Here are the companies that have laid off employees this year

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Just this week, Alphabet, the parent company of Google, Microsoft (MSFT) and Vox Media announced layoffs. affecting more than 22,000 workers.

Their moves follow job cuts earlier this month Amazon, Goldman Sachs and Salesforce. More companies are expected to do the same as firms that have hired aggressively over the past two years are hitting the brakes, and in many cases switching back.

The reduction is in sharp contrast to 2022, which had the second highest level of job gains on record, with 4.5 million. But last year’s job numbers began to decline as the year went on, with the December jobs report showing the lowest monthly gain in two years.

The highest level of hiring occurs in 2021, when 6.7 million jobs are added. But that came on the heels of the first year of the pandemic, when the US effectively shut down and 9.3 million jobs were lost.

The current layoffs are in many industries, from media firms to Wall Street, but so far they are hitting Big Tech especially hard.

That’s the difference in job losses during the pandemic, which saw consumers’ shopping habits shift to e-commerce and other online services during the shutdown. Technology firms continued to hire.

But now, workers are returning to their offices and shopping is back. Add in the increased likelihood of a recession, higher interest rates and tepid demand due to inflation, and tech companies are cutting their costs.

January was filled with headlines announcing job cuts at company after company. Here is the list of layoffs this month – so far away.

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Google’s ( GOOGL ) parent said Friday it is laying off 12,000 workers at manufacturing sites and regions, or 6% of its workforce. Alphabet has added 50,000 employees over the past two years as the pandemic creates greater demand for its services. But recent fears of a recession have marketers pulling back on their digital marketing business.

“The past two years have seen periods of incredible growth,” CEO Sundar Photosi said in an email to employees. “To consolidate and promote growth, we employ a different economic environment than the one we face today.”

The tech behemoth is laying off 10,000 workers, the company said in a securities filing on Wednesday. Worldwide, Microsoft has 221,000 full-time employees and 122,000 of them are based in the US.

CEO Satya Nadella said during a speech in Davos that “no one can resist gravity” and that Microsoft cannot ignore the weak global economy.

“We live in times of great change, and as I meet with customers and partners, a few things are clear,” Nadella wrote in the memo. “First, as we’ve seen consumers accelerate their digital spending during this pandemic, we’re now seeing them scale up their digital spending to do more with less.”

The publisher of news and opinion website Vox, technology website The Verge and New York Magazine, announced Friday that it is cutting 7% of its workforce, or about 130 people.

“We are facing and expect more economic and financial pressures that have been experienced by some in the media and technology industries,” Chief Executive Jim Bankoff said in a memo.

Layoffs also hit Wall Street hard. The world’s largest asset manager is cutting 500 jobs, or less than 3% of its workforce.

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Today’s “unprecedented market environment” is in stark contrast to its attitude over the past three years, when it increased its workforce by around 22%. Its last major round of cuts was in 2019.

The bank will lay off up to 3,200 workers this month amid a global job slowdown. More than a third of the cuts are expected to come from the firm’s commercial and banking units. Goldman Sachs (FADXX) had nearly 50,000 employees at the end of last year’s third quarter.

The crypto brokerage announced in early January that it was laying off 950 people – nearly one in five employees from its workforce. The move comes a few months after Coinbase laid off 1,100 people.

Although Bitcoin had a strong start to the new year, crypto companies were defeated by the significant drop in the prices of Bitcoin and other cryptocurrencies.

McDonald’s (MCD), which has thrived during the pandemic, plans to cut some of its workforce, CEO Chris Kempczinski said this month.

“We will evaluate the roles and levels of employees in certain areas of the organization and there will be difficult discussions and future decisions,” said Kempszinski, explaining the plan “to break down internal barriers, more innovative growth and reduce work that does not match the company’s priorities.”

The online retailer said it plans to lay off 20% of its salaried workforce.

“We will be losing talented team members across the company and I am truly sorry,” Stitch Fix (SFIX) founder and former CEO Katrina Lake wrote in a blog post.

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As the new year began, Amazon ( AMZN ) said it planned to lay off more than 18,000 workers. Departments from human resources to the company Amazon (AMZN) stores will be affected.

“Long-lived companies go through different stages. “They’re not in a mode of ramping up people every year,” CEO Andy Jassy said in a memo to employees.

Amazon grew during the pandemic, and has been hiring rapidly over the past few years. But demand is cooling as consumers return to their offline lives and struggle with higher prices. Amazon says it has more than 800,000 employees.

At the New York Times DealBook conference in November, Jassy said he believed Amazon “made the right decision” about building its fast infrastructure but said its hiring environment was “a lesson for everyone.”

Even as he spoke, Amazon workers who helped organize the first union in the US at the Staten Island facility last year preferred Jassy’s appearance outside the conference venue.

“We certainly want to take this opportunity to let him know that the workers are waiting and ready to negotiate our first contract,” said Amazon Union President Chris Smalls, calling the protest a “welcome party” for Jassy.

Salesforce ( CRM ) will cut about 10% of its workforce from its 70,000 workforce and reduce its real estate footprint. In a letter to employees, Salesforce ( CRM ) chairman and CEO Marc Benioff acknowledged that he added significantly to the company’s numbers early on. epidemic.

-CNN’s Clare Duffy, Matt Egan, Oliver Darcy, Julia Horowitz, Catherine Thorbecke, Paul R. La Monica, Nathaniel Meyersonhn, Parija Kavilanz, Danielle Wiener-Bronner and Hanna Ziady contributed to this report.


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