delivering the best performance for customers and shareholders," he said in a press release. Google: around 12,000 employeesBrandon Wade/ReutersSundar Pichai, CEO of Google parent company Alphabet, informed staffers on January 20 that the company will lay off 12,000 employees, or 6% of its global workforce. In a memo sent to employees and obtained by Insider, Pichai said the layoffs will "cut across Alphabet, product areas, functions, levels and regions" and were decided upon after a "rigorous review." Pichai said the company will hold a townhall meeting to further discuss the cuts, adding he took "full responsibility for the decisions that led us here" "Over the past two years we've seen periods of dramatic growth," Pichai wrote in the email. "To match and fuel that growth, we hired for a different economic reality than the one we face today." Vox: 7% of staffThe layoffs were reportedly announced in a memo from CEO Jim Bankoff.Vox MediaVox Media, the parent company of publications like Vox, The Verge, New York magazine, and Vulture, is laying off roughly 133 people, or 7% of its staff, according to a report by Axios. The cuts come just a few months after the media company laid off 39 roles in July. The decision was reportedly announced in a note to staff from CEO Jim Bankoff, who wrote that while the company is "not expecting further layoffs at this time, we will continue to assess our outlook, keep a tight control on expenses and consider implementing other cost savings measures as needed," according to Axios.Vox Media's layoffs come at a time when advertisers are tightening their belts in anticipation of an economic slowdown, taking a toll on the media industry. Capital One: more than 1,100 tech workersBrian Ach/AP ImagesCapital One slashed 1,100 technology positions on January 18, a company spokesperson told Insider. The cuts impacted workers in the "Agile job family," a department which was eliminated and its responsibilities integrated into "existing engineering and product manager roles," per the spokesperson. "Decisions that affect our associates, especially those that involve role eliminations, are incredibly difficult," the Capital One spokesperson said in the statement. "This announcement is not a reflection on these individuals or the work they have driven on behalf of our technology organization," the spokesperson continued. "Their contributions have been critical to maturing our software delivery model and our overall tech transformation."The eliminations came after the bank had invested heavily in tech efforts in recent years, including launching a new software business focused on cloud computing in June 2022. "This decision was made solely to meet the evolving skills and process enhancements needed to deliver on the next phase of our tech transformation," the spokesperson said.  WeWork: About 300 employeesReutersWeWork announced on January 19 it will cut about 300 positions as it scales back on coworking spaces in low-performing regions, Reuters reported. The layoffs come after the company said in November 2022 it planned to exit 40 locations in the US as part of a larger cost-cutting effort. The company announced the cuts in a press release listing its fourth-quarter earnings call date, stating only the reductions are "in connection with its portfolio optimization and in continuing to streamline operations."  Wayfair: more than 1,000 employeesPavlo Gonchar/SOPA Images/LightRocket via Getty ImagesWayfair is expected to lay off more than 1,000 employees, about 5% of its workforce, in the coming weeks in response to slumping sales, the Wall Street Journal reported on January 19.The cuts mark the second round of layoffs in six months for the online furniture and home goods company, after it nixed 900 staffers in August 2022. Though the company experienced significant growth during the pandemic-driven home improvement boom, sales began to stagnate as social distancing policies loosened and Americans began returning to offices."We were seeing the tailwinds of the pandemic accelerate the adoption of e-commerce shopping, and I personally pushed hard to hire a strong team to support that growth. This year, that growth has not materialized as we had anticipated," Wayfair CEO Niraj Shah wrote in a letter to employees announcing the August 2022 layoffs, per CNN. In its most recent quarter, the Wayfair reported that net revenue decreased by $281 million, down 9% from the same period the year prior.  Microsoft: 10,000 workersMicrosoft CEO Satya NadellaStephen Brashear/Getty ImagesMicrosoft announced on January 18 that it planned to reduce its workforce by 10,000 jobs by the end of the third quarter of this year. CEO Satya Nadella attributed the layoffs to customers cutting back in anticipation of a recession. However, Nadella also told workers that the company still plans to grow in some areas, despite the firings, writing that the company will "continue to hire in key strategic areas." Microsoft's layoff announcement comes as the tech giant is reportedly in talks to invest $10 billion in OpenAI, which created the AI chatbot ChatGPT. On February 13, the company laid off staff at LinkedIn—which it acquired in 2016— according to The Information. The cuts were in the recruiting department, though the total number laid off is not immediately clear, The Information reported.Crypto.com: 20% of staffCrypto.com CEO Kris MarszalekCrypto.comCrypto.com announced on January 13 that it would let go of a fifth of its workforce amid a sagging crypto market and fallout from FTX's collapse. This is the second major round of firings for Crypto.com, which also had layoffs in July. "The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It's for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success," CEO Kris Marszalek wrote in a memo to employees. BlackRock: up to 3% of global workforceBlackRock CEO Larry FinkSpencer Platt/Getty ImagesBlackRock is cutting up to 500 roles in its first round of firings since 2019. Staff members were notified on January 11 about whether they were laid off. "Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper," CEO Larry Fink and President Rob Kapito wrote in a memo to employees. Goldman Sachs: an estimated 6.5% of its global workforceGoldman Sachs is laying off an expected 3,200 employees.Photo by Michael M. Santiago/Getty ImagesGoldman Sachs began laying off employees on Jan. 11, with cuts expected to impact an estimated 6.5% of the company's global workforce — or roughly 3,200 staffers — a source told Insider. The company previously slashed roles on its media and tech teams in September 2022, and it was expected to issue further reductions in the first half of January. The cost-cutting efforts from the investment banking giant mirror reductions from competitors including Morgan Stanley and Citi, which also laid off employees in 2022. "We continue to see headwinds on our expense lines, particularly in the near term," Goldman Sachs CEO David Solomon said at a conference in December. "We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set."   