The Biggest Companies Across America Are Cutting Their Workforces (msn.com)
- Reference: 0178087293
- News link: https://slashdot.org/story/25/06/18/1245216/the-biggest-companies-across-america-are-cutting-their-workforces
- Source link: https://www.msn.com/en-us/money/companies/the-biggest-companies-across-america-are-cutting-their-workforces/ar-AA1GWr1O
The reductions extend beyond typical cost-cutting measures and coincide with record corporate profits at the end of last year. Amazon CEO Andy Jassy told employees Tuesday that AI will [2]eliminate certain jobs in coming years , while Procter & Gamble announced plans to cut 7,000 positions to create "broader roles and smaller teams."
Bank of America reduced its workforce from 285,000 in 2010 to 213,000 today while revenues climbed 18% over the past decade. Managers have faced particularly steep cuts, with their ranks falling 6.1% between May 2022 and May 2025. Companies are flattening organizational structures and pushing remaining employees to handle larger workloads as executives track revenue per employee more closely.
[1] https://www.msn.com/en-us/money/companies/the-biggest-companies-across-america-are-cutting-their-workforces/ar-AA1GWr1O
[2] https://slashdot.org/story/25/06/17/2041222/ai-will-shrink-amazons-workforce-in-the-coming-years-ceo-jassy-says
You can thank Trump (Score:2, Insightful)
AI is a problem but not quite yet not to this extent.
Trump is going to cause a recession. The massive amounts of uncertainty around his trade war coupled with the massive amounts of tax increases that trade war represents and inflation guaranteed a recession. But the on again off again is somehow worse. Remember folks markets hate uncertainty.
Now to add to all that he is getting us into a war with Iran with no clear objective and no exit strategy. And he's going to yank $800 billion out of the econo
Re: You can thank Trump (Score:1)
Were there actual critical shortages during Covid due to lack of willing workers or was it lockdowns that caused temporary supply blips?
Personally, can I say I liked lockdowns because the highways were empty and I don't buy toilet paper so I never experienced shortages?
In short, how fickle and arbitrary are your Covid claims?
Re: (Score:2)
Can you post anything that is not a question ?
Re: (Score:3, Insightful)
> You can thank Trump
From the article:
"U.S. public companies have cut their white-collar workforces by 3.5% over the past three years "
I'm sorry, who was President during that time?
These are permanent structural changes, a long time in coming. Predicted by many and blown off by many more.
Re: (Score:2)
His mind's made up. Don't confuse him with the facts.
Re: (Score:2)
Some more facts just reported yesterday, real wages for hourly workers are up nearly 2% in the first five months of Trump's second term — the strongest growth in 60 years.
Re: (Score:2)
More than half a century of verifiable facts that Trump is an incompetent businessman, a liar, a con-man and a narcissistic psychopath hasn't stopped you from believing that he would be the perfect candidate for the position of President of the United States (with the nuclear codes and all).
You're just like everyone else. The facts that contredict your tribalistic affiliation, you simply ignore.
Because of high interest rates (Score:2)
High interest rates are designed to cause layoffs. That's how they fight inflation. They don't tell you that in grade school. I think the reason should be obvious. If you get up to college level they will finally let it slip in the most bizarre jargon infused way so that they aren't talking about what they're actually doing directly.
It works like this. Borrowing money gets expensive, companies run their businesses extremely close to collapse so the owners can pull out as much cash as they can. A few maj
Re: (Score:2)
The entire economic system was predicated on gainful employment and continued expansion.
Now we're looking at a huge reduction in employment and all the profits of AI going to the billionaires.
This will not end well.
Re: (Score:2)
Too early to count your orange chickens. If we get into a war with Iran-and-friends, it could boost aerospace activity, and thus simulate the economy (for good or bad).
Re: (Score:1)
Correction, "stimulate", not "simulate", although Trump does that also, having an alternative economy in his head.
