The full list of major US companies slashing staff this year, from Citigroup to Google

The full list of major US companies slashing staff this year, from Citigroup to Google
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The full list of major US companies slashing staff this year, from Citigroup to Google
  • Last year’s job cuts weren’t the end of layoffs. Further reductions are in the cards for 2024.
  • Companies like Amazon, BlackRock, Nike, Intel, and Citigroup have announced plans for cuts this year.
  • See the full list of corporations reducing their worker numbers in 2024.

A slew of companies across the tech, media, finance, and retail industries made significant cuts to staff in 2023. Major tech players like Google and Meta, finance giants like Goldman Sachs, and manufacturers like Dow all announced layoffs.

And the forecast for 2024 is already looking grim.

Thirty-eight percent of business leaders surveyed by ResumeBuilder think layoffs are likely at their companies in 2024, and around half say their companies will implement a hiring freeze. ResumeBuilder talked to around 900 leaders at organizations with more than 10 employees.

Half of those surveyed cited concerns about a recession as a reason.

Another major reason: artificial intelligence. Around four in 10 respondents said they’ll have to conduct layoffs as they replace workers with AI. Major tech companies like Dropbox, Google, and IBM have already announced job cuts as part of a new focus on AI.

Here are the companies with job cuts either planned or already underway in 2024.

Google laid off hundreds more workers in 2024.
Google CEO Sundar Pichai
Google confirmed the layoffs to Business Insider in an email.

Google laid off hundreds of workers in its central engineering division and members of its hardware teams — including those working on its voice-activated assistant.

In an email to some affected employees, the company encouraged them to consider applying for open positions at Google if they want to remain employed.

For those unable to secure a new position, their last day will be April 9, according to the email.

The tech giant laid off thousands throughout 2023, beginning with a 6% reduction of it global workforce (about 12,000 people) last January.

Discord is laying off 170 employees.
Discord logo displayed on a phone screen and Discord website displayed on a screen in the background are seen in this illustration photo taken in Krakow, Poland on November 5, 2022.
Jason Citron said rapid growth was to blame for the cuts.

Discord employees learned about the layoffs in an all-hands meeting and a memo sent by CEO Jason Citron.

“We grew quickly and expanded our workforce even faster, increasing by 5x since 2020,” Citron said in the memo. “As a result, we took on more projects and became less efficient in how we operated.”

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In August, Discord reduced its headcount by 4%. The company was valued at $15 billion in 2021, according to CNBC.

Citi will cut 20,000 from its staff as part of its corporate overhaul.
jane fraser milken institute panel
CEO Jane Fraser has been vocal about the necessity for restructuring at Citigroup.

Citigroup will eliminate 20,000 jobs, part of a corporate overhaul the bank began last year.

In September, Citigroup announced it would cut “management layers” as part of an effort to speed up decisions at the company. It’s one of the bank’s biggest organizational shakeups in two decades.

“These changes eliminate unnecessary complexity across the bank,” Citigroup’s CEO Jane Fraser said at the time.

Internally, the initiative is known as “Project Bora Bora” according to CNBC.

Redundancies related to the restructuring began in the third quarter. The bank cut 13,000 employees in the second half of 2023, per its fourth-quarter earnings presentation. After the restructuring wraps up this year, the bank will have 180,000 employees.

‘Several hundred’ jobs are being cut at Amazon Prime Video and Amazon MGM Studios.
amazon logo in a building lobby
The cuts follow several rounds of layoffs at Amazon last year.

Amazon is laying off “several hundred” employees in its Amazon Prime Video and Amazon MGM Studios divisions.

Senior vice president Mike Hopkins said in a January 10 memo to employees that “we’ve identified opportunities to reduce or discontinue investments in certain areas while increasing our investment and focus on content and product initiatives that deliver the most impact.”

Affected employees will be notified by the end of the week, the memo said.

The cuts follow several rounds of layoffs at Amazon that started in 2022 and continued into 2023, affecting more than 27,000 people.

The same day, Amazon-owned Twitch also announced job cuts.
Twitch is walking back its policy allowing for "artistic nudity" after just two days.
Twitch is cutting more than 500 positions.

Twitch, which is owned by Amazon, is eliminating more than 500 roles. That is roughly 35% of its workforce, according to Bloomberg.

