© Jim Spellman/Getty Images
Adena Friedman. Jim Spellman/Getty Images
- Nasdaq announced plans to acquire Adenza from PE firm Thoma Bravo.
- It’s a cash-and-stock deal valued at $10.5 billion.
- Nasdaq has looked to add new tech solutions to its business under CEO Adena Friedman.
All across Wall Street, financial firms are looking for more consistent forms of revenue not prone to the swings of trading and dealmaking.
Nasdaq is no exception.
The exchange operator announced plans to acquire behind-the-scenes tech provider Adenza in a cash-and-stock deal valued at $10.5 billion.
Adenza, owned by private equity firm Thoma Bravo, provides risk management and regulatory tech for banks and brokerages. Holden Spaht, a managing partner at Thoma Bravo, will join Nasdaq’s board of directors upon completion of the deal, which is expected in the next six to nine months.
Spotify is the latest company to announce job cuts amid a layoff wave expanding beyond tech. Here’s the full list of major US companies making slashes this year.
- Spotify is the latest company to announce layoffs.
- In recent months, layoffs have expanded beyond tech, media, and finance as Gap and Whole Foods announced cuts.
- See the full list of layoffs so far in 2023.
A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down into 2023.
Spotify is the latest company to announce layoffs, according to a memo sent to employees from the company.
In the memo, the vice president of Spotify’s podcast business Sahar Elhabashi explained the layoffs would impact around 200 employees. A Spotify spokesperson told Insider the layoffs would impact employees a part of Spotify’s podcast business and its supporting functions, including talent acquisition and financial roles. This is the second round of layoffs the company has announced this year: In January, Spotify’s CEO said the company would cut 6% of its staff.
The recent layoffs are a part of the brand’s decision to change how it works with podcast partners around the globe and would help the brand “support the creator community better,” the memo read.
The news comes less than a week after cryptocurrency exchange company Binance announced it was considering staff cuts, and on the heels of recent layoffs at companies including JPMorgan Chase, LinkedIn and Shopify.
These companies join a large number of major corporations that have made significant cuts in the new year: Tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced massive layoffs in the first weeks of 2023 amid a continued economic downturn and stagnating sales.
The downsizing followed significant reductions that companies including Meta and Twitter made last year.
The layoffs have primarily affected the tech sector, which is now hemorrhaging employees at a faster rate than at any point during the pandemic, the Journal reported. According to data cited by the Journal from Layoffs.fyi, a site tracking layoffs since the start of the pandemic, tech companies slashed more than 187,000 in 2023 alone — compared to 80,000 in March to December 2020 and 15,000 in 2021.
But it’s not just tech companies that are cutting costs, with the major job reductions that have come from the Gap, along with FedEx, Dow, and Wayfair.
Here are notable job cuts so far in 2023:
Spotify: laying off 2% of workforce
Spotify announced that the music and podcast streaming app would lay off about 200 employees, or 2% of its workforce. The layoffs will impact employees across Spotify’s podcasting business and its supporting functions, including talent acquisition and financial roles, a Spotify spokesperson told Insider.
In the memo sent to employees, the vice president of Spotify’s podcast business Sahar Elhabashi explained the layoffs were a part of the brand’s decision to change how it works with podcast partners around the globe. The “fundamental pivot from a more uniform proposition will allow us to support the creator community better,” the memo read.
“The company will support these individuals with generous severance packages, including extended Healthcare coverage and immediate access to outplacement support,” the statement read.
This announcement arrives on the tail of additional layoffs the music streaming service made back in January. In a memo to Spotify employees, CEO Daniel Ek said the company would cut 6% of its staff, about 600 people.
“While we have made great progress in improving speed in the last few years, we haven’t focused as much on improving efficiency. We still spend far too much time syncing on slightly different strategies, which slows us down. And in a challenging economic environment, efficiency takes on greater importance. So, in an effort to drive more efficiency, control costs, and speed up decision-making, I have decided to restructure our organization,” he wrote.
As part of those changes, Dawn Ostroff, the company’s chief content and advertising officer, who spent more than $1 billion signing exclusive podcast deals with Joe Rogan, the Obamas, and Prince Harry and Meghan Markle, has departed.
JPMorgan: About 500 jobs
JPMorgan announced on March 26 that it is slashing 500 roles, CNBC reported.
The cuts are expected to spread across JPMorgan’s retail and commercial banking, asset and wealth management, and corporate and investment banking operations, according to CNBC.
The reported layoffs come just a day after reports that JPMorgan laid off 1,000 First Republic employees, or about 15% of its workforce. JPMorgan, the largest bank in the US, got even larger earlier this month when it acquired the assets of failing First Republic after it was seized by regulators.
LinkedIn: 716 roles
LinkedIn announced earlier this month that it would be cutting 716 roles from its global workforce in a message from CEO Ryan Roslansky.
Roslansky also noted that company will also be discontinuing InCareer, a local jobs app in China, as it refocuses on helping companies in China hire, market, and train abroad.
The decision comes on the heels of LinkedIn’s 20th anniversary last week.
“While we’re making meaningful progress creating economic opportunities for our members and customers and experiencing record engagement on the platform, we’re also seeing shifts in customer behavior and slower revenue growth,” Roslansky said.
