Job Cuts Keep Coming—Is Your Firm On the List?
The Employment Gloom Continues...
- Software giant Oracle announced it will cut around 500 positions in its North American sales and consulting business. However, this is not as much as some people had speculated.
- Visteon said it cut salaries for about 2,000 white-collar employees by 20 percent at its facilities in Michigan and adopted a four-day workweek there for the month of January. Visteon will also suspend matching payments for 401K employee retirement plans and reduce new hiring, it said.
- U.S. manufacturer Cummins it would cut its global white-collar workforce by at least 800 and reduce its top executives' pay by 10 percent next year to save money during the deepening recession.
- LexmarkInternational announced that its fourth-quarter sales came in worse than expected,prompting a decision to cut 250 jobsand transfer roughly 125 more to lower-cost countries in the coming months.
- Drugstore operator Walgreen said it will cut 1,000 jobs by mid-year, or about 9 percent of corporate management, through a combination of voluntary buyouts and layoffs.
- Boeing , the world's second-largest airplane maker, plans to cut about 3 percent, or about 4,500 positisons, of its work force as a weakening global economy lowers demand for jetliners. Many of the cuts will be in areas not directly associated with aircraft production. This will be the company’s second round of layoffs after cutting 800 workers in November 2008.
- Cigna said it will cut about 1,100 jobs and consolidate some offices because of the flagging economy and won't give pay raises to salaried employees this year.
- Alcoa said it will eliminate 13,500 jobs, or 13 percent of its work force, in order to conserve cash and cut costs in the face of the global economic downturn.
- Schlumberger , the world's largest oilfield services provider, plans to shed 5 percent of its North American workforce, or 1,000 jobs, and is looking at cuts elsewhere, a spokesman said on Thursday.
- Oilfield service company Halliburton also confirmed it will begin laying off workers but hasn't said how many or when.
Sources: AP, Reuters, with CNBC.com staff.