BNY Mellon: 1,500 jobsBNY Mellon CEO Robin VinceBNY MellonBNY Mellon is planning to cut approximately 3% of its workforce, or 1,500 jobs, according to the Wall Street Journal, which cited people familiar with the matter. The cuts will be primarily aimed at talent management roles, according to the report. BNY Mellon will reportedly plan to invest more in junior staff. Verily (part of Alphabet): reportedly 15% of workersAlphabet CEO Sundar PichaiJerod Harris/Getty ImagesVerily, which is Alphabet's healthcare unit, is laying off more than 200 employees, according to an email seen by the Wall Street Journal. The Journal reports that the company will also scale down the number of projects it works on in an effort to cut costs."We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model," Verily's CEO, Stephen Gillet, wrote in the email, according to the Journal.This is the first significant layoff done by Google's parent company, which had so far avoided the massive waves of job cuts done by other big tech giants like Amazon and Meta. DirecTV: 10% of management staffDirecTV.Karen Bleier/AFP/Getty ImagesDirecTV employees were told in the first week of January that the company would lay off several hundred workers in management roles.The satellite TV business has faced slowing revenues as more people choose to cut the cord and pay for streaming services over cable TV. "The entire pay-TV industry is impacted by the secular decline and the increasing rates to secure and distribute programming. We're adjusting our operations costs to align with these changes and will continue to invest in new entertainment products and service enhancements," a spokesperson for DirecTV told Insider. Coinbase: 950 workersCEO Brian Armstrong cited the downward trend in cryptocurrency prices and the broader economy as reasons for the layoffs.Patrick Fallon/Getty ImagesCoinbase announced on Tuesday, Jan. 10, that would lay off another 20% of its staff. The cuts came after the crypto company laid off over 1,000 employees in July. In a memo to employees, CEO Brian Armstrong said, "in hindsight, we could have cut further at that time," referencing the layoffs in July. Armstrong partially attributed the company's weakness to the "fallout from unscrupulous actors in the industry," likely referencing the alleged fraud that took place at FTX late last year under then-CEO Sam Bankman-Fried. Armstrong predicted "there could still be further contagion" from FTX in the crypto markets but assured remaining employees that Coinbase is well capitalized. Amazon: 18,000 employeesAmazon CEO Andy Jassy initially announced the company's latest round of layoffs in November.AmazonAmazon is in the midst of the most significant round of layoffs in the company's history. In a memo to employees, CEO Andy Jassy said the company would cut more than 18,000 workers in total — far more than what was initially expected based on reporting by the New York Times. Jassy cited "the uncertain economy" and rapid hiring as reasons for the layoffs. While most of Amazon's 1.5 million staff have warehouse jobs, the layoffs are concentrated in Amazon's corporate groups. Amazon's layoffs began late last year, though the Wall Street Journal reports cuts will continue through the first few weeks of 2023.Amazon's 18,000 jobs cuts are the largest of any major tech company amid the wave of recent layoffs.  Salesforce: 10% of its staffSalesforce said in the first month of 2023 that it would enact big job cuts.Noam Galai/Getty ImagesSalesforce co-CEO Marc Benioff announced on Jan. 4 that the software company plans to layoff 10% of its workforce — an estimated 7,000 employees — and close select offices as part of a restructuring and cost-cutting plan. "The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," Benioff wrote in an email to staff. "With this in mind, we've made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks."He continued: "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."Everlane: 17% of corporate employeesEverlane founder and executive chair Michael Preysman.Lars Ronbog/Getty Images for Copenhagen Fashion SummitEverlane is slashing 17% of its 175-person corporate workforce, and 3% of its retail staff."We know there will be some bumpiness over the next few weeks as we navigate a lot of change at once. We ask for your patience as we do right by our departing team members," CEO Andrea O'Donnell wrote to employees, according to an internal memo seen by Insider. In a statement to Insider, a company spokesperson said the decision was intended to "improve profitability in 2023 and continue our efforts to help leave the fashion industry cleaner than we found it."The e-commerce clothing company previously laid off nearly 300 workers, mostly in retail in March 2020 amid the outbreak of the Covid-19 pandemic.Vimeo: 11% of its workforceAnjali Sud, CEO of Vimeo, speaks during the company's direct listing on Nasdaq, Tuesday, May 25, 2021, in New York.AP Photo/Mark LennihanVimeo CEO Anjali Sud told employees on Jan. 4 that the company would layoff 11% of its staff, the video platform's second major round of layoffs in less than a year, after cutting 6% of employees in July"This was a very hard decision that impacts each of us deeply," Sud wrote in an email to staff. "It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment."A spokesperson told Insider reduction is intended to assist with ongoing economic concerns and improve the company's balance sheet. Compass: size of layoffs not immediately disclosedCompass is letting go of more employees after two rounds of layoffs in the past eight months.CompassCompass CEO Robert Reffkin told staffers on Jan. 5 it would conduct more layoffs, following two previous rounds in the past eight months, as the brokerage continues to struggle with significant financial losses. "We've been focused over the last year on controlling our costs," Reffkin wrote in an email to employees. "As part of that work, today we reduced the size of some of our employee teams. While decisions like these are always hard, they are prudent and allow us to continue to build a long-term, successful business for all of you."While the size of the layoffs was not immediately disclosed, the brokerage let go of 450 corporate employees in June 2022, followed by an additional 750 people from its technology team in October 2022.   Stitch Fix: 20% of salaried jobsStitch Fix is laying off salaried employees.SOPA ImagesStitch Fix announced on Jan. 5 that it plans to slash 20% of its salaried workforce, the Wall Street Journal reported.The cuts come in tandem with the announcement that CEO Elizabeth Spaulding is stepping down, after less than 18 months at the helm of the struggling retail company."First as president and then as CEO, it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team," Spaulding said in a statement. "It is now time for a new leader to help support the next phase."Stitch Fix founder Katrina Lake — who formerly served as chief executive and sits on the board of directors — will become interim CEO, the company said in a press release. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderApr 21st, 2023

Deloitte is slashing 1,200 jobs amid a layoff wave that has expanded past tech to include bellwethers like Dow and 3M. Here"s the full list of major US companies making cuts in 2023.

