Amazon Confirms Downsizing Of ~10K Employees, Extends Severance Packages

Amazon.com, Inc AMZN confirmed shedding its corporate ranks to control costs.
Amazon could cut about 10,000 jobs, including in its retail, devices, and human-resources divisions, the Wall Street Journal reported. The final number of job cuts could change.
The cuts would affect roughly 3% of its corporate staff and are unlikely to affect hundreds of thousands of warehouse workers.
"Given the current macroeconomic environment (as well as several years of rapid hiring), some teams are making adjustments, which in some cases means certain roles are no longer necessary," a spokesman said.
Amazon also extended voluntary buyout offers to some employees, including those in human resources.
Employees who lost jobs were likely to receive pay for the next two months at their current level with benefits. In some cases, people who fail to find a new role at Amazon will likely receive one week of pay for every six months worked.
Employees would get a minimum severance of four weeks of pay and a maximum of 20 weeks.
Amazon offered three months' salary, plus severance, to some employees on its human-resources team to voluntarily leave the company. Employees have until November 29 to accept the buyout offer.
This week's team targets for cutbacks were employees in Amazon's Luna cloud-gaming service, Alexa marketing, Alexa AI and Alexa Privacy. Amazon also made cuts to its consumer product-development arm named Lab126.
CEO Andy Jassy, as part of a business review, has targeted unprofitable teams and projects at the company.
Price Action: AMZN shares traded lower by 1.33% at $99.83 in the premarket on the last check Thursday.

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