Economic Uncertainty Drives Wave of Holiday Layoffs at Major US Companies
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This holiday season has seen a surge in layoffs by major US companies like EY, Hasbro, State Street, Zulily, and Spotify. Companies are cutting costs amid economic uncertainty.
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Companies may be laying people off to tighten budgets before fiscal year-end or as part of restructuring to become more efficient. Pressure from investors to show strong Q4 results could also play a role.
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EY is cutting over 10% of partners. Hasbro is eliminating 1,100 jobs. State Street is letting go of around 1,500 employees. Zulily is closing 3 offices and laying off 800 people.
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Spotify is reducing staff by 17%, attributing the decision to slowing economic growth and expensive capital. Music streaming platform said it still has too many people not focused on core creators and consumers.
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Other companies enacting holiday season layoffs include Twilio, Broadcom, Citi, Amazon, and Chewy. Total job losses likely add up to thousands across these major corporations.