H1 2024: AI Layoffs Accelerate Across Tech and Finance

The first half of 2024 saw a sharp acceleration in AI-attributed job cuts, with Google, Dell, Intel, and major financial institutions leading the charge.

First Half 2024: The Acceleration

If 2023 was the year companies started citing AI, the first half of 2024 was when the scale of cuts dramatically increased. Multiple companies announced five-figure layoff rounds with explicit or strong AI attribution.

The Big Numbers

Google laid off over 12,000 employees in a restructuring that CEO Sundar Pichai linked directly to the company's AI-first strategy. Teams were reorganized around AI priorities, with traditional product roles bearing the brunt. Source: The Verge

Dell cut more than 10,000 positions as it restructured around AI infrastructure and server sales, moving away from traditional PC-focused roles. Source: Bloomberg

Intel announced over 10,000 layoffs as part of a sweeping cost-reduction plan, with significant investment redirected toward AI chip development. Source: Reuters

Samsung eliminated roughly 10,000 positions globally, with automation and AI cited as key factors in streamlining manufacturing and support operations.

Finance Sector Joins In

Citigroup cut over 10,000 roles in an AI-enabled middle and back-office restructuring
Goldman Sachs continued automating trading and compliance functions
PayPal eliminated 2,500 positions citing AI-driven efficiency

The Pattern

A clear pattern emerged in H1 2024: companies weren't just using AI to cut costs — they were using AI investments as justification for restructuring entire divisions. The narrative shifted from "AI might affect jobs someday" to "we're restructuring around AI now."

By the Numbers

Our tracker recorded approximately 80,000 AI-attributed job cuts in the first half of 2024 alone (core weighted estimate), more than triple the full-year 2023 figure.