The job market is undergoing a profound transformation as layoffs continue to ripple through the global economy. The challenges posed by the pandemic and mounting economic uncertainties have forced companies to make difficult decisions, leading to widespread job losses and a reshaping of the employment landscape. What initially began as a ripple in late 2022 has now transformed into a tidal wave of layoffs, showing no signs of receding in 2023. As high inflation and economic challenges such as cost-saving measures continue to persist, many companies around the world are resorting to widespread layoffs.
Various companies across different sectors have implemented layoffs to optimise their operations, reduce costs, and navigate challenges such as declining revenue, economic uncertainty, and market fluctuations. These job cuts affect a range of positions, including managerial roles, investment bankers, technical employees, and support staff.
Several major corporations, including renowned tech giants and financial institutions, have recently announced significant downsizing efforts, reflecting the gravity of the situation.
Google:
Google's mapping service, Waze, has experienced job cuts as part of Google's efforts to streamline operations and increase efficiency. The company eliminated positions focused on advertising at Waze, following its transition to using Google's advertising technology. Positions focused on Waze Ads monetization, including roles in sales, marketing, operations, and analytics, have been affected. These measures come as Google aims to reduce costs due to declining digital advertising revenue.
Goldman Sachs:
Goldman Sachs Group Inc. has begun cutting managing directors worldwide as the firm reduces its headcount amid a slump in deals. The bank is planning to let go of approximately 125 managing directors, as part of its cost-saving drive. The move is part of a deep cost-saving drive at the bank, which has experienced multiple rounds of job cuts within the past year.
UBS AG/Credit Suisse:
Following the merger deal between UBS AG and Credit Suisse, UBS is preparing to cut over half of Credit Suisse's workforce, amounting to about 35,000 jobs. The job cuts will take place in three rounds, primarily affecting investment bankers, traders, and support staff in London, New York, and parts of Asia.
Citigroup:
Citigroup Inc. has initiated job cuts across the company, affecting hundreds of employees. The investment banking division, operations and technology organization, and the U.S. mortgage-underwriting arm are among the segments that will be affected.
JPMorgan:
JPMorgan Chase & Co. is reducing its investment banking staff in the U.S., cutting nearly 40 investment bankers. The move comes as the bank faces sluggish markets and a decline in dealmaking, which has led to layoffs across Wall Street. J PMorgan's investment banking and trading revenue are both expected to decline 15 percent in the second quarter, its president Daniel Pinto warned last month.
Autoliv:
Autoliv, a car safety equipment manufacturer, plans to cut up to 8,000 positions globally in an effort to reduce costs amidst inflationary pressures. The job cuts are aimed at enhancing profit margins.
Meta:
Meta, the parent company of Facebook, is undergoing significant layoffs, primarily affecting the partnerships and marketing divisions. Meta employees are bracing for another round of layoffs. Software engineers and technical employees are also being targeted for job cuts as part of cost-saving measures. CEO Mark Zuckerberg used to describe the “phase of change” the company is going through as it contends with declining revenue and an uncertain economy.
JioMart:
JioMart, the online shopping platform of Reliance Retail, has initiated layoffs, affecting over 1,000 employees. The company plans to eliminate approximately 9,900 more positions in the future to improve profit margins. This strategic move is aimed at enhancing profit margins and follows concerns raised by traditional distributors regarding potential disruptions in the supply chain due to JioMart's disruptive pricing approach, according to reports.
Indeed.com:
Job search platform Indeed.com is cutting around 2,200 jobs, which represents approximately 15 percent of its workforce.
Airbnb:
Airbnb is reducing its recruiting staff by 30 percent, despite its plans for expansion this year. The job cuts will impact 0.4% of the company's total workforce.
Illumina:
Genetic sequencing equipment maker Illumina Inc. has begun job cuts, including a 10 percent reduction in its research and development team. The company also plans to reduce its real estate footprint in California to reduce expenses by over $100 million in 2023.
Cognizant:
Cognizant Technology Solutions is facing pressure in signing smaller contracts due to softer discretionary spending, impacting the company's workforce.
Tata Consultancy Services:
Tata Consultancy Services has experienced challenges with the expected US recovery, resulting in job cuts.
Amazon:
Amazon is closing its Halo Health department, affecting its Halo customers and resulting in job losses.
Morgan Stanley:
Investment bank Morgan Stanley plans to downsize its investment banking staff in the Asia-Pacific region by 7%, with a significant impact in China. The job cuts are part of the bank's global plan to eliminate approximately 3,000 jobs.
Deutsche Bank:
Deutsche Bank intends to cut 10% of its 17,000 jobs over the next few years as part of a cost-saving initiative, despite reporting higher-than-anticipated profits in the first quarter.
LinkedIn:
LinkedIn, owned by Microsoft, announced the elimination of 716 jobs and the discontinuation of its job application service in China. The job cuts will primarily affect the sales, operations, and support departments, with the aim of streamlining operations and improving decision-making efficiency.
