Amazon announced Tuesday it would cut 14,000 jobs, one of several companies reducing head count while still aiming to increase profits.
The e-commerce behemoth is planning the workforce reduction largely to compensate for overhiring during the pandemic; its CEO also said AI could lead to the automation of routine tasks.
It is not alone: JPMorgan has “a very strong bias” against hiring and Goldman Sachs plans to “constrain head count growth,” while Walmart and Airbnb expect to keep employee numbers flat in the coming years.
Overall, job openings in the US are down 30% over the last three years, even though stocks are up 70%, the economics writer Derek Thompson noted.