The layoff wave that began last year is still rippling worldwide, although the volume has been waning over the past two months.
According to data from Layoffs.fyi, the US tech sector has been particularly affected, with a staggering 200,000 job losses since the beginning of 2023.
This year has surpassed 2022 regarding global tech redundancies, with 718 tech employers cutting 200,039 employees so far.
Read More: Goldman Sachs prepares for third batch of layoffs as deals decline
Despite the layoffs, there has been an uptick in hiring, as evidenced by adding 253,000 jobs in April alone, leading to a record-low unemployment rate of 3.4 percent, the lowest in 54 years.
Several tech companies have announced layoffs recently, including Mark Zuckerberg’s hint at another round of job cuts at Facebook, which materialized in May, focusing on its business divisions.
Other notable tech companies like Shopify, LinkedIn, Lyft, and Intel have also reduced their workforce to streamline operations and cut costs.
In another global move, Volvo eliminated over a thousand jobs in Sweden to address economic challenges, while UK giants BT and Vodafone carried out significant layoffs affecting tens of thousands of employees.
Read More: BT will cut 55,000 jobs and replace them with AI
Even Wall Street is not immune to job cuts, as Morgan Stanley, JPMorgan Chase, and Goldman Sachs have announced staff downsizing due to the drying up of deal-making opportunities amid concerns of multiple interest rate hikes and an impending recession.
Experts predict job cuts in the tech sector may persist in the foreseeable future as both large tech companies and startups grapple with ongoing economic uncertainties.
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Here’s who’s firing in May 2023
- Morgan Stanley prepares to cut 3,000 jobs globally
- Lyft to cut 1,000 jobs after CEO change
- Unity to cut hundreds of jobs in latest tech layoffs
- General Motors cuts contract workers shortly after the 5,000 buyouts
- Volvo to axe 1,300 corporate jobs in Sweden
- Shopify to cut 20 percent of its workforce
- Cedars-Sinai Medical Center lays off over 100 employees as healthcare costs increase
- Intel plans for job cuts as financial woes continue
- LinkedIn to cut 716 jobs and shut down Chinese app
- Vodafone to cut 11,000 jobs as the new boss says firm ‘not good enough’
- BT will cut 55,000 jobs and replace them with AI
- Disney launches final batch of layoffs with 2,500 jobs on the line
- Meta targets business divisions in latest job cuts
- First Citizens axes 500 employees from former Silicon Valley Bank
- JPMorgan Chase cuts 1,000 First Republic employees
- Grant Thornton cuts 300 jobs as it focuses on investing in key areas
- Edtech firm Guild lays off 172 employees in a broad reorganization
- Rolls-Royce restructuring plans put 3,000 jobs at risk
- Walgreens Boots Alliance to cut 10 percent of corporate workforce
- Goldman Sachs prepares for third batch of layoffs as deals decline
