Important Takeaways:
- Bidenomics Hits Tech: Silicon Valley Salaries Plummet amid Layoffs and Economic Uncertainty
- The Mercury News reports that Silicon Valley, long known as the epicenter of innovation and high-paying tech jobs, is facing a harsh reality as companies tighten their belts and slash jobs and salaries. According to recent research by Women Impact Tech, a tech advocacy organization, Silicon Valley has experienced the biggest drop in pay compared to other tech hubs, falling 15 percent from 2022 to 2023.
- The impact of these layoffs and salary cuts is felt by many, including Krista DeWeese, a 47-year-old marketing professional from Fremont. DeWeese has been laid off four times in the last eight years and is currently working as a contract worker at a health science company. Despite her education and experience, she struggles to find secure work that pays enough to keep up with the high cost of living in the Bay Area.
- Fresh graduates are also feeling the pinch. Genevieve Richards, a San Jose native who graduated from Cornell University in 2022, applied to 300 jobs after her internship ended, only to be offered progressively lower salaries. She decided to pursue a graduate degree abroad in Dublin, Ireland, where she found a better work-life balance and more affordable living conditions.
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Important Takeaways:
- Intellizence offers the latest Layoffs, Downsizing, Job Cuts, and Hiring Freeze data for market intelligence, customer intelligence, sales intelligence, and risk intelligence activities. We monitor public sources like news and WARN filings for the latest layoff and hiring freeze announcements. We aggregate, de-duplicate, normalize, and deliver the curated layoff data through API and Web dashboard.
- Major Layoffs and Hiring Freezes in 2023 & 2024
- Microsoft
- of Employees to be Laid off: 1900
- Lloyds Banking Group
- of Employees to be Laid off: 1600
- Valeo
- of Employees to be Laid off: 1150
- Industry: Automobile
- eBay
- of Employees to be Laid off: 1000
- Corning Inc.
- of Employees to be Laid off: 1000
- Industry: Manufacturing
- Salesforce
- of Employees to be Laid off: 700
- Industry: Technology
- Tata Steel
- of Employees to be Laid off: 2800
- Macy’s
- of Employees to be Laid off: 2000
- Wayfair
- of Employees to be Laid off: 1650
- Bosch
- of Employees to be Laid off: 1200
- Citi Group
- of Employees to be Laid off: 20,000
- Google
- of Employees to be Laid off: 1000
- Industry: Technology
- Unity Software
- of Employees to be Laid off: 1800
- Industry: Technology
- GDI Integrated Facilities Services
- of Employees to be Laid off: 1867
- Industry: Consumer Services
- Twitch
- of Employees to be Laid off: 500
- Industry: Media
- Telefonica
- of Employees to be Laid off: 3421
- Industry: Telecommunication
- Enphase Energy
- of Employees to be Laid off: 340
- Industry: Energy & Utilities
- Johnsonville
- of Employees to be Laid off: 400
- Industry: Consumer Products
- Xerox
- of Employees to be Laid off: 15% of Workforce
- Industry: IT Services & Outsourcing
- Earth
- of Employees to be Laid off: 20% of Workforce
- Industry: Automobile
- Google
- of Employees to be Laid off: 30,000
- Telefonica
- of Employees to be Laid off: 3,400
- Industry: Telecommunication
- Paytm
- of Employees to be Laid off: 1000
- Industry: Technology
- PT Waskita Karya
- of Employees to be Laid off: 500
- Industry: Construction
- Agilent Technologies
- of Employees to be Laid off: 400
- ShareChat
- of Employees to be Laid off: 200
- Industry: Technology
- Hasbro
- of Employees to be Laid off: 1100
- Industry: Retail
- State Street Corp.
