Salesforce is slashing thousands of workers, as a wave of layoffs continues into 2023. Here's the full list of major US companies making cuts.

Bethany BironJan 4, 2023, 23:00 IST

Vimeo CEO Anjali Sud told staff in an email that 11% of them would face job cuts.AP Photo/Mark Lennihan

Salesforce and Vimeo are the latest to be hit by a wave of layoffs at big US tech companies.
The companies are cutting 10% and 11% of total employees, respectively.

A wave of layoffs that hit dozens of major US companies toward the end of 2022 appears to show no sign of slowing down into 2023.

Salesforce and Vimeo became the latest to announce cuts in the new year, amid a continued economic downturn and stagnating sales. The downsizing follows significant reductions last year at companies including Amazon — which said in November it plans to layoff upward of 10,000 employees across various divisions, the largest cut in its history. Twitter and Meta also saw major staff reductions.

The layoffs have largely affected the tech sector, which is now hemorrhaging employees at a faster rate than at any point during the pandemic, the Wall Street Journal reported. According to data cited by the Journal from Layoffs.fyi, a site that's been tracking layoffs since the start of the pandemic, tech companies slashed more than 150,000 in 2022 alone — compared to 80,000 in 2020 and 15,000 in 2021.

Here are the notable examples so far in 2023:

Salesforce: 10% of its staff

Salesforce said in the first month of 2023 that it would enact big job cuts.Noam Galai/Getty Images

Salesforce co-CEO Marc Benioff announced on Jan. 4 that the software company plans to layoff 10% of its workforce — an estimated 7,000 employees — and close select offices as part of a restructuring and cost-cutting plan.

"The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," Benioff wrote in an email to staff. "With this in mind, we've made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks."

He continued: "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."

The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions, Benioff wrote in an email to staff. With this in mind, we've made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks.

He continued: As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that.

Vimeo: 11% of its workforce

Vimeo CEO Anjali Sud told staff in an email that 11% of them would face job cuts.AP Photo/Mark Lennihan

Vimeo CEO Anjali Sud told employees on Jan. 4 that the company would layoff 11% of its staff, the video platform's second major round of layoffs in less than a year, after cutting 6% of employees in July

"This was a very hard decision that impacts each of us deeply," Sud wrote in an email to staff. "It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment."

A spokesperson told Insider reduction is intended to assist with ongoing economic concerns and improve the company's balance sheet.

This was a very hard decision that impacts each of us deeply, Sud wrote in an email to staff. It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment.

A spokesperson told Insider reduction is intended to assist with ongoing economic concerns and improve the company's balance sheet.

Goldman Sachs: up to 8% of employees

Photo by Michael M. Santiago/Getty Images

Goldman Sachs is expected to layoff up to 8% of its staff in the first half of January, a person familiar with the matter told Insider in December.

The cost-cutting efforts from the investment banking giant mirrors reductions from competitors including Morgan Stanley and Citi, which also laid off employees in 2022.

"We continue to see headwinds on our expense lines, particularly in the near term," Goldman Sachs CEO David Solomon said at a conference last month. "We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set."

Goldman Sachs is expected to layoff up to 8% of its staff in the first half of January, a person familiar with the matter told Insider in December.

The cost-cutting efforts from the investment banking giant mirrors reductions from competitors including Morgan Stanley and Citi, which also laid off employees in 2022.

We continue to see headwinds on our expense lines, particularly in the near term, Goldman Sachs CEO David Solomon said at a conference last month. We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set.

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Salesforce is slashing thousands of workers, as a wave of layoffs continues into 2023. Here's the full list of major US companies making cuts.

Salesforce: 10% of its staff

Vimeo: 11% of its workforce

Goldman Sachs: up to 8% of employees