US, Canadian companies kick off 2024 with layoffs

May 15, 202409:55 UTC

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 hopes of a soft landing have grown in recent months, companies continue to be cautious as the outlook on rate cuts by the Federal Reserve remains uncertain.

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, a few hundred at healthcare units One Medical and Amazon Pharmacy. It also announced layoffs at Amazon Web Services (AWS) impacting several hundred roles in sales, marketing, and global services and a few hundred roles in the physical stores technology team.

* Layoffs at Alphabet GOOG include dozens at the division for developing new technology X Lab, hundreds in the advertising sales team, hundreds across teams, including the hardware team responsible for Pixel, Nest and Fitbit, and a majority in the 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 U to cut about 25% of workforce, or 1,800 jobs.

* DocuSign DOCU plans to reduce its workforce by about 6%, or 400 employees, with a majority in its sales and marketing organizations.

* Snap 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 BB plans more layoffs, in addition to about 200 job cuts in the prior quarter.

* Satellite radio company SiriusXM SIRI plans to reduce workforce by about 3%, or about 160 roles.

* Bumble BMBL 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-owned CMCSA 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 PARA is planning to conduct an unspecified number of layoffs.

* Business Insider plans to lay off around 8% of its staff.

* Bell Canada BCE 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 SQ has started to cut unspecified jobs.

* Citigroup C is planning to reduce its headcount by 20,000 people over the next two years. It has announced plans to slash 716 roles in New York towards that target.

* Investment banking giant Morgan Stanley MS 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 NDAQ 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 a larger headcount by the end of 2024.

CONSUMER AND RETAIL

* The world's largest retailer Walmart WMT plans to cut hundreds of jobs at its corporate headquarters and relocate a majority of its U.S. and Canada-based remote workforce to three offices.

* Cosmetics giant Estee Lauder EL plans to cut 3% to 5% of its global workforce.

* Wayfair W plans to lay off 1,650 employees, or about 13% of its workforce.

* U.S. department store chain Macy's M is cutting 2,350 jobs, closing five stores.

* Levi Strauss & Co LEVI is planning to slash 10%-15% of global corporate jobs.

* Hershey's HSY 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 UPS plans to cut 12,000 jobs to cut costs.

NATURAL RESOURCES

* U.S. miner Piedmont Lithium PLL cuts 27% of workforce in the cost-cutting plan.

* Canadian oil and gas pipeline firm TC Energy TRP 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.

AUTOMAKERS

Electric automaker Tesla TSLA will lay off more than 10% of its global workforce, an internal memo seen by Reuters on Monday shows, as it grapples with falling sales amid an intensifying price war for electric vehicles.