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US companies step up job cuts amid uncertain economy
IBM on Nov. 4 joined the list of firms announcing layoffs, saying it would cut thousands of jobs as it shifts its focus toward its high-margin software segment, following GM's move last week to reduce nearly 3,300 positions.
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Reuters - Wed, 05, Nov 2025
- 09:23 EST
- 12
FILE PHOTO: IBM logo is seen in this illustration taken February 16, 2025. / REUTERS/Dado Ruvic/Illustration/File Photo
U.S. companies across diverse sectors are accelerating job cuts this year, extending the workforce reduction trend seen through 2024. The move reflects corporate efforts to cut costs and streamline operations amid a persistently uncertain economy.
IBM on Nov. 4 joined the growing list of firms announcing layoffs, confirming it would eliminate thousands of positions as part of its pivot toward high-margin software and AI-driven businesses. The announcement follows General Motors’ decision last week to slash nearly 3,300 jobs as it restructures manufacturing and administrative units.
Here’s a sector-wise breakdown of major layoffs announced in 2025 so far:
Resources
Eastman Chemical (November): About 980 jobs, nearly 7 percent of its total workforce.
Manufacturing
General Motors (October): 3,300 jobs (1,750 permanent cuts, 1,550 temporary layoffs), around 2 percent.
Logistics
United Parcel Service (October): 48,000 job cuts; details undisclosed.
Consumer and Retail
Amazon (October): Around 14,000 corporate jobs globally.
Kohl’s (January): 9,600 roles, nearly 10 percent of staff.
Procter & Gamble (June): 7,000 positions, about 6 percent.
Estee Lauder (February): 7,000 employees, roughly 11 percent.
Starbucks (September): 2,000 positions; percentage not disclosed.
Target (October): 1,800 jobs, about 8 percent.
Walmart (May): 1,500 positions; percentage not disclosed.
Wayfair (January): 730 roles in Germany.
Brown-Forman (January): 648 employees, about 12 percent.
Hormel Foods (November): About 250 corporate and sales positions, roughly 1.25 percent.
Aviation and Space
Southwest Airlines (February): 1,750 roles, about 15 percent of corporate staff.
Blue Origin (February): 1,400 roles, around 10 percent.
Energy and Natural Resources
Chevron (February): 8,000 jobs, 20 percent of its workforce.
ExxonMobil (September): 2,000 positions, about 3–4 percent.
Dow (January): 1,500 jobs, 4.17 percent.
Archer-Daniels-Midland (February): Up to 700 positions, about 1.7 percent.
Halliburton (February): 290 roles; details undisclosed.
LyondellBasell (February): 400 positions.
SolarEdge Technologies (March): 300 employees.
ConocoPhillips (October): An undisclosed* number of layoffs at Canadian operations, according to sources.
Technology and Media
Microchip Technology (March): 2,000 employees, about 9 percent.
IBM (November): Thousands of job cuts; exact figure not confirmed.
Paramount Skydance (October)**: Around 1,000 layoffs, according to sources.
Meta Platforms (October): 600 roles in the AI division, plus 5 percent of the lowest performers.
Rivian Automotive (October): More than 600 employees, about 4.5 percent.
CrowdStrike (May): 500 roles, roughly 5 percent.
Chegg (October): 388 positions, 45 percent of staff.
Intel (April): 20 percent reduction in an undisclosed division.
Match Group (May): 13 percent workforce cut.
Healthcare and Pharma
UnitedHealth (February)***: Offered voluntary buyouts in its benefits unit; layoffs possible if target not met.
Bio-Rad (February): 5 percent reduction in workforce.
Banking and Finance
Morgan Stanley (March)****: About 2,000 job cuts, representing 2–3 percent of its staff, aimed at improving operational efficiency.
*ConocoPhillips is laying off employees at its Canadian operations, according to three sources and a company memo reviewed by Reuters.
** Paramount Skydance will begin a major round of layoffs with about 1,000 job cuts, a source familiar with the matter told Reuters.
*** UnitedHealth was offering employees in its benefits operations unit the option to accept buyouts in February and may pursue layoffs if the resignation quota is not met, according to a CNBC report.
**** Morgan Stanley layoffs are aimed at improving operational efficiency and unrelated to current market conditions, a person familiar with the matter told Reuters.
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