Latest layoffs: PayPal, REI, HubSpot, DraftKings, and more

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Despite a weekly avalanche of layoff announcements in tech and beyond, government data suggests that it’s still a worker’s labor market. New figures from the Labor Department show that the number of open jobs rose to a five-month high of 11 million at the end of last year. Hiring, however, has dropped to its slowest pace in two years.

Layoffs Making Headlines In The Past Week

• REI’s HQ staff is getting 8% smaller. The outdoor retailer has laid off 167 employees, or less than 1% of its total headcount.
• FedEx is trimming its global management team and eliminating 10% of its officer- and director-level roles.
• DraftKings is cutting 140 jobs, approximately 3.5% of its workforce, as it undergoes a reorganization.
• EV-maker Rivian is reducing its global workforce by 6% amid price competition from rivals.
• Software company Splunk let go of roughly 325 employees.
• Match Group, owner of Hinge, Tinder, OkCupid, and Match.com, will lay off about 200 people, or 8% of its global workforce.
• Bustle Digital Group will reduce its staff size by 8% and cease publication of the recently rebooted website Gawker.
• New York Community continues to downsize its mortgage-origination team, from 2,100 workers in 2021 to 800 today.
• Wish laid off 150 employees, or 17% of its workforce, as part of its “turnaround journey.”
• Cloud-data firm NetApp is cutting 960 jobs due to the “reduced spending environment.”
• PayPal will lay off about 2,000 employees, or 7% of its global workforce, in coming weeks.
• HubSpot let go of about 500 employees, or 7% of its total staff, citing a “faster deceleration” in business.
• AI lending firm Upstart is downsizing its staff by 20%, eliminating around 365 jobs.
• Publisher HarperCollins will shrink its North American headcount by 5% by the end of its fiscal year.
• Workday, a cloud-based business software provider, will let go of 525 employees, or 3% of its total staff.
• Groupon shed another 500 jobs in January, following 500 cuts last August.
• Intel let go of more than 500 people from its Northern California campuses, part of previously announced layoffs “numbering in the thousands.”
• USAA confirmed headcount reductions but did not disclose the number of jobs cut.
• Impossible Foods is laying off 20% of its 700 workers amid a slump in plant-based meat sales.
• UK-based EV company Arrival is cutting 50% of its global workforce, or 800 employees, amid its third restructuring.
• Dutch health-tech giant Philips will eliminate 6,000 roles by 2025, with 3,000 cuts in 2023, in addition to 4,000 layoffs announced in October.
• Drugmaker Amgen has cut roughly 300 U.S. positions, or about 1.2% of its workforce.