Major Companies Implementing Significant Layoffs in 2024: From Amazon to P&G

Amazon announced on Tuesday plans to reduce its workforce by approximately 14,000 corporate positions, representing nearly 4% of its total employees.

The job market is currently experiencing significant challenges.

Amid broader economic uncertainty, analysts have described many businesses as being in a "no-hire, no fire" holding pattern. This has resulted in limited new hiring for only specific positions, if not complete hiring freezes. Simultaneously, substantial layoffs continue to accumulate across industries, increasing anxiety among workers in various sectors.

Several companies have cited rising operational expenses resulting from President Donald Trump's new tariffs and shifting consumer spending patterns. Others mention broader corporate restructuring initiatives or, as seen with major corporations like Amazon, are redirecting resources toward investments in artificial intelligence.

In these situations, "it's not so much AI directly taking jobs, but AI's appetite for cash that might be taking jobs," explained Jason Schloetzer, professor of business administration at Georgetown University's McDonough School. He highlighted the widespread "trade offs" companies are making, shifting resources from employment to infrastructure investments.

Federal employees face additional uncertainties, affecting overall worker sentiment about the job market. Following Trump's return to office earlier this year, thousands of federal positions were eliminated. Many government workers are now unpaid as the US government shutdown approaches its fourth week.

"A lot of people are looking around, scanning the job environment, scanning the opportunities that are available to them — whether it's in the public or private sector," said Schloetzer. "And I think there's a question mark around the long-term stability everywhere."

Government employment data collection is paused during the shutdown, but a recent survey by payroll company ADP revealed a surprising loss of 32,000 private sector jobs in September.

Here are several companies that have recently announced job cuts.

Amazon stated on Tuesday it will eliminate approximately 14,000 corporate positions, nearly 4% of its workforce, as the e-commerce giant increases AI investment while reducing costs elsewhere. A communication to employees indicated most workers would have 90 days to find another position within the company.

CEO Andy Jassy previously indicated that generative AI would likely reduce Amazon's corporate workforce in coming years. He has aggressively pursued cost-cutting measures since 2021.

United Parcel Service has eliminated about 34,000 jobs since early 2024 as part of recovery efforts amid broader changes in shipping operations.

These layoffs, disclosed in a regulatory filing on Tuesday, significantly exceed the approximately 20,000 cuts UPS had projected earlier this year. UPS also reported closing daily operations at 93 leased and owned facilities during the first nine months of this year.

Last week, Target announced the elimination of approximately 1,800 corporate positions, representing about 8% of its global corporate workforce.

Target indicated these reductions were part of broader streamlining initiatives, with Chief Operating Officer Michael Fiddelke noting that "too many layers and overlapping work have slowed decisions." The retailer is also working to rebuild its customer base after reporting flat or declining comparable sales in nine of the past eleven quarters.

In mid-October, Nestlé announced plans to cut 16,000 jobs globally as part of wider cost-reduction efforts aimed at improving financial performance.

The Swiss food company stated the layoffs would occur over the next two years. These cuts come as Nestlé and other companies face challenges such as increasing commodity costs and U.S. imposed tariffs. The company implemented price increases over the summer to counter higher coffee and cocoa expenses.

In September, Lufthansa Group announced it would eliminate 4,000 jobs by 2030, citing the adoption of artificial intelligence, digitalization, and work consolidation among its airlines.

Most job losses would occur in Germany, focusing on administrative rather than operational roles. These layoff plans emerged despite the company reporting strong travel demand and forecasting improved profits in coming years.

Also in September, Danish pharmaceutical company Novo Nordisk announced it would cut 9,000 jobs, about 11% of its workforce.

Novo Nordisk, manufacturer of drugs like Ozempic and Wegovy, indicated the layoffs were part of broader restructuring as the company works to increase sales of obesity and diabetes medications amid growing competition.

Oil giant ConocoPhillips has announced plans to lay off up to a quarter of its workforce as part of broader cost-reduction initiatives.

A ConocoPhillips spokesperson confirmed on September 3 that 20% to 25% of the company's employees and contractors worldwide would be affected. At that time, ConocoPhillips had approximately 13,000 total employees, meaning between 2,600 and 3,250 workers would be impacted. Most reductions were expected to occur before the end of 2025.

Intel has moved to eliminate thousands of positions as the struggling chipmaker works to revitalize its business while falling behind competitors like Nvidia and Advanced Micro Devices.

In a July memo to employees, CEO Lip-Bu Tan stated Intel expected to end the year with 75,000 "core" workers, excluding subsidiaries, through layoffs and attrition. This represents a reduction from 99,500 core employees reported at the end of last year. The company had previously announced a 15% workforce reduction.

In May, Microsoft began laying off approximately 6,000 workers across its organization. Months later, the tech giant announced it would cut an additional 9,000 positions, marking its largest round of layoffs in more than two years.

The latest job cuts affected Microsoft's Xbox video game business and other divisions. The company has cited "organizational changes," with many executives describing the layoffs as efforts to reduce management layers. However, these labor reductions coincide with the company's substantial investments in AI.

In June, Procter & Gamble announced plans to cut up to 7,000 jobs over the next two years, representing 6% of the company's global workforce.

The manufacturer of Tide detergent and Pampers diapers indicated the cuts were part of a wider restructuring, also occurring amid tariff pressures. In July, P&G stated it would increase prices on approximately a quarter of its products due to newly-imposed import taxes, although it has since indicated it expects less impact than previously anticipated for the 2026 fiscal year.