List of 7 Top Companies Already Firing Thousands of Workers in 2023
- 7 top global companies have announced intentions to layoff some of their staff in the next few months
- Amazon will sack 18,000 people, Salesforce will fire 7,000, and Goldman Sachs plans to layoff 3,200 staff
- The lay-off is in continuation of global job cuts which started in the second half of 2022
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Only two weeks into the new year, thousands of people working for top companies have already lost their jobs. Going by disclosures by some companies, many more are going to be laid off in the coming months.
In the second half of 2022, top tech companies led global job cuts, totalling about 97,000, according to a research report by Challenger, Gray & Christmas, an outplacement services firm. Major companies whose staff were affected by the job cuts include, Microsoft, Meta, Twitter, Stripe, Lyft and Coinbase.
The number of companies joining the list and the number of staff affected by global job cuts seems to be rising, even in 2023. Legit.ng compiles a list of companies that have announced plans to cut the size of their workforce.
Twitter fires more staff
Source: UGC
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Social media platform Twitter, last week, laid off no less than a dozen staff from its offices in Ireland and Singapore. The laid-off staff include Twitter's senior director of revenue policy, Analuisa Dominguez and the head of site integrity for Twitter's Asia-Pacific region, Nur Azhar Bin Ayob.
The reports about the recent layoffs were confirmed by Ella Irwin, Twitter's head of trust and safety, in an email to Bloomberg.
Since Elon Musk purchased Twitter for a reported sum of $44 million in October 2022, there have been several batches of job cuts in an effort to revamp the company which he claims was on the brink of bankruptcy.
Under Musk's management, about 5,000 Twitter staff have been either fired or voluntarily departed, as the company now faces multiple suits over debts from rents, private chartered plane flights and other services
McDonald's to also lay off staff
Source: UGC
McDonald's is also planning layoffs of staff as it intends to reorganise the company, prioritising restaurant expansion. CNBC disclosed this, citing a company-wide memo from Chris Kempczinski, McDonald's Chief Executive Officer
Kempczinski's memo did not state how many jobs will be cut off or how many new restaurants will be opened in the course of the year as part of the reorganisation, but he however announced a handful of internal promotions.
McDonald's plan to cut jobs comes as a surprise to many, given its recent performance, compared to its competitors in the food restaurant franchise sector.
Amazon to lay off about 18,000 staff
Source: UGC
Amazon is set to lay off about 18,000 staff worldwide. The announcement was made in a memo signed by Andy Jassy, the Chief Executive officer and posted on the company's website.
The job cuts which will be the largest in the history of the 28-year-old company will affect staff working in Amazon Go, Amazon Stores and the human resources department.
Jassy says the job cut is as a result of an uncertain economic outlook but promises that benefits will be paid to the affected staff as they will be informed as early as January 18.
Salesforce to fire over 70,000 workers
Source: UGC
In a major tech layoff announcement, software giant, Salesforce disclosed that it would cut 10% of its workforce. The company's co-CEO, Marc Benioff, made the announcement in a letter to employees, citing the reason for the decision as being a change in consumer behaviour.
The company reported a total staff number of 73,541 worldwide in January 2022. Cutting off 10% of its workforce will no doubt, see no less than 7,000 staff members exiting the company.
Vimeo cuts 11% of its workforce
Source: UGC
American video hosting, sharing, and services platform provider, Vimeo also announced in the New Year of job cuts to about 11% of its workforce. Anjali Sud, the company's Chief Executive Officer disclosed this in a message to employees shared on the company's blog.
Sud said the decision to reduce the size of the team is based on the company's plan to achieve growth and profitability goals in a way that is far less dependent on the broader market.
The job cuts will cut across nearly every region and department, but those majorly affected will come from the Sales and R&D departments.
Goldman Sachs cuts 3,200 jobs
Source: UGC
One of America's biggest banks, Goldman Sachs is starting the new year with plans to cut about 3,200 jobs. The layoff is the investment bank's response to a number of factors including a challenging economy and a sharp decline in the number of deals and stock listings.
Microsoft to lay off 10,000 employees
Source: AFP
Microsoft on Wednesday said it would lay off 10,000 employees in the coming months as the economic downturn continues to punish US tech giants. The job cuts will affect slightly less than five per cent of employees.
The cuts were "in response to macroeconomic conditions and changing customer priorities," the maker of the Windows operating system said in a US regulatory filing. The firings follow a major hiring spree during the height of the coronavirus pandemic when companies scrambled to meet demand as people went online for work, shopping and entertainment.
Asked about the layoffs just ahead of the announcement, Microsoft CEO, Satya Nadella said that "no one can defy gravity" and pointed to the high inflation that was affecting economic growth around the world.
Microsoft's filing to the US Securities and Exchange Commission said the cutbacks would result in a charge of $1.2 billion in their next results announcement. Those are due on January 24 when the Redmond, Washington-based company is forecast to post its slowest revenue increase in years.
Why companies are cutting jobs
A financial analyst, Olumide Adesina, who spoke with Legit.ng gave a reason for the current job cuts by major companies. He said:
Many growth companies, including tech brands, have seen their valuation plummet significantly of late. Thus putting pressure on its investors, who in turn pressurize their boards in downsizing costs in order to remain viable and keep their margins relatively attractive.
Twitter Employees Fired by Elon Musk Build Alternative App
DeVaris Brown and Alphonzo Phonz Terrell are two former Twitter employees and they have developed a rival social media platform they have dubbed "Spill".
According to Legit.ng, Brown and Terrell who were affected by Elon Musk's November 2022 mass firing, claim they used their severance pay to develop and promote their own platform which they hope would substitute the Jack Dorsey-founded microblogging site.
Terrell who until his firing, led Twitter's global social and editorial operations, said that the Spill app will compensate users for popular posts and will include a feature where users can gather online or in real life to connect.
Source: Legit.ng
