In the United States and Canada, the year 2024 has commenced with numerous companies implementing job cuts across various sectors. This trend indicates that the wave of layoffs observed in 2023 may persist as companies strive to manage costs efficiently.
While job cut announcements surged in the United States to 82,307 in January, more than doubling compared to the previous month, they showed a 20% decrease from the same period a year earlier, as reported by outplacement firm Challenger, Gray & Christmas earlier in February.
The technology sector, which recorded the highest number of layoffs in 2023, has already witnessed 34,000 job cuts across 141 firms this year, according to Layoffs.fyi, a tracking website.
Here’s a snapshot of job cuts announced so far in 2024:
Technology
– Amazon’s job cuts include various units such as Buy with Prime, Audible, streaming and studio operations, Twitch, One Medical, and Amazon Pharmacy.
– Layoffs at Alphabet encompass divisions like X Lab, advertising sales team, and hardware team responsible for Pixel, Nest, and Fitbit.
– Microsoft is cutting jobs at gaming divisions Activision Blizzard and Xbox.
– IBM plans to lay off some employees while focusing on AI-centered roles.
– E-commerce firm eBay plans to cut about 1,000 roles.
– Videogame software provider Unity Software intends to cut about 25% of its workforce.
– DocuSign plans to reduce its workforce by about 6%, mainly in sales and marketing.
– Snap plans to cut around 528 jobs, equivalent to 10% of its global workforce.
– Salesforce is laying off about 700 employees.
– Network giant Cisco is restructuring its business, which will involve laying off thousands of employees.
– Autonomous vehicle technology company Aurora Innovation lays off 3% of its workforce.
– Canada’s BlackBerry plans more layoffs.
– Satellite radio company SiriusXM plans to reduce its workforce by about 3%.
– Bumble is set to eliminate 350 jobs, approximately 30% of its workforce.
Media
– Walt Disney’s Pixar Animation Studios is cutting jobs.
– Comcast-owned British media group Sky plans to cut about 1,000 jobs.
– The Los Angeles Times plans to lay off 94 journalists.
– Paramount Global is planning unspecified layoffs.
– Business Insider plans to lay off around 8% of its staff.
– Bell Canada plans to slash 4,800 jobs.
Financial Services
– PayPal Holdings is planning to cut about 2,500 jobs.
– Payments firm Block Inc has started to cut unspecified jobs.
– Citigroup is planning to reduce its headcount by 20,000 people over the next two years.
– Investment banking giant Morgan Stanley is planning to cut hundreds of jobs in its wealth management unit.
– Exchange operator Nasdaq plans to slash hundreds of jobs.
– Asset manager BlackRock is set to cut about 3% of its workforce.
Consumer and Retail
– Cosmetics giant Estee Lauder plans to cut 3% to 5% of its global workforce.
– Wayfair plans to lay off 1,650 employees.
– U.S. department store chain Macy’s is cutting 2,350 jobs.
– Levi Strauss & Co is planning to slash 10%-15% of global corporate jobs.
– Hershey’s restructuring plan will impact less than 5% of its workforce.
– Nike will cut about 2% of its total workforce.
Health
– Novavax is cutting about 12% of its workforce.
Manufacturing
– Defense contractor Lockheed Martin is planning to cut 1% of its jobs.
– United Parcel Service plans to cut 12,000 jobs.
Natural Resources
– U.S. miner Piedmont Lithium cuts 27% of its workforce.
– Canadian oil and gas pipeline firms TC Energy and Enbridge have also announced job cuts as part of their cost-cutting measures.