San Francisco-based financial management company Brex laid off 11% of its staff, the company’s CEO announced Tuesday, making it the latest company to reassess its headcount as employers fear the economy could slide into recession.
1,150, as the company adjusts to a “new macro environment” that “warrants a new level of focus and financial discipline,” CEO Pedro Franceschi wrote in a blog post.
Brex’s job cuts affect 136 employees, bringing its staff to roughlyBloomberg revealed the exercise equipment maker cut nearly 800 jobs, and announced plans to shut stores and raise prices for its Bike+ and Tread machines.
Peloton’s layoffs, which affect roughly 12% of the company, come two months after a memo to employees obtained byBloomberg, one week after the company implemented a hiring freeze, and less than a month after the Wall Street Journal reported it’s reorganizing departments and giving some of its 83,553 staff a month to apply for different positions within the company—although a company spokesperson told the news outlet this week that Meta is “firmly committed to New York.”
California-based Meta plans to close its Manhattan office, unnamed sources told
at least 150 of the 500 workers employed by the Vision Fund, the Japanese conglomerate’s venture capital arm, which would would affect roughly 30% of staff, according to Bloomberg, a move that SoftBank’s billionaire founder and CEO Masayoshi Son hinted at last month after a record $23 billion quarterly loss (it’s unclear whether the layoffs will affect employees at the Lond0n-headquartered fund’s two U.S. locations in Silicon Valley and Miami).
SoftBank is prepping to cut7,400 employees (roughly 670 employees), the company announced in a Securities and Exchange filing Wednesday, saying the cuts are “necessary to ensure we are capitalizing on our long-term opportunity and setting up the company for future success.”
San Francisco-based electronic signature company DocuSign will lay off 9% of its more thanKCCI reported, following the banking giant’s decision earlier this month to cut roughly 75 in its home mortgage division (Wells Fargo did not immediately respond to an inquiry from Forbes).
Wells Fargo reportedly announced plans to lay off 36 employees, bringing the bank’s total layoffs since April to more than 400, Iowa CBS affiliatestartup incubator Area 120—they need to find a new internal role within three months if they want to stay at Google, the Journal reported.
In a similar move, Google also alerted about 50 employees—roughly half of those employed at the firm’sKCRG reported, citing a spokesperson who said the move is necessary to “better align with the current needs of our business” (Nordstrom did not immediately respond to an inquiry from Forbes).
Clothing outlet Nordstrom plans to lay off 231 employees at an Iowa distribution center starting next month, local ABC affiliateWall Street Journal on Tuesday (A Gap spokesperson confirmed the layoffs to Forbes but would not provide further detail).
Gap could cut as many as 500 corporate jobs from its offices in New York and San Francisco, as well as offices in Asia, unnamed sources told theEndpoints News, making them the latest pharmaceutical companies to slim down their workforces, following Biogen and Teva, which reportedly cut 300 jobs last month.
AbbVie reportedly announced plans to lay off 99 employees while Bristol Myers Squibb plans to cut 261, according to state filings seen byannounced the move to cut 11% (roughly 800-900 of the company’s nearly 8,000 employees) on a company blog, saying the workforce grew “too fast” and “without enough focus” over the past two years.
Twilio CEO Jeff LawsonAxios reported, citing unnamed sources, as the company looks to downsize its advertising team representing HBO, CNN, Discovery, Turner and Warner Bros. Entertainment, according to Insider, which also spoke to unnamed sources.
Warner Bros. Discovery, which formed in a merger between the two production giants in April, could reportedly cut “hundreds” of ad sales employees from the WarnerMedia and Discovery sides of the company,reported, citing people familiar with the plans.
Goldman Sachs usually lays off 1% to 5% of its workers each year as a part annual performance reviews, but suspended this program during the Covid-19 pandemic—the investment bank suggested earlier this year it would reinstate the cuts, which are expected to be closer to 1% of workers across all sectors and could happen some time this month, the New York Timesmerger between Beaumont and Spectrum, cut 400 corporate positions as the health care network struggles with “significant financial pressures from historic inflation, rising pharmaceutical and labor costs, COVID 19, expiration of CARES Act funding and reimbursement not proportional with expenses.”
