Millions of Americans remain uneasy about the future of the economy. Some experts are forecasting that an economic downturn could be just over the horizon.
Many big companies recently have announced layoffs of 1,000 employees or more. Some of these companies are trying to restructure while others appear to be getting lean and mean before a downturn potentially arrives.
Following is a roll call of the firms slimming their workforces.
The reductions amount to about 26% of the workforce. Lyft is just one of many companies in the tech industry to undergo a devastating wave of layoffs in recent months.
The Financial Times reported in April that Deloitte would lay off 1,200 employees.
Deloitte is one of the so-called “big four” accounting firms. Many of the layoffs were concentrated in Deloitte’s financial advisory business, which felt the effects of a slowdown in merger and acquisition activity.
Ernst & Young
Deloitte’s rival Ernst & Young also is laying off a lot of workers.
Shortly before the Deloitte announcement, Ernst & Young said it would lay off 3,000 workers. That is about 5% of the accounting firm’s workforce.
In April, David’s Bridal filed for bankruptcy and announced plans to eliminate 9,236 positions through August.
At the time of the announcement, David’s Bridal had about 10,000 employees.
The decision was revealed just weeks after Walmart forecast a tough year ahead thanks to slowing sales and profit growth.
Bed, Bath & Beyond
Bed, Bath & Beyond filed for Chapter 11 bankruptcy at the end of April. The retailer will close all of its stores, putting up to 30,000 jobs in jeopardy.
In April, 3M announced it would lay off an additional 6,000 employees at its operations around the world.
The news came on the heels of an announcement earlier in the year that 2,500 employees would lose their jobs at 3M.
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Irish-American professional services company Accenture lowered the boom on 19,000 jobs at the end of March.
About 2.5% of the workforce are expected to be part of the layoffs that will roll out over an 18-month period.
Late in March, job-listing company Indeed announced it would reduce its workforce by 2,200 positions. The cuts amounted to about 15% of the workforce.
Beginning last November and running through January, Amazon laid off around 18,000 employees. The cuts impacted several divisions, including devices, human resources and stores.
In March, Amazon announced another wave of 9,000 layoffs. That round of job cuts impacted cloud computing, human resources, advertising and Twitch livestreaming businesses.
Tyson Foods is in the process of laying off 1,700 workers and closing two chicken plants — in Van Buren, Arkansas, and Glen Allen, Virginia.
It also has announced additional layoffs, including up to 10% of corporate roles and 15% of senior leadership positions.
Meta Platforms Inc. — which owns Facebook, Instagram and WhatsApp — has announced two rounds of layoffs that will result in about 21,000 employees losing their jobs.
Layoffs in April focused on technical workers. This month, job cuts began in the company’s business groups.
In February, cloud communications software company Twilio announced plans to lay off around 1,500 employees. In an email to workers, CEO Jeff Lawson said the move was necessary to keep the company competitive.
The cuts follow a wave of layoffs at Twilio last September.
Rupert Murdoch’s media company News Corp. — which owns The Wall Street Journal, Barron’s, the New York Post and HarperCollins — is laying off 1,250 workers, or about 5% of the company’s workforce.
The job losses will occur by the end of the year. A challenging advertising market might be behind the layoffs, CNBC reports.
Yahoo said in February that it planned to lay off 20% of its workforce.
The move is part of a restructuring of its advertising unit and will likely impact more than 1,600 employees, including nearly 50% of workers in the advertising unit, CNN reports.
In part of a major overhaul, Disney will reorganize into three divisions — entertainment, ESPN, and parks, experiences and products — and eliminate about 7,000 jobs.
The goal is to cut around $5.5 billion in costs.
Communications technology company Zoom cut 15% of its workforce, or 1,300 employees, earlier this year.
In a Feb. 7 blog post on the company website, CEO Eric Yuan said uncertainty around the global economy forced the company to cut back.
Dow announced plans in January to lay off about 2,000 employees worldwide.
The chemical company said it wants to cut $1 billion in expenses to help it cope with a slowing economy and drooping demand.
In January, IBM announced plans to cut about 1.5% of its workforce. In a Jan. 25 interview with Bloomberg, CFO James Kavanaugh estimated that around 3,900 workers would lose their jobs.
Earlier this year, Europe’s largest software company eliminated 2.5% of its workforce worldwide. That meant roughly 2,800 employees got pink slips.
However, by March, SAP was back in hiring mode.
In January, investment bank Goldman Sachs began the first of what it said would be 3,200 layoffs.
A slowing economy and woes in both retail and investment banking led to the company’s move.
Coinbase announced in January that it would cut its workforce by about 950 workers. The announcement arrived just a few months after the cryptocurrency exchange platform laid off 1,100 workers.
The wave of layoffs at Coinbase reveals how quickly economic conditions are changing. Just one year ago, Coinbase was projecting it would add 2,000 new employees.
Late last year, online used-car dealer Carvana said it was laying off 1,500 employees, or around 8% of its workforce.
In an email to employees, CEO Ernie Garcia said the company is cutting back due to economic conditions such as higher financing costs and delayed car purchasing.
Networking firm Cisco Systems announced in November that it was shedding more than 4,000 jobs, or about 5% of its workforce.
The cuts are part of a planned $600 million restructuring. However, the company noted that it will hire for new roles in the wake of the restructuring and plans to end its current fiscal year with roughly the same number of employees as before the layoffs.
Information technology company Hewlett-Packard announced layoffs that could result in 4,000 to 6,000 employees getting pink slips during the next three years.
The job cuts are part of a plan to generate savings “through digital transformation, portfolio optimization and operational efficiency,” according to an HP press release in November.
Online payments firm Stripe said in early November that it was laying off roughly 14% of its staff. According to a CNBC report:
“Stripe said its head count will be reduced to about 7,000 employees, which means the layoffs will impact roughly 1,100 people. A Stripe spokesperson was not immediately available to provide the exact number of impacted employees.”
In a highly publicized round of layoffs, new Twitter owner Elon Musk cut the company’s workforce significantly in November.
According to a CNN report:
“Musk appeared to frame the sweeping layoffs as necessary for a company that, like other social media firms, was experiencing ‘revenue challenges’ prior to his acquisition as advertisers rethink spending amid recession fears.”
The layoffs — and an estimated 1,000 resignations since Musk took over — mean Twitter’s employee roster has shrunk significantly. After another 200 people lost their jobs in February 2023, it was reported that the company employed fewer than 2,000 workers, down from 7,500 prior to Musk’s acquisition.