H&M applied massive layoffs in the first days of December 2022. Among the arguments, the Swedish company argued the rise in inflation, which implies that it must increase its prices and, without growth in the same line of sales volume, profits fall .
Consequently: restructuring plan that includes more than 1,500 layoffs.
Earlier, at the beginning of November, Elon Musk, the new head of Twitter, applied massive layoffs around the world that affected more than 3,700 employees, half of the workforce.
So did Meta Platforms. The company that owns Instagram, Facebook, WhatsApp and Oculus, among other platforms, announced the forced departure of 11,000 workers around the world, 13% of the total.
It had a strong impact in Latin America.
Amazon also plans to lay off around 10,000 employees who work in corporate and technology roles. The same as Tencent Holding, which seeks to release numerous workers from its units of streaminggames and business in the cloud.
Goldman Sachs and mass layoffs
The news last week was that Goldman Sachs will also apply massive layoffs: some 4,000 employees.
Now, Bloomberg Y Financial Timesthey confirm it: it will be 8 percent of the workforce and they will be carried out in the first 15 days of January 2023.
According to these media, the executive president of Goldman Sachs, David Solomon, has already informed the 49,000 employees that the group is going to carry out a workforce reduction that will affect up to 8 percent of the total.
“There are a wide variety of causes that are affecting the outlook for the company, including monetary tightening that is slowing economic activity,” reads the email seen by the FT and Bloomberg. And he adds: “For our leadership team, what is expected is to prepare the company to overcome those headwinds.”
“While not everything is decided, we anticipate that the reduction in personnel will take place in the first half of January,” says the text accessed by the media.
In parallel, those employees who avoid dismissal and stay with the company could have to endure bonus reductions of the order of 40 percent.
The layoffs would affect all divisions of the bank, which in recent years had materialized a large number of incorporations.
The latest data, from 2021, indicates that Goldman Sachs has 49,150 employees, so mass layoffs would impact almost 8 percent of the total.
traffic lightone of the first to break the news in mid-December, says that heads of each division are mandated to identify the least productive employees.
Other major firms in the banking sector, such as Citigroup and Barclays, have also planned mass layoffs, according to CNBC.
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