Shopify: 20% of workforce
Shopify is slashing 20% of its workforce and selling off most of its logistics business to supply chain company Flexport, the company announced on May 4.
The cuts confirmed growing concern of layoffs among staffers in recent weeks, following the cancellation of several team-building offsite events and analyst speculation that Shopify would alter its logistics arm, Insider reported.
“I recognize the crushing impact this decision has on some of you, and did not make this decision lightly,” Shopify CEO Tobi Lütke said in a note to employees and shareholders.
He continued: “This is a consequential and hard week. It’s the right thing for Shopify but it negatively affects many team members who we admire and love working with.”
Morgan Stanley: 3,000 jobs
Morgan Stanley is cutting 3,000 jobs by the end of the quarter, Bloomberg reported, citing sources familiar with the matter. One person told the outlet that the company’s banking and trading teams will be most impacted.
The cuts will affect about 5% of the firm’s workforce, excluding financial advisers and personnel in the wealth management division, Bloomberg noted.
A spokesperson for the bank did not immediately respond to Insider’s request for comment and declined to comment to Bloomberg. However, CEO James Gorman noted last month that underwriting and mergers activity has been “subdued” and that he doesn’t expect a rebound before the second half of 2023 or even 2024, Bloomberg noted.
The firm last cut 1,600, or around 2% of its staff in December, Bloomberg noted.
Dropbox: 16% of staff
Cloud storage firm Dropbox said Thursday that it would be reducing its global workforce by 16%, or 500 jobs.
In a message to staff sent Thursday, CEO Drew Houston said the cuts are being made, in part, from slowing business growth and the expansion of AI products.
“Today’s changes were the result of taking a hard look at our strategic priorities and organizational structure as a leadership team, and aligning to principles of sustainable financial growth, efficiency, and flexibility to invest in our future. We’re also streamlining how the company is organized,” Houston said.
Gap: more than 2,000 jobs since late last year
Clothing retailer Gap is cutting 1,800 positions in its headquarters and upper management as part of a restructuring plan meant to cut costs, the retailer said Thursday.
Gap said that the cuts are expected to help the company see $300 million in annualized savings.
“We are taking the necessary actions to reshape Gap Inc. for the future — simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience,” the company’s chairman and interim CEO Bob Martin said in a statement given to Insider.
In September, Gap slashed 500 jobs from its corporate ranks in a push to save $250 million annually, the Wall Street Journal reported.
Jenny Craig: potential mass layoffs
Weight loss company Jenny Craig notified staffers of potential mass layoffs on April 27, as a result of the company “winding down physical operations,” according to an internal email reviewed by NBC News.
According to NBC News, the company has been in the process of selling and anticipates the pending sale “will likely impact all employees in some manner,” an FAQ document sent to employees read.
“We do not know the exact employees/groups whom will be impacted, and if any employees may be retained,” the document said, per NBC News. “As a result, we would suggest that you anticipate that your employment may be impacted and begin to seek other employment.”
3M: 6,000 jobs
On Tuesday, the Scotch tape and Post-It Notes manufacturer said it will be cutting 6,000 positions across all parts of the company with the goal of streamlining operations, simplifying supply chain, and reducing layers of management, according to The Wall Street Journal.
The company’s chief executive Mike Roman said Tuesday that the cuts would eliminate 10% of 3M’s global workforce and ultimately save the company between $700 to $900 million in pretax costs, the Journal said.
3M last announced cuts in January when it said it was removing 2,500 manufacturing positions.
Lyft: 1,072 roles
In an SEC filing on Thursday, Lyft said it was cutting roles for 1,072 employees, or about 26% of its corporate workforce. In the filing, the company also said it is scaling back on hiring and has eliminated over 250 open positions.
The news comes just weeks after David Risher took the helm as Lyft’s new CEO, part of an executive shakeup that involved cofounders Logan Green and John Zimmer moving into board roles.
A spokesperson for Lyft previously told Insider, “David has made clear to the company that his focus is on creating a great and affordable experience for riders and improving drivers’ earnings.”
The spokesperson added, “To do so requires that we reduce our costs and structure our company so that our leaders are closer to riders and drivers. This is a hard decision and one we’re not making lightly. But the result will be a far stronger, more competitive Lyft.”
Deloitte: 1,200 jobs
Deloitte announced on April 21 it was cutting 1,200 jobs, or about 1.5% of its US staff, the Financial Times reported.
The cuts will largely be concentrated in the financial advisory business as a result of a decline in mergers and acquisitions, per internal communications viewed by the FT.
Whole Foods: Several hundred corporate employees
Whole Foods announced on April 20 it was letting go of several hundred corporate employees, amounting to less than 0.5% of the company’s workforce, CNBC reported.
The cuts are a result of a structural reorganization of global and regional support teams, which will be downsized from nine to six, but will not cause store closures, according to CNBC.
In a memo to employees viewed by CNBC, Whole Foods executives wrote “simplifying our work and improving how we operate is critical as we grow.”
“As the grocery industry continues to rapidly evolve, and as we — like all retailers — have navigated challenges like the COVID-19 pandemic and continued economic uncertainty, it has become clear that we need to continue to build on these changes,” the memo read, per CNBC.
