Meta And Google Reportedly Plan Staff Reductions—Here Are The Major U.S. Layoffs This Year

Breaking Business Meta And Google Reportedly Plan Staff Reductions—Here Are The Major U. S. Layoffs This Year Brian Bushard Forbes Staff I cover breaking news for Forbes Carlie Porterfield Forbes Staff I cover breaking news.

Sep 21, 2022, 01:17pm EDT | Updated Sep 21, 2022, 01:28pm EDT Share to Facebook Share to Twitter Share to Linkedin Topline Google and Facebook parent company Meta are both cutting staff positions in a bid to slash costs, according to the Wall Street Journal , making the tech firms the the latest U. S. companies to reassess headcounts as employers fear the economy could slide into recession.

Detail of the entrance to the Google UK offices in London, with the Google logo visible above the . . .

[+] e doorway, taken on June 4, 2019. Future via Getty Images Timeline Sept. 21, 2022 Meta is reorganizing departments and giving many of its 83,553 staff a month to apply for different positions within the company, according to the Wall Street Journal , which noted the shuffling is expected to be the first step toward larger staff reductions.

Sept. 21, 2022 In a similar move, Google has also alerted about 50 employees—roughly half of those employed at the firm’s startup incubator Area 120—they need to find a new internal role within three months if they want to stay at Google, the Journal reported. Sept.

20, 2022 Gap could cut as many as 500 corporate jobs from its offices in New York and San Francisco, as well as offices in Asia, unnamed sources told the Wall Street Journal on Tuesday (A Gap spokesperson confirmed the layoffs to Forbes but would not provide further detail). Sept. 16, 2022 AbbVie reportedly announced plans to lay off 99 employees while Bristol Myers Squibb plans to cut 261, according to state filings seen by Endpoints News , making them the latest pharmaceutical companies to slim down their workforces, following Biogen and Teva , which reportedly cut 300 jobs last month.

Sept. 14, 2022 Twilio CEO Jeff Lawson announced the move to cut 11% (roughly 800-900 of the company’s nearly 8,000 employees) on a company blog, saying the workforce grew “too fast” and “without enough focus” over the past two years. Sept.

13, 2022 Warner Bros. Discovery , which formed in a merger between the two production giants in April, could reportedly cut “hundreds” of ad sales employees from the WarnerMedia and Discovery sides of the company, Axios reported, citing unnamed sources, as the company looks to downsize its advertising team representing HBO, CNN, Discovery, Turner and Warner Bros. Entertainment, according to Insider , which also spoke to unnamed sources.

Sept. 12, 2022 Goldman Sachs usually lays off 1% to 5% of its workers each year as a part annual performance reviews, but suspended this program during the Covid-19 pandemic—the investment bank suggested earlier this year it would reinstate the cuts, which are expected to be closer to 1% of workers across all sectors and could happen some time this month, the New York Times reported , citing people familiar with the plans. Sept.

9, 2022 Beaumont-Spectrum , which formed earlier this year out of a merger between Beaumont and Spectrum, cut 400 corporate positions as the health care network struggles with “significant financial pressures from historic inflation, rising pharmaceutical and labor costs, COVID 19, expiration of CARES Act funding and reimbursement not proportional with expenses. ” Sept. 2, 2022 Banking giant Citigroup reportedly made layoffs in its home mortgage division that a source told Bloomberg encompassed fewer than 100 positions as the housing market continues to cool in the wake of rising inflation and the Federal Reserve’s recent rounds of interest rate hikes.

Sept. 2, 2022 SoftBank , the Tokyo-based investment management giant, reportedly plans to cut up to 20% of the roughly 500 staffers at its Vision Fund three weeks after the fund posted a record $23. 1 billion loss in the fiscal quarter ending in June.

Sept. 2, 2022 Investment banking giant Credit Suisse could reportedly cut as many as 5,000 jobs as the scandal-hit bank seeks to turnaround its reputation and reduce costs, according to Reuters. Sept.

1, 2022 Wells Fargo reportedly cut 75 employees in its home mortgage division, bringing the total number of layoffs in the division since April to 366 as demand for new homes dwindles . Aug. 31, 2022 Snap , the California-based developer of mobile app Snapchat, announced plans to lay off more than 1,200 employees (roughly 20% of its staff), in its second round of job cuts this summer, according to an internal memo obtained by CNN.

