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A wave of layoffs is sweeping the US. Here are firms that have announced cuts so far, from Carvana to Wells Fargo.

By | Ben Gilbert | Avery Hartmans |

  • In the first few months of 2022, a wave of layoffs swept across American business.
  • The cuts stem from slower business growth, paired with rising labor costs.
  • The layoffs cut across industries, from mortgage lending to digital-payment processing.

Layoffs are sweeping across American businesses in the first few months of 2022.

Recent startups like Peloton have already laid off thousands of employees this year. Online car dealer Carvana plans to slash 12% of its workforce. Even traditionally layoff-resistant companies like Netflix are making cuts.

The reason, broadly, is twofold: Business growth is slowing, while labor costs are increasing. The combination is causing American companies across a variety of industries to slash headcount.

Here are some of the most notable examples so far:

Carvana: About 2,500 people

Ernie Garcia, CEO, Carvana
Ernest Garcia III, CEO of online car dealer Carvana.Brendan McDermid/Reuters

Carvana plans to cut 12% of its staff, or about 2,500 employees, the online car dealer announced in a filing with the Securities and Exchange Commission.

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