Re: (Score:2)
The recession started years ago. Those with significant stock portfolios haven't felt it as earnings went up, but the rest of us have watched our salaries not keep up with inflation and our jobs have gotten cut. It hasn't shown up as a recession in the conventional sense because of the stock portfolio growth. This started when the Biden administration started printing money. You can see the bump downwards after the huge bill that was passed at the beginning of his administration. On the other side, Trump is
Structural Unemployment Death Spiral (Score:1)
I started predicting a near future of software-induced permanent structural unemployment ~15 years ago on this and other discussion platforms, only to be deluged with "but, but... buggy whip manufacturers!!!!!!"
It's inevitable. It's not that there won't be any work. It's that there won't be enough work 8 billion humans are capable of doing or reskilling to within their lifespan, and the wages for the remaining unskilled labor will collapse below survivability. Especially because, even already in 2025, the j
need to lower full time hours and make high OT cos (Score:1)
need to lower full time hours and make high OT cost an lot.
also need to de link health care from jobs.
Gig work needs some kind of min wage / basic rules to protect workers.
the college system sucks for reskill and credits c (Score:3)
the college system sucks for reskill and credits can expire / do not have any transferring
Re: (Score:2)
> I started predicting a near future of software-induced permanent structural unemployment ~15 years ago on this and other discussion platforms, only to be deluged with "but, but... buggy whip manufacturers!!!!!!"
> It's inevitable. It's not that there won't be any work. It's that there won't be enough work 8 billion humans are capable of doing or reskilling to within their lifespan, and the wages for the remaining unskilled labor will collapse below survivability.
The problem with a "knowledge economy" is that automation can basically take over 95 percent of it. You need a balance of services and manufacturing and agriculture, and the first world knowledge economies have been outsourcing the later two to cheaper third world countries and teaching their youth that getting their hands dirty is beneath them. Anytime someone brings up plumbing or welding or some construction work, there's a group here that always responds with "Back-breaking! No! Undignified!".
Fine. So s
Re: Structural Unemployment Death Spiral (Score:1)
"You're not getting your UBI"
What if you get it too?
Re: (Score:2)
No, is everyone just received $xx,000 a year. It just inflates the cost of rent, basic necessitates, and everything else.
If the government had full market price control, it could somewhat function. But you still run into people making poor choices with their money and spending it on gambling or drugs rather than food and their rent.
The government already offers jobs where they will give you room and board along with a paycheck. And if you stay in long enough you can get a pension. The problem is you need to
Re: Structural Unemployment Death Spiral (Score:2)
That's why UBI wouldn't be implemented that way. You would be topped up to that amount if your employer didn't pay enough.
Re: (Score:2)
Such optimism! ;) (You are absolutely right, sadly)
Fixed that for ya (Score:2)
Most of the Big Companies across America are increasing their workforce
Four in five S&P 500 companies now employ as many or more people than they did a decade ago.
Re: (Score:1)
Yeah, have to admit that feels like a stat they grabbed to try and prove a predetermined point. But if you pause to think about it, it actually seems to show the opposite.
Of course you get companies like Microsoft that have had some high-profile layoffs in recent years but they still employ a lot more people, overall, than they did in 2015. And despite the layoffs, they also have quite a few job openings - so they are still hiring, even if they may not be growing their total headcount.
Make Your Bricks (Score:2)
No Straw For YOU!
Re: Twitter was the pioneer of this (Score:1)
How's profits? What has productivity done?
Re: (Score:2)
Profits? That's so Reagan-era. The new rich just want big toys.
Re: (Score:3)
"No sign of any problem to operations."
Remember when Musk hosted the launch of Ron Desantis on Twitter and the whole thing failed? And in fact, there's been several similar instances of Twitter completely falling on its face when trying to host live events. Setting aside Musk's shady AI machinations, the company appears to have lost something like 75% of its value.
Blue collar too (Score:4, Funny)
BNSF Railway laid off a couple hundred mechanical folks on Monday. They dumped about 450 mechanical folks a year and a half ago too.
It's not just white collar.
Re: (Score:2)
> The reductions extend beyond typical cost-cutting measures and coincide with record corporate profits at the end of last year.
Anybody else see this statement as being complete BS?