Job Cuts Keep Coming—Is Your Firm On the List?

Another day, another round of corporate layoffs.

CNBC.com

Liz Claiborne and PNC Financial Services became the latest companies to announce job cuts on Tuesday.

Liz Claiborne announced it will cut over 700 jobs while PNC Financial Services said it will be laying off nearly 5,800 positions on fears that 2009 would be a difficult year.

The number of people receiving unemployment benefits and more layoffs are spreading throughout the economy.

The record number of ongoing benefit claims is an indication that laid-off workers are having a difficult time finding new jobs, economists said.

"This highlights the key point that the trend in gross hirings has slowed as abruptly as the trend in gross firings ... has risen," Ian Shepherdson, chief U.S. economist for High Frequency Economics, wrote in a research note.

Economists and investors are anxiously awaiting this Friday's report on December employment.

Here is a rundown of corporate job cuts announced so far this year:

• Fashion company Liz Claiborne said that it planned to cut 725 jobs, or 8 percent of its U.S. workforce, to reduce costs in a weak retail market.
• PNC Financial Services said it plans to cut 5,800 jobs following its recent purchase of troubled lender National City, and posted a fourth-quarter loss tied to the transaction.
• Huntington Bancshares said that it was cutting 500 jobs, or about 4 percent of its workforce, as part of moves to slash $100 million in costs in 2009.
• Forest-products company Tembec said it would shut down several facilities, affecting about 1,400 employees, due to the depressed markets for lumber, pulp and newsprint.
• King Pharmaceuticals is cutting 760 jobs, or 22 percent of its workforce, as part of a restructuring designed to reduce costs. About 240 of the job losses are corporate positions associated with King's $1.6 billion acquisition of drugmaker Alpharma.
• The 7,000 job cuts at Macy's account for 4 percent of the company's work force. In additioni to the job cuts, the retailer said it is cutting the 401(k) contribution it provides to existing employees. Also hurting Macy's shares was a dividend cut, to 5 cents per share from 13.5 cents.
• Morgan Stanley plans to cut about 3 to 4 percent of its work force, or up to 1,880 people, as it battles with spiraling costs and slowing business, according to people familiar with the matter. This wave of layoffs comes in addition to 7,000 layoffs the firm announced in 2008.
• Caterpillar said it was laying off an additional 2,110 workers as the company scrambles to cope with a downturn in demand for its construction and mining equipment.

• Walt Disney's television division is cutting 400 jobs, or about 6 percent of the unit's work force, due to the slumping economy.
• Strattec Security announced it will cut back on its production work force and cut its salaried work force by 10 percent. Twenty salaried workers were let go, while 66 production workers, or about one-third of the Glendale factory's work force, are on temporary layoff.
• Electronics giant NEC said it will cut 20,000 workers worldwide to stanch mounting losses, joining a slew of other Japanese corporate heavyweights who are slashing jobs to survive the deepening global downturn.
• Cessna Aircraft issued 60-day layoff notices to thousands of Wichita workers, saying job cuts must go deeper than previously expected. Cessna plans to cut employment by about 30 percent—approximately 4,600 companywide.That number has mushroomed since Cessna first announced it would eliminate 665 jobs in November. In early January, Cessna said it would cut an additional 2,000 jobs.

• Eastman Kodak posted an unexpected quarterly loss and said it would cut up to 4,500 jobs this year after suffering a dramatic decline in demand for digital cameras and commercial printing equipment.

• British drugmaker AstraZeneca posted lower fourth-quarter net income, announced 6,000 further job cuts and issued a cautious 2009 sales outlook.
• Northbrook-based Allstate said that it plans to cut about 1,000 jobs in its financial arm through a combination of attrition and job cuts over the next two years.
• Oshkosh said it was cutting its workforce by 7 percent and withdrawing its 2009 earnings forecast. The company said it was also cutting production and closing a number of facilities. Over the past year, Oshkosh has laid off about 2,400 of its 14,200 workers.
• Tool maker Black & Decker said it would cut about 1,200 jobs to curb costs while battling a further fall in demand in most of its markets in 2009.
• Ford Motor Credit, the lending and financing arm of Ford Motor , will cut about 20 percent of its U.S. staff, or about 1,200 jobs, as part of a restructuring plan announced in meetings with employees.

CONTINUED : The Employment Gloom Continues...

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