Unless you have been living under a rock for the last couple of years, you'll know that companies big or small have been axing jobs across the board.
It's not just the financial sector, though we've all seen how many jobs the banks shed in 2011.
About six or seven months ago, I estimated that about 100,000 to 150,000 people would lose their jobs in the capital markets arena. Since that time, we've been closing in on that 100,000 number pretty rapidly, Richard Bove, vice president of equity research at Rochdale Securities, said in a January interview.
Just to name a few:
Bank of America Corp. (NYSE:BAC), the largest U.S. bank by assets, laid off 3,500 workers in 2011.
Credit Suisse Group AG (NYSE:CS) said in July 2011 it would cut up to 2,000 jobs -- including several hundred in the U.S. -- due to sluggish trading activity.
UBS AG (NYSE:UBS) announced last year it will slash 3,500 jobs over a period of two and a half years.
The list goes on with names of big players coming from different industries. It's not just the banking sector is in trouble, retail, transportation, consumer goods, technology, etc.
Here is the first of several installments we'll provide throughout the year on major layoff announcements in 2012. Real-time updates will periodically freshen this illustrated list, as warranted.
Unless you have been living under a rock for the last couple of years, you'll know that companies big or small have been axing jobs across the board. Which companies are axing jobs in 2012? RetuersUPS employees load containers onto an aircraft at the World Port air hub during a visit by U.S. Treasury Secretary Timothy Geithner in Louisville, Ky.ReutersBox of Kraft Foods macaroni and cheese to illustrate firm that will replace struggling insurer American International Group Inc. in the Dow Jones Industrial AverageReutersThe bank plans to restructure its wholesale banking division into markets and international banking and would sell or close the remaining businesses in the unit.ReutersMorgan Stanley announced Tuesday a comprehensive settlement with MBIA that better positions the firm for Basel III by resolving outstanding legacy exposures.ReutersTide detergent, a Procter & Gamble (P&G) product, is displayed on a shelf at a store in Tempe, Ariz., Oct. 29, 2009. Procter & Gamble Co blew past profit forecasts on Thursday as sales started to rebound, pleasing investors who were eager to see whether the new chief executive's efforts to win back shoppers were paying off. REUTERSStock Price: $29.50 (as on 26/01/ 2012)
52 Week High: $29.95
Market Cap: $247.53bn
Director and CEO: Steven Ballmer
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ReutersBoth Sprint and T-Mobile are targets of lawsuits from Intellectual Ventures, a patent holding firm. REUTERSAmeron brand high-performance coatings protect Riddler's Revenge coaster, Los Angeles.http://www.ppg.com
