Forbes Business Breaking Spring 2023 Layoff Tracker: JPMorgan Cuts 1,000 First Republic Employees Brian Bushard Forbes Staff I cover breaking news for Forbes Following May 26, 2023, 01:51pm EDT | Press play to listen to this article! Got it! Share to Facebook Share to Twitter Share to Linkedin Topline JPMorgan Chase laid off roughly 1,000 employees from failed lender First Republic, three weeks after JPMorgan—the country’s biggest bank—acquired the collapsed regional bank, marking the latest in a round of layoffs this spring as recession fears and high inflation continue to push employers to reduce their head counts. JPMorgan will let go of 1,000 employees from failed lender First Republic, which it acquired earlier . .
. [+] this month. LightRocket via Getty Images Timeline May 25 JPMorgan will provide transitionary and full-time positions for roughly 7,000 First Republic employees but cut its remaining workforce of roughly 1,000, with a spokesperson telling Business Insider the “vast majority of First Republic employees” will be given jobs at the bank (JPMorgan did not immediately respond to an inquiry from Forbes ).
May 24 First Citizens chairman and CEO Frank Holding Jr. told employees in an email obtained by Axios that the layoffs were the result of Silicon Valley Bank’s epic failure in March, which made it “increasingly clear that we must make decisions to rightsize our scope and scale to remain competitive. ” May 24 Meta informed roughly 6,000 employees they had been let go, CNBC reported, following a previous batch of layoffs affecting about 4,000 employees last month—the cuts are part of the social media giant’s plans to slash 10,000 of its nearly 87,000 employees during its so-called year of efficiency and bring Meta’s total layoffs since November to 21,000.
May 24 Abbott Laboratories is cutting 200 jobs, it announced in a Worker Adjustment and Retraining Notification (WARN) notice , will bring the manufacturer’s total layoffs at its Westbrook, Maine, facility to over 800, as it continues to “adjust our workforce to align with market conditions” as demand for Covid tests dwindles, local ABC affiliate WMTW reported. May 23 Disney will reportedly lay off another 2,500 employees this week, just over a month after its latest wave of layoffs—bringing its total number of job cuts this year to roughly 6,500 as part of the company’s plan to slash 7,000 positions, after Iger called the cuts a “necessary step to address the challenges we face today,” in a conference call last month. May 18 TuSimple ’s cuts affect 30% of its global workforce, according to a Securities and Exchange Commission filing , and comes less than half a year after the San Diego-based autonomous truck developer slashed a quarter of its workforce, citing “current market conditions” as the reason for the layoffs.
May 17 Austin, Texas-based tech company Accenture PLC will slash nearly 550 positions, according to a WARN notice, cutting its workforce of roughly 5,900 by nearly 10%, the Austin American-Statesman reported. May 17 USAA , the United Services Automobile Association, will cut 300 positions across “most of our offices and different functions,” a company spokesperson confirmed to Forbes , bringing the Texas-based automotive insurance company’s layoffs this year to nearly 800, as it “continues to make necessary adjustments to run a healthy business. ” May 12 Nuro , which had laid off 300 employees in November, will cut another 340 (roughly 30% of its workforce), TechCrunch reported, as the company’s cofounders, Dave Ferguson and Jiajun Zhu, warn that recent bank failures and recession fears have put a damper on funding and as the company embraces AI advances.
May 11 Louisiana-based Ochsner Health will cut 770 employees in both Louisiana and Mississippi (roughly 2% of its workforce), CEO Pete November announced in an email to employees, citing high inflation, increasing costs of labor and the end of Covid-era government relief funding. May 9 Microsoft announced plans in a WARN notice to cut 158 employees from its Redmond, Washington, headquarters—separate from the 10,000 employees Microsoft announced it would release in January amid “times of significant change. ” May 9 Tom Leighton, the CEO of Boston-area internet company Akamai Technologies , announced plans in a call with analysts this week to lay off roughly 3% of the company’s nearly 10,000 employees, or 300 staff members, the Boston Globe reported.
