Half a Million Job Cuts Could Be Just the Start

In April 2020, with around half the world locked down, video-streaming website Vimeo Inc. was dealing with “unprecedented” demand, funneling investment in customer support and technical infrastructure, and hosting virtual lunches for new hires. Three years on, revenue is in decline, its shares have slumped 93% since going public and it’s slashing jobs. It’s not alone.

There have been more than 500,000 job cuts announced around the world since October, as tracked by Bloomberg, dominated by white-collar firms like Vimeo. What began with a wave of layoffs among high-profile Big Tech companies is spreading. Consultants at McKinsey and KPMG are downsizing themselves; companies like FedEx Corp. and Boeing Co. are cutting middle management and “bureaucracy”; weak banks like Credit Suisse Group AG are being buried.