Google, HP and 8 other top global cos axed 1 lakh jobs in 2012
New Delhi, India, 09 Dec, 2012: As a direct offsuit of the ongoing economic downturn, 10 top global companies together have announced nearly one lakh job cuts worldwide in 2012 itself. Global IT giants like HP, Google and the financial bellwether Citigroup are among the companies who had essayed a down size.
The principal reason attributed to the downsizing effort has been cost-cutting.
Among other notable corporations that have gone for major layoffs this year have been AMR Corporation, PepsiCo, MetLife, Hostess Brands, JC Penney Co, Procter & Gamble and Morgan Stanley.
Only these ten companies have made layoffs to the tune of 95,500 jobs worldwide.
The tech bellwether Hewlett-Packard comes first in the list in terms of job-cuts, as it announced last May to axe 27,000 jobs to save up to $ 3.5 billion.
Likewise, the Hostess Brands, the bankrupt maker of Wonder bread and Twinkie wanted to shade off 18,500 jobs as it liquidates the company’s assets, selling off its brands.
AMR Corporation too announced in February to cut 14,000 jobs.
PepsiCo announced a three per cent trimming of its workforce, or about 8,700 jobs, to save about $ 1.5 billion by 2014. The cola giant wanted to offset high commodity costs and increase spending on advertising and marketing.
Citigroup, most recently announced to slash 11,000 jobs as part of an effort to save $ 1 billion.
Joining the trimming bandwagon, Internet giant Google also announced in August to cut 4,000 jobs from the 20,000-person work force of Motorola Mobility. About two-thirds of the proposed job cuts by Google would take place outside the US.