Several major companies are starting off the new year by laying off staff as the stable labor market shows signs of slowing down.
Last year, there was a large number of layoffs as companies made it their mission to do more with less. The unemployment rate of 3.7% is near a 50-year low, yet still, many major tech companies including Google and Amazon are conducting layoffs this year. According to layoffs fyi, there have already been a total of 9,533 employees laid off from 61 different tech companies. The layoffs aren’t as severe as last year’s, which had a heavy impact on many workers.
Here are some well-known companies conducting layoffs:
Google has laid off over a thousand employees from different departments as it continues to reverse its hiring surge during the pandemic. The company has told employees to expect more layoffs throughout the year.
Amazon
To control costs, the e-commerce company is reducing its workforce throughout its film and television studio and Twitch streaming platform.
Twitch
Twitch, a video streaming company owned by Amazon, announced it will cut 500 employees from its workforce.
DiscordÂ
Discord, a communication platform, announced it will be laying off 17% of its staff. This layoff is Discord’s largest yet after it laid off 4% of staff last August.
Duolingo
The popular language learning app Duolingo announced that it will be conducting layoffs as it pivots towards using AI for language learning and content generation. The company stated that it would be cutting 10% of its contract employees.
Unity
The video game software provider Unity Software will conduct its largest layoff as it cuts approximately 25% of its workforce or 1,800 jobs. The company announced the layoffs in a regulatory filing and internal company memo.
Macy’s
The department store chain plans to lay off about 13% of its corporate staff, totaling to about 2,350 positions. It will additionally shut down five stores to reduce expenses and redirect spending to improve the customer experience.
Citigroup
The bank said it would eliminate 20,000 jobs by the end of 2026. The layoffs come after the company had its worst quarter in 15 years, with a net loss of $1.8 billion for the fourth quarter of 2023. The bank expects the layoffs to save $2.5 billion over the long term.
BlackRock
The world’s largest asset manager announced it would lay off 600 employees, though it still expects an increase in headcount by the end of 2024. In January 2023, the company also laid off approximately 3% of its workforce.
These are only a few of the companies that will be conducting layoffs in 2024. Visit layoffs fyi to see a full, updated list of tech companies conducting layoffs. The cuts so far signal that more companies will likely lay off more workers through 2024.