It continued: “With additional adjustments, we will be able to further simplify our operations, make processes easier, and improve how we support our stores.”
BuzzFeed News: 15% of staff
BuzzFeed announced on April 20 that it was shuttering its BuzzFeed News division, laying off 15% of its staff, or 180 employees, in the process.
In a memo to staff shared with Insider’s Lucia Moses, CEO Jonah Peretti admitted to mistakes like over-investing in the news arm and failing to successfully integrate BuzzFeed and Complex after the latter was acquired in 2021.
“I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances,” he wrote. “Our job is to adapt, change, improve, and perform despite the challenges in the world. We can and will do better.”
Ernst & Young: 3,000 positions
Ernst & Young announced on April 17 it was laying off 3,000 US employees, or about 5% of its total US staff.
The decision came after the financial auditor nixed a proposed reorganization that would break up its consulting and accounting businesses, Reuters reported.
According to the Financial Times, which first reported the layoffs, the cuts will address “overcapacity” and will largely impact the company’s consulting business.
Opendoor: 560 jobs
On Tuesday, home flipping giant Opendoor said it was cutting 560 jobs, or 22% of its workforce, citing a souring housing market.
A spokesperson for Opendoor told Insider by email,”We’ve been weathering a sharp transition in the housing market – the steepest and fastest rate increase by the Fed in 40 years, the more than doubling of mortgage rates from historic lows, and the hit to home affordability have driven an approximately 30% decline in new listings from peak levels last year.”
The spokesperson noted that the cuts have been made to “better align our operational costs with the anticipated near-term market opportunity, while maintaining our critical technology investments that will continue to drive the business long term.”
Impacted team members will receive severance pay, extended health benefits, and job transition support.
Opendoor last made cuts in November 2022, laying off 550 workers or about 18% of its staff.
McKinsey: About 1,400 employees
McKinsey & Company will cut an estimated 1,400 positions, or 3% of its total workforce, Bloomberg reported on March 29.
The layoffs are part of the consulting firm’s efforts to reorganize support teams and pare down an employee base that has grown rapidly in recent years, per the outlet.
“The painful result of this shift is that we will have to say goodbye to some of our firm functions colleagues, while helping others move into new roles that better align to our firm’s strategy and priorities,” Bob Sternfels, global managing partner, wrote in a note to staff seen by Bloomberg.
He continued: “Starting now, where local regulations allow, we will begin to notify colleagues who will depart our firm or be asked to change roles.”
David’s Bridal: 9,236 employees
David’s Bridal is laying off more than 9,000 workers across the US, according to a WARN notice filed with the Pennsylvania Department of Labor and Industry on April 14.
“We are evaluating our strategic options and a sale process is underway,” David’s Bridal spokesperson Laura McKeever told the Philadelphia Inquirer. “At this time, there are no updates to share.”
The company is considering filing for bankruptcy in the near future, according to an April 7 report from the New York Times. David’s Bridal also filed for bankruptcy in 2018.
Virgin Orbit: 85% of staffers
Virgin Orbit disclosed in a March 30 filing with the Securities and Exchange Commission that it is slashing 85% of its staff, or about 675 employees.
The company, which operates within the Virgin Group and provides launch services for satellites, is also ceasing operations “for the foreseeable future,” CNBC reported.
“Unfortunately, we’ve not been able to secure the funding to provide a clear path for this company,” Virgin Orbit CEO Dan Hart said, according to audio of a company all-hands obtained by CNBC.
Electronic Arts: About 780 employees
Electronic Arts — the video game company best known for its “The Sims,” “FIFA,” and “Madden NFL” franchises — is letting go of 6% of its staff, or about 780 employees, the company announced on March 24.
“As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams,” Electronic Arts CEO Andrew Wilson wrote in a blog post to staffers.
Wilson said the cuts began early this quarter and will continue through the beginning of the next fiscal year.
Amazon: 9,000 more jobs
Amazon announced on March 20 that it would cut 9,000 jobs from its workforce over the coming weeks. The cuts come on the heels of the 18,000 roles the company announced it was cutting back in January.
In a message to employees shared on Amazon’s site, CEO Andy Jassy noted that the impacted positions are largely in the Amazon Web Services, People Experience and Technology Solutions, Advertising, and Twitch departments.
In the memo, Jassy said the company staggered its layoff announcements because “not all of the teams were done with their analyses in the late fall.” He added, “rather than rush through these assessments without the appropriate diligence, we chose to share these decisions as we’ve made them so people had the information as soon as possible.”
Roku: 200 staffers
Roku is cutting an additional 200 roles, or 6% of its workforce, Reuters reported on March 30. The cuts come after the streaming device manufacturer previously laid off 200 employees in November 2022.
The company is expected to complete the cuts by the end of the second quarter, and also plans to leave and sublease office facilities in an attempt to reduce costs, according to Reuters.
Walmart: About 200 employees
Walmart asked about 200 workers at five fulfillment centers to find employment elsewhere in the company in the next 90 days or else be laid off, Reuters reported on March 23.
The cuts are a response to the reduction of evening and weekend shifts at select Walmart facilities, including those in Chino, California; Davenport, Florida; Bethlehem, Pennsylvania; Pedricktown, New Jersey; and Fort Worth, Texas, per Reuters.
