Bewilderment in the Workplace: The Cascading Tsunami of Layoffs Sweeping Across North America

The Year of Uncertainty: The corporate world in the United States and Canada is teetering on the edge of a precipice in 2024. Like an uncharted storm, waves of layoffs crash against the shores of industries that once seemed invincible. After a year of slashing jobs left and right in 2023, companies are again trimming their workforce, seemingly driven by a collective uncertainty over what the future holds. While the fear of a looming recession has retreated into the shadows, the Federal Reserve’s intentions regarding interest rates remain as inscrutable as ever, leaving businesses in a state of constant anxiety.

Here’s a mind-boggling glimpse into the brutal culling of jobs announced this year, across various sectors:

TECHNOLOGY

• Amazon (NASDAQ:AMZN): A titan of e-commerce and technology, Amazon is shedding jobs like autumn leaves. Less than 5% of employees at its Buy with Prime unit are out, along with 5% at Audible, several hundred in streaming and studio operations, 35% at Twitch, a few hundred more at One Medical and Amazon Pharmacy, and even more at Amazon Web Services (AWS). The purge doesn’t end there—several hundred roles in sales, marketing, and global services, as well as the physical stores technology team, have been axed. The tech behemoth is in full survival mode, slashing wherever it can.
• Alphabet (NASDAQ:GOOGL): Google’s parent company isn’t immune to the carnage. Layoffs span from the futuristic X Lab to advertising sales, hardware teams like Pixel, Nest, and Fitbit (NYSE:FIT), and even the augmented reality division. It’s as if the innovation machine is running out of steam.
• Microsoft (NASDAQ:MSFT): In a shocking move, the software giant is trimming around 1,900 jobs in its gaming divisions, including at Activision Blizzard (NASDAQ:ATVI) and Xbox. The excitement of video games is contrasted starkly by the grim reality of pink slips.
• Intel (NASDAQ:INTC): Perhaps the most staggering of all, Intel has declared it will cut over 15% of its workforce—approximately 17,500 employees—as it struggles to turn around its money-losing manufacturing operations. The chipmaker is rolling the dice on a high-stakes turnaround strategy.
• Paramount Global: The media powerhouse plans to slash 15% of its U.S. workforce, a staggering 2,000 people, as it navigates the treacherous waters of a declining cable television business. This is part of a desperate attempt to save $500 million in costs before merging with Skydance Media.
• Unity Software: The company behind the popular game development platform is cutting a jaw-dropping 25% of its workforce—about 1,800 jobs. It’s a stark reminder that even the gaming world isn’t immune to economic pressures.
• Cisco (NASDAQ:CSCO): The networking giant is undergoing a massive restructuring, which ominously includes laying off thousands of employees. The company is reconfiguring itself, but the cost is staggering in human terms.

AUTOMAKERS

• Tesla (NASDAQ:TSLA): In a move that has sent shockwaves through the industry, Tesla is laying off more than 10% of its global workforce. The electric vehicle pioneer is caught in an intense price war, and the casualties are its employees.
• Lucid (NASDAQ:LCID): The electric vehicle maker is cutting 6% of its workforce, around 400 employees, as the once-thriving EV industry faces a harsh reality—growth is slowing down.

MEDIA

• Pixar Animation Studios: The beloved studio behind classics like “Toy Story” and “Up” is laying off about 14% of its workforce, affecting 175 people. It’s a somber scene for a company synonymous with creativity and imagination.
• Comcast’s Sky: The British media group is set to cut around 1,000 jobs, a move that echoes the broader struggles of traditional media in the digital age.
• The Los Angeles Times: The iconic newspaper is laying off 94 journalists, a stark reminder of the challenges facing print media in an increasingly digital world.

FINANCIAL SERVICES

• Citigroup: In perhaps the most jaw-dropping move in the financial sector, Citigroup is planning to reduce its headcount by a staggering 20,000 people over the next two years. The axe has already fallen on 716 roles in New York, with more to come.
• Morgan Stanley: The investment banking giant is cutting hundreds of jobs in its wealth management unit, a sign of the sector’s ongoing struggle to adapt to a changing financial landscape.

CONSUMER AND RETAIL

• Walmart (NYSE:WMT): The world’s largest retailer plans to cut hundreds of jobs at its corporate headquarters and relocate a majority of its U.S. and Canada-based remote workforce to three offices. The retail giant is tightening its belt as it braces for economic turbulence.
• Nike (NYSE:NKE): The sportswear giant is cutting about 2% of its total workforce—more than 1,600 jobs—as part of a $2 billion cost-saving plan. Even the iconic Swoosh isn’t immune to the financial pressures of 2024.

HEALTH

• Novavax (NASDAQ:NVAX): The vaccine maker is cutting about 12% of its workforce, a sobering reminder that even in health, the economic strains are deeply felt.

MANUFACTURING & LOGISTICS

• United Parcel Service (NYSE:UPS): The logistics titan plans to cut 12,000 jobs, a staggering number that reflects the mounting pressures on global supply chains.
• Spirit AeroSystems (NYSE:SPR): The aerospace manufacturer is laying off several hundred workers in Wichita, Kansas, as it grapples with high debt and slowed production from its key customer, Boeing (NYSE:BA).

NATURAL RESOURCES

• Piedmont Lithium: The U.S. miner is cutting 27% of its workforce as part of a cost-cutting plan, signaling the strain even the resource-rich industries are under.
• Enbridge (NYSE:ENB): The Canada-based crude pipeline operator is reducing its workforce by 650 jobs, about 5%, in a bid to cut costs and navigate the volatile energy market.