From Meta to Peloton, companies slow hiring as economy sputters

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Here’s a list of companies that have announced layoffs or frozen hiring to rein in costs

Decades-high inflation and the fallout from the Ukraine crisis have pressured many companies across the globe to consider laying off people or put a freeze on hiring.Alibaba Group China’s Alibaba might cut more than 15% of its total workforce, or about 39,000 employees, due to a sweeping regulatory crackdown in China, as well as slowing sales growth and rising prices.

European online car retailer Cazoo Group Ltd. said it would cut its workforce by about 15% as it looks to conserve cash.Global Coinbase will extend its hiring freeze for the foreseeable future and Inc rescind a number of accepted offers to deal with current macroeconomic conditions. Swedish Klarna is slashing 10% of its 7,000-strong workforce as a consequence of a recent steep increase in inflation, fear of a recession and the war in Ukraine worsening business sentiment.Meta Platforms Facebook-owner Meta cut plans to hire engineers by at least 30% this year, Inc. reducing its target to around 6,000-7,000 new engineers in 2022, CEO Mark Zuckerberg told employees on June 30.

Australian buy-now-pay-later firm Openpay Group will materially reduce its U.S. workforce after halting operations in the country. The retail trading platform Robinhood said in April it was laying off about 9% of its Markets Inc full-time employees.Stellantis Automaker Stellantis has indefinitely laid off an unspecified number of employees at its stamping plant in Michigan to mitigate impacts from various supply chain issues.

Twitter Inc. CEO Parag Agrawal said in a memo that the social media company would pause hiring and review existing job offers to determine whether any “should be pulled back.”

 

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