A long-predicted economic recession has not yet come to pass. But that does not mean workers everywhere can breathe easy.
Even though the U.S. economy continues to perform well, thousands of workers are receiving pink slips at some of America’s best-known companies.
Following is a roll call of the firms slimming their workforces in 2024.
UPS says shipping volume has been dipping, both in the U.S. and internationally. On a Jan. 30 company earnings call, CEO Carol Tome characterized 2023 as “a unique, and quite candidly, difficult and disappointing year.”
To make sure the company stays on track, UPS plans to lay off 12,000 employees this year.
Vacuum-maker iRobot will lay off about 350 workers — nearly one-third of its workforce — after Amazon announced it will not complete its planned acquisition of the company.
The deal appears to have fallen apart after the Wall Street Journal reported that the European Union would not offer regulatory approval for the move.
Online home goods retailer Wayfair will trim its payroll by 1,650 workers, 13% of its global workforce.
CNN reports that Wayfair CEO Niraj Shah posted an open letter stating that Wayfair “went overboard in hiring during a strong economic period.” The company is now retrenching as business has slowed.
Citigroup plans to cut 20,000 jobs in an attempt to save as much as $2.5 billion, according to a Bloomberg report.
The publication says the job losses are part of CEO Jane Fraser’s efforts to improve the company’s lagging performance in the stock market.
In 2022 and 2023, Amazon laid off tens of thousands of employees. The cuts impacted several divisions, including devices, human resources, stores, cloud computing, advertising and Twitch livestreaming businesses.
More recently, Amazon said it will eliminate hundreds of jobs in its Prime Video and Amazon MGM Studios division.
Division executive Mike Hopkins sent an email to staffers explaining that the move is part of an effort to “focus on content and product initiatives that deliver the most impact,” according to The Hollywood Reporter.
Amazon also plans to trim 500 additional jobs at its livestreaming platform, Twitch, in a further attempt to “rightsize our company,” Twitch CEO Dan Clancy wrote in a note to staff, according to The Hollywood Reporter.
Google is eliminating the jobs of hundreds of workers in its central engineering and hardware teams. Employees who work on the voice-activated software Google Assistant also will be part of the layoffs.
In a statement to USA Today, Google said it was making the changes to “become more efficient and work better, and to align their resources to their biggest product priorities.”
Universal Music Group
Universal Music Group plans to lay off hundreds of employees, particularly in the recorded music division, in the first quarter of the year, according to Bloomberg.
Reuters reports that CEO Lucian Grainge said the layoffs are part of a process to “further evolve our organizational structure to create efficiencies,” according to an internal company memo.
Disney’s Pixar animation studio has confirmed to TechCrunch that it will lay off employees in 2024.
TechCrunch reports that internal sources have suggested job losses could hit 20% of the workforce. But officially, Pixar says the numbers will be lower.
The layoffs are expected to happen later in the year, as Pixar moves toward making less content, according to TechCrunch.
National Football League
The National Football League has offered buyouts to at least 200 workers, according to CNBC.
CNBC obtained a memo in which the NFL told its 1,100 employees that the moves were made because the league is “continuously evaluating ways to enhance efficiency and improve outcomes.”
BlackRock plans to lay off 600 employees, or about 3% of its workforce, according to a Bloomberg report.
In a memo to employees, BlackRock CEO Larry Fink said the job cutbacks were the result the of the asset-management industry “changing faster than at any time since the founding of BlackRock.”
Video game software provider Unity Software will lay off 25% of its staff, which amounts to 1,800 jobs, Reuters reports.
The company announced a “reset” late last year and now plans to focus more heavily on its core business.
Xerox will shed about 15% of its jobs in an attempt to create a new organizational structure and operating model, CNBC reports.
Job losses — which are expected during the first quarter of this year — likely will total more than 3,000 positions, according to CNBC.