The wave of layoffs that began in 2023 continues to batter major companies in the US and Canada. Tech giants, financial institutions, automakers, and even retail firms are shedding thousands of jobs.
The technology sector remains the epicenter of layoffs. Amazon, Alphabet, Microsoft, Intel, and many others have announced significant job cuts. These companies are restructuring operations, focusing on core businesses, and cutting costs amid economic uncertainty.
This has impacted several hundred roles in sales, marketing, and global services and a few hundred roles in the physical store’s technical team.
- Microsoft: Cutting 1,900 jobs in the gaming division (Activision Blizzard and Xbox).
- IBM: Laying off some employees but hiring for AI roles.
- Intel: Cutting over 15% of the workforce (17,500 jobs), focusing on manufacturing turnaround.
- eBay: Cutting 1,000 jobs (9% of the workforce).
- Unity Software: Cutting 25% of the workforce (1,800 jobs).
- DocuSign: Cutting 6% of the workforce (400 jobs), mainly in sales and marketing.
Financial Services Under Pressure
Financial firms are also feeling the heat. PayPal, Citigroup, Morgan Stanley, and BlackRock are among those reducing their workforce. Changing market conditions and economic headwinds are driving these decisions.
Beyond Tech and Finance
Layoffs extend beyond tech and finance. Automakers like Tesla and Lucid, media companies such as Disney and Comcast, and retail giants are also impacted. The overall economic climate and industry-specific challenges are contributing factors.
While recession fears have eased, uncertainty about interest rate cuts and the broader economic outlook persist. This cautious environment is prompting companies to streamline operations and reduce costs, leading to job losses across various sectors.
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