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Global Economy Crisis: Layoff Tracker In The Technology Sector
Posted by Pradeep Sadanapalli | November 16, 2008 | 2,899 views
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Loading ...The economic downturn that has resulted in tens of thousands of layoffs in the housing and financial services sectors is now bearing down on the tech industry. The rapid increase in job losses follows an increasingly pessimistic spending forecast. Job cuts in the tech sector have surged as the economic outlook has become bleaker.
To get an idea about what is in store for the Tech Sector workers in the year 2009, below is a list of layoffs from various organisations (Either already announced or under consideration).
Year 2009:
The 2009 job market got off to a rough start with upto 87000 job losses as of Jan 18 2009.
Company Name - Job Cuts
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Circuit City - 30000
Hertz - 4000
Honda Motor Co - 3100
WellPoint - 1500
Motorola - 4000
Barclays - 2100
Meadwestvaco - 2000
Cigna - 1100
Alcoa - 13500
Logitech - 500
TDK Corp - 8000
Boeing - 4500
EMC Corp - 2400
Cessna - 2000
Walgreens - 1000
Autodesk - 750
Pfizer - 700
Google - 100
UBS - 5000
AMD - 1100
Delta - 2000
ConocoPhillips - 1300
General Electric(GE) Capital - 7500-11000
Year 2008:
There were a total job losses upto 2.6 million in the year 2008 making it the worst year since 1945.
Bank of America
Bank of America Corp said it plans to eliminate 30000 to 35000 jobs over three years after it completes its purchase of Merrill Lynch & Co.
The cuts could affect about 11 percent of the combined companies’ roughly 308,000-person workforce. Bank of America employs about 247,000 people and Merrill about 61,000.
Novellus
Novellus said it was cutting 10% of its global work force without specifying a number of employees, but the company had a headcount of 3,678 staffers on Dec. 12, 2007.
Sony
Sony, based in Tokyo, announced the most sweeping job-cutting plan. Sony said it planned to “reduce headcount” in its electronics business by 8000 jobs by March 30, 2010. The cuts will be implemented worldwide, the company said, from a total workforce of 160,000, according to a Sept. 30 headcount.
Wyndham Hotel Group
The Wyndham Hotel Group (WYN), based in Parsippany, N.J., said it would “eliminate” about 4000 positions through the first quarter of 2009. Wyndham’s hotels include Ramada, Days Inn and Super 8 chains.
Danaher Corp
Danaher Corp (DHR, Fortune 500), a manufacturer based in Washington, said that it was “eliminating” about 1700 jobs and 13 facilities in the fourth quarter, to save about $100 million in 2009.
Anheuser-Busch
Budweiser brewer Anheuser-Busch InBev said that it will cut 1400 U.S. jobs, about 6% of its total U.S. workforce.
Credit Suisse
Credit Suisse Group said that it is cutting 5,300 jobs i.e about 11% of its global work force, in a bid to reduce costs and take its business back into the black.
AT&T
AT&T Inc. said that it will cut 12,000 jobs, which is 4% of its total workforce. AT&T attributed the staff cuts to “economic pressures, a changing business mix and a more streamlined organizational structure.”
Bank of New York
Bank of New York Mellon plans on cutting 1,800 jobs.
Boeing
Boeing said that it will cut upwards of 800 jobs.
Washington Mutual (WaMu)
JPMorgan Chase & Co has said it will cut a total of 9200 jobs at Washington Mutual. Of the 9,200 jobs being eliminated as JPMorgan integrates Washington Mutual, 4,000 will be cut by the end of January, a JPMorgan spokesman said yesterday. The remaining 5,200 employees will remain with JPMorgan through a transition period, but will lose their positions by the end of 2009.
JPMorgan Chase:
JPMorgan Chase seems to be mulling over cutting around 25000 jobs. This needs to be confirmed yet.
Sun Microsystems Inc:
Sun Microsystems Inc. plans to lay off between 15% and 18% of its work force i.e about 5,000 to 6,000 workers, in a move to save as much as $800 million a year.
Fidelity Brokerage Services LLC:
Fidelity Investments planned layoffs will include 1700 employees in the first quarter of 2009, which is 4 percent of its total workforce (44,400). It had already laid off 1300 people in November 2008.
Citigroup Inc:
Citigroup announced that it will cut more than 50000 jobs - one of the largest announced payroll scale backs in history. It had already cut 23,000 jobs in the year 2008.
