The unfortunate cycle of layoffs continues as the global economy faces a looming recession. Companies around the world, including India, have laid off tens of thousands of employees in recent months, anticipating the tough times ahead. Let’s take a look at the major layoffs that have occurred in April 2023 so far.
Nearly 4,000 employees are in the latest round of job cuts. Mark Zuckerberg, the company’s CEO, revealed the layoff plans in March 2023, stating that they were necessary to “restructure the company for the future,” bringing the total number of jobs cut since November 2024 to about 21,000.
Start buying now, pay later Simpl announced the layoffs of more than 150 employees, about 25% of its staff. The company claims that it has continued to increase headcount based on the assumption that e-commerce demand will continue to grow at the same level seen during the pandemic.
Online real estate company Opendoor has announced plans to cut 560 employees, roughly 22% of its workforce. This comes after the company cut another 18% of its staff in November 2024. The company cited rising mortgage rates and a sharp shift in the housing market as reasons for the layoffs.
Ernst & Young, one of the largest accounting firms in the world, is cutting nearly 3,000 jobs in the United States. Layoffs represent less than 5% of the US workforce and less than 1% of its global workforce. According to reports, the company cited the current economic conditions and the increase in the number of employees as the reasons for the layoffs.
Goldman Sachs-backed ZestMoney has laid off nearly 20% of its workforce, which amounts to nearly 100 employees. This comes after the company’s talks with PhonePe to sell failed. According to reports, the founders and the leadership team held a town hall meeting on April 6 to inform the employees about the layoffs. The company promised one month’s salary as settlement with interest.
Retail giant Wal-Mart has laid off more than 2,000 employees at five factories across the US, including Florida, New Jersey, Pennsylvania and Texas. These layoffs at Walmart come just weeks after the company required about 200 employees to find other job opportunities at various companies as part of its staffing adjustments.