SWFI Daily Layoffs Briefing, August 13, 2023
Posted on 01/13/2023
Now that the U.S. economy is either in recession (some people believe so) or heading toward recession, SWFI will resume its layoff tracker.
1. Crypto.com disclosed it plans to cut its workers by around 20%. “We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry. That trajectory changed rapidly with a confluence of negative economic developments,” Kris Marszalek, co-founder and CEO, wrote in a post addressing the matter.
2. Coinbase is laying off 950 employees, or around 20% of its workforce. This is due to the continued downturn in the crypto market and the broader economy, the company announced.
3. Blockchain.com and New York-based ConsenSys (around 100 employees) reportedly let go off a significant portion of their staff. ConsenSys is the developer of the crypto wallet MetaMask.
4. Goldman Sachs CEO David Solomon brought the axe and terminated a number of employees. Goldman Sachs vowed to fire 3,200 employees. In tradition of financial service terminations, employee badges were immediately deactivated and the workers escorted out of the building. Goldman Sachs said a major part of its consumer lending business lost slightly more than US$ 3 billion since 2020.
5. BlackRock Inc., the world’s largest asset manager, is slashing approximately 500 jobs following a period of rapid hiring. The layoffs amount to less than 3% of BlackRock’s workforce. BlackRock hasn’t conducted a major round of layoffs since 2019.
6. Amazon.com, Inc. revealed it is laying off about 18,000 employees, exceeding rumors of layoffs of about 10,000.
7. Salesforce.com, Inc. is the tech company run by billionaire Marc Benioff. Salesforce is cutting about 10% of its roughly 73,000 employees.
8. Supply chain software startup Flexport is laying off 20% of its global workforce, or roughly 640 employees.
9. Boston-based Akili, Inc. seeks to terminate 30% of its workforce in a cost-cutting play to extend its cash runway.
10. Temasek Holdings is an investor in Verily. Verily is a health technology company spun out of tech giant Alphabet. Verily is restructuring its management team and business and cutting 15% of its workforce.
11. Cloud Software Group is the parent company of cloud vendor Citrix and enterprise applications vendor Tibco. Cloud Software Group started widespread layoffs, with thousands of employees throughout the organization being let go.
12. NBC News and MSNBC conducted a round of layoffs.