- of Employees to be Laid off: 1500
- Industry: Financial Services
- General Motors
- of Employees to be Laid off: 1300
- Alitalia
- of Employees to be Laid off: 3000
- Industry: Aviation
- Spotify
- of Employees to be Laid off: 1500
- Industry: Media & Entertainment
- Guangzhou Automobile Group Honda
- of Employees to be Laid off: 900
- Industry: Automobile
- CBC/ Radio Canada
- of Employees to be Laid off: 600
- Industry: Media & Entertainment
- Capita
- of Employees to be Laid off: 900
- Industry: IT Services & Outsourcing
- Nien Hsing Textile Co.
- of Employees to be Laid off: 700
- Industry: Textiles
- Surefox North America
- of Employees to be Laid off: 386
- Industry: Security
- Stellantis
- of Employees to be Laid off: 6400 (buyout)
- Industry: Automobile
- HannesBrands
- of Employees to be Laid off: 1592
- Alstom
- of Employees to be Laid off: 1500
- Industry: Manufacturing
- Embracer Group
- of Employees to be Laid off: 900
- Industry: Technology
- Maersk
- of Employees to be Laid off: 10,000
- Industry: Shipping & Ports
- Block
- of Employees to be Laid off: 1000
- Industry: Technology
- Pico Interactive
- of Employees to be Laid off: 2000
- Industry: Technology
- Viasat
- of Employees to be Laid off: 800
- Industry: Telecommunication
- Charles Schwab
- of Employees to be Laid off: 2000
- TVA Group
- of Employees to be Laid off: 500
- Splunk
- of Employees to be Laid off: 560
- Pfizer
- of Employees to be Laid off: 800
- VW Group
- of Employees to be Laid off: 2000
- British Steel
- of Employees to be Laid off: 2000
- AGCO
- of Employees to be Laid off: 900 (Furlough)
- Industry: Manufacturing
- Fox Fashion
- of Employees to be Laid off: 50% of Employees (Furlough)
- AMD
- of Employees to be Laid off: 450
- Nokia
- of Employees to be Laid off: 14000
- Rolls-Royce
- of Employees to be Laid off: 2500
- International Paper
- of Employees to be Laid off: 900
- LinkedIn
- of Employees to be Laid off: 668
- Qualcomm
- of Employees to be Laid off: 1260 (2.5% of the workforce)
- Sana Biotechnology
- of Employees to be Laid off: 29% of the workforce
- Industry: Healthcare
- Stellantis
- of Employees to be Laid off: 700
- Qualtrics
- of Employees to be Laid off: 780 (14% of the workforce)
- Hopper
- of Employees to be Laid off: 30% of Workforce
- General Motors and Ford Motor
- of Employees to be Laid off: 900
- Pushkin Industries
- of Employees to be Laid off: 30% of Workforce
- Byju’s
- of Employees to be Laid off: 5000
- Centene Corp.
- of Employees to be Laid off: 2000
- Epic Games
- of Employees to be Laid off: 830
- Airtable
- of Employees to be Laid off: 27% of Employees
- Deloitte UK
- of Employees to be Laid off: 800 (3% of Employees)
- Ford
- of Employees to be Laid off: 600
- Goodyear
- of Employees to be Laid off: 1200
- Slalom Consulting
- of Employees to be Laid off: 900
- Roku
- of Employees to be Laid off: 10% of its Employees
- Wilko
- of Employees to be Laid off: 1300
- Tyson Foods
- of Employees to be Laid off: 4600
- Farmers Insurance
- of Employees to be Laid off: 2400 (11% of Employees)
- T-Mobile
- of Employees to be Laid off: 5000
- Royal Bank of Canada (RBC)
- of Employees to be Laid off: 1800
- GM
- of Employees to be Laid off: 936
- Giant Foods
- of Employees to be Laid off: 400
- Matheson
- of Employees to be Laid off: 335
- Klaussner Furniture Industries
- of Employees to be Laid off: 800
- Cano Health
- of Employees to be Laid off: 700
- Credit Suisse
- of Employees to be Laid off: 80% of Employees
- Emergent BioSolutions
- of Employees to be Laid off: 400
- Yellow Corp
- of Employees to be Laid off: 30000
- Telus
- of Employees to be Laid off: 6000
- CVS Health
- of Employees to be Laid off: 5000
- BCE
- of Employees to be Laid off: 5000
- AT&T
- of Employees to be Laid off: 1000
- Accenture
- of Employees to be Laid off: 890
- Ericsson
- of Employees to be Laid off: 750
- Microsoft
- of Employees to be Laid off: 1000
- Lendlease
- of Employees to be Laid off: 750
- Regina Miracle
- of Employees to be Laid off: 8400
- Amdocs
- of Employees to be Laid off: 2000
- Viaplay
- of Employees to be Laid off: 1000
- Wall Green Boots
- of Employees to be Laid off: 393
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Important Takeaways:
- Layoffs surged 136% in January to second-highest level on record
- US job cuts skyrocket at beginning of 2024
- That is according to a new report published by Challenger, Gray & Christmas, which found that companies planned 82,307 job cuts in January, a substantial 136% increase from the previous month. However, that is down about 20% from the same time one year ago. It marked the second-highest layoff total for the month of January in data going back to 2009.
