SAN FRANCISCO (Reuters) -Amazon is planning to cut as many as 30,000 corporate jobs beginning Tuesday, as the company works to pare expenses and compensate for overhiring during the peak demand of the pandemic,

Amazon is planning to cut as many as 30,000 corporate jobs beginning Tuesday, as the company works to pare expenses and compensate for overhiring during the peak demand of the pandemic, according to three people familiar with the matter.

Shares of Amazon closed up 1.2% on Monday. Earlier, Reuters reported that the company plans to cut up to 30,000 corporate jobs, starting on Tuesday. The cuts are meant to offset pandemic-era over-hiring,

Amazon has 1.5 million employees globally (1.2 million in the U.S.), but about 350,000 of those are corporate positions, according to Reuters. Cutting 30,000 corporate jobs represents almost 9% of Amazon’s total corporate positions.

Amazon could be implementing the largest job reduction at the company since 2023. As reported by Reuters on Monday, people familiar with the matter said that up to 30,000 corporate positions may be eliminated starting Tuesday.

Amazon is planning its largest round of corporate job cuts in its history as the online retail giant increases its automation push, according to a report. The company will lay off up to 30,000 corporate employees,

Amazon announced on Monday its plans to cut approximately 30,000 corporate jobs as the company aims to compensate for overhiring during the pandemic.

E-commerce and tech giant Amazon (NASDAQ:AMZN) is planning to cut 30,000 corporate jobs, or about 10% of its workforce, according to Reuters on Monday.   The jobs cuts are expected to start from Tuesday.