--- title: "Verizon Announces Job Cuts Amid Industry-Wide Trend" url: https://newscentral.site/verizon-announces-job-cuts-amid-industry-wide-trend/ language: en publisher: "News Central Site" section: "Business" published: 2026-10-28T15:30:33.000Z updated: 2026-10-29T11:04:21.825Z id: 8a263695-b7af-471f-abb3-d5a73c0e7933 source: "Business Insider https://www.businessinsider.com/recent-company-layoffs-laying-off-workers-2026" attribution: "Link to https://newscentral.site/verizon-announces-job-cuts-amid-industry-wide-trend/ and name News Central Site when you quote or summarize this story." --- # Verizon Announces Job Cuts Amid Industry-Wide Trend The job cuts announced by Verizon are the latest in a string of layoffs from major companies such as Meta, Amazon, Dropbox, Visa, Wix, Block, and Coinbase, who cite artificial intelligence as a key reason. Verizon has joined the list of major companies announcing job cuts this year, following in the footsteps of tech giants like Meta and Amazon. Other prominent brands that have announced layoffs include Dropbox, Visa, and Wix, which cited the rise of artificial intelligence as a key reason for the reductions. Several firms, including Block and Coinbase, have also pointed to AI's impact on their workforce needs. The trend of significant job cuts is being observed across various industries such as tech, media, finance, and retail. Despite the widespread layoffs, economists note that the broader economy remains stable, with unemployment rates not spiking. This has led some experts to describe the current environment as "low-fire, low-hire", indicating a cautious approach to hiring and firing by companies. The shift towards automation is being driven primarily by artificial intelligence, which several companies are citing as a reason for their job cuts. A recent survey conducted by the World Economic Forum found that 41% of companies worldwide expect to reduce their workforces in the next five years due to AI's growing presence. The survey also highlighted the potential for significant changes in the job market, with roles in big data, fintech, and AI expected to double by 2030. This trend is already being reflected in the current round of layoffs, as companies adapt to an increasingly automated landscape. As more companies continue to announce job cuts, Business Insider will be tracking these developments closely, providing updates based on company announcements, WARN notices, and our own reporting. American Express is planning significant job cuts as part of its restructuring efforts, with around 5% of its workforce set to go. The company employed approximately 77,000 people by the end of last year, which would translate to between 3,000 and 4,000 layoffs. The decision to cut jobs comes as American Express prepares for a future where artificial intelligence plays a larger role in running its internal systems. This shift is expected to bring about increased productivity and efficiency within the company. As part of its third-quarter earnings call, American Express announced that it would be taking a $336 million restructuring charge. The move is seen as a necessary step towards implementing AI-driven changes across the organization. The layoffs are also tied to the company's efforts to adapt to changing market conditions and technological advancements. In his comments during the October earnings call, CEO Stephen Squeri highlighted how companies are increasingly turning to AI to streamline processes and boost productivity. This move is just one of several job cuts announced by major companies in recent months. As more businesses explore ways to leverage AI and automate tasks, it remains to be seen what impact this will have on the global workforce. The restructuring charge taken by American Express reflects the significant investments being made by companies to adapt to these changes. The company's efforts to reshape its organization through AI-driven initiatives are likely to be closely watched in the coming months as other businesses follow suit. The push for AI-driven transformation is underway at companies worldwide, with some of them shedding jobs as they adapt to this new landscape. This shift towards leveraging artificial intelligence and automation has sparked a mix of optimism and concern among employees and industry observers alike. As part of its efforts to reshape its organization through AI-driven initiatives, the company expects to incur significant restructuring charges in the coming months. According to an SEC filing, these costs are estimated to be between $225 million and $236 million, highlighting the substantial investments required to navigate this transition. Meanwhile, Barclays is set to reduce its workforce by 5% as part of a broader effort to achieve efficiency savings of over GBP 1 billion in 2027. The British financial institution's decision to cut around 5,000 full-time employees reflects the need for companies to adapt their business models and skill sets in response to technological advancements. The job cuts extend beyond the banking sector, with other industries also undergoing significant restructuring efforts. British American Tobacco, for instance, plans to eliminate one-fifth of its workforce by cutting around 9,000 jobs by the end of this year. This move is part of a broader effort to transition towards smoke-free alternatives and build a more agile organization. In addition to these job cuts, Citibank has announced plans to continue reducing its workforce in 2026 as part of its goal to achieve a 10% reduction in head count. With over 20,000 