What’s going on:
On Monday, Amazon CEO Andy Jassy announced that they will be letting go of a further 9,000 employees in addition to the already-announced 18,000 positions that were cut back in January, according to Business Insider.
Why it matters:
The company has announced their plans to implement further cuts within the next few weeks, which will directly affect employees of Amazon Web Services, Twitch, and advertising. As they are still determining who will be impacted, they expect to finalize the details by late April and offer severance and other benefits to those affected.
Jassy highlighted the unsteady economy as a motivation to streamline costs and staff numbers.
How it’ll impact the future:
As the new year rolled in, a wave of job losses came with it as companies like Salesforce and Goldman Sachs declared that layoffs were unavoidable. For Salesforce, a reduction of up to 10% of staff was predicted, and Goldman Sachs started the year off with a reduction of 6.5%.
Amazon and Facebook have also announced numerous layoffs this year, which is a signal that large companies are nervous about future economic stability.