The U.S. economy obliterated forecasts by adding more than 500,000 jobs in January — but try telling a tech worker that the unemployment rate is 3.4%. The technology industry has endured near-daily layoff announcements for months, and several other sectors are now seeing a stream of cutbacks, as well. The LinkedIn News team continues to follow the country’s rollercoaster labor market, with the latest job cuts below. If you’ve been impacted by a layoff, find our best tips here.
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Layoffs from the past week:
- Wells Fargo, which said in January it would move away from home loans, has laid off “hundreds” of mortgage bankers and consultants, according to CNBC.
- After predicting a $30 million deficit for the year, NPR will eliminate at least 100 positions, or approximately 10% of its staff, Bloomberg reports, citing an internal memo.
- Despite CEO Mark Zuckerberg’s widely reported promise that no additional layoffs would follow an 11,000-person workforce reduction in November, more job cuts are expected soon at Meta, The Washington Post reports. The article echoes a Financial Times piece published earlier this month, with both publications citing anonymous sources.
- Consulting giant McKinsey & Co. is redesigning its non-client-facing teams in a move that could see 2,000 support staffers laid off, Bloomberg reports, citing anonymous sources.
- Former employees are posting on LinkedIn about jobs cuts at SAP, which announced in January it would lay off 3,000 people.
- Ericsson, the Swedish maker of telecom equipment, is cutting 1,400 jobs amid softening demand for 5G equipment.
- Layoffs are afflicting the crypto industry, with Polygon emerging as the latest company to announce cutbacks (20% of staff; 100 people). Other companies that shed headcount this year include Magic Eden (22 people), Protocol Labs (21% of staff; 89 people), Bittrex (83 people), Chainalysis (4.8% of staff; 44 people), Prime Trust (one third of staff) and CoinTracker (19 people).
- Seattle-area software maker Smartsheet is reportedly letting go of 85 employees, or less than 3% of its staff.
- Beam Benefits, a digital HR provider based in Ohio, has reduced its workforce by 8%.
- JPMorgan Chase, which reportedly cut hundreds of employees from its ailing mortgage business earlier this month, has laid off about 30 investment bankers in the Asia-Pacific region. It’s one of the biggest reductions to Hong Kong and China-based banking staff in years.
- Former employees of the German discount grocery chain Lidl are writing on LinkedIn about layoffs resulting from a restructuring of its U.S. division.
- Payments processor Chipper Cash is downsizing the company by one third, with layoffs affecting an estimated 100 people.
- Convoy is embarking on its third round of cutbacks in less than a year, according to a LinkedIn post from the digital freight network’s CEO.
- Tackle, a unicorn-status cloud marketplace, has reduced its staff size by 15%.
- DocuSign, which shed 9% of its staff in September, has announced plans to lay off another 10%. CNBC estimates that roughly 680 people could be affected.
- KPMG is letting go of nearly 700 people, or about 2% of its staff in the U.S., making it the first of the Big Four accounting companies to do so.
- DIY-website platform Wix is downsizing by 6% and eliminating approximately 370 roles, mostly at U.S. customer service centers.
- LinkedIn members are posting about layoffs at Criteo, an ad tech firm that’s in search of a buyer.
- There have been rounds of layoffs and fundraising at Terminus within the past year, but LinkedIn members are posting about more job cuts at the marketing-software firm.
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Layoffs making headlines in February:
- Medical diagnostics companies are taking a hit following decreasing demand for COVID-19 tests, with layoffs reported at Thermo Fisher Scientific (230 people), Baxter International (5% of staff; 3,000 people) and Quest Diagnostics (1.5% of staff).
- Observe AI, which counts Zoom among its investors, has reportedly let go of an unspecified number of workers.
- Momentive will reduce its workforce by 14%, the AI company announced in a filing with the Securities and Exchange Commission.
- A cost-cutting push by designer reseller The RealReal includes eliminating about 230 roles, or 7% of its workforce.
