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
- 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
- Bank of America laid off 1,500 technology staff in 2023 amid cost-cutting measures
- Morgan Stanley cut 50 junior bankers in London in 2023, part of broader dealmaking slowdown response
- Wells Fargo planned to eliminate 500 tech jobs in 2023 per WARN, focusing on duplicated roles post-mergers
- Credit Suisse laid off 9,000 employees in 2023 before UBS acquisition, 7% of global headcount
- Barclays cut 300 investment banking jobs in 2023 amid M&A slowdown
- Deutsche Bank reduced 3,500 roles in 2023 through natural attrition and layoffs
- HSBC announced 2,000 job cuts in 2023, primarily in global banking and markets
- In Q4 2023, US banks announced 11,500 layoffs, up 43% year-over-year per Challenger report
- UBS planned 30,000 job cuts post-Credit Suisse deal, with 3,000 in 2023
- PNC Financial cut 300 jobs in 2023 amid branch optimization
- Capital One laid off 1,000 mortgage staff in 2023 due to high interest rates
- Ally Financial eliminated 500 positions in 2023, focusing on auto lending slowdown
- Synchrony Financial cut 1,100 jobs in 2023 per WARN
- Discover Financial planned 400 layoffs in Illinois in 2023
- Goldman Sachs extended layoffs to 5% total in 2023 across divisions
- BlackRock cut 600 jobs in 2023, 3% of staff, amid ETF competition
- Fidelity Investments laid off 700 in 2023 per reports
- State Street planned 2,200 job cuts in 2023 outsourcing deal
- BNY Mellon cut 1,000 tech roles in 2023
- Nomura Holdings reduced 700 global investment banking jobs in 2023
- Société Générale cut 900 trader positions in 2023
- ING Group laid off 1,700 in 2023 retail banking
- Standard Chartered planned 4,000 job cuts in 2023
- US Bancorp eliminated 200 positions in 2023
- KeyCorp cut 1,000 jobs in 2023 restructuring
- Fifth Third Bancorp laid off 300 in 2023
- Regions Financial cut 700 mortgage jobs in 2023
Finance 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
- 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
- UK civil service cut 10,000 jobs in 2023 under efficiency drive
- Chicago public schools planned 2,000 layoffs in 2023 budget shortfall
- US Postal Service eliminated 10,000 positions in 2023 through attrition
- Philadelphia city government laid off 200 workers in 2023
- Los Angeles USD cut 1,500 jobs in 2023 amid funding issues
- In 2023, state and local governments announced 45,000 layoffs, up 20% YoY per Challenger
- US Department of Energy laid off 500 national lab staff in 2023
- Miami-Dade County cut 300 positions in 2023 budget
- Detroit public schools avoided layoffs but cut 500 positions via attrition in 2023
- Broward County schools laid off 400 teachers in 2023
- Portland public schools cut 500 jobs in 2023
- Illinois state laid off 1,200 in 2023 budget cuts
- Oregon state government cut 400 jobs in 2023
- Seattle city laid off 50 police in 2023 defund efforts
- Austin ISD cut 650 positions in 2023
- San Francisco USD laid off 500 in 2023
- Memphis city government reduced 300 firefighters in 2023
- Clark County NV cut 200 jobs in 2023
- Hawaii state laid off 300 after Maui fires admin cuts 2023
- Denver public schools eliminated 350 positions in 2023
- Columbus OH city cut 150 in 2023 budget
Government 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
- 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
- Caterpillar Inc. laid off 300 workers at Illinois plant in 2023 due to soft demand
- Whirlpool cut 1,000 US jobs in 2023 amid appliance market weakness
- Macy's announced 7,000 job cuts or 13% of workforce in 2023, closing 5 stores
- Bed Bath & Beyond filed bankruptcy leading to 28,000 layoffs in 2023 across 360 stores
- Rite Aid closed 154 stores resulting in 10,000 layoffs in 2023 amid opioid litigation
- Big Lots cut 100 corporate jobs in 2023, 6% of HQ staff
- Kohl's eliminated 700 positions in 2023 supply chain optimization
- Party City filed bankruptcy with 16,000 layoffs in 2023 from 800 store closures
- In 2023, US retailers announced 260,000 layoffs, highest since 2020 per Challenger
- 3M Co. laid off 6,000 global jobs or 8% in 2023 for restructuring
- Harley-Davidson cut 1,000 positions in 2023 amid sales decline
- Under Armour reduced 600 corporate roles in 2023
- Newell Brands laid off 1,500 in 2023, part of $200M cost savings
- Levi Strauss cut 15% of corporate workforce, 125 jobs in 2023
- General Electric split led to 7,000 layoffs in 2023 across aviation and energy
- John Deere laid off 500 at Iowa plants in 2023 due to ag downturn
- Stellantis cut 1,100 salaried jobs in 2023
- Navistar (Traton) laid off 700 in 2023 plant idling
- Brunswick Corp. eliminated 400 jobs in 2023 boating slowdown
- Gap Inc. cut 1,200 jobs or 5% in 2023
- Joann Fabrics bankruptcy led to 19,000 layoffs in 2023 from store closures
