Major Layoffs In October 2024: Amazon, Samsung, TikTok, Boeing, Airbus And Many More

Major Layoffs: Amazon is reportedly planning to eliminate 14,000 managerial positions by early next year to achieve annual savings of $3 billion, according to a Morgan Stanley report

Layoffs are a challenging reality for many organisations today, driven by economic downturns, restructuring, or shifts in business strategy. Every other big organisation has announced several rounds of layoffs this year, leaving thousands of employees in turmoil and uncertain about their future. Here is a list of some of the major layoffs that were announced in the month of October 2024.

Samsung Layoffs:

Tech giant Samsung is reportedly planning significant layoffs across Southeast Asia, Australia, and New Zealand as part of a global effort to reduce its workforce by thousands of positions. A Bloomberg report suggested that these layoffs could affect around 10 per cent of employees in these regions, with variations anticipated among its various subsidiaries.

Dyson Layoffs

Dyson has recently announced substantial job cuts at its headquarters in Singapore. Affected employees received emails directing them to attend individual meetings, during which Human Resources representatives informed them that their positions had been eliminated due to redundancy, as reported by CNA.

Amazon Layoffs

Amazon is reportedly planning to eliminate 14,000 managerial positions by early next year to achieve annual savings of $3 billion, according to a Morgan Stanley report. This initiative aligns with CEO Andy Jassy's strategy to enhance operational efficiency by increasing the ratio of individual contributors to managers by at least 15 per cent by March 2025.

ByteDance Layoffs

ByteDance, the parent company of the popular social media platform TikTok, has reportedly laid off more than 700 employees in its Malaysian division this month. This decision is part of the company's strategy to bolster its use of artificial intelligence for content moderation, according to a Reuters report.

Boeing Layoffs

Boeing announced that it plans to reduce its global workforce in response to the ongoing month-long strike by workers in Seattle. The aircraft manufacturer stated it will cut approximately 10 per cent of its global workforce, amounting to around 17,000 jobs.

Meta Layoffs

Social media giant Meta is starting another round of job cuts. The company has begun reducing staff across various teams, including those at WhatsApp, Instagram, and Threads. Following layoffs of approximately 11,000 employees in 2022 and another 10,000 in 2023, multiple rounds of job reductions appear likely to continue.

Airbus Layoffs

Airbus reportedly plans to cut up to 2,500 positions in its Defence and Space division due to increasing losses in satellite projects, according to a Reuters report. These layoffs, representing about 7 per cent of the division's workforce, are expected to be implemented by mid-2026.

Intel Layoffs

Intel has started mass layoffs as part of its cost-cutting initiatives, impacting over 2,000 jobs across its Oregon, Arizona, and California facilities. The Santa Clara-based company informed state officials this month of its plans to reduce its workforce by approximately 1,300 employees in Oregon, 385 in Arizona, and 319 in California, according to a report from CRN.

Nokia Layoffs:

Nokia is reportedly laying off nearly 2,000 employees, constituting about 20 per cent of its workforce in Greater China. Additionally, the company plans to cut 350 jobs across Europe as part of its cost-reduction strategy, according to a Reuters report.

Visa Layoffs

Visa is reportedly planning to reduce its workforce by nearly 1,400 employees and contractors, according to media reports. The card giant aims to streamline its international operations and intends to finalise the layoffs by the end of the year.