Companies cutting jobs as investments shift toward AI
QQQ•Companies across industries have announced AI-linked layoffs, including 20,000 planned cuts at HSBC, 16,000 at Amazon and 4,800 at Microsoft. The list includes job reductions ranging from hundreds of roles to as many as 20,000.
1. Layoffs across industries
Companies from technology firms to banks and manufacturers have announced job cuts linked to AI and operational changes. The listed reductions include 20,000 jobs at HSBC, 16,000 at Amazon, more than 7,000 at Standard Chartered and 4,800 at Microsoft.
2. More announced cuts
Other examples include 4,500 jobs at Dow, more than 4,000 at Block, about 3,000 at Intuit and around 1,000 at Snap. Fair Isaac said it would cut about 570 roles, or 15% of its workforce, while DNB plans to reduce about 400 jobs as it increases AI investments.
3. Workforce shifts
The announcements span sectors and include cuts tied to AI adoption, automation, restructuring and efficiency measures. Meta said its workforce could shrink by up to 20% as it focuses on AI and plans to invest $600 billion in data centers by 2028.
