Reuters
2024.02.12 18:03
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FACTBOX-US, Canadian companies kick off 2024 with layoffs

Companies in the United States and Canada have started 2024 with significant job cuts, particularly in the technology sector. Major companies such as Amazon, Alphabet, Microsoft, and IBM are all reducing their workforce. Other industries, including media, financial services, consumer and retail, healthcare, manufacturing, and natural resources, are also experiencing layoffs. These job cuts signal ongoing efforts to control costs in an uncertain economy.

Feb 12 (Reuters) - Companies in the United States and Canada have kicked off 2024 with thousands of job cuts across sectors, signaling that the spate of layoffs seen in 2023 could persist as they scramble to rein in costs in an uncertain economy.

While job cut announcements in the United States more than doubled month-on-month to 82,307 in January, they were down 20% from a year earlier, according to a report released by Challenger, Gray & Christmas earlier in February.

The technology sector, which accounted for the highest number of layoffs across industries, has seen 34,000 job cuts in 141 firms so far this year, according to tracking website Layoffs.fyi.

Here is a snapshot of job cuts announced so far in 2024:

TECHNOLOGY

  • Amazon’s (AMZN.O) job cuts include less than 5% of employees at Buy with Prime unit, 5% at audiobook and podcast division Audible, several hundred in streaming and studio operations, 35% at streaming unit Twitch and a few hundred at healthcare units One Medical and Amazon Pharmacy.

  • Layoffs at Alphabet (GOOGL.O) include dozens at division for developing new technology X Lab, hundreds in advertising sales team, hundreds across teams, including hardware team responsible for Pixel, Nest and Fitbit, and a majority in augmented reality team.

  • Microsoft (MSFT.O) is cutting around 1,900 jobs at gaming divisions Activision Blizzard and Xbox.

  • IBM (IBM.N) plans to lay off some employees in 2024, but will hire more for AI-centered roles.

  • E-commerce firm eBay (EBAY.O) plans to cut about 1,000 roles, or around 9% of its current workforce.

  • Videogame software provider Unity Software (U.N) to cut about 25% of workforce, or 1,800 jobs.

  • DocuSign (DOCU.O) plans to reduce its current workforce by about 6%, or 400 employees, with majority of layoffs in its sales and marketing organizations.

  • Snap (SNAP.N) plans to cut around 528 jobs, or 10% of its global workforce.

  • Salesforce (CRM.N) is laying off about 700 employees, or roughly 1% of its global workforce.

  • Network giant Cisco (CSCO.O) is planning to restructure its business which will include laying off thousands of employees.

  • Autonomous vehicle technology company Aurora Innovation (AUR.O) lays off 3% of its workforce.

MEDIA

  • Walt Disney’s (DIS.N) Pixar Animation Studios is set to cut jobs as the studio has completed production on some shows and has more staff than it needs.

  • Comcast-owned (CMCSA.O) British media group Sky plans to cut about 1,000 jobs across its businesses this year.

  • The Los Angeles Times plans to lay off 94 journalists who belong to the newspaper’s union.

  • Paramount Global (PARA.O) is planning to conduct unspecified number of layoffs.

  • Business Insider plans to lay off around 8% of its staff.

  • Bell Canada (BCE.TO) plans to slash 4,800 jobs.

FINANCIAL SERVICES

  • PayPal Holdings (PYPL.O) is planning to cut about 2,500 jobs, or 9% of its global workforce this year.

  • Payments firm Block Inc (SQ.N) has started to cut unspecified jobs as part of its previously disclosed plans.

  • Citigroup (C.N) is planning to reduce its headcount by 20,000 people over the next two years.

  • Exchange operator Nasdaq (NDAQ.O) plans to slash hundreds of jobs as it integrates fintech firm Adenza into its business.

  • World’s largest asset manager BlackRock (BLK.N) is set to cut about 3% of its current workforce, though it expects to have a larger headcount by the end of 2024.

CONSUMER AND RETAIL

  • Cosmetics giant Estee Lauder (EL.N) plans to cut 3% to 5% of its global workforce.

  • Wayfair (W.N) plans to lay off 1,650 employees, or about 13% of its workforce.

  • U.S. department store chain Macy’s (M.N) is cutting 2,350 jobs and closing five stores.

  • Levi Strauss & Co (LEVI.N) is planning to slash 10% to 15% of global corporate jobs.

  • Hershey (HSY.N) is planning a restructuring plan that will impact less than 5% of its workforce.

HEALTH

  • Novavax (NVAX.O) is cutting about 12% of total workforce.

MANUFACTURING

  • Defense contractor Lockheed Martin (LMT.N) is planning to cut 1% of its jobs.

  • United Parcel Service (UPS.N) plans to cut 12,000 jobs in a bid to cut $1 billion costs after a bumpy year.

NATURAL RESOURCES

  • U.S. miner Piedmont Lithium (PLL.O) cuts 27% of its workforce as part of a cost-cutting plan.