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Monday, February 23, 2009

More job cuts

1. Nissan
There seems to be no end to the job-cutting spree all across the world. Thousands of more jobs are set to go in the coming months. In one of its biggest layoffs, Japan’s third largest auto company Nissan is planning to lay off 20,000 employees. The job cuts would take place during the next 14 months. The company also plans to cut salaries and scale down investment plans. Nissan is likely to see a net loss of $2.89 billion in the financial year ending March 31, 2009. For the October-December third quarter, Nissan posted an operating loss of 99.2 billion yen and a net loss of 83.2 billion yen.

2. General Motors
General Motors Corp has announced that the company may need $30 billion in total government grants to tide over the crisis. The company has submitted a plan on the company’s long term viability to the government. The company plans to cut 47,000 jobs worldwide and shut down five more US factories. GM was granted a $13.4 billion loan in December. GM has closed down 12 manufacturing facilities in the US between 2000 and 2008. GM will shut down 14 more facilities by 2012, five more than were included in the December 2008 plan.

3. Pioneer
Japanese electronics company Pioneer plans to slash 10,000 jobs. The company struggling under the recession also plans to shut down its loss-making flat-screen television business. The fall in global sales had led to an earlier elimination of 5,900 jobs last year. Pioneer currently has a global workforce of 36,900.

4. ArcelorMittal
The world’s largest steel producer is in trouble. It plans to lay off 9,000 employees across the globe. Of these, 6,000 jobs will be from Europe. ArcelorMittal workers across Europe gathered in Brussels recently to protest against job losses.

5. Royal Bank of Scotland
The Royal Bank of Scotland (RBS) plans to cut 2,300 jobs as a part of restructuring the business. Many jobs will go from its back office operations across the United Kingdom.. RBS has a staff strength of 106,000 employees. RBS had earlier announced 3,000 job cuts in October.

6. Nike
Nike plans to slash 1,400 jobs. It has a global workforce of 35,000. The company will also slash its marketing budget to cut down expenses.

7. Starbucks Corp
Starbucks Corp has sacked 1,000 employees and will shut down 300 more outlets. In total, the company would be laying off 7,000 jobs. The fall in demand in the wake of the recession has led to this drastic move.

8. ING Groep NV
Dutch banking company ING Groep NV will slash 1,000 jobs from its Dutch operations as part of its worldwide restructuring plan. The Amsterdam-based ING is on a major cost-cutting drive. It plans to cut costs to the tune of 1 billion euros ($1.3 billion) in 2009. On the whole, the company will eliminate 7,000 jobs. It has a total of 130,000 employees globally.

9. Macy’s Inc
Retailer Macy’s Inc said it would cut 7,000 jobs. It has also cut its quarterly dividend forecast earnings for fiscal 2009. Retailers across the globe are seeing a fall in sales as consumers curb spending.

10. Wal-Mart
The Wal-Mart Store is eliminating 700-800 jobs at its Wal-Mart and Sam’s Club home offices. This is part of a corporate restructuring in a bid to cut costs and streamline operations.

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