Beaumont-Spectrum, which formed earlier this year out of amade layoffs in its home mortgage division that a source told Bloomberg encompassed fewer than 100 positions as the housing market continues to cool in the wake of rising inflation and the Federal Reserve’s recent rounds of interest rate hikes.
Banking giant Citigroup reportedlyreportedly plans to cut up to 20% of the roughly 500 staffers at its Vision Fund three weeks after the fund posted a record loss in the fiscal quarter ending in June.
SoftBank, the Tokyo-based investment management giant,5,000 jobs as the scandal-hit bank seeks to turnaround its reputation and reduce costs, according to Reuters.
Investment banking giant Credit Suisse could reportedly cut as many asannounced plans to lay off more than 1,200 employees (roughly 20% of its staff), in its second round of job cuts this summer, according to an internal memo obtained by CNN.
Snap, the California-based developer of mobile app Snapchat,lay off 20% of its workforce and take out $500 million in new financing, as the struggling retail giant closes 150 “lower-producing” stores amid continuing issues with low sales.
Bed Bath & Beyond unveiled plans toDenver Business Journal that the cuts come amid an environment that will “likely continue to be marked by volatility” (VF confirmed the layoffs to Forbes but would not provide further details).
VF Corporation, the parent company of brands such as Vans, Timeberland and the North Face, reportedly cut 300 employees and eliminated 300 open positions (less than 1% of its global workforce), with CEO Steve Rendle writing in an internal letter to employees obtained by thethe Verge reported, saying the company is facing a “lower rate of revenue growth”—the company’s stock price has plummeted nearly 80% since earlier this year.
Snap CEO Evan Spiegel announced in a company memo that the company will lay off 20% of its than 6,400 workers (1,280 employees),TechCrunch—bringing the company’s total layoffs since December to roughly 4,000 as the company struggles amid a precipitous downturn in the housing market (Better.com did not immediately respond to an inquiry from Forbes).
Online mortgage lender Better.com reportedly announced its third round of layoffs this year and its fourth in the past 12 months, laying off close to 250 employees, an unnamed worker toldannounced the Boston-based company’s second round of job cuts since May in a move “to adapt to changing market dynamics,” and even though the company did not specify the number of employees leaving, LinkedIn reported it will affect 26% of its staff, which, according to the site TechTarget, would mean roughly 260 of its 1,000 employees.
Artificial intelligence startup DataRobot interim CEO Debanjan SahaWTVC, bringing its total layoffs this summer to roughly 140, following a round of cuts in May that slashed another 5% of the company’s corporate staff, reported at the time to be around 70 employees.
Tennessee-based trucking company U.S. Xpress cut 5% of its corporate workforce, a spokesperson confirmed to local ABC affiliatecut spending as it transitions to producing electric vehicles, according to the Wall Street Journal.
Ford announced it will let go about 3,000 office and contract employees as the carmaker moves toBoston Globe, which stated the company was rebuilding after the Covid-19 pandemic but that their “team is too large for the environment we are now in.”
Boston-based online furniture retailer Wayfair slashed 870 jobs (nearly 5% of the company’s 18,000 employees), according to an internal memo from CEO Niraj Shah obtained by thestatement on the company’s website, writing the cuts are essential in light of “current information on growth trends and market expectations.”
Software company New Relic laid off 110 employees, including 90 in the U.S. (roughly 5% of its workforce), CEO Bill Staples posted in aInside Radio reported, with CEO David Field saying the cuts come “in light of current macroeconomic headwinds.”
Philadelphia-based Audacy, the second biggest radio company in the United States, cut 5% of its workforce (estimated to be roughly 250 employees),most valuable company, laid off 100 contracted recruiters amid a hiring slowdown, Bloomberg reported (Apple did not respond immediately to an inquiry from Forbes).
Apple, the world’splans to combine the streaming service with Discovery+ as soon as next year, Deadline reported.
