Story at a glance

• Some of the biggest tech, retail and media companies in the U.S. are eliminating tens of thousands of jobs.

• While many companies have cut jobs as pure cost-cutting measures, others have done so as they move toward a bigger reliance on artificial intelligence.

• Leading the pack is Citigroup, which announced in January it will slash 20,000 jobs by the end of 2026.

(NewsNation) — Tens of thousands of Americans working for some of the biggest tech, retail and media companies in the U.S. are coping with the loss of their jobs or the threat of their positions being eliminated in 2024.

Well-known brands, many of which bolstered their workforces during the COVID-19 pandemic, are now scaling back as the focus shifts to leaner, more efficient employee rosters.

While many companies have cut jobs as pure cost-cutting measures, others have done so as they move toward a bigger reliance on artificial intelligence, several outlets — including CBS News, Business Insider and the Wall Street Journal — reported in recent weeks.

After such companies as Google, Walmart, CVS and others announced large-scale layoffs in 2023, several corporations made announcements in January, adding to an already long list of employers who have determined to do more with less moving forward.

Citigroup: 20,000........

© The Hill