Big tech companies and Wall Street titans are leading a flurry of layoffs in corporate America as companies try to contain costs to ride out a global economic downturn.

Sharp interest rate hikes and weak consumer demand have forced companies such as Amazon, Walt Disney, Meta Platforms – the parent company of Facebook and Instagram – and US banks to cut their workforces.

Tech companies to lay off more than 150,000 workers in 2022 amid a sharp slowdown in demand due to the pandemic, according to tracking website Layoffs.fyi, and more layoffs are expected as growth in the world’s biggest economies slows.

Technology, Media and Telecommunications Sectors

IBM Corp: The IT group will cut about 3,900 jobs, or just over 1% of its workforce, layoffs linked to its strategic shift in direction.

Spotify Technology SA: Music streaming service Spotify is cutting 6% of its workforce, or about 600 jobs.

Alphabet Inc: Alphabet Inc is cutting 12,000 jobs, its CEO said in a memo.

Microsoft Corp: The US tech giant said it will cut 10,000 jobs by the end of the third quarter of fiscal 2023. The company laid off fewer than 1,000 employees across various divisions in October, Axios reported, citing a source.

Amazon.com Inc: The e-commerce giant announced company-wide layoffs that will affect more than 18,000 employees.

Meta Platforms Inc: Facebook’s parent company announced it will cut an additional 10,000 jobs, just four months after laying off 11,000 employees.

Intel Corp: Chief Executive Pat Gelsinger told Reuters the staff would be part of a cost-cutting plan. The chipmaker said it will cut costs by $3 billion in 2023.

Twitter Inc: The social networking company has laid off at least 200 workers, or about 10 percent of its workforce, the New York Times reported. The layoffs come after Twitter laid off about 3,700 people, representing about half of its total workforce, in November shortly after Elon Musk bought the company.

Lyft Inc: The company said it would lay off 13% of its workforce, or about 683 employees, after already cutting 60 jobs earlier this year and freezing hiring in September.

Salesforce Inc: The software company said it will lay off about 10% of its employees and close some offices as part of a restructuring plan, citing a challenging economy.

Cisco Systems Inc: The networking and collaboration solutions company said it will undertake a restructuring that could affect about 5% of its workforce. The restructuring will begin in the second quarter of fiscal 2023 and will cost the company $600 million.

HP Inc: The company said it expects to cut up to 6,000 jobs by the end of fiscal 2025.

Workday Inc: The software company will cut about 500 jobs, or 3% of its workforce, citing a difficult macroeconomic environment.

NetApp Inc: The cloud company announced an 8% cut in its global workforce. The company had 12,000 employees on April 29, 2022.

Rivian Automotive Inc: The company is laying off 6% of its workforce in an effort to cut costs as the EV maker, already grappling with declining cash reserves and a weak economy, prepares for an industry-wide price war.

Match Group: Tinder’s parent company said it will lay off about 8% of its workforce, a day after it forecast first-quarter revenue below Wall Street expectations.

Dell Technologies Inc: The company will cut about 6,650 jobs, or 5% of its global workforce, as the PC maker grapples with falling demand and braces for economic uncertainty.

Palantir Technologies Inc: The data analytics company said it cut about 2% of its workforce. Palantir, known for its work with the CIA, had 3,838 full-time employees as of December 31, 2022.

Financial industry

Goldman Sachs Group Inc: Goldman Sachs began layoffs on Jan. 11 in a sweeping cost-cutting effort, with about a third of those affected coming from its investment banking and global markets divisions, a source with knowledge of the matter told Reuters . The job cuts are expected to exceed 3,000, one of the sources said on January 9, which would be the biggest workforce reduction for the bank since the financial crisis.

Morgan Stanley: The Wall Street giant is expected to begin another round of global layoffs in the coming weeks, Reuters reported on Nov. 3 as dealmaking operations take a hit.

Citigroup Inc: The bank cut dozens of jobs across its investment banking division as a deal slump continues to weigh on Wall Street’s biggest banks, Bloomberg News reported.

BlackRock Inc: The asset manager is cutting up to 500 jobs, Insider reported, citing a memo.

Genesis: The cryptocurrency firm has cut 30 percent of its workforce in a second round of layoffs in less than six months, a person with knowledge of the matter told Reuters.

Coinbase Global: The cryptocurrency exchange has said it will cut nearly 950 jobs, the third round of job cuts in less than a year after cryptocurrencies, already squeezed by rising interest rates, came under fresh pressure following the collapse of the major cryptocurrency exchange FTX.

Stripe Inc: The digital payments company is cutting its workforce by about 14% and will have about 7,000 employees after layoffs, according to an email sent to employees by the company’s founders.

Consumer and retail industry

Beyond Meat Inc: The vegan meat producer said it plans to cut 200 jobs this year, with the layoffs expected to save about $39 million.

Blue Apron Holdings Inc: The online meal company said it will cut about 10% of its corporate workforce as it tries to cut costs and streamline operations. The company had about 1,657 full-time employees as of Sept. 30.

DoorDash Inc: The food delivery company, which has seen big growth during the pandemic, said it is cutting its corporate workforce by about 1,250 employees.

Bed Bath & Beyond: The retailer will lay off more employees this year in an effort to cut costs. Last year, company executives said the home goods retailer was cutting about 20 percent of its workforce and supply chain.

Energy and retail industry

Dow Inc: The US chemical maker said it will cut about 2,000 jobs as it faces challenges including inflation and supply chain disruptions.

Phillips 66: The refiner cut at least 1,100 jobs as it tries to meet its goal of $500 million in cost savings by 2022. The cuts were communicated to workers in late October.

Health and pharmaceutical industry

Johnson & Johnson: The pharmaceutical giant said it may cut some jobs amid inflationary pressures and a strong dollar, with Chief Financial Officer Joseph Wolk saying the group is looking to “right size”.

Construction industry

3M Co: The industrial group has said it will cut 2,500 manufacturing jobs after reporting lower profits.