Corporate America Cuts Thousands of Jobs as Recession Looms – Washington Free Beacon

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(Reuters)—Corporate America is making deep cuts to its employee base as part of its restructuring efforts to navigate a potential downturn in the economy from the U.S. Federal Reserve’s war on inflation.
Job cuts announced by U.S.-based employers jumped 13% to 33,843 in October, the highest since February 2021, according to a report.
Here are some of the major job cuts announced in recent weeks:
Amazon.com Inc:
The e-commerce giant is planning to lay off about 10,000 people in corporate and technology jobs, the New York Times reported.
Meta Platforms Inc:
The Facebook-parent said it would cut 13% of its workforce, or more than 11,000 employees, in one of the biggest tech layoffs this year as it grapples with a weak advertising market and mounting costs.
Citigroup Inc:
The bank eliminated dozens of jobs across its investment banking division, as a dealmaking slump continues to weigh on Wall Street’s biggest banks, Bloomberg News reported.
Morgan Stanley:
The Wall Street is expected to start a fresh round of layoffs globally in the coming weeks, Reuters reported on Nov. 3, as the Wall Street bank’s dealmaking business takes a hit.
Intel Corp:
Chief Executive Officer 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.
The adjustments would start in the fourth quarter, Gelsinger said, but did not specify how many employees would be affected.
Microsoft Corp:
The software giant laid off under 1,000 employees across several divisions this week, Axios reported, citing a source.
Johnson & Johnson:
The pharmaceutical giant said it might cut some jobs amid inflationary pressure and a strong dollar, with CFO Joseph Wolk saying the healthcare conglomerate is looking at “right sizing” itself.
Twitter Inc:
The social media company laid off half its workforce across teams ranging from communications and content curation to product and engineering following Elon Musk’s $44 billion takeover.
However, Bloomberg on Sunday reported Twitter was reaching out to dozens of employees who lost their jobs, asking them to return.
Lyft Inc:
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.
Warner Bros Discovery:
Film subsidiary Warner Bros. Pictures is planning to cut a number of jobs in distribution and marketing that will reduce headcount by 5% to 10%, Bloomberg News reported.
Beyond Meat Inc:
The vegan meat maker said it plans to cut 200 jobs this year, with the layoffs expected to save about $39 million.
Stripe Inc:
The digital payments firm is cutting its headcount by about 14% and will have about 7,000 employees after the layoffs, according to an email to employees from the company’s founders.
Chime:
The online banking firm has laid off 12% of its employees, or about 160 jobs, a spokesperson said.
Opendoor Technologies Inc:
The Property-selling platform is laying off about 550 employees, Chief Executive Officer Eric Wu said, adding that the company had already reduced its workforce by more than 830 positions.
Phillips 66:
The refiner reduced employee headcount by over 1,100 as it seeks to meet its 2022 cost savings target of $500 million. The reductions were communicated to employees in late October.
Chesapeake Energy Corp:
The U.S. shale gas producer cut about 3% of its workforce, sources told Reuters, as the company readies a sale of South Texas oil properties.
Seagate Technology Holdings Plc:
The memory chip firm announced a restructuring plan including reducing worldwide headcount by about 8%, or 3,000 employees.
Arrival SA:
The EV startup said it plans to further “right-size” the organization, which could have a “sizable impact” on its global workforce, mostly in the UK.
The company in July said it may cut up to 30% of workforce in restructuring.
Coinbase Global:
The cryptocurrency exchange said it planned to cut over 60 jobs, in its recruiting and institutional onboarding teams.
The move marks a second round of jobs cuts at the company this year, and comes at a time when cryptocurrencies have been roiled by extreme volatility as investors dump risky assets.
Walt Disney Co:
The media giant is planning to freeze hiring and cut some jobs, according to a company memo seen by Reuters.
“Hiring for the small subset of the most critical, business-driving positions will continue, but all other roles are on hold,” Chief Executive Officer Bob Chapek wrote in the memo sent to Disney leaders.
(Reporting by Deborah Sophia in Bengaluru; Additional reporting by Akash Sriram and Granth Vanaik; Editing by Sriraj Kalluvila, Shounak Dasgupta and Anil D’Silva)
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