by Michael Snyder, The Economic Collapse Blog:
The layoffs are starting to come at a fast and furious pace now. At what point will the mainstream media finally admit that we are facing a major crisis? In recent days, I have been writing quite a bit about the alarming transition that the employment market is going through. There is a lot more competition for any jobs that are still available, and one recent survey discovered that almost 40 percent of U.S. companies anticipate that they will be conducting layoffs in 2024. But even though I am just reporting the facts, I have had people write to me and insist that things really aren’t that bad. Even though the government’s own numbers show that the U.S. lost a ton of full-time jobs in December, these people apparently believe the propaganda that is being fed to them by the Biden administration.
TRUTH LIVES on at https://sgtreport.tv/
Look, the truth is that the economy really is bleeding good jobs. In this article, I am going to provide you with 20 examples of large companies that have just decided to conduct mass layoffs…
#1 One of our “too big to fail” banks has just announced that it will be eliminating 20,000 good paying jobs…
Citigroup on Friday said it will slash 20,000 jobs.
The reductions, detailed in the company’s fourth-quarter financial results deck, can be linked to Citi continuing to execute its ongoing reorganization.
Citi will axe the positions “over the medium-term,” something that should ultimately bring its expenses down by $2-2.5 billion, according to the company.
#2 Even though this is an election year, NBC News has decided that a bunch of far left staffers have become expendable…
NBC News has laid off several dozen staffers, the latest of dozens of companies to start off the new year with bad news for its employees, USA TODAY confirmed Friday.
A source familiar with the plans said that employees were given a 60-day notice and will get severance packages and outplacement.
#3 Universal Music Group is making a ton of money from their relationship with Taylor Swift, but they still have decided to eliminate hundreds of jobs…
Universal Music Group, the corporate home of mega pop star Taylor Swift, is reportedly set to slash “hundreds” of jobs in the latest bloodbath to hit the entertainment industry.
The music label is planning to eliminate hundreds of jobs in the first quarter of the year, people with knowledge of the matter told Bloomberg News. The company’s recorded music division will be hit hardest.
Taylor Swift ranks among the label’s biggest stars, having signed a recording deal with the company in 2018 and an exclusive publishing contract two years later. The label also represents Drake and “Despacito” singer Luis Fonsi.
#4 Xerox was once one of the most famous companies in the entire world, but now they have decided to reduce their workforce by another 15 percent…
Xerox on Wednesday announced it will cut 15% of its workforce as part of a plan to implement a new organizational structure and operating model.
Xerox, which offers digital printing and document management technologies, had about 20,500 employees as of Dec. 31, 2022, according to a filing with the U.S. Securities and Exchange Commission. Based on this figure, Wednesday’s layoffs will affect about 3,075 employees.
#5 Things aren’t going very well for the auto industry these days, and Stellantis has just announced that more than 500 employees will be “permanently separated” from the company…
Stellantis NV said Monday that 539 supplemental employees across its U.S. manufacturing footprint are being “permanently separated” from the company following an evaluation of operations.
The automaker said it notified on Friday the affected workers, who are part of a class of lower-paid employees known as temporary workers at General Motors Co. and Ford Motor Co. The workforce reduction was effective immediately.
#6 Software company MeridianLink has decided that it is time to delete 9 percent of its staff…
Thoma Bravo-backed MeridianLink, which sells software to financial institutions like regional banks and credit unions, is laying off 9% of its staff, according to a regulatory filing Thursday. The cuts followed a sharp slowdown in MeridianLink’s revenue growth and a 69% drop in its operating income in the first nine months of last year.
#7 Apparently there aren’t enough simps watching half-naked women playing video games these days, and so Twitch will be laying off more than a third of its entire workforce…
Amazon’s livestreaming platform, Twitch, announced it would cut 35% of its workforce in a blog post.
“As you all know, we have worked hard over the last year to run our business as sustainably as possible,” wrote Twitch CEO Dan Clancy in a blog post. “Unfortunately, we still have work to do to rightsize our company, and I regret having to share that we are taking the painful step of reducing our headcount by just over 500 people across Twitch.”
#8 At this point things are so bad that even Google is laying off lots of workers…
Google is starting 2024 by cutting several hundred jobs across the company.
The company confirmed the layoffs to USA TODAY Friday and that they will impact employees within Google’s hardware and central engineering teams, as well employees who work on Google Assistant, the company’s voice-activated software product. Other parts of the company were also affected.
Are you starting to get the picture?
For those of you that still need additional examples, here are 12 more that were just posted by Susan Duclos…
• Disney’s Pixar could cut staff by 20% this year, TechCrunch reports.
• Discord will eliminate 17% of its employees to “sharpen focus,” The Verge reports.
• Amazon will lay off hundreds of Prime Video and MGM Studios workers, The Hollywood Reporter writes, as well as 5% of its Audible staff.
• BlackRock will lay off 3% of its global workforce, Bloomberg reports.
• The NFL has offered buyouts to around 200 of its 1,100-person staff, CNBC reports.
• Rent the Runway will cut 10% of its corporate employees, including its COO, Bloomberg reports.
• Unity Software will lay off 1,800 people (25% of its workforce), Reuters reports.
• Duolingo will eliminate 10% of its contractor positions, Bloomberg reports.
• Newell Brands, Sharpie and Rubbermaid producer, will cut 7% of its office roles, The Wall Street Journal reports.
• VideoAmp will lay off 20% of its employees, AdAge reports.
• The Messenger will cut around two dozen jobs, The New York Times reports.
• Cheddar has furloughed workers due to “unforeseen” factors, The New York Times reports.
This is really happening.
The U.S. economy really is bleeding good jobs at a staggering rate.
And the long-term outlook is not good at all. In fact, the IMF is projecting that nearly 40 percent of all global jobs “could be affected by the rise of artificial intelligence”…
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