The Companies Conducting Layoffs in 2023: Here’s the List | Mint

The Companies Conducting Layoffs in 2023: Here’s the List

The Companies Conducting Layoffs in 2023: Here’s the List
The Companies Conducting Layoffs in 2023: Here’s the List

Summary

After a rash of layoffs at the beginning of the year, some companies are cutting jobs as 2023 winds down and a strong labor market shows signs of cooling.

After a rash of layoff announcements at the beginning of the year, some companies are cutting jobs as 2023 winds down and a strong labor market shows signs of cooling.

Tech-industry layoffs, which dominated at the start of 2023, included Facebook parent Meta Platforms, Google parent Alphabet and Microsoft.

Then downsizing went beyond high-growth technology companies, with retailers, manufacturers and the financial sector announcing cuts.

While the unemployment rate remained below 4% as of October, hiring has slowed from earlier this year. Higher interest rates have weighed on economic demand. Businesses are hiring fewer extra workers for the holidays, a possible warning of a weakening labor market.

Here’s a look at companies that cut jobs in 2023.

December

Spotify

The audio streaming company said it would cut 1,500 jobs, or 17% of its workforce, in its third round of layoffs this year. It laid off about 200 employees in June and 600 employees in January.

Twilio

The communications and customer data company said it was eliminating about 5% of its 5,900 employees. In February, the company laid off about 17% of its workforce.

November

A.P. Moller-Maersk

The shipping and logistics giant said it would slash more than 10,000 jobs.

ByteDance

TikTok’s parent company was laying off hundreds of people at its videogame unit and planned to end games under development.

Citigroup

The bank began a round of layoffs, part of an effort to streamline Citigroup. The bank hasn’t set a target for total layoffs. Employees have speculated 10% of positions, likely thousands of jobs, could be cut.

Continental

The German auto-parts maker said it anticipated cutting thousands of jobs.

VF Corp.

The U.S. sportswear and footwear company behind Vans, North Face and Timberland said it was laying off about 500 employees.

October

Charles Schwab

The brokerage laid off about 2,000 employees, or 5% to 6% of its workforce.

August

T-Mobile US

The cellphone carrier said it would lay off about 5,000 employees, or 7% of its workforce.

July

CVS Health

The pharmacy and healthcare company said it was shedding about 5,000 jobs, mostly in its corporate offices. It employed more than 300,000 people at the end of last year.

June

Ford Motor

The automaker planned to lay off at least 1,000 salaried employees and contract workers in North America. In February, Ford said it would cut 3,800 jobs in Europe over the next three years.

May

Goldman Sachs

The bank readied its third round of layoffs in less than a year. In January, it eliminated roughly 3,200 positions, or about 6% of employees. Goldman had also cut several hundred jobs in September 2022.

April

Best Buy

The electronics and appliance retailer said it was cutting hundreds of jobs in its U.S. stores.

BuzzFeed

The digital media company said it was laying off 15% of its staff, about 180 people, and shutting down BuzzFeed News. BuzzFeed had laid off 12% of its staff in December 2022.

Dropbox

The cloud software company said it would cut 500 jobs, or about 16% of its workforce, amid slowing growth and an industrywide push toward artificial intelligence.

Ernst & Young

The accounting firm’s U.S. arm said it was cutting 3,000 jobs, or about 5% of its workforce. A recent failed breakup attempt had cost the company $600 million.

Gap

The retailer said it would cut 1,800 corporate jobs.It employed about 95,000 people as of late January, mostly in stores.

Lyft

The ride-hailing company said it was cutting more than 1,000 jobs, or about one-fourth of employees, and eliminating over 250 open roles.

McDonald’s

The fast food chain laid off hundreds of workers and reduced compensation packages for some employees.

3M

The maker of Scotch tape and Post-It Notes said it expected to cut 6,000 jobs in addition to the 2,500 manufacturing jobs it said it would eliminate in January. 3M had 92,000 employees at the end of 2022.

March

Accenture

The professional-services company said it was cutting about 19,000 jobs, or 2.5% of its workforce.

Amazon

The online retailer said it would cut 9,000 corporate jobs, after announcing layoffs of over 18,000 mostly corporate workers in January. Whole Foods, the grocery chain owned by Amazon, then said in April it would cut several hundred corporate jobs.

Electronic Arts

The videogame publisher said it was laying off about 6% of its workforce and reducing its office-space footprint. The maker of “Madden NFL" and “The Sims" had about 13,000 employees in 2022.

Indeed

The job-search website, part of Recruit Holdings, said it expected to lay off about 2,200 employees, or 15% of its workforce.

Lucid

The electric-vehicle company said it planned to lay off approximately 1,300 employees, or 18% of its workforce.

