Job Losses Keep Piling – Will Prolong Recession

Jobs announcements from the past two days :

  • Privately held Chrysler said on Thursday it is slashing 1,825 jobs after losing $1 billion in the first half of the year.
  • Goldman Sachs [GS] plans to cut 10 percent of its staff, or almost 3,300 jobs after laying off hundreds of support staff and junior bankers in June.
  • Money manager Janus Capital [JNS] said it would cut 9 percent of its staff a day after rival AllianceBernstein said it would make unprecedented job cuts.
  • Xerox [XRX] announced job cuts of 5 percent, or 3,000 positions, due to a tough business environment.
  • Mining equipment maker Terex [TEX] said it would lay off hundreds of workers and suspend its share buyback program to preserve cash.
  • Starwood Hotels & Resorts Worldwide [HOT] said it plans to cut an unspecified number of jobs to offset slowing travel demand.
  • United Parcel Service [UPS] sees layoffs in 2009 as customers need less shipping due to cutbacks on holiday gift purchases.
  • Computer systems vendor Agilysys [AGYS] cut three senior management positions and is consolidating headquarters in Ohio
  • Merck [MRK] announced plans on Wednesday to cut 12 percent of its workforce, citing a need to change its business model in order to survive.
  • Fidelity National Financial [FNF], which controls one of the largest U.S. title insurers, announced 1,000 job cuts, office closings, a 10 percent pay cut and a 50 percent dividend cut.
  • Biotechnology company Maxygen [MAXY] plans to cut nearly 30 percent of its workforce and explore strategic options due to the current financial environment.
  • Popular Inc. [BPOP], parent of Banco Popular, is cutting 600 positions and more than a quarter of its branches in the United States.
  • General Motors [GM], which previously said it would reduce salaried employment costs by 20 percent, reportedly plans more layoffs than expected in its salaried and contract workforce. GM also said it is reducing some employee benefits, including 401 k contributions and other programs.
  • The insult to injury is you see Mervyn’s going under; Yahoo is cutting 10% work force, Sears and Circuit City is closing stores.

Source: CNBC