14 Of The Biggest Mass Layoffs In 2011


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The looming standstill in the U.S. economy has intimidated private sectors into cutting operating costs by handing out pink slips -- thousands of them.

In July, the number of job cuts increased by 60.3% -- approximately 66,414 jobs -- compared to the previous month, according to a report from consultants Challenger, Gray & Christmas, Inc.

Many of the massive workforce downsizing came from sectors who endured fairly well in the past.

Here are 14 companies contributing the most to the unemployment rate.

Gannett Co: 700

In June, Gannett Co. announced plans to cut another 2% of its workforce, or 700 employees.

The current incident is the media company's fourth mass layoff since 2008.

In 2009, 1,400 Gannett employees lost their jobs.

Sears: 700

Sears announced in June its plans to eliminate 700 workers in the higher-ticket appliances department in Kmart stores.

The U.S. retailer said "training, a phone number and a new cash register system" has allowed for the staffing cutbacks, according to UPI.

Goldman Sachs: 1,000

Goldman Sachs plans on cutting $1.2 billion in expenses, which includes eliminating 1,000 jobs through the rest of the year.

"I mentioned the dollars first because we're much more focused on the dollars that the savings will create, than the number of heads," Goldman's CFO David Viniar told analysts on a conference call in July.

Despite cutbacks in the U.S., the nation's fifth largest bank by assets plans on hiring 1,000 new employees for its Singapore office, reported Fox News in June.

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