Job Cuts Coming at More Than 170 US Companies in June

American companies are reportedly resorting to job cuts amid tariff-related uncertainty.

More than 170 companies are expected to announce layoffs this month, Seeking Alpha reported Saturday (June 14), citing WARNTracker.com, a website that tracks cuts based on Worker Adjustment and Retraining Notification (WARN) Act notices filed by employers.

According to the report, JPMorgan Chase, Morgan Stanley and Wells Fargo are all planning cuts. Morgan Stanley is set to begin eliminating roles in its New York offices June 17, while JPMorgan has informed authorities in New Jersey that it will lay off around 100-250 employees, effective June 23. Wells Fargo, meanwhile, could reduce a small portion of its workforce in Iowa beginning in mid-June.

Also planning cuts are Walmart, Coca-Cola and eBay, Seeking Alpha added. That follows a report last month that Walmart was planning to eliminate roughly 1,500 jobs across its eCommerce, fulfillment and tech teams as part of a larger restructuring.

WARNTracker said Walmart was planning to cut 50-100 positions in California and 250-500 positions in New Jersey beginning last week.

Other companies to have announced layoffs recently include Microsoft, which is reducing 3% of its workforce, or about 6,000 employees, to shrink the number of management layers.

Meanwhile, a report from PYMNTS Intelligence looks at the ongoing impact of the tariffs, finding that — in mid-May — only around 6% of American firms with at least $1 billion in annual revenues replaced their foreign suppliers with domestic ones, down from 9.1% in April.

Among companies that haven’t taken that measure, under 3 in 10 said in May that they might do so, down from 36.7% the previous month.

“The responses so far don’t mean that corporate America is fully calling what they might appear to see as the administration’s bluff,” PYMNTS wrote.

“Instead, they’re scrambling to achieve operational efficiencies in the here and now as they simultaneously game out potential longer-term impacts on their businesses. Put otherwise, you can be optimistic about long-term actions on tariffs and still be rattled by uncertainty that requires action now.”

The administration’s actions, that report added, have been “inconsistent at best,” with tariffs jumping from 54% to 145% in a one-week stretch before China and the U.S. agreed to a 90-day pause in May.

“Inconsistency aside, the American economy is already seeing the impact of tariffs,” the report added. “U.S. imports in April plunged 16.3% to $351 billion compared to $419.4 billion in March, data from the Bureau of Economic Analysis and the Census Bureau shows.”

The forthcoming research shows that a significant 92% of chief financial officers from goods and retail companies surveyed in May reported increasing uncertainty and planning challenges because of tariffs, compared to 86% in April.

“What’s different month-to-month is how companies are refining their responses. More than 7 in 10 surveyed enterprises said in May that they might reduce their operational costs, including for payroll and hiring, up sharply from nearly 47% in April,” PYMNTS wrote.

In addition, more than half of companies are readying price hikes to offset these costs, with 28% already having done so. Also, 96% of goods and retail firms project product shortages this year, more than 10 percentage points higher than in April.