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Target revealed on Thursday that it will be laying off 1,800 corporate employees as part of a strategic restructuring plan to reignite growth after several years of stagnant sales. This marks the first major round of layoffs in a decade for the Minneapolis-based retailer, with the eliminated roles consisting of both employee layoffs and positions that will no longer be filled. The cuts represent an approximately 8% reduction in Target’s corporate workforce, with affected employees set to be notified next week.

The decision comes as Target nears a leadership transition, with incoming CEO Michael Fiddelke set to take the helm on February 1. Fiddelke, who has been instrumental in the company’s efforts to simplify operations and foster growth, emphasized in a memo to employees that the cuts are a necessary step towards building a more agile and efficient organization. While the layoffs may be difficult, he stated that they are crucial in driving the future progress and growth of Target. Target employees impacted by the layoffs will receive pay, benefits, and severance packages until January 3, with no roles in stores or the supply chain affected by the cuts.

Joe Friend, a director of product management at Microsoft, expressed feelings of betrayal after being laid off as part of the company’s restructuring. Friend, who had been with Microsoft for 20 years, was among 15 members of his group, including four other managers, who were let go. The layoffs disrupted his retirement plans, forcing him to reassess his future. Despite receiving a comfortable severance package, Friend has chosen to focus on helping a young entrepreneur build a small business and is unlikely to return to Big Tech in the future.

General Motors announced on Friday that they have laid off over 200 salaried employees, primarily CAD engineers, at their global tech campus in metro Detroit. This move is part of GM’s ongoing effort to restructure its design engineering team and strengthen core capabilities to boost profits. The impacted employees were informed of the layoffs via Microsoft Teams calls, citing “business conditions” as the reason for the role eliminations.

These layoffs come amidst a trend of white-collar U.S. headcount reductions within the automotive industry. Both GM and Ford have faced challenges in the EV market, with Rivian also recently laying off employees to restructure teams. Despite these challenges, GM raised its 2025 financial guidance and beat Wall Street’s expectations for the third quarter, leading to a significant increase in stock value. The automakers continue to navigate changes in tariffs and policy, seeking to lower added costs and remain competitive in the market.

Porsche swung to a bigger-than-expected operating loss in the third quarter, totaling 966 million euros, as the German sports carmaker grapples with slowing sales in China and challenges in its shift towards electric vehicles. Analysts had forecast a loss of 611 million euros, highlighting the impact of U.S. import tariffs and intense competition in the Chinese market. Despite these setbacks, Porsche remains hopeful for a recovery in 2026, with plans to implement large-scale solutions in current restructuring talks. The company also anticipates a significant drop in dividends for 2025 and further job cuts, with sales in China expected to continue declining into 2026. Porsche’s CEO will hand over the reins to a new leader in 2026 amidst one of the biggest crises in Europe’s auto sector.

Rivian Automotive is reportedly set to lay off over 600 employees, equivalent to around 4% of its workforce, due to growing market difficulties in the electric vehicle industry. The company, which had almost 15,000 employees at the end of last year, is facing changing regulations, slower EV demand, and a lack of new products until next year. These challenges have led to a $1.1 billion loss in the second quarter and a reduced delivery forecast for 2025. Additionally, Rivian anticipates a larger adjusted core loss for the year, now expected to be between $2 billion and $2.25 billion. Despite these setbacks, Rivian’s stock remains steady, down only 3% for the year.

Amidst the ongoing government shutdown, the Agriculture Department is taking steps to support farmers and ranchers by reopening about 2,100 county offices across the country. These offices will allow farmers to access $3 billion of aid from existing programs, despite the government shutdown. The move reflects President Trump’s commitment to helping farmers and ranchers, who have traditionally been some of his strongest supporters.

While some farmers have expressed dissatisfaction with certain recent decisions by the administration, such as importing more beef from Argentina and delaying aid packages, the reopening of Farm Service Agency offices has been met with praise from Republicans, farm groups, and industry leaders. This decision comes as farmers face soaring costs and the need for assistance in the midst of harvest season. Critics, however, accuse the administration of using farmers as political pawns in the ongoing shutdown fight.

Meta Platforms, based in Menlo Park, California, is laying off around 600 artificial intelligence jobs while continuing to hire for its superintelligence lab. The cuts will impact the Fundamental AI Research unit, as well as product-related AI and AI infrastructure units, but the newer TBD Lab unit will remain unaffected. Despite the layoffs, the company is encouraging affected employees to apply for other roles within Meta.

While Meta is still recruiting for TBD Lab, which is working on developing large language models like Meta’s Llama, the company has taken a different approach to AI by offering its flagship Llama system as an open-source product. This move sets Meta apart from competitors like OpenAI and Google, although it is recognized for lagging behind in promoting consumer use of large language models. With over a billion people using its AI products monthly, Meta continues to make strides in the AI industry.