The Companies Conducting Layoffs in 2023 a WSJ News Report

WSJ News Report.- The downsizing has shifted beyond high-growth technology companies to other parts of the economy. Retailers, manufacturers, media companies and the financial sector have all announced cuts.

The broader labor market has continued to add jobs, however, with the U.S. unemployment rate at 3.5% in March.

Here’s a look at some of the companies that have announced layoffs.

Technology and Media

Alphabet

The Google parent in January said it planned to eliminate roughly 12,000 jobs, reducing its staff by 6% and marking the company’s largest-ever round of layoffs. The company’s healthcare unit Verily Life Sciences earlier in January said it would cut 15% of roles, or more than 200 jobs.

Amazon.com Inc. in March said it would cut 9,000 corporate jobs, after announcing layoffs of over 18,000 mostly corporate workers in January. Chief Executive Andy Jassy cited economic uncertainty for the latest reductions.

Whole Foods, the grocery chain owned by Amazon, in April said it is planning to cut several hundred corporate jobs.

BuzzFeed

BuzzFeed Inc. in April said it is laying off 15% of its staff, about 180 people, and making plans to end BuzzFeed News. The digital media company had laid off 12% of its staff in December.

Dell

Dell Technologies Inc. in February said it is cutting about 5% of its workforce, or about 6,600 jobs.

Disney

Walt Disney Co. in February announced plans to cut 7,000 jobs and eliminate $5.5 billion in costs. Layoffs began in late March, with a second round in April.

DocuSign

DocuSign Inc. in February said it plans to cut about 10% of its staff, eliminating approximately 700 jobs, after an earlier round of cuts in September.

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Dropbox

Dropbox Inc. said in April it would cut 500 jobs, or about 16% of its workforce, amid slowing growth and an industrywide push toward artificial intelligence.

Electronic Arts

Electronic Arts Inc. in March said it is laying off about 6% of its workforce and reducing its office-space footprint. The maker of “Madden NFL” and “The Sims” had about 13,000 employees in 2022.

Ericsson

Ericsson AB in February said it planned to lay off 8,500 employees worldwide, or about 8% of its workforce. A few days earlier, the Stockholm-based telecommunications-equipment company had announced 1,400 job cuts in Sweden.

IBM

International Business Machines Corp. in January said it would cut about 3,900 jobs, reducing its head count by about 1.4%.

Meta

Facebook parent Meta in March said it would cut roughly 10,000 jobs in multiple rounds of cuts, in its second wave of mass layoffs. Meta Chief Executive Mark Zuckerberg has dubbed 2023 the “year of efficiency.”

Microsoft

Microsoft in January said it was laying off 10,000 employees, affecting less than 5% of the company’s global workforce.

News Corp

News Corp, parent company of The Wall Street Journal, in February said it expected to cut 5% of jobs, or about 1,250 positions, this year.

Okta

Okta Inc. in February said it is laying off about 300 employees, or 5% of staff, after it went on a hiring spree during the Covid-19 pandemic.

Philips

Royal Philips NV in January said it would trim 6,000 jobs by 2025, including 3,000 this year. The job cuts are in addition to the 4,000 roles that the Dutch health-technology company said it would eliminate in October.

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Salesforce

said the software company overhired during the pandemic and now faced sluggish demand from customers. It had nearly 80,000 global employees as of Oct. 31.

SAP

Software company SAP SE in January said it would shed up to 3,000 positions.

Splunk

Software company Splunk Inc. in February said it is laying off about 325 employees, or 4% of its staff.

Spotify

Spotify Technology SA said in January it planned to cut its workforce by about 6%. The Stockholm-based music-streaming company has about 8,600 employees worldwide, according to its website.

Unity Software

Unity Software Inc., which makes tools for creating videogames, in January said it would eliminate 284 jobs. It had more than 8,000 employees.

Vimeo

Vimeo Inc., a video-sharing platform, in January said it would lay off 11% of its staff.

Warner Music

Warner Music Group Corp. in March said it planned to lay off about 4% of its global workforce, or about 270 jobs.

