Beyond Inc., the parent company of Bed Bath & Beyond, Overstock, and Zulily is the latest to announce layoffs.
PATRICK T. FALLON/AFP via Getty Images
Last year's job cuts weren't the end of layoffs. Further reductions continue in 2024.
Companies like Flagstar Bank, Meta, PwC, Tesla, Google, Microsoft, and Nike have all announced cuts.
See the list of companies reducing their worker numbers in 2024.
After a brutal year of layoffs in 2023, companies this year have continued to cut jobs across tech, media, finance, manufacturing, and retail.
Tech titans like Meta, IBM, Google, and Microsoft; finance leaders like Goldman Sachs, Citi, and BlackRock; accounting firms like PwC; entertainment behemoths like Pixar and Paramount; and corporate giants like Tesla, Dow, and Nike have all announced layoffs.
A survey in late December said nearly 40% of business leaders had expected layoffs this year, ResumeBuilder said. ResumeBuilder talked to about 900 leaders at organizations with more than 10 employees.
One major factor survey respondents cited was artificial intelligence. Around four in 10 leaders said they would conduct layoffs as they replace workers with AI. Last year, Dropbox, Google, and IBM announced job cuts related to AI.
Here are the dozens of companies with job cuts planned or already underway in 2024.
Beyond Inc. plans to cut 20% of its workforce
Beyond Inc., the parent company of Bed Bath & Beyond, Overstock, and Zulily, is the latest to announce layoffs.
PATRICK T. FALLON/AFP via Getty Images
The parent company of Bed Bath & Beyond, Overstock, Zulily, and other brands revealed its decision to slash a fifth of its staff in an SEC filing on Tuesday.
The workplace reduction was taken to create a more "variable, leverageable cost structure" and to help align the company with its "asset-light business that supports an affinity and data monetization model with a strong technology focus," Beyond Inc. said in the filing.
The cuts are estimated to save roughly $20 million annually in fixed costs and are expected to be "substantially implemented" in the fourth quarter of 2024.
The news came shortly after Beyond Inc. and Kirkland announced a partnership that means physical Bed Bath & Beyond stores will return in smaller-format "neighborhood" locations.
Meta added to the 20,000+ people it's laid off since 2022
The newest cuts affect employees at units including Instagram, WhatsApp, and Reality Labs.
Chesnot/Getty
Meta is eliminating some roles on units including Instagram, WhatsApp, and its VR and AR division Reality Labs.
"A few teams at Meta are making changes to ensure resources are aligned with their long-term strategic goals and location strategy," a Meta spokesperson told BI on October 17. "This includes moving some teams to different locations, and moving some employees to different roles."
It's unclear how many roles will be affected, but Meta has trimmed its staff significantly in the year and a half, with more than 20,000 job cuts since 2022. CEO Mark Zuckerberg proclaimed 2023 a "year of efficiency" at the company, and continued cost-cutting measures this year as the tech giant gets flatter in structure.
TikTok is laying off employees as part of content moderation changes.
Tiktok is cutting employees in its content-moderation arm.
Illustration by Omar Marques/SOPA Images/LightRocket via Getty Images
TikTok is cutting employees in various locations as part of changes to its content-moderation strategy.
A spokesperson for the China-owned company told Reuters that 80% of content that violates its policy is now removed through automated technology.
The company did not provide details on the exact number of positions that it eliminated but told Reuters the cuts would affect "several hundred" employees.
PwC is cutting 1,800 employees.
PwC is laying off about 2.5% of its staff.
Michael Kappeler/picture alliance via Getty Images
Big Four accounting firm PwC is cutting 1,800 workers, which is about 2.5% of its staff. The cuts will impact staffers ranging from associates to managing directors — half of them offshore. Those affected by the cuts will be informed in October.
In an emailed statement to Business Insider, Tim Grady, PwC's US chief operating officer, said, "To remain competitive and position our business for the future, we are continuing to transform
areas of our firm and are aligning our workforce to better support our strategy, including attracting and moving the right talent and skill sets to the areas where we need them most. Right now, we are focused on running our business well and adapting to meet the needs of our clients and the rapidly changing market."
Nike's up-to-$2 billion cost-cutting plan will involve severances
Athletic retailer Nike will be making reductions to staffing as part of a cost-cutting initiative.
CFOTO/Future Publishing via Getty Images
Nike announced its cost-cutting plans in a December 2023 earnings call, discussing a slow growth in sales. The call subsequently resulted in Nike's stock plunging.
"We are seeing indications of more cautious consumer behavior around the world," Nike Chief Financial Officer Matt Friend said in December.
Google laid off hundreds more workers in 2024
Google confirmed the layoffs to Business Insider in an email.
Justin Sullivan/Getty Images
On January 10, Google laid off hundreds of workers in its central engineering division and members of its hardware teams — including those working on its voice-activated assistant.
