financetom
Business
financetom
/
Business
/
Factbox-US, Canadian companies kick off 2024 with layoffs
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Factbox-US, Canadian companies kick off 2024 with layoffs
Mar 7, 2024 3:54 AM

(Reuters) - 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 ( AMZN ) 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 ( MSFT ) is cutting around 1,900 jobs at gaming divisions Activision Blizzard and Xbox.

* IBM ( IBM ) plans to lay off some employees in 2024, but will hire more for AI-centered roles.

* E-commerce firm eBay ( 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 ( DOCU ) 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 ( CRM ) is laying off about 700 employees, or roughly 1% of its global workforce.

* Network giant Cisco ( CSCO ) is planning to restructure its business which will include laying off thousands of employees.

* Autonomous vehicle technology company Aurora Innovation ( AUR ) 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 ( DIS ) Pixar Animation Studios is set to cut jobs as the studio has completed production on some shows.

* Comcast ( CMCSA )-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 ( PARAA ) 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 ( PYPL ) 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 ( C/PN ) 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 ( BLK ) is set to cut about 3% of its workforce, but expects larger headcount by end-2024.

CONSUMER AND RETAIL

* Cosmetics giant Estee Lauder ( EL ) 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 ( LEVI ) is planning to slash 10%-15% of global corporate jobs.

* Hershey's restructuring plan will impact less than 5% of its workforce.

* Nike ( NKE ) 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 ( NVAX ) is cutting about 12% of workforce.

MANUFACTURING

* Defense contractor Lockheed Martin ( LMT ) 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 ( PLL ) 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 ( ENB ) said it would reduce its workforce by 650 jobs, or 5%, in a bid to cut costs.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Spirit Airlines prepares to file for bankruptcy protection, WSJ reports
Spirit Airlines prepares to file for bankruptcy protection, WSJ reports
Nov 12, 2024
Nov 12 (Reuters) - Spirit Airlines ( SAVE ) is preparing to file for bankruptcy protection after merger talks with Frontier Airlines broke down, the Wall Street Journal reported, citing people familiar with the matter. The ultra-low cost carrier is in advanced discussions with bondholders to hammer out a bankruptcy plan that would have support from a majority of creditors,...
Ufp Technologies Insider Sold Shares Worth $8,854,990, According to a Recent SEC Filing
Ufp Technologies Insider Sold Shares Worth $8,854,990, According to a Recent SEC Filing
Nov 12, 2024
05:29 PM EST, 11/12/2024 (MT Newswires) -- R Jeffrey Bailly, Director, CEO, on November 08, 2024, sold 25,416 shares in Ufp Technologies ( UFPT ) for $8,854,990. Following the Form 4 filing with the SEC, Bailly has control over a total of 43,727 shares of the company, with 43,727 controlled indirectly. SEC Filing: https://www.sec.gov/Archives/edgar/data/914156/000106299324018925/xslF345X05/form4.xml Price: 346.00, Change: -0.29, Percent Change:...
Gartner Insider Sold Shares Worth $9,993,926, According to a Recent SEC Filing
Gartner Insider Sold Shares Worth $9,993,926, According to a Recent SEC Filing
Nov 12, 2024
05:41 PM EST, 11/12/2024 (MT Newswires) -- Eugene A Hall, Director, Chairman and CEO, on November 08, 2024, sold 18,296 shares in Gartner ( IT ) for $9,993,926. Following the Form 4 filing with the SEC, Hall has control over a total of 1,143,401 shares of the company, with 1,143,401 shares held directly. SEC Filing: https://www.sec.gov/Archives/edgar/data/749251/000112760224027088/xslF345X05/form4.xml ...
Spirit Airlines prepares to file for bankruptcy, WSJ reports
Spirit Airlines prepares to file for bankruptcy, WSJ reports
Nov 12, 2024
(Reuters) -Spirit Airlines ( SAVE ) is preparing to file for bankruptcy protection after merger talks with Frontier Airlines broke down, the Wall Street Journal reported, citing people familiar with the matter. The ultra-low cost carrier is in advanced discussions with bondholders to hammer out a bankruptcy plan that would have support from a majority of creditors, the report said....
Copyright 2023-2026 - www.financetom.com All Rights Reserved