GM Slashes 10,000 Jobs and Executive Pay; Wal-Mart Cuts 800 Jobs

The company has about 4,100 stores nationwide and plans to scale back the development of new stores in the next year. According to the company's fact sheet, as the world's largest retailer, it boasts about $374.5 billion in sales for the 2008 fiscal year. The retail giant also plans to reorganize health centers by combining pharmacies and optical health clinics. Wal-Mart shares fell $1.61, or 3.3 percent, to $47.67 in an overall lower market today, according to the Associated Press.

FedEx plans to let go 900 jobs across 130 facilities. The company layoffs come after a decline in customer demand since December. Other cost-cutting measures include halting contribution to employees' retirement plans for at least a year.

Panasonic

A cheap night at home in front of the television may have new appeal for cost-conscious consumers these days, but that hasn't made television manufacturers and their employees immune to the recession.

Panasonic Corp., the electronics giant known for flat-screen TVs as well as digital cameras, announced that it would slash 15,000 jobs and close 27 plants worldwide. In December, rival consumer electronics maker Sony announced 16,000 job cuts.

Panasonic, which saw its third-quarter sales drop by 20 percent, announced its first annual loss in six years.

"The current financial crisis originated in the United States has spread across the world and the company's outlook of the business environment has been extremely uncertain," the company said in its financial forecast.

The Osaka-based corporation is one of several Japanese companies cutting back on global production and staff. Japanese corporations are dealing with low sales and implications of a weak global economy set off by the U.S. financial crisis. The company's cost-cutting measures will affect Japan's workforce with plans to close plants by the end of March next year.

Macy's and Financial Giant Morgan Stanley

The crumbling economy has taken its toll on one of the largest department store chains. Macy's announced that it will cut 7,000 jobs, about 4 percent of its work force.

The company's cost-cutting measures include restructuring its retail divisions and reducing planned expenses. Macy's Inc. operates more than 840 department stores -- under Macy's and Bloomingdale's -- across the nation, with corporate offices located in New York and Cincinnati.

Additionally, financial giants Morgan Stanley and Goldman Sachs said they are considering a second round of layoffs. Morgan Stanley plans to slash around 1,800 positions, up to 5 percent of its 47,000 employees, in the coming weeks -- after cutting 7,000 employees last year -- according to The Associated Press.

Major companies announced massive layoffs last week, blaming the weak economy. The year is off to a somber start for many workers, with news of more job cuts coming amid tough times generally.

AOL and Starbucks

AOL Inc. chief executive Randy Falco sent an internal memo to employees about plans to cut about 700 jobs, 10 percent of its work force. AOL, a division of Time Warner Inc., is an Internet services and media company. But with the recession, many online marketers are tightening advertising budgets. Other cost-cutting measures include freezing salary increases.

Page
Join the Discussion
You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment.
blog comments powered by Disqus
 
You Might Also Like...