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Wan LixinOpinion deputy editor of Shanghai Daily
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A day in the life as companies forced to cut staff
By Oshrat Carmiel |
January 19, 2009, Monday
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Print Edition
Print Edition
Just one day and at least 21,000 jobs targeted for elimination.
That was the situation at the end of last week as employers from Hertz to Advanced Micro Devices grappled with recession-choked demand.
On Friday, more than 20 companies announced that they were cutting jobs, ranging from Amonil, Romania's second-biggest fertilizer maker, to Fiat's Magneti Marelli auto-parts division.
Hertz, the second-largest rental-car company in the United States, said it was to cut more than 4,000 jobs as businesses and consumers cut back on travel, Bloomberg News said.
"What you take away here is just how miserably profitability performed in the final quarter of 2008," said John Lonski, chief economist at Moody's Capital Markets Group in New York.
About 2.1 million US jobs will be lost in 2009, Lonski predicted, with 80 percent of the layoffs by the 4th of July.
WellPoint, the second-largest US health insurer, is to cut 1,500 jobs.
Clear Channel Communications, the largest US radio broadcaster, will lay off 1,500 employees tomorrow, mostly in ad sales, the Wall Street Journal reported.
ConocoPhillips, the second-largest US refiner, announced after the markets closed that it planned to cut 4 percent of its work force, or about 1,350 jobs.
Advanced Micro, the second-largest producer of personal-computer processors, said it would eliminate 1,100 jobs by the end of the first quarter. Amonil said it was to cut 45 percent of its staff, or 389 jobs, this year. Magneti Marelli will lose 800 jobs in Brazil, or 10 percent of its work force there.
Among other companies shedding jobs is De Beers, the world's biggest diamond company, which is to cut jobs at its six mines in South Africa.
That was the situation at the end of last week as employers from Hertz to Advanced Micro Devices grappled with recession-choked demand.
On Friday, more than 20 companies announced that they were cutting jobs, ranging from Amonil, Romania's second-biggest fertilizer maker, to Fiat's Magneti Marelli auto-parts division.
Hertz, the second-largest rental-car company in the United States, said it was to cut more than 4,000 jobs as businesses and consumers cut back on travel, Bloomberg News said.
"What you take away here is just how miserably profitability performed in the final quarter of 2008," said John Lonski, chief economist at Moody's Capital Markets Group in New York.
About 2.1 million US jobs will be lost in 2009, Lonski predicted, with 80 percent of the layoffs by the 4th of July.
WellPoint, the second-largest US health insurer, is to cut 1,500 jobs.
Clear Channel Communications, the largest US radio broadcaster, will lay off 1,500 employees tomorrow, mostly in ad sales, the Wall Street Journal reported.
ConocoPhillips, the second-largest US refiner, announced after the markets closed that it planned to cut 4 percent of its work force, or about 1,350 jobs.
Advanced Micro, the second-largest producer of personal-computer processors, said it would eliminate 1,100 jobs by the end of the first quarter. Amonil said it was to cut 45 percent of its staff, or 389 jobs, this year. Magneti Marelli will lose 800 jobs in Brazil, or 10 percent of its work force there.
Among other companies shedding jobs is De Beers, the world's biggest diamond company, which is to cut jobs at its six mines in South Africa.
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