Companies are laying off thousands of workers in 2023. The cuts reverse a pandemic-era hiring boom, primarily in the technology sector, as firms prepare for a potential recession. In the US, the job cuts contrast a robust labor market as official government data pins the unemployment rate near a 50-year low and companies in other sectors continue to hire at a quick pace.
S&P Global Market Intelligence is tracking notable corporate layoffs. Below is a list of some of the companies announcing job cuts affecting 1,000 or more workers. This list will be updated as new layoffs are announced.
2023➤
The ride sharing company says in a regulatory filing it plans to cut about 1,072 employees, or 26% of its workforce.
➤ April 25: 3M Co.
In its first-quarter earnings release, the company says it will cut about 6,000 jobs globally in addition to the 2,500 reductions announced in January.
➤ April 17: EY
The professional services company, part of Ernst & Young Global Ltd., announces cuts of about 3,000 employees in the US, less than 5% of its US workforce.
➤ April 14: David's Bridal LLC
The wedding and special occasion apparel company is cutting 9,236 workers nationwide in three phases from April to August, according to a notice filed with the Pennsylvania Department of Labor and Industry. The company filed for bankruptcy protection on April 16 and is seeking a buyer.
➤ March 28: Lucid Group Inc.
In a regulatory filing, the electric vehicle company discloses plans to cut 1,300 employees, or about 18% of its workforce.
➤ March 23: Accenture PLC
In a regulatory filing, the Ireland-based professional services company discloses plans to shed 19,000 workers, about 2.5% of its workforce, over the next 18 months.
➤ March 22: Indeed
Chris Hyams, CEO of the Recruit Holdings Co. Ltd.-owned internet job search platform, announces plans to cut 2,200 workers, about 15% of the company's workforce.
➤ March 21: Just Eat Takeaway.com NV
Multiple media outlets report the food-delivery company, which operates globally, plans to cut 1,700 workers in the UK as it reorganizes operations in the country. The company later confirmed the reports in an email to Market Intelligence.
➤ March 20: Amazon.com Inc.
CEO Andy Jassy tells employees about 9,000 positions will be eliminated in addition to the previously announced 18,000.
The Facebook parent company announces it will cut 10,000 jobs and close an additional 5,000 open and unfilled roles. These are in addition to 11,000 layoffs announced in 2022.
➤ March 10: Ford Motor Co.
The carmaker's Spanish operations confirms 1,100 job cuts at a plant in Valencia that employs about 6,000. These are in addition to other cuts in Europe announced in February.
➤ Feb. 24: Telefonaktiebolaget LM Ericsson (publ) and BASF SE
The Swedish telecom equipment company confirms to multiple media outlets it will eliminate 8,500 positions through 2024 as part of a cost-cutting plan announced in December 2022. The company employs about 105,000 worldwide, according to a statement to Market Intelligence.
Separately, BASF announces a net reduction of 2,600 positions across its global workforce through the end of 2024.
➤ Feb. 14: Ford
The automaker's European arm announces 3,800 job cuts over the next three years, with the bulk of layoffs in Germany and the UK.
➤ Feb. 13.: Twilio Inc.
CEO Jeff Lawson tells employees the company will reduce its workforce by about 17%. The cuts amount to more than 1,500 jobs, based on the company's total workforce of 8,992 as of the end of the third quarter of 2022.
➤ Feb. 9: Yahoo Inc. and News Corp.
Yahoo CEO Jim Lanzone tells Axios that cuts of more than 20% of its workforce, highly focused on advertising technology, will affect more than 1,600 people.
Meanwhile, News Corp. announces it will reduce its head count by 5%, or about 1,250 positions, in 2023.
➤ Feb. 8: Walt Disney Co.
During the company's 2022 fourth-quarter earnings call, CEO Bob Iger announces cuts of 7,000 jobs as part of a reorganization aimed at reducing costs by $5.5 billion.
| Disney is shedding jobs as it reorganizes its business in what executives said is a move targeting greater efficiency and cost cuts. |
➤ Feb. 7: Zoom Video Communications Inc. and The Boeing Co.
In a message to employees, Zoom CEO Eric Yuan says 1,300 workers, or about 15% of staff, will be laid off.
Meanwhile, Boeing says it would lay off 2,000 workers, mainly in finance and human resources, amid broader plans to add 10,000 jobs in 2023.
➤ Feb. 6: Dell Technologies Inc.
The company says in a regulatory filing it will reduce its workforce by about 5%. The move will affect some 6,650 employees, Bloomberg News reports.
➤ Jan. 31: PayPal Inc.
President and CEO Dan Schulman announces cuts of about 2,000 workers, or 7% of total staffing, in a message to employees.
➤ Jan. 30: Koninklijke Philips NV
The health technology company announces plans to reduce its workforce by 6,000 roles by 2025, with half of the cuts occurring in 2023. The reductions are in addition to the 4,000 cuts announced in October 2022.
➤ Jan. 26: Dow Inc., SAP SE and Hasbro Inc.
Chemical company Dow announces plans to cut about 2,000 jobs across its global workforce.
Software company SAP says it will reduce its head count by 3,000 positions, or about 2.5% of its workforce.
Hasbro announces plans to cut its global workforce by 1,000 positions in 2023, amounting to 15% of its global workforce.
➤ Jan. 25: International Business Machines Corp.
IBM will cut about 3,900 jobs, or 1.5% of its workforce, in 2023, according to media reports.
➤ Jan. 24: 3M
The company says in its 2022 fourth-quarter earnings announcement that it will reduce its workforce by 2,500 manufacturing roles globally.
➤ Jan. 23: Vacasa Inc.
The vacation rental management company says in a regulatory filing it will cut 1,300 workers, or about 17% of its workforce.
➤ Jan. 20: Alphabet Inc. and Wayfair Inc.
The Google search engine parent's CEO, Sundar Pichai, tells employees the company will reduce its global workforce by about 12,000 employees.
Separately, Wayfair announces an additional 1,750 layoffs on top of 900 cuts announced in August 2022.
➤ Jan. 19: Capital One Financial Corp.
The company confirms a Bloomberg report that more than 1,100 people were affected by the elimination of technology roles.
➤ Jan. 18: Microsoft Corp.
CEO Satya Nadella tells employees that the company is cutting 10,000 jobs, less than 5% of its total workforce, through the end of the third quarter of fiscal 2023.
| Microsoft is one of many tech companies announcing layoffs in 2023. Source: Microsoft |
The bank will lay off some 1,500 employees, or about 3% of its workforce, in 2023, Bloomberg and The Wall Street Journal report.
➤ Jan. 9: The Goldman Sachs Group Inc.
Multiple media outlets, citing unidentified sources, report the bank was planning to lay off about 3,200 people.
➤ Jan. 4: Amazon and Salesforce Inc.
In a blog post, CEO Andy Jassy announces 8,000 job cuts, on top of 10,000 previously announced in November 2022.
| Amazon has announced two separate rounds of layoffs since November 2022, affecting 18,000 jobs in total. Source: Amazon |
A wave of layoff announcements, concentrated in the tech sector, affect more than 104,000 employees of U.S.-based companies, according to Layoffs.fyi, which tracks tech sector employment trends.
Meta, Twitter Inc., Cisco Systems Inc., Carvana Co. and Stripe Inc. all announce layoffs during the fall that impact large chunks of their workforces.
