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New York Post
7 hrs

Amazon cuts 700 jobs in NYC alone on quest to streamline by slashing 30,000 positions

1. Amazon laid off 660 employees in Manhattan, mainly in tech roles. 2. The company aims to cut 30,000 corporate jobs globally, 9% of its workforce. 3. Layoffs were confirmed for corporate roles, excluding warehouse and delivery staff. 4. Amazon's restructuring focuses on reducing bureaucracy and reallocating resources. 5. Upcoming layoffs are expected to continue post-holiday season.

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$249.111/12 01:46 AM EDTLatest Updated
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FAQ

Why Bearish?

The significant layoffs may indicate reduced growth prospects and a cautious business outlook, similar to market responses during prior layoffs by tech firms.

How important is it?

Job cuts in key markets like NYC could reflect broader organizational changes, influencing investor sentiment and stock volatility.

Why Short Term?

Immediate investor sentiment may be impacted, but long-term stability could return post-restructuring, as seen in previous layoffs that led to productivity gains.

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