An American multinational conglomerate, 3M is layoff 6,000 jobs as part of part of an ongoing restructuring.
This is the second time the company has announced the layoff this year.
The company has announced a total of 8,500 job cuts this year. This is nearly about a 10% decline in its global workforce.
While 3M Chief Executive Officer Mike Roman said in a statement that these actions would further simplify operations and improve profitability, investors mostly shrugged.
“In the first quarter we continued our relentless focus on serving customers and aggressively managed costs,” said 3M chairman and CEO Mike Roman.
“Market trends were as we expected, and we made changes to improve our operations and position us for success as supply chains improve”, Mike Roman added.
“To strengthen 3M for the future, today we announced actions that will reduce costs at the corporate center, further simplify and strengthen our supply chain structure, and streamline our go-to-market business models, which will improve margins and cash flow,” Mike Roman continued.
“We will continue to prioritize investments in high-growth end markets where 3M science gives us a clear competitive advantage”, Mike Roman added.
Amazon begins a fresh round of layoffs in HR and cloud unit
Amazon is laying off some employees in its cloud service operation and human resources divisions. These layoffs will be part of previously announced job cuts that are expected to affect 9,000 employees.
The employees in the US, Canada, and Costa Rica have been sending notices by CEO Adam Selipsky of Amazon Web Services and human resources head Beth Galetti regarding Job elimination.
The company CEO Andy Jassy in March announced the 9,000 job cuts, over the 18,000 eliminations already announced last November and in January.
As per trueup, so far in 2023, there have been 834 layoffs at tech companies with 248,130 people impacted (2,121 people per day). In 2022, there were 1,557 layoffs at tech companies 243,318 people were impacted (667 people per day).