The Big 4 accounting firm announced it was slashing staff, as waves of layoffs hit tech companies and spread to other industries. Deloitte became the latest major firm to slash jobs this year.Roberto Machado Noa/LightRocket via Getty Images Deloitte, BuzzFeed News, and Whole Foods employees are the latest to be hit by a wave of layoffs. Over the past few months, layoffs have expanded outside of tech, media, and finance as Dow and 3M announced cuts. See the full list of layoffs so far in 2023. A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down into 2023. Deloitte told employees on Friday it would eliminate 1,200 roles in the US. The news comes less than a week after competitor Ernst & Young slashed 3,000 positions, in what are rare moves for both Big 4 accounting firms. Deloitte joins a large number of major corporations that have made significant cuts in the new year: tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced massive layoffs in the first weeks of 2023 amid a continued economic downturn and stagnating sales.The downsizing followed significant reductions that companies including Meta and Twitter made last year. The layoffs have primarily affected the tech sector, which is now hemorrhaging employees at a faster rate than at any point during the pandemic, the Journal reported. According to data cited by the Journal from Layoffs.fyi, a site tracking layoffs since the start of the pandemic, tech companies slashed more than 170,000 in 2023 alone — compared to 80,000 in March to December 2020 and 15,000 in 2021. Here are the notable examples so far in 2023: Deloitte: 1,200 jobsAlex Tai/SOPA Images/LightRocket via Getty ImagesDeloitte announced on April 21 it was cutting 1,200 jobs, or about 1.5% of its US staff, the Financial Times reported. The cuts will largely be concentrated in the financial advisory business as a result of a decline in mergers and acquisitions, per internal communications viewed by the FT. Whole Foods: Several hundred corporate employeesMary Meisenzahl/InsiderWhole Foods announced on April 20 it was letting go of several hundred corporate employees, amounting to less than 0.5% of the company's workforce, CNBC reported.The cuts are a result of a structural reorganization of global and regional support teams, which will be downsized from nine to six, but will not cause store closures, according to CNBC.In a memo to employees viewed by CNBC, Whole Foods executives wrote "simplifying our work and improving how we operate is critical as we grow." "As the grocery industry continues to rapidly evolve, and as we — like all retailers — have navigated challenges like the COVID-19 pandemic and continued economic uncertainty, it has become clear that we need to continue to build on these changes," the memo read, per CNBC. It continued: "With additional adjustments, we will be able to further simplify our operations, make processes easier, and improve how we support our stores."BuzzFeed News: 15% of staffBuzzFeed News headquarters.Drew Angerer / Getty ImagesBuzzFeed announced on April 20 that it was shuttering its BuzzFeed News division, laying off 15% of its staff, or 180 employees, in the process. In a memo to staff shared with Insider's Lucia Moses, CEO Jonah Peretti admitted to mistakes like over-investing in the news arm and failing to successfully integrate BuzzFeed and Complex after the latter was acquired in 2021. "I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances," he wrote. "Our job is to adapt, change, improve, and perform despite the challenges in the world. We can and will do better."Ernst & Young: 3,000 positionsEY spends $500 million annually on learning for its employees.TOLGA AKMEN / Contributor / GettyErnst & Young announced on April 17 it was laying off 3,000 US employees, or about 5% of its total US staff.The decision came after the financial auditor nixed a proposed reorganization that would break up its consulting and accounting businesses, Reuters reported. According to the Financial Times, which first reported the layoffs, the cuts will address "overcapacity" and will largely impact the company's consulting business. Opendoor: 560 jobsOpendoor announced it was cutting 560 jobs on Tuesday.Opendoor Technologies/GlassdoorOn Tuesday, home flipping giant Opendoor said it was cutting 560 jobs, or 22% of its workforce, citing a souring housing market. A spokesperson for Opendoor told Insider by email,"We've been weathering a sharp transition in the housing market – the steepest and fastest rate increase by the Fed in 40 years, the more than doubling of mortgage rates from historic lows, and the hit to home affordability have driven an approximately 30% decline in new listings from peak levels last year."The spokesperson noted that the cuts have been made to "better align our operational costs with the anticipated near-term market opportunity, while maintaining our critical technology investments that will continue to drive the business long term."Impacted team members will receive severance pay, extended health benefits, and job transition support. Opendoor last made cuts in November 2022, laying off 550 workers or about 18% of its staff.  McKinsey: About 1,400 employeesFABRICE COFFRINI/AFP via Getty ImagesMcKinsey & Company will cut an estimated 1,400 positions, or 3% of its total workforce, Bloomberg reported on March 29.The layoffs are part of the consulting firm's efforts to reorganize support teams and pare down an employee base that has grown rapidly in recent years, per the outlet. "The painful result of this shift is that we will have to say goodbye to some of our firm functions colleagues, while helping others move into new roles that better align to our firm's strategy and priorities," Bob Sternfels, global managing partner, wrote in a note to staff seen by Bloomberg. He continued: "Starting now, where local regulations allow, we will begin to notify colleagues who will depart our firm or be asked to change roles."David's Bridal: 9,236 employeesShoppers head for David's Bridal in Sunset Hill, Mo. Tuesday, May 10, 2005.James A. Finley/AP ImagesDavid's Bridal is laying off more than 9,000 workers across the US, according to a WARN notice filed with the Pennsylvania Department of Labor and Industry on April 14. "We are evaluating our strategic options and a sale process is underway," David's Bridal spokesperson Laura McKeever told the Philadelphia Inquirer. "At this time, there are no updates to share."The company is considering filing for bankruptcy in the near future, according to an April 7 report from the New York Times. David's Bridal also filed for bankruptcy in 2018. Virgin Orbit: 85% of staffersSir Richard Branson, founder of Virgin Orbit.Mark GreenbergVirgin Orbit disclosed in a March 30 filing with the Securities and Exchange Commission that it is slashing 85% of its staff, or about 675 employees.The company, which operates within the Virgin Group and provides launch services for satellites, is also ceasing operations "for the foreseeable future," CNBC reported. "Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Virgin Orbit CEO Dan Hart said, according to audio of a company all-hands obtained by CNBC.     