Goldman Sachs plans to cut thousands of workers. Here are the other major US companies that have made cuts in 2022, from Amazon to Twitter.

December 31, 2022

The banks join a growing number of American businesses that have picked up the pace of firing in 2022. Last month, Amazon announced plans to lay off as many as 10,000 workers across divisions, including devices, retail, and human resources. Peloton has laid off thousands of employees this year. Twitter slashed 50% of its workforce.

Even traditionally layoff-resistant companies like Netflix have made cuts, and now companies that saw a pandemic-era boom, like Shopify, are cutting hundreds of jobs.

The reason, broadly, is twofold: business growth is slowing while labor costs are increasing. The combination is causing American companies across a variety of industries to slash headcount.

Here are some of the most notable examples so far:

Stellantis, which makes Jeep, Chrysler, and Dodge cars, confirmed that it plans to idle an assembly plant in Belvidere, Illinois, starting in February 2023, resulting in permanent layoffs for roughly 1,350 workers. The company attributed the layoffs to the increasing cost related to the electrification of the automotive market.

Stellantis: approximately 1,350 factory workers

Headspace Health, which makes a popular meditation app, is the latest internet startup to cut workers amid a stalling economy, laying off 50 workers earlier this month. Calm, a competitor to Headspace, had layoffs earlier this year, as well.

Headspace Health: 4% of workers

Goldman Sachs has laid plans to fire up to 8% of its staff after the new year, according to a person familiar with the cuts. The layoffs were initially reported by Semafor, which said that 4,000 workers' jobs might be on the line. Goldman's headcount was 49,100 as of September, according to a report by Insider.

Goldman Sachs: reportedly 4,000 employees

Morgan Stanley: about 1,600 workers

CNN: hundreds of staffers

The digital media company cut about 180 workers, citing challenging macroeconomic conditions, according to an SEC filing. In order for BuzzFeed to weather an economic downturn that I believe will extend well into 2023, we must adapt, invest in our strategy to serve our audience best, and readjust our cost structure, CEO Jonah Peretti wrote in a memo to staffers seen by Variety.

Buzzfeed: 12% of employees

Pepsi is paying off workers in its US snacks and beverage division, according to a report by the Wall Street Journal. The report didn't provide an exact headcount reduction at Pepsi, but the cuts reportedly affect workers in Purchase, NY, Chicago, and Plano, TX. According to a memo seen by the Journal, the cuts are meant to simplify the organization so we can operate more efficiently.

PepsiCo: “hundreds” of workers

Carvana: another 1,500 people

Amazon: as many as 10,000 employees

DoorDash: about 1,250 employees

H&M Group

Edelman

E-cigarette company Juul plans to lay off about a third of its workforce, or roughly 400 people. The cuts come amid broader cost-saving measures for Juul, including a fresh infusion of cash to help it avoid filing for bankruptcy. The company also plans to reduce its operating budget by as much as 40%, the Wall Street Journal reported.

Juul: about 400 people

Coinbase: about 1,000 employees, plus another 60 people

Redfin: 13% of its staff

Meta: more than 11,000 employees

Salesforce plans to cut thousands of jobs ahead of Thanksgiving, Protocol reported.It's unclear when the layoffs will begin or which divisions will be impacted, though as many as 2,500 workers could be impacted, according to Protocol.

Salesforce: as many as 2,500 employees

Twitter: about 50% of its workforce

Gap: about 500 jobs

Snap: 20% of employees

Wayfair: about 870 employees

Robinhood: more than 1,000 people in 2022

Peloton: over 4,600 people

Shopify: about 1,000 workers

7-Eleven: 880 jobs

Vimeo: 6% of its workforce

Tesla: more than 200 employees

Electric car-maker Rivian confirmed in July that it would cut around 800 employees, or about 6% of its 14,000-person workforce, as it worked to cut costs. The layoffs came less than a year after Rivian went public in the largest IPO of 2021.

Rivian: around 6% of its workforce

Gopuff: 10% of its staff

Real estate firm Re/Max will lay off 17% of its workforce by the end of the year, the company announced.The cuts will primarily affect employees in the technology division, the result of a shift in strategy as it partners with a third-party technology vendor, Re/Max said.

Re/Max: 17% of its workforce

Microsoft announced in July that it was cutting a small number of employees across several groups, including consulting and customer and partner solutions, a company spokesperson told Bloomberg.

Microsoft: less than 1% of employees

JPMorgan: over 1,000 workers

Netflix: about 500 people

Real estate brokerage Compass cut about 10% of its workforce, or 450 employees, the company announced in a regulatory filing. The cuts were part of a series of new cost-cutting measures that include pausing expansion, consolidating offices, and halting mergers and acquisitions, Bloomberg reported.

Compass: 450 employees

Reef: about 750 people

Better: about 4,000 people

Noom: 495 people

Thrasio: up to 20% of staff, sources say

Wells Fargo: an unknown number of people in mortgage lending

Canopy Growth: 250 people

Food52: about 20 people

Cameo: 87 people

In April, PayPal quietly laid off 83 people, according to a regulatory filing. The company employed more than 30,000 people worldwide, over a third of whom are based in the US. The cuts appear to be tied to the company downsizing its presence in the San Francisco Bay Area, according to TechCrunch.

PayPal: 83 people

Gorillas: ‘nearly 300’ people

Hello Fresh: about 600 people

Blue Apron: 10% of workforce

Walmart: at least 1,700

Oracle: at least 60, but potentially much more

Nordstrom: 222 workers

The embattled investment bank announced in late October that it plans to radically restructure and cut 5% of its headcount, or 2,700 workers. The company said it plans to reduce its headcount by 9,000 workers in the next 3 years. Credit Suisse has been hit with several catastrophes in recent years, including a $5 billion blow from the collapse of Archegos Capital Management last year.

Credit Suisse: 2,700 people

VF Corp, which owns various retail brands like The North Face, Vans, and Supreme, confirmed to Insider it told employees about plans to lay off 300 employees and eliminate 300 open positions in early September. VF Corp reported a 4% decline in revenue for its second quarter, attributing the slowdown to a covid-related disruption in China and broader macroeconomic headwinds.

VF Corp: 300 workers

Gannett: 3% of its US workforce

Ford plans to lay off roughly 3,000 salaried and contract workers as part of a restructuring and shifting focus toward producing electric vehicles. The automaker has estimated that electric cars require 30% less labor than conventional vehicles. Ben Gilbert contributed to an earlier version of this article.