Global layoffs continue in 2026 as Meta, Citi and BlackRock cut jobs | What’s happening

Several global corporations have announced fresh rounds of job cuts in recent days, signalling that the wave of layoffs seen throughout 2025 has carried over into 2026. Companies including Meta, Citigroup and BlackRock are reducing headcount across divisions as they restructure operations, cut costs and shift strategic priorities.

Meta plans Reality Labs layoffs

Meta, led by chief executive Mark Zuckerberg, is also planning significant job cuts. According to a Bloomberg report citing a person familiar with the matter, the company is set to reduce its workforce in the Reality Labs division by about 10 per cent, with layoffs expected later this week.

The cuts are part of a broader restructuring aimed at shifting investment away from certain virtual reality products and towards artificial intelligence-driven wearables. Zuckerberg had asked senior executives last year to identify budget reductions within the Reality Labs unit as Meta recalibrates its long-term strategy.

Citigroup continues restructuring

Citigroup is preparing to lay off around 1,000 employees this week as chief executive Jane Fraser continues efforts to rein in costs and improve profitability. The bank had approximately 227,000 employees at the end of September, according to company disclosures.

The layoffs are part of a wider restructuring programme announced two years ago, under which Citigroup plans to eliminate 20,000 roles by the end of 2026, Bloomberg reported.

“We will continue to reduce our headcount in 2026,” the bank said in a statement. “These changes reflect adjustments to ensure our staffing levels, locations and expertise align with current business needs, efficiencies gained through technology, and progress against our transformation work.”

Since taking over in 2021, Fraser has overseen a major overhaul of Citigroup’s operations, including the exit from much of its international retail banking business.

BlackRock cuts hundreds of jobs

The latest announcement came from BlackRock, the world’s largest asset manager, which said it will lay off hundreds of employees this month. A company spokesperson said the move reflects an ongoing effort to align resources with business goals as the firm expands further into alternative investments.

“Improving BlackRock is a constant priority,” the spokesperson said. “Each year, we make decisions to ensure our resources are aligned with our objectives and that we are well-positioned to serve clients today and in the future.”

Earlier in December, reports had emerged that Amazon is set to slash 370 positions at its European headquarters in Luxembourg. If implemented, the move would mark the single largest corporate layoff in the country in at least two decades.

Simialrly, HP Inc. had announced that it plans to cut between 4,000 and 6,000 jobs worldwide by fiscal 2028.