Electronic Arts: About 780 employeesLucy Nicholson/ReutersElectronic Arts — the video game company best known for its "The Sims," "FIFA," and "Madden NFL" franchises — is letting go of 6% of its staff, or about 780 employees, the company announced on March 24. "As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams," Electronic Arts CEO Andrew Wilson wrote in a blog post to staffers. Wilson said the cuts began early this quarter and will continue through the beginning of the next fiscal year.  Amazon: 9,000 more jobsAmazon CEO Andy Jassy announced on Monday that the company would be eliminating another 9,000 roles, on top of the 18,000 announced in January.Richard Brian/ReutersAmazon announced on March 20 that it would cut 9,000 jobs from its workforce over the coming weeks. The cuts come on the heels of the 18,000 roles the company announced it was cutting back in January. In a message to employees shared on Amazon's site, CEO Andy Jassy noted that the impacted positions are largely in the Amazon Web Services, People Experience and Technology Solutions, Advertising, and Twitch departments. In the memo, Jassy said the company staggered its layoff announcements because "not all of the teams were done with their analyses in the late fall." He added, "rather than rush through these assessments without the appropriate diligence, we chose to share these decisions as we've made them so people had the information as soon as possible."Roku: 200 staffersRoku CEO Anthony Wood speaks during Tribeca X - 2021 Tribeca Festival on June 18, 2021 in New York City.Photo by Arturo Holmes/Getty Images for Tribeca FestivalRoku is cutting an additional 200 roles, or 6% of its workforce, Reuters reported on March 30. The cuts come after the streaming device manufacturer previously laid off 200 employees in November 2022. The company is expected to complete the cuts by the end of the second quarter, and also plans to leave and sublease office facilities in an attempt to reduce costs, according to Reuters. Walmart: About 200 employeesA Walmart store.Bruce Bennett/Getty ImagesWalmart asked about 200 workers at five fulfillment centers to find employment elsewhere in the company in the next 90 days or else be laid off, Reuters reported on March 23.The cuts are a response to the reduction of evening and weekend shifts at select Walmart facilities, including those in Chino, California; Davenport, Florida; Bethlehem, Pennsylvania; Pedricktown, New Jersey; and Fort Worth, Texas, per Reuters. "We recently adjusted staffing levels to better prepare for the future needs of customers," a Walmart spokesperson told Reuters in a statement.  Accenture: 19,000 positionsJoan Cros/Corbis via Getty ImagesAccenture is slashing 19,000 roles, or 2.5% of its total workforce, according to a Security and Exchange Commission filing on March 23.The tech consultancy company said the layoffs will take place over the next 18 months and half of the cuts will impact staffers in "non-billable corporate functions," per the filing.  "While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs," Accenture wrote in the filing. LinkedIn: 2,200 staffersIndeed CEO Chris HyamsPhoto by Niall Carson/PA Images via Getty ImagesLinkedIn CEO Chris Hyams announced on March 22 that the online networking platform will cut 2,200 jobs, or about 15% of its staff. In a note sent to employees, Hyams wrote the reductions will impact "nearly every team, function, level, and region" across the company in an effort to reduce redundancy and increase efficiency. "I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I'd never have to make," he wrote. Meta: 10,000 workersMeta CEO Mark ZuckerbergMark Lennihan/APRoughly 10,000 Meta workers will find out that their jobs have been cut between March and May, according to an announcement by the company's founder and CEO, Mark Zuckerberg. Zuckerberg also said the company would close around 5,000 open roles that haven't yet been filled as part of the company's effort to downsize. "My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead," Zuckerberg wrote in a post on Facebook announcing the layoffs. In the post, Zuckerberg said that members of Meta's recruiting team would learn about the fate of their jobs in March, while tech workers would find out in late April, and business groups would find out in May. "In a small number of cases, it may take through the end of the year to complete these changes," he wrote. The job cuts come less than 5 months after Meta slashed 11,000 workers, or about 13% of its workforce, in November. At the time, Zuckerberg called the layoffs a "last resort."  SiriusXM: 475 rolesJennifer Witz, CEO of SiriusXM said the company was cutting 475 roles on March 6.Cindy Ord / Staff/ Getty ImagesThe radio company said March 6th that it was cutting 8% of its staff or 475 roles according to a statement posted on the company's website from CEO Jennifer Witz.In the statement, Witz said "nearly every department" across the company will be impacted. She also noted that those impacted will be contacted directly and will have the opportunity to speak with a leader from their department as well as a member of the company's People + Culture team. Impacted employees will also be provided with exit packages that include severance, transitional health insurance benefits, Employee Advocacy Program continuation, and outplacement services, Witz noted.Citigroup: hundreds of jobsCiti CEO Jane FraserPatrick T. Fallon/AFP via Getty ImagesCiti plans to cut hundreds of jobs, with many focused on the company's investment bank division. The total headcount cut will reportedly amount to less than 1% of Citi's more than 240,000 workers and are part of Citi's normal course of activities.Citi's cuts were first reported by Bloomberg. In January, Citi's CFO told investors the company remained "focused on simplifying the organization, and we expect to generate further opportunities for expense reduction in the future."Citi declined Insider's request to provide comment on the record. Waymo: reported 209 roles so farWaymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 8% of the unit's staff has been cut this year.Peter Prado/Insider; Vaughn Ridley/Sportsfile via Getty ImagesAlphabet's self-driving car unit Waymo has reportedly laid off a total of 209 employees this year in two rounds of cuts, according to The Information. Waymo reportedly laid off 137 employees on March 1, according to The Information. Waymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 209 employees— approximately 8% of the company's staff— have been cut this year, according to an internal email seen by The Information.Waymo did confirm the cuts to Insider but did not specify the number of roles impacted or the date the first round of cuts occurred.  