Corporate America Leans on Job Cuts as Recession Fears Mount

Corporate America is cutting thousands of jobs to rein in costs amid tightening monetary policy and growing fears of a recession.

Job cuts announced by U.S.-based employers jumped 13% to 33,843 in October, the highest since February 2021, a report said.

Here are some of the major job cuts announced in recent weeks:

Meta Platforms Inc.

The Facebook-parent plans to begin large-scale layoffs this week, in a move that will affect thousands of employees, the Wall Street Journal reported on Sunday.

Morgan Stanley

Morgan Stanley is expected to start a fresh round of layoffs globally in the coming weeks, Reuters reported on Nov. 3, as the Wall Street bank's dealmaking business takes a hit.

Intel

Intel Corp.'s CEO Pat Gelsinger told Reuters "people actions" would be part of a cost-reduction plan. The chipmaker said it would reduce costs by $3 billion in 2023.

The adjustments would start in the fourth quarter, Gelsinger said, but did not specify how many employees would be affected.

Microsoft

Microsoft Corp. laid off under 1,000 employees across several divisions this week, Axios reported, citing a source.

Johnson & Johnson

Johnson & Johnson said it may cut some jobs amid inflationary pressure and a strong dollar, with CFO Joseph Wolk saying the healthcare conglomerate is looking at "right sizing" itself.

Twitter Inc.

Twitter laid off half its workforce across teams ranging from communications and content curation to product and engineering following Elon Musk's $44 billion takeover.

However, Bloomberg on Sunday reported Twitter was reaching out to dozens of employees who lost their jobs, asking them to return.

Lyft Inc.

Ride-hailing firm Lyft Inc. said it would lay off 13% of its workforce, or about 683 employees, after it already cut 60 jobs earlier this year and froze hiring in September.

Warner Bros Discovery

Warner Bros. Pictures, film subsidiary of Warner Bros Discovery, is planning to cut a number of jobs in distribution and marketing that will reduce headcount by 5% to 10%, Bloomberg News reported.

Beyond Meat

Vegan meat maker Beyond Meat Inc said it plans to cut 200 jobs this year, with the layoffs expected to save about $39 million.

Stripe Inc.

Digital payments firm Stripe Inc is cutting its headcount by about 14% and will have about 7,000 employees after the layoffs, according to an email to employees from the company's founders.

Chime

Online banking firm Chime has laid off 12% of its employees, or about 160 jobs, a spokesperson said.

Opendoor Technologies

Property-selling platform Opendoor Technologies Inc. is laying off about 550 employees, Chief Executive Officer Eric Wu said, adding that the company had already reduced its workforce by more than 830 positions.

Phillips 66

U.S. oil refiner Phillips 66 began cutting staff at refineries, terminals and offices across the United States, sources told Reuters.

Chesapeake Energy

U.S. shale gas producer Chesapeake Energy Corp. cut about 3% of its workforce, sources told Reuters, as the company readies a sale of South Texas oil properties.

Seagate Technology

Memory chip firm Seagate Technology Holdings Plc announced a restructuring plan including reducing worldwide headcount by about 8%, or 3,000 employees.

Arrival

EV startup Arrival SA said it plans to further "right-size" the organization, which could have a "sizable impact" on its global workforce, mostly in the UK.

The company in July said it may cut up to 30% of workforce in restructuring.