close video Report finds 51% of US CEOs are considering job cuts

Bianco Research president and strategist Jim Bianco and The Expert Press CEO Dave Maney break down pressures U.S. CEOs are facing in the labor market.

The most recent wave of job cuts in the tech sector has reached e-commerce giant Amazon.

The number of jobs getting cut is larger than originally expected.

Amazon said Wednesday that it will be cutting about 18,000 positions, the largest amount of layoffs in the company’s history.

Amazon's global workforce has 1.5 million employees.

TECH INDUSTRY LAYOFFS UNFOLDING AT FASTER RATE THAN AT ANY TIME DURING COVID-19 PANDEMIC: REPORT

Amazon logo at one of its fulfillment centers. ((Photo by KAZUHIRO NOGI/AFP via Getty Images) / Getty Images)

A number of companies rapidly expanded their workforce during the COVID-19 pandemic lockdown.

"Amazon has weathered uncertain and difficult economies in the past, and we will continue to do so," CEO Andy Jassy said in a note to employees. "These changes will help us pursue our long-term opportunities with a stronger cost structure."

The company announced in November that jobs cuts would begin. At that time, the Wall Street Journal reported the number would involve 10,000 positions.

TRADITIONAL RETAIL STOCKS ARE KICKING AMAZON'S BUTT

Amazon Fresh Pickup Store in the Ballard Neighborhood of Seattle, Washington (iStock / iStock)

Jassy's note said the additional cuts come following a further review and impact several teams.Ticker Security Last Change Change % AMZN AMAZON.COM INC. 84.23 -0.91 -1.07%

The majority will mostly impact the company's brick-and-mortar stores, which include Amazon Fresh and Amazon Go, and its PXT organizations, which handle human resources and other functions.

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The company had also offered voluntary buyouts and has been cutting costs in other areas.

The Associated Press contributed to this report.