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Job Cuts Keep Coming—Is Your Firm On the List?
Topics:Employment | Economy (Global) | Economy (U.S.)
Companies:International Business Machines | IBM | Gannett Inc | Hospira Inc | Constellation Brands, Inc. | Constellation Brands Inc | MeadWestvaco Corp | Nokia Corporation (ADR) | Nokia Corporation | Caterpillar Inc | Graco Inc. | Sunoco Inc | National Semiconductor Corp | United Technologies Corp | McClatchy Company | Marvell Technology Group, Ltd. | Tyco Electronics Ltd | Northrop Grumman Corp | General Dynamics Corp | Cia Vale do Rio Doce | HSBC Holdings, plc. | Adecco SA
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Another round of layoffs was announced on Wednesday, adding to the gloom over rising unemployment.
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CNBC.com |
Companies from a range of sectors are hemorrhaging jobs as the recession worsens.
IBM [IBM
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] became the latest victims of the weakening economy, announcing it would cut an undisclosed number of jobs.
California announced on Wednesday jobless rate will climb to a staggering 11.9 percent between April and June next year, and double-digit unemployment will linger in the nation's most populous state at least through 2011, according to a new economic forecast.
Though the California economy will be growing in 2011, it will not be generating enough jobs to drive the unemployment rate below double digits until the following year, the report projected.
More On the Job Front ...
Here is a rundown of corporate job cuts announced so far:
- IBM [IBM
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] announced it will lay off a large number of U.S. employees in its global-businesses services unit and many of the positions will be transferred to IBM employees in India, according to the Wall Street Journal. The number of jobs that will be affected was not reported.
- Constellation Brands [STZ
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] said it plans to cut about 5 percent of its global workforce, or roughly 400 jobs, and warned that profit for its just-ended fiscal year would be lower than expected, sending shares down 4 percent.
- Medical products maker Hospira [HSP
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] said it expects to cut about 10 percent of its workforce, or 1,400 jobs, as part of a plan to reduce costs and become more efficient.
- Gannett [GCI
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] will force employees to take a new round of furloughs in April, May and June to save money as newspaper advertising revenue slides, according to a memo obtained by Reuters.
- HSBC [HBC
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] is cutting about 1,200 jobs in Britain, saying the operating environment for the battered banking industry was "extremely challenging" and would remain so for some time. A union representing HSBC staff, said the changes would result in 2,900 jobs being lost.
- Packaging maker MeadWestvaco [MWV
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] said it would close two plants to cut costs, eliminating 278 hourly and salaried jobs.
- Graco [GGG
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] says it will cut an additional 180 jobs, or 8 percent of its global work force, to reflect a drop in demand for its fluid handling systems and components. The Minneapolis-based company previously eliminated 150 jobs in December.
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- Caterpillar [CAT
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], the world's largest maker of construction and mining equipment, notified an additional 2,454 workers in three states that they were losing their jobs as the company continues to try to bring production in line with plummeting demand.
- Nokia [NOK
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] will slash 1,700 jobs globally over the coming few months because of falling demand, the world's top cell phone maker said.
- Oil refiner Sunoco [SUN
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] said it will cut 750 jobs, about 20 percent of its workforce, to reduce costs in the face of weak demand for gasoline and diesel fuel.
- National Semiconductor [NSM
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] said it will cut 26 percent of its global workforce, or 1,725 jobs, as the chipmaker reported sharply lower quarterly profits and revenue.
- United Technologies [UTX
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], whose products range from elevators to jet engines, plans to cut 11,600 jobs as it adapts to an economy that has grown worse than it expected just three months ago.
- McClatchy [MNI
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] will slash 1,600 jobs, or about 15 percent of its workforce, in one of the more dramatic cuts by a U.S. newspaper publisher as it struggles with plunging advertising sales.
—Sources: AP, Reuters, with CNBC.com staff.
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