Tata Consultancy Services:
In February 2008, TCS had asked about 500 employees to leave for non-performance.
Patni Computer Systems:
PCS has already laid off close to 400 employees citing non-performance issues, which is around 3% of its 14,800 workforce.
International Business Machines Corp:
This year IBM was reported to have laid off 700 freshers.
Wipro:
Wipro, the country’s third largest IT exporter, may ask as many as 3000 to leave because of performance-related issues. This is yet to be confirmed by Wipro.
Satyam:
There is a talk of Satyam laying off around 4000 people. This is yet to be confirmed by Satyam. Satyam had already reduced it’s target hiring number from initial 15000 to 9000.
BT Group Plc:
BT Group Plc, the U.K.’s largest phone company, aims to lay off 10,000 workers from it’s 160,000-person workflorce. MOst of the workers will be “indirect labor” such as agency workers, contractors, subcontractors and offshore employees.
Applied Materials Inc:
Applied, the sales leader among makers of tools for manufacturing chips, said it will cut 1,800 jobs, or 12% of its work force.
Nortel Networks:
Canadian telecommunications equipment maker Nortel Networks Corp. plans to eliminate about 1,300 positions starting this year and ending in 2009.
Motorola India Pvt. Ltd:
MOtorola plans to shed 3,000 jobs (i.e 5% of it’s global workforce). 4,800 jobs had been cut in the first nine months of 2008.
Comcast Corp:
Philadelphia-based Comcast is laying off most of the 300 employees - out of a work force of 100,000 nationwide.
Cox Communications Inc:
Atlanta-based Cox plans to cut 460 jobs or two per cent of its work force.
Qwest Communications International Inc:
Qwest Communications International Inc, the third-largest local phone company in the US, plans to cut 1,200 jobs.
Xerox Corp:
Xerox Corp. said it will cut 5% of its work force, or about 3,000 jobs worldwide.
Dell:
The Austin, Texas-based company had cut 8,500 jobs in August out of a planned 8,900 headcount reduction.
Credit Suisse Group AG:
Credit Suisse Group AG, Switzerland’s second-biggest bank, plans a staff reduction by 500 by this year end.
Morgan Stanley:
Morgan Stanley said this week it plans to shed 10 percent of its institutional securities staff and 9 percent of the firm’s asset-management group. It was not immediately clear how many positions will ultimately be eliminated from the company’s total ranks of about 44,000.
UBS AG:
UBS AG, the largest Swiss bank, said in October it will cut 2,000 jobs.
Royal Bank of Scotland:
Royal Bank of Scotland is to axe around 3000 staff over the next few weeks. RBS employs 100,000 people in Britain with London as major hub for its operations.
Yahoo Inc:
Yahoo will lay off “at least 10 percent by year end” i.e 1500 workers.
Texas Instruments Inc:
Texas Instruments will cut 650 people from its work force.
Qimonda:
The Munich-based memory chipmaker company wants to slash about 3000 of its 13500 jobs worldwide in a bid to counter a severe downturn in the chip market.
DHL:
DHL, an international logistics and express service provider, plans to cut nearly 9500 employees.
eBay:
eBay was poised to cut 1500 jobs, or 10% of its workforce globally.
American Express:
In October 2008, American Express unveiled plans to slash 7000 employees.
Micron Technology:
Boise-based Micron Technology announced on Oct. 9 that it would be discontinuing the production of a certain type of memory chip and cutting 1500 local jobs by 2010.
Hewlett-Packard/EDS:
Hewlett-Packard announced in September 2008 that it will cut 24600 jobs from its worldwide operations, as part of the integration with the newly acquired Texas-based Electronic Data Systems. The cuts will take place over three years and account for around 7.5 percent of HP’s and EDS’s combined 320,000-strong global workforce.
NXP Semiconductors:
NXP, the former chipmaking arm of Royal Philips Electronics NV, said that it will cut 4500 jobs or 14.5 percent of its global work force.
McGraw-Hill:
The McGraw-Hill Companies has announced it has cut 270 jobs at his warehouse and distribution center in Dubuque.
NOTE:
The list will be continuously updated with the latest information on layoffs in the Tech Sector for tracking purposes.
SOURCES:
Various News Articles
Topics: Economy, Job Matters, Information Technology |
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