In 2025, a wave of layoffs swept through the United States. According to Challenger, Gray & Christmas, in May, American employers cut almost 100,000 jobs. This is 47% more than in May 2024. The total number of layoffs in 2025 is already comparable to 2024. The trend shows that 2025 could be a record year for layoffs in large companies.
Finam reveals which companies are laying off employees en masse in 2025 and why.
The main victims
In the first five months of 2025, employers in the United States have already announced the reduction of almost 700,000 jobs. This is a whopping 80% increase compared to the same period last year, with only 65,000 fewer cuts than in the whole of 2024.
According to Quartz, Trump's tariffs, cuts in financing and consumer spending, as well as general economic pessimism are putting pressure on companies. In May, the American service sector was the leader in the number of layoffs - more than 22 thousand people. This is the worst month for the sector since May 2020. Since the beginning of the year, the number of redundancies in the sector has reached 75,000 jobs. This is 274% more than in 2024.
Non-profit organizations affected by the effects of federal funding cuts also faced serious problems: the number of layoffs in this sector immediately soared by 504% compared to last year. Elon Musk's Department of Government Efficiency (DOGE) has cut 284,000 jobs.
The number of layoffs in the technology sector also increased significantly in May 2025. So, according to TrueUp.io, during the month, 24,467 employees of technology companies, including Panasonic, Microsoft, Walmart and OpenText, were laid off. According to Challenger Gray, in 2025, the American technology sector is second only to the public sector and retail in terms of the total number of layoffs. The total number of layoffs reached 75,000 in 2025, which is 35% more than last year.
In May, the American oil giant Chevron announced that it would reduce its staff by 20% worldwide by the end of 2026. As estimated by Business Insider, as a result, 9 thousand employees of the company may fall under the cuts. The move is aimed at reducing costs and simplifying Chevron's business as it completes its acquisition of oil producer Hess, which is in limbo due to legal issues. Mass layoffs are expected to help the company save $2-3 billion by the end of 2026.
Coty, which sells cosmetics and perfumes under the brands Kylie Cosmetics, Calvin Klein and Burberry, is cutting about 700 jobs. Sue Nabi, CEO of Coty, noted that the company plans to save $130 million and create a stronger and more sustainable business, prepared for growth.
Cosmetics giant Estée Lauder is also restructuring its business and intends to cut from 5,8 thousand to 7 thousand jobs within two years. The cuts will be aimed at optimizing certain teams, as well as outsourcing some services. The company says it expects annual gross profit of between $0.8 billion and $1 billion before taxes.
In early June, the retail giant Procter & Gamble said it plans to cut 7,000 white-collar jobs within two years. The company plans to abandon inefficient areas and categories and leave non-profitable regions. Although the layoffs are spread out over time, they signal a major shift in business strategies in the sector and a trend toward white-collar downsizing.
At the end of April, the UPS express delivery giant announced that it plans to cut about 4% of its workforce in different countries, with layoffs affecting 20,000 employees worldwide. The company took this step as part of the transition to automation and strategic business reduction with Amazon. This decision follows a 16% reduction in parcel volume last quarter and is part of Amazon's plan to halve its business by mid-2026. In June, UPS will also close 73 offices in the United States and automate 400 facilities to reduce its dependence on labor. In response, the United States Truck Drivers Union said it would fight any layoffs affecting its members.
The largest audit company PwC will cut about 2% of employees in the US. This is 1.5 thousand jobs. The company's management stated that the staff turnover rate is low, which, in their opinion, means that not enough people are being dismissed at their own will. The layoffs at PwC began on May 5 and mainly affected the company's audit and tax divisions.
Japan is no better than the United States.
It is worth noting that the trend towards mass layoffs is not limited to American companies.
Panasonic, a multinational electronics manufacturer headquartered in Japan, plans to cut 10,000 jobs by March 2026. The cuts will reportedly affect 5,000 jobs in Japan and 5,000 jobs overseas. The company said it plans to carefully review operational efficiency, mainly in sales and support divisions, and revise the number of organizations and personnel needed.
Japanese auto giant Nissan plans to cut 20,000 jobs by 2027. The company will also reduce the number of plants from 17 to 10, as it is experiencing financial difficulties. The job cuts include 9,000 layoffs, which were announced at the end of last year. Mass layoffs at the company are taking place due to difficulties after the introduction of US tariffs on imported cars and falling sales in China. In 2024, Nissan's net loss was 671 billion yen, or $4.5 billion.
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