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Seagate Cuts 3,000 Employees While Philips Slashes 4,000—Here Are The Biggest U.S. Layoffs

Data storage company Seagate Technology is laying off roughly 3,000 employees, the company announced in a press release Wednesday, one day after manufacturing giant Philips unveiled plans to lay off approximately 4,000 workers amid a “worsening macroeconomic environment”— here are the latest major job cuts this year as employers fear rising inflation could slide the economy could into recession.

Oct. 26, 2022Seagate Technology CEO Dave Mosley said the cuts, estimated to affect 8% of the data storage company’s workforce, follow “global economic uncertainties” and reduced demand, as the company’s shares plummet to $53.69 from a peak of $117.67 in January.

Oct. 25, 2022Philips’ job cuts come after “five quarters of declining sales” and “declining profit,” CEO Roy Jakobs told Reuters after announcing the cuts, which are expected to affect more than 5% of the company’s workforce in both the Netherlands—where the company is based—and the United States.

Oct. 22, 2022Vacasa’s layoffs affect roughly 3% of the company’s workforce, primarily in its corporate divisions, Skift reported—its second round of cuts this year following its decision to let go of 25 sales employees in July—a spokesperson told Skift the company is attempting to “optimize our resources and teams to be efficient and align with our priorities.”

Oct. 19, 2022Philadelphia-based delivery startup Gopuff laid off as many as 250 employees in its third round of layoffs this year, unnamed sources told Bloomberg, after cutting roughly 400 in March and 100 in January—a company spokesperson told Forbes the recent cuts are part of a 10% reduction announced over the summer.

Oct. 18, 2022Microsoft’s cuts will affect less than 1% of its 180,000 workers, a spokesperson told CNBC, three months after the Redmond, Wash.-based tech company announced it would slash another 1% of its workforce, with the cuts coming in the company’s modern life experiences team—a Microsoft spokesperson told Forbes the company will “evaluate our business priorities on a regular basis and make structural adjustments accordingly.”

Oct. 14, 2022HelloFresh, which took off during pandemic-related shutdowns, cut 611 workers workers and shut down a California production facility this week as the company focuses on “newer, more efficient sites,” a company spokesperson told Business Insider.

Oct. 14, 2022Beyond Meat announced it will lay off 19% of its workforce, as the California-based company struggles with a decline in demand for plant-based meats driven by inflation as consumers opt for cheaper alternatives, company officials said.

Oct. 14, 2022Nevada-based real estate valuation firm Clear Capital announced plans to cut 27% of its global workforce (roughly 378 employees), TechCrunch reported, including 108 employees at its California office.

Oct. 13, 2022Oracle is laying off 201 employees, according to multiple outlets, citing documents filed to the state’s Employment Development Department, two months after the company started laying off an undisclosed number of its estimated 143,000 employees, as part of a larger plan to cut thousands, The Information reported.

Oct. 12, 2022Intel could reportedly cut thousands of employees, including roughly 20% in its sales and marketing departments, Bloomberg reported citing unnamed sources familiar with the proposal, following a disappointing company financial forecast in July it blamed on a “sudden and rapid” economic decline, while its shares shrank by more than half over the past year, to $25.04.

Oct. 11, 2022Brex’s job cuts affect 136 employees, bringing its staff to roughly 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.

Oct. 6, 2022Peloton’s layoffs, which affect roughly 12% of the company, come two months after a memo to employees obtained by Bloomberg revealed the exercise equipment maker cut nearly 800 jobs, and announced plans to shut stores and raise prices for its Bike+ and Tread machines.

Oct. 4, 2022California-based Meta plans to close its Manhattan office, unnamed sources told Bloomberg, 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.”

Sept. 29, 2022SoftBank is prepping to cut 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).

Sept. 28, 2022San Francisco-based electronic signature company DocuSign will lay off 9% of its more than 7,400 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.”

Sept. 26, 2022Wells Fargo reportedly announced plans to lay off 36 employees, bringing the bank’s total layoffs since April to more than 400, Iowa CBS affiliate KCCI 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).

Sept. 21, 2022In a similar move, Google also alerted about 50 employees—roughly half of those employed at the firm’s startup incubator Area 120—they need to find a new internal role within three months if they want to stay at Google, the Journal reported.

Sept. 21, 2022Clothing outlet Nordstrom plans to lay off 231 employees at an Iowa distribution center starting next month, local ABC affiliate KCRG 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).

Sept. 20, 2022Gap 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 the Wall Street Journal on Tuesday (A Gap spokesperson confirmed the layoffs to Forbes but would not provide further detail).

Sept. 16, 2022AbbVie reportedly announced plans to lay off 99 employees while Bristol Myers Squibb plans to cut 261, according to state filings seen by Endpoints News, making them the latest pharmaceutical companies to slim down their workforces, following Biogen and Teva, which reportedly cut 300 jobs last month.

Sept. 14, 2022Twilio CEO Jeff Lawson announced 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.

Sept. 13, 2022Warner 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, Axios 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.

Sept. 12, 2022Goldman 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 Times reported, citing people familiar with the plans.

Sept. 9, 2022Beaumont-Spectrum, which formed earlier this year out of a merger 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.”

Sept. 2, 2022Banking giant Citigroup reportedly made 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.

Sept. 2, 2022SoftBank, the Tokyo-based investment management giant, reportedly 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.

Sept. 2, 2022Investment banking giant Credit Suisse could reportedly cut as many as 5,000 jobs as the scandal-hit bank seeks to turnaround its reputation and reduce costs, according to Reuters.

Aug. 31, 2022Snap, the California-based developer of mobile app Snapchat, announced 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.

Aug. 31, 2022Bed Bath & Beyond unveiled plans to 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.

Aug. 31, 2022VF 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 the Denver 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).

Aug. 30, 2022Snap CEO Evan Spiegel announced in a company memo that the company will lay off 20% of its than 6,400 workers (1,280 employees), the 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.

Aug. 26, 2022Online mortgage lender 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 told

Read More:
Seagate Cuts 3,000 Employees While Philips Slashes 4,000—Here Are The Biggest U.S. Layoffs

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