Tech firms, Wall Street titans lead job cuts in corporate America

(MNP) – Big Tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out a global economic downturn.

Rapid interest rate hikes and weak consumer demand have forced firms such as Amazon, Walt Disney, and Facebook-owner Meta and American banks to trim their workforce.

Tech companies shed more than 150,000 workers in 2022 amid a rapidly fading pandemic-led demand boom, according to tracking site Layoffs. fyi, and more layoffs are expected as growth in the world’s biggest economies slows.

Here are some of the job cuts by major American companies announced in recent weeks.

TECHNOLOGY, MEDIA AND TELECOM SECTOR

IBM Corp (IBM.N):

The software and consulting firm said it will lay off 3,900 employees.

Spotify Technology SA (SPOT.N):

Music streaming service Spotify is cutting 6% of its workforce or roughly 600 roles.

Alphabet Inc (GOOGL.O):

Alphabet Inc is eliminating 12,000 jobs, its chief executive said in a staff memo.

Microsoft Corp (MSFT.O):

The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023.

The company laid off under 1,000 employees across several divisions in October, Axios reported, citing a source.

Amazon.com Inc (AMZN.O):

The e-commerce giant said company-wide layoffs would impact over 18,000 employees.

Meta Platforms Inc (META.O):

The Facebook parent said it would cut 13% of its workforce, or more than 11,000 employees, as it grapples with a weak advertising market and mounting costs.

Intel Corp (INTC.O):

CEO Pat Gelsinger told Reuters “people actions” would be part of a cost-reduction plan. The chipmaker said it would reduce costs by $3 billion in 2023.

Twitter Inc:

The social media company has aggressively cut its workforce across teams ranging from communications and content curation to product and engineering following Elon Musk’s $44 billion takeover.

Lyft Inc (LYFT.O):

The ride-hailing firm said it would lay off 13% of its workforce, or about 683 employees after it already cut 60 jobs earlier this year and froze hiring in September.

Salesforce Inc (CRM.N):

The software company said it would lay off about 10% of its employees and close some offices as a part of its restructuring plan, citing a challenging economy.

Cisco Systems Inc (CSCO.O):

The networking and collaboration solutions company said it will undertake restructuring which could impact roughly 5% of its workforce. The effort will begin in the second quarter of the fiscal year 2023 and cost the company $600 million.

HP Inc (HPQ.N):

The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025.

Rivian Automotive Inc (RIVN.O):

The company is laying off 6% of its workforce in an effort to cut costs as the EV maker, already grappling with falling cash reserves and a weak economy, braces for an industry-wide price war.

Match Group (MTCH.O)

The Tinder parent said it would lay off about 8% of its workforce, a day after it forecast first-quarter revenue below Wall Street expectations.

Dell Technologies Inc (DELL.N)

The company will eliminate about 6,650 jobs, or 5% of its global workforce, as the PC maker grapples with falling demand and braces for economic uncertainty.

Zoom Video Communications (ZM.O)

The company said on Tuesday it would cut about 1,300 jobs, as demand for its video conferencing services slows with the waning of the pandemic, and take a related charge of up to $68 million.