Factbox: Layoffs pile up in US, Canada as companies uncertain of economy

BlackBerry

02/08/2024 12:57

(Adds Intel layoffs)
       Aug 2 (Reuters) - Companies in the United States and
Canada have continued their job cuts in 2024 after letting go
thousands last year, as the outlook on interest rate cuts by the
Federal Reserve remains uncertain even as recession fears recede
rapidly. 
    Here is a snapshot of job cuts announced so far this year: 

    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, a few hundred at
healthcare units One Medical and Amazon Pharmacy. It also
announced layoffs at Amazon Web Services (AWS) impacting several
hundred roles in sales, marketing, and global services and a few
hundred roles in the physical stores technology team. 
    
    * Layoffs at Alphabet  GOOGL.O  include dozens at the
division for developing new technology X Lab, hundreds in the
advertising sales team, hundreds across teams, including the
hardware team responsible for Pixel, Nest and Fitbit, and a
majority in the 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.
    
    * Intel  INTC.O  said it would cut more than 15% of its
workforce, some 17,500 people, as the chipmaker pursues a
turnaround focused on its money-losing manufacturing business.
    
    * E-commerce firm eBay  EBAY.O  plans to cut about 1,000
roles or around 9% of its 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 workforce by about
6%, or 400 employees, with a majority 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 workforce.
    
    * Canada's BlackBerry  BB.TO  plans more layoffs, in
addition to about 200 job cuts in the prior quarter. 
    
    * Satellite radio company SiriusXM  SIRI.O  plans to reduce
workforce by about 3%, or about 160 roles.
     
    * Bumble  BMBL.O  is set to eliminate 350 jobs or about 30%
of its workforce.
    
    AUTOMAKERS
    * Electric automaker Tesla  TSLA.O  will lay off more than
10% of its global workforce, an internal memo seen by Reuters on
Monday shows, as it grapples with falling sales amid an
intensifying price war for electric vehicles.
    
    * EV maker Lucid  LCID.O  said it would reduce its workforce
by 6%, or around 400 employees, the electric vehicle industry
grapples with slower growth.
    
    MEDIA
    * Pixar Animation Studios, producer of classic films such as
"Toy Story" and "Up," began laying off about 14% of its
workforce as it scales back development of original streaming
series. About 175 people will be affected by job cuts at the
Walt Disney Co  DIS.N  unit.
    
    * 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.
    
    * Paramount Global  PARA.O  is planning to conduct an
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.
    
    * Citigroup  C.N  is planning to reduce its headcount by
20,000 people over the next two years. It has announced plans to
slash 716 roles in New York towards that target.
    
    * Investment banking giant Morgan Stanley  MS.N  is planning
to cut hundreds of jobs in its wealth management unit, a person
familiar with the matter told Reuters, adding that the cuts will
impact less than 1% of the division's employees. 
    
    * Exchange operator Nasdaq  NDAQ.O  plans to slash hundreds
of jobs as it integrates fintech firm Adenza into its business. 
    
    * Asset manager BlackRock  BLK.N  is set to cut about 3% of
its workforce but expects a larger headcount by the end of 2024.
    

    CONSUMER AND RETAIL
    * The world's largest retailer, Walmart  WMT.N , plans to
cut hundreds of jobs at its corporate headquarters and relocate
a majority of its U.S. and Canada-based remote workforce to
three offices.
    
    * 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, closing five stores.
    
    * Levi Strauss & Co  LEVI.N  is planning to slash 10%-15% of
global corporate jobs.
    
    * Hershey's  HSY.N  restructuring plan will impact less than
5% of its workforce. 
    
    * Nike  NKE.N  will cut about 2% of its total workforce, or
more than 1,600 jobs, as the sportswear giant looks to cut costs
after flagging weaker profits this year. The company's footwear
brand, Converse, will also cut jobs as part of Nike's on-going
$2 billion cost savings plan.
    
    
    HEALTH 
    * Novavax  NVAX.O  is cutting about 12% of workforce.
    
    * Consumer health firm Kenvue  KVUE.N  will cut 4% of its
global workforce. 
    
  
    MANUFACTURING
    * Defense contractor Lockheed Martin  LMT.N  is planning to
cut 1% of its jobs. 

    * Spirit AeroSystems  SPR.N  is laying off several hundred
members of its workforce in Wichita, Kan., according to an
internal memo, as the company deals with high debt and slowed
production at Boeing  BA.N , its key customer.
    
    * U.S. defense contractor L3Harris  LHX.N  cut 5% of its
workforce in April in a bid to streamline its business and save
costs.
    
    
    LOGISTICS
    * United Parcel Service  UPS.N  plans to cut 12,000 jobs to
cut costs. 
    
    * FedEx  FDX.N  is planning to cut between 1,700 and 2,000
back-office jobs in Europe, as the parcel delivery company
struggles with weak freight demand.
   
    
    NATURAL RESOURCES
    *  U.S. natural gas producer Chesapeake Energy  CHK.O  is
laying off employees after completing the divestiture of its oil
assets last year.
    
    * U.S. miner Piedmont Lithium  PLL.O  cuts 27% of workforce
in the cost-cutting plan. 
    
    * Canadian oil and gas pipeline firm TC Energy  TRP.TO  has
laid off some of its workers as part of a previously announced
plan to integrate its natural gas pipeline units.
    
    * Canada-based crude pipeline operator Enbridge  ENB.TO 
said it would reduce its workforce by 650 jobs, or 5%, in a bid
to cut costs.
    

 (Reporting by Zaheer Kachwala, Harshita Mary Varghese,
Samrhitha Arunasalam, Arsheeya Bajwa, Priyanka.G, Jaspreet
Singh, Mehnaz Yasmin, Tanay Dhumal, Granth Vanaik, Shivansh
Tiwary and Anirudh Saligrama in Bengaluru; Editing by Sriraj
Kalluvila and Maju Samuel)
 ((Zaheer.Kachwala@thomsonreuters.com))