In an email to some affected employees, the company encouraged them to consider applying for open positions at Google if they want to remain employed. April 9 was the last day for those unable to secure a new position, the email said.
The tech giant laid off thousands throughout 2023, beginning with a 6% reduction of its global workforce — about 12,000 people — last January.
Discord laid off 170 employees.
Jason Citron said rapid growth was to blame for the cuts.
Jakub Porzycki/NurPhoto/Getty Images
Discord employees learned about the layoffs in an all-hands meeting and a memo sent by CEO Jason Citron in early January.
"We grew quickly and expanded our workforce even faster, increasing by 5x since 2020," Citron said in the memo. "As a result, we took on more projects and became less efficient in how we operated."
In August 2023, Discord reduced its headcount by 4%. According to CNBC, the company was valued at $15 billion in 2021.
Citi will cut 20,000 from its staff as part of its corporate overhaul.
CEO Jane Fraser has been vocal about the necessity for restructuring at Citigroup.
Patrick T. Fallon/Getty Images
The layoffs announced in January are part of a larger Citigroup initiative to restructure the business and could leave the company with a remaining head count of 180,000 — excluding its Mexico operations.
In an earnings call that month, the bank said that layoffs could save the company up to $2.5 billion after it suffered a "very disappointing" final quarter last year.
Amazon-owned Twitch also announced job cuts.
Twitch is cutting more than 500 positions.
NurPhoto/Getty Images
Twitch announced on January 10 that it would cut 500 jobs, affecting over a third of the employees at the live-streaming company.
CEO Dan Clancy announced the layoffs in a memo, telling staff that while the company has tried to cut costs, the operation is "meaningfully" bigger than necessary.
"As you all know, we have worked hard over the last year to run our business as sustainably as possible," Clancy wrote. "Unfortunately, we still have work to do to rightsize our company and I regret having to share that we are taking the painful step to reduce our headcount by just over 500 people across Twitch."
BlackRock is planning to cut 3% of its staff.
BlackRock expects to lay off 3% of its workforce.
Leonardo Munoz/VIEWpress
Larry Fink, BlackRock's chief executive, and Rob Kapito, the firm's president, announced in January that the layoffs would affect around 600 people from its workforce of about 20,000.
However, the company has plans to expand in other areas to support growth in its overseas markets.
"As we prepare for 2024 and this very exciting but distinctly different landscape, businesses across the firm have developed plans to reallocate resources," the company leaders said in a memo.
Rent the Runway is slashing 10% of its corporate jobs as part of a restructuring.
Rent the Runway is laying off a few dozen people in its corporate workforce.
Shannon Stapleton/Reuters
In the fashion company's January announcement, COO and president Anushka Salinas said she will also be leaving the firm, Fast Company reported.
Unity Software is eliminating 25% of its workforce.
Unity Software plans to cut roughly 1,800 jobs.
Sutro Software
Around 1,800 jobs at the video game software company will be affected by the layoffs announced, Reuters reported in January.
eBay cut 1,000 jobs
eBay wants to become "more nimble."
ullstein bild Dtl/ Getty
In a January 23 memo, CEO Jamie Iannone told employees that the eBay layoffs will affect about 9% of the company's workforce.
Iannone told employees that layoffs were necessary as the company's "overall headcount and expenses have outpaced the growth of our business."
The company also plans to scale back on contractors.
Microsoft is reportedly cutting 650 more jobs from its Xbox division
Microsoft is reportedly laying off hundreds of employees in Xbox division
SOPA Images/Getty Images
Microsoft will be laying off hundreds of employees in its Xbox gaming division, Bloomberg first reported in September.
The job cuts will mainly affect workers in corporate and support functions, the outlet reported, citing a memo sent by Microsoft Gaming chief Phil Spencer.
However, he reportedly added that the company is not planning to close any studios or remove any games or devices.
This comes after the company also slashed 1,900 workers at Activision, Xbox, and ZeniMax in late January.
Nearly three months after Microsoft acquired video game firm Activision Blizzard, the company announced layoffs in its gaming divisions. The layoffs mostly affect employees at Activision Blizzard.
Xbox in May also reportedly offered some employees voluntary severance packages after shutting three units and absorbing a fourth earlier in the month.
Salesforce is cutting 700 employees across the company, The Wall Street Journal reported
Salesforce laid off about a tenth of its headcount last year.
Plexi Images/Glasshouse Images/UCG/Universal Images Group via Getty Images
The cuts followed a wave of cuts at the cloud giant last year. In 2023, Marc Benioff's company laid off about 10% of its total workforce — or roughly 7,000 jobs. The CEO said the company over-hired during the pandemic.
iRobot is laying off around 350 employees and founder Colin Angle will step down as chairman and CEO
iRobot's executive vice president and chief legal officer Glen Weinstein has been appointed interim CEO upon Angle's exit from the company.
Kimberly White/Getty Images
The company behind the Roomba Vacuum announced layoffs in late January around the same time Amazon decided not to go through with its proposed acquisition of the company, the Associated Press reported.
