Adds IBM, General Motors, Eastman Chemical, Hormel Foods
Oct 28 (Reuters) - U.S. companies across multiple sectors are intensifying job cuts this year, extending a trend of workforce reductions from 2024, as they prioritize cost savings and operational streamlining amid a challenging economic environment.
IBM IBM.N on Tuesday joined the list of firms announcing layoffs, saying it would cut thousands of jobs as it shifts its focus toward its high-margin software segment, following GM's GM.N move last week to reduce nearly 3,300 positions .
Here are some of the companies that have announced job cuts so far in 2025:
Sector | Date of Announcement | Company | Layoffs/Job Cuts | % of Total Workforce |
Resources | ||||
November | Eastman Chemical | About 980 jobs, according to Reuters' calculation | About 7% | |
Manufacturing | ||||
October | General Motors GM.N | 3,300 (1,750 job cuts, 1,550 temporary layoffs) | About 2% | |
Logistics | ||||
October | United Parcel Service UPS.N | 48,000 | Unknown | |
Consumer and Retail | ||||
October January | Amazon AMZN.O | Around 14,000 corporate jobs globally 1,700 full-time in Canadian province of Quebec | Unknown | |
January | Kohl's KSS.N | 9,600 | 10% | |
June | Procter & Gamble PG.N | 7,000 | About 6% | |
February | Estee Lauder EL.N | 7,000 | 11.29% | |
September | Starbucks SBUX.O | 2,000 | Unknown | |
October | Target TGT.N | 1,800 | About 8% | |
May | Walmart WMT.N | 1,500 | Unknown | |
January | Wayfair W.N | 730 in Germany | Unknown | |
January | Brown-Forman BFb.N | 648 | 12% | |
November | Hormel Foods HRL.N | About 250 corporate and sales jobs | 1.25% | |
Aviation and Space | ||||
February | Southwest Airlines LUV.N | 1,750 | 15% of corporate roles | |
February | Blue Origin | 1,400 | 10% | |
Energy and Natural Resources | ||||
February | Chevron CVX.N | 8,000 | 20% | |
September | Exxon XOM.N | 2,000 | about 3% to 4% | |
January | Dow DOW.N | 1,500 | 4.17% | |
February | Archer-Daniels-Midland ADM.N | Up to 700 | 1.70% | |
February | Halliburton HAL.N | 290 | Unknown | |
February | LyondellBasell LYB.N | 400 | Unknown | |
January | SolarEdge Technologies SEDG.O | 400 | Unknown | |
March | APA APA.O | 300 | Unknown | |
October | * ConocoPhillips COP.N | Unknown | Unknown | |
Technology and Media | ||||
March | Microchip Technology MCHP.O | 2,000 | 9% | |
November | IBM IBM.N | Thousands of employees | Unknown | |
October | ** Paramount Skydance PSKY.O | Around 1,000 | Unknown | |
October January | Meta Platforms META.O | Around 600 roles in the AI unit 5% of "lowest performers" | Unknown | |
October | Rivian Automotive RIVN.O | More than 600 employees | 4.5% | |
May | CrowdStrike CRWD.O | 500 | 5% | |
October May | Chegg CHGG.N | 388 248 | 45% 22% | |
April | Intel INTC.O | Unknown | 20% | |
May | Match Group MTCH.O | Unknown | 13% | |
Healthcare and Pharma | ||||
February | *** UnitedHealth UNH.N | Unknown | Unknown | |
February | Bio Rad BIO.N | Unknown | 5% | |
Banking and Finance | ||||
March | **** Morgan Stanley MS.N | About 2,000 | 2% to 3% | |
* ConocoPhillips is laying off employees at its Canadian operations, according to three sources and a company memo reviewed by Reuters.
** Paramount Skydance will begin a major round of layoffs with about 1,000 job cuts, a source familiar with the matter told Reuters.
*** UnitedHealth was offering employees in its benefits operations unit the option to accept buyouts in February and may pursue layoffs if the resignation quota is not met, according to a CNBC report.
**** Morgan Stanley layoffs are aimed at improving operational efficiency and unrelated to current market conditions, a person familiar with the matter told Reuters.
(Reporting by Seher Dareen and Savyata Mishra in Bengaluru; Additional reporting by Manya Saini, Anuja Bharat Mistry, Neil J Kanatt, Jaspreet Singh and Anhata Rooprai; Editing by Eileen Soreng and Sriraj Kalluvila)
((Seher.Dareen@thomsonreuters.com; If in India call +91 74832 70128;))