The entertainment livestreaming platform “is still meaningfully larger than it needs to be given the size of our business,” CEO Dan Clancy told staff in a memo.

“So while the Twitch business remains strong, for some time now the organization has been sized based upon where we optimistically expect our business to be in 3 or more years, not where we’re at today,” he wrote. “As with many other companies in the tech space, we are now sizing our organization based upon the current scale of our business and conservative predictions of how we expect to grow in the future.”

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Nike’s up-to-$2 billion cost-cutting plan will involve severances.
Nike Customers walk past a Nike store in Shanghai, China
Athletic retailer Nike will be making reductions to staffing as part of a cost-cutting initiative.

The athletic-wear giant Nike announced an up-to-$2 billion cost-cutting initiative that will take place over the next three years in its second quarter earnings report on December 21.

As part of that initiative, the company said it’s expecting to make job cuts. Nike didn’t disclose exactly how many roles that affects, but it does expect to book somewhere between $400 million and $450 million in pre-tax charges, largely in its fiscal third quarter and largely related to severance costs.

Other areas for cost-cutting that the company identified included “increasing automation and use of technology” and “simplifying our product assortment.”

Intel reportedly warned about more cuts in 2024 on top of the five rounds it made in 2023.
An image of the Intel logo in blue.
Intel reportedly plans further job cuts in 2024.

Chip maker Intel has warned that additional layoffs are expected in 2024 beyond the 235 employees it will cut at its Folsom, California campus on December 31, according to the Sacramento Bee. The company made five rounds of job cuts in 2023.

“Intel is working to accelerate its strategy while reducing costs through multiple initiatives, including some business and function-specific workforce reductions in areas across the company,” a spokesperson for the company told Business Insider by email.

The spokesperson also noted that “these are difficult decisions, and we are committed to treating impacted employees with dignity and respect.”

BlackRock is planning to cut 3% of its staff.
BlackRock logo
BlackRock expects to lay off 3% of its workforce.

BlackRock is trimming 3% of its headcount, or roughly 600 people its third round of layoffs in the last year.

CEO Larry Fink and president Rob Kapito wrote in an early January employee memo that they expect a “distinctly different landscape” in 2024 and businesses throughout the asset management firm have “developed plans to reallocate resources,” Business Insider’s Rebecca Ungarino reports.

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Fink and Kapito also wrote in their memo that “new technologies” could help BlackRock “achieve significant efficiencies in how we operate.”

They expect to more than offset the layoffs with additional hiring this year.

“Even with these changes, by the end of 2024, we expect to have a larger workforce as we continue adding people and building capabilities to support key areas of growth,” the memo reads.

Rent the Runway is slashing 10% of its corporate jobs as part of a restructuring.
Woman walks out the door of Rent the Runway store
Rent the Runway is laying off a few dozen people in its corporate workforce.

Rent the Runway is reducing 10% of its corporate roles, affecting 37 employees, as part of a restructuring, according to a regulatory form filed on Monday. The clothing subscription company expects to finish the restructuring by the end of the second quarter.

As part of the restructuring, Rent the Runway president and COO Anushka Salinas resigned. CEO Jennifer Hyman is absorbing her roles.

The company said the restructuring will save $11 million to $13 million.

Unity Software is eliminating 25% of its workforce.
Sutro combines the best of Unity, Figma, Retool, and GPT-3
Unity Software plans to cut roughly 1,800 jobs.

Unity Software plans to reduce its headcount by roughly 25%, or about 1,800 employees, according to a Form 8-K filed with the SEC on Monday.

The reductions come as the video game software provider “restructures and refocuses on its core business, and to position itself for long-term and profitable growth,” the filing said.

Unity had multiple rounds of layoffs last year, first cutting 8% of its workforce in May and later eliminating roughly 3.8% of its workforce in November.

eBay is cutting 1,000 jobs.
eBay logo sign outside its office
eBay wants to become “more nimble.”

eBay CEO Jamie Iannone told employees in a memo on January 23 that it’s cutting 1,000 jobs, or about 9% of its workforce. 

He said it would make the latest round of layoffs so it could be “more nimble” and blamed the move on headcount and costs outpacing growth.

Iannone wrote: “Despite facing external pressures, like the challenging macroeconomic environment, we know we can be better with the factors we control. While we are making progress against our strategy, our overall headcount and expenses have outpaced the growth of our business.” 

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