Layoffs in 2022 have been rough already, with several companies cutting their workforces just this week.
These layoffs come as macroeconomic factors are affecting companies. That includes the ongoing struggle between the Federal Reserve and inflation. As inflation continues to rise, The Fed has been increasing interest rates in an effort to stop it.
Unfortunately, the Fed has been unable to stop inflation from increasing. As that continues, more and more companies are looking to reduce their headcount as a way to protect profits during economic turmoil.
Let’s check out some of the companies that have laid off employees this week below.
- Coinbase (NASDAQ:COIN) starts off our list as the crypto exchange reduced its workforce by 18% in fear of a crypto winter.
- Compass (NYSE:COMP) is reducing its workforce by 10% as the housing market starts to cool down.
- Redfin (NASDAQ:RDFN) is cutting its headcount by 8% for the same reason as Compass.
- BlockFi is also laying off employees due to a crypto crash, with its workforce shrinking by 20%.
- Tesla (NASDAQ:TSLA) job cuts have started this week after CEO Elon Musk announced a 10% reduction in workers earlier this month.
- DesktopMetal (NYSE:DM) is cutting 12% of its employees to reduce costs after acquisitions last year.
- Warner Bros. Discovery (NASDAQ:WBD) is laying off 30% of its sales team to get rid of duplicate positions after its merger.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.