Ten global companies cut 1 lakh jobs in 2012
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With an aim to save costs in troubled times, just 10 companies together have announced nearly one lakh job cuts worldwide since start of 2012 and they include giants like HP, Google and Citigroup.
While these companies come from a wide array of businesses, the reason behind layoffs has mostly been cost-cutting efforts in their respective operations.
Others who have announced major layoffs in 2012 so far are AMR Corporation, PepsiCo, MetLife, Hostess Brands, JC Penney, Procter & Gamble and Morgan Stanley.
Collectively, these 10 companies have announced layoffs affecting at least 95,500 jobs in their operations globally.
The technology giant Hewlett-Packard tops the chart of corporate job cuts for the year with its announcement in May to axe 27,000 jobs to save up to $3.5 billion.
HP is followed by the Hostess Brands, the maker of Wonder bread and Twinkie, which announced last month that it would eliminate 18,500 jobs as it sells off its brands.