See Thorough Lists Of FinTech Alarming Layoffs Wave In 2024

As a part of the resource structure program, large, medium, and even small companies are letting go of their core staff.

Amidst the FinTech alarming layoffs wave following the significant job cut-offs in 2022 and 2023. The workforce reductions as of May 2024 have reached over 60,000 across 254 companies.

High-profile online content, commerce, and tech brands such as Thinx, Wattpad, Amazon, Google, Microsoft, Snap, and TikTok have conducted layoffs in the months of 2024.

January 2024

1. Google: Google is cutting off hundreds of employees in its advertising sales team. The layoffs occurred during the company’s improved profit margins and fastest growth rate. Recently, Ruth Porat relocated Google’s core staff as a part of their 6% workforce.
2. iRobot: After Amazon’s bid to acquire the Roomba-maker was shuttered, the company laid off 350 people or one-third of its headcount.
3. Microsoft: Across its gaming divisions, it is laying off 1,900 employees following its acquisition of Activision Blizzard.
4. PayPal: CEO Alex Chriss has reportedly begun wide layoffs, with about 9% of its global workforce losing their jobs.
5. YouTube: It will lay off 100 employees as a part of a restructuring effort in its operations terms and creator management.

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February 2024

1. Amazon: Amazon is cutting jobs in healthcare businesses, such as Amazon Pharmacy and One Medical.
2. Apple: Apple is now cutting off hundreds of employees working on the autonomous electric car project.
3. Mozilla: Mozilla is scaling back several products and its investment, affecting about 60 company employees.
4. Okta: Okta is laying off about 400 employees, and the layoffs came exactly a year to the day after it cut off about 300 employees.
5. Polygon Labs: About 19% of its staff has been laid off, amounting to 60 employees, which was announced by the CEO Marc Boiron in a blog post.
6. Snap: The company planned to cut 10% of its workforce, impacting 500 plus employees in an effort to reduce hierarchy.
7. Sony: Sony said goodbye to 8% of its division workforce (900 employees) from its PlayStation unit. Recently, Sony launched some of their fan-favorite products, such as Sony WH-CH720N ANC wireless earbuds and 55 Class 77 television.

FinTech Alarming Layoffs Wave. Image Credit: Social Media.

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FinTech Alarming Layoffs Wave Of March 2024

1. Dell: The global market leader in the tech world, Dell laid off around 13,000 jobs in 2023. Likewise, in 2024, Dell let go of their 6,000 jobs to restructure their global workforce.
2. IBM: IBM is laying off its marketing and communications staff. It was announced that a strategy to replace upwards of 8,000 jobs with AI.
3. Melio: Due to organizational restructuring, the company is laying off 7% of its workforce. The layoffs were lastly conducted in August of 2022.
4. ONE: The company is cutting about 13% of its workforce, affecting 40 employees. In recent months, it’s the second round of layoffs for the battery startup.
5. Phantom Auto: The company is shutting down after failing to secure new funding. The remote driving startup, which had cut staff last year, employed more than 100 people.
6. ShopBack: The company is cutting 195 roles to become more sustainable, as written in a blog by the CEO, Henry Chan. It will affect nearly a quarter of its staff.
7. Sorare: Based in its New York office, it laid off about 13% of its staff as the web3 fantasy sports platforms.
8. Stash: The cut-off affected about 80 employees, laying off around 25% of its workforce.
9. Textio: Texrio has reportedly cut 16% of its staff to support its Textio Lift product in a strategic move.
10. Turnitin: This year, the company laid off around 15 people, and the company would be able to reduce 20% of its headcount.

FinTech Alarming Layoffs Wave. Image Credit: Social Media.

April 2024

1. Agility Robotics: The company has laid off a small number of employees for a company-wide focus on commercialization efforts.
2. Bolt.Earth: The impacted employees are currently unknown, but it was estimated to be in the range of 70-100 workers.
3. Hinge Health: The company cut approximately 10% of its workforce as it aims to reach profitability and prepares for an IPO.
4. Nike: This summer, at its Oregon headquarters, Nike plans to eliminate 740 employees, according to a WARN Act notice.
5. Rivian: It is cutting off 10% of its salaried workforce. Again, with the second round of layoffs, it is reducing its total workforce by 1% for the EV maker. The Rivian SUV R2 is said to have a few more options than Tesla Model Y.
6. Tesla: In 2024, Tesla has been undergoing massive employee cut-offs. CEO Elon Musk is letting go of 10% of its global workforce with his operational team.
7. TikTok: Amidst the ongoing battle between Bytedance’s TikTok and US officials, TikTok is firing off 250 employees.
8. True Anomaly: The integrated Space, software, and AI company cut off 20% of its workforce.

FinTech Alarming Layoffs Wave. Image Credit: Social Media.

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May 2024

1. Peloton: Just as the company’s CEO Barry McCarthy stepped down, Peloton cut off 15% of its workforce. Around 400 people will have to let go of their careers.
2. Sprinklr: Impacting 116 people of the company, it has laid off about 3% of its workforce. The cuts come over a year after eliminating about 4% of the company. FinTech’s alarming layoffs wave of 2024 affected thousands of jobs.