Aug. 31, 2022 Bed Bath & Beyond unveiled plans to lay off 20% of its workforce and take out $500 million in new financing, as the struggling retail giant closes 150 “lower-producing” stores amid continuing issues with low sales. Aug.

31, 2022 VF Corporation , the parent company of brands such as Vans, Timeberland and the North Face, reportedly cut 300 employees and eliminated 300 open positions (less than 1% of its global workforce), with CEO Steve Rendle writing in an internal letter to employees obtained by the Denver Business Journal that the cuts come amid an environment that will “likely continue to be marked by volatility” (VF confirmed the layoffs to Forbes but would not provide further details). Aug. 30, 2022 Snap CEO Evan Spiegel announced in a company memo that the company will lay off 20% of its than 6,400 workers (1,280 employees), the Verge reported, saying the company is facing a “lower rate of revenue growth”—the company’s stock price has plummeted nearly 80% since earlier this year.

Aug. 26, 2022 Online mortgage lender Better. com reportedly announced its third round of layoffs this year and its fourth in the past 12 months, laying off close to 250 employees, an unnamed worker told TechCrunch —bringing the company’s total layoffs since December to roughly 4,000 as the company struggles amid a precipitous downturn in the housing market (Better.

com did not immediately respond to an inquiry from Forbes ). Aug. 25, 2022 Artificial intelligence startup DataRobot interim CEO Debanjan Saha announced the Boston-based company’s second round of job cuts since May in a move “to adapt to changing market dynamics,” and even though the company did not specify the number of employees leaving, LinkedIn reported it will affect 26% of its staff, which, according to the site TechTarget , would mean roughly 260 of its 1,000 employees.

Aug. 25, 2022 Tennessee-based trucking company U. S.

Xpress cut 5% of its corporate workforce, a spokesperson confirmed to local ABC affiliate WTVC , bringing its total layoffs this summer to roughly 140, following a round of cuts in May that slashed another 5% of the company’s corporate staff, reported at the time to be around 70 employees. Aug. 22, 2022 Ford announced it will let go about 3,000 office and contract employees as the carmaker moves to cut spending as it transitions to producing electric vehicles, according to the Wall Street Journal.

Aug. 19, 2022 Boston-based online furniture retailer Wayfair slashed 870 jobs (nearly 5% of the company’s 18,000 employees), according to an internal memo from CEO Niraj Shah obtained by the Boston Globe , which stated the company was rebuilding after the Covid-19 pandemic but that their “team is too large for the environment we are now in. ” Aug.

18, 2022 Software company New Relic laid off 110 employees, including 90 in the U. S. (roughly 5% of its workforce), CEO Bill Staples posted in a statement on the company’s website, writing the cuts are essential in light of “current information on growth trends and market expectations.

” Aug. 16, 2022 Philadelphia-based Audacy , the second biggest radio company in the United States, cut 5% of its workforce (estimated to be roughly 250 employees), Inside Radio reported, with CEO David Field saying the cuts come “in light of current macroeconomic headwinds. ” Aug.

16, 2022 Apple , the world’s most valuable company, laid off 100 contracted recruiters amid a hiring slowdown, Bloomberg reported (Apple did not respond immediately to an inquiry from Forbes ). Aug. 15, 2022 HBO Max cut 70 jobs (14% of its workforce) in a cost-cutting effort that comes four months after Discovery’s $43 billion acquisition of HBO Max parent company WarnerMedia, and a week after the company announced plans to combine the streaming service with Discovery+ as soon as next year, Deadline reported.

Aug. 12, 2022 Peloton , which gained popularity as gyms shut their doors during the pandemic, announced a sweeping round of layoffs in a memo to employees obtained by Bloomberg , six months after the New York-based company cut 2,800 jobs. Aug.

12, 2022 Texas-based home health services company Signify Health laid off 489 employees, a cost-cutting move that comes weeks after health care giant CVS made a bid to purchase the company, multiple outlets reported . Aug. 11, 2022 Meditation app Calm CEO David Ko announced plans to lay off 90 employees (20% of the company’s workforce) in a memo to employees, saying, “we as a company are not immune to the impacts of the current economic environment.

” Aug. 10, 2022 California tech startup Nutanix announced plans to cut 270 (4% of its workforce) by the end of October, according to a Securities and Exchange Commission filing , in an effort to reduce expenses. Aug.

10, 2022 Microsoft reportedly laid off 200 employees, less than a month after the Redmond, Wash. -based tech giant announced it would cut 1% of its 180,000 workers, Business Insider reported , with the cuts coming in the company’s modern life experiences team. Aug.