“We recently adjusted staffing levels to better prepare for the future needs of customers,” a Walmart spokesperson told Reuters in a statement.
Accenture: 19,000 positions
Accenture is slashing 19,000 roles, or 2.5% of its total workforce, according to a Security and Exchange Commission filing on March 23.
The tech consultancy company said the layoffs will take place over the next 18 months and half of the cuts will impact staffers in “non-billable corporate functions,” per the filing.
“While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs,” Accenture wrote in the filing.
Indeed: 2,200 staffers
Indeed CEO Chris Hyams announced on March 22 that the online networking platform will cut 2,200 jobs, or about 15% of its staff.
In a note sent to employees, Hyams wrote the reductions will impact “nearly every team, function, level, and region” across the company in an effort to reduce redundancy and increase efficiency.
“I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I’d never have to make,” he wrote.
Meta: 10,000 workers
Roughly 10,000 Meta workers will find out that their jobs have been cut between March and May, according to an announcement by the company’s founder and CEO, Mark Zuckerberg.
Zuckerberg also said the company would close around 5,000 open roles that haven’t yet been filled as part of the company’s effort to downsize.
“My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead,” Zuckerberg wrote in a post on Facebook announcing the layoffs.
In the post, Zuckerberg said that members of Meta’s recruiting team would learn about the fate of their jobs in March, while tech workers would find out in late April, and business groups would find out in May.
“In a small number of cases, it may take through the end of the year to complete these changes,” he wrote.
The job cuts come less than 5 months after Meta slashed 11,000 workers, or about 13% of its workforce, in November. At the time, Zuckerberg called the layoffs a “last resort.”
SiriusXM: 475 roles
The radio company said March 6th that it was cutting 8% of its staff or 475 roles according to a statement posted on the company’s website from CEO Jennifer Witz.
In the statement, Witz said “nearly every department” across the company will be impacted.
She also noted that those impacted will be contacted directly and will have the opportunity to speak with a leader from their department as well as a member of the company’s People + Culture team.
Impacted employees will also be provided with exit packages that include severance, transitional health insurance benefits, Employee Advocacy Program continuation, and outplacement services, Witz noted.
Citigroup: hundreds of jobs
Citi plans to cut hundreds of jobs, with many focused on the company’s investment bank division.
The total headcount cut will reportedly amount to less than 1% of Citi’s more than 240,000 workers and are part of Citi’s normal course of activities.
Citi’s cuts were first reported by Bloomberg.
In January, Citi’s CFO told investors the company remained “focused on simplifying the organization, and we expect to generate further opportunities for expense reduction in the future.”
Citi declined Insider’s request to provide comment on the record.
Waymo: reported 209 roles so far
Alphabet’s self-driving car unit Waymo has reportedly laid off a total of 209 employees this year in two rounds of cuts, according to The Information.
Waymo reportedly laid off 137 employees on March 1, according to The Information.
Waymo’s co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 209 employees— approximately 8% of the company’s staff— have been cut this year, according to an internal email seen by The Information.
Waymo did confirm the cuts to Insider but did not specify the number of roles impacted or the date the first round of cuts occurred.
Thoughtworks: reported 500 employees
Thoughtworks, a software consultancy firm, reportedly laid off 500 employees or 4% of its global workforce, according to TechCrunch. TechCrunch noted that the company “did not dispute” the figure when reached for comment on March 1.
According to TechCrunch, Thoughtworks “initially informed” the affected employees about the decision on February 28.
That same day, Thoughtworks reported that its revenue had increased 8.3% between the fourth quarter of 2022 and the fourth quarter of 2021. The company also reported a more than 21% year over year revenue increase for 2022.
In the company’s earnings release, Thoughtworks’ CEO Guo Xiao said, “We are pleased with our performance in the fourth quarter and our clients continue to look to us to help them navigate these uncertain times and tackle their biggest technology challenges.”
General Motors: reported 500 salaried jobs
General Motors plans to cut 500 executive-level and salaried positions, according to a report from The Detroit News.
The layoffs come only one month after CEO Mary Barra told investors and reporters on the company’s earnings call, “I do want to be clear that we’re not planning layoffs.”
In a memo to employees, seen by Insider, GM’s chief people officer wrote, “we are looking at all the ways of addressing efficiency and performance. This week we are taking action with a relatively small number of global executives and classified employees following our most recent performance calibration.”
Employees who are getting laid off were informed on Feb. 28.
General Motors confirmed the layoffs to Insider but did not confirm a specific number of employees getting cut.
Twitter: about 200 employees
The layoffs reportedly haven’t stopped at Twitter under Elon Musk.
The social media company reportedly laid off 200 more employees on a Saturday night in late February, according to the New York Times. Some workers reportedly found out they had lost their jobs when they couldn’t log into their company emails.
Musk laid off 50% of Twitter’s workforce in November after buying the company for $44 billion.
Yahoo: 20% of employees
Yahoo announced it will eliminate 20% of its staff, or more than 1,600 people, as part of an effort to restructure the company’s advertising technology arm, Axios reported on February 9.
