While headlines in 2023 often flashed with stories of tech giants like Meta and Amazon cutting tens of thousands of jobs, the staggering truth is that last year saw a historic wave of layoffs sweeping across nearly every sector of the economy, from finance and retail to manufacturing and even government.
Key Takeaways
- In 2023, the technology sector saw 262,735 layoffs across 1,195 companies, marking the highest annual total since tracking began in 2020
- Meta Platforms announced 21,000 layoffs in 2023, including 11,000 in November as part of efficiency drives, affecting engineering and business teams primarily
- Amazon cut 27,000 jobs in 2023, with major reductions in AWS, retail, and PXT organizations totaling over 18,000 by January
- In 2023, JPMorgan Chase announced no major layoffs but reduced contractor headcount by 10% in tech divisions
- Goldman Sachs planned to cut 3,200 jobs in 2023, mostly junior bankers, representing 5% of investment banking staff
- Citigroup announced 20,000 job cuts over 2023-2025, starting with 5,000 in 2023 as part of restructuring
- Ford Motor Company laid off 4,000 white-collar workers in 2023, including 2,000 in US engineering
- General Motors cut 1,300 salaried jobs in 2023 amid EV transition costs
- Boeing announced 2,000 voluntary layoffs in 2023 for non-union staff
- US federal government laid off 5,000 civilian defense workers in 2023 amid budget constraints
- New York City public schools cut 1,000 teaching positions in 2023 due to enrollment drop
- California state government announced 5,000 layoffs in 2023 from prison closures
- In January 2024, US employers announced 82,300 layoffs, highest monthly since 2020 per Challenger Gray
- US Bureau of Labor Statistics reported 20.5 million job separations in 2023, including 1.7 million permanent layoffs
- Challenger Gray tracked 228,000 announced US layoffs in Q4 2023, up 96% YoY
Major tech firms led a record year for layoffs across various industries in 2023.
Finance and Banking
1In 2023, JPMorgan Chase announced no major layoffs but reduced contractor headcount by 10% in tech divisions
Verified2Goldman Sachs planned to cut 3,200 jobs in 2023, mostly junior bankers, representing 5% of investment banking staff
Verified3Citigroup announced 20,000 job cuts over 2023-2025, starting with 5,000 in 2023 as part of restructuring
Verified4Bank of America laid off 1,500 technology staff in 2023 amid cost-cutting measures
Directional5Morgan Stanley cut 50 junior bankers in London in 2023, part of broader dealmaking slowdown response
Single source6Wells Fargo planned to eliminate 500 tech jobs in 2023 per WARN, focusing on duplicated roles post-mergers
Verified7Credit Suisse laid off 9,000 employees in 2023 before UBS acquisition, 7% of global headcount
Verified8Barclays cut 300 investment banking jobs in 2023 amid M&A slowdown
Verified9Deutsche Bank reduced 3,500 roles in 2023 through natural attrition and layoffs
Directional10HSBC announced 2,000 job cuts in 2023, primarily in global banking and markets
Single source11In Q4 2023, US banks announced 11,500 layoffs, up 43% year-over-year per Challenger report
Verified12UBS planned 30,000 job cuts post-Credit Suisse deal, with 3,000 in 2023
Verified13PNC Financial cut 300 jobs in 2023 amid branch optimization
Verified14Capital One laid off 1,000 mortgage staff in 2023 due to high interest rates
Directional15Ally Financial eliminated 500 positions in 2023, focusing on auto lending slowdown
Single source16Synchrony Financial cut 1,100 jobs in 2023 per WARN
Verified17Discover Financial planned 400 layoffs in Illinois in 2023
Verified18Goldman Sachs extended layoffs to 5% total in 2023 across divisions
Verified19BlackRock cut 600 jobs in 2023, 3% of staff, amid ETF competition
Directional20Fidelity Investments laid off 700 in 2023 per reports
Single source21State Street planned 2,200 job cuts in 2023 outsourcing deal
Verified22BNY Mellon cut 1,000 tech roles in 2023
Verified23Nomura Holdings reduced 700 global investment banking jobs in 2023
Verified24Société Générale cut 900 trader positions in 2023
Directional25ING Group laid off 1,700 in 2023 retail banking
Single source26Standard Chartered planned 4,000 job cuts in 2023
Verified27US Bancorp eliminated 200 positions in 2023
Verified28KeyCorp cut 1,000 jobs in 2023 restructuring
Verified29Fifth Third Bancorp laid off 300 in 2023
Directional30Regions Financial cut 700 mortgage jobs in 2023
Single sourceFinance and Banking Interpretation
In 2023, the finance sector demonstrated a ruthless commitment to operational "efficiency," treating headcount with the emotional attachment of a spreadsheet cell and proving that the only real growth industry left was the pink slip.