10, 2022 Fast casual salad shop Sweetgreen cut 5% of its corporate workforce, attributing company losses to a slow return to the office and lingering Covid-19 cases, in a conference call, CNBC reported . Aug. 9, 2022 Website design company Wix.

com made its second round of layoffs this year, cutting 100 employees as company President and COO Nir Zohar told Israeli newspaper Calcalist, “the world has experienced an economic crisis and we have seen U. S. GDP fall without growth.

” Aug. 9, 2022 Canadian social media management company Hootsuite reportedly announced plans to cut 30% of its estimated 1,000 employees. Aug.

8, 2022 Groupon unveiled plans to lay off 15% of its workforce (500 employees), primarily in the company’s technology and sales departments, with CEO Kedar Deshpande writing in a message to employees obtained by Forbes , “our cost structure and our performance are not aligned. ” Aug. 8, 2022 Snap started laying off an undisclosed number of its 6,000 employees, following a disappointing earnings report released last month, The Verge reported , citing anonymous sources.

Aug. 5, 2022 iRobot , the maker of Roomba, cut 10% of its workforce (140 employees), as the company restructures after being purchased by Amazon for $1. 7 billion, the company told Forbes, adding the job cuts were not related to the acquisition.

Aug. 4, 2022 California-based video game developer Jam City laid off between 150-200 employees — roughly 17% of its workforce — VentureBeat reported , stating the cuts come “in light of the challenging global economy and its impact on the gaming industry. ” Aug.

3, 2022 Walmart —the largest private employer in the United States—plans to cut 200 of its corporate employees as the company seeks to restructure, the Wall Street Journal reported , citing anonymous sources. Aug. 2, 2022 Online brokerage Robinhood cut 23% of its staff, with CEO Vlad Tenev citing a drop in trading activity, high inflation and a “broad crypto market crash”—the move comes after Robinhood laid off 9% of its full-time employees in April, a set of cuts Tenev says “did not go far enough.

” Aug. 1, 2022 Texas-based data technology giant Oracle started laying off an undisclosed number of its estimated 143,000 employees, as part of a larger plan to cut thousands, The Information reported, citing an unnamed source (rumors of job cuts at Oracle have been speculated for nearly a month). July 27, 2022 Fitness company F45 Training laid off 110 employees , or 45% of its workforce, as CEO Adam Gilchrist stepped down.

July 26, 2022 E-commerce company Shopify became the latest company to lay off employees, cutting ties with 1,000 (10% of its workforce), CEO Tobi Lutke announced , saying skyrocketing demand for online shopping during the pandemic has leveled off, and that the company made a bet that “didn’t pay off. ” July 22, 2022 Boston tech-watch company Whoop slashed 15% of its workforce, telling the Boston Globe it now has 550 employees (meaning it cut close to 97) adding in a statement, “given how negatively the macro environment has evolved, we need to grow responsibly and control our own destiny. ” July 21, 2022 7-Eleven , which operates 13,000 convenience stores across North America, cut 880 U.

S. corporate jobs, just over a year after it completed a $21 billion deal to purchase Speedway. July 20, 2022 Seattle real estate startup Flyhome axed 20% of its staff, reported to be close to 200 workers, as the company navigates “uncertain economic conditions.

” July 20, 2022 Ford plans to lay off up to 8,000 employees as the automaker seeks to pivot away from gas-powered cars and toward electric vehicle production, Bloomberg reported . July 19, 2022 Vimeo CEO Anjali Sud announced on LinkedIn the online video company is cutting 6% of its workforce to “come out of this economic downturn a stronger company. ” July 19, 2022 Ohio-based automated health software startup Olive laid off 450 employees, nearly 35% of the company, as CEO Sean Lane admitted the company’s commitment to “act with urgency” led to a hiring spree that proved to be too much to handle, prompting him to “rethink this approach.

” July 18, 2022 Crypto exchange Gemini cut 68 employees—or 7% of its staff—less than two months after it let go of 10% of its workforce, according to TechCrunch . July 14, 2022 OpenSea , the New-York based non-fungible token (NFT) company, announced in a tweet it laid off 20% of its staff over fears of “broad macroeconomic instability” with the possibility of “prolonged downturn. ” July 13, 2022 Online ordering startup ChowNow laid off 100 people, TechCrunch reported, as it reels back from a “large and ambitious” budget it couldn’t meet amid fears a stunted market could fuel a recession.