- 99 Cents Only filed bankruptcy with 14,000 layoffs in 2023
- Red Lobster bankruptcy announced 55,000 potential layoffs in 2024 but 5,000 in 2023 prep
- Express Inc. closed 95 stores leading to 3,000 layoffs in 2023
- Tuesday Morning liquidation caused 12,000 layoffs in 2023
- Siemens Gamesa laid off 4,000 in 2023 wind turbine issues
- Carrier Global cut 2,500 jobs in 2023 restructuring
- Stanley Black & Decker reduced 1,500 positions in 2023
Manufacturing 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
- 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
- WARN Act notices showed 1,200 mass layoff events in 2023 affecting 250,000 workers
- Global layoffs reached 500,000 in tech alone in 2023 per Layoffs.fyi international tracking
- US unemployment claims peaked at 252,000 weekly in 2023 amid layoff waves
- Layoffs as % of private employment rose to 1.2% in 2023 per BLS JOLTS
- In 2023, retail trade sector had 48,000 announced layoffs, second highest category
- Professional services announced 110,000 layoffs in 2023, led by tech consulting
- Manufacturing layoffs totaled 70,000 in 2023, up 50% from 2022 per Challenger
- Q1 2023 saw 168,000 US layoffs announced, highest quarter since COVID recession
- Federal layoffs minimal at 2,000 in 2023 but contractors saw 50,000 cuts
- Layoff rates highest in West region at 1.5% in 2023 per BLS
- Women faced 55% of total layoffs in 2023 despite equal workforce share
- In 2023, 40% of layoffs were in companies with >1,000 employees per Challenger
- In February 2024, 84,638 US layoffs announced, led by government sector
- BLS JOLTS showed layoffs at 1.6 million in December 2023
- 2023 total US announced layoffs hit 2.6 million per Challenger, highest since 2008 financial crisis excluding COVID
- Layoffs concentrated in CA, NY, TX with 40% of total in 2023
- Age 25-34 group saw 30% of layoffs in 2023 despite 25% workforce share
- Healthcare layoffs rose 25% to 45,000 in 2023 per Challenger
- Leisure/hospitality announced 35,000 cuts in 2023
- Construction layoffs totaled 25,000 in 2023 amid high rates
- Education sector cuts reached 20,000 in 2023 non-public schools
- Real estate announced 15,000 layoffs in 2023 office slump
Overall 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
- 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
- Google parent Alphabet laid off 12,000 employees in January 2023, representing about 6% of its global workforce of 190,000
- Microsoft eliminated 10,000 positions in January 2023, focusing on layers of management to streamline operations amid economic uncertainty
- Twitter (now X) laid off approximately 3,700 employees post-Elon Musk acquisition in late 2022, equating to 50% of staff by early 2023
- Intel announced 15% workforce reduction plan in 2023, potentially affecting up to 16,500 of its 124,800 employees globally
- Salesforce cut 8,000 jobs in 2023, or 10% of workforce, to refocus on profitable growth segments like CRM
- Cisco planned to lay off 4,000 employees in 2023, about 5% of its 83,400 staff, shifting investments to high-growth areas
- Snap Inc. reduced workforce by 20% in 2023, eliminating 1,260 jobs amid slowing ad revenue growth
- In Q1 2024, tech layoffs reached 52,890 across 207 companies, driven by AI restructuring
- Dell Technologies laid off 6,650 employees in 2023, primarily from sales and marketing amid PC demand slump
- IBM cut 3,900 jobs in 2023, targeting low-performing sales and software development roles
- Oracle planned 881 layoffs in Texas in 2023 per WARN notice, part of broader cloud division shifts
- Zoom Video laid off 15% of staff in 2023, about 1,300 employees, as pandemic-era growth normalized
- Dropbox cut 20% of workforce or 500 jobs in 2023 to prioritize AI and core products
- Block (formerly Square) eliminated 1,000 positions in 2023, including TBD unit shutdown
- Indeed.com laid off 2,200 employees or 15% in 2023 amid hiring slowdown
- Chegg cut 4% of staff, 224 jobs, in 2023 due to AI competition like ChatGPT
- Unity Technologies reduced 8% of workforce, 800 employees, in 2023 after pricing backlash
- Tech layoffs accounted for 37% of all US job cuts in 2023
- Stripe laid off 14% of staff, 1,120 jobs, in 2023 after rapid hiring
- Airbnb cut 1,800 jobs or 25% in 2023 to realign post-pandemic
- Lyft eliminated 1,072 positions, 26% cut, in 2023 for profitability
- Roku reduced 10% of workforce, 300 jobs, in 2023 amid ad slowdown
- Peloton cut 500 service jobs in 2023, part of 15% total reduction
- Match Group laid off 6% or 400 staff in 2023
- DocuSign reduced 10% of workforce, 500 jobs, in 2023
- Okta cut 1,000 employees or 18% in 2023 for agility
- Workday eliminated 400 sales jobs in 2023
Technology 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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