Yahoo

Yahoo Inc. planned to lay off 20% of its workforce by the end of the year, with nearly 1,000 positions being eliminated the week of the February announcement.

Zoom

Zoom Video Communications Inc. in February said it was laying off 1,300 employees, or 15% of its staff, while its chief executive said he and other executives were taking pay cuts.

Financial Services and Consulting

Accenture

Accenture PLC in March said it was cutting about 19,000 jobs, or 2.5% of its workforce.

BlackRock

BlackRock Inc., the world’s largest asset manager, is laying off 500 employees, or around 3% of its total workforce, according to a January memo to employees.

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BNY Mellon

Bank of New York Mellon Corp. plans to cut about 3% of its workforce this year, or about 1,500 jobs, the Journal reported in January. At year-end, the bank had 51,700 full-time employees.

Ernst & Young

Ernst & Young’s U.S. arm is cutting 3,000 jobs, or about 5% of its workforce, executives said in April, and employees should expect lower bonuses than last year. A recent failed breakup attempt cost the company $600 million.

Goldman Sachs

McKinsey

McKinsey & Co. plans to eliminate as many as 2,000 jobs in what would be one of its largest head-count reductions, the Journal reported in February.

PayPal

PayPal Holdings Inc. in January said it would lay off 2,000 employees, or 7% of its workforce.

Retail and Services

Best Buy

Best Buy Co. said in April that it was cutting hundreds of jobs across its U.S. stores. The electronics and appliance retailer has made a string of store-level job cuts over the past two years.

FedEx

FedEx Corp. in February said it was laying off more than 10% of its global management staffers. The delivery giant had already trimmed its U.S. workforce by 12,000 since the start of the fiscal year through attrition and other head count initiatives. It had more than 550,000 employees globally as of December.

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Gap

Gap Inc. in April said it would cut 1,800 corporate jobs. In another round of job cuts in September, the retailer eliminated roughly 500 corporate positions. Gap employed about 95,000 people as of late January, mostly in retail locations.

Hasbro

Hasbro Inc. in January said it would eliminate 15% of its global workforce, or around 1,000 positions.

Indeed

Job-search website Indeed, part of Recruit Holdings Co., in. March said it expected to lay off about 2,200 employees, or 15% of its workforce.

Lyft

Lyft Inc. in April said it was cutting more than 1,000 jobs, or about one-fourth of employees, and eliminating over 250 open roles. It had announced layoffs of 700 jobs in November.

McDonald’s

McDonald’s Corp. in April laid off hundreds of workers and reduced compensation packages for some employees, the Journal reported.

Stitch Fix

Stitch Fix Inc. in January said it was trimming 20% of the salaried jobs, its second recent downsizing. CEO Elizabeth Spaulding resigned and the company’s founder returned.

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Crypto

Coinbase

Coinbase Global Inc. in January said it would eliminate around 20% of its staff, or about 950 people.

Crypto.com

Crypto.com in January said it was cutting 20% of its global workforce, its second round of layoffs in six months.

Genesis

Crypto lender Genesis Global Trading Inc. in January laid off 30% of its staff and then filed for bankruptcy protection.

Autos and Manufacturing

Boeing

Boeing Co. in February said it would cut about 2,000 jobs. The aerospace manufacturer had said in January that it plans to increase its head count this year, adding 10,000 jobs overall and focusing on engineering and manufacturing roles.

Dow

Chemicals company Dow Inc. in January said it is laying off about 2,000 employees.

Ford

Ford Motor Co. in February said it is planning to cut 3,800 jobs in Europe over the next three years.

Lucid

Lucid Group Inc. in March said it planned to lay off approximately 1,300 employees, or 18% of the electric-vehicle startup’s workforce.

Rivian

Rivian Automotive Inc. in February said it planned to trim 6% of its workforce. The electric-vehicle startup made a cut of the same size last summer.

3M

3M Co. in April said it expected to cut 6,000 jobs in addition to the 2,500 manufacturing jobs the maker of Scotch tape and Post-it Notes said it would eliminate in January. Had 92,000 employees at the end of 2022.