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Factbox: Tech firms, Wall Street lead job cuts in corporate America

  • 📰 Reuters
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Big Tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn.

Rapid interest rate hikes, weak consumer demand and an economic slowdown in China have forced firms such as Amazon, Walt Disney, Facebook-owner Meta and American banks to trim their workforce.

As a pandemic-led demand boom rapidly fades, tech companies shed more than 150,000 workers in 2022, according to tracking site Layoffs.fyi, and more layoffs are expected as growth in the world's biggest economies start to slow.TECHNOLOGY, MEDIA AND TELECOM SECTOR

 

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