Following thousands of layoffs last year, companies in the United States and Canada are continuing to lay off employees in 2024, despite fading concerns about economic recession, but the prospect of a Fed rate cut remains uncertain. The layoff wave continues to affect the technology sector, with giants such as Amazon, Google, and Microsoft all cutting staff. Media companies, financial firms, and retailers are also major players in layoffs.

The following is a list of layoffs announced this year:

Technology company

Amazon (AMZN.US) will cut staff by less than 5% in the Buy with Prime department, 5% in the audiobook and podcast department (Audible), hundreds in the streaming and studio operations department, 35% in the streaming department (Twitch), and hundreds of staff in the One Medical and Amazon Pharmacy healthcare departments. The company also announced layoffs in its cloud computing service department, involving hundreds of jobs in sales, marketing, and global services, as well as hundreds of jobs in its physical store technology team.

Parent company Alphabet (GOOGL.US) of Google will cut jobs including tens of people in its X Lab new technology development department, hundreds in its advertising sales team, hundreds in its Pixel, Nest, and Fitbit hardware teams, and most of its AR team members.

Microsoft (MSFT.US) will lay off about 1,900 employees in its gaming division, Activision Blizzard, and Xbox.

IBM (IBM.US) plans to lay off some employees in 2024, but will recruit more AI-centered positions.

Intel (INTC.US) previously announced plans to lay off more than 15%, or about 175,000 people. This chip maker is seeking to return to profitability and focus on its loss-making manufacturing business.

E-commerce company eBay (EBAY.YS) plans to lay off about 1,000 people, accounting for about 9% of its total workforce.

Video game software provider Unity Software (U.US) will lay off about 25%, or 1,800 jobs.

DocuSign (DOCU.US) plans to lay off about 6%, or 400 employees, mainly in sales and marketing departments.

Snap (SNAP.US) plans to lay off about 10% of its global workforce, or about 528 people.

Salesforce (CRM.US) plans to lay off about 700 people, or about 1% of its global workforce.

Network giant Cisco (CSCO.US) is planning to reorganize its business, including laying off thousands of employees.

Autonomous driving technology company Aurora Innovation (AUR.US) will lay off 3% of its staff.

Canadian company Blackberry (BB.US) plans to lay off more after cutting around 200 people last quarter.

Satellite broadcaster SiriusXM (SIRI.US) plans to lay off about 3%, or about 160 people.

Bumble (BMBL.US) will lay off 350 people, or about 30% of its workforce.

Auto manufacturers.

Tesla (TSLA.US), the leader of electric vehicle manufacturers, is cutting more than 10% of its workforce worldwide. As the price war in the electric vehicle market continues to escalate, Tesla is trying to address the problem of declining sales.

Lucid (LCID.US) announced a 6% reduction in its workforce, or about 400 employees. The electric vehicle industry is currently struggling to cope with slowing growth.

Media companies

Pixar Animation Studio, which produced classic films such as Toy Story and Up, is cutting about 14% of its workforce because it has reduced the development of original streaming shows, affecting about 175 people. The studio is owned by Disney (DIS.US).

Sky, the British media group owned by Comcast (CMCSA.US), plans to lay off about 1,000 employees across various business sections this year.

The Los Angeles Times plans to lay off 94 journalists.

Paramount Pictures (PARA.US) will lay off 15% of its workforce in the United States to cope with the decline of its cable television business. This layoff is part of Paramount's plan to reduce costs by $500 million before its merger with Skydance Media and will affect about 2,000 people.

Business Insider plans to lay off about 8% of its workforce.

BCE Inc., Canada, plans to lay off 4,800 employees.

Financial services.

PayPal Holdings (PYPL.US) plans to lay off about 2,500 employees this year, accounting for 9% of its global workforce.

Payment company, Square (SQ.US), has begun laying off employees, with the specific scale of the layoffs unknown.

Citigroup (Ci.US) plans to lay off 0.02 million people within the next two years. The company has announced plans to lay off 716 people in New York to achieve this goal.

According to sources, investment bank giant Morgan Stanley (MS.US) plans to lay off hundreds of people in its wealth management division, affecting less than 1% of its employees.

The exchange operator Nasdaq (NDAQ.US) plans to cut hundreds of jobs as it integrates financial technology company Adenza into its business.

Asset management company BlackRock (BLK.US) plans to lay off about 3%, but anticipates that layoffs will be larger by the end of 2024.

Retail consumption industry

The world's largest retailer, Walmart (WMT.US), plans to lay off hundreds of people at its headquarters and move most of its remote employees in the United States and Canada to three offices.

Cosmetics giant Estee Lauder (EL.US) plans to lay off 3% to 5% of its workforce globally.

Wayfair (W.US) plans to lay off 1,650 employees, or about 13% of its workforce.

US chain store company Macy’s (M.US) will lay off 2,350 employees and close five stores.

Levi Strauss & Co. (LEVI.US) plans to lay off 10%-15% of its employees worldwide.

Hershey (HSY.US) restructuring plan will not affect more than 5% of its employees.

Sportswear giant Nike (NKE.US) will lay off about 2%, or more than 1,600 jobs. Nike hopes to cut costs after profits fell this year. As part of the company's $2 billion cost-cutting plan, Nike's footwear brand Converse will also be laid off.

The medical care sector usually outperforms the overall market during economic downturns due to its low correlation with economic cycles. For example, in the global economic recession of 2009, the pharmaceutical and biotechnology industries had steady performance and limited impact on sales and profits.

Novavax (NVAX.US) will lay off about 12% of its employees.

Consumer healthcare company Kenvue (KVUE.US) will lay off 4% of its employees worldwide.

Manufacturing

Defense stock Lockheed Martin (LMT.US) plans to lay off 1% of its employees.

Spirit AeroSystems (SPR.US) will lay off hundreds of people in Wichita, Kansas. The company is being affected by Boeing's high debt and production slowdowns.

US defense contractor L3Harris (LHX.US) laid off 5% of its employees in April this year to streamline operations and cut costs.

Logistics

United Parcel Service (UPS.US) plans to lay off 0.012 million people to cut costs.

FedEx (FDX.US) plans to cut 1,700 to 2,000 back-office jobs in Europe, as the parcel delivery company struggles with weak demand for shipping.

Natural resources

US natural gas producer Chesapeake Energy Corporation (CHK.US) is laying off employees after completing divestitures of oil assets last year.

US mining company Piedmont Lithium (PLL.US) is laying off 27% of its employees as part of its cost-cutting plan.

Canadian oil and gas pipeline company TC Energy Corporation (TRP.US) is laying off some employees as part of its previously announced plan to consolidate its natural gas pipeline business.

Canadian crude oil pipeline operator Enbridge (ENB.US) said it will lay off 650 people, or 5%, to cut costs.