Layoffs In April 2023: Companies That Cut Jobs Across The Globe

The unfortunate cycle of layoffs continues as the global economy faces a looming recession. Companies across the world, including India, have laid off tens of thousands of employees in recent months, anticipating difficult times ahead. Let’s take a look at the major layoffs that have happened in April 2023 so far.

Meta, the parent company of Facebook, laid off approximately 4,000 employees in its latest round of job cuts. Company CEO Mark Zuckerberg unveiled the layoff plans in March 2023, stating that they were necessary to "restructure the company for the future”. This brings the total number of job cuts since November 2022 to around 21,000.

Buy-now-pay-later start-up Simpl has announced layoffs affecting over 150 employees, which is around 25% of its staff. The company claims that it continued to overhire staff based on the assumption that the demand for e-commerce would continue to grow at the same level as seen during the pandemic.

Online real estate company Opendoor has announced plans to cut 560 employees, which is roughly 22% of its workforce. This comes after the company slashed another 18% of its staff in November 2022. The company cited high mortgage rates and a sharp transition in the housing market as reasons for the layoffs.

Ernst & Young, one of the largest accounting firms in the world, is cutting approximately 3,000 jobs in the US. The layoffs represent less than 5% of its US workforce and less than 1% of its global workforce. As per reports, the company has cited the current economic conditions and overstaffing of employees as reasons for the layoffs.

Goldman Sachs-backed ZestMoney has laid off close to 20% of its workforce, which amounts to approximately 100 employees. This comes after the company's talks with PhonePe for a sale fell through. As per reports, the founders and the leadership team held a townhall meeting on April 6 to inform the staff about the layoffs. The company has promised one month’s salary as severance along with benefits.

Retail giant Walmart has laid off over 2,000 employees at five plants across the US, including in Florida, New Jersey, Pennsylvania, and Texas. These layoffs at Walmart come just weeks after the company had reportedly asked around 200 employees to find other employment opportunities in different companies as part of its staffing adjustments.