The full list of major US companies slashing staff next year, from Nike to Intel
Lakshmi Varanasi
- 2023's job cuts aren't the end of layoffs, with further reductions on the cards in 2024.
- Companies like Nike, Intel, and Citigroup have announced plans for cuts in the new year.
A slew of companies across the tech, media, finance and retail industries made significant cuts to staff in 2023. Major tech players like Google and Meta, finance giants like Goldman Sachs, and manufacturers like Dow all announced layoffs.
And the forecast for next year is already looking grim.
Thirty eight percent of business leaders surveyed by ResumeBuilder think layoffs are likely in 2024, and around half say their company will implement a hiring freeze. ResumeBuilder talked to around 900 leaders at organizations with more than 10 employees.
Half of those surveyed cited concerns about a recession as a reason.
Another major reason: artificial intelligence. Around 4 in 10 respondents said they'll have to conduct layoffs as they replace workers with AI. The trend has already begun, with major tech companies like Dropbox, Google, and IBM announcing layoffs as part of a new focus on AI.
Here are the companies that plan to make cuts in 2024.
Nike's up-to-$2 billion cost-cutting plan will involve severances.
The athletic-wear giant Nike announced an up-to-$2 billion cost-cutting initiative that will take place over the next three years in its second quarter earnings report on December 21.
As part of that initiative, the company said it's expecting to make job cuts. Nike didn't disclose exactly how many roles that affects, but it does expect to book somewhere between $400 million and $450 million in pre-tax charges, largely in its fiscal third quarter and largely related to severance costs.
Other areas for cost-cutting that the company identified included "increasing automation and use of technology" and "simplifying our product assortment."
Intel reportedly warned about more cuts in 2024 on top of the five rounds it made in 2023.
Chip maker Intel has warned that additional layoffs are expected in 2024 beyond the 235 employees it will cut at its Folsom, California campus on December 31, according to the Sacramento Bee. By the end of 2023 the company will have made five rounds of job cuts.
"Intel is working to accelerate its strategy while reducing costs through multiple initiatives, including some business and function-specific workforce reductions in areas across the company," a spokesperson for the company told Business Insider by email.
The spokesperson also noted that "these are difficult decisions, and we are committed to treating impacted employees with dignity and respect."
Citi will cut staff in 2024 as part of its corporate overhaul.
In September, Citigroup announced plans for a corporate overhaul that would cut "management layers" as part of an effort to speed up decisions at the company. It's one of the most major organizational shakeups the bank has seen in two decades.
"These changes eliminate unnecessary complexity across the bank," Citigroup's CEO Jane Fraser said at the time.
Internally, the initiative is known as "Project Bora Bora" and employees have discussed cuts that could amount to at least 10% of the company's workforce in several major businesses, according to CNBC.
Redundancies related to the overhaul began in November and are likely to continue into February 2024, CNBC reported.
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