In early 2024, businesses in the U.S. and Canada across a wide range of industries laid off thousands of workers to cut expenses, and this wave of unemployment is likely to continue in 2023.
A report published earlier in February by Challenger, Gray & Christmas showed that the number of unemployed in the United States doubled in January from the previous month to 82,307, but was 20% lower than a year ago.
By 2023, the technology industry will lose the biggest number of jobs. According to the tracking investigation agency "LayoffsSo far, 141 companies have cut 34,000 jobs this year, FYI said.
According to Reuters, the positions will be announced in early 2024:
Technology industry. Amazon has cut less than 5% of its workforce, with 5% of its employees in Prime Shopping, 5% in the audio and podcast business, hundreds of employees in live streaming and studios, 35% in the Twitch live streaming business, and hundreds more in the health care division of One Pharmaceutical and Amazon Pharmaceutical; Google's Alphabet has laid off dozens of new technology X labs, hundreds of ad sales teams, hundreds of hardware teams responsible for pixels, nests, and fitbits, and most of the AR (AR) teams. Microsoft's gaming businesses, Blizzard, and Xbox Inc. will cut 1,900 jobs; Technology consultancy IBM (IBM) intends to lay off some of its employees in 2024 but will hire more AI positions; eBay intends to cut about 1,000 jobs, or about 9 percent of its workforce; Unity Software will cut about 25 percent, or 1,800 jobs; Docusign intends to reduce approximately 6 percent of its headcount, mostly 400 in sales and marketing; The social media company Serab Group intends to cut 528 jobs, or 10 percent of its worldwide value; SAFTSE, a software market company, is looking to cut about 700 employees, or about 1% of its employees worldwide; Internet giant Cisco is planning to restructure its operations, which will involve cutting thousands of jobs; Aurora Innovation, a driverless technology company, cut 3% of its workforce; Canadian mobile** Blackberry has already cut about 200 jobs in the last quarter and is planning further layoffs. Sirius XM (SiriusXM) will cut 3% of jobs, or about 160; Dating app Bumble intends to cut 350 positions, or about 30% of its employees.
Journalism, media, film industry.
Disney's Pixar animation company intends to make cuts after the end of its current project. British media giant Sky, part of pay TV provider Comcast Corp., which intends to cut 1,000 jobs; The Los Angeles Times intends to lay off 94 journalists; Paramount Pictures is planning to cut certain undetermined headcounts; Online** Business Insider plans to lay off about 8% of its employees; Canada's Bell Communications (BCE) will cut 4,800 jobs.
Financial Services Division.
PayPal Holdings, a third-party payer**, intends to cut 2,500 jobs, or nine percent of the world's workforce, this year; Payment company Block IncStaff cuts are already underway, but the exact number has not yet been announced; Citibank intends to cut 20,000 jobs over the next two years; Morgan Stanley, the investment banking giant, intends to cut hundreds of positions in its wealth management business, and this time the cut is only 1 percent of the total number of people in the business. As a fintech business, NASDAQ, the company intends to cut hundreds of jobs in order to merge a fintech business. The asset manager, called Blackrock, is planning to cut about 3% of its workforce, but expects more by the end of 2024.
Consumer & Retail.
Cosmetics giant Lauder intends to lay off 3 to 5 percent of its employees worldwide; Waifi intends to lay off 1,650 people, or about 13 percent of its workforce; U.S. department store Macy's will cut 2,350 jobs and will close five stores; Fashion brand Levi's intends to lay off 10 to 15 percent of its employees worldwide; According to the British "Daily Mail", the number of layoffs of the chocolate brand Hershey will be less than 5%; Nike plans to cut about 2 percent of its workforce, or more than 1,600 jobs, to cope with the adverse impact of lower results this year.
Medical careers. A vaccine manufacturer, Novax, is planning to lay off about 12 percent of its workforce.
Produce. Defense engineering company Lockheed Martin intends to cut 1% of its workforce; FedEx will cut 12,000 jobs in order to cut expenses.