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Warren Buffett Watch
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Berkshire Hathaway Subsidiaries Will Continue to Make Job Cuts
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In the company's 10-K annual report filed with the SEC, Berkshire says its "operating companies have taken and will continue to take cost reduction actions in response to the current economic situation, including curtailing production, reducing capital expenditures, closing facilities and reducing employment to partially compensate for the declines in demand for goods and services."
According to Reuters' calculations, the "deepest cuts came in businesses tied closely to the housing market." The manufacturing housing unit Clayton Homes cut jobs by 16 percent (2,290 jobs), ending the year with 11,998 employees. Shaw Industries, which makes carpets, eliminated 1,900 jobs, a 6.2 percent reduction. It finished 2008 with 28,974 workers.
Overall, Berkshire's employment increased by 5.7 percent last year, reaching 246,083. That, however, is the result of Berkshire acquisition of Marmon Holdings, which has 18,000 workers.
When Marmon is excluded, Berkshire's employee count fell 2 percent.
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No change in Omaha. Berkshire's corporate headquarters staff didn't change last year, remaining at 19.
Current Berkshire stock prices:
Class A: [US;BRK.A
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Class B: [US;BRK.B
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Questions? Comments? Email me at
- Ask Warren Buffett: Send Us Your Questions Here (March 2)
- Warren Buffett's Letter Generates "Worst" Headlines (March 1)
- Warren Buffett Tells Shareholders He Did "Some Dumb Things" In 2008 (February 28)
- Warren Buffett "Has Some Explaining to Do" In Tomorrow's Letter to Shareholders (February 27)
- Warren Buffett Letter To Be Posted At 8A ET Saturday (February 25)
- Warren Buffett's Annual Letter Will Be Released On Saturday (February 23)
- Warren Buffett's Berkshire Hathaway Falls to Five-Year Low (February 20)
- Why Warren Buffett Isn't a Hypocrite (February 19)
Data is a real-time snapshot *Data is delayed at least 15 minutes
