Major Layoffs In August: Apple, IBM, Sephora, Mastercard, Cisco And More

Major Layoffs: The number of employees laid off by companies keeps increasing every month. In August, several prominent firms, such as Apple, IBM, Sephora, GM, and others, fired several employees

Layoffs have become a regular thing for people today, as almost every other company in different sectors across the world is firing employees in large numbers every month. Even though the tech sector employees are among the worst hit, others are also facing similar challenges when it comes to layoffs.

The number of employees laid off by companies keeps increasing every month. In August, several prominent firms, such as Apple, IBM, Sephora, General Motors, and others, fired several employees. Here are some of the major layoffs carried out in the month of August.

Apple Layoffs

Apple has reportedly cut approximately 100 positions within its digital services division, indicating a shift in priorities for this critical sector. The layoffs mainly impacted the team responsible for the Apple Books app and Apple Bookstore, with additional reductions affecting other service teams, including Apple News, according to Bloomberg.

IBM Layoffs

IBM has reportedly shut down its research and development operations in China, leading to the job loss of about 1,000 employees. This move is part of IBM's effort to scale back its presence in the country amid rising geopolitical tensions, and it follows several major tech companies reducing their operations due to global challenges.

General Motors Layoffs

General Motors reduced its global workforce by over 1,000 employees in its software and services division as part of a strategy to cut operational costs. CNBC reported that approximately 600 of these layoffs will occur at the company's tech campus near Detroit, Michigan.

GoPro Layoffs: 

Action camera manufacturer GoPro announced this month that it will cut its workforce by about 15 per cent this year as part of a restructuring effort to reduce operating costs. The company’s board of directors has approved the restructuring plan.

Mastercard Layoffs: 

Mastercard is reducing its global workforce by 3 per cent, or approximately 1,000 employees, as part of a comprehensive restructuring effort. The layoffs, which will affect employees worldwide, are part of Mastercard’s strategy to match its resources with its strategic goals better. Reports indicate that these job reductions are expected to be finalised by September 30.

Cisco Layoffs: 

Cisco Systems said it will cut 7 per cent of its workforce in a second round of job reductions this year. The company is shifting its focus toward rapidly growing technology areas such as artificial intelligence (AI) and cybersecurity.

Paramount Layoffs: 

Paramount Global began reducing its US workforce by 15 per cent this month as part of a pre-announced layoff plan disclosed during last week’s earnings call. The company is targeting a $500 million reduction in annual expenses as part of a broader strategy to achieve profitable growth ahead of its planned merger with David Ellison's Skydance Media.

Dell Layoffs:

Dell Technologies is reorganising its sales teams, which involves workforce layoffs. As part of this restructuring, the company is establishing a new division dedicated to artificial intelligence products and services. This strategic shift is designed to better align Dell's sales operations with its emphasis on AI and other emerging technologies.