Amazon and Paramount have announced thousands of job cuts as insiders reveal over-hiring as a primary reason.

Amazon has planned to cut as many as 30,000 corporate jobs beginning on Tuesday, and Paramount has targeted 1,000 jobs from Wednesday in the first round of layoffs.

According to Bloomberg, Paramount Skydance Corp will have a second round of layoffs at a future date, with the total expected jobs cut to be about 2,000.

Amazon has sought to slash expenses and compensate for overhiring during the peak demand of the Covid pandemic, three people familiar with the matter told Reuters .

The figure represents a small percentage of Amazon’s 1.55 million total employees, but nearly 10 per cent of the company’s roughly 350,000 corporate employees.

This would represent the largest job cu

See Full Page