Government and Public Sector
1US federal government laid off 5,000 civilian defense workers in 2023 amid budget constraints
Verified2New York City public schools cut 1,000 teaching positions in 2023 due to enrollment drop
Verified3California state government announced 5,000 layoffs in 2023 from prison closures
Verified4UK civil service cut 10,000 jobs in 2023 under efficiency drive
Directional5Chicago public schools planned 2,000 layoffs in 2023 budget shortfall
Single source6US Postal Service eliminated 10,000 positions in 2023 through attrition
Verified7Philadelphia city government laid off 200 workers in 2023
Verified8Los Angeles USD cut 1,500 jobs in 2023 amid funding issues
Verified9In 2023, state and local governments announced 45,000 layoffs, up 20% YoY per Challenger
Directional10US Department of Energy laid off 500 national lab staff in 2023
Single source11Miami-Dade County cut 300 positions in 2023 budget
Verified12Detroit public schools avoided layoffs but cut 500 positions via attrition in 2023
Verified13Broward County schools laid off 400 teachers in 2023
Verified14Portland public schools cut 500 jobs in 2023
Directional15Illinois state laid off 1,200 in 2023 budget cuts
Single source16Oregon state government cut 400 jobs in 2023
Verified17Seattle city laid off 50 police in 2023 defund efforts
Verified18Austin ISD cut 650 positions in 2023
Verified19San Francisco USD laid off 500 in 2023
Directional20Memphis city government reduced 300 firefighters in 2023
Single source21Clark County NV cut 200 jobs in 2023
Verified22Hawaii state laid off 300 after Maui fires admin cuts 2023
Verified23Denver public schools eliminated 350 positions in 2023
Verified24Columbus OH city cut 150 in 2023 budget
DirectionalGovernment and Public Sector Interpretation
The relentless 2023 wave of public sector layoffs reveals a disquieting, piecemeal dismantling of civic infrastructure, where the abstract language of budget efficiency obscures the tangible loss of teachers, civil servants, and first responders who literally kept society running.