Yahoo CEO Jim Lanzone told Axios that the cuts are part of a strategic overhaul of its advertising unit and will be “tremendously beneficial for the profitability of Yahoo overall.”
Disney: 7,000 jobs
Fresh off his return as Disney CEO, Bob Iger announced February 8 that Disney will slash 7,000 jobs as the company looks to reduce costs.
Iger, who returned to the position in November 2022 to replace his successor Bob Chapek after first leaving in 2020, told investors the cuts are part of an effort to help save an estimated $5.5 billion.
“While this is necessary to address the challenges we are facing today, I do not make this decision lightly,” Iger said. “I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes.”
DocuSign: 10%
DocuSign plans to slash 10% of employees as part of a restructuring plan “designed to support the company’s growth, scale, and profitability objectives,” the electronic signature company wrote in a Securities and Exchange Commission filing on Feb. 16.
The company said the restructuring plan is expected to be complete by the second quarter of fiscal 2024, per the filing.
Affirm: 19% of its workforce
Affirm announced on February 8 it plans to slash 19% of its workforce, after reporting declining sales that missed Wall Street expectations.
Affirm co-founder and CEO Max Levchin said in a call with investors that the technology company “has taken appropriate action” in many areas of the business to navigate economic headwinds, including creating a “smaller, therefore, nimbler team.”
“I believe this is the right decision as we have hired a larger team that we can sustainably support in today’s economic reality, but I am truly sorry to see many of our talented colleagues depart and we’ll be forever grateful for their contributions to our mission,” he said.
GoDaddy: 8% of workers
GoDaddy, the website domain company, announced on February 8 it will cut 8% of its global workforce.
“Despite increasingly challenging macroeconomic conditions, we made progress on our 2022 strategic initiatives and continued our efforts to manage costs effectively,” GoDaddy CEO Aman Bhutani wrote in an email to staffers.
“The discipline we embraced was important but, unfortunately, it was not sufficient to avoid the impacts of slower growth in a prolonged, uncertain macroeconomic environment.”
Zoom: 15% of staff
Zoom CEO Eric Yuan announced in a memo to workers that the company would reduce its headcount by 15%, or about 1,300 employees, on February 7.
He attributed the layoffs to “the uncertainty of the global economy and its effect on our customers” but also said the company “made mistakes” as it grew.
“We didn’t take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably toward the highest priorities,” Yuan said.
In the memo, Yuan also announced that he would cut his salary by 98% in 2023 and forgo his corporate bonus. In addition, other members of the executive leadership team will also reduce their base salaries by 20% this year, according to Yuan.
eBay: 500 jobs
On Tuesday, e-commerce giant eBay told employees that it would be eliminating 500 roles, or about 4% of its workforce, according to a message included in a regulatory filing on Tuesday.
In the message, CEO Jamie Iannone wrote “Today’s actions are designed to strengthen our ability to deliver better end-to-end experiences for our customers and to support more innovation and scale across our platform.”
He added, “this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape.”
Dell: 5% of workforce
On February 6, Dell said in a regulatory filing that it would be eliminating about 5% of its workforce. The percentage amounts to approximately 6,650 roles based on numbers that Dell provided Insider.
In a memo sent to employees posted on Dell’s website, co-chief operating officer Jeff Clarke, said “market conditions continue to erode with an uncertain future.”
He also noted in the memo that the company had paused hiring, limited employee traveling, and decreased spending on outside services. He added, however, “the steps we’ve taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough.”
Pinterest: 150 jobs
Pinterest said it would cut 150 workers, or less than 5% of its workforce, on February 1, the company confirmed to Insider.
“We’re making organizational changes to further set us up to deliver against our company priorities and our long-term strategy,” a company representative said.
The social media company was recently the target of activist investor Elliott Management, agreeing to add one of the firm’s representatives to its board last month.
Rivian: 6% of jobs
Rivian’s CEO RJ Scaringe announced the EV company would cut 6% of its workforce in a memo to employees, the company confirmed to Insider.
This is the company’s second round of job cuts in the last 6 months after Scaringe announced a separate 6% workforce reduction in July 2022.
In his memo to staff, Scaringe said Rivian needs to focus its resources on ramping up production and reaching profitability.
BDG Media: 8% of staff
BDG Media announced on February 1 that it was shutting down pop-culture site Gawker and laying off 8% of its staff, according to Axios.
BDG owns Bustle, Elite Daily, and other lifestyle and news websites.
“After experiencing a financially strong 2022, we have found ourselves facing a surprisingly difficult Q1 of 2023,” CEO Bryan Goldberg wrote in a memo to staff seen by Axios.
Splunk: 325 jobs
Software and data platform Splunk is the latest in a long list of tech companies to announce layoffs in recent months.
On February 1, the company said it would lay off 4% of its staff and scale back the use of consultants to cut costs, according to a filing viewed by Insider.
The layoffs will reportedly be focused on workers in North America, and CEO Gary Steele told employees Splunk would continue to hire in “lower-cost areas.”
Intel: 343 jobs
Intel notified California officials per WARN Act requirements it plans to layoff 343 workers from its Folsom campus, local outlets reported on January 30.
“These are difficult decisions, and we are committed to treating impacted employees with dignity and respect,” Intel said in a statement to KCRA 3, noting that the cost-cutting comes as the company is faces a “challenging macro-economic environment.”