May 9 San Francisco-based Twist Bioscience will slash 25% of its workforce (estimated to affect 270 employees), the San Francisco Business Journal reported. May 9 Paramount Media Networks and Showtime/MTV Entertainment Studios , the media divisions behind MTV, Showtime, Comedy Central, Nickelodeon and streaming service Paramount+, unveiled plans on Tuesday to cut 25% of its staff and shut down MTV News as the company contends with “pressure from broader economic headwinds like many of our peers. ” May 9 In a financial report released Tuesday, Maryland-based pharmaceutical company Novavax announced it will cut one quarter of its workforce (estimated to affect nearly 500 of its just under 2,000 employees), as demand for Covid vaccines wanes, with CEO John Jacobs calling the decision “necessary to better align our infrastructure and scale to the endemic Covid opportunity.
” May 8 Microsoft-owned LinkedIn plans to slash 716 of its roughly 20,000 positions, CEO Ryan Roslansky announced in a statement , amid faltering demand, “shifts in customer behavior” and a “rapidly changing landscape. ” May 4 Shopify CEO Tobi Lutke unveiled the layoffs—as well as a plan to sell its logistics arm to tech company Flexport—in a memo to employees, saying the company is adjusting to the “dawn of the AI era” and that it has the “best chances of using AI to help our customers” (layoffs are estimated to affect more than 2,300 of Shopify’s roughly 11,600 employees, according to PitchBook, after the company laid off another 10% of its workforce last July). May 3 Unity Software will reduce its staff by roughly 8% and restructure “specific” internal teams, the San Francisco-based tech company announced in a Securities and Exchange Commission filing , saying the restructuring plan will cost the company $26 million but position it for “long-term and profitable growth.
” May 2 Morgan Stanley ’s cuts will reportedly affect more than 3. 6% of its 82,000 employees and primarily impact banking and trading positions, multiple outlets reported, citing sources familiar with the matter, after financial filings revealed the company’s total revenue dropped by 2% to $14. 5 billion over the 12-month period ending March 31, and just six months after it reportedly cut another 1,600 employees ( Forbes has reached out to Morgan Stanley for confirmation).
April 27 Rideshare company Lyft unveiled plans to slash nearly 1,100 positions in a Securities and Exchange Commission filing, just weeks after confirming a round of layoffs in a blog post and nearly six months after 700 people were laid off from the company. April 27 Vice Media ’s layoffs could affect more than 100 of the outlet’s roughly 1,500 employees, sources familiar with the matter told the Wall Street Journa l —making it the latest media outlet to conduct cuts, along with BuzzFeed News, ESPN, Insider Inc. and NPR.
April 27 Gap will cut roughly 1,800 corporate employees, according to a Securities and Exchange Commission filing , as part of a restructuring plan that will cost the company between $100 million and $120 million, following an initial round of job cuts in September that affected more than 500 corporate positions. April 27 Dropbox ’s layoffs will affect roughly 16% of the San Francisco-based tech giant’s staff, the company announced in an SEC filing , citing slow growth, economic downturn and as the company embraces the “AI era,” which CEO Drew Houston believes will “completely transform knowledge work. ” April 26 Tyson Foods ’ layoffs will affect roughly 15% of senior leadership positions and 10% of the company’s roughly 6,000 corporate jobs, according to regulatory filings , and come just over a month after the company announced plans to shut two plants in Arkansas and Virginia and cut another 1,660 employees, following an underwhelming financial report that showed operating income from its chicken business was less than half of what it was last year.
April 25 3M , the manufacturing giant known for its Post-It Notes and Scotch tape, announced it was cutting 6,000 manufacturing jobs in an effort to cut annual costs by as much as $900 million, just months after the company cut 2,500 positions in January, 3M said in a statement. April 24 Red Hat , a Raleigh, North Carolina-based software manufacturer, started cutting 4% of its workforce, multiple outlets reported, with cuts estimated to affect roughly 760 of its 19,000 employees, according to PitchBook. ( Forbes has reached out to Red Hat for confirmation.
) April 21 Deloitte will cut 1,200 of its more than 156,000 jobs in its U. S. workforce , the Financial Times reported, citing internal employee communications.
(Deloitte did not immediately respond to a Forbes inquiry for confirmation. ) April 20 Whole Foods plans to cut several hundred corporate jobs, the Wall Street Journal reported an internal memo as showing, as the company aims to simplify operations and restructure some of its corporate teams, but it will not close any facilities or stores. (Whole Foods did not immediately respond to a Forbes inquiry for confirmation.
