Some of the biggest names in corporate America have kicked off the year with large
Among the reasons for the cuts, which continued in February, companies are dialing back after over-hiring during the pandemic and trimming certain areas to invest in others, such as artificial intelligence.
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Nike will slash its
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Here's a list of some of the other large layoffs announced so far in 2024:
Alphabet 'sGoogle islaying off hundreds of people working on its digital assistant, hardware and engineering teams as part of a continued effort to lower costs and focus on artificial intelligence. The reductions come as Google's core internet search business feels the heat from the AI offerings of rivalsMicrosoft and ChatGPT-creatorOpenAI .- Amazon.com announced hundreds of layoffs in its
healthcare division , following 2022 and 2023 reductions totaling 27,000 workers, as chief executive officer Andy Jassy looked to cut costs after expanding rapidly during the pandemic. BlackRock will dismiss about 600 employees, or roughly 3% of itsglobal workforce , as it seeks to reallocate resources amid rapid changes in asset management. "We see our industry changing faster than at any time since the founding of BlackRock," chief executive officer Larry Fink and President Rob Kapito wrote in a memo to staff.- Cisco Systems, the largest maker of networking equipment, plans to cut
thousands of jobs after a slowdown in corporate tech spending wiped out its sales growth. A restructuring plan will affect roughly 5% of Cisco's workforce. It had almost 85,000 employees as of last year, suggesting that the move will involve approximately 4,000 jobs. - This year will be a "
turning point " for Citigroup, according to Chief Executive Officer Jane Fraser. She is looking to decrease bureaucracy and increase profitability. It will eliminate 20,000 roles. DocuSign is cutting about 6% of its workforce as part of arestructuring effort after talks to sell itself appear to have stalled. The move will mostly affect staff in sales and marketing. DocuSign had 7,336 employees at the end of 2023.- Staffing and expenses have outpaced growth at eBay, so it will
lay off 9% of its staff or about about 1,000 job cuts. This marks the second round of cuts at the company in a year: In February 2023, it announced a 4% cut of its workforce, citing a slowdown in consumer spending following the pandemic-fueled e-commerce boom. Microsoft will lay off 1,900 people across itsvideo-game divisions including at Activision Blizzard, which it purchased for $69 billion in an acquisition that closed late last year.- Morgan Stanley is planning to eliminate
several hundred jobs , the first such move under chief executive officer Ted Pick. The cuts will affect less than 1% of employees in the wealth-management business, which has about 40,000 workers and is the firm's largest unit, according to a person with knowledge of the matter. - After reporting disappointing earnings, United Parcel Service announced it would save more than $1 billion by
cutting 12,000 of its 85,000 management jobs. The company also will demand that workers be in the office five days a week.