Meta

The parent company of Facebook and Instagram said it would cut roughly 10,000 jobs, in its second wave of mass layoffs. Meta Chief Executive Mark Zuckerberg has dubbed 2023 the “year of efficiency."

Warner Music

The music label behind Ed Sheeran and Madonna said it planned to lay off about 4% of its workforce, or about 270 jobs.

February

Boeing

The aerospace manufacturer said it would cut about 2,000 jobs. The previous month, Boeing had said it planned to increase its head count this year, adding 10,000 jobs overall and focusing on engineering and manufacturing roles.

Dell

The computer maker said it was cutting about 5% of its workforce, or around 6,600 jobs.

Disney

The media and entertainment company announced plans to cut 7,000 jobs and eliminate $5.5 billion in costs. Layoffs began in late March, with a second round in April.

Ericsson

The telecommunications-equipment said it planned to lay off 8,500 employees worldwide, or about 8% of its workforce. A few days earlier, the Stockholm-based company had announced 1,400 job cuts in Sweden.

FedEx

The package delivery company said it was laying off more than 10% of its global management staffers. It had already trimmed its U.S. workforce by 12,000 since June 2022, the start of its fiscal year. It had more than 550,000 employees globally as of December 2022.

McKinsey

The consulting company planned to eliminate as many as 2,000 jobs in what would be one of its largest head-count reductions.

News Corp

The parent company of The Wall Street Journal said it expected to cut 5% of jobs, or about 1,250 positions, this year.

Rivian

The electric-vehicle startup said it planned to trim 6% of its workforce.

Yahoo

The tech and media company planned to lay off 20% of its workforce by the end of the year.

Zoom Video Communications

The videoconferencing company said it was laying off 1,300 employees, or 15% of its staff, while its chief executive said he and other executives were taking pay cuts.

January

Alphabet

The Google parent said it planned to eliminate roughly 12,000 jobs, reducing its staff by 6% and marking the company’s largest-ever round of layoffs.

Bank of New York Mellon

The bank planned to cut about 3% of its workforce this year, or about 1,500 jobs.

BlackRock

The world’s largest asset manager said it was laying off 500 employees, or around 3% of its workforce.

Coinbase Global

The crypto exchange said it would eliminate around 20% of its staff, or about 950 people.

Crypto.com

The crypto company said it was cutting 20% of its global workforce, its second round of layoffs in six months.F

Dow

The chemicals company said it was laying off about 2,000 employees.

Hasbro

The toy company behind Monopoly and My Little Pony said it would eliminate 15% of its workforce, or around 1,000 positions.

IBM

The tech company said it would cut about 3,900 jobs, reducing its head count by about 1.4%.

Microsoft

The software company said it was laying off 10,000 employees, affecting less than 5% of the company’s workforce. Its career-focused website LinkedIn went on to cut about 670 jobs in October, after trimming more than 700 jobs in May.

PayPal

The financial tech company said it would lay off 2,000 employees, or 7% of its workforce.

Royal Philips

The Dutch health-technology company said it would trim 6,000 jobs by 2025, including 3,000 this year. The job cuts were in addition to the 4,000 roles Philips said it would eliminate in October 2022.

Salesforce

The software company said it would cut 10% of its staff. It had nearly 80,000 global employees as of October 2022.

SAP

The software company said it would shed up to 3,000 positions.

Stitch Fix

The personal shopping and styling service said it was trimming 20% of salaried jobs, its second recent downsizing. CEO Elizabeth Spaulding resigned and the company’s founder returned.

Write to Joseph De Avila at joseph.deavila@wsj.com

The Companies Conducting Layoffs in 2023: Here’s the List
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The Companies Conducting Layoffs in 2023: Here’s the List
The Companies Conducting Layoffs in 2023: Here’s the List
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The Companies Conducting Layoffs in 2023: Here’s the List
The Companies Conducting Layoffs in 2023: Here’s the List
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The Companies Conducting Layoffs in 2023: Here’s the List
The Companies Conducting Layoffs in 2023: Here’s the List
View Full Image
The Companies Conducting Layoffs in 2023: Here’s the List
The Companies Conducting Layoffs in 2023: Here’s the List
View Full Image
The Companies Conducting Layoffs in 2023: Here’s the List
The Companies Conducting Layoffs in 2023: Here’s the List
View Full Image
The Companies Conducting Layoffs in 2023: Here’s the List
The Companies Conducting Layoffs in 2023: Here’s the List
View Full Image
The Companies Conducting Layoffs in 2023: Here’s the List
The Companies Conducting Layoffs in 2023: Here’s the List
View Full Image
The Companies Conducting Layoffs in 2023: Here’s the List
The Companies Conducting Layoffs in 2023: Here’s the List
View Full Image
The Companies Conducting Layoffs in 2023: Here’s the List
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