) April 18 Opendoor will cut 560 employees, roughly 22% of its workforce, in its latest round of cuts, after the online real estate company slashed another 18% of its staff in November, telling Forbes the company has suffered from high mortgage rates and has been “weathering a sharp transition in the housing market,” with a 30% decline in new listings from last year. April 17 Accounting firm Ernst & Young is cutting roughly 3,000 employees based in the U. S.
—less than 5% of its U. S. workforce and less than 1% of its more than 358,000 employees worldwide, according to PitchBook—over concerns with the “impact of current economic conditions, strong employee retention rates and overcapacity.
” (Ernst & Young did not immediately respond to a Forbes inquiry for confirmation. ) April 14 David’s Bridal laid off 9,236 positions across the United States, according to a notice filed to the Pennsylvania Department of Labor, the state where the company is headquartered, with the company’s CEO, James Marcum, saying the recent uncertain economic conditions and the post-Covid environment led to company’s choice to file for Chapter 11 bankruptcy and lay off a majority of their employees. April 14 The extent of Best Buy ’s layoffs is not yet clear, though sources told the Wall Street Journal the big box tech and appliance retailer informed hundreds of employees who had sold smartphones and computers at more than 900 U.
S. stores that their positions had been eliminated. April 12 Redfin cut 200 employees “due to the housing downturn and economic uncertainty,” the Seattle-based company confirmed to Forbes , following two rounds of layoffs over the past year, including one in November affecting 862 employees.
(Redfin has more than 5,500 employees, according to PitchBook. ) April 4 Walmart , the biggest employer in the country, laid off more than 2,000 employees at five plants, including in Florida , New Jersey , Pennsylvania and Texas , just weeks after reportedly asking roughly 200 workers to look for other jobs at other company sites last month as part of an adjustment in staffing “to better prepare for the future needs of customers. ” April 3 McDonald’s plans to cut “hundreds” of employees in a restructuring plan, Reuters reported , citing unnamed sources, after the fast-food giant closed its corporate offices for part of the week in order to conduct the layoffs—McDonald’s, which has 150,000 global employees, according to PitchBook, did not respond to a Forbes inquiry.
April 3 Hyland Software , the developer behind process management software OnBase, announced plans to cut 1,000 employees—roughly a fifth of its workforce—and reassess job responsibilities, as CEO Bill Priemer said the Ohio tech company “did not anticipate the degree to which inflation, rising interest rates and wage increases would impact our expenses. ” Big Number 136,000. That’s how many employees were cut in major U.
S. layoffs over the first three months of 2023—more than the previous two fiscal quarters combined, led by massive head count reductions at Amazon, Google, Meta and Microsoft, according to Forbes ’ tracker . Contra Despite massive layoffs continuing at many large companies over the first few months of 2023, the U.
S. labor market still managed to add 236,000 jobs in the month of March while the unemployment rate dropped to 3. 5% from 3.
6% in February, according to Labor Department data—though it was the smallest increase in total employment since December 2020, sparking fears among economists that a recession could be under way. Key Background Large U. S.
companies ranging from tech startups to manufacturers, retailers and banks conducted a series of major layoffs last summer—with nearly 125,000 U. S. employees affected by cuts at more than 120 large U.
S. companies between June and December, according to Forbes’ tracker. Employers feared high inflation and multiple rounds of interest rate hikes by the Federal Reserve could throw the economy into recession.
Nearly half of those cuts came in the months of November and December, led by massive reductions at Amazon, which cut 10,000 employees, and Facebook and Instagram parent company Meta, which cut 11,000 employees. Amazon and Meta both unveiled new rounds of cuts in March. Further Reading ‘Economy Is Unwell’: Job Growth Unexpectedly Slows As Employers Scale Back Wages And Freeze Hiring (Forbes) 136,000 Laid Off In Major U.
S. Job Cuts This Quarter—More Than Prior Two Quarters Combined (Forbes) Labor Market Adds 236,000 Jobs In March—Lowest Since 2020—As Economists Worry Recession May Be ‘Underway Now’ (Forbes) Brian Bushard Editorial Standards Print Reprints & Permissions.