Factbox: US companies step up job cuts amid uncertain economy

LyondellBasell Industries

05/11/2025 11:55

Adds IBM, General Motors, Eastman Chemical, Hormel Foods

Oct 28 (Reuters) - U.S. companies across multiple sectors are intensifying job cuts this year, extending a trend of workforce reductions from 2024, as they prioritize cost savings and operational streamlining amid a challenging economic environment.

IBM IBM.N on Tuesday joined the list of firms announcing layoffs, saying it would
cut thousands of jobs
 as it shifts its focus toward its high-margin software segment, following GM's GM.N move last week to
reduce nearly 3,300 positions
.

Here are some of the companies that have announced job cuts so far in 2025:

Sector
Date of Announcement
Company
Layoffs/Job Cuts
% of Total Workforce
Resources
November
Eastman Chemical
About 980 jobs, according to Reuters' calculation
About 7%
Manufacturing
October
General Motors GM.N
3,300 (1,750 job cuts, 1,550 temporary layoffs)
About 2%
Logistics
October
United Parcel Service UPS.N
48,000
Unknown
Consumer and Retail
October
January
Amazon AMZN.O
Around 14,000 corporate jobs globally
1,700 full-time in Canadian province of Quebec
Unknown
January
Kohl'sKSS.N
9,600
10%
June
Procter & GamblePG.N
7,000
About 6%
February
Estee LauderEL.N
7,000
11.29%
September
StarbucksSBUX.O
2,000
Unknown
October
Target TGT.N
1,800
About 8%
May
WalmartWMT.N
1,500
Unknown
January
WayfairW.N
730 in Germany
Unknown
January
Brown-FormanBFb.N
648
12%
November
Hormel Foods HRL.N
About 250 corporate and sales jobs
1.25%
Aviation and Space
February
Southwest AirlinesLUV.N
1,750
15% of corporate roles
February
Blue Origin
1,400
10%
Energy and Natural Resources
February
ChevronCVX.N
8,000
20%
September
ExxonXOM.N
2,000
about 3% to 4%
January
DowDOW.N
1,500
4.17%
February
Archer-Daniels-MidlandADM.N
Up to 700
1.70%
February
HalliburtonHAL.N
290
Unknown
February
LyondellBasellLYB.N
400
Unknown
January
SolarEdge TechnologiesSEDG.O
400
Unknown
March
APAAPA.O
300
Unknown
October
* ConocoPhillipsCOP.N
Unknown
Unknown
Technology and Media
March
Microchip Technology MCHP.O
2,000
9%
November
IBM IBM.N
Thousands of employees
Unknown
October
** Paramount Skydance PSKY.O
Around 1,000
Unknown
October
January
Meta Platforms META.O
Around 600 roles in the AI unit
5% of "lowest performers"
Unknown
October
Rivian Automotive RIVN.O
More than 600 employees
4.5%
May
CrowdStrikeCRWD.O
500
5%
October
May
Chegg CHGG.N
388
248
45%
22%
April
IntelINTC.O
Unknown
20%
May
Match Group MTCH.O
Unknown
13%
Healthcare and Pharma
February
*** UnitedHealthUNH.N
Unknown
Unknown
February
Bio RadBIO.N
Unknown
5%
Banking and Finance
March
**** Morgan StanleyMS.N
About 2,000
2% to 3%

* ConocoPhillips is laying off employees at its Canadian operations, according to three sources and a company memo reviewed by Reuters.

** Paramount Skydance will begin a major round of layoffs with about 1,000 job cuts, a source familiar with the matter told Reuters.

*** UnitedHealth was offering employees in its benefits operations unit the option to accept buyouts in February and may pursue layoffs if the resignation quota is not met, according to a CNBC report.

**** Morgan Stanley layoffs are aimed at improving operational efficiency and unrelated to current market conditions, a person familiar with the matter told Reuters.

 (Reporting by Seher Dareen and Savyata Mishra in Bengaluru; Additional reporting by Manya Saini, Anuja Bharat Mistry, Neil J Kanatt, Jaspreet Singh and Anhata Rooprai; Editing by Eileen Soreng and Sriraj Kalluvila)

 ((Seher.Dareen@thomsonreuters.com; If in India call +91 74832 70128;))