Over 80,000 jobs lost in a single day
A staggering over 80,000 job cuts were announced in a single day across the world yesterday, reflecting how deep the economic meltdown has run.
Construction machinery manufacturer Caterpillar, pharma major Pfizer, telecom firm Sprint Nextel Corp and home improvement retailer Home Depot together accounted for 61,000 lay-off announcements.
The global job losses represent yet another evidence that the financial crisis that erupted on Wall Street has now infected the whole of the corporate world, engulfing industries ranging from health care to heavy equipment makers.
Dutch banking and insurance group ING said it would slash 7,000 jobs, while another Dutch company Philips announced 6,000 job losses. The electronics major has 2,500 workers in the UK.
Britain's largest steelmaker Corus had said it would cut 3,500 jobs from its global workforce, with more than 2,500 of them in the UK.
On the other hand, some companies are taking extreme measures to avoid job cuts. Virgin Atlantic introduced a pay freeze at all levels yesterday and many companies have already introduced short working weeks and cuts in hours.
Caterpillar cut its workforce by 20,000, while the drugs major Pfizer said it was slashing 26,000 posts. Home Depot, the do-it-yourself chain, laid off 7,000 workers; and Sprint Nextel, the telecom conglomerate sacked 8,000.
Another major trimming was announced by Texas instruments, which will trim its workforce 3,400.