Amazon and Coinbase are making thousands of cuts to their workforces as they continue to see layoffs well into 2023. Here is the full list.

Andy Jassy, Amazon CEO, first announced the company’s latest round in layoffs in November. Mike Blake/Reuters
Coinbase and Amazon are among the latest victims of a wave in layoffs at large US tech companies. These companies have cut thousands of employees. Check out the complete list of layoffs in 2023.

The wave of layoffs that impacted dozens of US companies at the end 2022 seems to be continuing into 2023.

Coinbase is the latest tech giant that has laid off hundreds of employees. Brian Armstrong, the CEO of Coinbase, sent a memo to employees stating that the company would be laying off 950 employees due to the declining trend in cryptocurrency prices as well as the wider economy.

Coinbase isn’t the only tech company to make cuts in 2019, however. Amazon and Salesforce also announced large layoffs in 2023, despite a continuing economic downturn and stagnating revenue.

Following significant reductions at companies like Meta and Twitter late last year, the downsizing was followed by substantial increases in staff.

According to the Wall Street Journal, layoffs have had a major impact on the tech sector. This sector is currently losing employees at an even faster pace than ever before the pandemic. The Journal from Layoffs.fyi cites data that shows tech companies cut more than 150,000 employees in 2022 — compared with 80,000 in 2020, and 15,000 in 2021.

These are some of the most notable examples from 2023.

Coinbase: 950 workers



Brian Armstrong, CEO of the company, cited the decline in cryptocurrency prices as well as the wider economy as the reasons for the layoffs. Patrick Fallon/Getty Images

Coinbase announced Tuesday, January 10, that it would lay off 20% more of its employees.

After the company had laid off more than 1,000 workers in July, the crypto company made the cuts.

Brian Armstrong, CEO, wrote to employees that “in hindsight we could have cut further at this time,” referring to the July layoffs.

Armstrong partly attributed the company’s weaknesses to “fallout of unscrupulous actors within the industry”, likely referring to the alleged fraud at FTX under former-CEO Sam BankmanFried. Armstrong warned that “there could be more contagion” in crypto markets from FTX, but assured the remaining employees that Coinbase was well capitalized.

Amazon: 18,000 employees



Amazon CEO Andy Jassy first announced the company’s latest round in layoffs in November.

Amazon is currently undergoing the largest round of layoffs it has ever seen.

Andy Jassy, the CEO of the company, sent a memo to employees stating that the company will cut more than 18,000 jobs in total. This is far more than was originally expected based upon reporting from the New York Times.

Jassy mentioned “the uncertain economy” and rapid hiring as the reasons for the layoffs.

Although most of Amazon’s 1.5million employees work in warehouses, the majority of layoffs occur within Amazon’s corporate divisions.

Amazon laid off employees in late 2017, but the Wall Street Journal reported that cuts will continue into 2023.

Amazon’s 18,000 job cuts are the most significant of any tech company in the wake of the recent wave of layoffs.

Salesforce: 10% of its employees



Salesforce stated in the first month 2023 that it would make big job cuts. Noam Galai/Getty Images

Marc Benioff, Salesforce’s co-CEO, announced Jan. 4th that the company would lay off 10% of its workforce (an estimated 7,000 employees) and close selected offices as part of a restructuring plan and cost-cutting program.

Benioff sent an email to employees, stating that “the environment remains challenging” and that customers are adopting a more measured approach when making purchasing decisions. “With this in view, we have made the difficult decision to reduce our workforce by approximately 10 percent, mainly over the next weeks.”

He said, “As our income accelerated through the pandemic we hired too many people, leading to this economic downturn that we are now facing, and I accept responsibility for that.”

Everlane: 17% corporate employees



Michael Preysman, founder of Everlane and executive chair, was also a member of the Everlane board.

Everlane will reduce 17% of its 175-person corporate workforce and 3% its retail staff.

“We are aware that there will be some bumpiness in the coming weeks as we attempt to navigate many changes at once. According to Insider, CEO Andrea O’Donnell asked employees for patience in her efforts to do right by departing team members.

Insider was informed by a spokesperson for the company that the decision was made to improve profitability in 2023, and to continue our efforts to make the fashion industry cleaner than it was before.

The Covid-19 pandemic outbreak in March 2020 led to the layoff of nearly 300 employees at the e-commerce clothing retailer.

Vimeo: 11%



Anjali Sud (CEO of Vimeo) speaks at the company’s direct listing in Nasdaq on Tuesday, May 25, 2021 in New York. AP Photo/Mark Lennihan

Anjali Sud, CEO of Vimeo, told employees that 11% would be laid off. This is the second major round in less than one year for the video platform. It had cut 6% in July.

Sud sent an email to employees, stating that “This was a difficult decision that affects each of us deeply.” It is the right thing to make Vimeo a more focused, successful company that operates with the required discipline in an uncertain economic climate.

Insider was told by a spokesperson that the reductions were intended to address ongoing economic concerns and improve company’s balance sheets.

Goldman Sachs: Up to 8% of employees



Goldman Sachs will lay off employees in January’s first half. Photo by Michael Santiago/Getty Images

According to Insider, Goldman Sachs could layoff as many as 8% of its employees in January’s first half. This was confirmed by a source familiar with the matter.

The cost-cutting efforts of the investment banking giant mirror those of competitors like Morgan Stanley and Citi. In fact, Citi also laid off employees in 2022.

At a conference last month, David Solomon, CEO of Goldman Sachs, stated that “We continue to experience headwinds in our expense lines,” We have put in place certain expense mitigation strategies, but it will take time for the benefits to be realized. We will be agile and will scale the firm to take advantage of the opportunities.

Compass: The size of layoffs is not yet disclosed



Compass will let go more employees following two rounds of layoffs over the past eight month.

Robert Refkin, CEO of Compass, told staffers Jan. 5 that it would continue to layoff employees, after two previous rounds in eight months. This was because the brokerage continues its financial struggles with large losses.

Reffkin sent an email to employees saying that “we’ve been focused over this year on controlling our expenses.” Today, we have reduced some of the employee teams as part of this work. These decisions are not easy, but they are wise and will allow us to build a long-term business that is profitable for you all.

Although the exact number of layoffs were not disclosed immediately, the brokerage laid off 450 corporate employees in June 2022 and 750 more from its technology team in Oct 2022.

Stitch Fix: 20% off salaried jobs



Stitch Fix will lay off salaried workers.SOPA Images

The Wall Street Journal reported that Stitch Fix announced Jan. 5 that it would reduce 20% of its salaried workforce.

These cuts are in conjunction with Elizabeth Spaulding’s announcement that she will be stepping down as CEO of the struggling retailer after just 18 months.

Spaulding stated in a statement that “First as president, then as CEO, it was a privilege to guide in an unprecedented time and chart the course of the future with Stitch Fix,” It is now the right time to find a new leader to support the next phase.
Katrina Lake, founder of Stitch Fix and a former chief executive officer who sits on the board as well as the CEO, will be the interim CEO, according to a press release.
Business Insider has the original article.
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By: insider@insider.com (Bethany Biron,Samantha Delouya)
Title: Coinbase and Amazon are slashing thousands of workers, as a wave of layoffs continues into 2023. Here’s the full list of major US companies making cuts.
Sourced From: www.businessinsider.com/layoffs-sweeping-the-us-these-are-the-companies-making-cuts-2023
Published Date: Tue, 10 Jan 2023 23:08:01 +0000