The Latest Breaking News from Andy Jassy

The online retail giant is expected to try and find staff roles at other sites

It is the largest layoff in the company's history

The retailer has been shedding staff and that suggests that the company is exiting a once-key growth area.

After Amazon shed $1 trillion in value, could Jeff Bezos become the next CEO to return and save a troubled company?

Stock market futures turned lower after two job-market reports came out before the stock market's open.

The online retailing giant has said that they plan to cut thousands of jobs as it battles to save money throughout the cost of living crisis - meaning that 18,000 will lose out.

The job-slashing plan is the largest among recent workforce reductions that have affected the US tech sector.

"Amazon has weathered uncertain and difficult economies in the past, and we will continue to do so," said CEO Andy Jassy.

Stock futures flat as Fed minutes challenge rate bets; Jobs data in focus as Fed highlights wage growth; Johnson & Johnson plans IPO for consumer health care division; Amazon confirms 18,000 layoffs as big tech sheds more jobs and Walgreens earnings on deck with pharmacy sales in focus.

It is understood the job losses will include Europe, but Amazon has not given details of how each country, including Ireland, will be affected. Amazon employs around 5,000 people in Ireland.

Amazon CEO Andy Jassy said the company planned to eliminate over 18,000 people, thousands more than originally expected. Read on for details: