FACTBOX-Companies cutting jobs as investments shift toward AI
Freshworks, Inc. Class A FRSH | 0.00 | |
Meta Platforms META | 0.00 | |
Autodesk, Inc. ADSK | 0.00 | |
HP Inc. HPQ | 0.00 | |
NIKE, Inc. Class B NKE | 0.00 |
Updates dateline, adds Freshworks
May 5 (Reuters) - Investors' and economists' concerns that artificial intelligence will upend established industries are deepening, with job losses already emerging in sectors most exposed to automation.
Goldman Sachs economists said in February that AI was responsible for 5,000 to 10,000 monthly net job losses last year in the most exposed U.S. industries.
A survey by global outplacement firm Challenger, Gray & Christmas linked AI to 7% of total U.S. planned layoffs announced in January.
Below is a table of AI-linked global layoffs announced since October from biggest to smallest. Entries with no specified number are placed at the bottom.
COMPANY |
MONTH ANNOUNCED |
JOB CUTS |
NOTES |
HSBC Holdings HSBA.L |
March |
20,000, or about 10% of workforce |
Weighs deep job cuts as AI overhaul unfolds |
Amazon AMZN.O |
January |
16,000 |
Corporate job cuts; AI‑ and efficiency‑driven overhaul |
HP Inc HPQ.N |
November |
4,000-6,000 |
Global cuts by end-2028; AI and operational streamlining |
Mizuho 8411.T |
February |
Up to 5,000 |
Cuts over 10 years; long-term AI‑driven streamlining plan |
Dow DOW.N |
January |
4,500 |
13% of workforce; automation and AI streamlining |
Block XYZ.N |
February |
>4,000 |
Nearly half its workforce; AI‑focused restructuring |
SEB SEBF.PA |
February |
Up to 2,100 |
Cuts by end-2027; restructuring to leverage AI |
Wisetech WTC.AX |
February |
2,000 |
One-third of global workforce; AI integration |
Allianz ALVG.DE |
November |
Up to 1,800 |
Travel insurance division; AI replacing manual work |
Atlassian TEAM.O |
March |
1,600, or around 10% of workforce |
Push into AI and enterprise sales |
Proximus PROX.BR |
February |
1,200 |
Cuts by 2030; AI efficiency measures |
Meta META.O, Reality Labs |
January |
>1,000 |
Pivot from Metaverse to AI devices |
Snap SNAP.N |
April |
~1,000 |
Cuts to ramp up AI adoption; streamline operations |
Autodesk ADSK.O |
January |
~1,000 |
7% of workforce; shift towards cloud and AI |
Nike NKE.N |
January |
775 |
Profit push and automation |
Telstra TLS.AX |
February |
650 |
AI‑driven restructuring with Infosys INFY.NS |
Meta, Superintelligence Labs |
October |
~600 |
Downsizing in AI division |
Freshworks FRSH.O |
May |
~500 |
Cuts due to work automation and AI adoption |
Danske Bank DANSKE.CO |
February |
420 |
Cuts due to automation and efficiencies |
Meta |
March |
Up to 20% of workforce |
Workforce could shrink by 20% amid AI focus; to invest $600 billion for data centres by 2028 |
Pinterest PINS.N |
January |
Up to 15% of workforce |
Redirecting resources toward AI strategy |
Agora AGOP.WA |
December |
Up to 166 |
Nearly 7% of workforce; digital restructuring |
MercadoLibre |
January |
119 |
AI‑expansion move |
British American Tobacco BATS.L |
February |
Not specified |
AI‑driven productivity programme |