Watch CNBC's full interview with Kraken CEO Dave Ripley at Bitcoin 2025
Dave Ripley, CEO of Kraken, speaks with CNBC's MacKenzie Sigalos at Bitcoin 2025, where he shares the latest on his conversations with lawmakers and regulators to create guidelines for crypto companies.
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CNBC
an hour ago
- CNBC
Corporate layoffs have ramped up in recent weeks. Here are the companies making cuts
While Elon Musk has ended his government cost-cutting initiative that resulted in thousands of federal job cuts, mass layoffs are still roiling corporate America. Companies are under increasing pressure to trim costs against the backdrop of global economic uncertainty brought on by President Donald Trump's tariff policies. Several companies have announced price hikes. Layoffs mark another way to pull back. Trade tensions have also raised concerns about the general health of the U.S. economy and the job market. While the April jobs reading was better than expected, a separate reading from ADP this week showed private sector hiring hit its lowest level in more than two years. Though many companies declined to provide specific reasoning for announced workforce reductions — instead lumping the layoffs in with larger cost-cutting strategies or growth plans — tech leaders are starting to cite artificial intelligence as a clear consideration in hiring and headcount adjustments. Klarna CEO Sebastian Siemiatkowski told CNBC last month the fintech company has shrunk its headcount by 40%, in part due to investments in AI. Likewise, Shopify CEO Tobias Lütke told employees in April that they will have to prove why tasks can't be performed by AI before asking for more headcount and resources. Here are some of the companies that have announced layoffs in recent weeks: Pampers and Tide maker Procter & Gamble said on Thursday it will cut 7,000 jobs, or about 15% of its non-manufacturing workforce, over the next two years as part of a restructuring program. CFO Andre Schulten said during a presentation that the company is planning a broader effort to implement changes across the company's portfolio, supply chain and corporate organization. The company did not specify the regions or divisions that would be impacted. Microsoft said last month it would reduce its workforce by about 6,000 staffers, totaling about 3% of employees across all teams, levels and geographies. A Microsoft spokesperson told CNBC at the time one objective of the cuts was to reduce layers of management. The company announced a smaller round of layoffs in January that were performance-based. The spokesperson said the May cuts were not related to performance. Citigroup said in a statement Thursday it plans to reduce its staff by around 3,500 positions in China. The cuts mostly affect the information technology services unit, which provides software development, testing and maintenance. Some of the impacted roles will be moved to Citi's technology centers elsewhere, the bank said. Under the leadership of CEO Jane Fraser, Citi has undertaken a large-scale reorganization with an eye toward profitability and stock performance. The bank consistently underperformed its major bank peers in recent years. Citi announced a broader plan last year to reduce its workforce by 10%, or about 20,000 employees globally. Last month, Reuters reported Walmart was planning to slash about 1,500 jobs in an effort to simplify operations. The teams affected include global technology, operations and U.S.-based e-commerce fulfillment as well as Walmart Connect, the company's advertising business. Walmart employs around 1.6 million employees, making it the largest U.S. private employer. CFO John David Rainey told CNBC during an interview last month that Walmart shoppers would likely see price increases at the start of the summer in response to tariffs. Klarna's Siemiatkowski told employees last month that the Swedish buy now, pay later firm would lay off 10% of its global workforce. "When we set our business plans for 2022 in the autumn of last year, it was a very different world than the one we are in today," Siemiatkowski told employees. The week before that announcement, he told CNBC that Klarna has shrunk its workforce by about 40% due to investments in AI and natural attrition in its workforce. Cybersecurity software maker CrowdStrike announced plans last month to cut 500 employees, or about 5% of its staff. CEO George Kurtz in a securities filing attributed the move largely to artificial intelligence. "We're operating in a market and technology inflection point, with AI reshaping every industry, accelerating threats, and evolving customer needs," he said, adding that the move was part of the company's "evolving operating model." The Walt Disney Company said earlier this week it plans to cut several hundred employees worldwide across several divisions. The layoffs impact teams in film and TV marketing, TV publicity and casting and development. The cuts are part of a larger effort to operate more efficiently, a Disney spokesperson said. Online education firm Chegg said last month it would lay off 248 employees, or about 22% of its workforce. The cuts come as AI-powered tools like OpenAI's ChatGPT take over education. CEO Nathan Schultz said on the company's May earnings call that the layoffs are part of a cost reduction plan and he expects cost savings of between $45 million and $55 million this year, followed by a further $100 million to $110 million next year. Amazon said in May it would eliminate about 100 jobs in its devices and services division, which includes the Alexa voice assistant, Echo hardware, Ring doorbells and Zoox robotaxis. A spokesperson for Amazon told CNBC at the time the decision was part of an ongoing effort to "make our teams and programs operate more efficiently." The cuts come as CEO Andy Jassy has sought out cost-trimming efforts at the company. Since the beginning of 2022, Amazon has laid off roughly 27,000 employees. Warner Bros. Discovery will lay off fewer than 100 employees, according to multiple media reports this week. No particular network or channel would be affected more than others, according to the reports. The WBD cuts follow the company's move to reorganize into two divisions: a global linear networks division and a streaming and studios unit. That process was completed during the first quarter.
CNBC
2 hours ago
- CNBC
TD Cowen's Doug Creutz on the Switch 2 rollout and the video game trade
CNBC's Steve Kovach with TD Cowen's Doug Creutz, join 'The Exchange' to discuss the Nintendo Switch 2 rollout.
Yahoo
2 hours ago
- Yahoo
Palantir Shares Tumble 5% Despite CEO Pushes Back on Surveillance Allegations
June 5 - Shares of Palantir Technologies (NASDAQ:PLTR) fell more than 5% Thursday despite Chief Executive Alex Karp denied claims suggesting the company aided U.S. government surveillance of citizens under a prior administration. Speaking to CNBC, Karp said Palantir is "not surveilling Americans," pushing back against a New York Times report that said the firm may have been involved in compiling a broad database of U.S. citizens during Donald Trumps presidency. The Denver-based company issued a separate denial earlier this week on social platform X, calling the article blatantly untrue. Palantir said it does not gather data to unlawfully track Americans and emphasized its Foundry platform includes granular security measures. The New York Times story suggested Palantir may have been selected to help implement a Trump-era executive order aimed at merging data across federal agencies. The timing comes as Palantir continues to win U.S. government contracts. Karp, in the same interview, stressed the strategic importance of the U.S. leading in artificial intelligence development, adding that the West must adapt to stay competitive. Palantirs drop marks one of its sharpest single-day declines in recent weeks, with the stock hovering near one-month lows. This article first appeared on GuruFocus.