- “Waves of layoff announcements hit U.S.-based companies in January after a quiet fourth quarter,” said Andy Challenger, senior vice president of Challenger, Gray & Christmas. The cuts were “driven by broader economic trends and a strategic shift towards increased automation and AI adoption in various sectors, though in most cases, companies point to cost-cutting as the main driver for layoffs.”
- Financial companies bore the brunt of the job losses in January, with the industry shedding 23,238 employees. That is the highest monthly layoff total for the financial sector since September 2018, when it announced 27,343 job cuts.
- The technology sector followed with 15,806 layoffs, the most since May 2023 and a stunning 254% increase from just one month prior.
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Important Takeaways:
- Oh How the Mighty Have Fallen: The LA Times Appears to Be in a State of Imminent Collapse
- The Los Angeles Times has been around since 1881 and has survived enormous ups and downs over the past 142 years. But one thing remained constant: the LA Times could be depended on for trustworthy and timely reporting of the news
- …until now. Impending doom seems to have struck the Times, with new reports of “brutal” layoffs and exodus of senior editors
- Tuesday’s big news was that the paper will be shedding a large percentage of the newsroom staff and editors (115 people to be laid off), and two of the four remaining senior editors (ironically they came from BuzzFeed) have called it quits. This comes just a few weeks after Executive Editor Kevin Merida abruptly left, citing differences with the paper’s owner.
- No one seems to truly know what is going on, or what will come, as several employees are pointing their fingers or at the very least offering criticism at the owner, Dr. Patrick Soon-Shiong. An anonymous employee stated:
- “We have a billionaire who doesn’t understand media and thinks he can cut his way to success…”
- The critique of the leadership does not come without merit. The Times has lost roughly $30 million annually since he took over with his activist daughter, Nika Soon-Shiong. The Times is shedding editorial staff and general newsroom staff at an extremely concerning rate, whether by being laid off or outright quitting; the media giant has a historic attrition rate.
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Important Takeaways:
- Walt Disney’s Pixar Animation Studios is set to cut jobs as the studio has completed production on some shows and now has more staff than it needs, a source familiar with the situation told Reuters on Thursday.
- TechCrunch reported earlier that Pixar was set to undergo layoffs as high as 20% this year, with the studio’s team of 1,300 people reduced to under 1,000 over the coming months.
- Pixar’s Emeryville studio in California had hired staff to complete streaming series and as those shows complete production it has more staff than it needs, the source added.
- Disney did not immediately respond to a Reuters request for comment.
- Disney CEO Bob Iger, who was brought back in 2022 to turn the company around, has signaled the company will reduce streaming content it makes itself in a bid to keep a lid on costs, and will license shows and movies from third parties
- Pixar is famous for cinematic franchises including “Toy Story”, “The Incredibles” and “Finding Nemo”.
- Disney acquired Pixar in 2006 to revitalize its struggling Disney Animation.
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Important Takeaways:
- Xerox on Wednesday announced it will cut 15% of its workforce as part of a plan to implement a new organizational structure and operating model.
