All articles tagged with #job cuts
Goldman Sachs plans to cut a small number of underperforming staff in April, separate from its regular 1%-3% annual cull, as part of ongoing performance and talent assessment amid rising use of AI; Morgan Stanley reportedly cut about 3% of its workforce earlier this month.
Volkswagen will cut about 50,000 jobs in Germany by 2030 across the group (including Audi and Porsche) after posting a 44% drop in post-tax profits to €6.9bn in 2025, pressured by US tariffs, competition from China, and high EV-shift costs; the company says further cost cuts are needed even as it anticipates a recovery and targets a 2026 core margin of 4–5.5%.
Netflix’s Clete Williams warned on Fox Business that a Paramount Skydance bid for Warner Bros. Discovery would create asset duplication (‘Noah’s Ark problem’) and amount to about $6 billion in job cuts as synergies are pursued; the company argues savings would come from licensing and other efficiencies rather than layoffs, even as the WB deal faces regulatory review.
January 2026 saw 108,435 announced U.S. job cuts, the worst January since 2009 and about three times December’s total, with nearly 40% tied to Amazon and UPS. The layoffs spanned transportation, tech, healthcare, chemicals and finance, and AI was cited in thousands of cuts. Private-sector hiring slowed (ADP: +22,000 in January), while unemployment claims rose to 231,000, signaling a sluggish start to 2026 despite some health-care hiring growth.
Panera Bread plans to close its Franklin fresh dough facility in March, eliminating 92 jobs as it shifts to a new bakery-operating model that partners with artisan bakers to produce goods finished in cafes.
Amazon inadvertently circulated a draft email from AWS SVP Colleen Aubrey that confirmed a second wave of layoffs and referenced the code-named ‘Project Dawn’; the note cited US, Canada and Costa Rica staff, followed October’s 14,000-cut round, and was quickly canceled with no official comment.
Citi plans additional layoffs in March after bonuses are paid, on top of 1,000 pre-bonus cuts, as insiders report a stricter performance-rating system that downgrades long-time high performers to a 3 out of 4, fueling fear of mass redundancies; the bank has relaxed cost guidance to around 60% as it continues staffing realignment and transformation.
Amazon is planning another major layoff round that could affect as many as 14,000 jobs across its corporate and tech units as part of ongoing cost-cutting after rapid growth.
Citigroup CEO Jane Fraser warns that Citi’s culture needs a reset and signals more layoffs this year as automation and process simplification reshape how work gets done, with regulatory-fix programs largely complete and a push toward higher profitability in 2026.
Meta Platforms is cutting more than 1,000 jobs from its Reality Labs division to redirect resources from metaverse/VR toward AI wearables and smartphone features, with Horizon refocused on mobile, ongoing VR investments pared back, and several in-house VR studios slated to close.
General Motors is planning to lay off over 1,300 employees starting January 5, including many at the Ultium Cells battery plant in Lordstown, due to production adjustments following slower EV sales, with some layoffs being temporary while the company upgrades the facility.
European banks are planning to cut over 200,000 jobs by 2030 as they adopt AI and close physical branches, mainly affecting back-office roles, with similar trends seen in the US, aiming for increased efficiency but raising concerns about industry fundamentals.
Post Consumer Brands is permanently shutting down production of certain cereal products at its Battle Creek plant, resulting in approximately 71 layoffs starting January 2026, affecting jobs related to Grape Nuts, granola, and bran production.
UPS plans to lay off nearly 130 employees at its Montgomery facility in Alabama as part of its largest network reconfiguration, with cuts starting in February and efforts to reassign affected workers.
US unemployment claims decreased to 214,000 last week, indicating a still healthy labor market despite signs of weakening, with recent job cuts and revisions suggesting a potential slowdown in job creation.