Job Cuts Keep Coming—Is Your Firm On the List?
More companies announced layoffs this week as the employment picture continued to dim.
The number of U.S. workers filing new claims for jobless benefits rose by a slightly more than forecast 27,000 last week, government data showed on Thursday, while continued claims posted a record high again as the recession bit.
Initial claims for state unemployment insurance benefits increased to a seasonally adjusted 640,000 in the week ended April 18 from a revised 613,000 the prior week, the Labor Department said.
Analysts polled by Reuters had forecast 635,000 new claims versus a previously reported count of 610,000 the week before.
Here is a rundown of corporate job cuts announced so far:
- Lloyds Banking is to cut 985 jobs across the company, the Unite union said in a statement.
- The Chicago Tribune, the hometown newspaper of the bankrupt Tribune, cut 53 editorial employees, or about 11 percent of its newsroom staff, to save money and focus its efforts on local news. The cuts bring the paper's newsroom team to about 430 people, according to a memo from Tribune Editor Gerould Kern.
- Apache , citing low oil and natural gas prices, is cutting 200 jobs, or about 6 percent of its global workforce, the independent oil and gas company said.
- General Motors is cutting about 1,600 salaried jobsin the United States this week as it rushes to meet a June 1 deadline to restructure under U.S. government oversight, the automaker said Monday.
- Mobile phone maker Sony Ericsson said it would slash another 2,000 jobs this yearto fight a slumping handset market as it posted a big first-quarter loss in line with expectations.
- Thousands of Best Buy store employees will see pay cuts and others will lose their jobs as the consumer electronics chain reorganizes.
- Harley-Davidson says its first-quarter profit fell 37 percent and expects to cut as many as 400 more jobs as the motorcycle market remains sluggish.
- Yahoo is preparing to lay off several hundred workers in the first round of cutssince Carol Bartz became chief executive in January, a source with knowledge of the situation told Reuters.
- UBS will post a first-quarter loss and cut 8,700 more jobs as it struggles to recover, its new chief executive said on Wednesday, warning that Switzerland's largest bank faces an uncertain future.
- Discover Financial Services
, the fourth-largest U.S. credit card network, will cut 500 jobs, or 4 percent of its workforce, in May, hurt by mounting credit losses, the company said.
- Deere & Company said that it plans to cut about 200 salaried jobs through voluntary separations.
- Diversified health care products company Johnson & Johnson said Thursday it will cut about 900 jobs, mainly from its Ortho-McNeil-Janssen Pharmaceuticals unit.
- New York Mayor Michael Bloomberg has asked city agencies to cut another 7,000 jobs as the city's finances continue to deteriorate in the recession.
- The Walt Disney Company says it has cut 1,900 positions at its U.S. theme parksdue to the slumping economy.
—Sources: AP, Reuters, with CNBC.com staff.