Paypal CEO Alex Chriss announced the company would lay off 9% of its workforce.
PayPal announced layoffs at the end of January.
(Photo by Justin Sullivan/Getty Images)
Announced in late January, this round of layoffs will affect about 2,500 employees at the payment processing company.
"We are doing this to right-size our business, allowing us to move with the speed needed to deliver for our customers and drive profitable growth," CEO Alex Chriss wrote in a January memo. "At the same time, we will continue to invest in areas of the business we believe will create and accelerate growth."
Okta is cutting roughly 7% of its workforce.
Okta announced a restructuring plan at the start of February.
SOPA Images/ Getty
The digital-access-management company announced its plans for a "restructuring plan intended to improve operating efficiencies and strengthen the Company's commitment to profitable growth" in an SEC filing in February.
The cuts will impact roughly 400 employees.
Okta CEO Todd McKinnon told staff in a memo that "costs are still too high," CNBC reported.
Snap has announced more layoffs.
Snap has announced another round of job cuts.
Snapchat, Tyler Le/Insider
The company behind Snapchat announced in February that it's reducing its global workforce by 10%, according to an SEC filing.
Between 1,600 and 3,100 jobs will be eliminated from the company.
Reuters
The cosmetics company announced in February that it would be cutting 3% to 5% of its roles as part of a restructuring plan.
Estee Lauder reportedly employed about 62,000 employees around the world as of June 30, 2023.
DocuSign is eliminating roughly 6% of its workforce as part of a restructuring plan.
The electronic signature company is cutting 6% of its workforce.
Igor Golovniov/SOPA Images/LightRocket/Getty Images
The electronic signature company said in an SEC filing in February that most of the cuts will be in its sales and marketing divisions.
Zoom is slashing 150 jobs
Videoconferencing company Zoom laid off 1,300 people in February 2023. The following February it announced 150 layoffs.
Kena Betancur
Zoom announced 150 job losses in February, which amounted to about 2% of its workforce. It had announced it was laying off 1,300 people the previous February.
Paramount Global is laying off 800 employees days after record-breaking Super Bowl
CEO Bob Bakish sent a note informing employees of layoffs on Tuesday.
Eduardo Munoz Alvarez/AP
In February, Paramount Global CEO Bob Bakish sent a memo to employees announcing that 800 jobs — about 3% of its workforce — were being cut.
Deadline obtained the memo less than a month after reporting plans for layoffs at Paramount. The announcement comes on the heels of Super Bowl LVIII reaching record-high viewership across CBS, Paramount+, and Nickelodeon, and Univision.
Morgan Stanley is trimming its wealth management division by hundreds of staffers
The layoffs mark one of the first major moves by newly-installed CEO Ted Pick.
Pavlo Gonchar/SOPA Images/LightRocket via Getty Images
Morgan Stanley is laying off several hundred employees in its wealth-management division, the Wall Street Journal reported in February, representing roughly 1% of the team.
The wealth-management division has seen some slowdown at the start of 2024, with net new assets down by about 8% from a year ago. The layoffs mark the first major move by newly-installed CEO Ted Pick, who took the reins from James Gorman on January 1.
Expedia Group is cutting more than 8% of its workforce
Peter Kern, CEO of Expedia Group
Business Wire
An Expedia spokesperson told BI that it was implementing cutbacks, as part of an operational review, that were expected to impact 1,500 roles this year.
The company's product and technology division is set to be the worst hit, a report from GeekWire said, citing an internal memo CEO Peter Kern sent to employees in late February.
"While this review will result in the elimination of some roles, it also allows the company to invest in core strategic areas for growth," the spokesperson said.
"Consultation with local employee representatives, where applicable, will occur before making any final decisions," they added.
Sony is laying off 900 workers
The tech company is slashing 900 workers from its workforce.
NurPhoto/Getty Images
The cuts at Sony Interactive Entertainment swept through its game-making teams at PlayStation Studios.
Insomniac Games, which developed the hit Spider-Man video game series, as well as Naughty Dog, the developers behind Sony's flagship 'The Last of Us' video games' were hit by the cuts, the company announced on February 27.
All of PlayStation's London studio will be shuttered, according to the proposal.
"Delivering and sustaining social, online experiences – allowing PlayStation gamers to explore our worlds in different ways – as well as launching games on additional devices such as PC and Mobile, requires a different approach and different resources," PlayStation Studios boss Hermen Hulst wrote.
Hulst added that some games in development will be shut down, though he didn't say which ones.
In early February, Sony said it missed its target for selling PlayStation 5 consoles. The earnings report sent shares tumbling and the company's stock lost about $10 billion in value.
Bumble slashed 30% of its workforce
Lidiane Jones, CEO of Bumble.
Eugene Gologursky/Stringer/Gr
On February 27, the dating app company announced that it would be reducing its staff due to "future strategic priorities" for its business, per a statement.
