- It is reported that the layoffs would primarily hit the company’s Amazon (NASDAQ:
AMZN) Stores’ business.
- Previously Amazon had eliminated the jobs of over 18,000.
According to Bloomberg, Amazon has joined the recent wave of layoffs in the IT sector by letting go of another 9,000 workers today. Meta, Facebook’s parent company, has announced the layoff of an additional 10,000 workers, after the earlier dismissal of 11,000 staff.
Amazon is just the latest IT company to do mass layoffs. From Twitter to Meta, the most popular online retailer of consumer products has followed a pattern that may be related to the current economic climate.
It has been a terrible year for everyone working in the financial industry. In addition, the IT industry has been cutting jobs despite the fact that the Federal Reserve raised interest rates for a whole year in 2022 to fight inflation and the financial sector has been on the verge of a catastrophe for the last few weeks.
Second Round of Mass Layoffs
Furthermore, in the most recent development within the sector, Amazon has laid off 9,000 workers. It is being reported that corporations quickly recruited after the COVID-19 epidemic, therefore the consistency with which jobs have been eliminated suggests a systematic issue. So, since interest rates have begun to impact profits, layoffs have become commonplace in 2023.
Previously Amazon had eliminated the jobs of over 18,000. Moreover, layoffs at the corporation apparently began on January 18 of this year.
Moreover, it is reported that the layoffs would primarily hit the company’s Amazon Stores business, which includes all of Amazon’s traditional retail outlets. As a result, many positions in areas like human resources have also been eliminated.