July 13, 2022 Tonal , the at-home fitness company, cut 35% of its workforce amid a worsening “macroeconomic climate and global supply chain challenges. ” July 12, 2022 Tesla laid off 229 employees, primarily in its autopilot division, and shut down its San Mateo, California, office, just weeks after CEO Elon Musk sent an email to executives, saying he had a “super bad feeling” about the economy and planned to cut 10% of his workforce, Reuters reported. July 12, 2022 Some 1,500 employees at the international delivery startup Gopuff were let go, (10% of its staff) and 76 of its U.

S. warehouses were shut down, according to a letter to investors first reported by Bloomberg , as the company moves away from a growth-at-all-costs model. July 12, 2022 California-based mortgage lender loanDepot announced plans to lay off 2,000 workers by the end of the year, bringing its 2022 layoffs to 4,800 — more than half of the company’s 8,500 employees — as the housing market “contracted sharply and abruptly,” CEO Frank Martell said in a statement.

July 11, 2022 Electric automaker Rivian unveiled plans to lay off 5% of the company’s 14,000 employees in areas that grew “too quickly” during the pandemic and to halt hiring of non-factory workers, according to an internal email from CEO RJ Scaringe, Bloomberg reported. July 7, 2022 Real estate firm Re/Max announced plans to lay off 17% of its workforce by the end of the year, with a goal of bringing in $100 million in annual mortgage-related revenue by 2028. June 22, 2022 JPMorgan Chase — the nation’s largest bank — laid off and reassigned more than 1,000 of its 274,948 employees, citing rising mortgage rates and increased inflation.

June 15, 2022 Real estate companies Compass and Redfin announced plans to cut 10% and 8% of their workforces, respectively, following a 3. 4% drop in home sales from April to May, according to the National Association of Realtors, amid concerns the once red-hot housing market had cooled. June 14, 2022 Some 1,100 Coinbase employees learned they had been released after losing access to their work emails, marking an 18% reduction in the crypto company’s staff — a move that CEO Brian Armstrong called essential to “stay healthy during this economic downturn” — and a warning sign of a recession and a “crypto winter” after a 10-plus-year crypto boom.

May 21, 2022 Used car seller Carvana CEO Ernie Garcia III sent an email to 2,500 employees — 12% of the company’s workforce — informing them they had lost their jobs, one week after freezing new hiring, as the company embraced for what looked like a looming recession in car sales, and reports of a “spendthrift” business style had come back to bite the company. Key Background Many experts warned the U. S.

may be headed toward recession following reports the economy contracted 1. 6% in the first quarter of the year. Those fears were reignited following Federal Reserve’s announcement in June to raise interest rates by 75 basis points, its largest rate hike in 28 years.

After the rate hike — the first of two from the Federal Reserve this summer — economists at S&P Global Ratings forecast a 2. 4% drop in GDP by year’s end, a reverse in course from earlier forecasts of 2. 4% growth.

Bank of America issued a warning last month that “economic momentum has faded,” and a “mild recession” is possible by the end of the year. Then, over the past month, warning signs seemed to be tapering off. The latest report from the Bureau of Labor Statistics revealed an 8.

5% spike in inflation from last July, a sign that the Federal Reserve’s interest rate hikes could be cooling inflation, one month after a 9. 1% year-over-year spike in June. House Democrats earlier this month passed an ambitious piece of legislation, after hours of debate, aimed at curbing inflation, sending the $437 billion Inflation Reduction Act to President Joe Biden, who signed it on Monday.

Contra In an interview with the Washington Post last month, U. S. Deputy Secretary of Labor Julie Su said she was optimistic the economy will rebound, citing 9 million jobs created since President Joe Biden took office, and 372,000 new jobs in June.

Earlier this month, however, unemployment claims reported by the Department of Labor jumped to a nine-month high, with roughly 262,000 people filed initial jobless claims. Big Number 51%. That’s the share of corporate executives that have implemented or plan to implement job cuts, according to a PricewaterhouseCoopers survey of 722 executives released Thursday.

In addition to laying off employees, 52% of respondents said they’ve made hiring freezes or plan to. Further Reading Recession Watch: It Doesn’t Seem Imminent—But The Housing Market Collapse Deepens As Fed Officials Warn ‘Economy Will Slow’ (Forbes) Brian Bushard Carlie Porterfield Editorial Standards Print Reprints & Permissions.