- Xerox, which offers digital printing and document management technologies, had about 20,500 employees as of Dec. 31, 2022, according to a filing with the U.S. Securities and Exchange Commission. Based on this figure, Wednesday’s layoffs will affect about 3,075 employees.
- Shares of Xerox closed down more than 12% following the announcement Wednesday.
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Important Takeaways:
- Citigroup begins layoffs as part of CEO Jane Fraser’s corporate overhaul
- Employees affected by the cuts will be informed starting Wednesday, with new dismissals announced daily through early next week, according to people with knowledge of the situation.
- Those impacted will include chiefs of staff, managing directors and some lower-level employees, said the people. The cuts will spread to more rank-and-file staff by February, they added.
- The move tracks with a timeline set by Fraser in a Sept. 13 memo. She announced five new divisions whose heads report directly to her, resulting in the departure of a handful of senior executives. The next phase of disruption will be “communicated and implemented by the end of November,” and “final changes” will be done by the end of March 2024, Fraser said at the time
- The full extent of job cuts is still being determined, but managers and consultants working on the project — known internally by its code name, “Project Bora Bora” — have discussed dismissals of at least 10% of workers in several businesses, CNBC reported last week.
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Important Takeaways:
- Fed is cutting staff after more than a decade of payroll growth
- The U.S. Federal Reserve system is cutting about 300 people from its payroll this year, a small but rare reduction in headcount across an organization that has grown steadily since 2010 as its reach in the economy and regulatory agenda have expanded.
- A Fed spokesperson said the cuts are focused on the staff of the U.S. central bank’s 12 regional reserve banks and mainly hit information technology jobs, including some no longer needed because of the spread of cloud-based computer software, and positions connected to the Fed’s various systems for processing payments, which are being consolidated.
- The spokesperson, who would not speak for direct attribution, said the staff cuts represented a combination of attrition, including retirements, and layoffs.
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Important Takeaways:
- BMO, Wells Fargo and USAA are latest banks to report layoffs
- Between April 2021 and July 2023, total employment in credit intermediation jobs, which include loan officers and tellers at depository institutions, fell by 45,000 to 2.67 million, according to census data.
- BMO, which has a large presence in California through its acquisition of Bank of the West earlier this year, recently informed Golden State officials about plans for 248 layoffs. All of the jobs affected are listed as being based in the Bay Area, though the numbers may include remote workers.
- Wells Fargo, meanwhile, informed Florida officials in July and August of its plans for 105 layoffs in Orlando. The bank did not provide details about the types of jobs being cut or the reasons for the layoffs
- USAA, which offers banking, insurance and investment products, informed Texas officials in July of plans for 235 layoffs. The company listed the jobs as being based in San Antonio, where USAA has its headquarters.
- Those layoffs were part of a larger plan by Morgan Stanley — reported in May by CNBC — to eliminate some 3,000 positions.
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Revelations 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”
Important Takeaways:
- More than 219,000 global tech workers have lost their jobs this year
- 2023 has easily surpassed 2022 for global tech redundancies
- More than 219,000 global technology-sector employees have been laid off since the start of 2023, according to data compiled by the website Layoffs.fyi.
- That number has gone up more than eightfold since mid-January, the website noted.
- The data show that 2023 has easily surpassed 2022 for global tech redundancies, with 869 tech companies laying off 219,809 employees since the start of the year. Last year, 1,024 tech companies laid off a total of 154,336 employees, according to Layoffs.fyi.
- Earlier in the month, Insider reported that Oracle Corp. (ORCL) had laid off hundreds of employees
- In early June, Spotify Technology SA (SPOT)announced plans to lay off approximately 200 people, or 2% of the company’s workforce.
- Related: Robinhood is laying off around 7% of staff, Wall Street Journal reports
- Chinese tech giant Alibaba Group Holding Ltd.’s (9988.HK) cloud unit also started the process of cutting 7% of staff, Barron’s reported in late May, citing a source familiar with the matter. News of the job cuts was first reported by Bloomberg.
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