More than 120 large U.S. tech companies, banks and manufacturers have implemented massive rounds of layoffs this year, according to the Forbes layoff tracker.
More than 60,000 U.S. workers have been laid off since the beginning of November, as well as 4,000-6,000 expected to be hit by a round of layoffs at HP Inc.
According to multiple outlets, Morgan Stanley cut 1,600 employees this month, along with other large banks like Citigroup, which cut 50 employees last month.
BigCommerce, Airtable, Plaid, Thumbtack, and Doma are just some of the online businesses that have laid off workers recently.
Several media outlets, including the parent company of USA Today, the Detroit Free Press and the Indianapolis Star, have announced layoffs.
CNN said it plans to lay off employees, though it did not respond to a Forbes inquiry about its plans.
12,000. The most difficult changes we've made in Meta's history were the reason for the layoffs last month. The company invested heavily and boosted hiring at the start of the Covid-19 epidemic, but has since suffered financially due to a macro economic downturn and increased competition, according to a company memo.
The largest round of layoffs this year affected more than 2,800 employees, as the at- home exercise equipment maker slumped following the Covid-era exercise-from- home trend. Less than two months after the company cut 800 jobs and announced plans to raise the price of its at- home bikes and treadmills, 500 employees were affected by its latest round of layoffs.
The tech sector has laid off more than 91,000 employees this year. Tech workers have been hit especially hard by recent layoffs, including more than 1,000 employees who were cut in August by online brokerage company Robinhood.
It's possible that layoffs could be large at some companies. A program to identify 10,000 poor-performing employees was launched last month, according to reports. 50 employees at the firm's startup incubator were given three months to find new jobs or be laid off, according to reports. Half of the social media giant's 7,500 employees were affected by a round of cuts in November. Multiple outlets reported this week that the cuts are continuing.
Inflation hit a 40-year-high this summer due to soaring gas prices, which reached an all-time high of $5.02 per gallon in June. The Federal Reserve implemented five rounds of interest rate hikes in order to slow the economy and curb soaring inflation, while home sales have collapsed. In an interview with CNBC, the CEO of JP Morgan warned that inflation and a recession could start in the middle of the next decade.
For any more signs of a recession the yield curve is likely to go up.
As job cuts grow, 46,000 people are laid off.
Major layoffs will grow in 2022, according toForbes.
According to aForbes report, Goldman Sachs plans to lay off up to 4,000 employees.