(MENAFN) A growing number of multinational corporations are slashing tens of thousands of jobs amid weakening economic forecasts, cost-cutting drives, and the accelerating adoption of artificial intelligence (AI).

Despite widespread economic uncertainty, many firms are pouring money into AI while scaling back on human labor, seeking efficiency gains through automation. Falling consumer demand, rising expenses, and slowing global growth are fueling the trend.

Across the United States and Europe alone, more than 45,000 workers were affected by layoffs in October — 25,000 in the U.S. and over 20,000 in Europe — as firms in technology, retail, logistics, and manufacturing cut staff.

UPS, the U.S.-based shipping giant, said this week it will reduce its operations workforce by 34,000 employees in its third-quarter earnings report. An additional 14,000 management roles had already been eliminated earlier this year, bringing its total 2025 layoffs to 48,000 as part of a cost-efficiency plan.

Amazon, the American technology and e-commerce powerhouse, announced around 14,000 corporate layoffs this week, citing company-wide restructuring tied to AI adoption and a shift toward a more ownership-based management model.

By late summer, Intel had cut 24,000 jobs and canceled projects in Germany, Poland, and Costa Rica to adjust its production network to global demand.

In Europe, Nestlé revealed plans to shed 16,000 employees over two years, including 12,000 white-collar and 4,000 manufacturing and supply-chain positions, as part of a sweeping cost-reduction strategy.

Accenture, the Irish consulting and IT services firm, confirmed it will cut 11,000 jobs worldwide to integrate AI systems more deeply into its operations.

Danish pharmaceutical leader Novo Nordisk also announced 9,000 layoffs, with 5,000 expected to come from its Denmark headquarters, as it reorganizes its structure.

In the U.S. auto sector, General Motors laid off more than 1,700 workers at its Michigan and Ohio plants on Wednesday. Another 1,200 employees were cut from its Detroit EV factory and 550 from an Ohio battery plant.

Media giant Paramount Skydance began layoffs this week affecting 1,000 employees, with the total expected to rise to 2,000 following its August merger, which triggered a corporate overhaul.

In July, Microsoft announced plans to cut 4% of its workforce, equivalent to roughly 9,000 jobs, to streamline management layers and product lines for greater efficiency.

British auditing firm PwC reported 5,600 job cuts during the 12 months ending June 30.

US software leader Salesforce said it will lay off 4,000 workers. CEO Marc Benioff stated on a podcast that “the impact of AI means he needs fewer workers.”

Retail chain Target confirmed 1,800 layoffs last week, its first round of job cuts in a decade. CEO Michael Fiddelke described the move as “a necessary step in ensuring progress and growth.”

Grocery giant Kroger trimmed about 1,000 corporate jobs in August, while chip supplier Applied Materials said in an internal memo that it will eliminate 4% of its workforce amid a push toward automation and digitalization.

Meta, the parent company of Facebook, announced 600 layoffs within its AI division last week.

Meanwhile, the Federal Reserve is closely monitoring the impact of AI-driven workforce reductions. The central bank cut interest rates for the second time this year on Wednesday, citing “downside risks to employment.”

Fed Chair Jerome Powell said a large number of firms “froze hires or are laying off workers due to AI, which could impact job creation.” He added that “this takes time to be reflected in data, which is why there has yet to be a surge in jobless claims.”

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