The cuts will impact about 30% of its about 1,200 person workforce or about 350 roles, a representative for Bumble told BI by email.
"We are taking significant and decisive actions that ensure our customers remain at the center of everything we do as we relaunch Bumble App, transform our organization and accelerate our product roadmap," Bumble Inc CEO Lidiane Jones said in a statement.
Electronic Arts reduced its workforce by 5%
Electronic Arts is cutting hundreds of jobs.
Getty Images
Electronic Arts is laying off about 670 workers, equating to 5% of its workforce, Bloomberg reported in late February.
The gaming firm axed two mobile games earlier in February, which it described as a difficult decision in a statement issued to GamesIndustry.biz.
CEO Andrew Wilson reportedly told employees in a memo that it would be "moving away from development of future licensed IP that we do not believe will be successful in our changing industry."
Wilson also said in the memo that the cuts came as a result of shifting customer needs and a refocusing of the company, Bloomberg reported.
IBM cut staff in marketing and communications
IBM CEO Arvind Krishna said last year that he could easily see 30% of the company's staff getting replaced by AI and automation over the coming five years.
Sajjad Hussain/Getty Images
IBM's chief communications officer Jonathan Adashek told employees on March 12 that it would be cutting staff, CNBC reported, citing a source familiar with the matter.
An IBM spokesperson told Business Insider in a statement that the cuts follow a broader workforce action the company announced during its earnings call in January.
"In 4Q earnings earlier this year, IBM disclosed a workforce rebalancing charge that would represent a very low single-digit percentage of IBM's global workforce, and we expect to exit 2024 at roughly the same level of employment as we entered with," they said.
IBM has also been clear about the impact of AI on its workforce. In May 2023, IBM's CEO Arvind Krishna said the company expected to pause hiring on roles that could be replaced by AI, especially in areas like human resources and other non-consumer-facing departments.
"I could easily see 30% of that getting replaced by AI and automation over a five-year period," Krishna told Bloomberg at the time.
Amazon is laying off hundreds in its cloud division in yet another round of cuts this year
The cuts follow several rounds of layoffs at Amazon last year.
The reduction will impact employees on the sales and marketing team and those working on tech for its retail stores, Bloomberg reported.
"We've identified a few targeted areas of the organization we need to streamline in order to continue focusing our efforts on the key strategic areas that we believe will deliver maximum impact," an Amazon spokesperson told Bloomberg.
On March 26, Amazon announced another round of job cuts after the company said it was slashing 'several hundred' jobs at its Prime Video and MGM Studios divisions earlier this year to refocus on more profitable products.
"We've identified opportunities to reduce or discontinue investments in certain areas while increasing our investment and focus on content and product initiatives that deliver the most impact," Mike Hopkins, SVP of Prime Video and Amazon MGM Studios, told employees in January.
This year's cuts follow the largest staff layoff in the company's history. In 2023, the tech giant laid off 18,000 workers.
Apple has cut over 700 employees across its self-driving car, displays, and services groups
The cuts follow Apple's decision to withdraw from two major projects.
The cuts came after Apple decided to withdraw from its car and smartwatch display projects.
The tech giant filed a series of notices to comply with the Worker Adjustment and Retraining Notification program. One of the addresses was linked to a new display development office, while the others were for the company's EV effort, Bloomberg reported.
Apple officially shut down its decadelong EV project in February. At the time, Bloomberg reported that some employees would move to generative AI, but others would be laid off.
Bloomberg noted that the layoffs were likely an undercount of the full scope of staff cuts, as Apple had staff working on these projects in other locations.
In late August, Bloomberg reported that Apple was slashing 100 jobs in its services group, citing people familiar with the matter.
The layoffs mainly involved people working on the Apple Books app and the Apple Bookstore, Bloomberg reported. Cuts were also made to other service teams like Apple News, the outlet added.
Representatives for Apple did not respond to a request for comment from Business Insider sent outside normal business hours.
Tesla laid off over 10% of its workforce
Impacted employees were notified Sunday night that they were being terminated, effective immediately.
JOHN THYS / Getty
Tesla CEO Elon Musk sent a memo to employees on April 14, at nearly midnight in California, informing them of the company's plan to cut over 10% of its global workforce.
In his companywide memo, Musk cited "duplication of roles and job functions in certain areas" as the reason behind the reductions.
An email sent to terminated employees, obtained by BI, read: "Effective now, you will not need to perform any further work and therefore will no longer have access to Tesla systems and physical locations."
On April 29, Musk reportedly sent an email stating the need for more layoffs at Tesla. He also announced the departure of two executives and said that their reports would also be let go. Six known Tesla executives have left the company since layoffs began in April.
Grand Theft Auto 6 publisher Take-Two Interactive is reducing its workforce by 5%
Take-Two Interactive is slated to cut around 600 roles this year.
