Corporate America Cuts Thousands of Jobs as Recession Looms
Job cuts announced by U.S.-based employers jumped 13% to 33,843 in October. The highest since February 2021.
Some Corporate America plans for restructuring to navigate a potential downturn from the U.S. Federal Reserve's war on inflation involve downsizing
📌Amazon: 10K corporate & tech jobs
📌META: 13% or more the 11K tech jobs
📌Citibank Inc.: dozens within investment banking division
📌 Morgan Stanley:Fresh round of layoffs in the coming weeks.
📌 Intel Corp: “people actions” to reduce costs by $3B in 2023
📌 Microsoft Corp: 1,000 positions over several divisions this week
📌 Johnson & Johnson: looking to “right size” themselves.
📌 Twitter Inc: 50% of workforce were laid off. Some may be asked to return.
📌 Lyft Inc: 13% or about 683 employees to be laid off. 60 were earlier this year.
📌 Warner Bros Discovery: 5%-10% in distribution and marketing
📌 Beyond Meats: 200 jobs to save $39M
📌 Stripe Inc: 14%, about 7,000 jobs
📌 Chime: 12% /160 jobs
📌 Opendoor Technologies Inc: 550 employees, on top of previous 883
📌 Phillips 66: 1,000 jobs to save $500M
@dailyrealtimenews
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