- Bank of America, which had been “reluctant” to implement layoffs, will cut about 200 jobs from its investment banking business, Bloomberg reports, citing anonymous sources.
- PICO, a VR brand owned by TikTok parent company ByteDance, is reportedly laying off 400 employees, or 20% of its staff.
- Iowa-based cloud service provider DigitalOcean is cutting 200 jobs, or 11% of its employees.
- ServiceTitan, which sells software for home contractors, is reportedly reducing its workforce by 8%, or approximately 221 employees.
- Sprinklr, which crafts customer shopping experiences, reportedly let go of 100 employees, which represent 4% of its global workforce.
- Striving to stretch its funds for two years, robotic surgery company Vicarious Surgical is shrinking its headcount by 14%.
- Robo-financial advisor Betterment is closing its Philadelphia office and terminating 28 positions.
- Rent-to-buy startup Divvy Homes laid off 12% of its staff, or about 40 people, as rising mortgage rates batter home sales.
- Neiman Marcus Group is shaking up its leadership team and eliminating about 500 positions, 100 of which will affect corporate employees.
- Udemy is reducing its headcount by 10%, the ed tech platform’s CEO announced.
- IRobot, the maker of Roomba vacuums, announced in its Q4 earnings report it is laying off about 85 employees, or 7% of its workforce. The company is in the process of being acquired by Amazon.
- LinkedIn has laid off an undisclosed number of staff from its talent acquisition team, according to a company spokesperson.
- Showtime has let go of 120 employees prior to its merger with Paramount+, per The Hollywood Reporter.
- Seventeen employees have been let go from the startup HackerEarth.
- CommerceHub’s acquisition of Channel Advisor has resulted in more than 370 jobs being cut due to redundancies.
- Layoffs at United Talent Agency are “said to be in the low single digits as a percentage of the company’s overall workforce,” Deadline writes.
- Electric parted ways with “141 Electrons,” making the IT provider 25% smaller.
- Collective Health has eliminated 54 roles, according to member posts on LinkedIn.
- TripleLift, a programmatic ad platform, is reducing its workforce by 10%.
- Rigetti Computing, which is in peril of being delisted from the Nasdaq over its low stock price, is replacing its CFO and CTO and laying off 28% of its workers.
- Cloud communications firm Twilio is cutting 17% of its workforce — approximately 1,500 jobs, CNBC estimates.
- Daily Harvest, which is facing wilting sales after one of its products allegedly made customers sick, aimed to lay off about 60 people this month, Bloomberg reports.
- LinkedIn members are posting about layoffs at Dandy, a dental-software company.
- BarkBox owner Bark is getting 12% smaller by cutting 126 jobs, in addition to curbing its use of contractors.
- Olive AI, a health tech company with about 630 employees, has downsized by 35% and let go of 215 employees.
- News Corp is cutting 1,250 positions, which is roughly 5% of its workforce, by end of year.
- About 1,000 people have been laid off at Yahoo as the company restructures its digital ad business. The layoffs represent a workforce reduction of 12%; another 8% (600 more people) will be let go later in the year.
- GitHub has announced cutbacks that will continue through the end of the fiscal year and affect 10% of its staff, Fortune reports. Like LinkedIn, GitHub is owned by Microsoft.
- GitLab will “say goodbye” to 7% of its employees, its CEO wrote in a blog post. Based on the latest available public data, TechCrunch estimates that 114 people could be affected.
- Disney will eliminate 7,000 positions as it restructures into distinct entertainment, ESPN and parks divisions.
- Amid a slowdown in client spending and efforts to “more deeply integrate” its multiple brands, GoDaddy is laying off 530 employees, who represent 8% of the company’s workforce.
- A bursting buy-now, pay-later bubble has claimed 19% of Affirm employees.
- Pharmacy start-up Medly will close its stores and let go of its remaining team members by the end of the month.
- Gusto has let go of 126 people, who comprise about 5% of the payroll provider’s staff.
