Companies That Laid Off The Most Employees: Week Of May 29

Discover the companies that laid off the most employees on the week of May 29


ZIP: ZIPRECRUITER, INC. (Approximately 270 employees)

Sector: Industrials
Industry: Staffing & Employment Services
Subindustry: Employment Services

Job-hunting platform ZipRecruiter Inc. has announced a workforce reduction, with approximately 270 jobs, or about 20% of its total workforce, being cut. ZipRecruiter attributed this decision to a more cautious hiring environment caused by a shakier economy. The layoffs primarily affected sales and customer support roles, and ZipRecruiter expects to complete most of the staff reductions by June 30. In response to current market conditions, ZipRecruiter took this action after reducing discretionary expenses, aiming to drive long-term efficiency. As a result of the layoffs, ZipRecruiter anticipates a pre-tax charge of $7 million to $9 million in the current quarter for severance and other termination benefit costs. Additionally, the CEO, Ian Siegel, voluntarily agreed to a 30% salary reduction, effective immediately.

GS: THE GOLDMAN SACHS GROUP, INC. (Fewer than 250 employees)

Sector: Financial Services
Industry: Capital Markets
Subindustry: Financial Services

Goldman Sachs Group Inc. is anticipating a third wave of job cuts, primarily affecting managing directors and senior executives. According to the Wall Street Journal, this round of layoffs is expected to impact fewer than 250 positions and may occur within the next few weeks. The decision to downsize the workforce is largely attributed to a challenging deal-making environment. This upcoming reduction follows previous layoffs in September, which affected a few hundred employees, and a more significant cut of approximately 3,200 positions, or 6% of the workforce, in January. As of the first quarter, Goldman Sachs employed approximately 45,000 individuals. Recent developments indicate that the soft deal-making environment has been a contributing factor to Goldman Sachs’s decision to lay off employees.

S: SENTINELONE, INC. (Approximately 100 employees)

Sector: Technology
Industry: Software—Infrastructure
Subindustry: Cybersecurity Software

SentinelOne Inc., a security-software company, experienced a decline of over 35% in after-hours trading due to missed financial expectations and a reduced annual guidance. SentinelOne reported a loss of $106.9 million, or 37 cents a share, on sales of $133.4 million. Executives cited macroeconomic pressures impacting deal sizes, sales cycles, and pipeline conversion rates, leading to a slowdown in business spending. Furthermore, businesses were using their software less, affecting revenue based on consumption. As a result, SentinelOne plans to implement cost cuts, including laying off approximately 5% of its workforce, which is fewer than 100 employees out of the total 2,100.

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