Thoughtworks: reported 500 employeesThoughtworks laid off 500 employees on February 28. That day, CEO Guo Xiao said in the company's earnings release that it was "pleased" with its performance in the fourth quarter of 2022.Screenshot of Guo Xiao from the Thoughtworks website.Thoughtworks, a software consultancy firm, reportedly laid off 500 employees or 4% of its global workforce, according to TechCrunch. TechCrunch noted that the company "did not dispute" the figure when reached for comment on March 1. According to TechCrunch, Thoughtworks "initially informed" the affected employees about the decision on February 28. That same day, Thoughtworks reported that its revenue had increased 8.3% between the fourth quarter of 2022 and the fourth quarter of 2021. The company also reported a more than 21% year over year revenue increase for 2022. In the company's earnings release, Thoughtworks' CEO Guo Xiao said, "We are pleased with our performance in the fourth quarter and our clients continue to look to us to help them navigate these uncertain times and tackle their biggest technology challenges."General Motors: reported 500 salaried jobsGM CEO Mary Barra.Patrick T. Fallon/Getty ImagesGeneral Motors plans to cut 500 executive-level and salaried positions, according to a report from The Detroit News. The layoffs come only one month after CEO Mary Barra told investors and reporters on the company's earnings call, "I do want to be clear that we're not planning layoffs." In a memo to employees, seen by Insider, GM's chief people officer wrote, "we are looking at all the ways of addressing efficiency and performance. This week we are taking action with a relatively small number of global executives and classified employees following our most recent performance calibration." Employees who are getting laid off were informed on Feb. 28. General Motors confirmed the layoffs to Insider but did not confirm a specific number of employees getting cut. Twitter: about 200 employeesElon Musk is Twitter's CEO and ownerREUTERS/Jonathan ErnstThe layoffs reportedly haven't stopped at Twitter under Elon Musk. The social media company reportedly laid off 200 more employees on a Saturday night in late February, according to the New York Times. Some workers reportedly found out they had lost their jobs when they couldn't log into their company emails.Musk laid off 50% of Twitter's workforce in November after buying the company for $44 billion. Yahoo: 20% of employeesSOPA Images / Getty ImagesYahoo announced it will eliminate 20% of its staff, or more than 1,600 people, as part of an effort to restructure the company's advertising technology arm, Axios reported on February 9.Yahoo CEO Jim Lanzone told Axios that the cuts are part of a strategic overhaul of its advertising unit and will be  "tremendously beneficial for the profitability of Yahoo overall."    Disney: 7,000 jobsBob Iger, CEO of DisneyCharley Gallay/Stringer/Getty ImagesFresh off his return as Disney CEO, Bob Iger announced February 8 that Disney will slash 7,000 jobs as the company looks to reduce costs. Iger, who returned to the position in November 2022 to replace his successor Bob Chapek after first leaving in 2020, told investors the cuts are part of an effort to help save an estimated $5.5 billion. "While this is necessary to address the challenges we are facing today, I do not make this decision lightly," Iger said. "I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes."DocuSign: 10%Igor Golovniov/SOPA Images/LightRocket/Getty ImagesDocuSign plans to slash 10% of employees as part of a restructuring plan "designed to support the company's growth, scale, and profitability objectives," the electronic signature company wrote in a Securities and Exchange Commission filing on Feb. 16. The company said the restructuring plan is expected to be complete by the second quarter of fiscal 2024, per the filing. Affirm: 19% of its workforceAffirm co-founder and CEO Max LevchinAffirmAffirm announced on February 8 it plans to slash 19% of its workforce, after reporting declining sales that missed Wall Street expectations. Affirm co-founder and CEO Max Levchin said in a call with investors that the technology company "has taken appropriate action" in many areas of the business to navigate economic headwinds, including creating a "smaller, therefore, nimbler team.""I believe this is the right decision as we have hired a larger team that we can sustainably support in today's economic reality, but I am truly sorry to see many of our talented colleagues depart and we'll be forever grateful for their contributions to our mission," he said.  GoDaddy: 8% of workersGoDaddy's CEO Aman Bhutani in September 2019Don Feria/Invision/AP ImagesGoDaddy, the website domain company, announced on February 8 it will cut 8% of its global workforce. "Despite increasingly challenging macroeconomic conditions, we made progress on our 2022 strategic initiatives and continued our efforts to manage costs effectively," GoDaddy CEO Aman Bhutani wrote in an email to staffers."The discipline we embraced was important but, unfortunately, it was not sufficient to avoid the impacts of slower growth in a prolonged, uncertain macroeconomic environment."Zoom: 15% of staffZoom CEO Eric Yuan.AP Photo/Mark LennihanZoom CEO Eric Yuan announced in a memo to workers that the company would reduce its headcount by 15%, or about 1,300 employees, on February 7. He attributed the layoffs to "the uncertainty of the global economy and its effect on our customers" but also said the company "made mistakes" as it grew. "We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably toward the highest priorities," Yuan said. In the memo, Yuan also announced that he would cut his salary by 98% in 2023 and forgo his corporate bonus. In addition, other members of the executive leadership team will also reduce their base salaries by 20% this year, according to Yuan. eBay: 500 jobseBay CEO Jamie Iannone told employees Tuesday that the company would be eliminating 500 roles.Harry Murphy/Sportsfile for Web Summit via Getty ImagesOn Tuesday, e-commerce giant eBay told employees that it would be eliminating 500 roles, or about 4% of its workforce, according to a message included in a regulatory filing on Tuesday. In the message, CEO Jamie Iannone wrote "Today's actions are designed to strengthen our ability to deliver better end-to-end experiences for our customers and to support more innovation and scale across our platform."He added, "this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape." Dell: 5% of workforceDell is eliminating approximately 5% of its workforce. The company's co-chief operating officer Jeff Clarke told employees in a memo, "market conditions continue to erode with an uncertain future."Kevork Djansezian / Staff/Getty ImagesOn February 6, Dell said in a regulatory filing that it would be eliminating about 5% of its workforce. The percentage amounts to approximately 6,650 roles based on numbers that Dell provided Insider. In a memo sent to employees posted on Dell's website, co-chief operating officer Jeff Clarke, said "market conditions continue to erode with an uncertain future." He also noted in the memo that the company had paused hiring, limited employee traveling, and decreased spending on outside services. He added, however, "the steps we've taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough."Pinterest: 150 jobsBen Silbermann is the founder and executive chair of Pinterest. He was the company's CEO until June 2022.Horacio Villalobos/Getty ImagesPinterest said it would cut 150 workers, or less than 5% of its workforce, on February 1, the company confirmed to Insider.  "We're making organizational changes to further set us up to deliver against our company priorities and our long-term strategy," a company representative said.The social media company was recently the target of activist investor Elliott Management, agreeing to add one of the firm's representatives to its board last month.   Rivian: 6% of jobsRivian CEO RJ Scaringe.Carlos Delgado/Associated PressRivian's CEO RJ Scaringe announced the EV company would cut 6% of its workforce in a memo to employees, the company confirmed to Insider. This is the company's second round of job cuts in the last 6 months after Scaringe announced a separate 6% workforce reduction in July 2022. In his memo to staff, Scaringe said Rivian needs to focus its resources on ramping up production and reaching profitability. BDG Media: 8% of staffScreengrab of Gawker's homepageGawkerBDG Media announced on February 1 that it was shutting down pop-culture site Gawker and laying off 8% of its staff, according to Axios. BDG owns Bustle, Elite Daily, and other lifestyle and news websites. "After experiencing a financially strong 2022, we have found ourselves facing a surprisingly difficult Q1 of 2023," CEO Bryan Goldberg wrote in a memo to staff seen by Axios. Splunk: 325 jobsGary Steele took over as Splunk's CEO in April 2022.YouTube/ProofpointSoftware and data platform Splunk is the latest in a long list of tech companies to announce layoffs in recent months. On February 1, the company said it would lay off 4% of its staff and scale back the use of consultants to cut costs, according to a filing viewed by Insider. The layoffs will reportedly be focused on workers in North America, and CEO Gary Steele told employees Splunk would continue to hire in "lower-cost areas."Intel: 343 jobsIntel CEO Pat Gelsinger.Pool Eric Lalmand/Getty ImagesIntel notified California officials per WARN Act requirements it plans to layoff 343 workers from its Folsom campus, local outlets reported on January 30. "These are difficult decisions, and we are committed to treating impacted employees with dignity and respect," Intel said in a statement to KCRA 3, noting that the cost-cutting comes as the company is faces a "challenging macro-economic environment." On February 1, the company announced CEO Pat Gelsinger will take a 25% pay cut, while other members of the executive team will take salary reductions in amounts ranging from 5% to 15%.  FedEx: more than 10% of top managersFedEx workers in New York City on March 16, 2021.Alexi Rosenfeld/Getty ImagesFedEx informed staffers on February 1 it plans to slash more than 10% of top managers in an effort to reduce costs.  "This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions," CEO Raj Subramaniam wrote in a letter to staff, which was shared with Insider's Emma Cosgrove. While the exact number of employees impacted was not specified, a FedEx spokesperson told Insider that since June 2022 the company has reduced its workforce by more than 12,000 staffers through "headcount management initiatives." "We will continue responsible headcount management throughout our transformation," the spokesperson said. PayPal: 7% of total workforceDan Schulman, president and CEO of PayPal announced that the company would be cutting 7% of its total workforce on January 31.PaypalPayPal announced on January 31 that it plans to cut 2,000 workers or approximately 7% of the company's total workforce over the coming weeks. In a statement announcing the layoffs on PayPal's website, CEO and president Dan Schulman cited the "challenging macro-economic environment." He added, "While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do."HubSpot: 7% of staffYamini Rangan is HubSpot's CEO.Matt Winkelmeyer/ Getty ImagesHubSpot's CEO Yamini Rangan announced that the company would lay off 500 workers, according to an email seen by Insider. "We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected. The year was challenging due to a perfect storm of inflation, volatile foreign exchange, tighter customer budgets, and longer decision making cycles," Rangan wrote to employees. IBM: 1.5% of staffIBM's CEO Arvind KrishnaBrian Ach / Stringer / Via GettyIBM plans would cut 1.5% of its staff, roughly 3,900 workers. The layoffs were first reported by Bloomberg but confirmed by Insider.The company said the cuts would cost IBM about $300 million and is related entirely to businesses the company has spun off. Bloomberg reports that CFO James Kavanaugh said the company is still hiring in "higher-growth areas." Hasbro: 15% of workersA Jenga game by Hasbro Gaming.Thomson ReutersHasbro reportedly plans to cut 1,000 workers after warning that the 2022 holiday season was weaker than expected, according to the toy and game company. The company said the layoffs come as it seeks to save between $250 million to $300 million per year by the end of 2025. "While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses," Chris Cocks, Hasbro's CEO said. Dow: 2,000 global employeesThe Dow Chemical logo is shown on a building in downtown Midland, home of the Dow Chemical Company corporate headquarters, December 10th, 2015 in Midland, MichiganBill Pugliano/Getty ImagesDow Inc. announced on January 26 that it will lay off 2,000 global employees, a move that indicates mass layoffs are spreading beyond just the technology sector, the Wall Street Journal reported. It's part of a $1 billion cost-cutting effort intended to help amid "challenging energy markets," Dow CEO Jim Fitterling said in a press release. The chemical company also  will shut down select assets, mostly in Europe, per the release."We are taking these actions to further optimize our cost structure and prioritize business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe," Fittlering said.   SAP: Up to 3,000 positionsSAP CEO Christian KleinULI DECK/POOL/AFP via Getty ImagesSoftware company SAP said on January 26 it will slash up to 3,000 jobs globally in response to a profit slump, with many of the cuts coming outside of its headquarters in Berlin, the Wall Street Journal reported.  The layoffs will impact an estimated 2.5% of the company's workforce and are part of a cost-cutting initiative aiming at reaching an annual savings of $382 million in 2024, according to the Journal. "The purpose is to further focus on strategic growth areas," said Luka Mucic, SAP's chief financial officer, per the Journal.   Spotify: 6% of the workforceDaniel Ek, Spotify cofounder and CEOGreg Sandoval/Business InsiderIn a memo to Spotify employees, CEO Daniel Ek said the company would cut 6% of its staff, about 600 people. "While we have made great progress in improving speed in the last few years, we haven't focused as much on improving efficiency. We still spend far too much time syncing on slightly different strategies, which slows us down. And in a challenging economic environment, efficiency takes on greater importance. So, in an effort to drive more efficiency, control costs, and speed up decision-making, I have decided to restructure our organization," he wrote. As part of the changes, Dawn Ostroff, the company's chief content and advertising officer, who spent more than $1 billion signing exclusive podcast deals with Joe Rogan, the Obamas, and Prince Harry and Meghan Markle, has departed. 