Home Markets Amazon will begin a new round of layoffs affecting more than 18,000 people

Amazon will begin a new round of layoffs affecting more than 18,000 people

by SuperiorInvest

Amazon Spheres, part of Amazon’s headquarters campus, right, in the South Lake Union neighborhood of Seattle, Washington, U.S., on Sunday, Oct. 24, 2021.

Chona Kasinger | Bloomberg | Getty Images

Amazon will begin another round of job cuts on Wednesday in what is expected to be the largest layoff in its 28-year history.

Earlier this month CEO Andy Jassy he said the layoffs would affect more than 18,000 employees, primarily in the human resources and stores divisions. Amazon said in November that it was looking to cut staff, including at its facilities and recruiting organizations. It was reported by CNBC at a time when the company was about to lay off about 10,000 employees.

Amazon is reducing its workforce after it began hiring during the Covid-19 pandemic. The company’s global workforce has grown to more than 1.6 million by the end of 2021, up from 798,000 in the fourth quarter of 2019.

The company is also struggling with slowing revenue growth, rising costs and a deteriorating economic outlook. In addition to the layoffs, Amazon has instituted a hiring freeze across its corporate workforce, slowed warehouse expansion and closed some experimental projects, including its telehealth service and a quirky video calling projector for children.

Amazon isn’t the only tech company cutting staff. Companies such as Salesforce, Meta and Twitter have made large-scale layoffs amid the deepening economic downturn.

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