Tech and finance layoffs: Oracle, Block, Morgan Stanley, Capital One headline brutal week for job losses

Banking, fintech, and software firms are shedding thousands of jobs, according to recent media reports. It’s not all because of AI.

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The past week has been a brutal one for many working in the tech and financial industries.

Thousands of jobs have been lost—or will be lost soon—from companies including Block, Morgan Stanley, Capital One, eBay, and, as reported today, software giant Oracle.

Here’s what you need to know about the layoffs.

Oracle to cut ‘thousands’ of jobs

The most recent news of layoffs came yesterday, after Bloomberg reported that the database software giant Oracle Corporation (NYSE: ORCL) is planning to cut “thousands” of jobs as soon as this month.

And yes, artificial intelligence is to blame—but not solely because AI is directly taking jobs.

Instead, Oracle is reportedly planning job cuts to free up cash for its AI data center expansion, which the company is pursuing to compete with cloud computing giants Amazon and Microsoft. However, Bloomberg’s report noted that some of the jobs lost will be jobs “that the company expects it will need less of due to AI.”

It is unknown exactly how many jobs will be lost, with Bloomberg noting that Oracle’s workforce reduction plans are “still active and could change.”

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