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

• Marshall & Ilsley is cutting 830 jobs, or 8 percent of the total. It said 80 percent of the cuts had already been made. It also began a program to reduce costs by $100 million a year, and said no executive officers will receive bonuses for 2008.
• Hybrid electric and electric powertrain maker Azure Dynamics said it would reduce its workforce by about 25 percent as part of a cost-reduction plan.
• Motorola said it would cut another 4,000 jobs, as it forecast a fourth-quarter loss and weaker-than-expected handset sales. The company had previously announced a plan to cut 3,000 jobs in October 2008.
• MeadWestvaco , which makes paper and plastic products, said it will cut some 2,000 employees, or about 10 percent of its work force, as it accelerates cost savings
• Google said it was closing three engineering offices and cutting 100 recruiters as the recession dampens hiring. Computer equipment maker Seagate Technology also said it will eliminate 2,950 jobs, or 6 percent of its work force.
• Seagate Technology is cutting thousands of jobs and slashing some employees' salaries by as much as 25 percent, a surprise move coming just a few days after the company changed chief executives and announced it was cutting 800 U.S.-based workers.
• St. Paul-based sanitizer and detergent maker Ecolab laid off 1,000 workers in response to the economy that has dramatically affected the company's restaurant and hotel customers.
• The nation's largest book store chain Barnes & Noble said it would cut nearly 100 jobs at its corporate headquarters in New York, due mostly to reduced store openings and consolidated operations at its retail and online segments. The company said it would provide affected employees with an enhanced severance plan and healthcare benefits for the next 12 months, as well as job placement counseling and transition seminars.
• Barclays was the latest major banking institution to announce big layoffs, revealing its plans to cut 2,100 jobs in its retail and commercial banking units, adding to redundancies of the same size in its investment banking arms announced earlier in the year.
• Dutch financial services group ING said it will cut 750 U.S. jobs as part of a global program to cope with the economic slowdown.

CONTINUED : The Employment Gloom Continues...

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