HBO Max cut 70 jobs (14% of its workforce) in a cost-cutting effort that comes four months after Discovery’s $43 billion acquisition of HBO Max parent company WarnerMedia, and a week after the company announcedMeditation app Calm CEO David Ko announced plans to lay off 90 employees (20% of the company’s workforce) in a memo to employees, saying, “we as a company are not immune to the impacts of the current economic environment.“
filing, in an effort to reduce expenses.
California tech startup Nutanix announced plans to cut 270 (4% of its workforce) by the end of October, according to a Securities and Exchange Commissionreported, with the cuts coming in the company’s modern life experiences team.
Microsoft reportedly laid off 200 employees, less than a month after the Redmond, Wash.-based tech giant announced it would cut 1% of its 180,000 workers, Business Insidertold Israeli newspaper Calcalist, “the world has experienced an economic crisis and we have seen U.S. GDP fall without growth.”
Website design company Wix.com made its second round of layoffs this year, cutting 100 employees as company President and COO Nir Zoharreportedly announced plans to cut 30% of its estimated 1,000 employees.
Canadian social media management company HootsuiteGroupon unveiled plans to lay off 15% of its workforce (500 employees), primarily in the company’s technology and sales departments, with CEO Kedar Deshpande writing in a message to employees obtained by Forbes, “our cost structure and our performance are not aligned.”
reported, citing anonymous sources.
Snap started laying off an undisclosed number of its 6,000 employees, following a disappointing earnings report released last month, The VergeiRobot, the maker of Roomba, cut 10% of its workforce (140 employees), as the company restructures after being purchased by Amazon for $1.7 billion, the company told Forbes, adding the job cuts were not related to the acquisition.
reported, stating the cuts come “in light of the challenging global economy and its impact on the gaming industry.”
California-based video game developer Jam City laid off between 150-200 employees — roughly 17% of its workforce — VentureBeatreported, citing anonymous sources.
Walmart—the largest private employer in the United States—plans to cut 200 of its corporate employees as the company seeks to restructure, the Wall Street Journalciting a drop in trading activity, high inflation and a “broad crypto market crash”—the move comes after Robinhood laid off 9% of its full-time employees in April, a set of cuts Tenev says “did not go far enough.”
Online brokerage Robinhood cut 23% of its staff, with CEO Vlad Tenevstarted laying off an undisclosed number of its estimated 143,000 employees, as part of a larger plan to cut thousands, The Information reported, citing an unnamed source (rumors of job cuts at Oracle have been speculated for nearly a month).
Texas-based data technology giant Oracle110 employees, or 45% of its workforce, as CEO Adam Gilchrist stepped down.
Fitness company F45 Training laid offannounced, saying skyrocketing demand for online shopping during the pandemic has leveled off, and that the company made a bet that “didn’t pay off.”
E-commerce company Shopify became the latest company to lay off employees, cutting ties with 1,000 (10% of its workforce), CEO Tobi LutkeBoston Globe it now has 550 employees (meaning it cut close to 97) adding in a statement, “given how negatively the macro environment has evolved, we need to grow responsibly and control our own destiny.”
Boston tech-watch company Whoop slashed 15% of its workforce, telling the7-Eleven, which operates 13,000 convenience stores across North America, cut 880 U.S. corporate jobs, just over a year after it completed a $21 billion deal to purchase Speedway.
reported to be close to 200 workers, as the company navigates “uncertain economic conditions.”
Seattle real estate startup Flyhome axed 20% of its staff,announced on LinkedIn the online video company is cutting 6% of its workforce to “come out of this economic downturn a stronger company.”
Vimeo CEO Anjali Sudlaid off 450 employees, nearly 35% of the company, as CEO Sean Lane admitted the company’s commitment to “act with urgency” led to a hiring spree that proved to be too much to handle, prompting him to “rethink this approach.”
Ohio-based automated health software startup Olivetweet it laid off 20% of its staff over fears of “broad macroeconomic instability” with the possibility of “prolonged downturn.”
OpenSea, the New-York based non-fungible token (NFT) company, announced in aTechCrunch reported, as it reels back from a “large and ambitious” budget it couldn’t meet amid fears a stunted market could fuel a recession.