Jakub Porzycki/NurPhoto/Getty Images
Take-Two Interactive, the parent company of Rockstar Games, said on April 16 that it would be "eliminating several projects" and reducing its workforce by about 5%.
The move — a part of its larger "cost reduction program" — will cost the video game publisher up to $200 million. It's expected to be completed by December 31.
As of March 2023, the company said it employed approximately 11,580 full-time workers.
Peloton announced it was reducing its staff by 15% as the CEO stepped down
Barry McCarthy served as the CEO of Peloton for just over two years.
Getty/Ilya S. Savenok
Peloton CEO Barry McCarthy is stepping down, the company announced May 2. Along with his departure, the fitness company is also laying off about 400 workers.
McCarthy is leaving his role just two years after replacing John Foley as CEO and president in 2022. Peloton said the changes are expected to reduce annual expenses by over $200 million by the end of fiscal 2025 as part of a larger restructuring plan.
Indeed is cutting 1,000 workers after laying off 2,200 in 2023
Indeed draws more than 250 million people from around the world each month, making it the largest job site.
CEO Chris Hyams took responsibility for "how we got here" in a memo in May but said the company is not yet set up for growth after last year's global hiring slowdown caused multiple quarters of declining sales.
Hyams said the latest cuts will be more concentrated in the US and primarily affect R&D and Go-to-Market teams. It comes after last year's across-the-board reduction of 2,200 workers.
Walmart is axing hundreds of corporate jobs
A Walmart storefront in the US.
Kena Betancur/VIEWpress via Getty Images
Retail giant Walmart is cutting hundreds of corporate jobs and asking remote employees to come to work, The Wall Street Journal reported in May, citing people familiar with the matter.
Workers in smaller offices, such as those in Dallas, Atlanta, and Toronto, are also being asked to move to central locations like Walmart's corporate headquarters in Arkansas or those in New Jersey or California, the Journal reported.
Under Armour is slashing an unspecified number of jobs, incurring $22 million in severance costs
An Under Armour retail store.
Alex Tai/SOPA Images/LightRocket via Getty Images
Under Armour confirmed it was conducting layoffs in its quarterly earnings report, which was released May 16.
The company said it will pay out employee severance and benefits expenses of roughly $15 million in cash-related and $7 million in non-cash charges this year related to a restructuring plan, with close to half of that occurring in the current fiscal quarter.
"This is not where I envisaged Under Armour playing at this point in our journey," CEO Kevin Plank told investors on the company's full-year earnings call. "That said, we'll use this turbulence to reconstitute our brand and business, giving athletes, retail customers and shareholders bigger and better reasons to care about and believe in Under Armour's potential."
Pixar cuts about 175 people in pivot back to feature films
"Inside Out," a 2015 film, is one of Pixar's many hits.
Disney/Pixar
Disney's Pixar Animation Studios is cutting 175 people, about 14% of its staff, Reuters reported.
The cuts started on May 21 as the studio returns to its focus on feature-length movies. Former Disney CEO Bob Chapek, who was axed in 2022, had increased staff across studios to create more content for the company's streaming service, Disney+.
Pixar cut 75 jobs last year, Reuters previously reported, part of a larger restructuring across Disney.
Lucid Motors is slashing around 400 jobs
Lucid Motors will cut about 6% of its workforce.
John Keeble/Getty Images
In a regulatory filing, Lucid Motors said it would lay off about 400 employees as part of a restructuring plan that should be complete by the end of the third quarter.
"I'm confident Lucid will deliver the world's best SUV and dramatically expand our total addressable market, but we aren't generating revenue from the program yet," CEO Peter Rawlinson said in an email to employees obtained by TechCrunch.
The cuts come ahead of Lucid's launch of its first electric SUV later this year. It comes over a year after the California-based company laid off 1,300 employees, TechCrunch previously reported.
John Deere is laying off over 600 employees
John Deere tractors for sale at a dealer in Longmont, Colorado.
Rick Wilking/Reuters
John Deere, maker of the iconic green-and-yellow tractors, is laying off over 600 employees at factories in Illinois and Iowa, the AP reported July 1.
In May, John Deere said sales fell for the third consecutive quarter and projected that the declines would continue in the second half of its fiscal year.
Burberry is expected to cut 100s of jobs
Burberry is reportedly cutting hundreds of roles.
Anton Novoderezhkin\TASS via Getty Images
London-based luxury retailer Burberry is expected to cut hundreds of jobs in the coming weeks, the Telegraph reported July 6.
Employees learned about the cuts in late June when they were told in a Zoom meeting that their roles could be eliminated or that they would need to apply for other jobs, according to the Telegraph.
Intuit announced cuts on July 10
Intuit announced it would fire 1,800 employees as the company shifts focus to AI development.
Chris Helgren/Reuters
Intuit announced on July 10 that it's cutting its workforce by 10%. The layoffs will affect 1,800 employees nationwide, but the company plans to hire 1,800 new employees in "key areas" like engineering, InvestorPlace reports.
