The summer has brought announcements of job cuts at a slew of different companies. The planned layoffs are expected to collectively hit thousands of people who work in industries including tech, media and auto. Some of the firms that have disclosed intentions to reduce their headcounts this summer include: Cisco is embarking on a restructuring to "allow it to invest in key growth opportunities and drive more efficiency in its business.
Our costs are too high, our margins are too low. We need bolder actions to address both – particularly given our financial results and outlook for the second half of 2024, which is tougher than previously expected," CEO Pat Gelsinger said. Paramount Global started cutting some of its workers on Tuesday after previously disclosing late last week it had plans to slash its U.S.-based workforce by 15%.
Paramount Global has linked the planned headcount reduction to a "strategic plan" that involves streamingling its organization and other initiatives. Stellantis plans to stop manufacturing of the Ram 1500 Classic pickup truck at the Warren Truck plant later this year – and that move will result in some indefinite layoffs, Reuters reported late last week.
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