Key Points
Amazon to eliminate 14,000 managerial roles by 2025
Morgan Stanley plans 3% workforce reduction
Intel restructuring amid $19B 2024 loss
The rise of AI and global economic uncertainties are key reasons behind these layoffs.
Amazon, one of the world's largest e-commerce companies, is planning to eliminate approximately 14,000 managerial roles, according to reports.
The company aims to save around $3 billion annually through this move. CEO Andy Jassy has set a goal to increase the ratio of individual contributors to managers by 15 per cent by the first quarter of 2025.
This decision follows Amazon's recent shift to a five-day workweek, which some employees believe is a way to encourage voluntary resignations.
According to reports, investment banking giant Morgan Stanley is expected to lay off around 2,000 employees later in March -- 3 per cent reduction in its workforce.
These cuts will likely exclude financial advisers. The firm had over 80,000 employees in 2024 and is now looking to restructure its operations.
Goldman Sachs is also preparing for job cuts, with plans to reduce its workforce by 3-5 per cent following an annual performance review, the report added.
According to reports, chipmaker major Intel is also expected to undergo a major restructuring under its incoming CEO, Lip-Bu Tan.
The company, which suffered a $19 billion loss in 2024, is considering layoffs as part of a broader AI strategy overhaul.
Tan has already hinted at "difficult choices" ahead, signaling that middle management roles could be affected.
Bank of America recently eliminated around 150 junior banker positions, though most affected employees have been offered roles outside investment banking.
Additionally, Workday is reportedly planning to cut 8.5 per cent of its workforce, impacting nearly 1,700 employees.
With uncertainty around global economic conditions, more firms may follow suit in the coming months.
