Nov 7 (Reuters) – Corporate America is cutting thousands of jobs to contain costs amid tighter monetary policy and growing fears of a recession.
Job cuts announced by US-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:
Meta Platforms Inc (META.O)
Parent Facebook plans to begin large-scale layoffs this week, in a move that will affect thousands of employees, The Wall Street Journal reported Sunday.
Morgan Stanley (MS.N) is set to begin another round of layoffs around the world in the coming weeks, Reuters reported on Nov. 3, as the Wall Street bank’s trading business takes a hit.
Intel Corp (INTC.O) CEO Pat Gelsinger told Reuters the “human actions” would be part of a cost-cutting plan. The chipmaker said it will cut costs by $3 billion in 2023. read more
Adjustments would begin in the fourth quarter, Gelsinger said, but did not specify how many employees would be affected.
Johnson & Johnson:
Johnson & Johnson (JNJ.N) said it could cut some jobs amid inflationary pressure and a strong dollar, with chief financial officer Joseph Wolk saying the healthcare conglomerate was considering “right sizing” .
Twitter laid off half of its workforce in teams ranging from communications and content curation to product and engineering after Elon Musk’s $44 billion buyout.
However, Bloomberg reported on Sunday that Twitter was contacting dozens of employees who had lost their jobs, asking them to come back.
Ride-sharing company Lyft Inc (LYFT.O) said it would lay off 13% of its workforce, or about 683 employees, after already cutting 60 jobs earlier this year and freezing hiring in September.
Discovery of Warner Bros:
Warner Bros. Pictures, the film subsidiary of Warner Bros. Discovery (WBD.O), plans to cut a number of distribution and marketing jobs, which will reduce the workforce by 5-10%, Bloomberg News reported.
Vegan meat maker Beyond Meat Inc (BYND.O) said it plans to cut 200 jobs this year, with the layoffs expected to save about $39 million.
Digital payments company Stripe Inc is cutting its workforce by around 14% and will have around 7,000 employees after the layoffs, according to an email to employees from the company’s founders.
Online banking firm Chime has laid off 12% of its employees, or around 160 jobs, a spokesperson said.
Open door technologies:
Real estate sales platform Opendoor Technologies Inc (OPEN.O) is laying off about 550 employees, Chief Executive Eric Wu said, adding that the company has already reduced its workforce by more than 830 positions.
U.S. oil refiner Phillips 66 (PSX.N) has begun cutting staff at refineries, terminals and offices across the United States, sources told Reuters.
U.S. shale gas producer Chesapeake Energy Corp (CHK.O) has cut about 3% of its workforce, sources told Reuters, as the company prepares to sell oil properties in South Texas.
Memory chip company Seagate Technology Holdings Plc (STX.O) has announced a restructuring plan that includes a global workforce reduction of around 8%, or 3,000 employees.
Startup EV Arrival SA said it planned to “adjust” the organization which could have a “significant impact” on its global workforce, primarily in the UK.
The company said in July that it could cut its workforce by up to 30% during the restructuring.
Reporting by Deborah Sophia in Bengaluru; Additional reporting Akash Sriram; Editing by Sriraj Kalluvila
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