Key facts
- Companies including Microsoft, Amazon, and HSBC Holdings have announced significant job cuts in 2024.
- AI adoption and operational streamlining are cited as primary reasons for the layoffs.
- HSBC Holdings plans to cut 20,000 jobs as part of an AI-driven overhaul.
- Amazon cut 16,000 corporate jobs due to AI and efficiency-driven overhauls.
- British American Tobacco plans to cut 5,500 jobs, about 20% of its workforce, due to AI-driven restructuring.
- Fair Isaac (FICO) is cutting 15% of its workforce, or about 570 jobs, to simplify operations and AI workflows.
Companies across various sectors, including technology and finance, have announced significant job cuts this year, with many citing artificial intelligence adoption and restructuring as key drivers. The trend highlights concerns about AI's impact on established industries and the potential for widespread automation.
HSBC Holdings plans to cut 20,000 jobs as part of an AI-driven overhaul. Amazon cut 16,000 corporate jobs, citing AI and efficiency-driven overhauls. Standard Chartered announced over 7,000 job cuts over four years, driven by AI-driven operational streamlining. HP Inc. announced global cuts of 4,000-6,000 jobs by the end of 2028, attributed to AI and operational streamlining.
British American Tobacco (BAT) plans to cut 5,500 jobs, about 20% of its workforce, with AI-driven overhaul to lower costs and lift profits. Mizuho Financial Group announced up to 5,000 job cuts over 10 years as part of its long-term AI-driven streamlining plan. Microsoft announced 4,800 job cuts, impacting its commercial and Xbox businesses. Dow announced 4,500 job cuts, representing 13% of its workforce, due to automation and AI streamlining.
Block announced over 4,000 job cuts, nearly half its workforce, as part of an AI-focused restructuring. Cisco announced less than 4,000 job cuts, expecting pre-tax charges of up to $1 billion. Intuit announced approximately 3,000 job cuts, or about 17% of its workforce, due to operational streamlining and increased focus on AI efforts. SEB announced up to 2,100 job cuts by the end of 2027 as part of a restructuring to leverage AI.
Allianz announced up to 1,800 job cuts in its travel insurance division, with AI replacing manual work. Atlassian announced 1,600 job cuts, or about 10% of its workforce, amid a push into AI and enterprise sales. Proximus announced 1,200 job cuts by 2030 due to AI efficiency measures. Cloudflare announced over 1,100 job cuts due to AI adoption.
Meta's Reality Labs announced over 1,000 job cuts as it pivots from metaverse devices to AI. Snap announced approximately 1,000 job cuts to ramp up AI adoption and streamline operations. Autodesk announced approximately 1,000 job cuts, or 7% of its workforce, as it shifts towards cloud and AI. Nike announced 775 job cuts as part of a profit push and automation.
Telstra announced 650 job cuts due to AI-driven restructuring. Meta's Superintelligent AI division announced approximately 600 job cuts. Fair Isaac (FICO) announced 15% of its workforce cuts, or approximately 570 job roles, to simplify its operating structure and AI workflows. Freshworks announced approximately 500 job cuts due to work automation and AI adoption.
Danske Bank announced 420 job cuts due to automation and efficiencies. DNB announced approximately 400 job reductions due to increased AI investments. Meta announced its workforce could shrink by 20% amid a focus on AI, with plans to invest $600 billion for data centers by 2028. Pinterest announced up to 15% of its workforce redirection toward AI strategy.
Agora announced up to 166 job cuts, nearly 7% of its workforce, as part of digital restructuring. MercadoLibre announced 119 job cuts as part of an AI expansion move. Amazon also announced job cuts in its AGI group, and British American Tobacco announced AI-driven productivity programs, with numbers not specified.