December 2008 Announced Job Cuts

Companies are reeling from the Credit Crunch with announcements of jobs cuts accross the board.

Job cuts are one of the common ways for a company to reduce its expenditure during a time of low sales, struggling demand and weak forecasts. It is also one way for a company’s stock to regain some investor confidence as a company’s stock price usually goes up a little after an announcement of job cuts, but that doesn’t always hold true.

Despite this, CNN reported that some industries demand for workers are still up even with the recession going on. These sectors are Education, Health and Accounting.

Compiled below are a list of company announcements on planned job cuts.

List of December Jobs Cuts

1. Cessna plane maker Textron, cuts 2200 jobs.
2. Wagon Automotive cuts 292 jobs
3. Furniture retailer MFI closes down with the loss of 1,400 jobs after the business failed to sell
4. Fedex announces closure and job cuts in some Fedex Office units and reduction of salaries.
5. Texas Instrument(Philippines) lays off 400 workers
6. Spanish bank Santander said it will cut 1,900 jobs in its three UK branches
7. Bank of America announced 30-35000 jobs to be shed in the next 3 years.
8. Alcatel-Lucent, the French networking company, announced cutting 1000 white collar jobs
9. Video Codec maker, DivX, cuts 21 workers
10. Stanley Works, the tool maker, announced 2000 job cuts
11. Yahoo begins their previously announced layoff of 1500 emloyees this week.
12. Office Depot cuts 9% of stores and 2,200 jobs.
13. Miner Rio Tinto cutting 14,000 jobs.
14. SKF bearings cutting 2,500 jobs or 6% of their workforce
15. Sony the consumer giant will cut 8,000 jobs.
16. Novellus, a supplier of semiconductor equipment to cut 10% of their workforce.
17. Manufacturer Danaher Corp. is dropping 1,700 jobs.
18. The Wyndham Hotel Group will cut 4,000 jobs
19. The National Football League will let go of 150 jobs.
20. Principal Financial Group will let go of 550 people or 3.5 % of their workforce.
21. Credit Suisse Group (CS) announced 5,300 cuts
22. DuPont (DD, Fortune 500) reported 2,500.
23. Washington Mutual said it was cutting 7,600 jobs
24. U.S. Steel said it was cutting 3,500
25. State Street Corp. (STT, Fortune 500) announced plans to eliminate 1,800.
26. Dow Chemical (DOW, Fortune 500) said it was eliminating 5,000 positions and closing 20 plants.
27. Car maker General Motors (GM, Fortune 500) was cutting 2,000 jobs.
28. Car rental company Avis Budget Group (CAR, Fortune 500) will eliminate 2,200 jobs.
29. Alcohol Brewer Anheuser-Busch InBev will reduce 1,400 positions
30. 3M reported 1,800 job cuts.
31. United Airlines will reduce head count by 7,000.
32. Telecoms company, AT&T, will cut 12,000 jobs
33. Viacom Inc., (VIA) an entertainment company (MTV Networks, Paramount Pictures, etc) will cut 850 jobs, or 7% of its workforce.
34. Engine-maker Cummins will eliminate at least 500 jobs
35. Zurich, Switzerland-based company said it would eliminate 1,200 contractual positions.
36. Jefferies Group (JEF) was reducing 18% of its work force or roughly 2,150 staffers. It is also closing offices in Dubai, Singapore and Tokyo.
37. The Carlyle Group, a private equity investment firm based in Washington, is laying off 10% of its work force. The Carlyle Group, has a workforce of over 1,000 workers.
38. Google to trim contractors and temporary workforce
39. 200,000 jobs lost in Congo mines due to the crisis and lowering mineral prices. The figure could balloon to 300,000 by month end with 40 mining firms facing closure.
40. British Airways has announced 100 jobs at Gatwick airport
41. Woolworths the British retailer will cut 450 support jobs
42. Honda, the car manufacturer, pulls out of Formula 1 racing which could result in over 200 jobs lost in support crew and staff if no buyer is found.