Call it 'Monday mourning.'
More than 70,000 job cuts were announced Monday morning by companies such as Home Depot, Caterpillar, ING, GM and Sprint Nextel, according to CNN. Meanwhile, Pfizer announced another round of layoffs after buying the smaller drugmaker Wyeth for $68 billion. Here is a list of some of the companies that annouced job cuts:
- Construction machinery manufacturer Caterpillar
will eliminate 5,000 jobs in an effort to "deal with a very challenging
global business environment," according to CNN. This is in addition to
the 15,000 job cuts already announced in 2008. The 20,000 total job
cuts represents about 18% of the company's workforce, according to CNN.
- Home improvement retailer Home Depot
will cut 7,000 jobs or 2% of its workforce, according to reports. Most
of the job cuts - about 5,000 - will come from the closing of 34 of
Home Depot's EXPO Design Center stores, five YardBirds stores, two Design Center stores and an HD Bath store, according the CNN.
The remaining 2,000 employees will mostly be support staff positions. Customer service positions will not be impacted, the company reported. - Not only is financial services company ING eliminating about 7,000 jobs in 2009, its CEO, Michel Tilmant,
stepped down Monday, according to CNN. He will continue to serve as an
ING advisor until August when he retires, according to CNN.
- Telecommunications giant Sprint Nextel
will eliminate 8,000 jobs by March 31 in an attempt to reduce labor
costs by about $1.2 billion annually, the company said in a press
release.
- Automaker General Motors will lay off 2,000 workers and cut production, according to MLive.com. About 1,200 workers will be let go in Michigan and the remaining 800 in Ohio.
- Pfizer is
making multi-billion dollar deals, while at the same time cutting
jobs. Pfizer, already the world's largest pharmaceutical company,
agreed to buy drug maker Wyeth for $68 billon, according to CNN.
Pfizer announced that it would cut 10% of its staff and close five manufacturing plants, according to CNN. Pfizer announced earlier this month that it would lay off about 800 scientists.
The company will borrow $22.5 billion to help fund the purchase.
''The new company will be an industry leader in human, animal and consumer health,'' Pfizer CEO Jeffrey Kindler said in a press release. ''Its geographic presence in most of the world's developed and developing countries will be unrivaled.''