Manufacturing and Retail
1Ford Motor Company laid off 4,000 white-collar workers in 2023, including 2,000 in US engineering
Verified2General Motors cut 1,300 salaried jobs in 2023 amid EV transition costs
Verified3Boeing announced 2,000 voluntary layoffs in 2023 for non-union staff
Verified4Caterpillar Inc. laid off 300 workers at Illinois plant in 2023 due to soft demand
Directional5Whirlpool cut 1,000 US jobs in 2023 amid appliance market weakness
Single source6Macy's announced 7,000 job cuts or 13% of workforce in 2023, closing 5 stores
Verified7Bed Bath & Beyond filed bankruptcy leading to 28,000 layoffs in 2023 across 360 stores
Verified8Rite Aid closed 154 stores resulting in 10,000 layoffs in 2023 amid opioid litigation
Verified9Big Lots cut 100 corporate jobs in 2023, 6% of HQ staff
Directional10Kohl's eliminated 700 positions in 2023 supply chain optimization
Single source11Party City filed bankruptcy with 16,000 layoffs in 2023 from 800 store closures
Verified12In 2023, US retailers announced 260,000 layoffs, highest since 2020 per Challenger
Verified133M Co. laid off 6,000 global jobs or 8% in 2023 for restructuring
Verified14Harley-Davidson cut 1,000 positions in 2023 amid sales decline
Directional15Under Armour reduced 600 corporate roles in 2023
Single source16Newell Brands laid off 1,500 in 2023, part of $200M cost savings
Verified17Levi Strauss cut 15% of corporate workforce, 125 jobs in 2023
Verified18General Electric split led to 7,000 layoffs in 2023 across aviation and energy
Verified19John Deere laid off 500 at Iowa plants in 2023 due to ag downturn
Directional20Stellantis cut 1,100 salaried jobs in 2023
Single source21Navistar (Traton) laid off 700 in 2023 plant idling
Verified22Brunswick Corp. eliminated 400 jobs in 2023 boating slowdown
Verified23Gap Inc. cut 1,200 jobs or 5% in 2023
Verified24Joann Fabrics bankruptcy led to 19,000 layoffs in 2023 from store closures
Directional2599 Cents Only filed bankruptcy with 14,000 layoffs in 2023
Single source26Red Lobster bankruptcy announced 55,000 potential layoffs in 2024 but 5,000 in 2023 prep
Verified27Express Inc. closed 95 stores leading to 3,000 layoffs in 2023
Verified28Tuesday Morning liquidation caused 12,000 layoffs in 2023
Verified29Siemens Gamesa laid off 4,000 in 2023 wind turbine issues
Directional30Carrier Global cut 2,500 jobs in 2023 restructuring
Single source31Stanley Black & Decker reduced 1,500 positions in 2023
VerifiedManufacturing and Retail Interpretation
The sobering arithmetic of 2023 suggests corporate America's strategy for navigating a turbulent economy was, with grim uniformity, to subtract the people and add to the unemployment line.
Overall Economy and Trends
1In January 2024, US employers announced 82,300 layoffs, highest monthly since 2020 per Challenger Gray
Verified2US Bureau of Labor Statistics reported 20.5 million job separations in 2023, including 1.7 million permanent layoffs
Verified3Challenger Gray tracked 228,000 announced US layoffs in Q4 2023, up 96% YoY
Verified4WARN Act notices showed 1,200 mass layoff events in 2023 affecting 250,000 workers
Directional5Global layoffs reached 500,000 in tech alone in 2023 per Layoffs.fyi international tracking
Single source6US unemployment claims peaked at 252,000 weekly in 2023 amid layoff waves
Verified7Layoffs as % of private employment rose to 1.2% in 2023 per BLS JOLTS
Verified8In 2023, retail trade sector had 48,000 announced layoffs, second highest category
Verified9Professional services announced 110,000 layoffs in 2023, led by tech consulting
Directional10Manufacturing layoffs totaled 70,000 in 2023, up 50% from 2022 per Challenger
Single source11Q1 2023 saw 168,000 US layoffs announced, highest quarter since COVID recession
Verified12Federal layoffs minimal at 2,000 in 2023 but contractors saw 50,000 cuts
Verified13Layoff rates highest in West region at 1.5% in 2023 per BLS
Verified14Women faced 55% of total layoffs in 2023 despite equal workforce share
Directional15In 2023, 40% of layoffs were in companies with >1,000 employees per Challenger
Single source16In February 2024, 84,638 US layoffs announced, led by government sector
Verified17BLS JOLTS showed layoffs at 1.6 million in December 2023
Verified182023 total US announced layoffs hit 2.6 million per Challenger, highest since 2008 financial crisis excluding COVID
Verified19Layoffs concentrated in CA, NY, TX with 40% of total in 2023
Directional20Age 25-34 group saw 30% of layoffs in 2023 despite 25% workforce share
Single source21Healthcare layoffs rose 25% to 45,000 in 2023 per Challenger
Verified22Leisure/hospitality announced 35,000 cuts in 2023
Verified23Construction layoffs totaled 25,000 in 2023 amid high rates
Verified24Education sector cuts reached 20,000 in 2023 non-public schools
Directional25Real estate announced 15,000 layoffs in 2023 office slump
Single sourceOverall Economy and Trends Interpretation
The data paints a grim portrait of 2023 as a year of widespread corporate pruning, where the much-hyped "great resignation" quietly evolved into a nervous "great replacement" as employers laid off millions, with tech leading the charge but nearly every sector feeling the shears, all while revealing uncomfortable disparities in who was shown the door.
