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UPS will cut 12,000 jobs in 2024.
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Last year’s job cuts weren’t the end of layoffs. Further reductions have begun in 2024.Companies like Amazon, BlackRock, Nike, Intel, and Citigroup have announced plans for cuts this year.See the full list of corporations reducing their worker numbers in 2024.
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A slew of companies across the tech, media, finance, and retail industries made significant cuts to staff in 2023. Tech titans like Google and Meta, finance giants like Goldman Sachs, and manufacturers like Dow all announced layoffs.
2024 is already looking grim. And it’s only January.
Thirty-eight percent of business leaders surveyed by ResumeBuilder think layoffs are likely at their companies this year, and around half say their companies will implement a hiring freeze.
ResumeBuilder talked to around 900 leaders at organizations with more than 10 employees. Half of those surveyed cited concerns about a recession as a reason.
Another major factor: artificial intelligence. Around four in 10 respondents said they’ll conduct layoffs as they replace workers with AI, with Dropbox, Google, and IBM have already announced job cuts for that very reason.
Here are 16 companies with job cuts planned or already underway in 2024.
Google laid off hundreds more workers in 2024.
Google confirmed the layoffs to Business Insider in an email.
Justin Sullivan/Getty Images
Google laid off hundreds of workers in its central engineering division and members of its hardware teams — including those working on its voice-activated assistant.
In an email to some affected employees, the company encouraged them to consider applying for open positions at Google if they want to remain employed. According to the email, April 9 will be the last day for those unable to secure a new position.
The tech giant laid off thousands throughout 2023, beginning with a 6% reduction of its global workforce (about 12,000 people) last January.
Discord is laying off 170 employees.
Jason Citron said rapid growth was to blame for the cuts.
Jakub Porzycki/NurPhoto/Getty Images
Discord employees learned about the layoffs in an all-hands meeting and a memo sent by CEO Jason Citron.
“We grew quickly and expanded our workforce even faster, increasing by 5x since 2020,” Citron said in the memo. “As a result, we took on more projects and became less efficient in how we operated.”
In August, Discord reduced its headcount by 4%. According to CNBC, the company was valued at $15 billion in 2021.
Citi will cut 20,000 from its staff as part of its corporate overhaul.
CEO Jane Fraser has been vocal about the necessity for restructuring at Citigroup.
Patrick T. Fallon/Getty Images
The layoffs are part of a larger Citigroup initiative to restructure the business and could leave the company with a remaining head count of 180,000 — excluding its Mexico operations.
In an earnings call earlier this month, the bank said that layoffs could save the company up to $2.5 billion after it suffered a “very disappointing” final quarter last year.
‘Several hundred’ jobs are being cut at Amazon Prime Video and Amazon MGM Studios.
The cuts follow several rounds of layoffs at Amazon last year.
Mark Lennihan/Associated Press
This year’s cuts follow the largest staff layoff in the company’s history. In 2023, the tech giant laid off 18,000 workers.
Mike Hopkins, SVP of Prime Video and Amazon MGM Studios, said in an email to employees that “several hundred roles” would be slashed to refocus on more profitable products.
“We’ve identified opportunities to reduce or discontinue investments in certain areas while increasing our investment and focus on content and product initiatives that deliver the most impact,” Hopkins told employees.
The same day, Amazon-owned Twitch also announced job cuts.
Twitch is cutting more than 500 positions.
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Twitch announced that it would cut 500 jobs, affecting over a third of employees at the live-streaming company.
CEO Dan Clancy announced the layoffs in a memo, telling staff that while the company has tried to cut costs, the operation is “meaningfully” bigger than necessary.
“As you all know, we have worked hard over the last year to run our business as sustainably as possible,” Clancy wrote. “Unfortunately, we still have work to do to rightsize our company and I regret having to share that we are taking the painful step to reduce our headcount by just over 500 people across Twitch.”
Nike’s up-to-$2 billion cost-cutting plan will involve severances.
Athletic retailer Nike will be making reductions to staffing as part of a cost-cutting initiative.