Online ordering startup ChowNow laid off 100 people,cut 35% of its workforce amid a worsening “macroeconomic climate and global supply chain challenges.”
Tonal, the at-home fitness company,laid off 229 employees, primarily in its autopilot division, and shut down its San Mateo, California, office, just weeks after CEO Elon Musk sent an email to executives, saying he had a “super bad feeling” about the economy and planned to cut 10% of his workforce, Reuters reported.
TeslaBloomberg, as the company moves away from a growth-at-all-costs model.
Some 1,500 employees at the international delivery startup Gopuff were let go, (10% of its staff) and 76 of its U.S. warehouses were shut down, according to a letter to investors first reported byannounced plans to lay off 2,000 workers by the end of the year, bringing its 2022 layoffs to 4,800 — more than half of the company’s 8,500 employees — as the housing market “contracted sharply and abruptly,” CEO Frank Martell said in a statement.
California-based mortgage lender loanDepotunveiled plans to lay off 5% of the company’s 14,000 employees in areas that grew “too quickly” during the pandemic and to halt hiring of non-factory workers, according to an internal email from CEO RJ Scaringe, Bloomberg reported.
Electric automaker Rivianannounced plans to lay off 17% of its workforce by the end of the year, with a goal of bringing in $100 million in annual mortgage-related revenue by 2028.
Real estate firm Re/Maxlaid off and reassigned more than 1,000 of its 274,948 employees, citing rising mortgage rates and increased inflation.
JPMorgan Chase — the nation’s largest bank —Compass and Redfin announced plans to cut 10% and 8% of their workforces, respectively, following a 3.4% drop in home sales from April to May, according to the National Association of Realtors, amid concerns the once red-hot housing market had cooled.
Real estate companiesreleased after losing access to their work emails, marking an 18% reduction in the crypto company’s staff — a move that CEO Brian Armstrong called essential to “stay healthy during this economic downturn” — and a warning sign of a recession and a “crypto winter” after a 10-plus-year crypto boom.
Some 1,100 Coinbase employees learned they had beenreports of a “spendthrift” business style had come back to bite the company.
Used car seller Carvana CEO Ernie Garcia III sent an email to 2,500 employees — 12% of the company’s workforce — informing them they had lost their jobs, one week after freezing new hiring, as the company embraced for what looked like a looming recession in car sales, andMany experts warned the U.S. may be headed toward recession following reports the economy contracted 1.6% in the first quarter of the year. Those fears were reignited following Federal Reserve’s announcement in June to raise interest rates by 75 basis points, its largest rate hike in 28 years. After the rate hike — the first of two from the Federal Reserve this summer — economists at S&P Global Ratings forecast a 2.4% drop in GDP by year’s end, a reverse in course from earlier forecasts of 2.4% gro. Bank of America issued a warning last month that “economic momentum has faded,” and a “mild recession” is possible by the end of the year. Then, in recent month, warning signs seemed to be tapering off. A recent report from the Bureau of Labor Statistics revealed an 8.5% spike in inflation from last July, a sign that the Federal Reserve’s interest rate hikes could be cooling inflation, one month after a 9.1% year-over-year spike in June. House Democrats in August passed an ambitious piece of legislation, after hours of debate, aimed at curbing inflation, sending the $437 billion Inflation Reduction Act to President Joe Biden, who signed it on Monday.
In an interview with the Washington Post this summer, U.S. Deputy Secretary of Labor Julie Su said she was optimistic the economy will rebound, citing 9 million jobs created since President Joe Biden took office, and 372,000 new jobs in June. Earlier in August, however, unemployment claims reported by the Department of Labor jumped to a nine-month high, with roughly 262,000 people filed initial jobless claims.
51%. That’s the share of corporate executives that have implemented or plan to implement job cuts, according to a recent PricewaterhouseCoopers survey of 722 executives. In addition to laying off employees, 52% of respondents said they’ve made hiring freezes or plan to.
Source: https://www.forbes.com/sites/brianbushard/2022/10/11/finance-company-brex-cuts-136-staff-here-are-the-major-us-layoffs-this-year/