Job Cut updates

Credit to Alessandra Riemer .

While #techindustry companies have — and continue to — reduce jobs in numbers not seen since the not-to-distant dot-com crash, #layoffs are beginning to seep into other #industries , as well, including #financeindustry , #media and #realestate . Yet (and somewhat surprisingly), the labor market remains strong, with more than 10.5 million open jobs and unemployment at 3.5%. The @LinkedIn News team continues to follow developments, with the latest job cuts, layoffs, and reductions below. If you’ve been impacted by a layoff, find LinkedIn best tips here .

Layoffs making headlines in the past week:

• In the 2nd restructuring in six months, Boston-based Wayfair is cutting more than 1,000 jobs .
• More than 500 workers were #laidoff by student loan company Nelnet after courts blocked the #president debt relief program, Business Insider reports .
• Capital One eliminated its Agile delivery team , letting go over roughly 1,100 employees.
• Microsoft, LinkedIn’s parent company, is letting go of 10,000 workers as it tries to do “more with less .”
• Thousands of employees in Amazon's retail and HR departments lost their jobs as part of #layoffs expected to affect more than 18,000 people.
• Hootsuite replaced its CEO and eliminated 70 roles in its third round of layoffs in six months.
• Crypto.com , which employed 260 people as of last summer, plans to cut 20% of its workforce due to industry downturns.
• The chief commercial officer role and other executive positions at Wendy’s were eliminated in a bid to cut administrative costs.
• Weighed down by $7 billion in debt, Carvana is “quietly terminating” an unspecified number of employees.
• San Francisco-based Unity Software is cutting 284 of its 8,000 employees after seeing weak digital ad sales.
• BNY Mellon has joined other financial heavyweights in the decision to downsize its workforce and expects to lay off 1,500 people this year.

More January layoffs news:

• Cloud Software Group, the company behind Citrix Systems, NetScaler and TIBCO Software, has laid off thousands of employees throughout the organization.
• With cable subscriptions declining, DirecTV is cutting 10% of its “upper ranks.”
• California-based bikemaker Specialized is downsizing its global workforce by 8%.
• The SmartNews app is cutting approximately 120 workers in the U.S. and China.
• Crypto exchange platform Coinbase plans to cut 20% of its workforce following a crypto market downturn. Last June, the company laid off 18% of its workers.
• Spring, a creator merchandise company formerly known as Teespring, shuttered a production facility in Kentucky and laid off an unspecified number of workers.
• Social good software company Bonterra is laying off around 10% of its employees, according to LinkedIn member posts .
• Ballooning interest rates prompted LendingClub to let go of 225 employees .
• Wonder Group is shedding its business model and an unknown percentage of its staff as it seeks a faster path to profitability.
• Nielsen's headcount will return to early 2022 levels following a post-acquisition hiring spree by its new owners.
• NBC News and MSNBC News are laying off 75 people, The Wrap reported , citing anonymous sources.
• The CEO of Lattice said the HR-software platform is letting go of 15% of its workforce amid a restructuring.
• BlackRock is slated to cut 500 employees , or 3% of its total headcount, after revenue fell 15% last fall.
• Wearable fitness tech's Whoop parted ways with 4% of its workers, which is its second round of layoffs within a year.
• Alphabet’s 1,700-person life sciences subsidiary Verily is laying off 15% of its staff .
• Supply chain startup Flexport is trimming 20% of its global headcount .
• Carta, an equity management platform, is letting go of 200 employees , or 10% of its staff.
• After announcing that it may need to seek bankruptcy, Bed Bath & Beyond said it will begin a round of layoffs affecting an undisclosed number of employees.
• Goldman Sachs is laying off roughly 3,200 employees after dealmaking slowed over the last two years.
• LinkedIn members posted about layoffs at biotech research company Editas Medicine , software developer Scale AI and blood transfusion company Secure Transfusions Solutions .
• Mojo Vision , an augmented reality contact lens startup, put production on hold this week and laid off 75% of its staff.
• Primary care company Carbon Health announced its second round of layoffs in a year, reducing its global workforce by 200 people.
• Biotech startup Fate Therapeutics plans to cut its headcount by around half to 220 employees this quarter after ending a deal with Janssen.
• McDonald's announced it is planning to make cuts to its corporate staff over the coming months.
• Marketing software company Attentive has let go 15% of workers, according to impacted employees taking to LinkedIn .
• Everlane is letting go of 17% of its 330 corporate employees.
• Crypto lender Genesis has let go 30% of its workforce , or roughly 60 employees after loaning “hundreds of millions of dollars ” to Alameda Research, the trading arm of now bankrupt FTX.
• Consumer goods producer and Vicks owner Helen of Troy will lay off 10% of its staff by March 1.
• Compass is letting go an undisclosed amount of employees for the third time in under a year as the U.S. housing market continues to slow.
• Stitch Fix announced it is planning to lay off 20% of its salaried workers .
• Vimeo cut 11% of its workforce in pursuit of “ongoing cost discipline.”
• Salesforce is shrinking its 80,000-person staff by 10% .

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