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The Most Numerous Employees Fired in 2022

2022-12-17  Maliyah Mah

The number of jobs lost in the IT sector is on track to approach early epidemic levels.

pandemic levels

Twitter's decision to lay off half of its workers generated headlines. A week later, Meta laid off 13% of its workforce due to budget cuts. However, the social networking giants are by no means the only enterprises — and not just in the technology industry — that have made significant cuts this year.


  • Due to the fact that the technology industry over hired workers in the midst of the economic recovery that followed the outbreak of COVID-19, employees of technology businesses have been particularly at danger of being let off.
  • As a result of factors such as insufficient inventory, high home prices, and rising interest rates, thousands of people who were hired in the real estate industry during the recession recovery are now facing the prospect of being laid off as housing sales continue to decline.
  • Several investment banking firms have lately resumed a practice that had been put on hold while they waited for the pandemic recovery to restart normal operations and resume their annual habit of firing underperforming employees.

The technology industry has been hit the worst by the pandemic of over hiring.

Even if layoffs aren't exclusive to Silicon Valley this year, it's rarely a good sign when several of the world's largest corporations reduce their headcounts at the same time. This year has seen a significant increase in layoffs. Those choices were made with the ever-increasing possibility of a financial downturn in mind.

During the period in which the economy was working to recover from the effects of the pandemic, technology companies were especially prone to engaging in excessive hiring. According to Axioms, during the 12 months that concluded on September 30, 2018, Microsoft, Meta, and Alphabet each increased the size of their respective workforces by more than 20%.

Now that businesses have to cope with the costs of all that hiring, there has been a wave of job layoffs, which implies that the objective is to keep payrolls as low as possible. This year, more than 105,000 employees have lost their employment at private startups 1, and Bloomberg estimated that the pace of layoffs in the technology industry is getting close to early epidemic levels. Apple is one example of a company that has not engaged in widespread personnel reductions but has yet implemented a recruiting freeze.

The following is a list of the top ten technology corporations in the United States that have eliminated the most jobs in 2022:

  • Mark Zuckerberg disclosed to Meta's team on November 9 that the company will be cutting its workforce by around 13 percent. This equates to more than 11,000 workers, and the corporation has said that it will maintain its recruiting moratorium through the first quarter of the next year.

  • This year, Peloton has conducted three distinct rounds of layoffs, the first of which took place on February 8, followed by another in July, followed by another on August 12, and the most recent of which took place on October 6. They had more than 4,600 people working for them altogether.
  • The social networking business Twitter announced on November 4 that it would lay off fifty percent of its workforce, or 3,700 employees, exactly one week after Elon Musk successfully finalised the purchase of Twitter.
  • On October 26, Seagate Technology said that as part of a strategy to restructure the company, it would reduce its headcount by approximately 8%, which is equivalent to 3,000 employees.
  • On May 10, Carvana laid off 12% of its workers, which equates to 2,500 individuals.
  • This year, the consumer products and food delivery startup Gopuff has gone through four different waves of layoffs. The first two incidents occurred on January 26 and March 29, and they affected a total of 100 and 450 workers, respectively. The one on July 12 involved the most personnel, with 1,500, followed by the one on October 19, which involved 250.
  • On August 31, Snap laid off 20% of its workforce, which equated to 1,280 people losing their jobs.
  • On June 14, the cryptocurrency exchange platform operator Coin base terminated the jobs of 18% of its workforce, which equaled 1,100 individuals.
  • This year, the software-as-a-service and financial services provider Stripe has implemented two rounds of employee reductions. The initial layoff was very small, as it only affected 50 individuals on August 19, but on November 3, it affected 14% of its staff, which is equivalent to 1,000 people.
  • This year, Microsoft has eliminated a lot of positions, however it is impossible to keep track of the actual number of people affected. According to CNBC, the multinational technology company made the announcement on July 12 that it would be firing less than 1% of its workers. According to Axios, on October 17 they laid off a total of 1,000 employees.
    The cryptocurrency exchanges Bybit and Swift have indicated during the previous two days that they will be cutting off 30% and 35% of their personnel, respectively, according to an item published on Bloomberg on December 5.

