Deutsche Bank To Lay Off 3,500 People: 10 Big Companies That Are Offboarding Employees In 2024

New Year, New Layoffs!

Looks like the massive lay-off drive across the world is far from ending. As if 2023 wasn¡¯t distressing enough, big companies are carrying forward the activity of cutting jobs in 2024.

Germany¡¯s biggest bank, Deutsche, recently announced that it would cut 3500 jobs, buy back shares and pay dividends to the investors so that its turnaround remains on track.

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This would amount to approximately 4 percent of its global workforce of 90,000 employees. The jobs affected will be back office roles.

How was January 2024?

The tech sector is in immense turmoil with almost 25,000 workers losing their jobs in the first month of the year alone. It¡¯s not just limited to tech, the domino effect has also touched fields like gaming, retail and even human resources.

10 companies that have conducted the biggest layoffs in Jan 2024:

1. Google

After showing 12,000 employees the door last year, CEO Sundar Pichai had alerted employees to anticipate further job cuts in the upcoming months, aiming to ¡°simplify execution¡±.

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Google has reportedly laid off hundreds of workers in its Assistant and hardware divisions, among other departments. As per reports, Pichai later said in an internal memo that even more cuts would be coming throughout the year, while parent company Alphabet cut dozens of jobs from its X moonshot lab.

2. Cult.fit

Cult.fit, formerly known as Cure.fit, conducted its first round of layoffs in three and a half years, which has affected almost 150 employees.

3. Tata Steel

Anticipating around 2,500 job reductions over the next 18 months, Tata Steel is said to be prioritizing voluntary redundancies as part of its workforce adjustment strategy.

4. Amazon

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Amazon initiated another round of job cuts, affecting 'several hundred' employees within its Prime Video and MGM Studios division. However, the precise number of affected employees remains unknown. In January, Amazon reportedly cut 5 percent of the staff behind its Buy with Prime program.

5. Flipkart

Flipkart announced a 5-7 per cent reduction in its workforce based on performance evaluations. These cuts, conducted as part of the company's annual performance reviews, will most likely be finalised between March and April.

6. Swiggy

Swiggy laid off approximately 400 employees, constituting about 6% of its total staff. This strategic realignment has been done to manage costs amidst challenging funding conditions.

The layoffs primarily impacted departments such as customer support and tech teams.

7. Microsoft

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Microsoft cut 1,900 jobs out of 22,000 team members across its gaming divisions Activision and Blizzard. This marks a bleak beginning to the new year for gaming, with 6,000 layoffs across the industry so far in 2024 alone.

Phil Spencer, CEO of Microsoft Gaming, addressed employees in an internal memo, acknowledging the difficult decision to downsize the gaming workforce.

8. PayPal

The company plans to reduce its head count by 2,500 employees over the next 12 months, according to an internal memo obtained by Bloomberg. It recently reduced its headcount by 1000 employees which is roughly 9 percent of its workforce.

9. TikTok

Tik Tok let go 60 employees in January, mostly in its sales and advertising division.

10. Meta

The company has reportedly let go 60 technical program managers at Instagram.

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