The second meeting of G20 Finance Ministers and Central Bank Governors (FMCBG) co-chaired by Indian Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das took place on the sidelines of the 2023 Spring Meetings of the IMF and the World Bank in Washington, D.C.

It was conducted in three sessions that focused on Global Economy, International Financial Structure, Sustainable Finance, Financial Sector, Financial Inclusion and International Taxation from April 12 to 13.

During session on Global Economy and International Financial Architecture, key challenges to the global economic outlook, including the war in Ukraine, food and energy insecurity, climate change, and recent risks to financial stability were discussed, a news release noted.  "Participants agreed that the G20 can contribute to building a common understanding on fostering a conducive environment for global economic recovery and ensuring that the most vulnerable countries and sections of the population are adequately protected," a statement issued after the meeting said.

Regarding debt, all the members called for strengthening multilateral coordination towards addressing the increasing debt distress in low-income and vulnerable middle-income countries. The Ministers and Governors reiterated the need to swiftly complete the ongoing debt treatments under the Common Framework and beyond. The impact of climate change-related policies on capital flows also were discussed.

In the second session on Sustainable Finance, Financial Sector, and Financial Inclusion, mobilisation of resources for climate change, the role of the multilateral financial institutions in catalysing private finance flows for Sustainable Development Goals and the role of the G20 in scaling up and encouraging wider adoption of social impact investment instruments were discussed.

Special focus was drawn on the crypto-assets ecosystem on which the FM said, "The discussion on crypto assets highlighted that it couldn't be confined to one part of the world. Its implications can impact both emerging & developed economies. Thus, global policy responses to crypto-assets are required."

On financial inclusion, discussions focused on leveraging Digital Public Infrastructure (DPI) for financial inclusion and productivity gains. Ministers and Governors also shared perspectives on the development of the 2023 Financial Inclusion Action Plan (FIAP).

In the third session on International Taxation, ministers shared suggestions on how best G20 can complement global efforts to enhance tax transparency.

Apart from the G20 meeting, a Global Sovereign Debt Roundtable (GSDR) was held which saw discussions on the current global debt landscape and ways to address existing challenges in debt restructuring.

According to the news release, the progress of the current meetings will be discussed at the 3rd G20 FMCBG meeting scheduled to be held in July 2023 in Gandhinagar, India, followed by the Leaders’ Summit scheduled to be held in New Delhi on September 8-9, 2023.

U.S. companies across sectors are intensifying job cuts, extending a trend of workforce reductions from 2024, as they prioritize cost-savings and streamline operations amid a challenging economic environment. Joining the list, PC-maker HP Inc. said on Nov. 25 it plans to cut 4,000 to 6,000 jobs globally by fiscal year 2028 as it adopts artificial intelligence.

Here are some of the companies that have announced job cuts so far in 2025:

Resources

Eastman Chemical

• Date: November
• Layoffs: About 980 jobs
• Percentage of Workforce: About 7 percent

Newmont

• Date: November
• Layoffs: Restructuring impacts 16 percent of workforce (jobs, vacancies, role changes)

Manufacturing

General Motors

• Date: October
• Layoffs: 3,300 (1,750 job cuts + 1,550 temporary layoffs)
• Percentage of Workforce: About 2 percent

Logistics

United Parcel Service (UPS)

• Date: October
• Layoffs: 48,000
• Percentage of Workforce: Unknown

Consumer & Retail

Amazon

• Date: October/January
• Layoffs: Around 14,000 corporate jobs globally; 1,700 full-time in Quebec province
• Percentage of Workforce: Unknown

Kohl’s

• Date: January
• Layoffs: 9,600
• Percentage of Workforce: 10 percent

Procter & Gamble

• Date: June
• Layoffs: 7,000
• Percentage of Workforce: About 6 percent

Estée Lauder

• Date: February
• Layoffs: 7,000
• Percentage of Workforce: 11.29 percent

Tyson Foods

• Date: November
• Layoffs: About 3,200 globally; 1,700 in Texas and Nebraska
• Percentage of Workforce: About 3.7 percent