Real Estate Companies Experience a Transition from Boom to Bust

The computer business isn't the only one that's been hit hard by layoffs; other industries have too. First-time homebuyers are being priced out of the market at an unprecedented rate as a result of low inventory, high home prices, and rising interest rates, which has led to a slowdown in the housing industry overall. Just 26% of the real estate trade association's representative sample were first-time homebuyers, according to the findings of a survey that was carried out by the National Association of Realtors (NAR). This figure represents a record low, and it is a significant drop from the 34% who were first-time homebuyers the previous year.
As a consequence of this, the thousands of people who were employed during the rising property market brought on by the epidemic recovery are now facing the prospect of extensive layoffs, with real estate corporations warning of additional cuts in the near future. In addition, industry analysts have forecasted that the number of job cutbacks could reach levels that have not been seen since the housing meltdown of 2008, as reported by NBC News.

The following is a list of the 10 most significant layoffs to occur in the real estate business in the United States in 2022:

  •, an online platform for the origination of mortgage loans, terminated the employment of around 3,000 of its staff members on March 8. After that, on April 19 the corporation eliminated another 250 positions, and then again on August 26 they eliminated another 250 positions.
  • loan Depot terminated the employment of 2,800 of its staff members on July 12 and also announced that it planned to reduce its personnel by an additional 2,000 by the end of the year.

  • This year, Mr. Cooper, a home loan servicer, has gone through three different waves of layoffs. The first wave consisted of approximately 250 workers and occurred on April 29. This was followed by 420 workers on June 2 and 800 more workers on November 3.
  • On June 14, around 470 people were let go from Redfin, a residential real estate company that operates online. On November 9, the corporation laid off an additional 13% of its personnel, which equaled 862 employees.
  • On November 2, Open-door let go of approximately 550 individuals, which represents approximately 18% of its total workforce. This comes on top of the 830 third-party positions that were already eliminated.
  • JPMorgan Chase, a multinational investment bank and financial services holding company, made an announcement on June 23 regarding a round of layoffs that would affect approximately 1,000 home lending employees; however, nearly half of those employees were reassigned to other divisions within the company.
  • On September 7, a national mortgage lender known as Chokepoint submitted WARN Act letters in the states of Arizona, Florida, Michigan, and Texas, indicating that it planned to terminate the employment of a combined total of 913 employees.
  • Back in June, Compass eliminated 450 positions, which is equivalent to 10% of its staff. On September 21st, the company lost another 271 positions.
  • On January 26, 2019, Guaranteed Rate terminated the employment of 348 of its staff members. Between the months of February and May, it conducted a number of rounds of minor layoffs, which resulted in the termination of 189 additional employees.
  • On May 10, title insurance provider Doma terminated the employment of 310 of its staff members, representing 15% of the company's total workforce. On August 20, it began the second wave of layoffs, which resulted in the elimination of 250 employees.
  • In an effort to avoid going bankrupt, July made public on November 9 its plan to terminate the employment of about 400 workers, which represents thirty percent of the company's total staff.

Investment Banks Become Vulnerable to Failure

The investment banking industry is more accustomed to the practice of job cuts, despite the fact that much fewer investment banking enterprises have done so than internet or real estate companies. According to CNBC, firing low-performing employees is a yearly tradition on Wall Street. This practise, which had been put on hold while the country was recovering from the epidemic, has now resumed. The resurgence of this strategy is a strong indicator that, should the performance of the capital markets continue to deteriorate, this might be the start of a trend.

The following are the five largest layoffs in investment banking in the United States in 2022:

  • The global financial services provider Wells Fargo reported in its quarterly supplement for the third quarter of 2018 that the overall number of employees at the business had decreased by 10,226 since the beginning of the year. This equates to a loss of 2,858 jobs by the end of March, 2,903 jobs by the end of June, and 4,465 jobs by the end of September, but it is uncertain what proportion of these losses were due to voluntary departures or other factors unrelated to any mass layoffs.

  • In addition, Wells Fargo announced in April that they would be conducting a wave of layoffs for mortgage loan officers; it is anticipated that more than 2,000 jobs will be eliminated at the beginning of 2023.
  • Credit Suisse announced on October 27 that it will eliminate 9,000 jobs by the end of 2025, with 2,700 employees, or 5% of the total staff, being let go during the fourth quarter of 2018. The remaining staff are staying with their individual divisions as they go through the process of being bought by Apollo Global Management or spun off into an independent bank.
  • On September 12, Goldman Sachs announced that it intended to begin eliminating several hundred jobs beginning on September 26. The precise number of employees who were let go is unknown at this time; but, according to CNBC, the anticipated scale of the layoff was at the lower end of the company's customary range of 1–5% of total employees.
  • Barclays terminated the employment of a total of 200 individuals across its banking and trading divisions on November 9th.
    According to Bloomberg, Citigroup let off "dozens" of banking positions the previous day, which was followed by the termination of 50 trading positions on November 9.

2022-12-17  Maliyah Mah