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Somebody was working this weekend to make sure thousands of other people didn't.
US companies announced they're cutting 45,000 jobs by 9 am Eastern Time on Monday morning, even before the US stock market opened, according to a quick count by Raw Story.
Caterpillar, Inc. announced they'd eliminate 20,500 jobs Monday morning.
"Caterpillar Inc said on Monday that quarterly earnings fell more than 32 percent 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," Reuters wrote, saying the industrial equipment-maker would lay off 17,000 and buy out another 2,500.
Pfizer said they'd ax 8,000 as part of a $65 billion deal to buy rival healthcare firm Wyeth.
"At the same time, Pfizer announced cost cuts that include slashing more than 8,000 jobs as it prepares for an expected revenue crash when its cholesterol drug Lipitor -- the world's top-selling medicine and source of one-quarter of Pfizer's revenue -- loses patent protection in November 2011," AP wrote.
Sprint-Nextel announced they'd shed 14 percent of their 56,000 employees.
"Sprint Nextel Corp. is eliminating about 8,000 positions in the first quarter as it seeks to cut annual costs by $1.2 billion," remarked AP.
And in the homebuilding industry?
An AP reporter writes, "Home Depot Inc. plans to eliminate 7,000 jobs while closing four dozen stores under its smaller home improvement brands as the recession continues to batter the nation's housing market."
Japan's top 12 automakers expect to cut a total of 25,000 jobs between now and the end of March to cope with an industry slump, a survey by Jiji Press concluded on Monday.
Dutch banking and insurance group ING announced 7,000 job cuts and a deal for the Dutch state to assume 80 percent of the risk on a 27.7-billion euro portfolio of troubled assets.
Dutch electronics giant Philips said it would eliminate 6,000 jobs.
Originally posted by deltaboy
Shrugs) its business, gotta make profits by laying off people or just go bankrupt. I'm certain you would do the same if you own a business.