Caterpillar says it will cut 20,000 jobs

Caterpillar says it will cut 20,000 jobs

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Caterpillar Inc said on Monday that quarterly earnings fell more than 32 % and warned of a tough year ahead as the downturn that began in the United States metastasized into a full-blown global recession that hit sales of its earth-moving equipment.

The company also warned that profit in 2009 would be under severe pressure and said that it would cut about 17000 workers and buy out 2500 others, to reduce costs in the face of what it predicted would be the weakest year for business since WWII

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This is looking really bad. All over the world, hundreds of thousands of people are losing their jobs. Dutch bank ING announced it would cut 7,000 jobs while the bankers who are responsible for this mess get a free-bail out AND a golden parachute. I am about to graduate myself in two months time, but I've decided to do an additional master study taking into account the current employment environment.

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