Amazon’s latest wave of layoffs has reportedly hit New York, with hundreds of employees losing their jobs.

Roughly 135 corporate employees at Amazon’s 1440 Broadway office in Manhattan were laid off in January, according to the New York Post, citing a filing submitted to the New York State Department of Labor.

More than 100 other New York-based employees were also let go, the outlet reported, citing a source who said additional filings are expected to surface in state records in the coming weeks.

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The Amazon logo is displayed on the side of Amazon Germany’s headquarters in Parkstadt Schwabing, Munich, Bavaria, Jan. 27, 2026. (Matthias Balk/picture alliance via Getty Images / Getty Images)

The reductions are part of Amazon’s sweeping restructuring effort, the New York Post reported.

Last month, Amazon announced plans to eliminate about 16,000 roles across the company as part of an organizational overhaul aimed at “reducing layers, increasing ownership, and removing bureaucracy,” while continuing to invest heavily in areas such as artificial intelligence.

“Some of you might ask if this is the beginning of a new rhythm where we announce broad reductions every few months. That’s not our plan,” human resources executive Beth Galetti said at the time.

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An Amazon Prime delivery person is pictured in a van sorting packages in Queens, N.Y. (Lindsey Nicholson/UCG/Universal Images Group via Getty Images / Getty Images)

The company previously slashed about 14,000 corporate positions in October during another reorganization. In total, the recent reductions bring Amazon’s job cuts to approximately 30,000.

While that figure represents a small fraction of Amazon’s 1.58 million global employees, the majority of whom work in warehouses and fulfillment centers, it amounts to nearly 10% of the company’s corporate workforce, according to Reuters.

The downsizing marks the largest workforce reduction in Amazon’s 30-year history, surpassing the 27,000 jobs eliminated between late 2022 and early 2023, Reuters reported.

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Andy Jassy, CEO of Amazon.com Inc., speaks during an event in New York Feb. 26, 2025.  (Michael Nagle/Bloomberg via Getty Images / Getty Images)

CEO Andy Jassy said last year that while new technology may create new roles, it will also streamline operations and reduce staffing needs in certain areas, the New York Post reported.

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“We will need fewer people doing some of the jobs that are being done today,” Jassy said in June. “In the next few years, we expect that [AI] will reduce our total corporate workforce as we get efficiency gains from using AI extensively across the company.”

Amazon did not immediately respond to FOX Business’ request for comment.

FOX Business’ Ashley Carnahan, Bonny Chu and Pilar Arias contributed to this report.

Private equity companies slid after Blue Owl Capital‘s decision to sell $1.4 billion in assets and freeze redemptions at one of its funds to manage debt and ‌return capital.

Apollo Global Management, ⁠Ares, KKR & ⁠Co and Carlyle Group all fell as Blue Owl’s troubles added to recent worries about credit quality and lenders’ exposure to software stocks. Blue Owl also tumbled.

Nvidia and Apple both dipped and were among the companies weighing most on the S&P 500.

AI-linked technology stocks have faced turbulence in recent months due to concerns about high valuations and limited evidence that massive investments in AI are driving revenue and profit growth.

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Industries ranging from software to logistics have also been hit by concerns that rapidly improving AI tools could disrupt their business models and steepen competition.
“The ⁠market is trying ‌to grapple with what business lines are under threat in a material way from AI. This technology is developing extraordinarily rapidly and days like today feel natural. We’re at a moment in ⁠the cycle where you realize that not everyone’s going to win and not all expectations are going to be met,” said Keith Buchanan, senior portfolio manager at Globalt Investments in Atlanta. Walmart dipped after new CEO John Furner kicked off his tenure with a conservative fiscal 2027 forecast, as well as a $30 billion buyback plan.

Deere & Co jumped after the farm-machinery maker raised its annual profit forecast and beat first-quarter results estimates.

According to preliminary data, the S&P 500 lost 20.22 points, or 0.28%, to end at 6,861.09 points, while the Nasdaq Composite lost 71.27 points, or 0.31%, to 22,682.37. The Dow Jones ‌Industrial Average fell 273.79 points, or 0.55%, to 49,388.87.

The S&P 500 energy index added as crude oil prices rose on mounting fears of a military conflict between the United States and Iran.

Omnicom jumped after the ad giant beat analysts’ estimates ⁠for fourth-quarter revenue, while Carvana dropped after the online used-car retailer missed fourth-quarter profit estimates.