The refocus on other areas is following a shift in focus on AI within the company, according to the outlet.
Tinder and Hinge parent company is cutting about 156 jobs globally.
Beata Zawrzel/NurPhoto via Getty Images
Match Group, the parent company of Tinder and Hinge, said on July 30 that it would reduce its global workforce by about 6%, or about 156 employees because it is exiting the livestreaming business.
Match said it would remove the livestreaming service from its app Plenty of Fish and sunset the Hakuna app, which focuses on Korea and Japan.
The reduction in workforce is expected to save the company $13 million in annual costs.
Disney cuts 140 jobs across its TV division
Disney Entertainment Television (DET) is eliminating roughly 2% of its workforce.
SOPA Images/Getty Images
Deadline and Bloomberg reported in July that Disney was making cuts across its TV division, to the tune of roughly 140 jobs — or 2% of the staff at Disney Entertainment Television (DET).
Layoffs will impact National Geographic, owned television stations, the marketing and publicity departments, and Freeform, per a source close to the matter, which notes no teams have been eliminated.
While Disney's cable TV business generates billions, it's on the decline, Bloomberg reports, and the company is seeking to cut costs.
Last year, Disney slashed 7,000 jobs across multiple rounds of layoffs as part of a strategy implemented by returning CEO Bob Iger.
Intel plans to eliminate thousands of jobs
Intel expected to eliminate thousands of jobs, Bloomberg reported.
Justin Sullivan/Getty Images
Intel plans to cut thousands of jobs in response to a second-quarter earnings slump, Bloomberg reported earlier this week, citing unnamed people familiar with the move.
It was officially announced on Thursday, August 1, as it posted Q2 earnings. The company intends to reduce its workforce by 15% by the end of 2024.
"Our Q2 financial performance was disappointing, even as we hit key product and process technology milestones," Intel CEO Pat Gelsinger said in a statement. "Second-half trends are more challenging than we previously expected, and we are leveraging our new operating model to take decisive actions that will improve operating and capital efficiencies while accelerating our IDM 2.0 transformation."
Intel's stock was down following the lackluster earnings.
The layoffs come after the chip maker laid off about 5% of its workforce last year, bringing its head count down to around 124,000, Bloomberg reported.
During the last round of layoffs, announced in October 2022, Intel faced a drop in demand for processors for personal computers and estimated the layoffs would save $10 billion in costs by 2025, per Bloomberg.
Intel did not immediately respond to a request for comment.
WW International is cutting jobs in corporate
WeightWatchers is cutting down its staff.
Eugene Gologursky
Diet program creator WW International, formerly WeightWatchers, plans to lay off employees, it said in an earnings call on August 1.
The company did not specify the number of jobs it will cut. But the layoffs will largely focus on corporate positions, including a 40% cut in roles above and at the vice president level.
The cuts are expected to save the company $60 million, the company's chief financial officer said.
Dell is cutting sales jobs in new focus on AI products
A Dell Technologies office building in Round Rock, Texas.
Brandon Bell/Getty
Dell is cutting jobs on its sales team, Bloomberg reported on Monday. It wasn't immediately clear how many jobs Dell planned to eliminate.
In a memo announcing the cuts, company executives said that the choice was part of a restructuring to focus more on selling AI products and data center services, Bloomberg reported.
Dell did not immediately respond to a request for comment from BI, but a spokesman told Bloomberg: "Through a reorganization of our go-to-market teams and an ongoing series of actions, we are becoming a leaner company."
Paramount Global announced it plans to slash 15% of its US workforce
Paramount Global plans to cut 15% of its US workforce.
PATRICK T. FALLON/Getty Images
Paramount Global is planning to cut about 2,000 jobs ahead of its merger with Skydance Media, CNBC reported.
The company identified $500 million in cost savings as it prepared to join forces with Skydance, totalling about 15% of its US workforce, according to the outlet.
The cuts will begin in a few weeks and will mostly be finished by the end of 2024. Paramount employees in marketing and communications, finance, legal, technology, and other support functions have been targeted, the company said in a Thursday earnings call.
The cuts come about a month after Paramount agreed to merge with Skydance. Paramount shares jumped more than 5% after hours on Thursday.
Stellantis is slashing white-collar and factory jobs
Stellantis is cutting 400 jobs.
Gonzalo Fuentes/Reuters
In August, the owner of Jeep and Dodge announced it is cutting 2,450 factory workers from its Warren Truck assembly plant outside Detroit.
The layoffs come because the company is ending production of the Ram 1500 Classic truck, Stellantis said. These factory cuts came after white-collar jobs were axed earlier this year.
On March 22, the company said it would lay off employees on its engineering, technology, and software teams in an effort to cut costs, CNBC reported.
Stellantis announced plans for another round of layoffs on July 30, according to Bloomberg. The company is offering voluntary buyouts to non-unionized US employees to "assist those interested in pursuing other career options or retirement," Stellantis said in a message seen by Bloomberg.