On February 1, the company announced CEO Pat Gelsinger will take a 25% pay cut, while other members of the executive team will take salary reductions in amounts ranging from 5% to 15%.
FedEx: more than 10% of top managers
FedEx informed staffers on February 1 it plans to slash more than 10% of top managers in an effort to reduce costs.
“This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions,” CEO Raj Subramaniam wrote in a letter to staff, which was shared with Insider’s Emma Cosgrove.
While the exact number of employees impacted was not specified, a FedEx spokesperson told Insider that since June 2022 the company has reduced its workforce by more than 12,000 staffers through “headcount management initiatives.”
“We will continue responsible headcount management throughout our transformation,” the spokesperson said.
PayPal: 7% of total workforce
PayPal announced on January 31 that it plans to cut 2,000 workers or approximately 7% of the company’s total workforce over the coming weeks.
In a statement announcing the layoffs on PayPal’s website, CEO and president Dan Schulman cited the “challenging macro-economic environment.”
He added, “While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do.”
HubSpot: 7% of staff
HubSpot’s CEO Yamini Rangan announced that the company would lay off 500 workers, according to an email seen by Insider.
“We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected. The year was challenging due to a perfect storm of inflation, volatile foreign exchange, tighter customer budgets, and longer decision making cycles,” Rangan wrote to employees.
IBM: 1.5% of staff
IBM plans would cut 1.5% of its staff, roughly 3,900 workers.
The layoffs were first reported by Bloomberg but confirmed by Insider.
The company said the cuts would cost IBM about $300 million and is related entirely to businesses the company has spun off.
Bloomberg reports that CFO James Kavanaugh said the company is still hiring in “higher-growth areas.”
Hasbro: 15% of workers
Hasbro reportedly plans to cut 1,000 workers after warning that the 2022 holiday season was weaker than expected, according to the toy and game company.
The company said the layoffs come as it seeks to save between $250 million to $300 million per year by the end of 2025.
“While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses,” Chris Cocks, Hasbro’s CEO said.
Dow: 2,000 global employees
Dow Inc. announced on January 26 that it will lay off 2,000 global employees, a move that indicates mass layoffs are spreading beyond just the technology sector, the Wall Street Journal reported.
It’s part of a $1 billion cost-cutting effort intended to help amid “challenging energy markets,” Dow CEO Jim Fitterling said in a press release. The chemical company also will shut down select assets, mostly in Europe, per the release.
“We are taking these actions to further optimize our cost structure and prioritize business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe,” Fittlering said.
SAP: Up to 3,000 positions
Software company SAP said on January 26 it will slash up to 3,000 jobs globally in response to a profit slump, with many of the cuts coming outside of its headquarters in Berlin, the Wall Street Journal reported.
The layoffs will impact an estimated 2.5% of the company’s workforce and are part of a cost-cutting initiative aiming at reaching an annual savings of $382 million in 2024, according to the Journal.
“The purpose is to further focus on strategic growth areas,” said Luka Mucic, SAP’s chief financial officer, per the Journal.
3M: 2,500 jobs cut
3M, which makes Post-It notes, Scotch tape, and N95 masks, said it plans to cut 2,500 manufacturing jobs worldwide.
CEO Mike Roman called it “a necessary decision to align with adjusted production volumes.”
“We expect macroeconomic challenges to persist in 2023. Our focus is executing the actions we initiated in 2022 and delivering the best performance for customers and shareholders,” he said in a press release.
Google: around 12,000 employees
Sundar Pichai, CEO of Google parent company Alphabet, informed staffers on January 20 that the company will lay off 12,000 employees, or 6% of its global workforce.
In a memo sent to employees and obtained by Insider, Pichai said the layoffs will “cut across Alphabet, product areas, functions, levels and regions” and were decided upon after a “rigorous review.”
Pichai said the company will hold a townhall meeting to further discuss the cuts, adding he took “full responsibility for the decisions that led us here”
“Over the past two years we’ve seen periods of dramatic growth,” Pichai wrote in the email. “To match and fuel that growth, we hired for a different economic reality than the one we face today.”
Vox: 7% of staff
Vox Media, the parent company of publications like Vox, The Verge, New York magazine, and Vulture, is laying off roughly 133 people, or 7% of its staff, according to a report by Axios.
The cuts come just a few months after the media company laid off 39 roles in July.
The decision was reportedly announced in a note to staff from CEO Jim Bankoff, who wrote that while the company is “not expecting further layoffs at this time, we will continue to assess our outlook, keep a tight control on expenses and consider implementing other cost savings measures as needed,” according to Axios.
Vox Media’s layoffs come at a time when advertisers are tightening their belts in anticipation of an economic slowdown, taking a toll on the media industry.
Capital One: more than 1,100 tech workers
Capital One slashed 1,100 technology positions on January 18, a company spokesperson told Insider. The cuts impacted workers in the “Agile job family,” a department which was eliminated and its responsibilities integrated into “existing engineering and product manager roles,” per the spokesperson.
“Decisions that affect our associates, especially those that involve role eliminations, are incredibly difficult,” the Capital One spokesperson said in the statement.
