This week, a number of companies announced that they would be reducing their workforce.
The Walt Disney Co. and Amazon have also announced a round of layoffs this week in order to reduce their workforce.
Disney’s second round of layoffs began on Monday. Reuters reported that 4,000 people were let go in this round and the previous round, which took place at the end of March. According to CEO Bob Iger’s memo, a third round of layoffs will occur “before the start of summer.” This will bring the total number cut by Disney in February to 7,000.
Amazon’s cloud computing division and its human resources division faced layoffs on Wednesday after the company announced plans in March for 9,000 additional cuts. The e-commerce giant has reduced its workforce by 27,000 employees in total this year.
This week, several other companies have announced layoffs.
Lyft
The ride-sharing company said Thursday that the new job cuts will affect about a quarter.
According to a Securities and Exchange Commission filing, the operating cost savings that Lyft anticipates from its 1,072 layoffs and reorganization efforts will go toward “continued improvements in service levels benefiting riders and drivers.”
Last week, Lyft’s new CEO David Risher sent an email to all staff, saying that the company should be “faster and flatter,” where “everyone will be closer to our drivers and riders.”
Lyft also announced that it had eliminated more than 250 jobs as a cost-saving measure.
Dropbox
You can also find out more about Dropbox.
In a blog post published on Thursday, Drew Houston, the CEO of Dropbox Development revealed that 500 employees will be cut from its global workforce. Affected employees (roughly 16%) received notice the same day.
FOX Business reported that the “headwinds” from the recession and the “natural maturation of Dropbox’s current businesses” had impacted the growth of the cloud storage firm. Houston said this was the reason for the layoffs.
First Republic
He said that the “next phase of growth” of the company requires a “different combination of skill sets,” particularly in AI (Artificial Intelligence) and early-stage development of products. Dropbox has moved employees to other teams “wherever it is possible” to increase its AI efforts.
At the end of 2012, the regional lender had reported a total of 7,200 equivalent full-time employees. This figure included temporary workers and contractors.
First Republic stated that it would “increase insured deposit, reduce borrowings by the Federal Reserve Bank, and decrease loan amounts to correspond with the decreased reliance on non-insured deposits”, on top of layoffs and cost-cutting initiatives.
Gap
Gap announced Thursday that 1,800 employees from the headquarters of Gap Inc. and its upper field staff will lose their job. In the first half of fiscal 2023, it is expected that most layoffs will have taken place.
Interim CEO Bob Martin stated in a press release that “we are taking the necessary steps to reshape Gap Inc. in the future. We will simplify and optimize our operating model, elevate creativity, and drive better delivery in all dimensions of the customer experience.” These changes include the consistent leadership structures for brands that we announced last week to flatten the organization structure and improve quality and speed in decision-making while reducing overhead expenses.
Gap aims to save $300 million through its efforts.
Deutsche Bank
Deutsche Bank CEO Christina Sewing told analysts and investors Thursday the bank “will begin to reduce our senior non-client-facing workforce by 5%” and will “limit new hiring” for such jobs. Both of those “right-sizing” moves, he said, would start in the second quarter.
Other “efficiency measures” it is taking are “streamlining the mortgage platform and further downsizing of the technology center in Russia,” according to an earnings release.
3M
The company plans to reduce its workforce by 6,000 employees in an effort “to make 3M stronger, leaner, and more focused.” The multinational conglomerate announced its plans to cut 6,000 jobs as it released its first-quarter results on Tuesday.
FOX Business reported that 2,500 manufacturing workers lost their jobs in the January layoffs.
Tyson Foods
Tyson Foods announced layoffs on Wednesday. The Arkansas-based company is reportedly looking to reduce some corporate and senior management jobs. In March, it announced that 1,700 jobs would be cut due to the closure of two chicken plants.
Reuters reported the newly revealed reductions would affect senior management positions by 15%. Corporate positions will be affected by 10%.
Tyson Foods was contacted for a comment.