Software provider EPAM Systems plunged as its cautious first-quarter outlook disappointed investors.

Minutes from the U.S. Federal Reserve‘s most recent policy meeting released on Wednesday showed policymakers remained split about the policy path later this year.

Investors were assessing Thursday’s weekly jobless claims data that pointed to a stabilizing labor market, and will closely parse the Personal Consumption Expenditures report – the Fed’s preferred inflation gauge – which is due on Friday, for hints on the Fed’s rate outlook.

Interest-rate trades suggest a 50% likelihood the Fed will cut rates by its June policy meeting, according to CME’s FedWatch Tool.

A new analysis finds that payments made by U.S.-based midsize businesses to firms in China dropped significantly last year as tariffs on Chinese imports rose under the Trump administration.

The JPMorgan Chase Institute released a report on Thursday which found that payments made by midsize firms to China declined significantly, falling by about 20% from 2024 to 2025 even as overall international payments remained steady.

“This is perhaps not surprising, as China has been the hardest hit by tariffs among major U.S. trade partners – both when considering the overall effective rate, which stood at 37.4% in October 2025, according to the Penn Wharton Budget Model, and in terms of policy uncertainty, as tariff announcements frequently shifted over the course of the year, briefly reaching rates as high as 125% before subsequent reductions,” the Institute wrote.

The report found that among midsize firms that had prior outflows to China, their outflows to other parts of Asia grew, including Southeast Asia, Japan and India when looking at a sample of midsize firms with at least $5,000 in outflows to China in both 2023 and 2024. The authors noted that, “One potential reason for the increase in flows to these countries might be import substitution, but many other explanations are possible.”

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Payments by midsize U.S. firms to trade partners in China declined in 2025 amid higher tariffs, the JPMorganChase Institute found. (STR/AFP/Getty Images)

Clark Packard, a research fellow at the Cato Institute’s Herbert A. Stiefel Center for Trade Policy Studies, told FOX Business that, “At this point it is somewhat uncertain whether Chinese products are shipped to countries in the region, modified or processed (this is key), and then sent to the U.S. on a large scale. That said, there are indications that it is likely happening.”

Packard said that as long as the products are modified in the second country, it doesn’t represent transshipment – a term used for trade practices that aim to circumvent tariffs and other trade rules.

“Transshipment is sending a product to one country, slapping that country’s origin label on it and sending it to a third country without serious modifications to the product. As long as products undergo a substantial transformation or modification in a country they are truly products originating in that country,” Packard said. 

“It wouldn’t surprise me if Chinese firms are opening processing centers in Vietnam and other Asian countries to finish products ultimately bound for the U.S. and that this is the result of a lower tariff applied to that country than China,” he added.

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President Donald Trump ramped up tariffs on China last year.  (Lintao Zhang/Getty Images; Rebecca Noble/Getty Images)

Derek Scissors, a senior fellow who studies the Chinese economy at the American Enterprise Institute, pointed to import flows from Vietnam and Taiwan as possible sources of transshipped goods.

“What reflects transshipment of Chinese goods is rising imports from Vietnam and especially Taiwan. You can make an argument that Vietnamese goods are competitors with Chinese goods, and they won out due to the tariffs on China,” Scissors told FOX Business. “But there is considerable Chinese investment in Vietnam in the area of consumer goods we buy from Vietnam.”

“If you are a Taiwanese producer in China, and you are facing high barriers to goods produced in China, it’s very simple to reroute these as Taiwanese. It might just require a label, at most, you alter your production process so there’s a last stop in Taiwan versus a last stop in China. Then, what you ship counts as Taiwanese,” he added.

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Tariffs are taxes on imported goods that are paid by the importer. (Brandon Bell/Getty Images)

The JPMorgan Chase Institute’s report also found that monthly tariff payments made by midsize U.S. businesses have tripled since early 2025.

Tariff outflows by midsize firms jumped from nearly $100 billion a month in early 2025 and the two preceding years to roughly $300 billion per month at the end of 2025.

“A stable trend was interrupted by a sharp increase starting in April 2025, coinciding with the implementation of the first tariff rate increases during that year. Total payments continued rising throughout 2025 and eventually reached a level of roughly three times what it had been until early 2025,” the JPMorgan Chase Institute wrote.

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