Starbucks

• Date: September
• Layoffs: 2,000
• Percentage of Workforce: Unknown

Target

• Date: October
• Layoffs: 1,800
• Percentage of Workforce: About 8 percent

Walmart

• Date: May
• Layoffs: 1,500
• Percentage of Workforce: Unknown

Wayfair

• Date: January
• Layoffs: 730 in Germany
• Percentage of Workforce: Unknown

Brown-Forman

• Date: January
• Layoffs: 648
• Percentage of Workforce: 12 percent

Hormel Foods

• Date: November
• Layoffs: About 250 corporate & sales roles
• Percentage of Workforce: 1.25 percent

Aviation & Space

Southwest Airlines

• Date: February
• Layoffs: 1,750
• Percentage of Workforce: 15 percent of corporate roles

Blue Origin

• Date: February
• Layoffs: 1,400
• Percentage of Workforce: 10 percent

Spirit Airlines

• Date: November
• Layoffs: About 150 salaried roles
• Percentage of Workforce: Unknown

Energy & Natural Resources

Chevron

• Date: February
• Layoffs: 8,000
• Percentage of Workforce: 20 percent

Exxon

• Date: September
• Layoffs: 2,000
• Percentage of Workforce: 3–4 percent

Dow

• Date: January
• Layoffs: 1,500
• Percentage of Workforce: 4.17 percent

Archer-Daniels-Midland (ADM)

• Date: February
• Layoffs: Up to 700
• Percentage of Workforce: 1.70 percent

Halliburton

• Date: February
• Layoffs: 290
• Percentage of Workforce: Unknown

LyondellBasell

• Date: February
• Layoffs: 400
• Percentage of Workforce: Unknown

SolarEdge Technologies

• Date: January
• Layoffs: 400
• Percentage of Workforce: Unknown

APA

• Date: March
• Layoffs: 300
• Percentage of Workforce: Unknown

ConocoPhillips*

• Date: October
• Layoffs: Unknown
• Notes: Cuts at Canadian operations (per internal memo)

Technology & Media

Verizon

• Date: November
• Layoffs: About 13,000
• Percentage of Workforce: About 14 percent

HP Inc.

• Date: November
• Layoffs: 4,000–6,000 globally by fiscal 2028
• Percentage of Workforce: 6–10 percent (Reuters estimate)

Synopsys

• Date: November
• Layoffs: About 2,000
• Percentage of Workforce: About 10 percent

Microchip Technology

• Date: March
• Layoffs: 2,000
• Percentage of Workforce: 9 percent

IBM

• Date: November
• Layoffs: Thousands
• Percentage of Workforce: Unknown

Paramount–Skydance**

• Date: October
• Layoffs: Around 1,000
• Percentage of Workforce: Unknown

BCE

• Date: November
• Layoffs: About 690
• Percentage of Workforce: Unknown

Meta Platforms

• Date: October
• Layoffs: Around 600 roles in AI division
• Notes: 5 percent “lowest performers” targeted

Rivian Automotive

• Date: October
• Layoffs: More than 600
• Percentage of Workforce: 4.5 percent

CrowdStrike

• Date: May
• Layoffs: 500
• Percentage of Workforce: 5 percent

Chegg

• Date: October
• Layoffs: 388
• Percentage of Workforce: 45 percent

Intel

• Date: April
• Layoffs: Unknown
• Percentage of Workforce: 20 percent

Match Group

• Date: May
• Layoffs: Unknown
• Percentage of Workforce: 13 percent

Healthcare & Pharma

UnitedHealth***

• Date: February
• Layoffs: Unknown
• Notes: Employees offered buyouts; layoffs possible if targets unmet

Bio-Rad

• Date: February
• Layoffs: Unknown
• Percentage of Workforce: 5 percent

Banking & Finance

Morgan Stanley****

• Date: March
• Layoffs: About 2,000
• Percentage of Workforce: 2–3 percent
• Notes: Cuts tied to efficiency, not market conditions

* ConocoPhillips is laying off employees at its Canadian operations, according to three sources and a company memo reviewed by Reuters.

** Paramount Skydance will begin a major round of layoffs with about 1,000 job cuts, a source familiar with the matter told Reuters.

*** UnitedHealth was offering employees in its benefits operations unit the option to accept buyouts in February and may pursue layoffs if the resignation quota is not met, according to a CNBC report.

**** Morgan Stanley layoffs are aimed at improving operational efficiency and unrelated to current market conditions, a person familiar with the matter told Reuters.