The Blubber

A significant number of American workers employed by major tech, retail, and media companies are facing job losses or the looming threat of positions being cut in 2024. Recognizable brands, many of which expanded their workforces during the COVID-19 pandemic, are now streamlining their operations with a focus on more efficient and leaner employee rosters.

While some companies are implementing job cuts purely as cost-cutting measures, others are doing so as they pivot towards a greater reliance on artificial intelligence, as reported by various outlets, including CBS News, Business Insider, and the Wall Street Journal in recent weeks.

Following large-scale layoffs by companies like Google, Walmart, CVS, and others in 2023, several corporations have made announcements in January, further contributing to the list of employers opting for a more streamlined approach moving forward.

1. Citigroup: 20,000 jobs
   In a broader company reorganization effort, Citigroup is set to eliminate 20,000 jobs by the end of 2026, aiming to save approximately $2.5 billion after a disappointing fourth quarter. The bank had already commenced layoffs around Thanksgiving, impacting senior-level employees initially, with future cuts extending to thousands of lower-level employees.
2. UPS: 12,000 jobs
   Citing year-after-year revenue declines, UPS announced the elimination of 12,000 positions, expected to save about $1 billion. In a statement, UPS emphasized the challenging year of 2023, focusing on controlling what it could while strengthening its foundation for future growth.
3. Salesforce: 7,350 jobs
   The San Francisco-based cloud computing company revealed plans to cut 10% of its workforce in January, along with the closure of some offices to reduce real estate costs. Salesforce cited a challenging industry environment as customers adopt a more measured approach to purchasing decisions.
4. Microsoft: 1,900 jobs
   Microsoft's gaming division will see nearly 2,000 job cuts, affecting around 8% of its employees. This move follows Microsoft's $69 billion purchase of video game maker Activision Blizzard, aligning strategies to establish a sustainable cost structure supporting Microsoft's growing business.
5. eBay: 1,000 jobs
   eBay is set to eliminate approximately 9% of its workforce, aligning with the company's efforts to adjust its growth pace amid a slowing economy.
6. Google (Alphabet): Several hundred jobs
   Google, under Alphabet, laid off hundreds of workers in engineering, hardware, and voice assistance divisions in January. Alphabet's CEO foresees more cuts as Google shifts focus to gain traction in the AI domain and invest in significant priorities, according to a memo sent to employees.