Why Amazon, Meta, Oracle and over 40 companies are cutting jobs in 2026

Some of the world's biggest companies, including Amazon, Meta, Oracle, UPS, Walmart, Citi, Dell, Visa, Nike and Standard Chartered, are among those reducing their workforce in 2026.

In Short

• Over 40 firms across sectors announce layoffs in 2026
• Layoffs also due to restructuring, cost-cutting, and weaker demand
• AI to reduce jobs but boost roles in tech and fintech by 2030

More than 40 companies across industries including technology, banking, retail, manufacturing and healthcare have announced layoffs this year as businesses continue to cut costs, restructure operations and increasingly adopt artificial intelligence (AI), according to a Business Insider report.

Some of the world's biggest companies, including Amazon, Meta, Oracle, UPS, Walmart, Citi, Dell, Visa, Nike and Standard Chartered, are among those reducing their workforce in 2026.

While several companies cited AI-led productivity gains, others blamed slowing business growth, restructuring plans and changing customer demand.

AI EMERGES AS A KEY DRIVER OF LAYOFFS

According to the report, companies such as Block, Coinbase and Standard Chartered have openly acknowledged that artificial intelligence has become one of the reasons for reducing headcount, with AI now performing work previously handled by employees.

However, not every company is laying off workers because of AI.

Several firms are restructuring businesses, simplifying operations or responding to weaker demand in specific segments.

BIGGEST LAYOFFS ANNOUNCED SO FAR

Among the largest workforce reductions announced this year are:

UPS: 30,000 jobs to be cut as part of network restructuring and cost savings.

Oracle: Around 21,000 employees, or 13% of its workforce, laid off due to AI adoption and restructuring.

Citi: About 20,000 jobs, or roughly 10% of its workforce, being cut to align staffing with business needs and reduce costs.

Amazon: Around 16,000 corporate jobs eliminated as the company reduces bureaucracy and reshapes its business.

Dell: Around 11,000 employees, or 10% of its workforce, laid off under a restructuring plan.

Este Lauder: Up to 10,000 jobs being cut as part of a restructuring programme and reduction in retail roles.

British American Tobacco: Around 9,000 jobs, nearly one-fifth of its workforce, being eliminated to improve agility and expand the use of technology.

Heineken: Between 5,000 and 6,000 jobs being cut to improve productivity and lower costs.

Visa: Around 2,600 jobs, or 7% of its workforce, being eliminated as part of its AI-led business transformation.

WiseTech: Around 2,000 employees, or 30% of its workforce, laid off because of AI-driven productivity gains.

Atlassian: About 1,600 employees, representing 10% of its workforce, laid off to reorganise the company and invest more in AI.

Nike: Around 1,400 jobs cut as the sportswear maker streamlines operations, increases automation and pushes ahead with its turnaround strategy.

Cloudflare: More than 1,100 employees, or 20% of its workforce, laid off as part of AI-driven restructuring.

Meta: The company has also announced layoffs linked to AI investments, restructuring and cost-cutting, although it did not disclose the number of affected employees.

Other companies announcing layoffs include Walmart, LinkedIn, Target, Expedia, Freshworks, Coinbase, Crypto.com, Pinterest, Workday, Zillow, eBay, GoPro, Groupon, T-Mobile, Verizon, Kenvue, Papa Johns, Patreon, Saks Global, Sprout Social, Wix and Lululemon.

MORE JOB CUTS COULD FOLLOW

As per the report, the layoffs announced so far may only be part of a broader trend.

More than 100 companies in the United States have filed WARN (Worker Adjustment and Retraining Notification) notices, which employers are required to submit before carrying out large-scale layoffs or plant closures.

While some notices relate to already announced job cuts, others point to additional layoffs that could take place in the coming months.

WHY ARE COMPANIES CUTTING JOBS?

The report says three broad factors are driving the latest wave of layoffs:

Greater adoption of AI and automation.

Government policy changes.

Broader economic conditions and shifting consumer demand.

Many companies are reducing traditional roles while redirecting investments towards artificial intelligence, automation and digital transformation.

The report also cites a World Economic Forum survey, which found that 41% of companies worldwide expect AI to reduce their workforce over the next five years.

At the same time, it said demand for jobs in artificial intelligence, big data and financial technology is expected to grow significantly by 2030, suggesting that while some roles disappear, new opportunities will emerge in technology-focused sectors.

- Ends