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A rising trend of layoffs at tech giants - data


London, SANA- Layoffs in major technology companies in the world witnessed an upward trend in the past weeks


Layoffs in major technology companies in the world have witnessed an escalating trend in the past weeks, amid international economic interactions and high inflation rates and global prices.

Google recently announced that it will lay off 12,000 workers, or 6 percent of its workforce.

Microsoft said last Wednesday that it would lay off about 10,000 employees.

Fox Media confirmed that it will lay off about seven percent of the employees, equivalent to about 130 employees.

Alphabet, Microsoft, Google and Fox Medi announced last week that layoffs would affect more than 22,000 workers.

This coincided with job cuts in other companies such as Amazon, Goldman, Sachs, and Salesforce.

Expectations indicate that more technology companies will take the same step, in complete contrast to the year 2022, which recorded the second highest level of job gains ever, with the addition of 4.5 million jobs.

Analysts pointed to the increasing possibility of a global economic recession, and that the rise in interest rates and tepid demand due to the rise in prices is behind the tendency of technology companies to reduce their costs and lay off hundreds of their workers.

A wave of layoffs also hit Wall Street, as BlackRock, the world's largest asset manager, revealed that it would cut 500 jobs.

The layoffs also affected cryptocurrency platforms such as “Coinbase”, in addition to a number of banks such as “Goldman Sachs”, which will lay off up to 3,200 workers this month amid a stagnation in global deal-making activity.

Source: British newspaper The Independent

Source: sena

All business articles on 2023-01-23

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