3M: 2,500 jobs cut3M3M, which makes Post-It notes, Scotch tape, and N95 masks, said it plans to cut 2,500 manufacturing jobs worldwide. CEO Mike Roman called it "a necessary decision to align with adjusted production volumes." "We expect macroeconomic challenges to persist in 2023. Our focus is executing the actions we initiated in 2022 and delivering the best performance for customers and shareholders," he said in a press release. Google: around 12,000 employeesBrandon Wade/ReutersSundar Pichai, CEO of Google parent company Alphabet, informed staffers on January 20 that the company will lay off 12,000 employees, or 6% of its global workforce. In a memo sent to employees and obtained by Insider, Pichai said the layoffs will "cut across Alphabet, product areas, functions, levels and regions" and were decided upon after a "rigorous review." Pichai said the company will hold a townhall meeting to further discuss the cuts, adding he took "full responsibility for the decisions that led us here" "Over the past two years we've seen periods of dramatic growth," Pichai wrote in the email. "To match and fuel that growth, we hired for a different economic reality than the one we face today." Vox: 7% of staffThe layoffs were reportedly announced in a memo from CEO Jim Bankoff.Vox MediaVox Media, the parent company of publications like Vox, The Verge, New York magazine, and Vulture, is laying off roughly 133 people, or 7% of its staff, according to a report by Axios. The cuts come just a few months after the media company laid off 39 roles in July. The decision was reportedly announced in a note to staff from CEO Jim Bankoff, who wrote that while the company is "not expecting further layoffs at this time, we will continue to assess our outlook, keep a tight control on expenses and consider implementing other cost savings measures as needed," according to Axios.Vox Media's layoffs come at a time when advertisers are tightening their belts in anticipation of an economic slowdown, taking a toll on the media industry. Capital One: more than 1,100 tech workersBrian Ach/AP ImagesCapital One slashed 1,100 technology positions on January 18, a company spokesperson told Insider. The cuts impacted workers in the "Agile job family," a department which was eliminated and its responsibilities integrated into "existing engineering and product manager roles," per the spokesperson. "Decisions that affect our associates, especially those that involve role eliminations, are incredibly difficult," the Capital One spokesperson said in the statement. "This announcement is not a reflection on these individuals or the work they have driven on behalf of our technology organization," the spokesperson continued. "Their contributions have been critical to maturing our software delivery model and our overall tech transformation."The eliminations came after the bank had invested heavily in tech efforts in recent years, including launching a new software business focused on cloud computing in June 2022. "This decision was made solely to meet the evolving skills and process enhancements needed to deliver on the next phase of our tech transformation," the spokesperson said.  WeWork: About 300 employeesReutersWeWork announced on January 19 it will cut about 300 positions as it scales back on coworking spaces in low-performing regions, Reuters reported. The layoffs come after the company said in November 2022 it planned to exit 40 locations in the US as part of a larger cost-cutting effort. The company announced the cuts in a press release listing its fourth-quarter earnings call date, stating only the reductions are "in connection with its portfolio optimization and in continuing to streamline operations."  Wayfair: more than 1,000 employeesPavlo Gonchar/SOPA Images/LightRocket via Getty ImagesWayfair is expected to lay off more than 1,000 employees, about 5% of its workforce, in the coming weeks in response to slumping sales, the Wall Street Journal reported on January 19.The cuts mark the second round of layoffs in six months for the online furniture and home goods company, after it nixed 900 staffers in August 2022. Though the company experienced significant growth during the pandemic-driven home improvement boom, sales began to stagnate as social distancing policies loosened and Americans began returning to offices."We were seeing the tailwinds of the pandemic accelerate the adoption of e-commerce shopping, and I personally pushed hard to hire a strong team to support that growth. This year, that growth has not materialized as we had anticipated," Wayfair CEO Niraj Shah wrote in a letter to employees announcing the August 2022 layoffs, per CNN. In its most recent quarter, the Wayfair reported that net revenue decreased by $281 million, down 9% from the same period the year prior.  Microsoft: 10,000 workersMicrosoft CEO Satya NadellaStephen Brashear/Getty ImagesMicrosoft announced on January 18 that it planned to reduce its workforce by 10,000 jobs by the end of the third quarter of this year. CEO Satya Nadella attributed the layoffs to customers cutting back in anticipation of a recession. However, Nadella also told workers that the company still plans to grow in some areas, despite the firings, writing that the company will "continue to hire in key strategic areas." Microsoft's layoff announcement comes as the tech giant is reportedly in talks to invest $10 billion in OpenAI, which created the AI chatbot ChatGPT. On February 13, the company laid off staff at LinkedIn—which it acquired in 2016— according to The Information. The cuts were in the recruiting department, though the total number laid off is not immediately clear, The Information reported.Crypto.com: 20% of staffCrypto.com CEO Kris MarszalekCrypto.comCrypto.com announced on January 13 that it would let go of a fifth of its workforce amid a sagging crypto market and fallout from FTX's collapse. This is the second major round of firings for Crypto.com, which also had layoffs in July. "The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It's for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success," CEO Kris Marszalek wrote in a memo to employees. BlackRock: up to 3% of global workforceBlackRock CEO Larry FinkSpencer Platt/Getty ImagesBlackRock is cutting up to 500 roles in its first round of firings since 2019. Staff members were notified on January 11 about whether they were laid off. "Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper," CEO Larry Fink and President Rob Kapito wrote in a memo to employees. Goldman Sachs: an estimated 6.5% of its global workforceGoldman Sachs is laying off an expected 3,200 employees.Photo by Michael M. Santiago/Getty ImagesGoldman Sachs began laying off employees on Jan. 11, with cuts expected to impact an estimated 6.5% of the company's global workforce — or roughly 3,200 staffers — a source told Insider. The company previously slashed roles on its media and tech teams in September 2022, and it was expected to issue further reductions in the first half of January. The cost-cutting efforts from the investment banking giant mirror reductions from competitors including Morgan Stanley and Citi, which also laid off employees in 2022. "We continue to see headwinds on our expense lines, particularly in the near term," Goldman Sachs CEO David Solomon said at a conference in December. "We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set."   