Goldman Sachs is the latest addition to the list of employers announcing massive layoffs in 2022

As reported yesterday by Bloomberg, the investment firm Goldman Sachs becomes the newest US employer to announce plans for a large-scale layoff. The employer is anticipating the possibility of a recession due to high inflation. Goldman Sachs is planning to lay off over 400 retail banking employees. On top of it all, they also plan to reinstate the policy of firing 1% to 5% of their lowest-performing staff every year.

On December 8^th, Blue Apron, the meal-kit company announced its plans to cut off 10% of its staff. This decision affects the jobs of 165 employees from their staff of 1,657. This decision comes as Blue Apron is trying to reduce expenses. Blue Apron experienced a share drop of 93% last year when the share price dropped from $11.40 to $0.79.

Tech company Airtable laid off 254 of its workforce last week. Three executives have also left the San Francisco-based business. The layoffs were targeted toward the firm’s business development and engineering teams. Adobe has plans to lay off around 100 workers from its sales department. The employer has allowed some workers to move on to different positions within the company, according to sources. CEO Zach Perret says that Plaid is planning to let go of 260 employees. The financial services company says that it experienced slower-than-expected growth after the aggressive hiring sprees during the Covid-19 pandemic.

Real estate company Doma has announced its decision to let go of almost 40% of its workforce by firing 515 workers. This is the third large layoff by the employer after they laid off 310 workers in May and another 250 in August. Morgan Stanley is reported to plan a round of layoffs affecting over 1,600 of its 81,000 workforce. This decision to fire a large portion of the workforce comes following a warning by CEO James Gordon saying, “some people are going to be let go.”

BuzzFeed is planning to cut off 12% of its staff by letting go of 180 employees. CEO Jonah Peretti believes that they need to adapt and invest in their strategy to serve their audience best and adjust the cost structure. He believes that these steps will be necessary to face the poor economic conditions that will stretch into 2023. PepsiCo also is planning a massive layoff, by laying off hundreds of employees at headquarters in Chicago, New York, and Texas. Gannett, the parent company of USA Today, the Detroit Free Press, Indianapolis Star, and Cincinnati Enquirer started letting go of its workers on Thursday. The layoffs will affect 6% of the staff in the media division of the company.