Amazon Company Fires 9,000 Employees
(CTN News) – The tech industry has been undergoing a period of employee layoffs and Amazon has followed suit today, according to Bloomberg, by firing 9,000 more employees.
Further, the news comes after Meta, the company owned by Facebook, lay off 10,000 employees in a second round of job cuts, after having already fired 11,000 employees in the first round of job cuts a few months ago.
There has been an abundance of firings at Amazon in recent times, joining a long list of companies in the tech sector that have done so. From Twitter to Meta, the online leader in consumer goods sales has followed a pattern that is likely to be connected to the uncertainty of the economy of the country at the moment.
It appears that Amazon is following the trend of cutting jobs
It has been an awful year for those in the finance sector so far this year. Moreover, with the Federal Reserve increasing interest rates in 2022 in order to combat inflation, and with the banking sector on the edge of a crisis in recent weeks, the tech industry has continued to cut jobs relentlessly despite these measures.
During the past few months, Amazon has fired 9,000 employees in a move that is the latest development in the industry.
The uniform nature of the job cuts may indicate a systemic problem within the industry, as Fox reported that companies decided to hire staff very rapidly in the aftermath of the COVID-19 pandemic.
Because interest rates have now affect the bottom line of companies in 2023, it has become a standard practice to fire employees at this point.
In that same Fox report, it was also reported that Amazon had previously declared it would be laying off more than 18,000 employees, which would make it its most significant layoffs to date.
Additionally, according to reports that emerged on January 18 of this year, the company began cutting over 33 percent of its workforce.
There is a report that says the job cuts are mostly affecting the company’s Amazon Stores division, which includes the company’s various brick-and-mortar stores around the world.
There have subsequently been multiple cuts to other functions within the company, such as its human resources department.
There was an earlier warning from the company’s CEO, Andy Jassy, back in November that layoffs were imminent. There have been a number of active firings in recent weeks as a result of those initial warnings.
Nevertheless, Jassy stated that they were going to take place because of the uncertainty of the economic situation of the country as well as the rapid hiring that had taken place in the past.
Credit Suisse Bought for US$3 Billion by Swiss Rival UBS