Chances are, you know someone who has been laid off. Maybe it was even you. In 2023, many companies in the finance, retail, and tech industries laid off a considerable number of their employees. Now that we’re firmly in 2024, workers have been hit with even more layoff anxiety. Here is a comprehensive list of companies that have planned or executed significant job cuts.
1. Rivian
Founded in 2009, automotive newcomer Rivian is known for its innovative electric and hybrid vehicles. Unfortunately, news broke recently that the company laid off 1% of its workforce. This is the second wave of layoffs in as many months, likely prompted by a poor performance in Q4 of 2023.
2. Google
In 2024, one of the largest tech companies began laying off its workers. According to CNBC, Google laid off several employees from its central engineering division and hardware teams, including those working on its voice-activated assistant.
The company sent an email to some of the affected employees, urging them to apply for open positions at Google if they wanted to continue their employment. The email stated that April 9th would be the last day for those who could not secure a new position.
3. Citi
Layoffs are expected to hit Cit Bank as part of a larger Citigroup initiative to restructure the business. The initiative could leave the company with a remaining headcount of 180,000, excluding its Mexico operations. During an earnings call in January, the bank stated that layoffs could save the company up to $2.5 billion after a “very disappointing” fourth quarter. Citigroup reportedly plans to cut 20,000 jobs by the end of 2026.
4. IBM
Recently, IBM CEO Arvind Krishna stated that the company would pause hiring for a number of roles. The company’s decision to reduce staff is due to several factors, including the impact of AI on the workforce. Krishna even stated in an interview with Bloomberg that he foresees AI and automation replacing up to 30% of these roles in the next five years.
5. Discord
Discord, the popular communication platform, is taking a bold step in optimizing its operations. The company is laying off 170 employees, which makes up 17% of its workforce. This decision comes after a thorough evaluation of the company’s recent growth and operational efficiency.
CEO Jason Citron communicated this decision in a memo to staff, stating that the company grew quickly and multiplied its workforce by five since 2020. He added, “As a result, we took on more projects and became less efficient in how we operated.”
6. Twitch
In January 2024, live-streaming company Twitch announced that it would be cutting 500 jobs, or more than a third of its workforce, in a memo from CEO Dan Clancy. He told the staff that the company had tried to cut costs, but the operation was “meaningfully” larger than necessary.
7. BlackRock
In a recent announcement, Larry Fink, Chief Executive at global investment management company BlackRock, and with Rob Kapito, firm President, shared that they are planning to lay off nearly 600 employees from its workforce of about 20,000.
The decision was made as part of the company’s ongoing restructuring efforts to streamline its operations and reduce costs. However, the company has plans to expand in other areas to support growth in its overseas markets.
8. Nike
During its December earnings call, Nike, the famous sports apparel and footwear brand, announced that it would be implementing up to $2 billion in cost-cutting measures in response to a sluggish growth in sales. The call, attended by industry analysts and investors attended, provided insight into the company’s financial status, revealing that Nike’s revenue had fallen below expectations.
“We are seeing indications of more cautious consumer behavior around the world,” Nike Chief Financial Officer Matt Friend said in December.
9. Unity
Unity Software, a video game software company based in San Francisco, is set to eliminate 25% of its workforce. The layoff, affecting around 1,800 jobs, is the largest ever by the company and is expected to be completed by the end of March. The company announced the layoffs shortly after its interim CEO, Jim Whitehurst, declared a “company reset” in November.
10. Microsoft
Nearly three months after Microsoft acquired video game developer Activision Blizzard, the company announced that it would lay off 1,900 staff across Activision Blizzard, Xbox, and ZeniMax. The cuts were announced in a memo sent to employees by Microsoft Gaming CEO Phil Spencer and later obtained by The Verge. Spencer highlighted a need to create a “sustainable cost structure” in the memo.
11. UPS
UPS has announced plans to reduce its workforce by 12,000 jobs by 2024. This will affect around 14% of the company’s 85,000 managers. While this news may come as a surprise, the decision was made following a recent labor contract and weak demand. The company is calling this initiative “fit to serve.” It is expected to save UPS approximately $1 billion in 2024.
12. PayPal
In January, PayPal CEO Alex Chriss announced that the payment processing company would lay off approximately 2,500 employees, roughly 9% of the company’s workforce.
Chriss stated in a memo that the layoffs are necessary to “right-size” the business, enabling it to operate more efficiently and effectively. This will help PayPal meet the needs of its customers and drive profitable growth. He also stated that the company will continue investing in areas that are expected to create and accelerate growth.
13. Estee Lauder
In February 2024, the recognized cosmetics company announced a restructuring plan that would involve cutting 3% to 5% of its workforce. The company’s report stated that its net sales declined by 7%, with a 10% drop in skin care sales compared to 2023. As of June 30, 2023, Estee Lauder employed approximately 62,000 workers across the globe.
14. Zoom
At the beginning of 2024, Zoom announced plans to reduce its workforce by 500 jobs. In February of last year, the company eliminated approximately 1,300 positions, which accounted for roughly 15% of its workforce. This decision was made to prepare for the uncertain global economy.
15. Cisco
The networking giant recently announced that it would be cutting upwards of 4,000 jobs, or 5% of its workforce. According to Bloomberg, this move is due to a slowdown in corporate tech sales across the industry. Cisco’s executives have predicted that this trend will continue for at least the first half of the year, which means we could see more shakeups in the tech sector soon.
16. Sony
The company announced earlier this year that it had to make cuts to its workforce, which included Insomniac Games, the developer behind the widely popular Spider-Man video game series. Furthermore, the London studio of PlayStation will be closing down, as per the proposal.
This decision was made because the company missed its sales target for the PlayStation 5. As a result, the earnings report caused a decline in the company’s stock value, with the company losing about $10 billion in value.
17. Snap
The company behind Snapchat announced in February that it’s reducing its global workforce by 10%. According to a regulatory filing, Snap expects it will incur charges ranging from $55 million to $75 million, mostly for severance and related costs. The company’s last major round of cuts was in August 2022, when it laid off 20% of staff and restructured its business lines.
18. Expedia
Expedia Group is reducing its workforce by more than 8%. The company’s operational review will affect 1,500 roles across the globe this year. Additionally, they announced on February 8 that Peter Kern will be stepping down as CEO in May, replaced by Ariane Gorin, current President of Expedia for Business. Kern will remain vice chairman and stay on the board.
19. Bumble
In late February, the dating app company released a statement revealing that it would be downsizing its staff to focus on its future strategic priorities. The cuts will affect approximately 30% of the company’s workforce.
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