The job cuts, the total number of which remains unknown, come after a difficult first half of the year, with unit sales sinking by 16% in the US.
Sonos laid off about 6% of its workforce
Sonos laid off about 100 workers in August.
Courtesy of Sonos
The audio equipment company said it slashed roughly 100 jobs in August. The layoffs significantly targeted its marketing division, The Verge reported.
CEO Patrick Spence said in a statement to BI that the company is now focusing on departing employees and "ensuring they have the support they need."
"This action was a difficult, but necessary, measure to ensure continued, meaningful investment in Sonos' product roadmap while setting Sonos up for long term success," Spence said.
Sonos is also reducing some of its customer support offices and will close one in Amsterdam later this year, according to The Verge.
The company previously cut around 7% of its workforce in June 2023, a month after it announced a 24% revenue drop in the second quarter compared to the previous year.
Cisco announced two rounds of layoffs this year
The cuts comprised 5% of the networking company's workforce.
REUTERS/Mike Blake
In February, networking company Cisco announced it was slashing 5% of its workforce, upward of 4,000 jobs, Bloomberg reported.
The company said it was restructuring after an industry-wide pullback in corporate tech spending — which execs said they expect to continue through the first half of the year.
On August 14, in a filing, Cisco said it would further reduce its global workforce by 7% amid sales and revenue declines. Reuters reported earlier that the company was slashing around 4,000 jobs as it shifted attention to cybersecurity and artificial intelligence.
Per its latest annual filing, Cisco had about 85,000 employees as of July 2023.
GoPro is laying off nearly 140 employees
GoPro will go through a second round of layoffs in 2024.
David Becker via Getty Images
Long-troubled GoPro is laying off 15% of its 925 current employees, the company said in a filing on Monday.
The action sports camera maker reported a net loss of nearly $48 million in the quarter that ended in June, adding to a streak of consecutive losses.
The company laid off 4% of its staff in March.
Shell is reportedly planning for major cuts in its oil exploration division
Shell plans for major layoffs in its oil and gas exploration division.
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Oil giant Shell will slash its workforce in oil and gas exploration and development by 20%, according to an August 29 report from Reuters. Company sources reportedly cited intentions to cut costs in the highly profitable segments due to "deep cuts in renewables and low-carbon businesses."
Exploration, wells development, and subsurface units will face hundreds of layoffs globally, with offices in Houston, The Hauge, and Britain expected to take the biggest hit, the sources told Reuters.
A Shell spokesperson would not comment directly on the layoffs but told Business Insider that, "Shell aims to create more value with less emissions by focusing on performance, discipline and simplification across the business."
"That includes delivering structural operating cost reductions of $2-3 billion by the end of 2025, as announced at our Capital Markets Day event in June 2023," the spokesperson added.
Goldman Sachs plans to lay off more than 1,300 workers, The Wall Street Journal reported
Goldman Sachs has already begun cuts, The Wall Street Journal reported.
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The global investment bank is set to cut hundreds of employees during annual reviews this year, The Wall Street Journal reported, citing people familiar with the situation.
Goldman Sachs is targeting low performers with the intention of laying off between 3% and 4% of its global workforce, equaling somewhere between 1,300 and 1,800 people, according to the outlet.
The cuts are already underway and will continue in the coming months, one person told the outlet. Goldman typically tries to cut anywhere from 2% to 7% of employees each year, per The Journal.
Gwyneth Paltrow's Goop is cutting 18% of staff
Gwyneth Paltrow speaks at the In Goop Health Summit in Los Angeles in 2021. The wellness company is laying off 18% of its staff amid a strategy shift.
Rachel Murray/Getty Images for goop
Goop is cutting 18% of its 216-person staff, citing a change to its organization, WWD wrote in September. It will now focus on beauty, fashion, and food — specifically its Goop Beauty and good.clean.goop beauty brands, G.Label clothing line, and Goop Kitchen restaurants.
That means it's moving away from wellness, home, travel, and sexual wellness, some of which are categories that once defined the brand.
Samsung plans to cut jobs globally this year, Reuters reported
Samsung is planning global job cuts in 2024.
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Samsung is planning to cut jobs this year, a move that will impact workers in the US, Europe, Asia, and Africa, Reuters reported.
The electronic devices maker will cut up to 30% of staff in some divisions, the report says. It is unclear how many jobs will be impacted.
Samsung told Reuters in a statement that the workforce adjustments would not impact its production staff and that no specific targets for the cuts are in place.
Verizon is laying off 4,800 US employees
Verizon will let go of 4,800 US-based management employees by March 2025.
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Verizon is letting go of 4,800 US-based management employees in a voluntary separation program.
T he company said in a Securities and Exchange Commission filing that more than half of these employees would exit in September, while the rest will leave by the end of March 2025.
The telecommunications giant expects severance charges to cost as much as $1.9 billion before tax in the third quarter of this year.