BNY Mellon: 1,500 jobsBNY Mellon CEO Robin VinceBNY MellonBNY Mellon is planning to cut approximately 3% of its workforce, or 1,500 jobs, according to the Wall Street Journal, which cited people familiar with the matter. The cuts will be primarily aimed at talent management roles, according to the report. BNY Mellon will reportedly plan to invest more in junior staff. Verily (part of Alphabet): reportedly 15% of workersAlphabet CEO Sundar PichaiJerod Harris/Getty ImagesVerily, which is Alphabet's healthcare unit, is laying off more than 200 employees, according to an email seen by the Wall Street Journal. The Journal reports that the company will also scale down the number of projects it works on in an effort to cut costs."We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model," Verily's CEO, Stephen Gillet, wrote in the email, according to the Journal.This is the first significant layoff done by Google's parent company, which had so far avoided the massive waves of job cuts done by other big tech giants like Amazon and Meta. DirecTV: 10% of management staffDirecTV.Karen Bleier/AFP/Getty ImagesDirecTV employees were told in the first week of January that the company would lay off several hundred workers in management roles.The satellite TV business has faced slowing revenues as more people choose to cut the cord and pay for streaming services over cable TV. "The entire pay-TV industry is impacted by the secular decline and the increasing rates to secure and distribute programming. We're adjusting our operations costs to align with these changes and will continue to invest in new entertainment products and service enhancements," a spokesperson for DirecTV told Insider. Coinbase: 950 workersCEO Brian Armstrong cited the downward trend in cryptocurrency prices and the broader economy as reasons for the layoffs.Patrick Fallon/Getty ImagesCoinbase announced on Tuesday, Jan. 10, that would lay off another 20% of its staff. The cuts came after the crypto company laid off over 1,000 employees in July. In a memo to employees, CEO Brian Armstrong said, "in hindsight, we could have cut further at that time," referencing the layoffs in July. Armstrong partially attributed the company's weakness to the "fallout from unscrupulous actors in the industry," likely referencing the alleged fraud that took place at FTX late last year under then-CEO Sam Bankman-Fried. Armstrong predicted "there could still be further contagion" from FTX in the crypto markets but assured remaining employees that Coinbase is well capitalized. Amazon: 18,000 employeesAmazon CEO Andy Jassy initially announced the company's latest round of layoffs in November.AmazonAmazon is in the midst of the most significant round of layoffs in the company's history. In a memo to employees, CEO Andy Jassy said the company would cut more than 18,000 workers in total — far more than what was initially expected based on reporting by the New York Times. Jassy cited "the uncertain economy" and rapid hiring as reasons for the layoffs. While most of Amazon's 1.5 million staff have warehouse jobs, the layoffs are concentrated in Amazon's corporate groups. Amazon's layoffs began late last year, though the Wall Street Journal reports cuts will continue through the first few weeks of 2023.Amazon's 18,000 jobs cuts are the largest of any major tech company amid the wave of recent layoffs.  Salesforce: 10% of its staffSalesforce said in the first month of 2023 that it would enact big job cuts.Noam Galai/Getty ImagesSalesforce co-CEO Marc Benioff announced on Jan. 4 that the software company plans to layoff 10% of its workforce — an estimated 7,000 employees — and close select offices as part of a restructuring and cost-cutting plan. "The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," Benioff wrote in an email to staff. "With this in mind, we've made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks."He continued: "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."Everlane: 17% of corporate employeesEverlane founder and executive chair Michael Preysman.Lars Ronbog/Getty Images for Copenhagen Fashion SummitEverlane is slashing 17% of its 175-person corporate workforce, and 3% of its retail staff."We know there will be some bumpiness over the next few weeks as we navigate a lot of change at once. We ask for your patience as we do right by our departing team members," CEO Andrea O'Donnell wrote to employees, according to an internal memo seen by Insider. In a statement to Insider, a company spokesperson said the decision was intended to "improve profitability in 2023 and continue our efforts to help leave the fashion industry cleaner than we found it."The e-commerce clothing company previously laid off nearly 300 workers, mostly in retail in March 2020 amid the outbreak of the Covid-19 pandemic.Vimeo: 11% of its workforceAnjali Sud, CEO of Vimeo, speaks during the company's direct listing on Nasdaq, Tuesday, May 25, 2021, in New York.AP Photo/Mark LennihanVimeo CEO Anjali Sud told employees on Jan. 4 that the company would layoff 11% of its staff, the video platform's second major round of layoffs in less than a year, after cutting 6% of employees in July"This was a very hard decision that impacts each of us deeply," Sud wrote in an email to staff. "It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment."A spokesperson told Insider reduction is intended to assist with ongoing economic concerns and improve the company's balance sheet. Compass: size of layoffs not immediately disclosedCompass is letting go of more employees after two rounds of layoffs in the past eight months.CompassCompass CEO Robert Reffkin told staffers on Jan. 5 it would conduct more layoffs, following two previous rounds in the past eight months, as the brokerage continues to struggle with significant financial losses. "We've been focused over the last year on controlling our costs," Reffkin wrote in an email to employees. "As part of that work, today we reduced the size of some of our employee teams. While decisions like these are always hard, they are prudent and allow us to continue to build a long-term, successful business for all of you."While the size of the layoffs was not immediately disclosed, the brokerage let go of 450 corporate employees in June 2022, followed by an additional 750 people from its technology team in October 2022.   Stitch Fix: 20% of salaried jobsStitch Fix is laying off salaried employees.SOPA ImagesStitch Fix announced on Jan. 5 that it plans to slash 20% of its salaried workforce, the Wall Street Journal reported.The cuts come in tandem with the announcement that CEO Elizabeth Spaulding is stepping down, after less than 18 months at the helm of the struggling retail company."First as president and then as CEO, it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team," Spaulding said in a statement. "It is now time for a new leader to help support the next phase."Stitch Fix founder Katrina Lake — who formerly served as chief executive and sits on the board of directors — will become interim CEO, the company said in a press release. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderApr 21st, 2023