employees set to be let go, this decision underscores the need for companies to reassess their business models and adapt to changing market conditions. The focus on AI-driven transformation is likely to remain a key theme in the coming months as companies continue to navigate the challenges of technological change and industry disruption. The layoffs continue to mount as companies navigate the challenges of technological change and industry disruption. Citi has confirmed that it is adjusting its staffing levels to better align with current business needs, a spokesperson for the company stated. Cloudflare has announced plans to cut 20% of its global workforce, affecting over 1,100 employees. The decision comes as the cybersecurity company's use of artificial intelligence (AI) has surged by more than 600% in just three months. According to an internal memo from Cloudflare executives, the rapid shift towards AI has forced the company to reconsider its structure and make significant layoffs. In a statement, the executives emphasized that the decision is not a reflection on the individual work or talent of those leaving the company. The move has had an impact on Cloudflare's stock price, with shares falling more than 14% in extended trading following the announcement. This decline reflects the concerns of investors and analysts who are closely monitoring the effects of AI-driven transformation on companies worldwide. Coinbase is also undergoing significant changes as CEO Brian Armstrong announced plans to cut 14% of its staff. In a letter to employees, Armstrong cited the impact of AI on the company's operations, stating that it would lead to fewer layers and faster decision-making processes. Armstrong emphasized that AI is driving a profound shift in how companies operate, and Coinbase aims to be at the forefront of this change. As part of its efforts, the company will pair top-performers with the best AI tools to achieve unprecedented scale and precision. Dell has also reported layoffs, cutting 10% of its workforce for the third year in a row. The layoffs continue to mount as companies struggle to adapt to changing market conditions and economic pressures. As of January 31, 2026, eBay had already seen its workforce decline by 11,000 employees compared to the same time last year, with a total of 97,000 staff remaining. This reduction is attributed to both layoffs and attrition, as companies seek to streamline their operations and focus on key areas. The impact of these cuts can be seen across various industries, with eBay expected to eliminate around 800 jobs globally, representing about 6% of its workforce. The company has stated that it is taking steps to better align its workforce with its strategic priorities, and that those affected by the layoffs will receive support during this transition. A spokesperson for eBay noted that the company is grateful for the contributions of the employees impacted and is committed to supporting them with care and respect. Meanwhile, Epic Games, the developer behind Fortnite, has announced plans to cut 20% of its workforce as engagement with the game declines. This move comes after the company previously stated that it would lay off more than 1,000 people in March. The decision aims to improve productivity by having more developers focus on creating great content and technology. Epic Games CEO Tim Sweeney emphasized the importance of this change, stating that they want as many talented developers as possible working on innovative projects. This move highlights the ongoing challenges faced by companies in the gaming industry as they navigate shifting consumer preferences and market trends. Estée Lauder has also deepened its cuts, with the company now expecting to affect up to 10,000 jobs. The majority of these reductions are in cashier and demonstration roles at lower-performing retail and department stores, indicating a shift towards more efficient operations and cost savings. In addition to these announcements, Etsy has revealed that it will be laying off around 220 employees, roughly 12% of its workforce. This move is part of the company's efforts to streamline its Product & Engineering teams, with the affected staff members being informed by CEO Kruti Patel Goyal in a memo. Etsy's restructuring efforts are part of a broader trend of companies streamlining their operations and cutting jobs. The company reported its second-quarter financial results on Wednesday, providing a glimpse into its current state despite CEO Kruti Patel Goyal's memo not explicitly mentioning the layoffs as a response to any specific challenges or setbacks. Goyal emphasized that the cuts were a proactive measure aimed at positioning Etsy for future success, rather than a reaction to immediate circumstances. The company is taking steps to modernize and adapt to changing market conditions by eliminating certain roles and simplifying its organizational structure. Expedia also joined the list of companies undergoing significant restructuring efforts. While it's unclear how many employees were affected by the cuts, Expedia confirmed that it had laid off some staff on January 26 and simultaneously posted new job openings in various departments. Freshworks, another tech company, announced plans to cut 11% of its workforce in May as part of a broader effort to streamline operations and improve efficiency. --- Source: [Business Insider](https://www.businessinsider.com/recent-company-layoffs-laying-off-workers-2026) Published by News Central Site: https://newscentral.site/verizon-announces-job-cuts-amid-industry-wide-trend/