CFOTO/Future Publishing via Getty Images
Nike announced its cost-cutting plans in a December earnings call, discussing a slow growth in sales. The call subsequently resulted in Nike’s stock plunging.
“We are seeing indications of more cautious consumer behavior around the world,” Nike Chief Financial Officer Matt Friend said last month.
BlackRock is planning to cut 3% of its staff.
BlackRock expects to lay off 3% of its workforce.
Leonardo Munoz/VIEWpress
Larry Fink, BlackRock’s chief executive, and Rob Kapito, the firm’s president, announced that the layoffs would affect around 600 people from its workforce of about 20,000.
However, the company has plans to expand in other areas to support growth in its overseas markets.
“As we prepare for 2024 and this very exciting but distinctly different landscape, businesses across the firm have developed plans to reallocate resources,” the company leaders said in a memo.
Rent the Runway is slashing 10% of its corporate jobs as part of a restructuring.
Rent the Runway is laying off a few dozen people in its corporate workforce.
Shannon Stapleton/Reuters
The fashion company’s COO and president, Anushka Salinas, will also be leaving the company, Fast Company reported.
Unity Software is eliminating 25% of its workforce.
Unity Software plans to cut roughly 1,800 jobs.
Sutro Software
Around 1,800 jobs at the video game software company will be affected by the layoffs, Reuters reported.
eBay is cutting 1,000 jobs.
eBay wants to become “more nimble.”
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The eBay layoffs will affect about 9% of the company’s workforce, CEO Jamie Iannone told employees in a memo.
Iannone told employees that layoffs were necessary as the company’s “overall headcount and expenses have outpaced the growth of our business.”
The company also plans to scale back on contractors.
Microsoft is reducing its headcount by 1,900 at Activision, Xbox, and ZeniMax.
Microsoft is being challenged by the FTC on its planned purchase of Activision Blizzard
SOPA/Getty Images
Nearly three months after Microsoft acquired video game firm Activision Blizzard, the company announced layoffs in its gaming divisions. The layoffs mostly affect employees at Activision Blizzard.
“As we move forward in 2024, the leadership of Microsoft Gaming and Activision Blizzard is committed to aligning on a strategy and an execution plan with a sustainable cost structure that will support the whole of our growing business,” Microsoft Gaming CEO Phil Spencer said in a memo obtained by The Verge.
Flexport will reportedly lay off 20% of its workers.
Flexport CEO Ryan Petersen returned to the company in September.
Sam Barnes/Sportsfile for Collision via Getty Images
US logistics startup Flexport will cut 20% of its estimated 2,600 employees over the next few weeks, The Information reported.
With founder and CEO Ryan Petersen back at the helm since September, Flexport initiated a 20% reduction in October.
Flexport kicked off 2024 with the announcement that it raised $260 million from Shopify and made “massive progress toward returning Flexport to profitability.”
iRobot is laying off around 350 employees and founder Colin Angle will step down as chairman and CEO.
iRobot’s executive vice president and chief legal officer Glen Weinstein has been appointed interim CEO upon Angle’s exit from the company.
Kimberly White/Getty Images
The company behind the Roomba Vacuum announced layoffs around the same time Amazon decided not to go through with its proposed acquisition of the company, the Associated Press reported.
UPS will cut 12,000 jobs in 2024.
UPS CEO Carol Tomé told investors that the company will reduce its headcount by 12,000 by the end of 2024.
Justin Sullivan/Getty Images
The UPS layoffs will affect 14% of the company’s 85,000 managers and could save the company $1 billion in 2024, UPS CEO Carol Tomé said during an earnings call in January.
Paypal CEO Alex Chriss told staff the company would lay off 9% of its workforce.
(Photo by Justin Sullivan/Getty Images)
This round of layoffs would affect about 2,500 employees at the payment processing company.
“We are doing this to right-size our business, allowing us to move with the speed needed to deliver for our customers and drive profitable growth,” CEO Alex Chriss wrote in a memo. “At the same time, we will continue to invest in areas of the business we believe will create and accelerate growth.”
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