Despite having a new President in the White House that is looking to act quickly to bolster our failing economy several top companies have continued to layoff employees. It may only be Monday but so far this week we've lost nearly 50,000 jobs.
Amongst the companies announcing cuts today were Home Depot, Sprint Nextel, GM, Pfizer/Wyeth, Philips and Caterpillar.
Sprint Nextel, the nation's third largest wireless carrier will cut 8,000 jobs by the end of March or about 13 percent of its overall work force. (Press Release)
Home Depot, the nations No. 1 home improvement retailer, announced that it is shuttering its high-end EXPO business and shrinking its support staff, with both moves resulting in a reduction of 7,000 jobs. (Press Release)
In by far the largest of today's layoff Caterpillar, the world's largest maker of mining and construction equipment, said it plans about 20,000 job cuts. Including positions held by Caterpillar employees, contract and agency workers. (Source: Bloomberg.com)
General Motors Corp. said Monday it will cut 2,000 jobs at plants in Michigan and Ohio, and it will halt production for several weeks at nine U.S. plants over the next six months due to slow sales. (Source: Associated Press)
Philips Electronics, Europe's largest consumer-electronics firm, on Monday reported fourth quarter losses of $1.9 billion as it took hefty write-downs on the value of its stakes in LG Displays and NXP and as demand for its televisions and multimedia equipment continued to weaken. Following those losses the company has said it plans to cut about 6,000 jobs in 2009. (Source: Associated Press)
Pfizer Inc. is buying rival drugmaker Wyeth in a $68 billion deal that will increase its revenue by 50 percent, solidfy its No. 1 rank in the troubled industry and transform it from a pure pharmaceutical company into a diversified health care giant.
Pfizer also plans to cut about 8,000 jobs, 10 percent of its workforce, as part of what it expects will be a staff reduction totaling 15 percent of the combined companies' workers — implying a total job loss of almost 20,000. (Source: Associated Press)
Worldwide a total of 85,000 jobs have been cut today, piling more pressure on President Obama as he pushes his $825 billion stimulus plan.