Tech companies, bank chop hundreds of Bay Area jobs in fresh layoffs

Despite latest cutbacks, tech layoff pace slows dramatically

SAN RAMON, CA — A bank and several high-profile tech firms have cut hundreds of Bay Area jobs in a new round of layoffs, though the pace of layoffs in the tech sector has slowed significantly.

According to August filings by state labor agency officials, nearly 250 banking jobs are being eliminated in the Bay Area, while four different tech companies have revealed their plans to cut a total of 211 jobs.

Here are the most recent rounds of job cuts in the Bay Area’s tech and banking industries, as reported by various companies to the state Employment Development Department (EDD).

— Bank of the West has announced plans to eliminate 248 jobs. There are 203 of them in San Ramon’s Bishop Ranch complex, and another 45 in San Francisco.

— Crunchbase, which has developed a software database of company information, is laying off 63 employees.

— Niantic, a mobile app company, is laying off 57 people in San Francisco.

— Intel, the semiconductor behemoth, has decided to lay off 51 workers in North San Jose.

— Microsoft, the software and technology services behemoth, is laying off 40 employees in Mountain View.

So far, during the third quarter of July through September, tech companies have announced plans to cut a total of 966 jobs.

The current rate of Bay Area tech layoffs is significantly lower than what occurred in the latter half of 2022 and the first half of 2023.

So far this year, tech companies in the Bay Area have announced plans to cut more than 16,300 jobs.

While the year-to-date 2023 total is far ahead of the total for all of 2022, when tech companies announced plans to cut about 10,400 jobs, this news organization’s analysis found that the pace of tech layoffs in the region has slowed dramatically.

During the first quarter of 2019, tech companies announced plans to cut 10,154 jobs. There were 5,239 Bay Area tech layoffs from April to June in the second quarter.

The job cuts were all described as permanent in the EDD filings.

The layoffs at Bank of the West followed an earlier announcement that BMO, or Bank of Montreal, had completed a deal to buy Bank of the West for $16.3 billion.

The addresses where Bank of the West job cuts occurred corresponded to administrative and support offices rather than branches.