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

The number of job cuts continued to soar in February 2009, reflecting the worsening US recession.

CNBC.com

Private sector job losses accelerated in February, according to a report by ADP Employer Services that suggests hefty employment declines are on the way in the government's payrolls report due on Friday.

Meanwhile, a separate survey on planned layoffs showed a slower pace for job cuts in February than in January.

ADP said on Wednesday that private employers cut 697,000 jobs in February versus a revised 614,000 jobs lost in January.

The January job cuts were originally reported at 522,000.

It was the biggest job loss since the report's launch in 2001 and showed the misery of declining employment spreading broadly and evenly throughout the economy.

The service sector, which often resists the grip of recession longer than other areas, accounted for more than half of the total losses, reflecting the rapid deterioration of the economy in recent months.

Here is a rundown of corporate job cuts announced in February 2009:

• Chesapeake Energy said that it will move or eliminate about 215 positions from its Charleston office in an attempt to cut costs amid tightening credit markets and falling energy prices.
• JPMorgan Chase said it is cutting up to 14,000 jobs, more than previously disclosed, as it tries to reduce costs in the face of a slumping economy and higher credit losses. The second-largest U.S. bank said it now expects to shed as many 12,000 jobs from integrating the former Washington Mutual, up from 9,200 announced in December. It also expects to cut up to 2,000 investment banking jobs.

• Home Depot , which is cutting 7,000 jobs as it shutters its Expo Design Center chain and trims corporate costs, also said it would open fewer new stores this year.
• Finnish Nokia is offering a severance package to the first 1,000 employees worldwide who volunteer to leave the world's biggest cellphone maker, to help avoid compulsory lay-offs.
• Just two months after saying more local job cuts weren't expected, computer chip maker Micron Technology announced it will slash as many as 2,000 workers by the end of August and phase out certain manufacturing operations at its Boise, Idaho facility, amid the weak economy and lower demand for its DRAM memory chips.
• Boeing issued its second batch of 2009 layoff notices Friday, and for the first time the cuts hit the assembly mechanics and electrical-systeminstallers who actually build the airplanes.
• Identification products maker Brady posted a surprise quarterly loss, hit by restructuring charges and a fall in revenue, and lowered its 2009 earnings outlook, citing a strong dollar and inventory cuts by clients. The company, which cut about 20 percent of its jobs and reduced expenses in the recent past, said it was ready to take "additional action if needed."
• Click for companies that announced layoffs in January...

—Sources: AP, Reuters, with CNBC.com staff.

CONTINUED : The Layoffs Continue...

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