Here are the business giants who lead the recent job cuts in the US

‘Layoffs,’ ‘Recession,’ ‘Interest Rate Hikes.’ All three phrases were much uttered since 2022 in corporate America. The global economic downturn took its toll on the American economy, with a significant share of big Tech firms and Wall Street titans struggling to keep up with the rising costs. Amazon, Walt Disney, Meta, and American banks have all trimmed their workforces to avoid further financial loss. With this article, we dive into the employers who let go of their workers in recent months to stay afloat in an uncertain economy.

Technology, media, and telecom sector

IBM Corp, the software and consulting firm, plans to lay off 3,900 workers.

Microsoft Corp will lay off 10,000 people by the end of the third quarter of this financial year.

The music streaming service Spotify Technology SA will cut around 6% of its workforce, affecting almost 600 people.

Around 6,000 people will lose their jobs at HP Inc by the end of 2025.

Meta Platforms Inc will cut the jobs of 11,000 workers, amounting to 13% of the workforce.

Alphabet Inc plans to cut off 12,000 jobs, as announced by its chief executive.

Around 18,000 workers will be laid off by Amazon.com Inc in a company-wide job cut.

Lyft Inc will let go of 13% of its staff, affecting around 683 employees.

5% of employees at Dell Technologies Inc, or 6,650 people, will lose their jobs as the employer prepares for falling consumer demands.

Intel Corp plans to reduce costs via a massive layoff. The employer plans to reduce costs by $3 billion this year.

5% of employees at Cisco Systems Inc will lose their jobs due to restructuring this year.

Rivian Automotive Inc will lay off 6% of its workforce.

Twitter Inc also has plans for large-scale layoffs to reduce operational costs.

As means of restructuring, the software company Salesforce Inc will lay off around 10% of its staff.

1,300 employees of Zoom Video Communications will lose jobs as the demand for video conferencing services has slowed down after the pandemic.

Match Group plans to cut off around 8% of jobs from their payroll this year.

500 employees constituting 4% of eBay Inc’s workforce will be laid off.

Energy and resources sector

2,000 employees at Dow Inc will lose jobs as the employer is experiencing supply chain disruptions.

Phillips 66 will lower their headcount by 1,100 to meet its 2022 cost savings targets.

Financial sector

Goldman Sachs Group Inc began laying off over 3,000 workers to deal with the financial crisis.

BlackRock Inc will let go of 500 employees as cited by a memo.

Morgan Stanley will begin a global layoff spree in a few weeks.

The crypto firm Genesis will cut off 30% of its staff.

Citigroup Inc let go of dozens of workers in its investment banking division.

Around 950 workers at the cryptocurrency exchange Coinbase Global following the collapse of FTX.

Stripe Inc will let go of 14% of its workforce, affecting around 7,000 employees.

Manufacturing sector

Industrial giant 3M Co will cut off 2,500 manufacturing jobs due to lower profits.

Consumer and retail sector

Vegan meat producer Beyond Meat Inc will lay off 200 workers this year.

1,250 employees of the food delivery business DoorDash Inc will lose their jobs this year.

Blue Apron Holdings Inc, the online meal-kit company, will reduce staff by 10%.

The home goods retailer Bed Bath & Beyond will reduce 20% of its corporate and supply chain workforce.

Health and pharmaceutical sector

Johnson & Johnson has plans to reduce its workforce to “right size” itself, according to CFO Joseph Wolk.