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DEVELOPING Live updates from the RNC: Donald Trump makes an appearance
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Companies in the United States and Canada have kicked off 2024 with thousands of job cuts across sectors, signalling that the spate of layoffs seen in 2023 could persist as they scramble to rein in costs.
While job cut announcements in the United States more than doubled month-on-month to 82,307 in January, they were down 20 per cent from a year earlier, according to a report by outplacement firm Challenger, Gray & Christmas earlier in February.
The technology sector, which accounted for the highest number of layoffs in 2023, has seen 34,000 job cuts in 141 firms so far this year, according to tracking website Layoffs.fyi.
Here is a snapshot of job cuts announced so far in 2024:
* Amazon's job cuts include less than five per cent of employees at Buy with Prime unit, five per cent at audiobook and podcast division Audible, several hundred in streaming and studio operations, 35 per cent at streaming unit Twitch and a few hundred at health-care units One Medical and Amazon Pharmacy.
* Layoffs at Alphabet include dozens at division for developing new technology X Lab, hundreds in advertising sales team, hundreds across teams, including the hardware team responsible for Pixel, Nest and Fitbit, and a majority in the augmented reality team.
* Microsoft is cutting around 1,900 jobs at gaming divisions Activision Blizzard and Xbox.
* IBM plans to lay off some employees in 2024, but will hire more for AI-centred roles.
* E-commerce firm eBay plans to cut about 1,000 roles, or around nine per cent of its workforce.
* Videogame software provider Unity Software to cut about 25 per cent of workforce, or 1,800 jobs.
* DocuSign plans to reduce workforce by about six per cent, or 400 employees, with a majority in its sales and marketing organizations.
* Snap plans to cut around 528 jobs, or 10 per cent of its global workforce.
* Salesforce is laying off about 700 employees, or roughly one per cent of its global workforce.
* Network giant Cisco is planning to restructure its business, which will include laying off thousands of employees.
* Autonomous vehicle technology company Aurora Innovation lays off three per cent of its workforce.
* Canada's BlackBerry plans more layoffs, in addition to about 200 job cuts in the prior quarter.
* Satellite radio company SiriusXM plans to reduce workforce by about three per cent, or about 160 roles.
* Bumble is set to eliminate 350 jobs, or about 30 per cent of its workforce.
* Walt Disney's Pixar Animation Studios is set to cut jobs as the studio has completed production on some shows.
* Comcast-owned British media group Sky plans to cut about 1,000 jobs across its businesses this year.
* The Los Angeles Times plans to lay off 94 journalists.
* Paramount Global is planning to conduct an unspecified number of layoffs.
* Business Insider plans to lay off around eight per cent of its staff.
* Bell Canada BCE. plans to slash 4,800 jobs.
* PayPal Holdings is planning to cut about 2,500 jobs, or nine per cent of its global workforce this year.
* Payments firm Block Inc has started to cut unspecified jobs.
* Citigroup is planning to reduce its headcount by 20,000 people over the next two years.
* Investment banking giant Morgan Stanley is planning to cut hundreds of jobs in its wealth management unit, a person familiar with the matter told Reuters, adding that the cuts will affect less than one per cent of the division's employees.
* Exchange operator Nasdaq plans to slash hundreds of jobs as it integrates fintech firm Adenza into its business.
* Asset manager BlackRock is set to cut about three per cent of its workforce, but expects larger headcount by end-2024.
* Cosmetics giant Estee Lauder plans to cut three per cent to five per cent of its global workforce.
* Wayfair plans to lay off 1,650 employees, or about 13 per cent of its workforce.
* U.S. department store chain Macy's is cutting 2,350 jobs, closing five stores.
* Levi Strauss & Co is planning to slash 10 to 15 per cent of global corporate jobs.
* Hershey's restructuring plan will affect less than five per cent of its workforce.
* Nike will cut about two per cent of its total workforce, or more than 1,600 jobs, as the sportswear giant looks to cut costs after flagging weaker profits this year.
* Novavax is cutting about 12 per cent of its workforce.
* Defense contractor Lockheed Martin is planning to cut one per cent of its jobs.
* United Parcel Service plans to cut 12,000 jobs to cut costs.
* U.S. miner Piedmont Lithium cuts 27 per cent of workforce in its cost-cutting plan.
(Reporting by Zaheer Kachwala, Harshita Mary Varghese, Samrhitha Arunasalam, Arsheeya Bajwa, Priyanka.G, Jaspreet Singh, Mehnaz Yasmin and Anirudh Saligrama in Bengaluru; Editing by Arpan Varghese, Anil D'Silva, Shinjini Ganguli and Maju Samuel)
Follow for the latest updates on the third day of the Republican National Convention.
U.S. President Joe Biden, under pressure from fellow Democrats to drop his re-election campaign, tested positive for COVID-19 while visiting Las Vegas on Wednesday and is self-isolating after experiencing mild symptoms, the White House said.
Conservative Leader Pierre Poilievre is promising to fire Canada’s consul general in New York City if the Tories wins the next federal election.
The War Amps is speaking out after one of its members who lost most of his hand in an airplane propeller accident was denied coverage by Quebec for a mechanical hand.
A donated clawfoot bathtub has become the preferred lounging spot for a pair of B.C. grizzly bears, who have been taking turns relaxing and reclining in it – with minimal sibling squabbling – for the past year.
This year's Republican National Convention continued Wednesday with a packed list of speakers including vice presidential candidate Sen. JD Vance, Donald Trump Jr. and Texas Gov. Greg Abbott.
Rare images of the Mashco Piro, an uncontacted Indigenous tribe in the remote Peruvian Amazon, were published on Tuesday by Survival International,
The heartbreak over the death of an Indigenous 11-year-old Fraser Valley boy, tortured and then ultimately killed by his foster parents, was felt by all who knew him.
Prime Minister Justin Trudeau's cabinet is expected to meet on Friday, CTV News has learned. The agenda sets aside 30 minutes for ministers to meet virtually Friday morning, to talk about 'appointments.' The meeting comes amid speculation around the prime minister shaking up his inner circle.
A donated clawfoot bathtub has become the preferred lounging spot for a pair of B.C. grizzly bears, who have been taking turns relaxing and reclining in it – with minimal sibling squabbling – for the past year.
A pair of cemetery investigators are cleaning and preserving as many gravestones they have permission to work on, as they conduct their research and document gravestones.
After more than three years, a B.C. woman has been reunited with a lost family heirloom.
One of Edmonton’s main contributors to Google Street View is a man who dresses up as an alien.
Nearly 10 years after it was first proposed, an interactive piece of public art is officially open in Vancouver's Hastings Park.
An event July 22 at Dynamic Earth in Sudbury will mark the 60th anniversary of the iconic Big Nickel, the largest coin in the world.
Cyclist Jagjeet Singh cruised through Montreal on Sunday morning as he rides across the country to raise money for a children's charity.
A rare ammonite fossil – about 75 million years old - has been discovered in eastern Saskatchewan.
Seven-year-old goalie Hudson Hardill is an unlikely Calgary Flames fan, being that he lives in Peterborough, Ont., and his dad Chris is a Toronto Maple Leafs fan.