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US, Canadian companies kick off 2024 with massive layoffs
Companies in the United States and Canada have kicked off 2024 with thousands of job cuts across sectors, signaling that the spate of layoffs seen in 2023 could persist as they scramble to rein in costs.
While job cut announcements in the United States more than doubled month-on-month to 82,307 in January, they were down 20% from a year earlier, according to a report by outplacement firm Challenger, Gray & Christmas earlier in February.
The technology sector, which accounted for the highest number of layoffs in 2023, has seen 34,000 job cuts in 141 firms so far this year, according to tracking website Layoffs.fyi.
Here is a snapshot of job cuts announced so far in 2024:
TECHNOLOGY
* Amazon’s 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 and a few hundred at healthcare units One Medical and Amazon Pharmacy.
* Layoffs at Alphabet include dozens at division for developing new technology X Lab, hundreds in advertising sales team, hundreds across teams, including hardware team responsible for Pixel, Nest and Fitbit, and a majority in augmented reality team.
* Microsoft is cutting around 1,900 jobs at gaming divisions Activision Blizzard and Xbox.
* IBM plans to lay off some employees in 2024, but will hire more for AI-centered roles.
* E-commerce firm eBay plans to cut about 1,000 roles, or around 9% of its workforce.
* Videogame software provider Unity Software to cut about 25% of workforce, or 1,800 jobs.
* DocuSign plans to reduce workforce by about 6%, or 400 employees, with a majority in its sales and marketing organizations.
* Snap plans to cut around 528 jobs, or 10% of its global workforce.
* Salesforce is laying off about 700 employees, or roughly 1% of its global workforce.
* Network giant Cisco is planning to restructure its business which will include laying off thousands of employees.
* Autonomous vehicle technology company Aurora Innovation lays off 3% of workforce.
* Canada’s BlackBerry plans more layoffs, in addition to about 200 job cuts in the prior quarter.
* Satellite radio company SiriusXM plans to reduce workforce by about 3%, or about 160 roles.
* Bumble is set to eliminate 350 jobs, or about 30% of its workforce.
MEDIA
* Walt Disney’s Pixar Animation Studios is set to cut jobs as the studio has completed production on some shows.
* Comcast-owned 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 is planning to conduct unspecified number of layoffs.
* Business Insider plans to lay off around 8% of its staff.
* Bell Canada plans to slash 4,800 jobs.
FINANCIAL SERVICES
* PayPal Holdings is planning to cut about 2,500 jobs, or 9% of its global workforce this year.
* Payments firm Block Inc has started to cut unspecified jobs.
* Citigroup is planning to reduce its headcount by 20,000 people over the next two years.
* Investment banking giant Morgan Stanley 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 plans to slash hundreds of jobs as it integrates fintech firm Adenza into its business.
* Asset manager BlackRock is set to cut about 3% of its workforce, but expects larger headcount by end-2024.
CONSUMER AND RETAIL
* Cosmetics giant Estee Lauder plans to cut 3% to 5% of its global workforce.
* Wayfair plans to lay off 1,650 employees, or about 13% of its workforce.
* U.S. department store chain Macy’s is cutting 2,350 jobs, closing five stores.
* Levi Strauss & Co is planning to slash 10%-15% of global corporate jobs.
* Hershey’s restructuring plan will impact less than 5% of its workforce.
* Nike 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.
HEALTH
* Novavax is cutting about 12% of workforce.
MANUFACTURING
* Defense contractor Lockheed Martin is planning to cut 1% of its jobs.
* United Parcel Service plans to cut 12,000 jobs to cut costs.
NATURAL RESOURCES
* U.S. miner Piedmont Lithium cuts 27% of workforce in cost-cutting plan.
* Canadian oil and gas pipeline firm TC Energy 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 said it would reduce its workforce by 650 jobs, or 5%, in a bid to cut costs.
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