General Motors is laying off about 1,700 employees in Kansas
General Motors is laying off about 1,700 employees at its Fairfax plant in Kansas.
Rebecca Cook/Reuters
General Motors is laying off 1,695 employees at its Fairfax plant in Kansas, the company said in a Worker Adjustment and Retraining Notification notice in mid-September.
The layoffs will begin in mid-November, and a second phase will continue in January, Reuters reported, citing a GM spokesperson. It is unclear which departments will be affected, but about 1,450 of these employees will be laid off temporarily, the spokesperson said.
In August, the carmaker laid off over 1,000 workers, or 1.3% of its workforce.
The August layoffs came primarily from GM's software and services business, which it had bulked up over the past few years. Last year, the company brought on two former Apple executives to run the unit.
Flexport conducts second round of layoffs in 2024
Flexport CEO Ryan Petersen returned to the company in September.
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US logistics startup Flexport is laying off another 2% of its US staff this week as it aims to cut costs and reorganizes its retail delivery business.
The fulfillment center-focused cuts amount to about 40 people and were first reported by The Information, citing an internal memo.
In January, Flexport cut 15% of its staff, or around 400 people. Those cuts came after Flexport founder and CEO Ryan Petersen initiated a 20% reduction of its workforce of an estimated 2,600 employees in October 2023.
Flexport kicked off 2024 with the announcement that it raised $260 million from Shopify and made "massive progress toward returning Flexport to profitability."
NYCB's Flagstar Bank cuts 700 jobs
NYCB's Flagstar Bank is cutting 700 jobs as part of a business overhaul.
Facebook/Adobe Stock/BI
New York Community Bancorp's Flagstar Bank will cut 8% of its workforce, or 700 jobs, as it aims to revamp its business, the company's CEO, Joseph Otting, said in a statement on October 17.
An additional 1,200 employees will be laid off at the end of the quarter after the company sells its residential mortgage business.
NYCB is also changing its name to Flagstar Financial as part of the turnaround efforts after losses from its commercial real estate portfolio.
Chief, a networking group for female executives, made cuts across the company
Chief, cofounded by Lindsay Kaplan and Carolyn Childers, laid off staff.
Kimberly White/Getty Images for TechCrunch.
Chief, which has positioned itself as the nation's largest network of senior executive women, confirmed to Business Insider on October 20 that it has shed roles.
The company told BI that the cuts, which had already been announced internally, mainly impacted "our technology and administrative functions."
"Like many companies, we are balancing growth and profitability," the spokesperson added.
In a June press release, the American company said 40% of its members were C-suite executives and that they represent more than 10,000 companies.
In April 2023, Chief cut 14% of its workforce in what the founders called a "challenging economic environment," TechCrunch reported at the time.
This January, the company said it would close its London offices — opened one year previously — to refocus on the American market.
Visa will reportedly lay off around 1,400 people
Visa plans to lay off around 1,400 people by the end of the year, The Wall Street Journal reported.
Jakub Porzycki/NurPhoto/Getty Images
Visa plans to lay off around 1,400 workers this year, The Wall Street Journal reported on October 29.
In a statement provided to BI, a Visa spokesperson said the company expects to grow its workforce for the foreseeable future but that it is continuously evolving to serve clients, innovate, and grow, "which can lead to the elimination of some roles."
"When this happens, we are committed to supporting our employees," the spokesperson added.
Workers affected by layoffs included employees and contractors, with more than 1,000 in technology roles, the Journal reported, citing unnamed sources familiar with the situation. Visa has more than 30,000 employees.
Dropbox is slashing around 20% of its global workforce
Dropbox CEO Drew Houston announced the company is laying off around 20% of its workforce.
Reuters/ Mike Blake
The cloud storage company is laying off 528 employees, targeting "over-invested or underperforming" areas, CEO Drew Houston announced in an email sent to employees on Wednesday.
"As CEO, I take full responsibility for this decision and the circumstances that led to it, and I'm truly sorry to those impacted by this change," Houston wrote.
The Dropbox chief cited diminishing demand and macro headwinds in the company's core business, as well as excessive management levels, as contributing factors.
The layoffs come as the company is undergoing a "transitional period" with its growing File Sync and Share (FSS) business and greater efforts on products like Dash, Dropbox's AI-powered work assistant.
KPMG plans to cut nearly 4% of its US audit workforce.
KPMG plans to lay off about 330 people in its US audit workforce.
Jakub Porzycki/NurPhoto via Getty Images
Consulting giant KPMG informed about 330 people, or less than 4%, in its US audit workforce last Wednesday that they would be laid off within the next couple of weeks, a spokesperson told BI.
"The actions reflect our ongoing focus to align the size, shape and skills of our workforce to the market, while addressing continued low levels of attrition," the spokesperson said in a written statement.
This follows an earlier round of layoffs in March, as well as another one last summer, that also affected the company's audit unit, similarly due to low levels of voluntary exits, the spokesperson said.
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