Major Layoffs In 2024: Layoffs have been the talk of the town for the whole of 2024; big firms and small start-ups across the sector and worldwide have announced layoffs this year, leaving employees in a difficult situation. Almost every industry has been dealing with complex business periods in recent times due to worrying economic situations. Some of the most heartbreaking and massive layoffs took place this year, and the announcement came from some of the most prominent companies. 


Here Is A List Of Some Of The Biggest Layoffs Of 2024


Tesla Layoffs


Elon Musk’s EV firm laid off over 10 per cent of its employees globally this year in an effort to streamline operations. Electric vehicle manufacturers have been grappling with increasing pressure from falling sales and intensifying competition among automakers, which has been compounded by rising interest rates that have slowed electric vehicle adoption. 


This strategic decision is expected to give the company more control over its capital expenditures, helping it navigate its current challenges.


Bosch Layoffs


German automotive components giant Bosch has revealed plans to cut 7,000 jobs in response to ongoing business difficulties. CEO Stefan Hartung also suggested that further layoffs may be required, as the company has failed to meet its financial targets for 2024.


"In recent months, Bosch has repeatedly announced plans to reduce jobs worldwide. The latest move affects over 7,000 jobs in Germany, primarily in the automotive supply sector, but also in the tools division and the BSH subsidiary that handles household appliances," Hartung said.


Nissan Layoffs


Nissan Motor unveiled a set of cost-cutting measures on Thursday, including the elimination of 9,000 jobs, while also revising its annual forecast downward for the second time this year due to ongoing challenges in key markets, particularly China.


The automaker further announced plans to reduce its global production capacity by 20 per cent. CEO Makoto Uchida reassured stakeholders, stating, "These turnaround measures do not indicate that the company is shrinking," in a statement released alongside the earnings report.


Siemens Layoffs


German tech giant Siemens also said that it is considering cutting up to 5,000 jobs globally in its factory automation sector amid ongoing challenges. CEO Roland Busch announced the potential layoffs.


Busch explained that restructuring may be necessary when business developments fall short of expectations, referencing Siemens' recent report of a 46 per cent decline in profits within its core Digital Industries division. Although no final decision has been made regarding the exact number of job cuts, Busch’s remarks indicate a clear need for strategic adjustments moving forward.


Also Read: Major Layoffs In November: Schaeffler, Oracle, KPMG, Nissan, Bosch And More


Boeing Layoffs


17,000 Boeing employees reportedly received layoff notices this year. The announcement follows a recent visit by a senior US official to Seattle to address ongoing strike concerns, as a major airline raised alarms about the growing challenges facing the planemaker.


According to a Reuters report, Boeing issued 60-day layoff notices to thousands of workers, primarily impacting those in its commercial aviation division. Sources familiar with the situation indicated in the report that many employees could be departing the company by mid-January.


Amazon Layoffs


Amazon is reportedly planning to cut 14,000 managerial positions by early 2025 as part of a cost-saving initiative aimed at saving $3 billion annually, according to a Morgan Stanley report. This move is part of CEO Andy Jassy’s broader strategy to improve operational efficiency by increasing the ratio of individual contributors to managers by at least 15 per cent by March 2025.


The company’s decision is intended to streamline decision-making processes and reduce bureaucratic obstacles, as outlined in a Bloomberg report.


Cisco Layoffs


The tech giant Cisco announced two rounds of layoffs, firming close to 10,000 employees. In the latest round of layoffs, approximately 5,600 employees, or around 7 per cent of the company's total workforce, will be affected. This follows an earlier round of job cuts in February when Cisco laid off over 4,000 workers.


Although Cisco had signalled in August 2024 that it planned to reduce its staff, the company withheld details about which individuals or departments would be impacted. This lack of clarity led to significant uncertainty, with employees not being officially informed until mid-September, almost a month later. This delay has fueled dissatisfaction among employees, many of whom felt they were left in the dark during the process.


Intel Layoffs


Intel announced plans to lay off over 15,000 employees as part of a strategy to address ongoing financial losses this year. The chipmaker aims to reduce its workforce by more than 15 per cent as part of a broader $10 billion cost-cutting initiative set for completion by 2025.


According to Intel’s statement to The Verge, the layoffs will affect at least 15,000 positions, but given the company's current workforce of more than 125,000, the total number of job cuts could potentially reach up to 19,000.


Dell Layoffs


Dell Technologies revealed in a regulatory filing this year that it has reduced its workforce as part of a strategic effort to cut costs, which included limiting external hiring and implementing employee reorganisations. The company reportedly laid off about 6,000 employees this year.


Unilever Layoffs


Unilever, the parent company of popular ice cream brands like Magnum and Ben & Jerry's, has announced plans to spin off its ice cream division into a separate entity. This strategic decision is part of a broader cost-cutting initiative, which is expected to impact around 7,500 jobs globally within the consumer goods conglomerate this year.


Google Layoffs


The tech giant, Google also announced several rounds of layoffs this year as well. These layoffs affected several tech firms, including the devices and services teams, which are responsible for products like Nest and Fitbit, as well as the Augmented Reality (AR) team. A Bloomberg report reveals that the hardest-hit areas include the voice-based Google Assistant team and the augmented reality hardware division.


Toshiba Layoffs


Japan's electronics giant Toshiba announced this year that it will lay off more than 4,000 employees in Japan as part of its ongoing restructuring efforts under new ownership. This decision follows the company's delisting in December and the completion of a $13 billion takeover led by a consortium led by private equity firm Japan Industrial Partners (JIP). The move marks the conclusion of a turbulent decade for Toshiba, which was plagued by scandals and major organisational upheaval.