“This announcement is not a reflection on these individuals or the work they have driven on behalf of our technology organization,” the spokesperson continued. “Their contributions have been critical to maturing our software delivery model and our overall tech transformation.”
The eliminations came after the bank had invested heavily in tech efforts in recent years, including launching a new software business focused on cloud computing in June 2022.
“This decision was made solely to meet the evolving skills and process enhancements needed to deliver on the next phase of our tech transformation,” the spokesperson said.
WeWork: About 300 employees
WeWork announced on January 19 it will cut about 300 positions as it scales back on coworking spaces in low-performing regions, Reuters reported. The layoffs come after the company said in November 2022 it planned to exit 40 locations in the US as part of a larger cost-cutting effort.
The company announced the cuts in a press release listing its fourth-quarter earnings call date, stating only the reductions are “in connection with its portfolio optimization and in continuing to streamline operations.”
Wayfair: more than 1,000 employees
Wayfair is expected to lay off more than 1,000 employees, about 5% of its workforce, in the coming weeks in response to slumping sales, the Wall Street Journal reported on January 19.
The cuts mark the second round of layoffs in six months for the online furniture and home goods company, after it nixed 900 staffers in August 2022.
Though the company experienced significant growth during the pandemic-driven home improvement boom, sales began to stagnate as social distancing policies loosened and Americans began returning to offices.
“We were seeing the tailwinds of the pandemic accelerate the adoption of e-commerce shopping, and I personally pushed hard to hire a strong team to support that growth. This year, that growth has not materialized as we had anticipated,” Wayfair CEO Niraj Shah wrote in a letter to employees announcing the August 2022 layoffs, per CNN.
In its most recent quarter, the Wayfair reported that net revenue decreased by $281 million, down 9% from the same period the year prior.
Microsoft: 10,000 workers
Microsoft announced on January 18 that it planned to reduce its workforce by 10,000 jobs by the end of the third quarter of this year.
CEO Satya Nadella attributed the layoffs to customers cutting back in anticipation of a recession.
However, Nadella also told workers that the company still plans to grow in some areas, despite the firings, writing that the company will “continue to hire in key strategic areas.”
Microsoft’s layoff announcement comes as the tech giant is reportedly in talks to invest $10 billion in OpenAI, which created the AI chatbot ChatGPT.
On February 13, the company laid off staff at LinkedIn—which it acquired in 2016— according to The Information. The cuts were in the recruiting department, though the total number laid off is not immediately clear, The Information reported.
Crypto.com: 20% of staff
Crypto.com announced on January 13 that it would let go of a fifth of its workforce amid a sagging crypto market and fallout from FTX’s collapse.
This is the second major round of firings for Crypto.com, which also had layoffs in July.
“The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It’s for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success,” CEO Kris Marszalek wrote in a memo to employees.
BlackRock: up to 3% of global workforce
BlackRock is cutting up to 500 roles in its first round of firings since 2019.
Staff members were notified on January 11 about whether they were laid off.
“Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper,” CEO Larry Fink and President Rob Kapito wrote in a memo to employees.
Goldman Sachs: an estimated 6.5% of its global workforce
Goldman Sachs began laying off employees on Jan. 11, with cuts expected to impact an estimated 6.5% of the company’s global workforce — or roughly 3,200 staffers — a source told Insider.
The company previously slashed roles on its media and tech teams in September 2022, and it was expected to issue further reductions in the first half of January.
The cost-cutting efforts from the investment banking giant mirror reductions from competitors including Morgan Stanley and Citi, which also laid off employees in 2022.
“We continue to see headwinds on our expense lines, particularly in the near term,” Goldman Sachs CEO David Solomon said at a conference in December. “We’ve set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set.”
BNY Mellon: 1,500 jobs
BNY Mellon is planning to cut approximately 3% of its workforce, or 1,500 jobs, according to the Wall Street Journal, which cited people familiar with the matter.
The cuts will be primarily aimed at talent management roles, according to the report. BNY Mellon will reportedly plan to invest more in junior staff.
Verily (part of Alphabet): reportedly 15% of workers
Verily, which is Alphabet’s healthcare unit, is laying off more than 200 employees, according to an email seen by the Wall Street Journal.
The Journal reports that the company will also scale down the number of projects it works on in an effort to cut costs.
“We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model,” Verily’s CEO, Stephen Gillet, wrote in the email, according to the Journal.
This is the first significant layoff done by Google’s parent company, which had so far avoided the massive waves of job cuts done by other big tech giants like Amazon and Meta.
DirecTV: 10% of management staff
DirecTV employees were told in the first week of January that the company would lay off several hundred workers in management roles.
The satellite TV business has faced slowing revenues as more people choose to cut the cord and pay for streaming services over cable TV.
“The entire pay-TV industry is impacted by the secular decline and the increasing rates to secure and distribute programming. We’re adjusting our operations costs to align with these changes and will continue to invest in new entertainment products and service enhancements,” a spokesperson for DirecTV told Insider.
Coinbase: 950 workers
Coinbase announced on Tuesday, Jan. 10, that would lay off another 20% of its staff.
The cuts came after the crypto company laid off over 1,000 employees in July.
