Home > Business > Global recession calling? 10 of world’s top MNCs shed nearly 1 lakh jobs this year
Global recession calling? 10 of world’s top MNCs shed nearly 1 lakh jobs this year
BY PTI10 Dec 2012 12:44 AM GMT
PTI10 Dec 2012 12:44 AM GMT
With an aim of saving costs in troubled economic times, just 10 Western multinational corporations (MNCs) have together announced nearly 1 lakh job cuts worldwide since the start of 2012. They include giants like Hewlett-Packard Company (HP), Google and Citigroup. While these companies come from a wide array of businesses, the reason cited behind the layoffs has mostly been cost-cutting efforts in their respective operations.
Others who have announced major layoffs so far in 2012 are AMR Corporation, PepsiCo, MetLife, Hostess Brands, JC Penney Co, Procter & Gamble and Morgan Stanley. Collectively, these 10 companies have announced layoffs affecting at least 95,500 jobs in their operations globally. Technology giant Hewlett-Packard tops the chart of corporate job cutters for the year with its announcement in May that it would axe 27,000 jobs to save up to $3.5 billion.
HP is followed by Hostess Brands, the bankrupt maker of Wonder bread and Twinkie, which announced last month that it would eliminate 18,500 jobs as it liquidates the company's assets and sells off its brands. Besides, AMR Corporation, the parent company of American Airlines, too announced in February that it would cut up to 14,000 jobs while PepsiCo and P&G too have revealed plans this year to downsize their respective workforce.
PepsiCo had said it would trim three per cent of its global workforce, or about 8,700 jobs, to save about $1.5 billion by 2014, in order to offset high commodity costs and increased spending on advertising and marketing. On the other hand, P&G said it would eliminate 4,100 jobs in fiscal 2013 as part of an effort to trim costs by $10 billion over the next four years.
Citigroup has been the most recent in the top league of layoffs and announced this month itself that it would slash 11,000 jobs as part of an effort to save $1 billion.
At the begining of the year, clothing house J C Penney announced restructuring measures that would affect 4,700 jobs while MetLife trimmed a sizeable chunk of its workforce (about 4,300 jobs) early this year due to the closure of its Texas-based home loans unit.
Internet giant Google Inc too said in August that it would cut 4,000 jobs from the 20,000-person work force of Motorola Mobility, which Google acquired earlier this year.
According to regulatory filings, about two-thirds of the proposed job cuts by Google would take place outside the United States. Financial services firm Morgan Stanley said in July that it expected a 7 per cent decline in total number of employees from 2011, implying the loss of about 3,200 jobs.
Others who have announced major layoffs so far in 2012 are AMR Corporation, PepsiCo, MetLife, Hostess Brands, JC Penney Co, Procter & Gamble and Morgan Stanley. Collectively, these 10 companies have announced layoffs affecting at least 95,500 jobs in their operations globally. Technology giant Hewlett-Packard tops the chart of corporate job cutters for the year with its announcement in May that it would axe 27,000 jobs to save up to $3.5 billion.
HP is followed by Hostess Brands, the bankrupt maker of Wonder bread and Twinkie, which announced last month that it would eliminate 18,500 jobs as it liquidates the company's assets and sells off its brands. Besides, AMR Corporation, the parent company of American Airlines, too announced in February that it would cut up to 14,000 jobs while PepsiCo and P&G too have revealed plans this year to downsize their respective workforce.
PepsiCo had said it would trim three per cent of its global workforce, or about 8,700 jobs, to save about $1.5 billion by 2014, in order to offset high commodity costs and increased spending on advertising and marketing. On the other hand, P&G said it would eliminate 4,100 jobs in fiscal 2013 as part of an effort to trim costs by $10 billion over the next four years.
Citigroup has been the most recent in the top league of layoffs and announced this month itself that it would slash 11,000 jobs as part of an effort to save $1 billion.
At the begining of the year, clothing house J C Penney announced restructuring measures that would affect 4,700 jobs while MetLife trimmed a sizeable chunk of its workforce (about 4,300 jobs) early this year due to the closure of its Texas-based home loans unit.
Internet giant Google Inc too said in August that it would cut 4,000 jobs from the 20,000-person work force of Motorola Mobility, which Google acquired earlier this year.
According to regulatory filings, about two-thirds of the proposed job cuts by Google would take place outside the United States. Financial services firm Morgan Stanley said in July that it expected a 7 per cent decline in total number of employees from 2011, implying the loss of about 3,200 jobs.
Next Story