Layoffs and budget cuts—tracking economic moves and news
How brands and agencies are bracing for a recession and responding to deteriorating market conditions
Latest updates
Salesforce cuts more jobs after 10% reduction earlier this year
CVS to cut about 5,000 positions
Grubhub lays off 400 workers, or about 15% of workforce
Reddit to cut 5% of staff and trim hiring goals
Spotify cuts 2% of its workforce in podcast unit overhaul
ZipRecruiter cuts 20% of staff
Meta begins last round of three-part layoffs
FaZe Clan lays off 40% of staff
RPA lays off staff across departments due to client cutbacks
Paramount cuts 25% of staff at domestic cable networks
Gap to cut hundreds of corporate jobs in new layoff round
Disney begins second round of job cuts, affecting thousands
Bed Bath & Beyond plans to swiftly shut stores and liquidate
R/GA lays off approximately 15% of US staff
Instagram will cut or relocate its London staff
With the economy slowing down after unprecedented supply chain woes and inflation at its highest in decades—and a growing number of economists predicting a recession—the job market is taking a turn for the worse, with several marketers and agencies already announcing layoffs.
If the tightening continues, it will mark a major shift in the agency, brand marketing and media industries, where the biggest problem employers had been facing was finding enough talent to fill open positions. Now, firms could soon have to decide which jobs to cut.
Below, we track the latest layoff announcements and other budget-cutting news from major marketers and agencies, plus economic headlines to know about. Know about other layoffs in the industry? Here’s how to reach us with the news.