Major U.S. companies are cutting back on employees

And this time, it’s not just tech firms.

Transcript

00:00Microsoft is the latest company attempting to do more with less.

00:04The tech giant is planning to ax thousands of jobs in its sales department and other teams as early as next month.

00:11That's according to Bloomberg, as it makes massive investments in AI.

00:15And it's not alone. Intel is cutting 15 to 20 percent of its factory workers.

00:20CrowdStrike announced a 5 percent workforce reduction last month.

00:23And Amazon's Andy Jassy just recently warned it will shrink its workforce in coming years due to a, quote,

00:29once-in-a-lifetime reinvention of everything we know.

00:33Of course, referring to generative AI.

00:35It isn't just tech companies doing the slashing.

00:38The Wall Street Journal points out that U.S. public companies have reduced their white-collar workforces

00:42by a collective 3.5 percent over the past three years.

00:46And over the past decade, one in five companies in the S&P 500 have shrunk.

00:51Companies like Procter & Gamble, Estee Lauder, and Match Group have all recently downsized their teams.

00:56Sounds like we all need to take Andy Jassy's advice to learn how to use AI tools and experiment

01:02and figure out how to get more done with scrappier teams.

01:06That'll do it for your daily briefing from the New York Stock Exchange.

01:09I'm Caroline Woods with The Street.