From UBS to Meta: Year 2023's biggest layoffs that shook the business world

Layoffs have occurred in several sectors across the globe in the last few years. The reasons include the COVID-19 pandemic, uncertain macroeconomic conditions and restructuring process. Amidst a gloomy job scenario, news recently emerged that UBS Group was planning to layoff thousands of Credit Suisse Group’s employees starting next month. UBS is not the only company that is carrying out layoffs. Let us take a look at the layoffs carried out by some prominent companies.

UBS Group

Reports suggest that UBS Group is planning to fire more than half of Credit Suisse Group’s workforce starting next month. This development comes in the backdrop of the bank’s emergency takeover.

Credit Suisse’s employees in New York, London, and in some parts of Asia are expected to bear the brunt. The company has conveyed to staffers to expect three rounds of cuts in 2023, with the first expected by the end of July. Two more rounds of layoffs are planned for September and October. UBS, which is Switzerland's largest bank, had bought Credit Suisse in a government-brokered deal earlier this year.

Meta

Mark Zuckerberg’s Meta had announced in March that it will lay off 10,000 employees through multiple rounds of cuts by the end of May. The tech giant had also closed hiring for 5,000 open roles. These cuts came just four months after Meta had laid off as many as 11,000 employees in November last year.

Amazon

Amazon recently laid off 500 employees in India across different businesses and functions including Amazon Web Services, human resources, and support functions. The Seattle-based technology giant carried out these cuts as part of the additional layoffs, which CEO Andy Jassy had announced in March.

Alibaba

There were reports in May that Alibaba was planning to layoff around 1,000 workers ahead of an expected IPO. However, the Chinese conglomerate squashed these rumours by announcing that its six units will hire 15,000 new employees this year.

Vodafone

In May, Vodafone chief Margherita Della Valle announced that the company would cut 11,000 jobs globally over three years. She indicated that this would help the telecom group to regain its competitive edge.  

Spotify

Music streaming giant Spotify has laid off 200 employees of its podcast unit. The move is part of the company’s approach to optimise its podcasts for creators and shows.

JioMart

Reliance Industries’ online wholesale platform JioMart laid off more than 1,000 employees in May. This is part of the company’s cost-cutting measures, which will include reducing its 15,000 workforce in the wholesale division by two-thirds.