Amazon to Cut 14,000 Jobs in Major Restructuring

Watch Amazon to Cut 14,000 Jobs in Major Restructuring - Bloomberg on Dailymotion

Transcript

00:00Job cuts piling up in corporate America with the latest coming from Amazon announcing in a press

00:05release that it's cutting 14,000 corporate roles. Let's get more now with Matt Bloxham of Bloomberg

00:10Intelligence. Matt, we see periodic layoffs at tech companies. Are these layoffs that we're

00:16seeing in recent weeks more significant than we typically see? I guess they are. And I guess the

00:25question is, what's really kind of the motivation? I think in the case of Amazon, you know, it seems

00:30like this is them still kind of recalibrating after quite substantial overhiring through the pandemic.

00:37And I guess it also talks to kind of the future economic outlook. You know, I think if Amazon

00:42felt confident that the market was really going to grow strongly, then perhaps they wouldn't be

00:48laying off so many people. But there clearly is this element of technology evolution and particularly

00:54AI and companies are always looking for productivity improvements. Amazon in particular is very

01:01focused on automation. So I think as the AI technology matures, you know, companies are

01:06looking at ways to either kind of recalibrate jobs, shift people to kind of different tasks or in some

01:12cases reduce net headcount. And obviously we saw some news overnight too that Sequoia Capital is planning

01:18to invest in Rogo Technologies, which is, you know, looking to improve, I guess, in the short term,

01:25the life of junior bankers, but maybe ultimately, you know, replace them. And obviously we've seen

01:30similar moves by OpenAI recently to kind of to replace junior bankers who work upwards of 80 hours a week.