Retail Giant Amazon Now Announces Massive Layoffs For 2024

Retail giant Amazon now announces massive layoffs for 2024 as it plans to let go of several hundred of its employees.

This week Amazon laid off “several hundred roles” across its Prime Video and MGM Studios organization, the company confirmed to Retail Dive.

It also is reportedly laying off a whopping 500 people in its Twitch livestreaming unit, according to CNBC.

Twitch CEO Dan Clancy said the cuts were being made in an effort to “rightsize our company.”

Amazon acquired Twitch for almost $1 billion in 2014.

The site is most known as a popular livestreaming platform for video gamers.

After buying Twitch, Amazon was largely hands off with the unit, though it has offered Prime subscribers perks on the livestreaming platform, such as free games and in-game loot.

“I know many of you are wondering why this is happening. Over the last year, we’ve been working to build a more sustainable business so that Twitch will be here for the long run and throughout the year we have cut costs and made many decisions to be more efficient,” Clancy wrote.

“Unfortunately, despite these efforts, it has become clear that our organization is still meaningfully larger than it needs to be given the size of our business.

Last year we paid out over $1 billion to streamers. So while the Twitch business remains strong, for some time now the organization has been sized based upon where we optimistically expect our business to be in 3 or more years, not where we’re at today.”

Meanwhile, Amazon closed its last remaining Fresh Pickup location in Seattle at the end of last year, around the same time it announced it was closing its brick-and-mortar apparel stores.

Amazon has already closed all of its bookstores, 4-star stores and pop-ups.

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Market News Today - Retail Giant Amazon Now Announces Massive Layoffs For 2024.
Market News Today – Retail Giant Amazon Now Announces Massive Layoffs For 2024.

A massive US bank is now cutting 20,000 jobs to save as much as $2.5 billion to boost the Wall Street giant’s lagging returns.

Firmwide expenses are expected to drop to a range of $51 billion to $53 billion over the medium-term, Citigroup said, without clarifying the exact timeframe.

In the meantime, though, the firm expects to incur as much as $1 billion in expenses tied to severance payments and Fraser’s broader overhaul of the bank. 

Costs for the year should be in the range of $53.5 billion to $53.8 billion — a decrease from the $56.4 billion the firm spent in 2023. 

“The fourth quarter was very disappointing,” Fraser said in the statement.

“Given how far we are down the path of our simplification and divestitures, 2024 will be a turning point.”

Fraser in September initiated the biggest restructuring of Citigroup in decades as she seeks to improve the bank’s returns.

She has said the moves will allow the bank to eliminate bureaucracy, slimming it down from 13 management layers to just eight. 

Fraser has also said the overhaul would help her boost a key measure of profitability known as return on tangible common equity to at least 11% by 2027 at the latest.

She reiterated that medium-term guidance on Friday. 

The 20,000 roles that Citigroup will eliminate include jobs cut as part of the restructuring as well as dismissals that would have occurred anyway, reports Bloomberg.

This comes as a major blow to employees at the bank.

Massive bank layoffs have also been occurring within Wells Fargo, JPMorgan, PNC, and others.

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