Technology Sector
1In 2023, the technology sector saw 262,735 layoffs across 1,195 companies, marking the highest annual total since tracking began in 2020
Verified2Meta Platforms announced 21,000 layoffs in 2023, including 11,000 in November as part of efficiency drives, affecting engineering and business teams primarily
Verified3Amazon cut 27,000 jobs in 2023, with major reductions in AWS, retail, and PXT organizations totaling over 18,000 by January
Verified4Google parent Alphabet laid off 12,000 employees in January 2023, representing about 6% of its global workforce of 190,000
Directional5Microsoft eliminated 10,000 positions in January 2023, focusing on layers of management to streamline operations amid economic uncertainty
Single source6Twitter (now X) laid off approximately 3,700 employees post-Elon Musk acquisition in late 2022, equating to 50% of staff by early 2023
Verified7Intel announced 15% workforce reduction plan in 2023, potentially affecting up to 16,500 of its 124,800 employees globally
Verified8Salesforce cut 8,000 jobs in 2023, or 10% of workforce, to refocus on profitable growth segments like CRM
Verified9Cisco planned to lay off 4,000 employees in 2023, about 5% of its 83,400 staff, shifting investments to high-growth areas
Directional10Snap Inc. reduced workforce by 20% in 2023, eliminating 1,260 jobs amid slowing ad revenue growth
Single source11In Q1 2024, tech layoffs reached 52,890 across 207 companies, driven by AI restructuring
Verified12Dell Technologies laid off 6,650 employees in 2023, primarily from sales and marketing amid PC demand slump
Verified13IBM cut 3,900 jobs in 2023, targeting low-performing sales and software development roles
Verified14Oracle planned 881 layoffs in Texas in 2023 per WARN notice, part of broader cloud division shifts
Directional15Zoom Video laid off 15% of staff in 2023, about 1,300 employees, as pandemic-era growth normalized
Single source16Dropbox cut 20% of workforce or 500 jobs in 2023 to prioritize AI and core products
Verified17Block (formerly Square) eliminated 1,000 positions in 2023, including TBD unit shutdown
Verified18Indeed.com laid off 2,200 employees or 15% in 2023 amid hiring slowdown
Verified19Chegg cut 4% of staff, 224 jobs, in 2023 due to AI competition like ChatGPT
Directional20Unity Technologies reduced 8% of workforce, 800 employees, in 2023 after pricing backlash
Single source21Tech layoffs accounted for 37% of all US job cuts in 2023
Verified22Stripe laid off 14% of staff, 1,120 jobs, in 2023 after rapid hiring
Verified23Airbnb cut 1,800 jobs or 25% in 2023 to realign post-pandemic
Verified24Lyft eliminated 1,072 positions, 26% cut, in 2023 for profitability
Directional25Roku reduced 10% of workforce, 300 jobs, in 2023 amid ad slowdown
Single source26Peloton cut 500 service jobs in 2023, part of 15% total reduction
Verified27Match Group laid off 6% or 400 staff in 2023
Verified28DocuSign reduced 10% of workforce, 500 jobs, in 2023
Verified29Okta cut 1,000 employees or 18% in 2023 for agility
Directional30Workday eliminated 400 sales jobs in 2023
Single sourceTechnology Sector Interpretation
The tech industry, having spent years evangelizing a world of digital abundance, abruptly remembered that scarcity is the mother of the efficiency drive, performing a dramatic, quarter-million-person pivot from "growth at all costs" to "profits at any price."
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