Money & The Economy

Amazon To Slash Another 9,000 Jobs

Amazon plans to cut another 9,000 jobs over the coming weeks due to concerns about economic uncertainty, according to a Monday press release.

The company previously announced plans to cut about 18,000 jobs in January and 10,000 in November. Amazon grew its staff in recent years, but has reconsidered its priorities and is now slimming down due to current economic instability and in order to prepare for a possible economic downturn, according to the release.

The latest round of cuts will primarily impact Amazon Web Services (AWS), People Experience and Technology Solutions (PXT), advertising and Twitch streaming, according to the company’s release.

Businesses are facing pressure to make cuts due to declining economic conditions; inflation has been persistently high since the COVID pandemic, rising 6% in February compared to February 2022, and the Federal Reserve is expected to hike interest rates this week to further combat inflation. The banking industry has also seen uncertainties arise following the failure of major banks in recent weeks, along with the near-collapse of Credit Suisse, which was bought out by Swiss banking giant UBS Sunday.

“Given the uncertain economy in which we reside, and the uncertainty that exists in the near future, we have chosen to be more streamlined in our costs and headcount,” Amazon CEO Andy Jassy wrote in the press release. “The overriding tenet of our annual planning this year was to be leaner while doing so in a way that enables us to still invest robustly in the key long-term customer experiences that we believe can meaningfully improve customers’ lives and Amazon as a whole.”

Layoffs have hammered the tech industry in recent months, with Facebook, Google and Microsoft also laying off tens of thousands of employees. Facebook built out its staff by about 60% during the pandemic, but has faced competition with TikTok and an ad revenue slowdown, according to CNBC News.

Amazon declined to comment.

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