- Despite securing $105 million in new financing in June, Nomad Health is laying off workers, according to member posts on LinkedIn.
- Zoom is laying off about 1,300 peopleas part of a 15% workforce reduction.
- Vietnamese EV maker VinFast is cutting about 80 jobs in North America following a restructuring.
- About 80 people have lost their jobs at Gong, a unicorn-status analytics company.
- EBay says it will let go of 500 employees, a move that will shrink its workforce by 4%.
- Secureworks, which is majority owned by Dell, has reduced its headcount by 9%. The layoffs are believed to affect more than 200 employees.
- Truist Financial, which announced layoff plans in January, has reportedly let go of dozens of investment bankers.
- Boeing said it expects to cut about 2,000 corporate jobs.
- Dell Technologies reportedly plans to eliminate around 6,650 positions, or 5% of its global workforce.
- Two unicorn-status tech firms in Silicon Valley have reportedly implemented layoffs, with Clari shedding about 20 roles after a prior round of cuts in August and Workato letting go of 90 employees.
- There are reports of layoffs at several Boston-area companies, including the unicorn-status marketing firm Drift (59 people); health tech firm Kyruus (70 people) and 3-D printing firm Desktop Metal (180 people, 15% of workers).
- Getir, one of several rapid delivery startups struggling to gain U.S. market share, reportedly laid off 100 corporate employees.
- Salesforce, the biggest employer in San Francisco, has begun to move forward with a workforce reduction that was announced in January.
- Ten percent of employees at the Seattle startup Highspot have reportedly lost their jobs.
- Getaround, a peer-to-peer car-sharing company, has let go of 10% of its staff.
- Autodesk has laid off approximately 250 employees, or less than 2% of its global workforce.
- Games publisher Tilting Point is reducing its global headcount by 10%.
- Cutbacks at Mindstrong affected 127 employees, along with the mental health startup’s CEO.
- Boston-area health tech firm Athenahealth laid off 178 people, which amounts to roughly 3% of its global workforce.
- The Agency, a Bravo-famous real estate brokerage, has reportedly laid off 4% of its staff.
- LinkedIn members are posting about layoffs at the software firm Genesys, urban data firm Replica, gifting platform Sendoso (which also laid people off last year), e-learning developer Articulate, digital ad platform MediaMath, communications provider Dialpad, and the consumer tech company Tally.
- Austin telehealth company Wheel is parting ways with 28% of its workers.
- The D.C.-based cybersecurity firm Cyren has reduced its staff by 121 employees.
- Okta, which makes identity and login verification software, will cut 300 jobs, or about 5% of its workforce.
- Legal tech company Exterro has cut nearly two dozen jobs, mostly from its recently acquired competitor, Zapproved.
- Software developer Miro is laying off 7% of its global workforce, or 119 employees.
- Following a smaller round of cutbacks in December, Pinterest has let go of another 150 employees, or less than 5% of its total workforce.
- REI’s HQ staff is getting 8% smaller. The outdoor retailer has laid off 167 employees.
- In a rare move, FedEx is trimming its global management team and eliminating 10% of its officer- and director-level roles.
- Sports betting giant DraftKings is cutting 140 jobs, or approximately 3.5% of its workforce, amid a reorganization.
- As rivals slash prices on electric vehicles, EV-maker Rivian is reducing its global workforce by 6%.
- Roughly 325 employees have been let go at Splunk, a software company.
- Match Group — the Dallas-based company that owns Hinge, Tinder and OkCupid, in addition to Match.com — will lay off about 200 people, or 8% of its global workforce.
- Bustle Digital Group is reducing its staff size by 8% and has cease publication of the recently rebooted website Gawker.
- New York Community continues to downsize its mortgage-origination team, from 2,100 workers in 2021 to 800.
- Wish laid off 150 employees, or 17% of its workforce, as part of the mobile shopping app’s “turnaround journey.”
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