In a memo to employees, CEO Brian Armstrong said, “in hindsight, we could have cut further at that time,” referencing the layoffs in July.
Armstrong partially attributed the company’s weakness to the “fallout from unscrupulous actors in the industry,” likely referencing the alleged fraud that took place at FTX late last year under then-CEO Sam Bankman-Fried. Armstrong predicted “there could still be further contagion” from FTX in the crypto markets but assured remaining employees that Coinbase is well capitalized.
Amazon: 18,000 employees
Amazon is in the midst of the most significant round of layoffs in the company’s history.
In a memo to employees, CEO Andy Jassy said the company would cut more than 18,000 workers in total — far more than what was initially expected based on reporting by the New York Times.
Jassy cited “the uncertain economy” and rapid hiring as reasons for the layoffs.
While most of Amazon’s 1.5 million staff have warehouse jobs, the layoffs are concentrated in Amazon’s corporate groups.
Amazon’s layoffs began late last year, though the Wall Street Journal reports cuts will continue through the first few weeks of 2023.
Amazon’s 18,000 jobs cuts are the largest of any major tech company amid the wave of recent layoffs.
Salesforce: 10% of its staff
Salesforce co-CEO Marc Benioff announced on Jan. 4 that the software company plans to layoff 10% of its workforce — an estimated 7,000 employees — and close select offices as part of a restructuring and cost-cutting plan.
“The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions,” Benioff wrote in an email to staff. “With this in mind, we’ve made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks.”
He continued: “As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we’re now facing, and I take responsibility for that.”
Everlane: 17% of corporate employees
Everlane is slashing 17% of its 175-person corporate workforce, and 3% of its retail staff.
“We know there will be some bumpiness over the next few weeks as we navigate a lot of change at once. We ask for your patience as we do right by our departing team members,” CEO Andrea O’Donnell wrote to employees, according to an internal memo seen by Insider.
In a statement to Insider, a company spokesperson said the decision was intended to “improve profitability in 2023 and continue our efforts to help leave the fashion industry cleaner than we found it.”
The e-commerce clothing company previously laid off nearly 300 workers, mostly in retail in March 2020 amid the outbreak of the Covid-19 pandemic.
Vimeo: 11% of its workforce
Vimeo CEO Anjali Sud told employees on Jan. 4 that the company would layoff 11% of its staff, the video platform’s second major round of layoffs in less than a year, after cutting 6% of employees in July
“This was a very hard decision that impacts each of us deeply,” Sud wrote in an email to staff. “It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment.”
A spokesperson told Insider reduction is intended to assist with ongoing economic concerns and improve the company’s balance sheet.
Compass: size of layoffs not immediately disclosed
Compass CEO Robert Reffkin told staffers on Jan. 5 it would conduct more layoffs, following two previous rounds in the past eight months, as the brokerage continues to struggle with significant financial losses.
“We’ve been focused over the last year on controlling our costs,” Reffkin wrote in an email to employees. “As part of that work, today we reduced the size of some of our employee teams. While decisions like these are always hard, they are prudent and allow us to continue to build a long-term, successful business for all of you.”
While the size of the layoffs was not immediately disclosed, the brokerage let go of 450 corporate employees in June 2022, followed by an additional 750 people from its technology team in October 2022.
Stitch Fix: 20% of salaried jobs
Stitch Fix announced on Jan. 5 that it plans to slash 20% of its salaried workforce, the Wall Street Journal reported.
The cuts come in tandem with the announcement that CEO Elizabeth Spaulding is stepping down, after less than 18 months at the helm of the struggling retail company.
“First as president and then as CEO, it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team,” Spaulding said in a statement. “It is now time for a new leader to help support the next phase.”
Stitch Fix founder Katrina Lake — who formerly served as chief executive and sits on the board of directors — will become interim CEO, the company said in a press release.
“This is an exceptional opportunity to acquire a leading software company that enhances Nasdaq’s position at the heart of the global financial system,” Nasdaq CEO and Chair Adena Friedman said in a release announcing the acquisition.
Load Error
While Nasdaq is perhaps best known for the tech-focused US stock market it operates, the firm has long been a provider of tech solutions to other market operators across the globe. That strategy has expanded under Friedman.
In 2021, Nasdaq acquired Verafin, an anti-financial crime management tool. Earlier this month, Friedman outlined how regulators can help banks fight financial crime, including information sharing.
In the wake of the deal, Nasdaq’s solutions business will account for 77% of the company’s total revenue. Meanwhile, revenue from trading will represent the remaining 23%.
“From fast-evolving global regulations to rapidly increasing pressures to modernize infrastructure, our clients are seeking trusted partners equipped to support them in this challenging environment. Nasdaq aspires to be that partner every day, and with Adenza we can offer an even broader range of mission-critical solutions that enhance the liquidity, transparency, and integrity of the world’s financial system,” Freidman said of the latest acquisition.
The deal also represented a win for investment banks dealing with a year-long lull in activity. Goldman Sachs and JPMorgan served as financial advisors to Nasdaq, with both firms also providing bridge financing for the deal.
For Thoma Bravo and Adenza, Qatalyst Partners served as the lead financial advisor, along with help from Barclays, Citi, Evercore, HSBC, Jefferies, and Piper Sandler.