FedEx announces layoff, Citigroup prepares for job cuts

According to reports, An American multinational conglomerate holding company FedEx will sack a few employees in the IT and finance departments.

These layoffs will be part of a realignment and streamlining exercise. Earlier, in February the company FedEx Corp laid off more than 10 percent of its global management staffers as the delivery company faced a shipping slowdown.

Citigroup prepares for job cuts

Citigroup is preparing for a wave of job cuts. The moves will result in a number of job cuts, though the company doesn’t yet have firm targets for how many employees will be affected.

The company will now operate from five main businesses and will no longer have three regional chiefs overseeing its business in about 160 countries around the world.

Recently, The tech giant Google’s parent company Alphabet will be laying off hundreds of employees from its global recruiting team.

The layoff continues amid slow hiring. Moreover, the company is actively assisting affected employees in their search for alternative roles, both within Alphabet and in other organizations.

Alphabet is the first “Big Tech” company to lay off employees this quarter after peers like Meta, Microsoft, and Amazon downsized aggressively earlier in 2023 as a weak economy put an end to their pandemic-led hiring sprees.

The move of layoffs is part of a larger trend of tech companies cutting jobs and slowing hiring as investors become increasingly fearful of a recession. Tech companies have either frozen the hiring process or laid off many employees. 

Amazon sacked 27,000 employees in the last three months. The major companies that laid off employees include Infosys, Amazon, Google, Byju’s, Wipro, and Salesforce laid off a maximum number of workers globally.

So far in 2023, there have been 1,542 layoffs at tech companies with 351,607 people impacted (1,368 people per day). In 2022, there were 1,557 layoffs at tech companies 243,318 people impacted (667 people per day).